Morning Note December 27, 2018 Trading Range S/T rebound seen, tracking gains in US equitiesTrade and oil prices 1,545 - 1,565 War

ทSources:มาี่ : Bloomberg, Bloomberg, bnc.com,bnc.com, brecorder.com brecorder.com Photo courtesy of ThePhoto New source: York BisnewsTimes Source: Bloomberg Weekly Pick : Upside Momentum* : AOT AMATA DCC KKP Market Outlook • S/T rebound seen for Thai stocks, tracking overseas cues:Thaistocksmaybe poised for a short-term relief rebound today after slumping to new lows of the year, tracking the biggest single-day rally on Wall Street since 2009 and the biggest gain in oil prices in two years. The Dow Jones Industrial Average (DJIA) notched its largest one-day point gain in history, jumping more than 1,000 points on Wed in a dramatic rebound from Christmas Eve meltdown following rallies in retail and energy shares. Oil prices also surged as much as 8% overnight, logging its strongest daily gain in two years after stock market surge. Easing concerns about slowing economic growth in China could further provide a short-term boost to risk appetite after China plans to scrap import and export tariffs on a range of goods next year and launch a slew of supportive measures to help businesses affected by the ongoing trade war with the US as part of the efforts to boost the economy. Moreover, the Bank of (BOJ) said the country’s financial system remains strong enough to weather stock market storms, pointing to a need for it to keep its easing monetary policy in place. Overall trading range for the SET index is expected to be between 1,545-1,565 points today.

Investment Theme • Selective trading:HoldontoEA and HMPRO with S/T target prices set at Bt51.00 and Bt16.00 respectively.

Ref No: MF2561_0244 Strategy Team #487 PhillipResearch PhillipCapitalTH 02 635 1700 # 486 www.poems.in.th Research Picks December 27, 2018

PhillipResearch PhillipResearch PhillipCapitalTH 02 635 1700 ตอ่ 486 www.poems.in.th Research Picks December 27, 2018

 Market weight  Overweight  Super overweight

Research Picks are selective stock picks based on fundamentals or technical signals, based on a maximum of 2-week holding duration. The number of stars indicates the level of conviction in the stock picks.

PhillipResearch PhillipResearch PhillipCapitalTH 02 635 1700 ตอ่ 486 www.poems.in.th Today’s Pack December 27, 2018 Sector Update BANK: Loan growth reported at all banks in Nov (Adisorn Muangparnchon#497) • Nov loans at all banks rising up • TMB the strongest performer while SCB the biggest loser • ‘OVERWEIGHT’ rating unchanged with BBL as top pick

27 ธ.ค. 61 PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th News Highlights December 27, 2018

Econ and Industry News (+) ECON Higher growth seen for final quarter of the year (Source: THE NATION) FPO said the economy is expected to further expand at a growth rate of 3.3 per cent during the quarter as domestic demands grow while exports remain steady and the number of foreign tourists increase. (-) ECON Fixed-income funds, corporate bonds among concerns flagged by BOT (Source: The Nation) THE BANK of (BOT) yesterday warned investors about the risks posed by fixed-income funds invested abroad, while also flagging concerns over deposits placed with savings cooperatives and bonds issued by Thai conglomerates.

Company News (+) GLOW GLOW takeover get nod (Source: Post) ERC approved the takeover of Glow Energy Plc by Global Power Synergy Plc, with the proviso that Glow must sell some of its power plant assets at Map Ta Phut to a third party. (+) BGRIM B.Grimm moves ahead on solar lead (Source: Bangkok Post) B.Grimm Power Plc, which has the most capacity among small power producers in Thailand, has begun commercial operations at three solar projects in the country with a combined capacity of 10.83 MW.

PhillipResearch PhillipCapitalTH 02 635 1700 # 486 www.poems.in.th 5 Cash Balance December 27, 2018 Securities Restricted to Cash Balance Accounts:

Cash Balance / Trading Alert Level 1 : Period Securities 26 Nov 18 - 04 Jan 19 DCORP 11 Dec - 28 Dec 18 SEAOIL 11 Dec 18 - 18 Jan 19 ORI-W1, SISB 17 Dec 18 - 04 Jan 19 UREKA 24 Dec 18 - 01 Feb 19 ECF, ECF-W2, ECF-W3 Remark: Level 1 : Stocks expected to be on cash balance list Level 2 : Excluded from credit limit + cash balance list Level 3 : Prohibit net settlement + Excluded from credit limit + cash balance list

C sign posted (purchased with Cash Balance account only) Securities Reason APEX, AQ, AS, DIGI, Shareholders' equity < 50% of paid-up capital. EFORL, EIC, EMC, FC, GJS, JUTHA, MPG, MPIC, NBC, NEP, NEWS, NOK, PACE, PE, SPORT, T, TFI, TSF, TSI, UMS

27 ธ.ค. 61

www.poems.in.th 6 December 27, 2018

The Index and Forex prices are based on last update prices, while changes are compared with previous close prices. Forex Last +/- +/-% Baht /US$ 32.59 0.0100 0.03

