SAWASDEE

Tuesday, February 21, 2017

Foreign Markets and Flow 2

News Digest 3 Investment Theme: Narrow move. Wait for breakout
Short Sales 6
Commodities 7
Director Trade 9
Support: 1575, 1565 Resistance: 1580, 1590
Calendar 10
Market Strategy: SET moved narrowly in the range of 1575 1580, waiting to
SET Index (20/02/17) 1,578.47 break out. If it can break 1580, it will be a good sign it will test 1600. Falling
Change +0.63 / 0.04% below 1575 would be a negative signal with major supports at 1565 and 1555.
Turnover (Btbn) 38.81 Strategy for mid- to long-term investors is to buy when the SET dips. Strategy
Trading summary by Investor Type for short-term investors is to trade carefully, especially if SET moves below 1575.
20-Feb WTD MTD YTD
Foreign Buy 10,957 10,957 214,282 496,646
Todays picks are AMATA and SAT.
Sell 11,230 11,230 216,820 492,752
Net -272 -272 -2,538 3,894
Institution Buy 4,117 4,117 80,698 215,040 Todays Highlights
Sell 3,745 3,745 76,305 208,068
Net 373 373 4,393 6,972 Foreign funds move out. Foreign investors net sold Bt272mn, net shorted
PropTrade Buy 4,173 4,173 76,494 185,878
Sell 4,299 4,299 78,120 184,159
1.2k ct in SET50futures and net bought Bt724mn in bonds. The baht moved
Net -126 -126 -1,626 1,718 around Bt35.00.
Individual Buy 19,563 19,563 316,244 897,494
Sell 19,537 19,537 316,473 910,079 Thai 4Q16 GDP growth was +3.0%YoY, +0.4%QoQ (vs est +3.0%). This puts
Net 26 26 -229 -12,585 2016 GDP growth at 3.2%. SCB EIC projects 2017 GDP growth at 3.3%,
Bond trading summary by foreign investors supported by tourism recovery and domestic consumption. 2H17 is expected
20-Feb WTD MTD YTD to grow more strongly than 1H17.
Foreign Buy 2,287 2,287 79,274 182,123
Sell 1,563 1,563 29,565 97,720 Euro meeting: no conclusion on Greeces financial problems of US$91bn to
Net 724 724 49,709 84,402 exchange with less belt-tightening measures before the major US$7.2bn
5 most active stocks repayment due July. This is a thing to watch and might pressure markets.
Stocks Price (Bt) Value (Btmn) Chg (%)
JAS 9.4 2,391 -1.58
Things to watch: 1) 21 Feb EU PMI (est 55.0, prev 55.2) and US (est 55.3,
IVL 36.8 1,703 -0.68 prev 55.0) 2) 22 Feb EU Inflation in January (est +1.8%, prev +1.8%YoY, est -
BANPU 19.6 1,242 0.51 0.8%, prev +0.5%QoQ) and US existing home sales 3) 23 Feb FOMC meeting
AOT 40.3 1,059 0.62
ADVANC 170.0 982 -0.87
minutes 4) 24 Feb US new home sales and consumer confidence 5) Earnings
reports of Thai listed companies.
Top 5 gainers (%)
Stocks Price (Bt) Chg (%) EU up (STOXX +0.1%, DAX +0.6%) Bank and telecommunication sectors went
MAX 0.08 14.29 up; the US was closed for Presidents Day.
INOX 2.72 12.40
PRECHA 2.32 10.48 SET to move around 15751580. If it can break 1580, it will be a good sign to
MANRIN 37.00 10.45
MILL 1.65 7.84 test 1600. Trading below 1575 would give a negative signal with major
supports at 1565 and 1555. Strategy for mid- to long-term investors is to buy
Top 5 losers (%)
Stocks Price (Bt) Chg (%) when the SET dips. Strategy for short-term investors is to trade carefully and
VIH 11.30 -13.08 be careful if the SET moves lower than 1575.
EMC 0.12 -7.69
AQUA 0.81 -6.90 Todays picks. AMATA (support 15.60, resistance 17.00, cut 15.00) and SAT
SIS 6.85 -6.16 (support 16.00, resistance 17.30, cut 15.30) Earnings recovery and dividend on
PREB 14.20 -5.96
2016 performance: AMATA at Bt0.3/share or +1.9% with XD on 3 May. SAT at
Estimated % of foreign ownership (including Bt0.41/share on 2H16, or 6.2% yield, XD on March 2.
NVDR) of top 15 stocks*
SET Index Foreign ownership
Todays Reports
1,700 40.0%
39.0%
EGCO 2016: Good, as expected; still adding capacity
1,600
38.0%

1,500
37.0% MAJOR 4Q16: Profit down, as expected; keep for yield
36.0%
1,400 35.0% MINT 4Q16: Below estimates on higher taxes
34.0%
1,300
33.0%
32.0%
What to watch
1,200 SET Index (LHS)
31.0% Date Event
%Foreign Ownership (RHS) - 15 stocks
1,100 30.0% 20 Feb 17 Economic release: Thai GDP
Event: Announce those who pass the requirement for 5 dual tracks e-auction
Sep-16
May-16

Nov-16
Jan-16
Feb-16

Jan-17
Feb-17
Mar-16

Oct-16
Apr-16

Jun-16
Jul-16
Aug-16

Dec-16

21 Feb 17 Economic release: EU and US PMI

* PTT, PTTEP, ADVANC, SCC, BBL, KBANK, SCB, BANPU, BAY, 22 Feb 17 Economic release: EU Inflation and US Existing home sales
DTAC, TOP, KTB, CPALL, LH, BEC
23 Feb 17 Economic release: US FOMC meeting minutes
24 Feb 17 Economic release: US New home sales and consumer confidence

