Market Talk Investment Strategy Research Division

Wednesday, March 6, 2019 Investment Strategy Post-election situation is still an important factor and will determine if fund flow would SET Index 1,639.00 return or not. According to recent polls, the still got the biggest supports, Change (pts) 3.70 far ahead of rivals. 2019 market earnings may be slashed to reflect actual cost due to Market Cap (Million B) 41,234 the new Labor Protection Law, but there could be some compensation from non-recurring items (stock gain). In the short term, SET Index would still be swinging around 1,630- 1,645 pts. Top picks are laggard plays with strong fundamentals like BJC(FV@B61) and BBL(FV@B227) and a defensive play BCH(FV@B21) which has 34% upside. Net Buy and Sell by Investor Type (Million B) SET Index supported by energy plays Foreign -1,737.88 SET Index was in a negative territory for most of the day but rebounded near the closing hour Proprietary 1,014.02 and finally closed at 1,639.00 pts, 3.70 pts (+0.23%) with trading value of only B41.1bn. Institutional 911.49 The market still lacked new positive sentiment aside from softening trade war tension, while Retail -187.62 political issues are still one of the most significant factor. The market was supported by big- cap stocks AMATA (+3.4%), PTTEP (+1.24%), BBL (+0.97%), AOT (+0.75%), SCC (+0.4%), and INTUCH (+0.45%) as well as medium- and small-cap stocks MCOT (+15.3%), BEC (+6.2%), JMART (+4.23%), ESSO (+3.64%); in contrast, some stocks went down, e.g. KBANK (-0.51%) and BDMS (-0.42%). SET Index is still expected around 1,630-1,645 pts, still lacking offshore driver. Main focus still revolves around political situation after the election; according to the latest survey, Pheu Thai was still expected to win the most seats by a wide margin. 2019 market earnings forecast is likely to be revised down to reflect higher personnel expense under the new labor protection law, but this would be partly compensated by extraordinary items (lower stock loss). We recommend defensive stocks with solid fundamentals that are still laggard. Top pick is BCH(FV@B21). China stimulates economy to offset trade war impact China’s 2019 GDP growth was already revised down from 6.5% to 6.0-6.5%, slowing down from 6.6% in 2018. At the meeting of China's National People's Congress (NPC) yesterday, Porranee Thongyen China implemented additional financial stimulus policies to offset trade war impact: License No: 004146 Therdsak Thaveeteeratham  Value-added tax (VAT) was lowered, from 16% to 13% for manufacturing segments and License No: 004132 from 10% to 9% for transportation segments. Paradorn Tiaranapramote  2019 budget deficit target was 2.8% of GDP, higher than 2.6% in 2018. License No: 075365  Reserve requirement ratio (RRR) may be raised further. RRR was already lowered two Takit Chardcherdsak License No: 087636 times in January by 1% to 13.5%. Yothin Pukongnin All these factors have positive sentiment on Chinese stock markets. After plunging the most Quantitative Analyst Assistant in the region 24.3% in 2018, China's stock index already rallied 22%ytd, probably Jerdjaras Kaewkua Analyst Assistant outperforming regional markets. Wanapruk Komonwitayatorn Economist Assistant English research reports are a rough translation of our Thai-language research products. It is produced The Thai language research reports and information contained therein are compiled from primarily with time efficiency in mind, so that English-English research reports are a rough translation of public data sources and our analysts' interviews with executives of listed companies. our Thai-language research products. It is produced primarily with time efficiency in mind, so that They are presented for informational purposes only and not to be deemed as English-reading clients can see what the main recommendations are from our Thai-language research solicitations to buy or sell any securities. Best attempts have been made to verify team. Given that this is a rough-and-ready translation, Asia Plus Securities Company cannot be held information from these vast sources, but we cannot guarantee their accuracy, adequacy, responsible for translation inaccuracies. completeness and timeliness. The analyses and comments presented herein are opinions of our analysts and do not necessarily reflect the views of Asia Plus Securities. ASIA PLUS SECURITIES CO.,LTD. Broker#8. Research Protection @Copyright 2015 SECURITIES CO.,LTD. Broker#8. Research Protection @Copyright 2015" Market Talk Investment Strategy | Research Division

US to end GSP for India, Turkey While US-China trade war tension has subsided, the US is proceeding on additional protectionism policies on other countries. It intends to terminate Generalized System of Preferences (GSP) tariff exemption for India and Turkey - the No.1 and the No.5 largest suppliers to the US (in other words, making up the largest and the fifth largest shares of U.S. imports), respectively - for failing to provide the US with equitable and reasonable export market access; GSP termination will be effective in May 2019.