Yen/US$ 111.01 -0.3600 -0.32

US$/Euro 1.14 0.0016 0.14

Dollar Index (DXYO) 96.91 -0.1430 -0.15

Commodities Close +/- +/-% NYMEX - Crude (FEB) 46.22 3.69 8.68

ICE - Brent (FEB) 54.47 4.00 7.93

Gold Spot (US$/oz.) 1,267.14 -1.40 -0.11

*** Newcastle Coal (US$/MT)(DEC) 101.00 0.00 0.00

*** BDI Index 1,271.00 0.00 0.00

*** the markets is close today or the day before (DJ, DJ Futures, NASDAQ, FTSE, Hong Kong markets were early closed) Commodities table calculated by the close price of T-1 compare to T-2 Source : Bloomberg except GRM(), Newcastle Coal and BDI using Bisnews with last trading day

Strategy Team #487 www.poems.in.th December 27, 2018

Daily trading Summary of summary foreign trading activity Stock Market

SET Index SET Index 5,000 0 3,692 -81 4,000 -50,000 -12,639 3,000 -100,000 2,000 -100,482 1,000 -150,000 0 -200,000 -1,000 -13 -768 -250,000 -2,000 -3,000 -300,000 -285,861 -2,911 -4,000 -350,000 FIPR 5 days 30 days 90 days YTD Derivative Market

SET 50 Index Futures SET 50 Index Futures 8,000 6,233 0 6,000 -10,000 -1,012 -20,000 4,000 -30,000 2,000 -40,000 -50,000 0 -46,897 -60,000 -2,000 -70,000 -65,674 -4,000 -2,460 -80,000 -3,773 -90,000 -6,000 -100,000 -90,635 FIR 5 days 30 days 90 days YTD Bond Market

Bond Market Bond Market 40,000 35,589 350,000 35,000 295,244 30,000 300,000 25,000 250,000 20,000 200,000 170,441 15,000 150,000 10,000 6,329 5,000 100,000 0 50,000 23,581 -5,000 -3,254 0 -10,000 -50,000 -6,863 FIR 5 days 30 days 90 days YTD

Source : Bloomberg

Strategy Team #487 www.poems.in.th Market Statistics December 27, 2018

Top 5 Most Active Stocks by Value (as of Dec 26, 2018) Top 5 Most Active Stocks by Volume (as of Dec 26, 2018) Volume Close Ticker Value (Btmn) Close (Bt)Change (% +/-) Ticker Change (% +/-) (Mn Shrs) (Bt) PTT 2,187.33 45.50 0.25 (+0.55%) BEM 175.78 9.50 -0.45 (-4.52%) BEM 1,683.92 9.50 -0.45 (-4.52%) WHA 117.66 4.00 -0.06 (-1.48%) CPALL 1,678.97 69.00 0.00 (+0.00%) TMB 80.07 2.20 0.00 (+0.00%) PTTEP 954.90 113.00 1.50 (+1.35%) BEAUTY 70.69 6.60 0.00 (+0.00%) EA 790.12 41.75 -1.75 (-4.02%) TRUE 59.02 5.15 -0.05 (-0.96%)

Top 7 short selling stocks (as of Dec 26, 2018) Top 3 Gainers/Losers (as of Dec 26, 2018) Volume Avg Price % Short Sales Vol Close Stock (Shrs) (Bt) vs Main Board Gainers Mn Shrs (Bt) Change (% +/-) SKY 252,700 12.8040.39% SMM 44.88 2.60 0.60 (+30.00%) TOA 438,500 32.1230.59% MPIC 0.00 1.60 0.33 (+25.98%) PSH 141,400 17.4021.01% TFI 0.04 0.24 0.03 (+14.29%) BIG 455,900 1.26 19.64% Losers PTTGC 1,292,500 71.2715.75% AQ 11.71 0.02 -0.01 (-33.33%) EA 2,786,300 41.8414.79% LTX 0.02 111.00 -14.00 (-11.20%) PF 1,000,000 0.6912.39% F&D 0.00 17.50 -2.20 (-11.17%)

NVDR Trading Volume (as of Dec 26, 2018) NVDR Trading Value (as of Dec 26, 2018) Ticker Net Buy Ticker Net Sell Ticker Net Buy Ticker Net Sell MFEC 21,631,224 TWZ -30,000,000 BEM 188,501,308 CPALL -273,681,512 BEM 19,719,644 TRUE -20,832,029 MFEC 77,223,470 PTT -209,219,217 WHA 8,255,637 IRPC -9,981,174 GPSC 44,821,225 AOT -182,456,741 LPN 5,604,100 LH -9,882,977 CK 43,937,090 PTTGC -130,199,747 AQ 4,375,100 KTB -5,917,688 LPN 33,759,250 IVL -128,117,792 Source: SET

PhillipResearch PhillipCapitalTH 27 ธ.ค. 61 02 635 1700 #486 www.poems.in.th 9 Market Statistics December 27, 2018