Tel. (662) 949-1000 The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein reflect our
Fax: (662) 949-1030 judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell or buy any
www.scbs.com securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.
 SAWASDEE
Tuesday, February 21, 2017
Foreign Markets and Flow
Key Indicators
Close 20-Feb WoW MoM YoY YTD The BDI added 16 points or 2.16%
CCI Index
VIX Index 11.49 0.0% 3.8% -0.4% -44.0% -18.2% to close at 757 on Monday.
Europe CDS (bps) 73.753 -0.05 0.23 4.74 -38.35 1.44
LIBOR OIS Spread (bps) 0.33763 0.01 -0.52 -2.38 10.84 0.58
TED Spread (bps) 0.5397 0.00 3.37 -0.63 21.14 3.92
Exchange rate
Dollar Index 100.92 0.0% 0.0% 0.2% 4.5% -1.3%
USD/THB 35.01 0.1% -0.1% -1.1% -2.0% -2.3%
EUR/USD 1.06 0.1% 0.2% -0.7% -4.6% 1.0%
USD/JPY 113.08 0.2% -0.6% -1.3% 0.5% -3.2%
Bond: (Change in basis points)
TH Gov Bond 2Y 1.70% 0.00 2.00 -5.00 20.00 -7.00
TH Gov Bond 10Y 2.68% 0.00 -3.50 -3.00 60.00 -2.00
US Gov Bond 2Y 1.19% 0.00 -1.56 -0.65 44.43 -0.80
US Gov Bond 10Y 2.42% 0.00 -1.94 -5.04 67.33 -2.98
Commodities
CRB Index 192.12 0.0% 0.0% -1.0% 20.4% -0.2%
Gold (US$/Oz) 1,238.00 0.2% 1.1% 2.4% 0.8% 7.5%
Gross Refining Margin (US$/bbl) 6.41 0.9% -15.3% -3.0% 11.7% -8.6%
Dubai Crude (US$/bbl) 54.42 0.6% 0.8% 0.0% 86.6% 0.4%
NYMEX Crude (US$/bbl) 53.40 0.0% 0.9% 2.0% 80.2% -0.6%
Baltic Dry Index (points) 757.00 2.2% 10.0% -18.2% 140.3% -21.2%

Regional market performance

Index PE (x) EPS gth (%) Performance (%) On Monday, markets in the
17F 18F 17F 18F Pt 1D WTD MTD YTD ASEAN 4 closed with a net change
Philippines 7,281 17.5 15.7 13.5 11.5 36.40 0.5 0.5 0.7 6.4
Indonesia 5,359 15.5 13.6 58.3 14.4 8.36 0.2 0.2 1.2 1.2 of +0.2%. In the rest of Asia,
Malaysia 1,713 16.1 15.2 6.7 6.5 4.90 0.3 0.3 2.5 4.3 markets closed with a net change
Thailand 1,578 14.7 13.2 16.5 11.1 0.63 0.0 0.0 0.1 2.3 of +0.3%.
Asean 4 - simple avg 16.0 14.4 23.8 10.9 0.2 0.2 1.1 3.6
China 3,240 13.8 12.2 33.7 13.0 37.89 1.2 1.2 2.6 4.4
India 28,662 20.0 16.6 6.5 20.1 192.83 0.7 0.7 3.6 7.6
Hong Kong 24,146 12.1 11.1 10.6 9.0 112.34 0.5 0.5 3.4 9.8
Singapore 3,097 14.4 13.4 -8.7 7.2 -10.96 -0.4 -0.4 1.6 7.5
Taiwan 9,753 13.8 12.9 19.1 6.7 -26.72 -0.3 -0.1 3.2 5.4
Korea 2,084 9.7 8.9 93.8 8.8 3.81 0.2 0.2 0.8 2.9
Rest of Asia x J - simple avg 13.9 12.5 25.8 10.8 0.3 0.3 2.5 6.3
MSCI Asia x Japan 564 13.1 11.9 16.6 10.4 1.53 0.3 0.3 3.2 9.6
Japan 19,251 18.5 17.0 33.6 9.1 16.46 0.1 0.1 1.1 0.7

Regional sectoral movement (%) Regional sectoral movement (20-Feb) In the region on Monday, lead
Sub-Sector 20-Feb WoW MoM YoY Marine 2.50
5.54 outperformers Marine, Integrated
Marine 2.50 1.74 13.41 20.41 Integrated Oil & Gas 0.25
1.26 Oil & Gas and Banks. Lead under-
Integrated Oil & Gas 1.26 -0.59 0.39 30.27 Banks 0.02
0.82
performers were Homebuilding,
Banks 0.82 2.39 6.61 29.51 Oil & Gas 0.78
2.18

Oil & Gas 0.78 -0.08 -0.47 33.19 Coal 0.51

0.74
Integrated Telecoms and
Coal 0.74 1.32 7.31 46.07 Auto Parts & Equip 0.62
3.56
Chemicals.
Wireless Telecoms -0.71
Auto Parts & Equip 0.62 1.55 1.71 25.56 0.54

Wireless Telecoms 0.54 -1.11 3.37 6.84

Refinery 0.40
0.54 Lead Thai outperformers were
Wireless Marine, Auto Parts &
Property 0.31
0.25
Refinery 0.54 1.44 5.95 47.87 Electronic Mfg 1.79
Equipment and Electronic
0.24
Property 0.25 0.39 4.73 17.83 Entertainment 0.10
1.08

Electronic Mfg 0.24 0.12 8.01 28.79 Electronic Equipment 0.05

0.03 Manufacturing. Lead Thai
Entertainment 0.10 1.27 0.70 4.26
underperformers were Integrated
Chemicals 0.13
-0.03
Electronic Equipment 0.03 1.33 5.07 37.09 -1.59
Integrated Telecoms
Telecoms, Wireless Telecoms and
-0.14
Chemicals -0.03 1.22 4.51 18.70 Homebuilding -0.16
0.09

Integrated Telecoms -0.14 -0.59 2.06 6.30 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0
Integrated Oil & Gas.
Homebuilding -0.16 -0.33 8.82 50.01 Thailand Region