Automobile and part is the top import goods of the US, amounting US$295bn and making up 12% of U.S. import. The US is proceeding with safeguard tariff hike on imported automobiles, in addition to imports of washing machine, solar panel, steel, aluminum, and biodiesel that were valued US$52bn and accounted for 2.1% of total U.S. import (effective in March 2018). In mid-May 2019, the US will hike safeguard tariff hike on automobile imports from 2.4% at present to 25%. This would adversely affect Mexico the most as it accounts for 28.6% of U.S. auto-part import, followed by Canada (19.1%), Eurozone (19%), and Japan (17.6%); exports US$1.04bn worth of auto-part goods to the US, only 0.44% of Thailand's total export or 4% of total auto export). Nevertheless, Mexico and Canada would be limitedly affected by this. In 2018, the US, Mexico, and Canada already entered the new United States-Mexico-Canada Agreement (USMCA), replacing the NAFTA. Under the USMCA, the US will grant Mexico and Canada an exemption on 25% auto-part import tariff, provided that the two countries open their markets to the US:  Canada must give U.S. milk producers access to 3.5% of its dairy market, while Mexico must slash import tariff on U.S. agricultural goods (e.g. pork) to 0%.  Automobile produced in North America must have 75% (originally 62.5%) of components manufactured in these three countries; plus, automobile manufacturer must source at least 70% of steel and aluminum from the three North American countries. Thus, this issue would mainly affect other auto exporters, especially Europe and Japan. Thailand will be indirectly affected. Export to North America makes up only 8% of Thailand's total auto product export, mainly to Mexico (under the USMCA), so auto safeguard import tariff hike would increase cost of export. Thus, Thai auto manufacturers would have to expand to other export markets, especially Asia, Oceania (31% of auto export), and the Middle East (10% of auto export). This issue would only have short-term negative sentiment on the auto sector. We recommend staying away from AH but buying SAT(FV@B29) that still have additional purchase order from a US- based auto firm. MCOT's 2600 MHz band auctioned as 5G band. Mobile players still not ready The amended National Broadcasting and Telecommunications Commission (NBTC) Act allows the NBTC to recall spectrums that are unused or inefficiently used to reallocate them by auction. Yesterday, the NBTC recalled 190 MHz bandwidth of 2600 MHz spectrum, 154 MHz from MCOT, 12 MHz from the Royal Thai Army and the Royal Thai Armed Forces Headquarters, and 24 MHz from the Public Relations Department; if MCOT does not oppose the recall, the NBTC is anticipate to auction the spectrum for 5G service in 3Q19. Meanwhile,

