December 12, 2018 OUTPERFORM

Major Cineplex Group (MAJOR TB) Share Price: Bt22.8 Target Price: Bt28.0 (+22.8%) Expect a buzzing quarter Company Update ƒ Expect ticket sales to grow qoq and yoy in 4Q18F on better-than- expected Thai movie revenue and strong Hollywood movie line-up ƒ Recovering advertising sales, better movie line-up, and additional screens will boost FY19F profit ƒ OUTPERFORM, trimmed TP to Bt28 (from Bt31), implying 24x FY19F PE; stock offers attractive profit growth and decent yield

Impressive 4Q18F ticket revenue from Thai and Hollywood movies MAJOR guided ticket sales almost doubled yoy in October led by both Thai and Hollywood movies, but edged down yoy in November due to a high base. That should lead admission revenue to grow over 25% yoy in the first two months of 4Q18. We foresee double-digit ticket sales growth in December driven by Aquaman and Bumblebee. Thai movies should Kitti PITAKTEERABANDIT deliver over Bt100m revenue this month led by Hor Taew Tak (Bt20m so 662 - 659 7000 ext 5008 far), Khun Bunlue, and Sing Su, vs a low base last year. Ticket sales [email protected] COMPANY RESEARCH | should grow qoq and yoy in 4Q18F. Concession revenue should grow slower than ticket sales due to fewer sales of bucket sets related to superhero movie in November. Advertising sales should drop yoy as two Key Data out of three contracts is still under negotiation, while naming sponsor 12-mth High/Low (Bt) 30.5 / 21.0 revenue at should drop qoq due to renovations. We expect Market Cap (Btm/US$m) 20,398.4 / 621.7 4Q18F earnings to grow qoq and turnaround from core loss in 4Q17. 3m Avg. Turnover (Btm/US$m) 29.7 / 0.9 Positive outlook for 2019 on better lineup and recovering ad sales Free Float (%) 63.7 FY18F earnings is intact as weaker-than-expected advertising sales and Issued Shares (m shares) 895 margins should be offset by lower-than-expected SG&A/Sales. We Major Shareholders: trimmed FY19F/20F profit by 4%/7% after imputing lower advertising - POOLVARALUK VICHA 29.6 sales. However, it should still grow 8% yoy in FY19F (-6% in 9M18) led by - NORTRUST NOMINEES LTD 5.8 - SOUTH EAST ASIA UK 5.2 50 additional screens (from 767), rising cinema ADEX and naming sponsors at Icon Siam screens, and higher utilization as MAJOR plans to Share Price Performance sell more ad space through media agencies and tap tier-2 advertisers with more screens upcountry. We expect ticket sales to grow 5% yoy in FY19F supported by better movie line-up (see p.2) and more MPIC movies (12 vs 6 in FY18), with con-to-box ratio flat yoy at 36%. GPM should improve yoy led by recovering advertising revenue while CAPEX should continue to drop, from Bt6.6m per screen to Bt5.6m.

OUTPERFORM, Bt28 TP; strong earnings growth from 4Q18F We remain positive on MAJOR but trimmed DCF-based TP to Bt28. The stock is trading at 19x FY19F PE, a discount to its 5-year average multiple, but earnings growth will accelerate to 15% in FY19F vs 2% p.a. in the last five years. We recommend to accumulate the stock to capture strong box-office and concession revenues from 4Q18F. Key risks are weaker-than-expected ADEX and Thai movie revenues. YTD 1Mth 3Mth 12Mth Absolute (%) (21.4) 2.2 (5.4) (23.4) Financial Summary (Btm) Relative to index (%) (15.5) 3.4 (2.9) (20.0) Year to Dec 2016 2017 2018F 2019F 2020F

