THAILAND EQUITY Investment Research Daily

27 December 2012 On The Platter

MEDIA HIGHLIGHT  THAI plans joint training with rivals  OFM sets its sights on SET100  Incinerator operator eyes MAI listing  Srithai Superware aims for 20% revenue growth in 2013  KTB turns to private sector in bid to boost fee income

ECONOMIC HIGHLIGHT  Japan: Yen Touches 16-Month Low Versus Euro Before Japan CPI  China: Iron Ore Rallying Most Since „10 as China Rebounds  UK: U.K. Says Solar Power Crucial to Meeting Renewable-Energy Goals  US: Home Prices in U.S. Increase More Than Forecast  US: Exxon to Sempra Can Export Half of U.S. Home Gas Supply

SET Intraday Chart Market Review

Thailand stock market was increasing and keeping its value positively, but it was not many in trading volume, and TRUE, INTUCH, JAS, ADVANC, retail and construction group had been continuously bought yesterday. The investment in next year tends to be from government sector to achieve the economic stimulus to 5% or 5.5% of this year. Thailand export will be not exceeded 4% in 2012, and will be less significant to the GPD in 2013 because of the impact from Europe and China economic recession. The export value was $19,555 million in November, 2.32% 11 months increase, going up by 26.9% YoY from low base value of flood crisis last year, and the import increased by 24.53% YoY. As a result, Thailand had a trade deficit of $1,454 million. Moreover, ministry of commerce has expected that the export will expand about 5% or as much as 8-9% in 2013. Also, the government will concern more about economic growth, and the domestic consumption will help the GDP to grow 5.7% from old target 5.5%. Investment from the public sector would increase to 16.1% which will be new high in 8 years period. However, there was news from the White House that President Obama cancelled his vacation in Hawaii and will come back to debate the fiscal cliff situation with the Congress on this Wednesday. As a result, most of Asia stock market was going up suddenly, including Thailand . Moreover, SET index might had an impact from the change of Japan government. The Japan economy has a hope that the loose monetary policy will depreciate the Japan Yen about 12% next year, and new investment will flow in the country. Finally, from the carry trade to Thailand stock market, SET index could be closed over 1386 points by the end of this year with the 1400 – 1432 points in the first week of next year.

Key Market Indices (26 December 12) Key Statistics

Value Change % Change % YTD SET Value by investor Type: Daily SET 1382.23 3.91 0.3% 34.8% Buy (THBm) Sell (THBm) Net (THBm) SET50 939.36 1.94 0.2% 30.8% Institution 3,379.72 2,375.27 1,004.44 SET100 2063.68 5.07 0.2% 32.3% Proprietary 2,363.72 2,713.04 -349.32 Foreign 1,717 1,886.23 -169.24 Dow Jones 13114.59 -24.49 -0.2% 7.3% Retail 16,992.56 17,478.45 -485.89 S&P500 1419.83 -6.83 -0.5% 12.9% Nasdaq 2990.16 -22.44 -0.7% 14.8% SET Value by investor Type FTSE 5954.18 UNCHG UNCHG 6.9% MTD (THBm) YTD (THBm) FSSTI 3180.81 12.24 0.4% 20.2% Institution -609.55 -26,377.28 Hang Seng 22541.18 UNCHG UNCHG 22.3% Proprietary 4,119.67 8,128.06 Nikkei 10230.36 104.35 1.0% 21.0% Foreign 18,966.01 72,264.31 KLCI 1671.58 2.18 0.1% 9.2% Retail -22,476.13 -54,015.09 SHANGHAI 2219.13 5.52 0.2% 0.9% JCISE 4275.09 24.88 0.6% 11.9% SET50 Index Future Long Short Net MTD YTD

SET 5-yr avg 2011 2012F Institution 2,721 2,419 302 -3,987 -5,122 PE (x) 14.4 17.2 15.4 Foreign 4,235 4,768 -533 -3,287 7,571 P/BV(x) 1.8 2.3 2.3 Local 4,951 4,720 231 7,274 -2,448 Yield(%) 4.1 3.2 3.1