Market Talk Investment Strategy | Research Division the NBTC reserved all rights to recall of the 700 MHz spectrum from digital TV operators on the day of digital TV channel bidding. MCOT will receive cash compensation from this issue, which will help securing its TV business that is facing loss, thus having positive sentiment. 2600 MHz frequency has six years left until the end of 2025. Compared with prices of similar frequencies, 1) 2100 MHz band at the price of B31m/year per 1 MHz auctioned in 2012 and 2) 60 MHz bandwidth of 2300 MHz band (DTAC leased from TOT) at the price of B75m/year per 1 MHz. Currently, 2600 MHz band is mainly used for 4G and 5G services in China, while the US, Europe, and South Korea are providing 5G services on either 3400-3600 MHz or 26000-28000 MHz spectrum. Bidding 5G frequencies too soon would have negative sentiment on mobile operators due to the following factors: 1) All mobile operators still have to bear massive 4G license cost. ADVANCE and TRUE still have two installments left for 900 MHz licenses, B4bn due in 2019 for ADVANC and B60bn due in 2020 for TRUE. DTAC still has three installments left, B2bn in 2019, B2bn in 2021, and B3bn in 2022. Moreover, the NBTC will auction many other frequencies in the near future, e.g. 700 MHz, 3400 MHz, and 28000 MHz; 5G frequencies would be much cheaper than 4G frequencies, 1) 15 MHz of 1800 MHz band at B40bn and 2) 10 MHz of 900 MHz band at B75bn. 2) Worldwide 5G network is currently at its first step, although more experiments have already been conducted. Bearing 5G cost burden too soon means downside risk on forecast. In terms of financial position, all three mobile plays are ready for such bidding. We reiterate NEUTRAL and recommend ADVANC and DTAC. 2018เงินส ดCashในมอื Net2018 Gearing 2018ฐานทนุ 2019CFO F in 2561Hand Net 2561Gearing CAPEX2561 2562FCFO ADVANC 9,066.0 1.1 32,005.0 67,996.0 DTAC 14,090.0 1.5 21,930.0 12,985.0 DTAC's* CFO ขexcludingอง DTAC disputes ไมร่ วมค า่settlementยตุ ขิ อ้ พพิ าwithท CATCAT 22,485.0 TRUE 20,671.0 1.0 133,290.8 26,266.0 Political temperature heightens, but general election is still March 24 Tomorrow (March 7), the Constitutional Court is ruling on the dissolution of the Thai Raksa Chart Party, which is an important point in Thailand’s politics. However, no matter how the ruling turns out, it will not affect the schedule of the general election on March 24, 2019, so it will not have significant impact on SET Index as well. A more important factor from now on is the election result, as the upcoming election uses a new method of mixed member apportionment system, so one particular party will not get overwhelming votes and there will be more MPs from small and medium parties. According to the recent national poll, top five parties that got the biggest votes in the constituency system which have 350 MP seats in total, were Pheu Thai Party (136 seats), Democrat Party (88 seats), Palang Pracharath Party (62 seates), (31 seats), and Chart Thai Pattana Party (12 seats).

Market Talk Investment Strategy | Research Division

If the election result turns out as the poll result, the most possible coalition government will consist of two of the top three parties. The coming of the new government will determine whether foreign funds will return to the market again after the election or not. Foreigners switch to net sell in Asia Foreign funds possessed a net selling position in Asian markets at US$764m yesterday (fourth day), the biggest net selling since the beginning of 2019. All five markets faced net selling: Taiwan at US$428m (second day), South Korea at US$173m (after a day of net buying), Indonesia at US$83m (fourth day), the Philippines at US$25m (after a day of net buying), and Thailand at US$54m or B1.73bn. In contrast, local institutions were net buyers at B911m. The SET was still surrounded by negative internal factors, especially 4Q18 market earnings that turned out worse than expected and political issues that have remained unclear. Thus, foreigners have been net sellers in Thai stock market for seven consecutive days at the combined value of B10.3bn and reversed to be with YTD cumulative net selling of B1.85bn. In the past four days, these investors also opened 34,000 net contracts of short position in SET50 Futures. Monthly Foreign Fund Flow in Asia Date Indonesia Philippines S. Korea Taiwan Thailand Total 2017 -2,960 1,095 8,268 5,758 -796 11,343 2018 -3,656 -1,080 -5,676 -12,182 -8,913 -31,508 2019 (YTD) 570 480 4,128 4,079 -53 9,203 January 2019 964 356 3,658 1,946 214 7,138 February 2019 -237 178 615 2,599 -106 3,050 March 2019 (MTD) -157 -55 -145 -466 -162 -985 Unit: Million US$ Source: Bloomberg / ASPS Research Defensive play strategy Last Price Fair Div Yield Growth Avg. Return before Remaining Time 2019 XD Dividend No. Stock Upside Probability (05/03/19) Value 19F(%) 19F XD Date before XD Date Date Payment Property 1 SENA 3.54 4.46 26.0% 6.58 -1.2% 14.13% 100% 2 months 2 days 07/05/19 Semi-Anl 2 AP 6.90 8.10 17.4% 5.13 4.3% 4.29% 100% 2 months 3 days 08/05/19 Annual 3 LH 10.50 13.60 29.6% 7.13 -4.5% 2.58% 80% 1 month 28 days 03/05/19 Semi-Anl 4 QH 3.02 4.10 35.7% 7.63 3.2% 1.79% 60% 1 month 19 days 24/04/19 Semi-Anl Leasing 5 JMT 13.90 17.50 25.9% 4.02 24.9% 3.00% 60% 1 month 17 days 22/04/19 Semi-Anl Banking 6 KKP 70.25 75.60 7.6% 7.47 4.7% 3.75% 80% 1 month 25 days 30/04/19 Semi-Anl 7 BBL 209.00 227.00 8.6% 3.83 4.9% 3.22% 80% 1 month 18 days 23/04/19 Semi-Anl Note: * Since 2H18 XD dates of some companies have not been announced yet, our reports are based on 2H17 XD dates instead. ** Average return from this date to XD dates Source: SET / ASPS Research

