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Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
SET Index 1,575.28 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA -28.97pt/-0.13% Oil - Nymex (USD) 46.79/bbl/-0.33USD
Change -0.57pt/-0.04% (Btm) (Contracts) KBANK 205 SCC -430 S&P -0.38pt/-0.02% Gold - London (USD) 1,236.95/Oz/-3.06USD
Turnover (Btm) 41,763.05 Foreign -1,254 6,202 TOP 204 PTTGC -303 NASDAX 4.96pt/0.08% DXYO 94.31/-0.5%
PER (x) 16.32 Institution -676 62 AOT 179 KTB -147 CAC -16.85pt/-0.32% Bt/USD 33.67/0.2%
PBV (x) 1.91 Retail 1,434 -6,264 PTT 167 BBL -144 FTSE 56.96pt/0.77% USD/Euro 1.15/-0.16%
Div Yield (%) 3.07 Proprietary 496 - SCB 146 PTTEP -80 DAX -4.8pt/-0.04% 10Y US treasury yld 2.26/-0.47%
AOT (Neutral) - KPS likely to win bid for commercial area at DMK (page
9 ) We reiterate our Neutral rating on AOT with a target price of Bt46.0. We
believe the news will be viewed positively and result in a short-term share price
catalyst. Based on our earnings forecasts, the stock is currently trading at a PER
of 34.2x FY2017E and 31.6x FY2018E.
Vehicle exports dropped 2.5% YoY (vs +5.6% prev). Exports of commercial
cars (-2.8% YoY vs 19.9% prev) and passenger cars (-10.5% YoY vs -5.1% prev)
both saw negative growth. However, exports of motorbikes (20.5% YoY vs 14.1%
prev) remained firm.
Implication
Maintain our view of an export slowdown in 2H17E. Despite double-digit
growth, June exports started to show signs of a slowdown on the back of weak
commodity prices. The value of auto exports also showed signs of a slowdown
following the export volume, which posted negative growth for the 12th
consecutive month. Moreover, the low base effect will start to wane from August
2017. Note that export growth was in negative territory in the period of April-July
2016.
Investment highlights
2Q17 earnings hit by large provision for EARTH. KTB reported a 2Q17 net
profit of Bt3.2bn, down 62.9% YoY and 62.2% QoQ. The result is lower 58% lower
than consensus and 54% lower than our forecast due to 1) higher-than-expected
provisions, as KTB qualitatively classified Energy EARTH (EARTH TB, Bt1.46, NR)
as an NPL and set aside full provisions for it; and 2) a lower-than-expected FX gain.
PPOP dropped 2.7% YoY and 1.1% QoQ mainly from lower NII due to loan
contraction YoY and lower other income. 1H17 net profit represents 44.2% of our
full-year forecast.
Valuation
We maintain our Outperform rating on KTB with a reduced target price of Bt21.0
Analyst from Bt22.0. We lower our PBV multiple from 1.0x mid-2018E BVPS to 0.96x mid-
Jantana Taveeratanasilp 2018E BVPS as we reduce our long-term ROE assumption from 12.4% to 12%.
Jantana.ta@kasikornsecurities.com
Loans growth of 3% QoQ as expected. Loans grew by 3.0% QoQ, 8.6% YoY
and 1.8% YTD. The QoQ loan growth was on higher Thai corporate (+4.8% QoQ),
SME (+2.9% QoQ) and retail (+2.8% QoQ) loans. Registering growth were auto
loans (+3.4% QoQ (from new and used cars), credit card & personal loans (+2.2%
QoQ), HKL personal loans (+1.7% QoQ), and mortgage loans (+2.2% QoQ). NIM
rose by 8 bps QoQ to 3.79% (better than expected) on an expanded loan yield
from BAYs expansion of high-yield loans and an increased yield on investment,
while funding cost increased by 5 bps QoQ to 1.64%. NII rose by 11.1% YoY and
2.8% QoQ.
Net fee income grew 7.7% YoY (in line), but other non-NII was slightly
weaker than expected. Net fee income improved by 7.7% YoY from card, wealth
& fund management, brokerage, and HP fees, but dropped by 0.7% QoQ on lower
loan-related and bancassurance fees. Non-interest income rose by 4.7% YoY on a
strong recovery of bad debt (+43% YoY) and net fee income, but dropped by 3.3%
QoQ mainly due to a lower FX gain, investment gain, and other income. The cost
to income ratio decreased from 48.8% in 1Q17 to 47.2%, which was slightly better
than expected, due to lower personnel expense and higher income.
Asset quality better than expected. The NPL ratio decreased from 2.52% in
1Q17 to 2.47% on NPL sales (Bt1.8bn) and loan write-offs, while NPL formation
increased slightly QoQ due mainly to the expected classification of Energy Earth
(Earth TB, Bt1.46, NR) as an NPL. Provisions increased slightly by 3.5% YoY and
3.7% QoQ (credit cost 150 bps, slightly lower than our assumption of 157 bps).
The coverage ratio remained stable QoQ at 143%.
Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com
Loans increased 2.8% QoQ; NIM stable QoQ (better than expected).
Loans grew 2.8% QoQ and 3.8% YoY and higher than expected. Loans increased
from large corporate, medium and small-sized SMEs, and the international
segment. NIM was stable QoQ at 2.22% (better than expected) on higher loans
(we expect from higher SME loans) and interbank yield, while funding cost was
stable (+1 bps QoQ) due to a tightened LDR. Net interest income increased 6.2%
YoY and 1.8% QoQ, which was slightly better than expected.
Non-NII improved sharply YoY (in line). Net fee income increased 6.6% YoY
from mutual fund, bancassurance and electronic service fees, but dropped 5.2%
QoQ from expected lower guarantee fees. Non-interest income increased 24% YoY
from a higher investment gain and net fee income, and rose 5% QoQ on higher
dividend and FX gains. The cost to income ratio increased from 40.7% in 1Q17 to
45.8% in 2Q17 mainly due to an increase in other expense and premises expense
related to developing working systems and improving the efficiency of business
operations, which resulted in OPEX increasing 2% YoY and 16% QoQ.
Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com
Loans grew 0.9% QoQ as expected. Loans grew by 0.9% QoQ, and 5.8 YoY,
and 1.6% YTD, driven by corporate (+1.7% QoQ) and auto loans (+1.0% QoQ).
Housing loans rose by 0.5% QoQ and SME loans fell by 0.4% QoQ. NIM declined
by 3 bps QoQ to 3.18% due to a decline in loan yield (mainly SME and housing
segments) and interbank yield, which was partially offset by lower funding cost
(mainly from an increase in CASA and lower term deposits). Overall, net interest
income increased by 4.7% YoY but decreased by 1.0% QoQ, in line with our
assumption.
Non-interest income fell YoY but grew QoQ (in line). Non-NII declined by
26.1% YoY due to a reversal of life policy reserve in 2Q16 and lower investment
gain, but improved by 5.3% QoQ mainly due to higher other income and dividend
income. Excluding the reversal, non-NII would increase by 3.3% YoY. Net
insurance premiums continued to drop, down 84% YoY and 21% QoQ to Bt950mn
as a result of higher underwriting expense. Net fee income improved by 8.0% YoY
(-2.1% QoQ) driven by bancassurance, mutual fund and corporate finance fees.
The cost to income ratio increased to 42.0% from 40.6% in 1Q17 due to higher
staff expense, marketing and promotions, advisory service fees and rental expense.
OPEX rose by 14.0% YoY and 5.9% QoQ.
Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com
Taking part in the bidding were King Power Suvarnabhumi, Central Retail
Corporation Ltd., The Mall Group and Minor International Pcl (MINT). According to
the news report, AOT will report the result to the board on Aug. 23, and if it
approves, it will inform King Power within seven days and sign the contract within
45 days.
Impact
Based on the reference price of Bt6,000/sqm per month, we estimate AOT will
obtain revenue of roughly Bt180mn per year, which is insignificant compared to
our total revenue estimate for FY2017 of Bt54bn, which represents only 0.33% of
our forecast and 0.85% of our FY2017 earnings forecast.
Recommendation
We reiterate our Neutral rating on AOT with a target price of Bt46.0. We believe
the news will be viewed positively and result in a short-term share price catalyst.
Based on our earnings forecasts, the stock is currently trading at a PER of 34.2x
FY2017E and 31.6x FY2018E.
Analyst
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com
Phochara Lertwiram
(Assistant Analyst)
Phochara.l@kasikornsecurities.com
As of March 31, book value of CNG based on its separate financial statement was
Bt19.39mn. CNG also holds as 49% stake of Central Group Online Co. (CGO), which
currently operates the Looksi website (previously Zalora), valued at Bt147mn. COL
reported a net investment in CGO as of 1Q17 of Bt50.14mn, implying an
accumulated loss of Bt97mn.
Impact
Estimate a one-time accounting gain in 3Q17E of Bt120mn-Bt130mn. We
estimate consolidated net book value of CNG after adjusting for an accumulated
share of loss from its 49% investment in CGO in a negative range of Bt98mn-
Bt108mn. Based on the Bt22.72mn from the sale of CNG, we expect COL to book
a one-time accounting gain in a range of Bt120mn-Bt130mn in 3Q17E, which
represents 22%-24% of our 2017 net profit forecast. However, we estimate cash
inflow to be only Bt22.7mn. In addition, according to its plan to discontinue the
Central Online website in August, COL may have to write off inventory and software
assets, which will be booked as an extra expense.
Maintain core profit forecast. As the timeline of the disposal of the online
business in August is in line with our expectation of mid-3Q17E, we maintain our
2017-19 core profit forecasts of Bt533mn/Bt807mn/Bt849mn
(+47%/+51%/+5%).
Recommendation
Maintain Underperform rating. We maintain our Underperform rating on COL
with a mid-2018E target price of Bt46.0 based on a forward PER of 18.0x, which is
1.5SD below the historical forward PER mean since March 2013. Although COLs
Analysts
share price dropped by 13% yesterday and the company may book an extra gain
Korakot Sawetkruttamat from the transaction in 3Q17E, we estimate aggregate 2017-19E earnings growth
korakot.sa@kasikornsecurities.com of the OFM and B2S businesses to be lackluster at 9%/5%/5%.
Tareetip Wongsaengpaiboon
tareetip.w@kasikornsecurities.com
In 2H17, PSH plans to add 35 new projects worth Bt39.0bn, up from 31 projects
valued at Bt20.0bn in 1H17. This will take 2017 new launches to 66 projects worth
Bt59.0bn. The next condominium projects to be launched in the value segment will
be The Privacy Charan-Ratwitee Station (Bt900mn, Aug. 5), followed by The
Privacy Thapra-Interchange (Bt2.4bn, Aug. 19). About half of the units at these
projects are expected to be sold at launch.
Mr. Piya confirmed PSHs 2017 revenue target of Bt50.2bn. Revenue is expected
to get a boost from a condominium backlog of Bt10.0bn as well as larger 2H17
low-rise revenue versus 1H17 on a number of new projects. He said the loan
rejection rate was well under control at about 10%. The rate for condominiums
was far lower than that of low-rise products.
Impacts
This latest announcement is in line with our expectations, as we had already
expected 2017 presales to beat PSHs target. Nonetheless, it may prompt some
investors who have been wary of PSHs presales to take a second look at the stock.
The information may be indicate that PSHs 1H17 low-rise presales will be
unchanged from 1H16, but we believe the situation in the second half of this year
will be significantly different from 2H16, when PSH faced a number of delayed
launches. We thus see 2H17 low-rise presales performance rising strongly HoH,
versus a slight decline in 2H16.
Recommendation
We maintain our Outperform rating on the stock with an unchanged mid-2018
target price of Bt26.50. In addition to the potential upside of 14.7% from the latest
closing price, we expect an attractive dividend yield of more than 6.2% for a one-
year holding period.
We still believe earnings will rebound strongly in 2Q17 from an abnormally low
level in 1Q17, thanks to a much larger contribution from high-margin condominium
projects such as Chapter One MidTown and The Tree Rio Bang Or. This rebound
will be the key share price driver. PSH is one of our top picks in the Residential
sector.
Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com
Apisak aims to allay fears over currency. The economic recovery remains resilient in the face of
the stronger baht, with large firms able to handle the situation, says Finance Minister Apisak
Tantivorawong. (Bangkok Post)
Govt tries to reassure foreign firms on tax changes. The government has sought to ease the
concerns of foreign companies ahead of changes in the way excise is calculated for a range of goods
and services, with Deputy Finance Minister Wisudhi Srisuphan telling business leaders that their
overall tax burden will not be increased. (The Nation)
Skills training for workers in EEC set to start soon. The first set of curricula for producing
manpower to support trade and investment development in the Eastern Economic Corridor (EEC) is
expected to be completed in a couple of months. (The Nation)
Sound strategies key to ranking. Any gains in Thailand's competitiveness ranking next year will
hinge on how well the government and the private sector execute their economic and business
strategies, says IMD. (The Nation)
Profits rise for most banks in first half. Most Thai commercial banks expressed strong
confidence that they will continue to see growth in their financial results in the second half of this
year, as they announced that earnings for the first half improved over the same period last year,
thanks to the country's overall economic growth. (The Nation)
Corporate News
Toyota to drive Thai hybrid hub. Japanese car giant Toyota pledges to produce a large number
of hybrid electric vehicles (HEVs) in Thailand in a bid to make the country its emerging-market
production hub. (Bangkok Post)
New Epson model for printed indoor media. To support the high potential growth of signage
printers, Epson has developed the SureColor SC-B9070, designed for printed indoor media. (The
Nation)
Daily Stats
Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
18-Jul-17 19-Jul-17 20-Jul-17 5 Days 30 Days YTD 2016
Thailand 69.52 -3.59 -37.31 23.20 232.38 504.97 2,240.46
Indonesia -80.73 -121.05 -56.28 -344.28 -766.61 674.47 1,258.66
Philippine 5.42 3.11 -2.48 -5.56 4.71 395.54 83.39
India 58.43 158.09 0.00 357.99 552.52 8,717.08 2,902.89
Taiwan 62.93 143.17 -20.10 195.73 1,067.12 9,280.17 10,956.41
S. Korea -159.37 -29.13 105.80 118.43 1,300.55 10,168.73 10,480.09
Vietnam 3.56 -0.18 3.65 5.61 69.91 427.75 -344.70
Total -40.23 150.42 -6.72 351.12 2,460.58 30,168.70 27,577.19
Source : Bloomberg
Bond Trading
Bond Trading (Btmn)
18-Jul-17 19-Jul-17 20-Jul-17 5 Days 30 Days YTD 2016
Net Foreign 474 -663 1,246 -3,465 -84 139,715 330,926
Short term 469 100 -597 863 2,004 28,152 289,238
Long term (TTM > 1Y) 5 -763 1,843 -4,328 -2,088 111,563 41,688
Net Asset Management 24,639 5,057 12,410 61,552 252,207 1,893,310 3,248,652
Short term 23,349 2,580 9,954 51,756 216,973 1,782,304 3,057,827
Long term (TTM > 1Y) 1,290 2,478 2,456 9,796 35,234 111,006 190,825
Total Outright Trading 128,330 86,113 100,979 449,959 1,965,250 12,565,732 22,409,446
Short term 81,425 47,004 49,036 241,739 1,224,654 9,264,073 16,843,737
Long term (TTM > 1Y) 46,904 39,110 51,944 208,221 740,596 3,301,658 5,565,709
Source : Thai BMA
Daily Stats
SPRC 0.99% SPALI -0.74% -- Transportation & Logistics 620.46 438.90 1,059.36 26.75% 23.55%
-- Petrochemicals & Chemicals 390.61 629.69 1,020.30 55.30% 48.72%
GJS 0.88% CPF -0.61%
-- Construction Materials 259.96 698.91 958.87 56.19% 47.90%
GFPT 0.86% SSSC -0.56%
-- Property Development 278.93 474.12 753.05 28.07% 25.83%
JMT 0.63% ECL -0.49%
-- Information & Communication 298.16 333.70 631.86 23.27% 31.32%
ERW 0.59% ESSO -0.48%
-- Food and Beverage 216.00 352.12 568.12 36.28% 34.32%
KBANK 0.54% MATI -0.40% -- Commerce 234.47 287.74 522.21 28.07% 27.72%
NETBAY 0.51% HANA -0.34% -- Finance and Securities 198.62 130.32 328.94 23.88% 22.25%
AMATA 0.49% TIP -0.34% -- Electronic Components 120.53 155.46 275.99 35.33% 31.88%
GSTEL 0.46% PTTGC -0.34% -- Health Care Services 55.24 123.57 178.81 26.20% 37.72%
BBL 0.45% PTL -0.34% -- Media & Publishing 41.77 37.74 79.51 16.20% 13.91%
VNT 0.43% TIPCO -0.32% -- Steel 15.89 16.40 32.29 17.76% 16.22%
TMB 0.42% LH -0.28% -- Insurance 12.09 15.69 27.78 37.38% 30.16%
TMT 0.41% KSL -0.28% -- Tourism & Leisure 20.76 6.43 27.19 19.11% 15.57%
CENTEL 0.39% KKC -0.28% -- Automotive 6.59 9.17 15.76 6.63% 10.52%
SCB 0.38% LHK -0.27% -- Agribusiness 11.87 2.55 14.43 7.47% 10.84%