Source: Data by Bloomberg, compiled & calculated by SCBS

Most change in foreign holding (Net) Asia Pacific foreign fund flows (US$mn) On Monday, foreign fund flows
Stock % fgn Mn sh Stock % fgn Mn sh 20-Feb WTD MTD YTD were a very small net inflow with
TMB 46.36 117.43 AOT 16.19 -37.80 Thailand (7.8) (7.8) (72.2) 106.3 outflows close to balancing
SPRC 83.29 5.31 IRPC 22.65 -31.42 Indonesia (12.1) (12.1) (7.1) (79.7) inflows.
TRUE 28.17 3.57 BDMS 20.57 -13.49 Philippines (7.9) (7.9) (72.6) (66.8)
TPIPL 4.29 2.38 HMPRO 16.73 -7.79 Taiwan 57.1 57.1 1,070.8 3,244.4
SCB 38.40 2.32 ADVANC 42.98 -5.52 South Korea 46.3 46.3 (42.7) 1,202.9
Data as of February 20, 2017 ***million shares Vietnam 4.7 4.7 18.8 44.9
Top-5 NVDR net buy/sell Total 80.4 80.4 895.1 4,452.0
Up Btmn Down Btmn India 1,202.0 1,255.6 1,581.7 1,575.3 Director trade ( >Bt5mn)
TMB 93.53 ADVANC -308.91 Japan 1,551.8 1,551.8 (650.5) (63.6)
KKP 93.24 AOT -220.90 * India as of February 17, 2017 Buy:
* Japan as of February 10, 2017
BLA 88.87 SPALI -79.32 Sell:
SPRC 46.64 JAS -65.72
KBANK 42.89 CPALL -56.51
Data as of February 20, 2017

Page 2
 SAWASDEE
Tuesday, February 21, 2017
News Digest
SET On Monday, the SET closed essentially flat, up 0.63 point or 0.04% to close at 1578.47 on
slim turnover of Bt38.83bn. Local institutions led the net buys, joined by retail investors;
foreign investors and prop traders were net sellers. (SET, 20/02/17)
Dow Jones The Dow was closed for the Presidents Day holiday.
Oil NYMEX: West Texas Intermediate for March delivery rose 29 cents or 0.5% to $53.69
Brent crude for April delivery rose 0.7% to close at $56.18. (Xinhua, 20/2/17)
Gold Gold price in Hong Kong closed at 11,448 HK dollars per tael on Monday, falling 14 HK dollars
from the previous trading day, according to the Chinese Gold and Silver Exchange Society. The
price is equivalent to 1,238 U.S. dollars a troy ounce, down 1.51 U.S. dollars at the latest exchange
rate of 1 U.S. dollar against 7.76 HK dollars. (Xinhua, 20/2/17)
Currencies The dollar was under pressure in the lower 113 yen range Monday in Tokyo amid a risk-averse
mood stemming from political uncertainties in the United States and Europe. At 5 p.m., the
dollar fetched 113.12-14 yen compared with 112.95-113.05 yen in New York and 113.42-43 yen in
Tokyo at 5 p.m. Friday. The euro was quoted at $1.0615-0617 and 120.08-12 yen against $1.0600-
0610 and 119.70-80 yen in New York and $1.0654-0655 and 120.84-88 yen in Tokyo late Friday
afternoon. (Kyodo News, 20/2/17)
Global Economy Greece: EU and IMF in 'common position'. German finance minister Wolfgang Schaeuble has
said the institutions in charge of Greece's bailout have reached a "common position" on how to
proceed. His comments appear to indicate that deadlock between the EU and the International
Monetary Fund over the next steps may have been resolved. The IMF has said Greece needs more
leeway to pay its huge debts before further rescue funds can be released. However, the eurozone
has been reluctant to go much further. (BBC, 21/2/17)
Thai Economy Poor Q4 growth points to slow recovery. Thailand's economy expanded less than expected in
the last quarter of 2016 and the government left its forecast for growth this year unchanged,
indicating recovery will remain a slow process. Growth in October-December was 0.4% from the
previous quarter, on a seasonally-adjusted basis, below the 0.6% seen in a Reuters poll. The
government revised July-September growth to 0.4%, from 0.6%. On an annual basis, the economy
expanded 3.0% in the final quarter, matching the poll forecast. (Bangkok Post, 21/2/17)
ABC ABC plans to launch E-Payment service via WeChat Pay. It intends for this to be a payment
application for Chinese tourists. It plans to partner with 10,000 stores. It expects this to
contribute revenue of at least Bt1bn/month. (Kao Hoon, 21/02/17)
ADVANC ADVANC targets 2017 revenue growth of 4-5%, exceeding the industrys projected growth of
3%. It expects subscriber growth of 100% this year. It plans to focus on its broadband business,
with a goal of 640,000 subscribers by the end of this year. (Kao Hoon, 21/02/17)
BCH BCH expects to turn in an outstanding performance this year after WMC reaches
breakeven. It expects EBITDA turn positive, supported by benefit from higher spending per head
for SSO patients. It plans to invest in two hospitals to increase its clientele. (Thun Hoon, 21/02/17)
BCP BCP is budgeting Bt18.5bn for 2017 investment to expand its business. It targets EBITDA
growth of 20% from higher capacity and higher GRM, with oil price expected to increase to
US$50-60/bbl. It plans to open 100 service stations. (Thun Hoon, 21/02/17)
CPF CPF plans to report 2016 earnings on Feb 24. It expects 2016 net profit of Bt16.5bn, up 49%. It
plans to pay a dividend of Bt0.55/share. (Kao Hoon, 21/02/17)
CSL CSL targets 2017 revenue to be close to 2016s Bt2.91bn. It expects 100% occupancy rate for
IDC Center Tower A by the end of this year. It plans to expand Internet coverage especially to
condos, with a target of 20,000 subscribers at the end of this year. (Kao Hoon, 21/02/17)
DAII DAII targets Bt4.5bn in property sales in 2017. It plans to launch three new projects under
Nirvana brand with a total value of Bt8.5bn. (Kao Hoon, 21/02/17)

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 SAWASDEE
Tuesday, February 21, 2017
News Digest (continued)
EPCO EPCO is talking to parties in the Philippines, Malaysia, and India with regards to investing
in biomass power plants. It plans to list a subsidiary this year. It will use the funds to invest in the
power business. It expects substantial growth this year to be fostered by revenue contribution
from 350-400MW power generation. It expects to add 600MW power generation next year. (Thun
Hoon, 21/02/17)