Sales (Btm) 8,745 8,972 9,140 9,605 10,065 Krungsri Securities vs Market Growth (%) 1.9 2.6 1.9 5.1 4.8 Positive Neutral Negative EBITDA (Btm) 1,967 1,987 2,126 2,379 2,555 Growth (%) (12.2) 1.0 7.0 11.9 7.4 Market Recommend 13 6 1 Recurring profit (Btm) 812 647 911 1,049 1,153 Krungsri Market % +/-

Growth (%) (13.0) (20.3) 40.9 15.1 9.9 Target Price (Bt) 28.0 28.0 0.1 Net income 1,188 1,193 1,203 1,049 1,153 ’18 Net Profit (Btm) 911 960 (5.1) EPS (Bt) (Core) 0.91 0.72 1.02 1.17 1.29 ’19 Net Profit (Btm) 1,049 1,099 (4.6)

Growth (%) (13.0) (20.3) 40.9 15.1 9.9 Krungsri's earnings revision PE (x) 25.1 31.5 22.4 19.4 17.7 DPS (Bt) 1.2 1.2 1.3 1.1 1.1 2018F 2019F Yield (%) 5.2 5.5 5.5 4.8 5.0 Earnings revision (%) - (4.0) BVPS (Bt) 7.4 7.2 7.3 7.3 7.5 Source: Bloomberg, Krungsri Securities

P/BV (x) 3.1 3.2 3.1 3.1 3.0

Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions, suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities. 1

Company Update | MAJOR December 12, 2018

MAJOR: Changes to key assumptions FY17 FY18F FY19F FY20F Old New %Ch Old New %Ch Old New %Ch Number of moviegoers (Million) 30.6 32.0 32.0 0 33.6 33.6 0 35.3 35.3 0 Average ticket price (Bt) 158.7 154.5 157.0 2 154.5 157.0 2 154.5 157.0 2 Ticket sales (Btbn) 4.86 4.94 5.02 2 5.19 5.27 5 5.45 5.54 2 Concession revenue (Btbn) 1.67 1.80 1.80 0 1.89 1.89 0 2.00 2.00 0 Advertising revenue (Btbn) 1.40 1.46 1.31 -10 1.63 1.41 -13 1.71 1.49 -13 GPM: Admission (%) 12.1 12.3 11.7 -0.6ppt 12.8 11.7 -1.1ppt 13.6 12.0 -1.6ppt GPM: Concession (%) 67.5 66.7 67.6 0.9ppt 66.9 67.6 0.7ppt 67.2 67.6 0.4ppt GPM: Advertisement (%) 84.7 84.4 84.1 -0.3ppt 85.0 84.7 -0.3ppt 85.5 84.7 -0.8ppt Concession to box office revenue (%) 34.3 36.5 35.9 -0.6ppt 36.5 35.9 -0.6ppt 36.7 35.9 -0.8ppt SG&A to total revenue (%) 26.3 25.7 24.7 -1.0ppt 25.0 23.8 -1.2ppt 24.5 23.4 -1.1ppt Blended GPM (%) 33.6 34.9 33.9 -1.0ppt 36.1 34.4 -1.7ppt 36.7 34.6 -2.1ppt Core profit (Btm) 647 911 911 0 1,093 1,049 -4 1,241 1,153 -7 Source: Company data and Krungsri Securities

1H19F movie line up (potential revenue > Bt50m) 1H18 movie line up (revenue > Bt50m) Btm Spiderman: Into the Spider-Verse (1Q) Maze Runner: The Death Cure (1Q) 101 Captain Marvel (1Q) Black Panther (1Q/2Q) 281 How to Train Your Dragon 3 (1Q) Pacific Rim Uprising (1Q/2Q) 90 Friend Zone (GDH559; 1Q) Ready Player One (2Q) 80 Dumbo (Disney’s animation; 1Q/2Q) Avengers: Infinity War (2Q) 575 Shazam! (DC’s superhero; 2Q) Rampage (2Q) 109 Avengers 4 (2Q) Deadpool 2 (2Q) 173 Men in Black 4 (2Q) Incredibles 2 (2Q) 68 John Wick 3 (2Q) Jurassic World: Fallen Kingdom (2Q) 287 Hellboy 3 (2Q) Aladdin (2Q)