KKP 0.37% TKN -0.27% -- Industrial Materials & Machine 2.08 1.19 3.26 2.68% 2.77%
TPAC 0.35% BIG -0.26% -- Professional Services 0.54 1.13 1.67 14.11% 9.93%
TSTH 0.35% LHBANK -0.25% *% of Trading Volumn in Underlying Securities traded in each sector
Source: SET Source: SET, KS Research
Daily Stats
%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
World Stock Index
Dow Jones 21,611.78 -0.13% 0.27% 0.38% 16.99% 9.36% 21,640.75 17,888.28
S&P 500 2,473.45 -0.02% 1.05% 0.81% 14.03% 10.48% 2,473.83 2,085.18
Nasdaq 6,390.00 0.08% 1.84% 2.42% 25.05% 18.70% 6,390.00 5,036.37
FTSE 100 7,487.87 0.77% 1.00% -0.48% 11.36% 4.83% 7,547.63 6,634.40
DAX 12,447.25 -0.04% -1.54% -3.43% 21.46% 8.42% 12,888.95 9,981.24
CAC 5,199.22 -0.32% -0.69% -2.10% 18.30% 6.93% 5,432.40 4,321.08
NIKKEI 20,144.59 0.62% 0.22% 0.38% 22.96% 5.39% 20,230.41 16,083.11
Hang Seng 26,740.21 0.26% 1.50% 3.15% 20.83% 21.54% 26,740.21 21,574.76
MSCI Ex. JP 454.58 -0.09% 1.51% 4.27% 25.60% 27.96% 455.00 348.49
S&P Volatility (VIX Index) 9.58 -2.15% -3.23% -7.62% -26.59% -31.77% 22.51 9.51
Dow Jones Real Estate 318.33 -0.42% 1.49% -0.83% -4.56% 4.43% 338.01 287.10
Dow Jones Financial Sector 537.82 -0.11% 0.01% 0.80% 21.68% 6.85% 540.14 437.91
Dow Jones Construction Material 675.32 -0.85% -0.31% 0.04% 5.01% 7.04% 681.12 580.39
Dow Jones Energy 536.42 -0.50% 1.03% -0.13% -4.75% -13.51% 638.25 520.96
Dow Jones Technology 1,862.97 0.03% 2.06% 3.14% 33.14% 23.58% 1,862.97 1,372.35
Dow Jones Health Care 861.91 0.65% 1.83% 3.15% 9.74% 17.87% 861.91 697.23
Dow Jones Consumer Services 839.26 -0.24% 0.88% -0.61% 10.87% 9.71% 860.20 713.91
SET Indices
SET Index 1,575.28 -0.04% -0.26% -0.37% 4.68% 2.10% 1,591.00 1,406.18
SET 100 Index 2,243.43 -0.15% -0.19% -0.26% 4.52% 3.00% 2,271.25 2,000.16
SET 50 Index 998.59 -0.16% -0.08% 0.27% 4.82% 3.50% 1,009.23 896.30
MAI Index 564.16 -0.31% -0.28% -1.81% -1.46% -8.46% 646.02 493.07
Energy 20,447.67 -0.02% 0.78% -0.29% 8.46% -0.38% 21,627.10 17,550.63
Bank 522.46 -0.88% -2.82% -0.11% 5.61% 4.65% 550.93 469.29
Property 291.20 0.39% -0.92% -3.11% 2.05% 7.90% 300.56 251.01
Transportation 318.82 1.80% 1.91% 4.96% 11.13% 13.77% 318.82 256.38
Construction Materials 13,263.75 -0.50% -0.03% -1.97% -1.92% 1.89% 14,295.50 12,324.97
ICT 165.66 -0.44% -0.14% 2.47% -0.06% 12.22% 173.26 140.39
Electronic 2,163.57 -1.31% -2.77% -7.18% 18.72% 0.93% 2,343.26 1,738.15
Commerce 35,828.44 -0.20% 0.20% -1.79% 9.28% -3.07% 37,477.05 32,356.84
Hospitality & Leisure 640.32 1.87% 0.45% 6.19% 3.87% 6.71% 646.81 567.42
Fixed Income and FX
US 2-Y yield 1.35 -0.29% -0.82% -0.29% 79.35% 13.78% 1.41 0.64
US 5-Y yield 1.82 -0.36% -3.85% 1.68% 60.44% -5.68% 2.14 1.02
US 10-Y yield 2.26 -0.47% -3.65% 3.25% 44.70% -7.58% 2.63 1.45
US Ted Spread 0.17 -17.44% -38.02% -39.65% -61.58% -66.33% 0.69 0.17
Thai 2-Y yield 1.52 -0.17% -0.77% 0.83% -1.68% -10.59% 1.75 1.50
Thai 5-Y yield 1.90 0.22% -0.33% -2.89% 11.09% -12.26% 2.31 1.68
Thai 10-Y yield 2.57 0.94% 0.72% 2.02% 22.71% -3.46% 2.90 2.01
Thai TED Spread 0.33 0.73% 23.82% 80.42% 38.58% 258.06% 0.33 0.07
Dollar Index 94.31 -0.50% -1.49% -3.32% -2.93% -7.73% 103.30 94.16
French CDS USD SR 5Y 18.39 -5.10% -14.55% -23.65% -42.97% -50.32% 70.36 18.39
Greece 5Yr USD CDS 5124.67 0.00% 0.00% 0.00% 0.00% 0.00% 5,124.67 5,124.67
Portugal 5Yr USD CDS 170.96 -1.62% -7.02% -7.10% -37.84% -37.61% 310.32 170.96
Ireland 5Yr USD CDS 31.72 0.00% -7.49% -20.12% -50.98% -50.24% 70.26 31.72
Spain 5Yr USD CDS 62.31 -4.29% -9.07% -6.11% -30.69% -17.60% 95.25 62.31
Italy 5Yr USD CDS 135.80 -3.22% -8.18% -7.04% -0.01% -13.62% 197.28 123.81
German 5Yr USD CDS 13.70 -4.03% -8.62% -9.52% -18.19% -37.09% 25.23 13.62
US 5Yr CDS 19.89 0.00% 0.00% 0.00% 0.00% 0.00% 19.89 19.89
Thailand 5Yr CDS 64.63 1.29% 3.56% 10.79% -28.97% -20.79% 104.83 51.41
Indonesia 5Yr CDS 115.73 12.78% -0.93% 1.52% -28.77% -26.70% 198.85 102.35
Philippines 5Yr CDS 72.94 -5.06% -0.24% 1.07% -27.53% -33.49% 134.81 71.09
USD : EURO 1.15 -0.16% 1.04% 2.67% 4.58% 9.09% 1.16 1.04
USD : POUND 0.77 0.84% -0.14% -1.10% 1.39% -4.93% 0.83 0.75
USD : Yen 112.31 0.25% -0.59% 1.21% 7.55% -3.85% 118.35 99.99
USD : Yuan 6.77 0.24% -0.18% -0.68% 1.44% -2.50% 6.96 6.62
Source: Bloomberg
Daily Stats
%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
Current Price Related Stocks
Nymex Futures 1 M (USD/bbl) 46.79 -0.70% 1.54% 5.86% 9.02% -12.90% 54.45 39.51 PTT, PTTEP