Market Talk Investment Strategy | Research Division

SET vs Sector Return 2018 SET vs Sector Return 2019 YTD

STEELS -30.8% PETRO -3.7% MEDIA -29.3% HELTH -2.8% CONS -26.6% STEELS 0.8% FOOD -22.8% FIN 0.9% TOURISM -22.1% ETRON 1.9% AUTO -20.3% BANK 2.2% ETRON -18.0% PROP 4.1% CONS INSUR -17.2% 4.2% AGRI AGRI -17.2% 4.6% SET 4.8% PROP -15.6% TRANS 5.0% CONMAT -14.8% INSUR 5.2% ICT -14.2% AUTO 5.6% COMM -13.1% ENERG 6.6% SET -10.8% ICT 6.9% BANK -10.6% COMM 7.1% PETRO -10.4% MEDIA 7.5% ENERG -6.3% CONMAT 7.6% TRANS -5.4% FOOD 10.2% FIN 3.2% TOURISM 12.4%

HELTH 5.7%

2% 0% 4% 6% 8%

-2% -6% -4%

12% 14% -40% -30% -20% -10% 0% 10% 10% Source: ASPS Research Source: ASPS Research

Market Talk Investment Strategy | Research Division

Market Talk Top Picks

Start Price Accumulated PER Dividend Stocks Fair Value Weight PBV 2019F Strategist Comment -5 Day Chart Date Avg. Cost Last Return 2019F Yield SCCC has benefited from the coming of general election, which boosted SCCC 06-Feb-19 269.00 10% 234.00 222.00 -5.13% 17.33 1.83 3.60 domestic demadns of cement, its major business. Dividend yield is almost 4%.

Overseas situations have improved, both US government shutdown and PTTEP 18-Feb-19 168.00 15% 125.17 122.50 -2.13% 13.98 1.16 4.08 US-China trade talks, so Dubai crude oil price continued rising as we had expected, but the share price is still laggard peers. 2018-2019 net profit is projected to grow 12.2% and 4.9%, contributed by corporate and SME businesses which benefit from mega investments KBANK 28-Dec-18 246.00 10% 191.50 193.50 1.04% 11.39 1.14 2.33 of the government and private companies. KBANK price is still laggard other big banks.

1Q19 profit to grow from the retail business, government's consumption BJC 28-Dec-18 61.00 15% 49.25 49.50 0.51% 27.22 1.64 1.97 boost measure, and packaging business. Upside is wide.

Although 4Q18 profit was weakened by stock loss, there is still short- PTT 21-Jan-19 56.00 15% 48.58 48.75 0.34% 12.04 1.50 4.10 term positive from global crude oil price that has risen by more than 27%ytd.

2019 net profit to grow 4.9%qoq and 7.6%yoy as loan business has BBL 13-Feb-19 227.00 15% 210.67 209.00 -0.79% 10.77 0.91 3.59 improved, thanks to government's mega investment projects.

POPF is less fluctuating than the market (beta < 1). Dividend yield is POPF 05-Mar-19 n.a. 5% 13.20 13.30 0.76% n.a. n.a. n.a. 7%. It is a good safe haven.

4Q18 net profit is estimated at B2.8bn or a growth of 22.6%qoq. LH is a LH 26-Feb-19 13.60 15% 10.60 10.50 -0.94% 12.63 2.24 7.14 big cap play with strong fundamental factors and high dividend yield of almost 8%p.a.

Yesterday we sold THANI to take profit and increased investment in LH and POPF by 5% instead.