OSK Research | See important disclosures at the end of this report 1

MEDIA HIGHLIGHTS

THAI plans joint training with rivals The president of International (THAI) plans to solve a shortage of pilots by conducting joint pilot training with and Thai AirAsia. Sorajak Kasemsuvan said THAI is facing a pilot shortage and needs to speed up its training of pilots. He plans to discuss the possibility of joint training or a joint venture pilot school with Bangkok Airways owner Prasert Prasarttong-Osoth and Thai AirAsia chief executive Tassapon Bijleveld. "I think the success of the aviation business of Thailand is in the national interest so it is good for airlines to join forces to maximize the national interest. It is not right for us to compete for limited resources. Cooperation must expand, especially when competition increases in the aviation industry," Mr. Sorajak said.(Bangkok Post)

OFM sets its sights on SET100 Officemate (OFM), the online office supply and electronic procurement company, plans to increase the number of shares available for trade in the hopes of joining the SET100 index. Having been listed on the Market for Alternative Investment (MAI) since 2010, OFM had its first day of trading on the Stock Exchange of Thailand yesterday after Central Retail Corporation (CRC) recently acquired major stakes. "The acquisition has helped us to grow rapidly. We have solid plans to expand business in Asean over the next three years under the wings of CRC, also aiming to become a leader in online [business] stocks in Asia," said Worawoot Ounjai, OFM managing director. "We want to be a member of the SET100 so that we can be on the radar screen of foreign investors. "The company says it has only one foreign shareholder, who holds 15,400 shares or 0.02% of paid-up capital. The Chirathivat family holds 75%, while the founding Ounjai family holds 15.81%. The company plans to open 10 new Officemate branches and 15 new branches of stationery store B2S. It will also expand distribution centers to deliver goods to online customers.(Bangkok Post)

Incinerator operator eyes MAI listing The SET-listed Better World Green Plc. (BWG) plans to seek listing for its subsidiary, Akkhie Prakarn (AKP), the operator of an industrial hazardous waste incinerator, through an offering of at least 84 million shares to the public to raise funds for business expansion. The company will seek a listing on the Market for Alternative Investment in next year's first quarter, with Country Group Securities the financial adviser. Currently, AKP has paid-up capital of 160 million baht divided into 320 million shares with a par value of 50 satang apiece. Under the initial plan, the company will issue 84 million new shares _ 21 million to be sold to the majority shareholder BWG and 63 million to the public. After the share sale, BWG's holding will be diluted to 51.18% from 64.62%. "We plan to spend 70-80% of the proceeds to buy trucks for transporting hazardous waste and storage tanks for hazardous waste. The rest will be used as working capital," said Vanchai Luengviriya, AKP's chief executive. AKP plans to buy 20 waste-transport vehicles, up from 14 trucks now, and three or four hazardous waste storage tanks. The company was granted the right from the government to operate the Bangpoo Industrial Waste Management Center in Samut Prakan province for 20 years from 2008, subject to review after 10 years.(Bangkok Post)

Srithai Superware aims for 20% revenue growth in 2013 Srithai Superware, the world's biggest maker of melamine-resin products, projects sales revenue to increase by more than 20 per cent to almost Bt10 billion next year, driven by overseas business expansion and rising production of food and drinks packaging. This year, sales are expected to reach Bt8.3 billion, an increase of 20-25 per cent from 2011. This performance is better than expected, as its previous sales projection was Bt7.8 billion. For 2013, however, Srithai has a conservative target of Bt9.5 billion, though it is likely to reach Bt10 billion, said company president Sanan Ungubolkul. Its overseas sales revenue represents 27 per cent of the total. Its products are sold in 110 countries, both those shipped from Thailand and those produced by its plants overseas. Its major markets are in the Middle East, followed by other Asian countries, Europe, and the United States. Over the next five years, domestic and overseas sales are expected to be equal. Sanan said the company had |kept its focus on expanding over-seas. Over the next three years, it plans to set up four new plants in Indonesia and India to produce plastics and melamine resin to serve rising demand in those two nations..(The Nation)