KIAT KIAT expects to book Bt100mn in revenue from PTTs project. It targets 2017 revenue to
grow 10% from last years Bt838.1mn. It took part in Bt100mn bids and expects the winner to be
announced in 1Q17-2Q17. The board approved to increase capital by Bt2.5mn to cover the
exercise of KIAT-W1 into 25mn shares. (Thun Hoon, 21/02/17)
LPH LPH expects 1H17 performance to be good on the back of new building assets. It expects
2017 revenue to grow 10%, brought by demand growth. It expects to benefit from more 50,000
SSO patients. This will push up its portfolio to 170,000 clients in 2018. (Thun Hoon, 21/02/17)
PRIN PRIN reported 2016 net profit of Bt215.9mn, up 225.15%, with revenue of Bt3.03bn (+14.24%).
Behind this is higher revenue and better cost management. (Kao Hoon, 21/02/17)
QLT QLT will pay a dividend on 2H16 performance of Bt0.15/share, XD on Mar 3. The 57% fall in
2016 net profit to Bt44mn came from lower orders and price competition. (Kao Hoon, 21/02/17)
SAMCO SAMCO targets revenue to reach Bt4bn within 2020 by launching three projects per year. It
now has backlog of more than Bt1bn. It targets 2017 revenue to grow 10%. It plans to launch
three projects with a value of Bt2.33bn. (Kao Hoon, 21/02/17)
SMART SMART targets 2017 revenue growth of 5% to Bt330mn. It plans to expand its customer
base both at home and overseas with the aim of raising export revenue by 3-4%. It plans to
launch new products in the home decoration category. It reported a 2016 net loss of Bt36mn.
(Kao Hoon, 21/02/17)

STANLY STANLY plans to invest in CLMV. It is ready to negotiate with a party in Laos with an eye to
increasing its manufacturing base. Its plant in Vietnam continues to get orders. It expects
FY2017/2018 performance to be solid. (Thun Hoon, 21/02/17)
SUSCO SUSCO plans to focus on retail businesses. It expects to increase rental revenue by 200%
within 2019. (Thun Hoon, 21/02/17)
THCOM Thaicom Plc says it may ditch plans to launch the Thaicom 9 satellite if the government
forces the country's sole satellite service provider to pay extra charges above the current annual
licence fee. (Bangkok Post, 21/02/17)
TMT TMT announced 2016 net profit of Bt908mn, up 18% YoY. Its revenue grew by 7.75% to
Bt12.46bn. Its board approved a dividend of Bt1.5/share, XD on Mar 3. (Kao Hoon, 21/02/17)
TVT TVT will pay a dividend of Bt0.045/share, XD on Apr 28 despite the fall in 2016 net profit to
Bt42mn (-3.76%) with revenue of Bt507mn. (Kao Hoon, 21/02/17)

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 SAWASDEE
Tuesday, February 21, 2017
Short Sale as of February 20, 2017
%Short Sale Volume
Volume Turnover Average Price Last Price Gap between last
Comparing with Main
(Shares) (Baht) (Baht) 20-Feb-17 close and short
Board
RATCH 348,200 18,017,825 51.75 51.75 0.0% 32.45%
GLOBAL 401,400 7,074,920 17.63 17.70 -0.4% 21.56%
TVO 130,000 5,352,000 41.17 41.00 0.4% 15.72%
PLANB 543,000 3,281,415 6.04 6.10 -0.9% 10.03%
IVL 4,241,400 155,755,300 36.72 36.75 -0.1% 9.14%
PTTGC 420,000 29,322,500 69.82 69.75 0.1% 6.93%
AOT 1,812,300 72,492,000 40.00 40.25 -0.6% 6.85%
KBANK 190,500 37,258,700 195.58 197.00 -0.7% 6.85%
CBG 119,400 8,727,500 73.09 73.00 0.1% 5.24%
DTAC 349,000 15,186,750 43.52 43.75 -0.5% 4.58%
BA 100,000 2,130,000 21.30 21.20 0.5% 4.54%
PTT 88,100 34,930,700 396.49 397.00 -0.1% 4.14%
SAMART 220,600 3,124,460 14.16 14.20 -0.3% 4.13%
SCC 55,100 28,500,400 517.25 518.00 -0.1% 3.88%
TOP 164,300 12,726,625 77.46 78.25 -1.0% 3.44%
BLAND 3,500,000 6,503,000 1.86 1.89 -1.7% 3.00%
PTTEP 174,400 16,212,075 92.96 93.75 -0.8% 2.40%
BANPU 1,503,400 29,569,810 19.67 19.60 0.4% 2.38%
TRUE 3,000,000 18,400,000 6.13 6.20 -1.1% 2.11%
BJC 121,900 5,741,475 47.10 46.25 1.8% 1.63%
RS 18,900 177,645 9.40 9.30 1.1% 1.60%
MINT 65,300 2,276,800 34.87 34.75 0.3% 1.41%
INTUCH 105,100 5,806,775 55.25 55.25 0.0% 1.36%
KCE 23,600 2,385,100 101.06 102.00 -0.9% 1.32%
KTB 200,000 3,900,000 19.50 19.50 0.0% 1.19%
MTLS 100,000 2,887,500 28.88 29.25 -1.3% 1.10%
TMB 2,460,000 6,149,400 2.50 2.50 0.0% 0.96%
BEAUTY 100,000 1,030,000 10.30 10.60 -2.8% 0.56%
AP 8,400 62,175 7.40 7.45 -0.6% 0.53%
ADVANC 30,100 5,139,550 170.75 170.00 0.4% 0.52%
BEM 100,000 715,000 7.15 7.20 -0.7% 0.52%
BH 1,100 201,050 182.77 181.50 0.7% 0.48%
SCB 30,000 4,605,000 153.50 154.00 -0.3% 0.48%
BBL 4,000 720,000 180.00 180.00 0.0% 0.47%
CPALL 33,300 1,989,600 59.75 59.75 0.0% 0.44%
TKN 8,400 216,300 25.75 25.75 0.0% 0.38%
VGI 12,600 64,890 5.15 5.20 -1.0% 0.37%
SIRI 100,000 198,000 1.98 1.98 0.0% 0.25%
CHG 200,000 536,000 2.68 2.68 0.0% 0.23%
S 12,900 58,050 4.50 4.48 0.4% 0.21%
KSL 63,500 407,375 6.42 6.80 -5.7% 0.20%
THCOM 7,100 136,810 19.27 19.30 -0.2% 0.18%
LH 4,000 39,400 9.85 9.85 0.0% 0.08%
GPSC 1,200 43,500 36.25 36.25 0.0% 0.08%
EGCO 200 40,200 201.00 201.00 0.0% 0.05%
STEC 1,000 26,500 26.50 26.75 -0.9% 0.04%
TU 2,800 55,440 19.80 19.80 0.0% 0.04%
SPRC 8,900 117,870 13.24 13.40 -1.2% 0.04%
JAS 52,800 501,465 9.50 9.35 1.6% 0.02%
HANA 300 12,450 41.50 41.50 0.0% 0.02%
HMPRO 500 4,855 9.71 9.75 -0.4% 0.01%
Source: SET, SCBS Investment Research

