Daily report Wed, Oct 3, 2018

Sawasdee SET
 

SET index Close: 2/10/2018 1,748.09 -12.38 / -0.70% Bt63,300mn

SET50 index Close: 2/10/2018 1,150.93 -10.31 / -0.89% Bt39,488mn

S-T retracement, opportunity to buy Table of contents

Multi-asset price update 2
Market outlook: The SET went down yesterday along with regional indices Commodities daily price update 3
from a shift in regional portfolio allocation back to US equities. The shift is Market update 6
Fund flows monitor 7
uneven, with different directions in the S&P500 and NASDAQ (fund inflows Short sales 8
supported stocks that benefit from trade). However, we see this retracement as Director trade 9
S-T. The positives in the SET will limit fund outflow from now on. We see Corporate calendar 10
New digest 11
supports at 1735-1740. Resistances are at 1760-1765.

Market strategy: Hold on to medium to long-term portfolio. We prefer: SET index movement
1,900 (pts) PE Band
1) 4Q18 investment strategy top picks – AMATA, ROJNA, WHA, BBL, KTB and 19.0x
1,800 18.2x
TMB; 2) October portfolio top picks: BDMS and CPALL; 3) commodity plays: oil 17.4x
1,700
sector – PTT and PTTEP – and shipping sector – PSL and PRM (we also like 1,600
16.6x
15.8x
refinery - IRPC and SPRC – and zinc producer – PDI); 3) technical stocks: EPCO 1,500
15.0x

and KCE. 1,400

1,300

Today’s highlights 1,200

Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18
Agreement on NAFTA spurred fund shift to US stocks. The SET underwent a
sell-off yesterday, as did US stock market, but in differing directions: S&P500
flat, NASDAQ -0.5%, Russeell2000 -1.0% and DJIA +0.5% (supported by Boeing and Technical supports and resistances*
Caterpillar). VIX closed up 0.4% and MSCI Thailand ETF closed down 0.7%, 1765 R2
following the SET. 1760 R1
Domestic factors remain strong, limiting the downside risk from fund 1748 SET
outflow. These include: 1) upcoming general election; 2) strong economy after 1740 S1
BoT governor said he expected 2018 GDP growth at 4.4%, the highest in 10
years, supporting corporate earnings; 3) rising bond yield, which will bring in 1735 S2