Toy Story 3 (2Q)

Source: Company data Source: Company data and www.boxofficemojo.com

PE band P/BV band

Source: Bloomberg and Krungsri Securities Source: Bloomberg and Krungsri Securities

Krungsri Securities Research 2

Company Update | MAJOR December 12, 2018

P&L (Btm) 3Q17 4Q17 1Q18 2Q18 3Q18 Chg Chg QoQ YoY Sales 2,200.5 1,858.0 1,950.3 3,003.7 2,047.5 -32% -7% Cost of sales (1,488.4) (1,325.0) (1,330.2) (1,911.0) (1,417.4) -26% -5% Gross profit 712.0 533.0 620.1 1,092.7 630.1 -42% -12% SG&A (601.3) (638.1) (519.7) (577.2) (546.5) -5% -9% Operating Profit 110.7 (105.1) 100.3 515.5 83.6 -84% -24% Other income 59.9 56.5 34.6 36.3 32.1 -12% -46% Equity income 83.4 26.7 71.5 69.4 67.3 -3% -19% EBIT 254.1 (21.9) 206.4 621.1 183.0 -71% -28% Interest expense (33.0) (32.7) (28.8) (26.3) (26.4) 0% -20% EBT 221.0 (54.6) 177.6 594.8 156.6 -74% -29% Income tax (62.1) (33.4) (27.0) (123.7) (35.6) -71% -43% Minority interests (4.4) 4.9 (2.2) (3.3) (4.2) 27% -5% Core profit 154.5 (83.1) 148.5 467.8 116.8 -75% -24% Extraordinaries 147.9 157.8 135.9 66.4 89.2 34% -40% Reported net profit 302.4 74.7 284.3 534.2 206.0 -61% -32%

Shares out (end Q, m) 894.7 894.7 894.7 894.7 894.7 0% 0% Adjusted shares (m) 894.7 894.7 894.7 894.7 894.7 0% 0%

Pre-ex EPS 0.17 (0.09) 0.17 0.52 0.13 -75% -24% EPS 0.34 0.08 0.32 0.60 0.23 -61% -32%

Depreciation (380.9) (301.7) (283.1) (358.4) (319.8) -11% -16% EBITDA 491.6 196.6 383.5 873.9 403.5 -54% -18%

Key Ratios Gross margin (%) 32.4 28.7 31.8 36.4 30.8 Operating profit margin (%) 5.0 (5.7) 5.1 17.2 4.1 Core profit margin (%) 7.0 (4.5) 7.6 15.6 5.7

Krungsri Securities Research 3

Company Update | MAJOR December 12, 2018

INCOME STATEMENT (Btm) 2016 2017 2018F 2019F 2020F Turnover 8,745 8,972 9,140 9,605 10,065 Cost of sales (COGS) (4,367) (4,622) (4,758) (4,940) (5,155) Depreciation & amortization (1,214) (1,336) (1,281) (1,359) (1,425) Gross profit 3,165 3,014 3,100 3,306 3,485 S&A expenses (2,412) (2,363) (2,256) (2,286) (2,355) Operating profit 753 651 845 1,020 1,130 Other operating income 0 0 0 0 0 EBIT 753 651 845 1,020 1,130 Interest expense (144) (140) (115) (111) (104) Other income 202 188 155 163 171 Pre-tax profit 811 699 885 1,073 1,197 Income tax on company & subsidiaries (237) (279) (237) (300) (335) Profit after tax 574 420 648 772 862 Minority interests (19) (4) (4) (5) (5) Share of associate net income 256 231 268 281 296 Preferred dividends 0 0 0 0 0 Recurring attributable net profit 812 647 911 1,049 1,153 Extraordinary items 376 547 291 0 0 Reported net profit 1,188 1,193 1,203 1,049 1,153