Change in Management Holdings (59-2) as of Dec 26, 2018

Stock Name of reporting person Transaction Amount Avg price Acquisition/ Date Disposition AAV Group Captain Tanapat Ngamplang 26 Dec 18 600,000 4.27 Sell ANAN Mr. Chanond Ruangkritya 26 Dec 18 2,000,000 3.25 Buy AU*** Mr. Wiwat Kanokwatanawan 26 Dec 18 300,000 5.50 Buy FLOYD Mr APIRAT MUANGKASEM 26 Dec 18 50,000 1.70 Buy K Mr. Chayawat Pisessith 26 Dec 18 10,000 2.48 Buy MC Miss Sunee Seripanu 26 Dec 18 110,000 10.94 Buy MC Mr. Virach Seripanu 26 Dec 18 36,900 11.00 Buy SELIC Mr. Anotai Adulbhann 26 Dec 18 163,800 2.50 Buy SSP Miss Thantaporn Kraipisitkul 26 Dec 18 72,400 7.52 Buy TACC Mrs. Chirapan Choosang 26 Dec 18 5,000 2.68 Buy TACC Mrs. Suveeraya Ansavananda 26 Dec 18 500 2.68 Buy TCMC Mr. Pimol Srivikorn 26 Dec 18 1,056,900 1.65 Buy THREL* Mr. Suchin Wanglee 26 Dec 18 3,000,000 7.00 Buy AP Mr. Visanu Suchatlumpong 25 Dec 18 100,000 5.95 Buy ASN Mr. Sudusit Ounsangchan 25 Dec 18 20,000 3.50 Buy CPF Mr. Adirek Sripratak 25 Dec 18 3,700,000 - Transfer DCON Mr. Chana Towan 25 Dec 18 1,723,200 0.49 Buy EKH Mrs. Orasa Tangsajjapoj 25 Dec 18 100,000 5.55 Buy EPCO Mr. Yuth Chinsupakul 25 Dec 18 80,000 2.59 Buy HPT**** Mr NIRAN CHOURKITTISOPON 25 Dec 18 126,000 0.80 Buy HPT**** Mrs. Wannee Chourkittisopon 25 Dec 18 126,000 0.80 Buy MINT Mr. William Ellwood heinecke 25 Dec 18 600 34.75 Sell MINT Mr. William Ellwood heinecke 25 Dec 18 600 34.75 Buy OCEAN Mrs. chutchaya tritrakulchai 25 Dec 18 2,840,000 4.16 Buy PB Mr. Pipat Paniangvait 25 Dec 18 5,000 60.25 Buy PSTC-W1 Mr. Panu Seetisarn 25 Dec 18 3,000,000 0.08 Buy RJH Mr. Charoonsak Sripochsomboon 25 Dec 18 9,300 20.46 Sell SEAOIL Mr. Apisit Rujikeatkamjorn 25 Dec 18 30,000 3.16 Buy SUSCO Mr. Mongkol Simaroj 25 Dec 18 150,000 2.46 Buy SYNTEC Mr. Anuwat Chutmongkolcjart 25 Dec 18 20,000 2.74 Buy TACC Miss Parichat Chotipumiwet 25 Dec 18 10,000 2.72 Buy TACC Mr. Chanit Suwanparin 25 Dec 18 30,000 2.80 Buy TACC Mrs. Chirapan Choosang 25 Dec 18 13,400 2.69 Buy TACC Mrs. Suveeraya Ansavananda 25 Dec 18 3,000 2.74 Buy TCMC Mr. Pimol Srivikorn 25 Dec 18 322,800 1.61 Buy TKN Mr. Itthipat Peeradechapan 25 Dec 18 1,300,000 8.04 Buy TPBI Mr. Kamol Borrisuttanakul 25 Dec 18 15,000 5.93 Buy TRT Mr. Ouichai Siriwajana 25 Dec 18 69,500 1.67 Buy UAC Mr. Kitti Jivacate 25 Dec 18 49,900 3.96 Buy UTP Mr. Chatree Pornchanya 25 Dec 18 4,000 9.48 Buy UTP Mr. Mongkol Mangkornkanok 25 Dec 18 20,000 9.40 Buy BEM Mr. Sombat Kitjalaksana 24 Dec 18 1,000,000 10.20 Sell OCEAN Mrs. chutchaya tritrakulchai 24 Dec 18 500,000 4.14 Buy PTT** Mr. Chumpol Rimsakorn 24 Dec 18 20,000 47.50 Sell STI Mr. Pairuch Laoprasert 24 Dec 18 24,900 5.37 Buy SVI Mr. Somchai Siripanyanon 24 Dec 18 5,000 4.94 Buy TACC Mr. Chanit Suwanparin 24 Dec 18 5,000 2.86 Buy TKN Mr. Itthipat Peeradechapan 24 Dec 18 100,000 8.40 Buy BEM Mr. Sombat Kitjalaksana 21 Dec 18 1,000,000 9.90 Sell OCEAN Mrs. chutchaya tritrakulchai 21 Dec 18 1,500,000 4.34 Buy TKN Mr. Itthipat Peeradechapan 21 Dec 18 300,000 8.33 Buy TKN Mr. Itthipat Peeradechapan 20 Dec 18 681,600 8.45 Buy TKN Mr. Itthipat Peeradechapan 18 Dec 18 223,400 8.51 Buy TKN Mr. Itthipat Peeradechapan 17 Dec 18 602,600 8.67 Buy TKN Mr. Itthipat Peeradechapan 14 Dec 18 900,000 9.22 Buy TKN Mr. Itthipat Peeradechapan 13 Dec 18 178,900 9.50 Buy TKN Mr. Itthipat Peeradechapan 6 Dec 18 200,000 9.90 Buy

*Spouse / Cohabiting Couple (Mrs. Rujiraporn Wanglee) **Spouse / Cohabiting Couple (Mrs. Saowarot Rimsakorn) ***Spouse / Cohabiting Couple (Mrs. Uraiwan Kanokwatthanawan) ****Minor Child (Mr. Nipat Chourkittisopon)