KTB turns to private sector in bid to boost fee income State-run has spent a decade building up a strong base for its investment-banking business, which now generates significant revenue. Kittiya Todhanakasem, first senior executive vice president and chief financial officer, said that in an effort to increase non-interest income, the bank had broadened its investment-banking activities over the past 10 years to include treasury products, foreign exchange and derivatives aimed at the private sector. Previously, KTB's fee-based income was not large, she said, adding that the bank had to change its mindset to derive revenue from fee-based income as well as interest income from the Thai private sector, which is growing not only at home but also overseas. To provide comprehensive products and services, KTB went into the investment-banking business by establishing KTB Advisory and setting up joint-venture securities and insurance companies. "We have fee-based income coming from several sources. We have to use key performance indicators to define our products and services so they serve market requirements," she said. The bank has steadily organized more products and services at each subsidiary to ensure healthy fee income. "We have followed the activities of customers and offered products [that are tailored] to them," she said. (The Nation)

OSK Research | See important disclosures at the end of this report 2

ECONOMIC HIGHLIGHTS

Japan: Yen Touches 16-Month Low Versus Euro Before Japan CPI The yen slid to a 16-month low against the euro before data tomorrow that may show a decline in Japan‟s consumer prices, fanning speculation Prime Minister Shinzo Abe will push the central bank to boost cash infusions. The currency held near the lowest since 2010 versus the dollar after Abe said in a media briefing yesterday that “bold‟ monetary policy is one of the three pillars of his economic measures. Implied on U.S. stocks jumped to a five- month high yesterday, supporting demand for safer assets. The Japanese currency touched 113.48 per euro, the weakest since Aug. 4, 2011, before trading at 113.37 as of 9:12 a.m., down 0.1 percent from the close yesterday. It was unchanged at 85.63 per dollar after sliding to 85.73 yesterday, the lowest since September 2010. The euro added 0.1 percent to $1.3238. Government data may show tomorrow that Japan‟s consumer prices excluding fresh food fell 0.1 percent in November from a year earlier, according to the median estimate of economists surveyed by Bloomberg News. That compares with the Bank of Japan (8301)‟s target of 1 percent inflation. Further depreciation of the yen versus the U.S. dollar is one of the surest bets going into the new year. (Bloomberg)

China: Iron Ore Rallying Most Since ‘10 as China Rebounds Iron ore is rallying the most in about two years as analysts predict that China, the biggest buyer, will import a record amount in 2013 as its accelerating economic growth spurs demand for steel. Trade to China will climb 6.9 percent to 778 million metric tons in 2013, or 65 percent of all shipments, according to the median of 10 analyst estimates compiled by Bloomberg. Seaborne demand will exceed supply for at least a 10th year, Morgan Stanley data show. Prices will climb as much as 26 percent to $170 a ton by June, according to Justin Smirk of Westpac Banking Corp. (WBC), who correctly predicted this year‟s slump and was the most accurate industrial-metals forecaster tracked by Bloomberg. Prices tumbled to a three-year low in September as China slowed for seven consecutive quarters, before rallying 56 percent since then on mounting confidence the nation‟s growth will accelerate for at least the next six months. The rebound will boost earnings for suppliers and Vale SA (VALE5), the biggest exporter, is expected to report a 19 percent increase in profit next year. (Bloomberg)

UK: U.K. Says Solar Power Crucial to Meeting Renewable-Energy Goals The U.K., which had the wettest summer in 100 years, added solar power to a list of technologies deemed crucial to meeting renewable-energy and carbon-reduction targets. Solar photovoltaic power is on a list of nine technologies, which also includes marine and offshore wind energy, the Department of Energy and Climate Change said today in an e- mailed statement. The U.K. aims to cut emissions by 34 percent in 2020 from 1990 and has a European Union goal to get 15 percent of all energy from renewables by then. The U.K. offers incentives for clean-energy projects as it seeks to replace aging power stations without adding to polluting emissions. Solar capacity increased more than fivefold to 1.4 gigawatts in the year through June after costs fell 50 percent, the department said in an update to its Renewable Energy Roadmap first published in July 2011. Total electricity output from renewables rose 27 percent in the period. (Bloomberg)

US: Home Prices in U.S. Increase More Than Forecast Home prices climbed more than forecast in October, indicating a rebounding real-estate market will bolster the U.S. economy for the first time in seven years. The S&P/Case-Shiller index of property values in 20 cities increased 4.3 percent from October 2011, the biggest 12-month advance since May 2010, the group said today in New York. The median forecast of 30 economists in a Bloomberg survey projected a 4 percent gain. Property values will probably keep heading higher as record-low mortgage rates, a growing population and an improving economy spur demand for housing. The turnaround in real estate is buoying household confidence and wealth, one reason why consumer spending is improving even as concern mounts that lawmakers will fail to stave off looming tax increases. (Bloomberg)