Shares in issue (Y/E, m) 895 895 895 895 895 EPS (excluding extraordinary items, Bt) 0.91 0.72 1.02 1.17 1.29 DPS (Bt) 1.20 1.25 1.25 1.09 1.13 DPS/EPS (%) 1.32 1.73 1.23 0.93 0.88

CASH FLOW (Btm) 2016 2017 2018F 2019F 2020F Earnings before tax 811 699 885 1,073 1,197 Tax paid (237) (279) (237) (300) (335) Depreciation & amortization 1,214 1,336 1,281 1,359 1,425 Chg In working capital (138) (55) (1) 6 12 Chg In other CA & CL / minorities 106 296 282 262 291 Cash flow from operations 1,756 1,997 2,210 2,399 2,590

Capex (1,447) (931) (1,000) (900) (800) ST loans & investments (8) 3 - - - LT loans & investments (214) 33 33 33 33 Adj. for asset revaluation - - - - - Chg In other assets & liabilities 677 873 280 (31) (30) Cash flow from investments (991) (22) (687) (898) (797)

Debt financing 586 (515) (639) (465) (809) Capital increase 40 3 - - - Dividends paid (1,072) (1,129) (1,118) (1,047) (995) Warrants & other surplus (100) (290) 11 11 11 Cash flow from financing (546) (1,932) (1,746) (1,501) (1,792)

Free cash flow 309 1,065 1,210 1,499 1,790 Net Cash Flow or Chg In Cash 219 42 (223) 0 0

Krungsri Securities Research 4

Company Update | MAJOR December 12, 2018

BALANCE SHEET (Btm) 2016 2017 2018F 2019F 2020F Cash & equivalents 531 573 350 350 350 A/C receivable 1,256 1,182 1,204 1,266 1,326 Inventory 98 141 143 149 156 Others 457 362 369 387 406 Total Current Assets 2,342 2,258 2,066 2,152 2,238 Property and equipment 7,591 7,186 6,905 6,446 5,821 Investments & associates 3,040 3,007 2,974 2,941 2,908 Other assets 1,743 1,352 1,377 1,447 1,516 Goodwill 0 0 0 0 0 Total Assets 14,717 13,803 13,321 12,986 12,483 Short-term debt 4,475 2,118 1,832 1,623 1,260 A/C payable 1,761 1,675 1,698 1,771 1,850 Other current liabilities 183 153 174 173 186 Total Current Liabilities 6,420 3,946 3,703 3,566 3,296 Long-term debt 764 2,605 2,253 1,996 1,550 Other liabilities 823 758 772 811 850 Total Liabilities 8,007 7,309 6,727 6,374 5,696

Share capital 895 895 895 895 895 Share premium 4,053 4,056 4,056 4,056 4,056 Revaluation surplus 278 (24) (24) (24) (24) Translation adjustment 0 0 0 0 0 Retained earnings 1,412 1,487 1,583 1,596 1,766 Total ordinary equity 6,637 6,414 6,509 6,523 6,692 Preferred equity 0 0 0 0 0 Minorities 81 85 90 94 99 Total equity & minorities 6,718 6,499 6,599 6,617 6,791 Accumulated depreciation (8,081) (8,787) (10,068) (11,428) (12,853) BV per ordinary share (Y/E, Bt) 7.44 7.17 7.28 7.29 7.48 Adjusted book value ps (Y/E, Bt) 7.42 7.17 7.28 7.29 7.48

RATIOS (%) 2016 2017 2018F 2019F 2020F Growth Turnover 1.9 2.6 1.9 5.1 4.8 EBITDA (12.2) 1.0 7.0 11.9 7.4 EBIT (25.7) (13.6) 29.8 20.8 10.7 Recurring net profit (13.0) (20.3) 40.9 15.1 9.9 EPS (before extraordinary items) 1.3 0.2 0.8 (12.8) 9.9 EPS (13.2) (20.5) 40.9 15.1 9.9 DPS 4.7 4.4 0.0 (12.8) 4.0