GRM (USD/bbl) 7.85 7.68% 10.88% 20.77% 173.52% 12.30% 10.80 2.87 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 84.33 0.00% 0.80% 1.27% 34.22% -8.59% 112.90 62.57 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 948.00 0.00% 6.76% 11.79% 36.21% -1.35% 1,338.00 631.00 TTA , P SL, RCL, JUTHA , A SIM A R
Gold (USD/ounce) 1,236.95 -0.25% 1.17% -1.15% -6.36% 6.68% 1,364.26 1,130.70
Thai Gold Bar (Bath/15.244 g) 19,860.00 0.05% 0.40% -1.73% -9.85% 0.20% 22,670.00 19,330.00
Near Month Gold Future (Baht) 19,650.00 -0.25% 0.26% -2.00% -9.86% 0.00% 22,450.00 19,150.00
Silver (USD/ounce) 1,618.00 -0.31% 1.44% -2.94% -17.78% -0.37% 2,071.00 1,522.00
Copper Spot (USD/MT) 5,925.25 -0.07% 1.23% 3.90% 20.50% 7.28% 6,103.50 4,595.00
CRB Index 178.40 -0.14% 2.32% 4.15% -1.56% -7.33% 195.14 166.50
Zinc (USD/tonne) 2,727.00 -0.73% -2.73% 6.69% 22.31% 5.86% 2,924.00 2,175.00 PDI
Malaysian Palm Oil (MYR/tonne) 2,581.50 0.00% -1.84% -3.93% 10.49% -19.29% 3,348.00 2,336.50 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 14.41 -0.62% 1.91% 5.41% -20.74% -22.73% 21.21 12.76 KBS,KSL, KTIS, BRR
Soybeans (USD/lb) 9.82 1.39% 4.00% 8.03% -0.63% -0.43% 10.58 8.76
Soybean Oil (USD/pound) 33.22 1.56% 2.78% 4.40% 18.94% 0.91% 37.43 27.83 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 332.00 3.94% 3.94% 9.90% -7.52% 2.72% 359.00 293.50
Rubber (JPY/kg) 216.20 4.09% 8.15% 10.76% 40.66% -18.08% 351.40 149.50 STA, TRUBB
Chicken - (Bt/kg) 38.00 0.00% -1.30% -6.17% 4.11% -7.32% 43.50 34.75 CPF,GFPT
Pork (Bt/kg) 57.88 0.00% 0.00% -7.77% -11.64% -13.93% 77.63 57.38 CPF
Ethylene (USD/tonne) 900.00 0.00% 1.69% 0.56% -15.89% -18.18% 1,290.00 880.00
Propyene (USD/tonne) 820.00 0.00% -0.61% 0.00% 16.31% -2.96% 965.00 705.00
HDPE (USD/tonne) 1,070.00 0.00% 0.00% -0.93% -5.73% -8.55% 1,200.00 1,070.00
PVC CFR Far East (USD/tonne) 880.00 0.0% 2.3% 2.3% 8.6% -2.2% 960.00 810.00
Naptha (USD/tonne) 435.50 1.16% 6.41% 5.19% 17.70% -12.29% 528.88 343.75
Ethylene Spread (Olefin) 464.50 -1.06% -2.36% -3.43% -33.64% -23.03% 819.25 453.37 PTTGC
Propylene Spread (Olefin) 384.50 -1.28% -7.52% -5.30% 14.78% 10.33% 473.50 299.50 PTTGC
HDPE Spread (Olefin) 634.50 -0.78% -3.97% -4.73% -17.06% -5.79% 791.25 612.75 PTTGC, SCC
Hot Rolled Coil (USD/tonne) 467.50 0.00% 1.08% 6.25% 27.21% -5.56% 499.00 365.00 SSI, GSTEL, GJS
Slab (USD/tonne) 410.00 0.00% 3.14% 5.81% 30.16% -2.38% 427.50 315.00 SSI
Scrap (USD/tonne) 281.00 0.00% -0.18% 10.20% 24.06% 1.26% 282.00 201.00 TSTH, GSTEL, GJS
Spread HRC-Slab (USD/tonne) 57.50 0.00% -11.54% 9.52% 9.52% -23.33% 87.50 27.50 SSI
Source : Bloomberg, SET Smart
Daily Stats
Director Trade
Director Trade
Transact ion Stock Types of Name of Management Transaction Avg Price Amount Tot al Remark
Date Securities (Bt ) (shares) (Bt)
19-Jul-17 BLAND Common share ANANT KANJANAPAS Buy 1.84 20,004,300 36,807,912
17-Jul-17 ECF Common share WALLOP SUKSAWAD Sell 4.10 10,000,000 41,000,000
17-Jul-17 ECF Common share WARAPORN SUKSAWAD Sell 4.10 10,000,000 41,000,000
19-Jul-17 ECL W arrant 2 DANUCHA VERAPONG Buy 2.40 105,200 252,480
17-Jul-17 FVC W arrant 2 DANUJ BUNNAG Buy 1.73 300,000 519,000
17-Jul-17 FVC W arrant 2 DANUJ BUNNAG Sell 1.80 600,000 1,080,000
18-Jul-17 FVC W arrant 2 DANUJ BUNNAG Buy 1.76 150,000 264,000
18-Jul-17 FVC W arrant 2 DANUJ BUNNAG Sell 1.82 50,000 91,000
19-Jul-17 FVC Common share MONTRIE PRAJUNPANICH Buy 2.90 178,500 517,650
20-Jul-17 GUNKUL W arrant SOMBOON AUEATCHASAI Sell 1.63 5,500 8,965
18-Jul-17 T MC Common share THAWEEMIT KAMOLMONGKOLSUK Buy 1.27 25,000,000 31,750,000
17-Jul-17 T MC Common share TUBTIM KAMOLMONGKOLSUK Buy 1.15 25,000,000 28,750,000
19-Jul-17 UTP Common share BOONNAM BOONNAMSUP Buy 6.90 50,000 345,000
19-Jul-17 UTP Common share BOONNAM BOONNAMSUP Buy 6.95 150,000 1,042,500
30-Jun-17 VNG Common share PHATTRA SAHAWAT Buy 12.33 480,000 5,918,400
21-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.70 128,800 1,635,760
27-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.55 400,000 5,020,000
28-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.57 600,000 7,542,000
29-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.40 900,000 11,160,000
19-Jul-17 VIBHA W arrant PHIJIT WIRIYAMETTAKUL Buy 1.67 5,000 8,350
19-Jul-17 W AVE W arrant CATHLEEN MALEENONT Sell 1.67 2,485,692 4,151,106
Source : www.sec.or.th
Daily Stats
Insider Trading
Change 1W (Bt mn) Change 1M (Btmn) Change 3M (Bt mn) Change 6M (Btmn) Change YTD (Btmn)
Daily Stats
Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
07/21/2017 14:30 Thailand Foreign Reserves 14-Jul-17 -- -- $184.3b --