more funds. We see this retracement as an opportunity to accumulate. SET index series 
Investors regain appetite for Electronic sector. Expected strength in 3Q18F Index 2-Oct Chg Chg Value
(pts) (pts) (%) (Btmn)
and 4Q18F has drawn investors back to the Electronics sector. SCBS estimates SET 1,748.09 (12.38) (0.70) 63,300
high YoY earnings growth for SVI and KCE. The slowing THB appreciation helped SET50 1,150.93 (10.31) (0.89) 39,488
SET100 2,561.90 (21.44) (0.83) 51,429
speculation in these names. sSET 932.55 (6.01) (0.64) 2,362
SETHD 1,318.36 (8.39) (0.63) 16,131
4Q18 investment strategy and October top picks: Banking on SETCLMV 1,125.46 (8.38) (0.74) 14,618
investment. We select two major sectors that will benefit from Thailand SETTHSI 1,102.12 (9.65) (0.87) 28,179
mai 455.39 0.03 0.01 1,873
investment cycle – Industrial estates (AMATA, ROJNA and WHA) and Bank
(BBL, KTB and TMB). For October top picks, we also added BDMS, CPALL and Trading summary by investor type
(Btmn) 2-Oct WTD MTD YTD
PTT in laggard names. Foreign
Commodity plays: refinery – IRPC and SPRC are our preference, while PDI will Buy 21,587 38,158 38,158 4,024,559
Sell 24,861 40,957 40,957 4,236,232
benefit from zinc price rebound. We also retain our preference for PTT and Net (3,274) (2,799) (2,799) (211,673)
PTTEP on strong oil price performance. PSL (cut loss 13.4) is our preferred Institution
Buy 5,922 12,919 12,919 1,256,073
shipper (sell PRM). Sell 8,666 15,795 15,795 1,118,317
Net (2,743) (2,876) (2,876) 137,756
Technical picks: EPCO (S 3.74 R 4.00 C 3.58), KCE (S 42.75 R 45.00 C41.50). PropTrade
Buy 8,750 15,990 15,990 1,402,147
Today’s reports Sell 9,018 15,146 15,146 1,406,208
Net (268) 844 844 (4,062)
Residential property – Non-stop momentum Individual
Buy 27,965 50,597 50,597 4,491,296
SCC – Moderate earnings in 3Q18F Sell 21,679 45,766 45,766 4,413,317
Net 6,285 4,831 4,831 77,979
What to watch S50 futures trading by foreign investors
Date Event
(Contract) 2-Oct WTD MTD YTD
1 Oct Economic release: US – Final manufacturing PMI, ISM manufacturing PMI Buy 33,717 47,158 47,158 6,653,148
EU- Final manufacturing PMI; TH – CPI y/y Sell 39,749 56,038 56,038 6,669,872
2 Oct Economic release: EU – PPI m/m; JP – Tankan manufacturing and non-manufacturing index, Net (6,032) (8,880) (8,880) (16,724)
Final Manufacturing PMI
3 Oct Economic release: US – ISM non-manufacturing PMI, Crude oil Inventories Bond trading by foreign investors
EU – Final services PMI, retail sales m/m; CN- Caixin services PMI (Btmn) 2-Oct WTD MTD YTD
4 Oct Economic release: US – ADP non-farm employment change, Initial jobless claims Foreign
Event: Buy 7,177 14,709 14,709 1,123,535
5 Oct Economic release: US – Trade balance, Average hourly earnings m/m, Non-farm Sell 1,988 7,390 7,390 890,419
Net 5,188 7,319 7,319 233,116
employment change, Unemployment rate
* SCBS Investment Research estimates

See the end of this report for disclaimer Page 1

Sawasdee SET
Multi-asset price update
Key indicator update
Close 2-Oct WoW MoM YoY YTD Comment:
Financial market condition
VIX Index 12.05 0.42 (2.98) (6.30) 27.51 9.15  VIX was almost unchanged, with no new
Europe CDS (bps) 68.928 1.60 (0.43) 0.67 13.01 24.15 factors influencing movement
LIBOR OIS Spread (bps) 1.94792 0.19 (2.10) 5.72 48.37 48.27
TED Spread (bps) 0.1908 (1.39) 2.19 (3.61) (12.46) (12.78)  USD was stable after comments by the
Exchange rate FOMC chairman
Dollar Index 95.51 0.22 1.46 0.39 2.08 3.67
USD/THB 32.31 0.22 (0.22) (1.43) (3.32) (0.83)  US treasury yield went down on mute
EUR/USD 1.16 (0.07) (1.80) (0.32) (1.47) (3.65) development after the Fed’s press
USD/JPY 113.66 (0.27) 0.68 2.42 0.81 0.88 conference
Bond: (Change in basis points)
TH Gov Bond 2Y 1.95% 0.19 (2.10) 5.72 48.37 48.27
TH Gov Bond 10Y 2.82% (1.00) (1.71) 7.89 36.59 28.30
US Gov Bond 2Y 2.82% (0.80) (2.80) 18.60 132.82 92.80
US Gov Bond 10Y 3.06% (2.40) (4.60) 20.30 71.52 65.06
Commodities
CRB Index 415.23 0.07 (0.11) 0.93 (2.64) (3.96)
Gold (US$/oz) 1,203.30 1.19 0.22 0.15 (5.31) (7.61)
Gross Refining Margin (US$/bbl) 6.01 (2.91) 5.25 7.51 (18.56) (8.66)
Dubai Crude (US$/bbl) 82.43 (0.51) 3.78 9.50 51.22 27.86
NYMEX Crude (US$/bbl) 75.23 (0.09) 4.08 7.78 48.73 24.51
Baltic Dry Index (pts) 1,570.00 0.96 8.28 (0.57) 18.22 14.93