Accounting ratios Gross profit margin 36.2 33.6 33.9 34.4 34.6 Operating profit margin 8.6 7.3 9.2 10.6 11.2 Net profit margin 13.6 13.3 13.2 10.9 11.5 Turnover/avg total assets (x) 0.6 0.6 0.7 0.7 0.8 ROA 8.2 8.4 8.9 8.0 9.1 ROE 17.8 18.1 18.4 15.9 17.2 S&A/turnover 27.6 26.3 24.7 23.8 23.4

Operating performance EBITDA margin 22.5 22.1 23.3 24.8 25.4 EBIT margin 8.6 7.3 9.2 10.6 11.2 NOPLAT margin (NOPLAT/Turnover) 6.6 4.7 7.1 8.0 8.6 Asset turnover (Turnover/avg Op assets) 0.6 0.6 0.7 0.7 0.8

Krungsri Securities Research 5

CG Rating 2017 Companies with CG Rating

ADVANC AKP ANAN AOT AP BAFS BANPU BAY BCP BTS BWG CFRESH CHO CK CNT CPF CPN CSL DELTA DEMCO DRT DTAC DTC EASTW EGCO GC GCAP GFPT GOLD GPSC GRAMMY GUNKUL HANA HMPRO ICC ICHI INTUCH IRPC IVL JSP KBANK KCE KKP KTB KTC LHFG LPN MBK MCOT MINT MONO NCH NKI NYT OTO PDJ PHOL PLANB PPS PRG PSH PSL PTG PTT PTTEP PTTGC PYLON Q-CON QH QTC RATCH ROBINS SAMART SAMTEL SAT SC SCB SCC SCCC SDC SE-ED SIS SITHAI SNC SPALI SPRC SSSC STEC SVI SYNTEC TCAP THANA THCOM THREL TISCO TKT TMB TNDT TOP TRC TRUE TSC TTCL TU TVD UV VGI WACOAL WAVE

2S AAV ACAP AGE AH AHC AIRA AIT ALT AMANAH AMATA AMATAV APCO ARIP ASIA ASIMAR ASK ASP AUCT AYUD BBL BCPG BDMS BEC BEM BFIT BJC BJCHI BLA BOL BROOK BRR BTW CEN CENTEL CGH CHARAN CHEWA CHG CHOW CI CIG CIMBT CKP CM CNS COL COM7 CPI CSC CSP CSS DCC EA EASON ECF ECL EE EPG ERW FN FNS FORTH FPI FSMART FVC GBX GEL GLOBAL GLOW

HARN HYDRO ILINK INET IRC IT ITD JCKH JWD K KGI KKC KOOL KSL

KTIS L&E LALIN LANNA LH LHK LIT LOXLEY LRH LST M MACO MAJOR MAKRO

MALEE MBKET MC MEGA MFC MFEC MOONG MSC MTC MTI NOBLE NOK NSI NTV NWR OCC OGC OISHI ORI PAP PATO PB PCSGH PDI PE PG PJW PLANET PLAT PM PPP PREB PRINC PT RICHY RML RS RWI S S & J SABINA SALEE SAMCO SAWAD SCG SCI SCN SEAFCO SEAOIL SENA SFP SIAM SINGER SIRI SMK SMPC SMT SNP SORKON SPC SPI SPPT SR SSF SST STA STPI SUC SUSCO SUTHA SWC SYMC SYNEX TAE TAKUNI TASCO TBSP TCC TEAM TFG TGCI THAI THANI THIP THRE TICON TIPCO TIW TK TKN TKS TMC TMI TMILL TMT TNITY TNL TOG TPAC TPCORP TRT TRU TSE TSR TSTE TSTH TTA TTW TVI TVO TWP TWPC U UAC UMI UP UPF UPOIC UWC VIH VNT WICE WINNER XO YUASA ZMICO