Page 5
 SAWASDEE
Tuesday, February 21, 2017
SCBS: Commodities Daily Price Update
As of -1W Avg. Price % QoQ % YoY Avg. Price % YoY Avg. Price % YoY Update
20-Feb-17 % QTD in 1Q17 in '16 in '17
GRM
GRM-Reuters (SINREF) 6.41 -15.3 6.85 0.8 -14.5 6.17 -19.8 6.85 11.1 Daily

Crude Prices
Crude Oil - Dubai (US$/BBL) 54.29 -0.1 53.68 12.0 74.2 41.30 -19.3 53.68 30.0 PTTEP -, PTT - Daily
Brent Crude (US$/BBL) 55.49 0.6 55.07 10.0 59.6 44.11 -15.7 55.07 24.9 Daily
West Texas Int. Cushing (US$/BBL) 53.40 0.4 52.82 7.4 53.1 43.28 -11.1 52.82 22.0 Daily
Crude Oil - Asia-Pacific Tapis Oil Spot (US$/BBL) 57.32 0.4 56.95 10.1 31.5 45.50 -16.3 56.95 25.2 Daily

Oil Product Prices

Gas Oil 500 ppm Sulfer Singapore (U$/BBL) 66.43 0.5 65.46 9.1 58.3 52.13 -22.1 65.46 25.6 Daily
Gasoline, 92 RON Spot (US$/BBL) 66.34 -0.5 65.87 9.8 49.2 51.08 -21.2 65.87 28.9 Daily
Fuel Oil 180 Singapore Spot (US$/BBL) 48.77 -0.2 49.63 -17.2 96.0 35.15 -21.6 49.63 41.2 Daily

Jet Oil Price

Jet Kerosene - Spot Price (US$/BBL) 65.13 -0.5 65.03 8.3 50.0 52.85 -18.4 65.03 23.1 AAV + , NOK + , THAI + Daily

Olefins Product Prices and Spread

Ethylene, FOB Japan Spot (US$/MT) 1,290 4.0 1,130 10.5 10.7 1,064 0.5 1,130 6.2 PTTGC +, SCC + Tuesday
Ethylene Spread (US$/MT) 835 8.6 672 8.2 -6.3 711 13.5 672 -5.4 Daily
Propylene (Olefins), FOB Japan Spot (US$/MT) 965 4.3 871 9.2 46.8 711 -8.5 871 22.5 Tuesday
Propylene Spread (US$/MT) 510 12.4 413 4.2 42.6 358 3.8 413 15.6 Daily
Naphtha - Singapore Spot FOB (US$/MT) 455 -3.4 458 14.1 50.8 353 -18.3 458 29.5 Daily

Polyolefins Prices and Spread

Polye HDPE SE Asia (US$/MT) 1,210 1.7 1,176 2.5 5.9 1,144 -7.6 1,176 2.8 PTTGC +, SCC + Tuesday
HDPE-Naphtha Spread (US$/MT) 755 5.0 719 -3.7 -11.0 791 -1.9 719 -9.1 Daily
Polye LDPE-Film, CFR SE Asia Spot (US$/MT) 1,350 0.7 1,323 5.7 17.2 1,191 -5.2 1,323 11.1 SCC +, TPIPL + Tuesday
LDPE-Naphtha Spread (US$/MT) 895 3.0 865 1.7 4.9 838 1.7 865 3.3 Daily
PP Film, Spot South East Asia (US$/MT) 1,130 0.9 1,082 4.1 20.0 1,003 -11.3 1,082 7.9 Tuesday
PP Spread (US$/MT) 675 4.0 624 -2.2 4.4 649 -7.0 624 -3.8 Daily

MEG Prices and Spread

MEG, CFR South East Asia (US$/MT) 900 -4.8 928 26.5 45.3 661 -15.7 928 40.4 IVL +, PTTGC - Tuesday
MEG Spread (US$/MT) 100 -43.1 227 128.6 3,965.4 1 -99.5 227 33,097.3 Tuesday

Aromatics Product Prices and Spread

Paraxylene, FOB USG Spot (US$/MT) 865 0.6 841 10.5 22.9 732 -10.3 841 14.8 PTTGC + Tuesday
Paraxylene Spread (US$/MT) 402 1.3 383 9.2 -8.0 377 -0.7 383 1.5 Tuesday
Paraxylene - 92 RON Spread (US$/MT) 299 2.6 279 4.2 -9.3 296 12.4 279 -5.9 TOP + Daily
Toluene, FOB Korea Spot (US$/MT) 725 -2.0 721 13.5 26.9 588 -11.6 721 22.7 Tuesday
Benzene, CFR Japan Spot (US$/MT) 1,015 -1.9 958 33.3 66.9 641 -7.8 958 49.4 Tuesday
Benzene Spread (US$/MT) 560 -0.7 500 57.4 84.9 288 9.3 500 73.8 Daily
Benzene - 92 RON Spread (US$/MT) 449 -3.7 396 75.2 101 206 43.7 396 92.8 Daily
Condensate (US$/MT) 463 -0.1 458 11.6 70.8 355 -18.7 458 28.9 Daily