Source: SEC PhillipResearch PhillipCapitalTH 27 ธ.ค. 61 02 635 1700 #486 www.poems.in.th 10 Market Statistics December 27, 2018

Acquisition and Disposition by Persons Owning Shares Exceeding 5% Total (246-2) as of Dec 26, 2018 Stock Owner Transaction % Transacted % after Transacted Date Transacted CIG Mr. Arree Pumsanor 20 Dec 18 2.89 17.85 Acquired TC* Mr. Tan Sao Po 25 Dec 18 4.39 9.22 Acquired

*Preliminary data

Source: SEC

PhillipResearch PhillipCapitalTH 27 ธ.ค. 61 02 635 1700 #486 www.poems.in.th 11 Market Statistics December 27, 2018

Calendar Date Company News 27 Dec 18 - New Listing (units): (S5013C1903C, 220mn), (S5013P1903C, 220mn) - New shares (shares): (CI, 102.88mn, RO) - Last trading day : CWT-W4 - Last trading day : S5008C1812A, S5008C1812B, S5008C1812C, S5008P1812A, S5008P1812B, S5006C1812A, S5006C1812B, S5006C1812C, S5006C1812D, S5006P1812A, S5006P1812B, S5006P1812C, S5006P1812D S5013C1812A, S5013C1812B, S5013C1812C, S5013C1812D, S5013C1812E, S5013P1812A, S5013P1812B, S5013P1812C, S5013P1812D, S5013P1812E, BLA01C1812A, MALE01C1812A, THAN01C1812A, VGI01C1812A, S5028C1812A, S5028C1812B, S5028C1812C, S5028C1812D, S5028P1812A, S5028P1812B, S5028P1812C, BANP01C1812A, BANP01C1812B, BANP01P1812A, BANP01P1812B, BEAU01C1812A, BEAU01C1812B, BEAU01P1812A, BEC01C1812A, BEC01C1812B, BJC01C1812A, BJC01C1812B, BJC01P1812A, CKP01C1812A, CKP01C1812B, ESSO01C1812A, ESSO01C1812B, ESSO01P1812A, IVL01C1812A, IVL01C1812B, IVL01P1812A, IVL01P1812B, PSL01C1812A, PSL01C1812B, S5001C1812F, S5001C1812G, S5001C1812H, S5001C1812I, S5001P1812F, S5001P1812G, S5001P1812H, S5001P1812I, STA01C1812A, STA01C1812B, TPI01C1812A, TPI01C1812B, WHA01C1812A, WHA01C1812B, WHA01P1812A, DELT27C1812A, GLOW27C1812A, MALE27C1812A, RATC27C1812A, SCCC27C1812A, TPIP27C1812A, VGI27C1812A - To be delisted : BEAU13C1812B, EA13C1812B, PTTG13C1812B, TKN13C1812A, TOA13C1812A, WHA13C1812A CBG07C1812A, IRPC07C1812A, PTTG07C1812A, SAWA07C1812A, SCC07C1812A, TOP07C1812A, TPI07C1812A 28 Dec 18 - SP : CWT-W4 - SP : S5008C1812A, S5008C1812B, S5008C1812C, S5008P1812A, S5008P1812B, S5006C1812A, S5006C1812B, S5006C1812C, S5006C1812D, S5006P1812A, S5006P1812B, S5006P1812C, S5006P1812D S5013C1812A, S5013C1812B, S5013C1812C, S5013C1812D, S5013C1812E, S5013P1812A, S5013P1812B, S5013P1812C, S5013P1812D, S5013P1812E, BLA01C1812A, MALE01C1812A, THAN01C1812A, VGI01C1812A S5028C1812A, S5028C1812B, S5028C1812C, S5028C1812D, S5028P1812A, S5028P1812B, S5028P1812C BANP01C1812A, BANP01C1812B, BANP01P1812A, BANP01P1812B, BEAU01C1812A, BEAU01C1812B, BEAU01P1812A, BEC01C1812A, BEC01C1812B, BJC01C1812A, BJC01C1812B, BJC01P1812A, CKP01C1812A, CKP01C1812B, ESSO01C1812A, ESSO01C1812B, ESSO01P1812A, IVL01C1812A, IVL01C1812B, IVL01P1812A, IVL01P1812B, PSL01C1812A, PSL01C1812B, S5001C1812F, S5001C1812G, S5001C1812H, S5001C1812I, S5001P1812F, S5001P1812G, S5001P1812H, S5001P1812I, STA01C1812A, STA01C1812B, TPI01C1812A, TPI01C1812B, WHA01C1812A, WHA01C1812B, WHA01P1812A, DELT27C1812A, GLOW27C1812A, MALE27C1812A, RATC27C1812A, SCCC27C1812A, TPIP27C1812A, VGI27C1812A - To be delisted : ADVA16C1812A, BANP16C1812A, BDMS16C1812A, CK16C1812A, TRUE16C1812A BGRI13C1812B 3 Jan 19 - Last trading day : PSTC-W1 - To be delisted : BSM-W2 - To be delisted : SGP06C1812A, BCPG13C1812A, KCE13C1812A, KTC13C1812B, MINT13C1812A, PTTE13C1812A SGP13C1812A 4 Jan 19 - Last trading day : ADVA28C1901A, AOT28C1901A, BBL28C1901A, BCP28C1901A, BCPG28C1901A, BGRI28C1901A, CPAL28C1901A, EA28C1901A, INTU28C1901A, KTC28C1901A, MONO28C1901A, PTG28C1901A, PTT28C1901A, SCB28P1901A, SIRI28C1901A, THAI28C1901A, THCO28C1901A, TISC28C1901A, TMB28C1901A, WHA28C1901A, WORK28C1901A - SP : PSTC-W1 - To be delisted : S5008C1812A, S5008C1812B, S5008C1812C, S5008P1812A, S5008P1812B, S5006C1812A, S5006C1812B, S5006C1812C, S5006C1812D, S5006P1812A, S5006P1812B, S5006P1812C, S5006P1812D S5013C1812A, S5013C1812B, S5013C1812C, S5013C1812D, S5013C1812E, S5013P1812A, S5013P1812B, S5013P1812C, S5013P1812D, S5013P1812E, S5028C1812A, S5028C1812B, S5028C1812C, S5028C1812D, S5028P1812A, S5028P1812B, S5028P1812C, TPI01C1812B, WHA01C1812A, WHA01C1812B, WHA01P1812A, BANP01C1812A, BANP01C1812B, BANP01P1812A, BANP01P1812B, BEAU01C1812A, BEAU01C1812B, BEAU01P1812A, BEC01C1812A, BEC01C1812B, BJC01C1812A, BJC01C1812B, BJC01P1812A, CKP01C1812A, CKP01C1812B, ESSO01C1812A, ESSO01C1812B, ESSO01P1812A, IVL01C1812A, IVL01C1812B, IVL01P1812A, IVL01P1812B, PSL01C1812A, PSL01C1812B, S5001C1812F, S5001C1812G, S5001C1812H, S5001C1812I, S5001P1812F, S5001P1812G, S5001P1812H, S5001P1812I, STA01C1812A, STA01C1812B, TPI01C1812A, 7 Jan 19 - SP : ADVA28C1901A, AOT28C1901A, BBL28C1901A, BCP28C1901A, BCPG28C1901A, BGRI28C1901A, CPAL28C1901A, EA28C1901A, INTU28C1901A, KTC28C1901A, MONO28C1901A, PTG28C1901A, PTT28C1901A, SCB28P1901A, SIRI28C1901A, THAI28C1901A, THCO28C1901A, TISC28C1901A, TMB28C1901A, WHA28C1901A, WORK28C1901A - To be delisted : BLA01C1812A, MALE01C1812A, THAN01C1812A, VGI01C1812A, DELT27C1812A, GLOW27C1812A, MALE27C1812A, RATC27C1812A, SCCC27C1812A, TPIP27C1812A, VGI27C1812A 27 Source:ธ.ค. 61 Setsmart PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th 12 Market Statistics December 27, 2018