7UP AEC AEONTS AF AJ AKR ALLA ALUCON AMA AMARIN AMC APURE AQUA ARROW AS ASEFA ASIAN ASN ATP30 AU B BA BCH BEAUTY BH BIG BIZ BLAND BPP BR BROCK BTNC CBG CCET CCP CGD CITY CMR COLOR COMAN CPL CSR

CTW CWT DCON DIGI DNA EFORL EKH EPCO ESSO ETE FE FOCUS FSS GENCO

GIFT GJS GLAND GSTEL GTB GYT HPT HTC HTECH IFS IHL INSURE IRCP J JCK JMART JMT JUBILE KASET KBS KCAR KIAT KWC KYE LDC LEE LPH MATCH MATI M-CHAI MDX META METCO MGT MILL MJD MK MODERN MPG NC NCL NDR NEP NETBAY NPK NPP NUSA OCEAN PDG PF PICO PIMO PK PL PLE PMTA PRECHA PRIN PSTC QLT RCI RCL RJH ROJNA RPC S11 SANKO SAPPE SCP SE SGP SKR SKY SLP SMIT SOLAR SPA SPCG SPG SPVI SQ SRICHA SSC STANLY SUPER SVOA T TACC TCCC TCMC TIC TLUXE TM TMD TNP TNR TOPP TPA

TPBI TPCH TPIPL TPOLY TPP TRITN TTI TVT TYCN UOBKH UPA UREKA UT VIBHA

VPO WIIK WIN

Disclaimer The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.

Anti-corruption Progress Indicator 2018

Companies that have declared their intention to join CAC

A ABICO AIE AJ AMATA AMATAV ANAN AOT APCO APCS ARROW ASIAN B BGRIM BJC BJCHI BLAND BLISS BM BPP BR BSBM BUI CEN CGH CHEWA CHG CHO CI COL COM7 CPR DDD EFORL EKH ESTAR FLOYD FN FPI FTE GJS GPI GSTEL GYT HARN ICHI ILINK ITEL JAS JTS KWC KWG LDC LEE LIT LRH MATCH MATI MBAX MFEC MILL MTC NCL NEP NNCL NWR PAP PK PL PLANB POST PRM PRO PYLON QTC ROJNA RWI SAPPE SCI SELIC SHANG SST STA STANLY SUPER SWC SYMC SYNEX THE THIP TKN TMC TNP TNR TOPP TRITN TTI TVO TWPC UEC UKEM UPA UWC VIH XO YUASA Companies certified by CAC