PTA Prices and Spread

PTA, CFR South East Asia (US$/MT) 710 0.7 672 7.4 15.2 613 -5.7 672 9.6 SCC +, IVL - Tuesday
PTA Spread (US$/MT) 130 1.3 108 -6.5 -13.1 122 19.2 108 -11.3 Tuesday

PVC Prices and Spread

PVC, CFR South East Asia (US$/MT) 950 2.7 908 -2.5 21.7 828 0.6 908 9.7 TPC -, VNT - Tuesday
VNT's PVC-Ethylene Spread (US$/MT) 115 -26.3 236 -23.8 714.5 117 -40.3 236 101.2 Tuesday
Ethylene Dichloride CFR Far East Asia (US$/MT) 335 4.7 301 11.8 27.0 259 -8.3 301 16.4 Tuesday
TPC's PVC - EDC Spread (US$/MT) 299 -0.6 332 -19.4 31.9 304 7.4 332 9.2 Tuesday

Construction Material
Mixed Cement - retail price (Bt/MT) 2,798 0* 2,798 0.0 0.0 2,798 0.4 2,798 0.4 SCC + Monthly

Forest Product
NBSK Pulp (Canada) CIF Korea (US$/MT) 817 0.0 811 0.2 2.3 802 -6.4 811 1.1 Daily

Steel Price
Steel Index 1,239 -0.4 1,163 15.1 107.9 791 -0.1 1,163 47.0 Daily
Steel HR Coil CIS (US$/MT) 478 0.5 484 8.1 72.7 382 10.3 484 26.9 Tuesday
Steel CIS Slabs (US$/MT) 415 2.5 414 9.7 70.2 325 11.7 414 27.3 Tuesday
CIS HRC Spread (US$/MT) 63 -10.7 70 -0.8 89.3 56 2.9 70 24.5 Tuesday
Steel - CIS Wire rod (US$/MT) 445 4.1 437 1.8 51.2 388 2.3 437 12.6 Tuesday
Steel - Billet (US$/MT) 325 0.0 325 0.0 0.0 325 -7.6 325 0.0 Tuesday
CIS Wire rod Spread (US$/MT) 120 17.1 112 7.5 -408.9 63 130.6 112 78.1 Tuesday

Freight Rate
Baltic Freight Index: BDIY 757 10.5 837 -15.6 131.5 676 -5.1 837 23.9 TTA +, PSL + Daily
Baltic Supramax Index: BSI 747 9.7 722 -10.1 96.2 601 -9.4 722 20.2 Daily

NEX Coal price 78.49 -3.8 84.73 -9.6 65.9 65.8 10.7 59.4 -16.4 BANPU - Friday

* Change MoM
Source: Datastream, Bloomberg, Reuters, BANPU and SCBS Investment Research

Page 6
 10

0
2
4
6
8
GRM
0
10
20
30
40
50
60

40
50
60
70
80
90
100
110
120
10
20
30
40
50
60
70
80

2,200
2,400
2,600
2,800
3,000
US$
Feb-16

0
1,000
1,200
1,400

200
400
600
800
Feb-16 Feb-16

Coal Price
Feb-16

BT/MT
US$/BBL

US$/bbl
Oct-14 Mar-16

US$/BBL
Feb-16

Crude Prices
Nov-14 Mar-16 Mar-16
Dec-14 Mar-16 Apr-16 Mar-16
Apr-16
Jan-15 Apr-16

Oil Product Prices

Apr-16 Apr-16 Apr-16 Apr-16
Feb-15

Baltic Freight Index

Mar-15 Apr-16 May-16 May-16
Apr-15 May-16 May-16
May-16 Jun-16 Jun-16
May-15
Jun-15 Jun-16 Jun-16 Jun-16 Jun-16 Jun-16
Jul-15 Jun-16 Jul-16 Jul-16
Aug-15 Jul-16 Jul-16 Jul-16
Sep-15 Aug-16 Aug-16
Oct-15 Aug-16 Aug-16 Aug-16
Nov-15 Aug-16 Aug-16
Aug-16 Sep-16
Dec-15 Sep-16
Jan-16 Sep-16 Sep-16 Sep-16
Sep-16 Sep-16
Feb-16 Sep-16
Mar-16 Oct-16 Oct-16 Oct-16 Oct-16
Apr-16 Oct-16
Nov-16 Nov-16
May-16 Nov-16 Nov-16 Nov-16
Nov-16 Nov-16

Construction material - Mixed Cement (retail price)

Jun-16 Nov-16
Brent
Dubai

Jul-16

Source: Bloomberg, Bisnews, BANPU and BoT

Dec-16 Dec-16 Dec-16 Dec-16 Dec-16
Aug-16
Sep-16 Jan-17 Jan-17 Jan-17
Jan-17 Jan-17
Oct-16 Jan-17

GRM -Reuters
Jan-17

Jet Oil

BSI Index
Jan-17
West Texus Int

Gas Oil

Fuel Oil
Nov-16

BDIY Index
Gasoline
Dec-16 Feb-17 Feb-17 Feb-17 Feb-17 Feb-17
SCBS: Commodities Daily Chart Update

760
800
840
0
100
200
300
400
500
600
0
1,000
1,200

200
400
600
800

1,000
1,200
1,400

800

0
1,000
1,200

200
400
600
800
0
1,000
1,200
1,400

200
400
600
800

PVC Price
US$/MT

US$/M
Feb-16 Feb-16

NBSK Pulp
US$/MT
US$/MT
US$/MT
Feb-16 Feb-16 Feb-16
US$/MT

Mar-16 Feb-16
Olefins Prices

Mar-16 Apr-16 Mar-16 Mar-16

Mar-16 Mar-16

Polyolefin Prices
Aromatics Prices

Apr-16 Apr-16 Apr-16

Apr-16

Steel HR Coil , Slabs

May-16 Apr-16 Apr-16 Apr-16 Apr-16
May-16 Jun-16 May-16 May-16
May-16 May-16
Jun-16 Jun-16 Jun-16
Jun-16 Jul-16 Jun-16 Jun-16 Jun-16
Jun-16
Jul-16 Aug-16 Jul-16 Jul-16
Jul-16 Jul-16
Aug-16 Aug-16 Aug-16
Aug-16 Sep-16 Aug-16 Aug-16 Aug-16 Aug-16
Sep-16 Sep-16 Sep-16
Sep-16 Sep-16 Sep-16
Oct-16 Sep-16 Sep-16