Capital Increased Details Stock X-Date Ratio Subscription Period Remark EIC - - 1 : [email protected] 24/12/2018 - 28/12/2018 - UMS - - 5 : [email protected] 21/12/2018 - 27/12/2018 - TSF - - 1 : [email protected] 07/01/2019 - 11/01/2019 - NPPG XW 2 Jan 19 2.5C : 1-W4 Free - - NOK XR 3 Jan 19 2.5 : [email protected] 31/01/2019 - 06/02/2019 - ECL XW 15 Jan 19 2C : 1-W3 Free - - GJS XR 26 Mar 19 1 : [email protected] 22/04/2019 - 26/04/2019 -

Source: Setsmart

Excluding Capital Return (XN) Stock Date Capital Return Payment Remark (per Share) QHOP XN 27 Dec 18 0.2000 15 Jan 19 -

Source: Setsmart

Tender Offer Stock Date Mn. Shrs. Tender Price (Bt) Remark WG 4 Dec 18 - 11 Jan 19 8.89 180.00 Not for delisting NINE 13 Dec 18 - 18 Jan 19 170.04 1.40 -

Source: Setsmart

Dividend details Stock X-Date Amount Payment Period DOD XD 2 Jan 19 0.4400 18 Jan 19 01/04/2018 - 30/09/2018 INGRS XD 2 Jan 19 0.0260 11 Jan 19 01/02/2018 - 31/10/2018 LTX XD 3 Jan 19 1.5000 18 Jan 19 ORI XD 4 Jan 19 0.0600 18 Jan 19 TSC XD 28 Jan 19 0.6000 - 01/10/2017 - 30/09/2018 KTIS XD 1 Feb 19 0.0600 18 Feb 19 01/10/2017 - 30/09/2018 KTIS XD 1 Feb 19 0.0900 18 Feb 19 IRC XD 7 Feb 19 0.8965 28 Feb 19 01/10/2017 - 30/09/2018 METCO XD 7 Feb 19 13.0000 - 01/10/2017 - 30/09/2018

Source: Setsmart

PhillipResearch PhillipCapitalTH 02 635 1700 #486

Source: Setsmart www.poems.in.th 13 Report Guide December 27, 2018

Stock Selection Criteria Short-term technical picks PSR tactical portfolio Hot stocks

YTD cumulative +11.09% +7.89% vs. market -9.03% +0.37% investment returns at the end of the prior week