ADVANC AKP AMANAH AP ASK ASP AYUD BAFS BANPU BAY BBL BCH BCP BCPG BKI BLA BROOK BRR BTS BWG CENTEL CFRESH CIG CIMBT CM CNS CPALL CPF CPI CPN CSC CSL DCC DEMCO DIMET DRT DTAC DTC EASTW ECL EGCO EPCO FE FNS FSS GBX GC GCAP GEL GFPT GGC GLOW GOLD GPSC GUNKUL HANA HMPRO HTC ICC IFEC IFS INET INTUCH IRPC IVL K KASET KBANK KBS KCE KGI KKP KSL KTB KTC L&E LANNA LHFG LHK LPN M MAKRO MALEE MBK MBKET MC MCOT MFC MINT MONO MOONG MSC MTI NBC NINE NKI NMG NSI OCC OCEAN OGC PATO PB PCSGH PDG PDI PDJ PE PG PHOL PLANET PLAT PM PPP PPS PREB PRG PRINC PSH PSL PSTC PT PTG PTT PTTEP PTTGC Q-CON QH QLT RATCH RML ROBINS S & J SABINA SAT SC SCB SCC SCCC SCG SCN SE-ED SENA SGP SINGER SIRI SIS SITHAI SMIT SMK SMPC SNC SNP SORKON SPACK SPC SPI SPRC SRICHA SSF SSI SSSC SUSCO SVI SYNTEC TAE TASCO TCAP TCMC TFG TFI TFMAMA TGCI THANI THCOM THRE THREL TICON TIP TIPCO TISCO TKT TLUXE TMB TMD TMILL TMT TNITY TNL TOG TOP TPA TPCORP TRU TRUE TSC TSTH TTCL TU TVD TVI U UBIS UOBKH VGI VNT WACOAL WHA WICE N/A 2S 7UP AAV ABM ACAP ACC ADAM ADB AEC AEONTS AF AFC AGE AH AHC AI AIRA AIT AJA AKR ALLA ALT ALUCON AMA AMARIN AMC APEX APURE AQ AQUA ARIP AS ASAP ASEFA ASIA ASIMAR ASN ATP30 AU AUCT BA BAT-3K BDMS BEAUTY BEC BEM BFIT BGT BH BIG BIZ BKD BOL BROCK BSM BTNC BTW CBG CCET CCP CGD CHARAN CHAYO CHOTI CHOW CHUO CITY CK CKP CMAN CMO CMR CNT COLOR COMAN CPH CPL CPT CRANE CRD CSP CSR CSS CTW CWT D DCON DCORP DELTA DIGI DNA DOD DTCI EA EARTH EASON ECF EE EIC EMC EPG ERW ESSO ETE EVER F&D FANCY FC FMT FOCUS FORTH FSMART FVC GENCO GIFT GL GLAND GLOBAL GRAMMY GRAND GREEN GTB GULF HFT HPT HTECH HUMAN HYDRO ICN IEC IHL III INGRS INOX INSURE IRC IRCP IT ITD J

JCK JCKH JCT JKN JMART JMT JSP JUBILE JUTHA JWD KAMART KC KCAR KCM

KDH KIAT KKC KOOL KTECH KTIS KYE LALIN LH LOXLEY LPH LST LTX LVT

MACO MAJOR MANRIN MAX M-CHAI MCS MDX MEGA META METCO MGT MIDA MJD MK

ML MM MODERN MPG MPIC NC NCH NDR NETBAY NEW NEWS NFC NOBLE NOK NPK NPP NTV NUSA NVD NYT OHTL OISHI ORI OTO PACE PAE PAF PERM PF PICO PIMO PJW PLE PMTA POLAR POMPUI PORT PPM PRAKIT PRECHA PRIN PTL RAM RCI RCL RICH RICHY RJH ROCK ROH RP RPC RPH RS RSP S S11 SAFARI SALEE SAM SAMART SAMCO SAMTEL SANKO SAUCE SAWAD SAWANG SCP SDC SE SEAFCO SEAOIL SF SFP SGF SIAM SIMAT SKE SKN SKR SKY SLP SMART SMM SMT SOLAR SPA SPALI SPCG SPG SPORT SPPT SPVI SQ SR SSC SSP STAR STEC STHAI STPI SUC SUN SUTHA SVH SVOA T TACC TAKUNI TAPAC TBSP TC TCB TCC TCCC TCJ TCOAT TEAM TGPRO TH THAI THANA THG THL THMUI TIC TITLE TIW TK TKS TM TMI TMW TNDT TNH TNPC TOA TPAC TPBI TPCH TPIPL TPIPP TPOLY TPP TR TRC TRT TRUBB TSE TSF TSI TSR TSTE TTA TTL TTTM TTW TUCC TVT TWP TWZ TYCN UAC UMI UMS UNIQ UP UPF UPOIC UREKA UT UTP UV UVAN VARO VCOM VI VIBHA VNG VPO WAVE WG WHAUP WIIK WIN WINNER WORK WORLD WP WPH WR YCI YNP ZIGA ZMICO Disclaimer The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspectiv e of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and completeness of the assessment result." Reference Disclosure: Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of July 31, 2017) are categorised into: • Companies that have declared their intention to join CAC • Companies certified by CAC.