Today we sell PTT to take profit, increase investment in POPF 5%, and invest 10% in BCH. Accumulated returns since our recommendation

SCCC -5.13%

PTTEP -2.13% Monthly contribution returns

LH -0.94% Accumulated contribution returns since beginning of the year SCCC -0.94% BBL -0.79% BDMS -0.69% BJC -0.33% QHPF -0.16% PTT 0.34% LH -0.15% BBL -0.12% PTT 0.03% BJC 0.51% DTAC 0.04% ADVANC 0.06% POPF 0.15% POPF 0.76% CPF 0.16% THANI 0.17% KBANK 1.04% PTTEP 0.30% STEC 0.37% -10.0% -5.0% 0.0% 5.0% 10.0% CPALL 0.60% TU 0.64% KBANK 0.79% SCC 0.81% QH 1.05% Accumulated returns MAJOR 1.53% Portfolio SET Index -2.00% -1.00% 0.00% 1.00% 2.00%

7.50%

4.80% 5.50% 4.31% 3.50%

1.50% 0.58% 0.23% -0.50% -0.45% -0.88% -2.50% YTD MTD -1D

Source: ASPS Research

Equity Calendar

Research Division March 6, 2019 March 2019 Monday Tuesday Wednesday Thursday Friday 45 678 New listing - Derivatives Warrant New listing - Derivatives Warrant New listing - Derivatives Warrant XD XD COM706C1908A 60m units @B1.01 BCH41C1908A 50m units @B1.00 BJC13C1908A 120m units @B1.00 ASK @B1.61 CPNREIT @B0.4163 PTTG06C1908A 60m units @B1.00 BEAU41P1909A 100m units @B1.00 BGRI13C1908A 120m units @B1.00 B-WORK @B0.18 EGCO @B3.50 KCE06C1908A 60m units @B1.01 CBG41P1908A 20m units @B1.00 ADVA28C1908A 28m units @B1.00 BKI @B5.00 HPF @B0.0632 PSL06C1908A 60m units @B1.01 COM741C1908A 40m units @B1.00 DTAC28C1908A 68m units @B1.00 CSC @B1.50 M-II @B0.14 PTT06C1908A 60m units @B1.00 CPAL41P1908A 50m units @B1.00 IVL28C1908A 59m units @B1.00 CSC-P @B3.00 M-PAT @B0.181 BPP24C1908A 50m units @B1.00 GLOB41C1908A 40m units @B1.00 TASC28C1908A 80m units @B1.00 GLOBAL @B0.05 + 20 existing : 1STD @free M-STOR @B0.0934 QH24C1908A 50m units @B1.00 GULF41P1908A 40m units @B1.00 NOBLE @B6.90 MNIT2 @B0.06 INTU41C1908A 50m units @B1.00 Par split RAM @B30.00 NDR @B0.03 XD PTTG41P1908A 100m units @B1.00 SWC B0.50 par (from B1) SCP @B0.50 ROBINS @B1.35 AMATAR @B0.075 SCB41P1907A 50m units @B1.00 SGP @B0.20 SCI @B0.05 DCC @B0.027 TASC41C1909A 30m units @B1.00 XD SMK @B2.03 SYNEX @B0.34 + 10 existing :1STD @free INOX @B0.05723 TKN41C1908A 50m units @B1.00 BCP @B0.50 SVH @B9.00 TNR @B0.20 JAS @B0.28 BH @B1.80, BH-P @B1.80 TCCC @B1.50 UOBKH @B0.07 KSL @B0.05 XD BRRGIF @B0.13143 THANI @B0.29 + 4 existing : 1STD @free PLAT @B0.20 AMANAH @B0.0074074 + 15 existing : 1STD @free CBG @B0.60 TNP @B0.02 XN PPP @B0.05 BCPG @B0.16 CTARAF @B0.0438 TPIPP @B0.10 MNIT2 @B0.165 QLT @B0.25 IFS @B0.17 GFPT @B0.25 UVAN @B0.23 MNRF @B0.4773 RATCH @B1.25 LIT @B0.33 GOLDPF @B0.195 WHART @B0.0705 MAKRO @B0.56 ICN @B0.09 XN NVD @B0.08 IT @B0.07 XW AMATAR @B0.11 PTTGC @B2.50 KPNPF @B0.11 SWC 2 existing : 1w @free BOFFICE @B0.1659 MJLF @B0.2125 WHART @B0.0125 NKI @B1.50 + 34 existing : 1STD @free New shares trading OGC @B0.57 ECF 0.082m shrs (w) PTT @B1.20 TCAP 60 shrs (w) SSTRT @B0.2625 TAE @B0.15 TMT @B0.07 + 1STD @free TPRIME @B0.1017 TU @B0.15 UTP @B0.60