Stock screening tool Technical signals Model portfolio based on Selective stock picks short-term investment based on fundamentals themes or technical signals. The number of stars indicates the level of conviction in the stock picks. Duration of holding period 3 days Investment theme cycle 2 weeks Number of recommended 3 stocks per day No more than 10 stocks Unlimited stocks Investment rating Not limited (Buy, Trading Not limited (Buy, Trading Buy, Not limited (Buy, Sell, Buy, Sell, Short Sell) Short Sell) Pairs Trade)

Calculation of investment  Buying at the  Buying and selling at  Buying and selling at returns opening price on the given prices given prices date of  Dividend is included in  Dividend is included recommendation the calculation if holding in the calculation if  Selling at resistance if period in the portfolio holding period in the prices hit or break covers XD date. portfolio covers XD resistance, or selling date. at the closing price on the third day of recommendation if prices fail to hit resistance.

Estimated SET’s Cash Balance Selection Criteria Common Shares on SET & MAI Warrants  Weekly turnover ratio equals or exceeds 40% of  Weekly turnover ratio equals or exceeds 100% of average market capitalization multiplied by % of average market capitalization, and free float ; and

 P/E ratio equals or exceeds 40 times or earnings  Premium reaches or exceeds 20% of the underlying are in the red, and securities prices, and

 The average daily trading value equals or exceeds  The average daily trading value equals or exceeds Bt100mn in a week. Bt100mn in a week.

27 ธ.ค. 61 PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th 14 Research Team December 27, 2018

Fundamental Analyst Reg No. Tel Sector Sasikorn Charoensuwan, CFA, CAIA Capital Market Investment Analyst #9744 662 635 1700 Ext 480 Finance&Securities Danai Tunyaphisitchai, CFA Capital Market Investment Analyst #2375 662 635 1700 Ext 481 Construction Materials, Property Development, Energy Agribusiness, Food&beverage, Naree Apisawaittakan Securities Investment Analyst #17971 662 635 1700 Ext 484 Electronic Components, Energy, Petrochemicals, ICT Siam Tiyanont Securities Investment Analyst #17970 662 635 1700 Ext 483 Transportation, Media & Publishing Adisorn Muangparnchon Securities Investment Analyst #18577 662 635 1700 Ext 497 Banking, Securities & Finance, Hathaichanoke Moonwong Securities Investment Analyst #64324 662 635 1700 Ext 530 Health Care, Tourism Yanin Apichartsakulwong Securities Investment Analyst #41993 662 635 1700 Ext 532 Automotive, Commerce, ICT Athid Siriphand Assistant Analyst Pachara Yenpaisarn Assistant Analyst Patsareeya Phonphala Assistant Analyst

Strategy Teerada Charnyingyong Securities Investment Analyst #9501 662 635 1700 Ext 487 Chutikan Santimetvirul Derivatives Investment Analyst #37928 662 635 1700 Ext 491 Klanarong Mongkolsirichaikul Securities Investment Analyst #66582 662 635 1700 Ext 527 Narongdaht Chantarapisal Capital Market Investment Analyst Tanapon Nimittanon Assistant Analyst Nattapart Chunhawattanakul Assistant Analyst

Technical Krittinat Pantuwichit Technical Investment Analyst #95239 662 635 1700 Ext 485 Danai Tunyaphisitchai, CFA Assistant Technical Analyst

Database & Production Manunpat Yuenyongwatanakorn Kanittha Sriwong Nannaphat Thanasuwannapong

Translation Chaiyot Ingkhasorarat Chaloempong Phantupo

27 ธ.ค. 61 PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th 15 CG - 2018 December 27, 2018

27 ธ.ค. 61 PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th 16 Thai CAC (As of May 21, 2018)

Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of May 21, 2018)