07/21/2017 14:30 Thailand Forward Contracts 14-Jul-17 -- -- $32.0b --
07/21/2017 07/27 Thailand Car Sales Jun -- -- -- --
07/28/2017 14:30 Thailand Foreign Reserves 21-Jul-17 -- -- -- --
07/28/2017 14:30 Thailand Forward Contracts 21-Jul-17 -- -- -- --
07/28/2017 07/31 Thailand Mfg Production Index ISIC NSA YoY Jun 1.20% -- 1.40% --
07/28/2017 07/31 Thailand Capacity Utilization ISIC Jun -- -- 6210.00% --
07/21/2017 06:50 Japan Japan Buying Foreign Bonds 14-Jul-17 -- 947.8b 839.5b 805.8b
07/21/2017 06:50 Japan Japan Buying Foreign Stocks 14-Jul-17 -- 438.6b 324.9b 325.3b
07/21/2017 06:50 Japan Foreign Buying Japan Bonds 14-Jul-17 -- 413.7b -408.5b -413.4b
07/21/2017 06:50 Japan Foreign Buying Japan Stocks 14-Jul-17 -- 341.0b -35.0b -35.2b
07/21/2017 12:30 Japan Nationwide Dept Sales YoY Jun -- -- 0.00% --
07/21/2017 12:30 Japan Tokyo Dept Store Sales YoY Jun -- -- -1.10% --
07/21/2017 15:00 Eurozone ECB Survey of Professional Forecasters 0 0 0 0
07/24/2017 07:30 Japan Nikkei Japan PMI Mfg Jul P -- -- 52.4 --
07/24/2017 12:00 Japan Supermarket Sales YoY Jun -- -- -1.80% --
07/24/2017 12:00 Japan Leading Index CI May F -- -- 104.7 --
07/24/2017 12:00 Japan Coincident Index May F -- -- 115.5 --
07/24/2017 15:00 Eurozone Markit Eurozone Manufacturing PMI Jul P 57.2 -- 57.4 --
07/24/2017 15:00 Eurozone Markit Eurozone Services PMI Jul P 55.5 -- 55.4 --
07/24/2017 15:00 Eurozone Markit Eurozone Composite PMI Jul P 56.2 -- 56.3 --
07/24/2017 20:00 China Conference Board China June Leading Economic Index 0 0 0 0
07/24/2017 20:45 United States Markit US Manufacturing PMI Jul P 52.1 -- 52 --
07/24/2017 20:45 United States Markit US Services PMI Jul P -- -- 54.2 --
07/24/2017 20:45 United States Markit US Composite PMI Jul P -- -- 53 --
07/24/2017 21:00 United States Existing Home Sales Jun 5.56m -- 5.62m --
07/24/2017 21:00 United States Existing Home Sales MoM Jun -1.20% -- 1.10% --
07/25/2017 20:00 United States FHFA House Price Index MoM May 0.50% -- 0.70% --
07/25/2017 20:00 United States S&P CoreLogic CS 20-City MoM SA May 0.20% -- 0.28% --
07/25/2017 20:00 United States S&P CoreLogic CS 20-City YoY NSA May 5.70% -- 5.67% --
07/25/2017 20:00 United States S&P CoreLogic CS 20-City NSA Index May -- -- 197.19 --
07/25/2017 20:00 United States S&P CoreLogic CS US HPI YoY NSA May -- -- 5.50% --
07/25/2017 20:00 United States S&P CoreLogic CS US HPI NSA Index May -- -- 188.5 --
07/25/2017 21:00 United States Conf. Board Consumer Confidence Jul 116 -- 118.9 --
07/25/2017 21:00 United States Conf. Board Present Situation Jul -- -- 146.3 --
07/25/2017 21:00 United States Conf. Board Expectations Jul -- -- 100.6 --
07/25/2017 21:00 United States Richmond Fed Manufact. Index Jul 7 -- 7 --
07/26/2017 06:50 Japan PPI Services YoY Jun 0.80% -- 0.70% --
07/26/2017 12:00 Japan Small Business Confidence Jul 49.5 -- 49.2 --
07/26/2017 18:00 United States MBA Mortgage Applications 21-Jul-17 -- -- 6.30% --
07/26/2017 21:00 United States New Home Sales Jun 615k -- 610k --
07/26/2017 21:00 United States New Home Sales MoM Jun 0.80% -- 2.90% --
07/27/2017 01:00 United States FOMC Rate Decision (Upper Bound) 26-Jul-17 1.25% -- 1.25% --
07/27/2017 01:00 United States FOMC Rate Decision (Lower Bound) 26-Jul-17 1.00% -- 1.00% --
07/27/2017 06:50 Japan Japan Buying Foreign Bonds 21-Jul-17 -- -- 947.8b --
07/27/2017 06:50 Japan Japan Buying Foreign Stocks 21-Jul-17 -- -- 438.6b --
07/27/2017 06:50 Japan Foreign Buying Japan Bonds 21-Jul-17 -- -- 413.7b --
07/27/2017 06:50 Japan Foreign Buying Japan Stocks 21-Jul-17 -- -- 341.0b --
07/27/2017 08:00 China Swift Global Payments CNY Jun -- -- 1.61% --
07/27/2017 08:30 China Industrial Profits YoY Jun -- -- 16.70% --
Source : Bloomberg
Daily Stats
Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
07/27/2017 15:00 Eurozone M3 Money Supply YoY Jun 5.00% -- 5.00% --
07/27/2017 19:30 United States Durable Goods Orders Jun P 3.00% -- -0.80% --
07/27/2017 19:30 United States Initial Jobless Claims 22-Jul-17 -- -- 233k --
07/27/2017 19:30 United States Durables Ex Transportation Jun P 0.50% -- 0.30% --
07/27/2017 19:30 United States Continuing Claims 15-Jul-17 -- -- 1977k --
07/27/2017 19:30 United States Cap Goods Orders Nondef Ex Air Jun P 0.40% -- 0.20% --
07/27/2017 19:30 United States Cap Goods Ship Nondef Ex Air Jun P -- -- 0.10% --
07/27/2017 19:30 United States Advance Goods Trade Balance Jun -$65.0b -- -$65.9b -$66.3b