Spread
Oct-16 Nov-16 Oct-16 Oct-16 Oct-16 Oct-16
Nov-16 Nov-16 Nov-16
Nov-16 Nov-16 Nov-16

Steel HR Coil
Dec-16 Nov-16 Nov-16

Steel CIS Slabs

Dec-16 Jan-17 Dec-16 Dec-16 Dec-16
Dec-16
Jan-17

PVC
EDC
Jan-17 Jan-17
Ethylene

PP

Jan-17 Feb-17 Jan-17 Jan-17

Propylene

Benzene

Jan-17 Jan-17
LDPE
HDPE

0
Paraxylene

US$/M

20
40
60
80
Feb-17 Feb-17 Feb-17 Feb-17 Feb-17

100
0
100
200
300
400
500
600
700

0
0

-200
-100

100
200
300
400
500
600
100
200
300
400
500
0
1,000

200
400
600
800

1,000

200
400
600
800
US$/MT

Feb-16 Feb-16 Feb-16 Feb-16

US$/MT
US$/MT

US$/MT
Feb-16

US$/MT
Mar-16 PVC Spread Mar-16
Mar-16 Mar-16 Mar-16
Olefins Spreads

Apr-16 Apr-16
Apr-16 Apr-16 Apr-16 Apr-16
Apr-16
Aromatics Spreads

Apr-16

Steel Wire rod, Billet

May-16 May-16 May-16
May-16 May-16
Jun-16 Jun-16
Jun-16 Jun-16
Jun-16 Jun-16 Jun-16

Spread
Polyolefin-Naphtha Spreads

Jun-16
Jul-16 Jul-16 Jul-16
Jul-16 Jul-16

Steel - Billet
Aug-16 Aug-16 Aug-16
Aug-16
Aug-16 Aug-16 Aug-16
Sep-16 Aug-16
Sep-16 Sep-16 Sep-16

Steel - CIS Wire rod

Sep-16
Oct-16 Sep-16 Sep-16 Sep-16
Oct-16 Oct-16 Oct-16 Oct-16
Nov-16
Nov-16 Nov-16 Nov-16
Nov-16
Dec-16 Nov-16 Nov-16 Nov-16
Jan-17 Dec-16 Dec-16 Dec-16 Dec-16
Benzene Spread

Jan-17 Jan-17 Jan-17

Feb-17 Jan-17
Paraxylene Spread
Ethylene Spread

TPC's product spread

Jan-17
VNT's product Spread

Jan-17 Jan-17
Propylene Spread

PP Spread

0
50
Feb-17 Feb-17 Feb-17

Page 7
LDPE spread

US$/MT

Feb-17

100
150
200
HDPE Spread

(50)
SAWASDEE
Tuesday, February 21, 2017
 SAWASDEE
Tuesday, February 21, 2017
Director Trade
1. Director trade as reported on February 20, 2017.
Company Name of Director Product Transaction Amount Price Amount Buy/Sell
date (Shares) (Bt) (Bt)
ECL Danucha Verapong Warrant 2 16-02-17 500,000 0.59 295,000 Sell
ECL Danucha Verapong Warrant 2 14-02-17 500,000 0.51 255,000 Sell
ECL Danucha Verapong Warrant 2 15-02-17 750,000 0.54 405,000 Sell
EPCO Yuth Chinsupakul Common share 16-02-17 188,500 7.73 1,457,105 Sell
NDR Chaiyasit Samrittivanicha Warrant 16-02-17 3,378,000 1.30 4,391,400 Sell
NDR Chaiyasit Samrittivanicha Warrant 17-02-17 1,550,000 1.26 1,953,000 Sell
PT Pirom Chamsai Common share 16-02-17 200,000 14.58 2,916,000 Buy
SIRI Supol Sombathwichathon Common share 08-02-17 200,000 1.99 398,000 Sell
TOP Bandhit Thamprajamchit Common share 17-02-17 5,000 77.00 385,000 Sell
TTI Kumjorn Chuenchoochit Common share 17-02-17 1,000 26.00 26,000 Buy
Total Buy 2,942,000
Sell 9,539,505
Net -6,597,505

2. 12-month cumulative net buy/sell for SCBS-covered stocks with activity as of last close
SIRI TOP
160,000 2.0 6 78
140,000 1.9 76
5
120,000 74
'000 Shares

1.8
'000 Shares

100,000 4 72

Bt/Share
Bt/Share

80,000 1.7 70
3
68
60,000 1.6 2 66
40,000 64
20,000 1.5 1
62
0 1.4 0 60
Aug-16

Nov-16

Jan-17
Jun-16

Sep-16

Dec-16
Jul-16

Oct-16
Mar-16

May-16

Feb-17
Apr-16

Aug-16

Nov-16

Jan-17
Jun-16

Sep-16

Dec-16
Jul-16

Oct-16
Mar-16

May-16

Feb-17
Apr-16

Cumulative Net Buy (+)/Sell (-) Avg. Price Cumulative Net Buy(+)/Sell(-) Avg. Price

Page 8
 SAWASDEE
Tuesday, February 21, 2017
Corporate Calendar
February
Monday Tuesday Wednesday Thursday Friday
20 21 22 23 24
PD XD XD XD XD
MGE Bt0.14 BTSGIF Bt0.188 GPSC Bt0.7 CPTGF Bt0.2154 DELTA Bt3
LPN Bt0.6 EGATIF Bt0.12 GBX Bt0.03
SPF Bt0.34 FUTUREPF Bt0.351 IMPACT Bt0.17
URBNPF Bt0.18 GVREIT Bt0.1887 MNIT Bt0.0175
Share listing JASIF Bt0.23 MNIT2 Bt0.0556
TAPAC 30,291,103 Shares SPG Bt0.45 M-PAT Bt0.178
TCIF Bt0.215 M-STOR Bt0.19
THIF Bt0.1448 PD
TRIF Bt0.225 METCO Bt14
TTLPF Bt0.4505
PD
CPNCG Bt0.2331
CPNRF Bt0.293
CRYSTAL Bt0.193
DIF Bt0.24
ERWPF Bt0.148
POPF Bt0.2795
PPF Bt0.1945
SIRIP Bt0.145
TGROWTH Bt0.195
TSC Bt0.25
27 28
XD XD
BOL Bt0.07 MBKET Bt0.95
IRPC Bt0.23 SPVI Bt0.012
TOP Bt3 TASCO Bt0.6
PD PD
VGI Bt0.035 IRC Bt1.0273
WHABT Bt0.1345