Declared Non‐participation Non‐participation AAIAIEAIRAAJ 2S AAV ABICO ACAP ACC TPIPL TPIPP TPOLY TPP TR ALUCON AMATAV AOT APCO AQUA ADAM AEC AEONTS AF AFC TRC TRITN TRT TRUBB TSF ARROW ASIA ASK AU BCH AGE AH AHC AIT AJA TSI TSR TSTE TTA TTL BJC BJCHI BLAND BR BROCK AKR ALLA ALT AMA AMARIN TTTM TTW TUCC TWP TWZ BRR CEN CGH CHEWA CHG AMATA AMC ANAN APCS APEX TYCN UAC UBIS UEC UKEM CHOTI CHOW CIG COL COM7 APURE AQ ARIP AS ASAP UMI UMS UNIQ UP UPF CPALL CPF CPR CSC EKH ASEFA ASIAN ASIMAR ASN ATP30 UPOIC UT UTP UV UVAN EPCO FC FER FPI FSMART AUCT BA BAT‐3K BCPG BDMS VARO VI VNG VPO VTE GEL GFPT GGC GIFT GJS BEAUTY BEC BEM BFIT BGRIM WG WHAUP WIN WINNER WORK GLOBAL GOLD GPSC GREEN GSTEL BGT BH BIG BIZ BKD WORLD WP WPH WR XO GUNKUL HARN IFS ILINK INET BLISS BM BOL BPP BSBM YCI YNP YUASA ZIGA ZMICO IRC J JMART JMT JUBILE BSM BTC BTNC BTW BUI JUTHA KASET KBS KCAR KTECH CBG CCET CCP CGD CHARAN KWC KYE L&E LEE LIT CHO CHUO CI CITY CK LVT MAKRO MATCH MATI MBAX CKP CMO CMR CNT COLOR MC MFEC MIDA MILL ML COMAN CPH CPL CRANE CRD MTLS NBC NCL NEP NINE CSP CSR CSS CTW CWT NMG NNCL NTV NUSA NWR D DCON DCORP DELTA DIGI OGC PACE PAF PAP PATO DNA DTCI EA EARTH EASON PCSGH PIMO PK PL PLANB ECF EE EFORL EIC EMC POST PRINC PRO PSTC PYLON EPG ERW ESSO ESTAR ETE QTC ROH ROJNA RWI SANKO EVER F&D FANCY FMT FN SAUCE SC SCCC SCN SEAOIL FOCUS FORTH FTE FVC GC SE‐ED SENA SIRI SMART SPACK GENCO GL GLAND GRAMMYGRAND SPPT SPRC SR SRICHA SST GTB GYT HFT HOTPOT HPT STA SUPER SUSCO SWC SYMC HTECH HYDRO ICHI ICN IEC TAKUNI TBSP TFI THE TICON IHL III INGRS INOX INSURE TIP TKN TLUXE TMILL TMT IRCP IT ITD ITEL JAS TNP TPA TRUE TSE TTI JCT JSP JTS JWD KAMART TU TVD TVO TVT TWPC KC KCM KDH KIAT KKC U UPA UREKA UWC VGI KOOL KTIS KWG LALIN LDC VIBHA VIH VNT WAVE WHA LH LOXLEY LPH LRH LST WICE WIIK LTX M MACO MAJOR MALEE MANRIN MAX M‐CHAI MCS MDX Certified MEGA METCO MGT MJD MK ADVANC AKP AMANAH AP ASP MM MODERN MPG MPIC NC AYUD BAFS BANPU BAY BBL NCH NDR NETBAY NEW NEWS BCP BKI BLA BROOK BTS NFC NOBLE NOK NPK NPP BWG CENTEL CFRESH CIMBT CM NVD NYT OHTL OISHI ORI CNS CPI CPN CSL DCC OTO PAE PDG PERM PF DEMCO DIMET DRT DTAC DTC PICO PJW PLANET PLE PMTA EASTW ECL EGCO FE FNS POLAR POMPUI PPM PRAKIT PRECHA FSS GBX GCAP GLOW HANA PRIN PRM PTL RAM RCI HMPRO HTC ICC IFEC INTUCH RCL RICH RICHY RJH ROCK IRPC IVL K KBANK KCE RP RPC RPH RS S KGI KKP KSL KTB KTC S11 SAFARI SALEE SAM SAMART LANNA LHBANK LHK LPN MBK SAMCO SAMTEL SAPPE SAWAD SAWANG MBKET MCOT MFC MINT MONO SCI SCP SDC SE SEAFCO MOONG MSC MTI NKI NSI OCC OCEAN PB PDI PE SELIC SF SFP SGF SHANG PG PHOL PLAT PM PPP SIAM SIMAT SKN SKR SKY PPS PRANDA PREB PRG PSH SLP SMK SMM SMT SOLAR PSL PT PTG PTT PTTEP SPA SPALI SPCG SPG SPORT PTTGC Q‐CON QH QLT RATCH SPVI SQ SSC SSP STANLY RML ROBINS S & J SABINA SAT STAR STEC STHAI STPI SUC SCB SCC SCG SGP SINGER SUTHA SVH SVOA SYNEX T SIS SITHAI SMIT SMPC SNC TACC TAPAC TASCO TC TCB SNP SORKONSPC SPI SSF TCC TCCC TCJ TCOAT TEAM SSI SSSC SVI SYNTEC TAE TFD TFMAMA TGPRO TH THAI TCAP TCMC TFG TGCI THANI THANA THIP THL TIC TIW THCOM THRE THREL TIPCO TISCO TK TKS TM TMC TMI TKT TMB TMD TNITY TNL TMW TNDT TNH TNPC TNR TOG TOP TPCORP TRU TSC TOA TOPP TPAC TPBI TPCH TSTH TTCL TVI UOBKH WACOAL