07/27/2017 19:30 United States Wholesale Inventories MoM Jun P -- -- 0.40% --
07/27/2017 19:30 United States Retail Inventories MoM Jun -- -- 0.60% --
07/27/2017 19:30 United States Chicago Fed Nat Activity Index Jun -- -- -0.26 --
07/27/2017 20:45 United States Bloomberg Consumer Comfort 23-Jul-17 -- -- 47.6 --
07/27/2017 22:00 United States Kansas City Fed Manf. Activity Jul -- -- 11 --
07/28/2017 06:30 Japan Jobless Rate Jun 2.90% -- 3.10% --
07/28/2017 06:30 Japan Job-To-Applicant Ratio Jun 150.00% -- 149.00% --
07/28/2017 06:30 Japan Overall Household Spending YoY Jun 0.50% -- -0.10% --
07/28/2017 06:30 Japan Natl CPI YoY Jun 0.40% -- 0.40% --
07/28/2017 06:30 Japan Natl CPI Ex Fresh Food YoY Jun 0.30% -- 0.40% --
07/28/2017 06:30 Japan Natl CPI Ex Fresh Food, Energy YoY Jun -0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI YoY Jul 0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI Ex-Fresh Food YoY Jul 0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI Ex-Fresh Food, Energy YoY Jul -0.10% -- -0.20% --
07/28/2017 06:50 Japan Retail Sales MoM Jun 0.40% -- -1.60% -1.50%
07/28/2017 06:50 Japan Retail Trade YoY Jun 2.40% -- 2.00% 2.10%
07/28/2017 06:50 Japan Dept. Store, Supermarket Sales Jun 0.50% -- -0.60% --
07/28/2017 16:00 Eurozone Economic Confidence Jul 110.8 -- 111.1 --
07/28/2017 16:00 Eurozone Business Climate Indicator Jul 1.18 -- 1.15 --
07/28/2017 16:00 Eurozone Industrial Confidence Jul 4.7 -- 4.5 --
07/28/2017 16:00 Eurozone Services Confidence Jul 13.7 -- 13.4 --
07/28/2017 16:00 Eurozone Consumer Confidence Jul F -- -- -1.7 --
07/28/2017 19:30 United States Rev isions: G D P data from 2014-16; reference y ear remains 2009 0 0 0 0
07/28/2017 19:30 United States GDP Annualized QoQ 2Q A 2.50% -- 1.40% --
07/28/2017 19:30 United States Personal Consumption 2Q A 2.90% -- 1.10% --
07/28/2017 19:30 United States GDP Price Index 2Q A 1.50% -- 1.90% --
07/28/2017 19:30 United States Core PCE QoQ 2Q A -- -- 2.00% --
07/28/2017 19:30 United States Employment Cost Index 2Q 0.60% -- 0.80% --
07/28/2017 21:00 United States U. of Mich. Sentiment Jul F 93 -- 93.1 --
07/28/2017 21:00 United States U. of Mich. Current Conditions Jul F -- -- 113.2 --
07/28/2017 21:00 United States U. of Mich. Expectations Jul F -- -- 80.2 --
07/28/2017 21:00 United States U. of Mich. 1 Yr Inflation Jul F -- -- 2.70% --
07/28/2017 21:00 United States U. of Mich. 5-10 Yr Inflation Jul F -- -- 2.60% --
Source : Bloomberg
Daily Stats
Company's Calendar
As of 20 July 2017
Mon Tue Wed Thu Fri Sat
17-Jul-17 18-Jul-17 19-Jul-17 20-Jul-17 21-Jul-17 22-Jul-17
0
1DIV-XD@0.4566
CCN-XR5(O):1(N)@6
New Listing: BA01C1712A
New Listing: BA01P1712A
New Listing: BCP01C1712A
New Listing: BCP01P1712A
New Listing: CENT01C1712A
New Listing: CENT01P1712A
New Listing: CPN01P1712A
New Listing: DELT01C1712A
New Listing: IVL01C1712A
New Listing: IVL01P1712A
New Listing: IVL13C1802A
New Listing: MINT01C1712A
New Listing: MINT01P1712A
New Listing: MTLS01C1712A
New Listing: MTLS01P1712A
New Listing: PSH01C1712A
New Listing: PSH01P1712A
New Listing: S13C1802A
New Listing: S5001C1709I
New Listing: S5001C1710A
New Listing: S5001P1709I
New Listing: S5001P1710A
New Listing: SPAL01C1712A
New Listing: SPRC01C1712A
New Listing: SPRC01P1712A
New Listing: TASC01C1712A
New Listing: TASC01P1712A
New Listing: THAI01C1712A
New Listing: THAI01P1712A
New Listing: TPIP01P1712A
Remark
XD - Cash Dividend XR - Rights for Common
XD(ST) - Stock Dividend XW - Rights for Warrant
Daily Stats
Company's Calendar
A s of 20 July 2017
Mon Tue Wed Thu Fri Sat
17-Jul-17 18-Jul-17 19-Jul-17 20-Jul-17 21-Jul-17 22-Jul-17
0
Delisted share: JAS13C1707A
31-Jul-17 1-A ug-17 2-A ug-17 3-A ug-17 4-A ug-17 5-A ug-17
Delisted share: BA27C1707A Delisted share: M42C1707A Delisted share: MAX-W2 Delisted share: CHG08C1707A Delisted share: TRUE06C1707A
Delisted share: BBL27C1707A Delisted share: SCCC42C1707A Delisted share: LPN08C1707A Delisted share: AAV23C1707A
Delisted share: BCH27C1707A Delisted share: STPI42C1707A Delisted share: PLAN08C1707A Delisted share: BANP23C1707A
Delisted share: KBAN27C1707A Delisted share: TICO42C1707A Delisted share: STPI08C1707A Delisted share: BBL23P1707A
Delisted share: KBAN27P1707A Delisted share: UV42C1707A Delisted share: SPRC08C1707A Delisted share: BEM23C1707A
Delisted share: PTTE27P1707A Delisted share: PTTG42C1707A Delisted share: SUPE08C1707A Delisted share: BJCH23C1707A