Krungsri Securities Public Company Limited

Headquarters 898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini Pathumwan, 10330 Tel: 0-2659-7000 Fax: 0-2658-5699 Internet Trading: 0-2659-7777 Branches Emporium Nakhon Pathom 662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee, Klongton, Klongtoey, Bangkok 10110 Amphur Muang Nakhon Pathom, Nakhon Pathom 73000 Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3427-5500-7 Fax: 0-3421-8989

Central Bangna Suphanburi 589/151 Central City Tower, Fl. 27 249/171-172 Moo 5 Tambol Ta Rahad, Debaratana Road, Bangna Nua,Bangna, Bangkok Amphur Muang, Suphanburi, 72000 10260 Tel: 0-3596-7981 Fax: 0-3552-2449 Tel: 0-2763-2000 Fax: 0-2399-1448 Rama II 168 Chomphon Road, Tambol Nai Muang, 111/917-919 Fl. 4 Rama II Road, Smaedum, Amphur Muang Nakhon Ratchasima, Bangkhuntien, Bangkok 10150 Nakhon Ratchasima 30000 Tel: 0-2013-7145 Fax: 0-2895-9557 Tel: 0-4425-1211-4 Fax: 0-4425-1215

Vibhavadi-rangsit Khon Kaen Bank of Ayudhya Public Company Limited 114 Sri Chan Road, Tambol Nai Muang, 123 Suntowers (B) Building, Vibhavadirangsit Road, Amphur Muang Khon Kaen, Khon Kaen 40000 Jompol, Jatujak, Bangkok 10900 Tel: 0-4322-6120 Fax: 0-4322-6180 Tel: 0-2273-8388 Fax: 0-2273-8399 Chiang Mai Chonburi 70 Chang Phuak Road, Tambol Sri Phum 64/17 , Tambol Bang Plasoi, Amphur Muang Chiang Mai, Chiang Mai 50200 Amphur Muang, Chonburi 20000 Tel: 0-5321-9234-6 Fax: 0-5321-9247 Tel: 0-3312-6580 Fax: 0-3312-6588 Chiang Rai Hat Yai Branch 231-232 Thamalai Road, Tambol Wiang, 90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, Amphur Muang Chiang Rai, Chiang Rai 57000 Amphur Hat Yai, Songkhla 90110 Tel: 0-5371-6489 Fax: 0-5371-6490 Tel: 0-7422-1229 Fax: 0-7422-1411 Phitsanulok 275/1 Phichaisongkram Road, Tambol Nai Muang, Amphur Muang Phisanolok, Phitsanulok 65000 Tel: 0-5530-3360 Fax: 0-5530-2580 Central line: Analyst Team Sector Coverage 662-659-7000 E-mail Isara Ordeedolchest, Head of Research Strategy ext. 5001 [email protected] Naphat Chantaraserekul Energy, Petrochemical ext. 5000 [email protected] Kittisorn Pruitipat, CFA, FRM Property, ICT, Contractor ext. 5019 [email protected] Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance ext. 5004 [email protected] Sunthorn Thongthip InsuranceFood, Transp Insuranceortation ext. 5009 [email protected] Worrapong Tuntiwutthipong Electronic, Automotive, Commerce ext. 5016 [email protected] Karun Intrachai MediaUtilities Energy, Food ext. 5010 [email protected] Kitti Pitakteerabandit Transportation, Media ext. 5008 [email protected] Artit Jansawang Mid - Small cap, MAI ext. 5005 [email protected] Kaushal Ladha, CFA, Assistant Analyst Strategy Nalinee Praman, Assistant Analyst Mid - Small cap, MAI Chaiyot Jiwagkul Technical ext. 5006 [email protected] Fax 662-658-5643

Definition of Ratings OUTPERFORM - Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps NEUTRAL - Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps UNDERPERFORM - Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps www.krungsrisecurities.com