27 ธ.ค. 61 PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th 17 Head Office and Branches Domestics Offices Bangkok Offices Head Office 849 Vorawat Bldg., 11st Fl., Unit 1101,1102,1104, 14th Fl., Unit 1403, 1404 and 15th Fl., 22nd Fl., Unit 2202 Silom Rd. Silom,Bangrak, Bangkok 10500 Srinakarindr 699 Modernform Tower, 17th Fl., Srinakarindr Rd., Suan Luang, Suan Luang, Bangkok 10250 Viphavadee 333 Lao Peng Nguan Tower 1, 15th Fl., Soi Chuaypuang, Viphavadi‐Rangsit Rd., Jomphon, Cha tucha k, Bangkok 10900 Yaowaraj 308 Kanchanadhat Bldg., 19th Fl., Yaowarat Rd., Jakawat, Sampantawong, Bangkok 10100 Bangkapi 1 3522 The Mall Office Tower‐Bangkap, 8th Fl., La d Prao Rd., Klongchan, Bangkapi, Bangkok 10240 Bangkapi 2 3522 The Mall Office Tower‐Bangkap, 8th Fl., La d Prao Rd., Klongchan, Bangkapi, Bangkok 10240 Hualumphong 320 Tang Hua Pa k Bldg., 4th Fl., Rama 4 Rd., Mahaprutharam, Bangrak, Bangkok 10500 Rangsit 94 Future Park Rangsit, G Fl., Room#PLZ.G.SHP065A, Paholyothin Rd., Pracha thipa t, Thunyaburi, Pathumthani 12130 Siam Discovery 989 Siam Tower Building, 11th Fl., Unit A2, Rama I Rd., Pathumwan, Pathumwan, Bangkok 10330 Centra l World 999/9 The Offices at Centra lWorld, 17 FL. Unit ML 1707, Rama I Rd, Pa thumwan, Pathumwan, Bangkok 10330 Sindhorn 130‐132 Sindhorn Tower 3 Building, 19 Floor, Wireless Rd., Lumpini, Pathumwan, Bangkok 10330 EmQuartier 689 Bhiraj Tower at EmQuartier, 39th floor, Unit 3909‐10, Sukhumvit Rd., Klongton Nuea, Vadhana, Bangkok 10110 Amarin 496‐502 Amarin Tower, 8th floor, Unit 6‐7, Ploenchit Rd., Lumpini, Pathumwan, Bangkok 10330

Provincial Offices Chiangmai 111/51 Moo 2 Mahidol Rd., Nong Hoi, Muang Chia ng Mai, Chia ng Mai 50000 Had Yai 55 Southland Rubber Bldg., 4th Fl., Ratyindee Rd., Had Yai, Had Yai, Songkla 90110 Had Yai ‐ Petkaseam 607 Redar Group Bldg., 3rd Fl., Unit 3D, Petkaseam Rd., Had Yai, Had Yai, Songkla 90110 KhonKaen 359/2 Kow Yoo Hah Bldg., 4th Fl., Mittapap Rd., Naimuang, Muang Khon Kaen, Khon Kaen 40000 Phitsanulok 59/15 Thai Sivarat Bldg., 2nd Fl., Baromtrilokanad 2 Rd., Naimuang, Muang Pitsanulok, Phitsanulok 65000 Chumporn 25/45 Krom Luang Chumporn Rd., Tatapao, Muang Chumporn, Chumporn 86000 Leamchabang 53/112, 53/114 Moo 9, Tungsukla, Sriracha, Chonburi 20230 Investor Center KhonKaen 252 Moo 11, Muang Kao, Muang Khon Kaen, Khon Kaen 40000

Overseas Offices SINGAPORE Phillip Securities Pte Ltd Raffles City Tower Tel : (65) 6533 6001 www.poems.com.sg HONG KONG Phillip Securities (HK) Ltd 11/F United Ce ntre 95 Queensway, Tel (852) 22776600 www.phillip.com.hk Phillip Ca pita l Management Sdn Bhd, Block B Level 3 Megan Avenue Tel (603) 21628841 www.poems.com.my JAPAN Phillip Securities Japan, Ltd 4‐2 Nihonbashi Kabuto‐cho, Chuo‐ku, Tokyo Tel (81‐3) 36662101 PT Phillip Securities Indonesia ANZ Tower Level 23B, Tel (62‐21) 57900800 www.phillip.co.id CHINA Phillip Financial Advisory (Shanghai) Co. Ltd Ocean Tower Unit 2318 Tel (86‐21) 51699200 www.phillip.com.cn FRANCE King & Shaxson Ca pita l Limited 3rd Flr, 35 Rue de la Bienfaisance Tel (33‐1) 45633100 www.kingandshaxson.com UNITED KINGDOM King & Shaxson Ca pita l Limited 6th Flr, Ca ndlewick House, Tel (44‐20) 7426 5950 www.kingandshaxson.com UNITED STATES Phillip Futures Inc The Chica go Board of Trade Building Tel +1.312.356.9000 AUSTRALIA PhillipCapital Australia Level 10, 330 Collins Street, Melbourne, VIC 3000Tel (613) 86339803 www.phillipcapital.com.au SRI LANKA Asha Phillip Securities Ltd Level 4, Millennium House, Tel: (+94) 11 2429 100 [email protected] TURKEY Hak Menkul Kiymetler A.Ş Dr.Cemil Bengü Ca d. Tel: (+90) (212) 296 84 84 (pbx) [email protected] INDIA PhillipCapital (India) Private Limited No. 1, C‐ Block, 2nd Floor,Modern Center , Jacob Circle, K. K. Marg, Mahalaxmi Mumbai 400011 Tel: (9122) 2300 2999 Website: www.phillipcapital.in DUBAI PhillipCapital (India) Pvt Ltd.601, White Crown Building Dubai UAE. Mahalaxmi Mumbai 400011 Tel: (9122) 2300 2999 Website: www.phillipcapital.in CAMBODIA Building No71, St 163, Sangkat Toul Svay Prey I, Khan Cha mka rmorn, Phnom Penh, Kingdom of Ca mbodia Tel: (855) 23 217 942 Website: www.kredit.com.kh

27 ธ.ค. 61 PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th 18 Disclosures and Disclaimers

27 ธ.ค. 61 PhillipResearch PhillipCapitalTH 02 635 1700 #486 www.poems.in.th 19 Disclosures and Disclaimers

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