Delisted share: SCB27C1707A Delisted share: PTTG42P1707A Delisted share: TISC08C1707A Delisted share: BTS23C1707A
Delisted share: THAI27C1707A Delisted share: ROBI42C1707A Delisted share: TKN08C1707A Delisted share: CBG23C1707A
Delisted share: ROBI42P1707A Delisted share: VIBH08C1707A Delisted share: INTU23P1707A
Delisted share: SAMA42C1707A Delisted share: S5028C1707A Delisted share: KBAN23P1707A
Delisted share: SAMA42P1707A Delisted share: S5028P1707A Delisted share: PTT23P1707A
Delisted share: SAWA42C1707A Delisted share: STPI23C1707A
Delisted share: SAWA42P1707A Delisted share: UNIQ23C1707A
Delisted share: SCB42C1707A Delisted share: AOT23C1707A
Delisted share: SCB42P1707A Delisted share: AOT23P1707A
Delisted share: SPAL42C1707A Delisted share: BLA23C1707A
Delisted share: SPAL42P1707A Delisted share: CENT23C1707A
Delisted share: TASC42C1707A Delisted share: KTC23C1707A
Delisted share: THAI42C1707A Delisted share: LH23C1707A
Delisted share: THCO42C1707A Delisted share: PTTE23P1707A
Delisted share: THCO42P1707A Delisted share: SAWA23C1707A
Delisted share: TPIP42C1707A Delisted share: TCAP23C1707A
Delisted share: TPIP42P1707A Delisted share: TRUE23P1707A
Delisted share: TRUE42C1707A Delisted share: ITD24C1707A
Delisted share: TRUE42P1707A Delisted share: PTTG24C1707A
Delisted share: TTW42C1707A Delisted share: AOT24C1707A
Delisted share: TU42C1707A Delisted share: WORK11C1707A
Delisted share: TU42P1707A Delisted share: PSH01C1707A
Delisted share: VNG42C1707A Delisted share: PSH01P1707A
Delisted share: SPRC01C1707A
Delisted share: SPRC01P1707A
Delisted share: TKN01C1707A
Delisted share: BA11C1707A
Delisted share: BDMS11C1707A
Delisted share: BEAU11C1707A
Delisted share: BH11C1707A
Delisted share: BLAN11C1707A
Delisted share: CBG11C1707A
Delisted share: DELT11C1707A
Delisted share: IRPC11C1707A
Delisted share: KTC11C1707A
Delisted share: MAJO11C1707A
Delisted share: MINT11C1707A
Delisted share: MINT11P1707A
Delisted share: PTTG11C1707A
Delisted share: QH11C1707A
Delisted share: SIRI11C1707A
Delisted share: SPRC11C1707A
Delisted share: STPI11C1707A
Delisted share: THCO11C1707A
Delisted share: TKN11C1707A
Delisted share: TU11C1707A
Delisted share: BBL24C1707A
Delisted share: GUNK24C1707A
Delisted share: CBG24C1707A
Delisted share: GLOB24C1707A
Delisted share: ADVA01C1707A
Delisted share: ADVA01P1707A
Delisted share: AOT01C1707A
Delisted share: AOT01P1707A
Delisted share: DTAC01C1707A
Delisted share: DTAC01P1707A
Delisted share: GPSC01C1707A
Delisted share: GPSC01P1707A
Delisted share: INTU01C1707A
Delisted share: INTU01P1707A
Delisted share: PTTE01C1707A
Delisted share: PTTE01P1707A
Delisted share: TRUE01C1707A
Delisted share: TRUE01P1707A
Delisted share: BA01C1707A
Delisted share: BA01P1707A
Delisted share: BCP01C1707A
Delisted share: BCP01P1707A
Delisted share: CENT01C1707A
Delisted share: CENT01P1707A
Delisted share: CPF01C1707A
7-A ug-17 8-A ug-17 9-A ug-17 10-A ug-17 11-A ug-17 12-A ug-17
Daily Stats
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject security(ies) and subject company(ies); and
no part of the compensation of the research analyst(s) was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in
the report.
Investment Ratings
Outperform : Expected total return of 10% or more within a 12-month period
Neutral : Expected total return between -10% and 10% within a 12-month period
Underperform : Expected total return of -10% or worse within a 12-month period
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on inside information.
The survey result is as of the data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after
that date. KS does not confirm nor certify the accuracy of such survey result.
Structured Notes and Derivative Warrants Disclaimer
KS may be the issuer of structured notes on these securities.
KS acts as market maker and issuer of Derivative Warrants (DWs) on the underlying stocks listed below. Investors should carefully read the details of the DWs
in the prospectus before making any investment decisions.
DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BA, BANPU, BBL, BCH, BCP, BDMS, BEAUTY, BEM, BH, BLA, BLAND, BTS, CBG, CENTEL, CHG, CK, CKP,
CPALL, CPF, CPN, DELTA, DTAC, EA, EPG, GL, GLOW, GPSC, GUNKUL, HMPRO, INTUCH, ICHI, IRPC, ITD, IVL, KCE, KTB, KTC, LH, LPN, MAJOR, MINT, MTLS,
PLANB, PSH, PTG, PTT, PTTEP, PTTGC, QH, ROBINS, SAWAD, SCB, SCC, SIRI, SPALI, SPRC, STEC, STPI, TASCO, TCAP, THAI, THCOM, TKN, TMB, TOP, TPIPL, TRUE,
TTA, TU, TVO, UNIQ, VGI, WHA and WORK