US: Exxon to Sempra Can Export Half of U.S. Home Gas Supply Natural gas suppliers from Sempra Energy (SRE) to Exxon Mobil Corp. (XOM) are fighting for the first U.S. export permits after a study said selling some of the fuel to Asia will benefit the economy more than consuming it domestically. They could win approval for projects to ship about 6 billion cubic feet a day of liquefied natural gas by 2025, according to estimates by consultants including Tudor Pickering Holt & Co. That amount of LNG would supply about half the current U.S. residential market and is worth $93 million a day at Japan‟s current import price, a global benchmark. The government-sponsored study released Dec. 5 gave a green light to exports, saying they shouldn‟t delay North America‟s possible energy independence in coming decades based on shale discoveries. Companies from Exxon to Dominion Resources Inc. (D) are rushing to get export permits in time to take advantage of the lower production price in the U.S. compared with other markets. (Bloomberg)

OSK Research | See important disclosures at the end of this report 3

Outperform

Current Target Upside/ Yield Recc. Price Price Downside PE (x) (%) Remarks (Bt) (Bt) (%) 2012f 2012f

KK Buy 49.50 51.00 3.0 12.9 4.7 BAY Buy 30.50 34.00 11.5 12.9 3.0 TMB Buy 1.86 2.15 15.6 15.0 3.2 KTB turns to private sector in bid to boost KTB Buy 19.50 22.10 13.3 7.6 4.2 fee income ADVANC Buy 210.00 254.00 21.0 18.1 5.5 PM Buy 7.35 8.80 19.7 12.1 6.3 QH Buy 2.16 2.80 29.6 9.6 4.2 SC Buy 26.25 26.40 0.6 14.9 2.7 MAKRO Buy 450.00 380.00 -15.6 21.8 5.2 INTUCH Buy 69.00 74.00 7.2 15.1 6.2 CENTEL Neutral 25.75 23.50 -8.7 31.4 1.3 MCOT Buy 42.50 47.00 10.6 16.9 5.4 SAT Buy 31.75 37.30 17.5 13.3 2.3 STEC Buy 25.50 27.30 7.1 26.6 2.4 PTT Buy 331.00 378.00 14.2 8.4 4.2 AOT Buy 97.00 104.00 7.2 22.6 2.0

Underperform

Current Target Upside/ Yield Recc. Price Price Downside PE (x) (%) Remarks (Bt) (Bt) (%) 2012f 2012f

CPF Sell 33.75 24.00 -28.9 20.8 3.6 GFPT Neutral 8.05 6.90 -14.3 42.4 0.0 TISCO Sell 51.00 42.00 -17.6 11.6 4.3 CPALL Neutral 46.00 36.60 -20.4 37.5 2.2 PSL Neutral 14.00 12.83 -8.4 42.0 2.1 PTTEP Neutral 159.50 154.00 -3.4 9.6 3.5 TTA Sell 16.80 13.60 -19.0 n.a. 6.0 WORK Neutral 42.75 33.50 -21.6 23.3 3.0 SPALI Sell 17.70 15.50 -12.4 10.5 3.8 MAJOR Sell 19.3 16 -17.1 19.7 4.3

OSK Research | See important disclosures at the end of this report 4

27 Dec 12

THAI NVDR : Top Ranking

Most Active Values (Btmn)

NET BUY NET SELL Month to Date Year to Date

Dec-12 Dec-12 3-26 Dec-12 4 Jan - 26 Dec 12 26 25 24 21 20 26 25 24 21 20 Net Buy Net Sell Net Buy Net Sell

1 PTTGC 76.9 197.9 3.8 358.9 193.4 KBANK -111.9 -212.7 -127.0 -273.5 -226.6 BBL 5,031.6 KBANK -1,335.7 ADVANC 17,895.3 BH -2,434.1