March
Monday Tuesday Wednesday Thursday Friday
1 2 3
XD XD XD
BCP Bt1 PM Bt0.59 DCC Bt0.036
IFS Bt0.1 PT Bt0.88 KSL Bt0.1
IFS 20 : 1 XD(ST) PT 1 : 1 XD(ST) PPP Bt0.26
KIAT Bt0.03 SAT Bt0.41 QLT Bt0.15
KPNPF Bt0.1 TH100 Bt0.14 TAPAC Bt0.0412
MJLF Bt0.26 XR TAPAC 2.7 : 1 XD(ST)
PLANB Bt0.035 KWG 1 : 3.2 @Bt2.63 TMT Bt1.5
RATCH Bt1.25 TPC Bt1.75
STEC Bt0.22
6 7 8 9 10
XD XD PD PD
SINGER Bt0.25 AMATAR Bt0.05 BKKCP Bt0.16 BTSGIF Bt0.188
MACO Bt0.011 GVREIT Bt0.1887 IMPACT Bt0.17
XE MIPF Bt0.58 SPF Bt0.34
SUPER-W3 1 : 1 @Bt4 SSTSS Bt0.345 URBNPF Bt0.18
TIF1 Bt0.15
TLHPF Bt0.351
UNIPF Bt0.175
XD - Cash Dividend PD Payment Date XW - Rights for Warrant CW - Capital write-down
XD(ST) - Stock Dividend XR - Rights for Common XE - Warrant Exercise SP - Suspension

Page 9
 SAWASDEE
Tuesday, February 21, 2017
Disclaimer:
The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions
expressed herein reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an
offer, or solicitation of an offer to sell or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates may
have an interest in the companies mentioned therein.
SCB Securities Company Limited (SCBS) is a wholly-owned subsidiary of The Siam Commercial Bank Public Company Limited (SCB). Any information related
to SCB is for sector comparison purposes.
This document is prepared by SCB Securities Company Limited (SCBS) which is wholly-owned by The Siam Commercial Bank Public Company Limited (SCB).
SCB has acted as financial advisor of Siam Makro Public Company Limited. SCBS has acted as Joint-Lead Underwriter of Siam Makro Public Company Limited.
Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this document (the Information) is
provided as general information purposes only, and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an
offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental, special or
consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss of profits. The
investors shall use the Information in association with other information and opinion, including their own judgment in making investment decision. The
Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended
recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any
manner without the prior written consent of SCBS.
This document is prepared by SCB Securities Company Limited (SCBS) which is wholly-owned by The Siam Commercial Bank Public Company Limited (SCB).
SCB has acted as financial advisor and lead underwriter of Hemaraj Leasehold Real Estate Investment Trust. Any opinions, news, research, analyses, prices,
statements, forecasts, projections and/or other information contained in this document (the Information) is provided as general information purposes only,
and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or
its directors, officers and employees shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of or
reliance on the Information, including without limitation to, damages for loss of profits. The investors shall use the Information in association with other
information and opinion, including their own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and
SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended
recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any
manner without the prior written consent of SCBS.
This document is prepared by SCB Securities Company Limited (SCBS) which is wholly-owned by The Siam Commercial Bank Public Company Limited (SCB).
SCB has acted as financial advisor of WHA Utilities and Power Public Company Limited. SCBS has acted as joint lead managers of WHA Utilities and Power
Public Company Limited. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this
document (the Information) is provided as general information purposes only, and shall not be construed as individualized recommendation of an offer to
buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect,
incidental, special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss
of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in making investment
decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the
Information.
SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended
recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any
manner without the prior written consent of SCBS.
SCB SECURITIES COMPANY LIMITED (SCBS) ACTS AS MARKET MAKER AND ISSUER OF DERIVATIVE WARRANTS on the ordinary shares AAV, ADVANC, ANAN, AOT,
BA, BANPU, BBL, BCP, BDMS, BEAUTY, BEC, BEM, BH, BJCHI, BLA, BLAND, BTS, CBG, CENTEL, CK, CPALL, CPF, CPN, DTAC, EARTH, EPG, ERW, GL, GLOW, GPSC, HANA,
HMPRO, ICHI, INTUCH, IRPC, ITD, IVL, KBANK, KCE, KKP, KTB, KTC, LH, LHBANK, LPN, MAJOR, MINT, MTLS, PTG, PTT, PTTEP, PTTGC, QH, ROBINS, SAMART, SAWAD,
SCC, SPRC, STEC, STPI, SVI, TASCO, TCAP, THAI, THCOM, TISCO, TMB, TOP, TPIPL, TRUE, TTA, TU, UNIQ, WORK.
Before making an investment decision over a derivative warrant, an investor should carefully read the prospectus for the details of the said derivative warrants.
Any opinion, news, research, analyse, price, statement, forecast, projection and/or other information contained in this document (the Information) is
provided as general purpose information only, and shall not be construed as a recommendation to any person of an offer to buy or sell, or the solicitation of
an offer to buy or sell, any securities. SCBS and/or its directors, officers, employees, and agents shall not be liable for any direct, indirect, incidental, special or
consequential loss or damage, resulting from the use of, or reliance on, the Information, including without limitation, damages for loss of profits. The investor
should use the Information in association with other information and opinion, including his/her own judgment in making investment decision. The
Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time at its sole discretion without giving any notice. This document is delivered to intended
recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any
manner without the prior written consent of SCBS.

Page 10