XE UWC-W2 1:1w @B0.10 (final, "SP")

XN CTARAF @B0.0762 TPRIME @B0.0627 11 12 13 14 15 XD XD XD XD XD DDD @B0.50 AIMRT @B0.1985 AJ @B0.03 AH @B0.60 ASIMAR @B0.10 ERW @B0.09 ASP @B0.10 BGRIM @B0.17 AGE @B0.0019 + 15 existing: 1STD@free BJCHI @B0.10 FMT @B1.625 BA @B0.08 CMAN @B0.05 AUCT @B0.20 DTCI @B0.45 JCT @B4.20 BTW @B0.02 GENCO @B0.02 BDMS @B0.19 FORTH @B0.30 KASET @B0.04 CAZ @B0.10 M-CHAI @B3.35 BM @B0.08 FSMART @B0.32 MEGA @B0.40 CM @B0.11 PMTA @B0.50 BR @B0.11 PYLON @B0.10 MSC @B0.47 CMC @B0.04 PTG @B0.20 BSBM @B0.03 PSH @B1.00 CPL @B0.02 SKN @B0.0982 CMR @B0.052 Conversion SKE @B0.06 DRT @B0.18 SVOA @B0.03, SVOA-PA @B0.03 CPN @B1.10 ALT-W1 1:1w @B3.00 SPCG @B0.65 EA @B0.25 TAKUNI @B0.0375 CWT @B0.0329 EARTH-W4 1.02:1w @B6.861 SR @B0.064 KBS @B0.12 TKN @B0.17 FN @B0.013 NEP-W3 1:1w @B0.55 THE @B0.05 LUXF @B0.19 TNITY @B0.20 FPI @B0.04 TIGER @B0.10 MCS @B0.50 TPIPL @B0.02 HANA @B1.00 TK @B0.45 MGT @B0.06 TSE @B0.055 HARN @B0.16 TMD @B1.40 MTI @B2.82 TVO @B0.80 LALIN @B0.175 TQM @B0.30 NSI @B1.95 VCOM @B0.12 NCH @B0.03 TTW @B0.30 PAP @B0.05 UAC @B0.06 PATO @B1.00 WINNER @B0.13 SPALI @B0.60 PDG @B0.10 ZIGA @B0.08 SRIPANWA @B0.3446 S @B0.04 TFG @B0.013 SIRI @B0.08 XE TVD @B0.03 SUSCO @B0.08 TAPAC-W3 1:1w @B6.00 (final, "SP") UNIQ @B0.30 TIP @B1.00 WICE @B0.13 TKS @B0.10 + 10 existing :1STD @free WORK @B0.45 TPP @B0.22 XO @B0.47 + special div. @B0.28 TRUE @B0.09 VIH @B0.12 VNG @B0.10

XR SINGER 5:4n @B4.89

XW SINGER 2 existing :1w @free

Conversion EVER-W3 1:1w @B5.00 (final) META-W3 1:1w @B2.00 18 19 20 21 22 XD XD XD XD ABPIF @B0.3284 CHARAN @B0.50 CCET @B0.03 KCAR @B0.40 CNS @B0.078 OCC @B0.80 CPT @B0.012 MACO @B0.02 JKN @B0.17 OTC @B0.04 SPG @B0.70 LANNA @B0.30 RJH @B0.40 TCMC @B0.09 SAMTEL @B0.35 SANKO @B0.03 TMILL @B0.15 TSTE @B0.06 MPC meeting 25 26 27 28 29 XD XR XD XD TRUBB @B0.01 GJS 1:0.83n @B0.13 BAT-3K @B0.50 Q-CON @B0.06 DCON @B0.015 SNP @B0.68 Conversion FC-W1 1.065:1w @B1.408 FC-W2 1:1w @B2.00 FOCUS-W2 1:1w @B1.80 ITD-W1 1.002:1w @B13.971 MONO-W1 1.015:1w @B2.464 NEWS-W4 2.2306:1w @B0.447 (final) UWC-W2 1:1w @B0.10 (final) BOT : Feb-19 Trade

C = conversion, CB = convertible bonds, PP = private placement, p = preferred shares, w = warrants, n = new, STD = stock dividend, NPG = Non-Performing Group Provided by Amika (ext 1229)