2 BAY 69.8 126.5 502.0 97.1 499.1 SCC -58.9 -60.2 -8.3 267.9 61.6 BAY 2,402.3 AAV -585.4 PTT 16,455.8 AAV -1,504.3

3 PTT 69.7 -4.8 141.5 68.5 113.6 AAV -50.4 -0.0 -0.3 -0.0 0.2 PTT 2,199.4 KTB -315.6 BBL 16,278.9 BJC -568.6

4 IVL 67.7 76.8 1.8 -13.0 16.9 NWR -31.6 -1.3 0.8 5.0 -0.1 PTTGC 2,152.4 LH -302.3 KBANK 15,905.4 AEONTS -271.0

5 CPALL 46.1 -1.5 4.5 -145.5 46.8 KTB -29.8 -8.7 -44.9 21.7 -95.0 PTTEP 1,982.9 TTW -176.8 SCC 15,876.6 DCC -259.5

6 SF 42.9 17.7 -0.1 4.7 10.4 LH -22.0 1.5 -9.1 -40.5 51.9 SCC 1,589.1 BECL -167.8 PTTEP 13,552.5 SYNTEC -165.7

7 BANPU 36.4 61.8 49.4 156.4 -16.3 AEONTS -20.9 2.0 2.3 14.7 4.5 BANPU 1,395.0 STEC -154.8 BAY 12,053.8 NOBLE -138.5

8 BBL 31.8 32.5 76.2 411.6 324.6 EGCO -20.9 0.4 -3.6 -17.8 -5.5 ADVANC 1,314.1 SIRI -151.7 KTB 9,007.2 OISHI -135.0

9 CPF 30.6 17.0 58.4 6.7 46.9 AIT -15.2 -0.2 -0.3 -0.2 0.1 CPF 1,044.0 MAJOR -150.2 CPALL 8,690.1 TCC -118.3

10 SPALI 26.0 19.4 25.7 40.3 77.4 MAJOR -14.9 -15.9 -12.3 -27.7 -15.3 SCB 1,001.7 SC -87.7 PTTGC 8,561.2 MCS -115.5

11 TUF 25.7 25.8 71.3 82.2 67.8 TCAP -12.6 -8.2 -14.1 50.7 27.4 INTUCH 811.7 MCOT -78.2 SCB 7,876.8 SIRI -114.6

12 RML 25.6 4.8 18.8 1.5 -3.5 BCP -12.2 -6.2 -13.4 -12.6 -6.6 TOP 628.1 BCP -69.6 DTAC 7,054.2 AIT -114.5

13 JAS 21.0 2.4 -10.9 -4.7 -4.9 GLOW -10.4 -12.6 39.8 -4.7 15.4 AOT 503.4 AP -64.9 BANPU 6,802.2 SSI -111.2

14 HEMRAJ 19.4 -2.0 11.6 -9.1 9.6 TRUE -6.2 -19.2 2.8 -0.6 6.9 BIGC 457.5 BLA -60.5 INTUCH 6,177.9 CIMBT -99.6

15 LPN 18.9 22.7 31.2 42.3 -0.6 UV -5.4 0.5 -1.4 4.7 1.1 TCAP 379.3 TTCL -55.9 BIGC 5,812.3 SNC -87.7

16 INTUCH 17.4 -1.2 -0.5 -25.9 24.2 MINT -5.2 -1.5 -8.8 -52.5 -16.7 TISCO 374.9 BJC -53.9 AOT 5,652.1 EASTW -82.7

17 PTTEP 16.1 0.7 -19.7 102.7 220.4 DEMCO -4.1 -1.4 -0.0 0.1 2.2 MAKRO 366.0 SNC -50.2 CPF 5,352.6 ERW -81.0

18 CPN 14.7 19.1 -11.4 27.7 27.9 CENTEL -4.1 2.4 1.1 9.0 -0.6 BGH 335.4 ITD -48.2 SPALI 4,720.7 CSL -80.6

19 QH 14.3 0.6 3.4 6.8 -2.6 INET -4.1 -4.0 0.6 -0.0 -0.1 JAS 334.5 ERW -46.5 BGH 4,243.0 AJ -77.1

20 GUNKUL 11.2 2.2 4.6 9.3 3.2 SAT -4.1 -0.0 -9.8 -0.7 -0.2 CK 332.1 SSI -41.7 TOP 3,714.8 GL -73.1

Most Active Volume (shares) NVDR Shares to Total Paid-up Shares(%)

Total Volume Shares % NVDR Shrs. % ofNVDR Shrs. % of Paid up Capital

Buy Sell Total Net Turn. 26-Dec-12 paidup2-Jan-12 paidup 26-Dec-12

1NWR 1,263,000 17,915,000 19,178,000 -16,652,000 7.35 1 TISCO-P 22,300 65.86 22,300 63.07 33,858

2RML 13,200,000 20,054 13,220,054 13,179,946 7.18 2 BBL 571,776,761 29.95 472,119,068 24.73 1,908,842,894

3 AAV 414,100 11,039,800 11,453,900 -10,625,700 19.47 3 KBANK 684,509,509 28.60 592,962,857 24.78 2,393,260,193

4TRUE 4,518,100 5,655,700 10,173,800 -1,137,600 1.99 4 TWFP 2,485,634 26.15 283,200 2.98 9,506,055

5LIVE 3,505,000 5,784,000 9,289,000 -2,279,000 4.57 5 E-W1 84,138,246 24.25 29,511,361 9.64 347,000,000

6HEMRAJ 7,538,500 1,213,100 8,751,600 6,325,400 21.09 6 LPN 331,752,656 22.48 252,688,992 17.12 1,475,698,768

7 LL-W1 1,962,500 6,396,500 8,359,000 -4,434,000 0.69 7 LH 2,126,374,272 21.21 2,458,692,598 24.52 10,025,921,523

8SF 7,141,612 1,105,000 8,246,612 6,036,612 27.44 8 SPALI 315,196,969 18.36 208,589,412 12.15 1,716,553,249

9N-PARK 3,020,900 5,030,300 8,051,200 -2,009,400 0.16 9 GOLD-W1 74,945,998 14.87 157,293,815 24.96 504,065,655

10 QH 7,318,059 615,700 7,933,759 6,702,359 11.66 10 LRH 26,322,980 15.79 1,032,308 0.62 166,682,701

11 CIG 4,027,400 2,538,400 6,565,800 1,489,000 0.91 11 PRANDA 58,629,900 14.43 71,193,300 17.77 406,282,554

12 CGD 1,640,000 4,750,000 6,390,000 -3,110,000 3.35 12 THRE 533,763,149 15.20 104,186,735 8.77 3,512,494,860

13 BLAND-W2 600,000 5,366,000 5,966,000 -4,766,000 1.07 13 AP 368,038,147 12.92 260,809,947 11.13 2,848,272,038

14 TMB 5,945,900 5,000 5,950,900 5,940,900 9.11 14 BAY 825,354,398 13.59 939,165,929 15.46 6,074,143,747

15 BTS 3,107,395 2,407,969 5,515,364 699,426 2.33 15 DEMCO 74,522,994 13.47 20,837,403 4.70 553,411,837

16 LL 2,835,100 2,417,100 5,252,200 418,000 0.42 16 DTAC 317,564,917 13.41 238,201,585 10.06 2,367,811,000

17 KMC 1,353,100 2,940,004 4,293,104 -1,586,904 0.70 17 GBX 147,433,800 13.54 153,163,100 14.06 1,089,076,392

18 JAS 4,110,500 163,000 4,273,500 3,947,500 2.54 18 LALIN 111,592,900 13.53 105,536,800 12.79 825,000,000

19 INET 1,287,200 2,877,300 4,164,500 -1,590,100 29.36 19 BANPU 33,343,081 12.27 57,927,996 21.32 271,747,855

20 GJS 3,830,000 - 3,830,000 3,830,000 0.38 20 NOBLE 60,283,300 13.21 80,659,500 17.67 456,471,175

Source : SET.OR.TH

OSK Research Guide to Investment Ratings

Buy: Share price may exceed 10% over the next 12 months (scenario analysis in the text may indicate different target prices) Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated (NR): Stock is not within regular research coverage

All research is based on material compiled from data considered to be reliable at the time of writing. However, information and opinions expressed will be subject to change at short notice, and no part of this report is to be construed as an offer or solicitation of an offer to transact any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability directly or indirectly that may arise from investment decision-making based on this report. The company, its directors, officers, employees and/or connected persons may periodically hold an interest and/or underwriting commitments in the securities mentioned.

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OSK Research | See important disclosures at the end of this report 5