Thai and US 10-year government bond yield Thai and US 10-year government bond spread
3.3 0.3 (pts) +2SD = 0.22
(%)
UST 10Y
3.1 0.2
2.9 0.1 +1SD = 0.05

2.7 0.0
2.5 TH GB10Y Avg = -0.12
(0.1)
2.3
(0.2)
-1SD = -0.29
2.1
(0.3)
1.9
(0.4) -2SD = -0.46
1.7
1.5 (0.5)

Jun-18
Nov-17

Jan-18

May-18

Aug-18

Sep-18
Oct-17

Dec-17

Mar-18

Apr-18

Jul-18

Oct-18
Feb-18
Jun-18
Nov-17

Jan-18

May-18

Aug-18

Sep-18
Oct-17

Dec-17

Mar-18

Apr-18

Jul-18

Oct-18
Feb-18

THB/USD exchange rate Regional foreign exchange rate spot return

35 (THB/USD)
Japanese Yen
34 Offshore Deliverable CNY
34 +2SD = 33.8
China Renminbi
33 Indian Rupe e
+1SD = 33.07
33 Malaysian Ringgit
32 Avg = 32.34 Hong Kong Dollar
-1SD = 31.61
32 Singapore Dollar
31 -2SD = 30.88 Thai Baht
31 Philippines Peso
30 Taiwan Dollar
30 South Korean Won
29 Indonesian Rupiah
Jun-18
Nov-17
Oct-17

Jan-18

May-18

Jul-18

Aug-18

Sep-18

Oct-18
Dec-17

Mar-18

Apr-18
Feb-18

(1.0) (0.8) (0.6) (0.4) (0.2) 0.0 0.2 0.4

(% Change 1 day)

Gold Brent crude

1,400 (US$/Troy ounce) 90 (US$/bbl)
+2SD = 1377.67 +2SD = 82.7

1,350 +1SD = 1329.15 80 +1SD = 76.26

Avg = 69.81
1,300 Avg = 1280.63 70
-1SD = 63.36
-1SD = 1232.11
1,250 60 -2SD = 56.91
-2SD = 1183.59
1,200 50

1,150 40

1,100 30
Jun-18

Aug-18
Nov-17

Jan-18

May-18

Jul-18

Sep-18
Oct-17

Dec-17

Mar-18

Apr-18

Oct-18
Feb-18

Jun-18

Aug-18
Nov-17

May-18

Sep-18
Oct-17

Jan-18

Mar-18

Apr-18

Jul-18

Oct-18
Dec-17

Feb-18

Wed, Oct 3, 2018 Page 2

Sawasdee SET
Commodities daily price update
As of -1W Avg. Price % % Avg. Price % Avg. Price % Update
2-Oct-18 % QTD in 4Q18 QoQ YoY in '17 YoY in '18 YoY
CRB Index 415.23 (0.4) 415.23 (1.6) (3.4) 433.02 6.9 435.27 0.5 Daily

Energy Prices
Crude Oil - Dubai (US$/bbl) 82.37 3.9 81.67 10.6 38.0 53.07 28.5 70.00 31.9 Daily
Brent Crude (US$/bbl) 84.73 4.3 84.92 12.7 38.2 54.35 23.2 72.43 33.3 Daily
West Texas Int. Cushing (US$/bbl) 75.23 3.7 75.27 8.0 22.5 50.87 17.5 66.93 31.6 Daily
Crude Oil - Asia-Pacific Tapis Oil Spot (US$/bbl) 86.47 4.1 85.68 11.2 39.5 55.56 22.1 74.08 33.3 Daily
Natural Gas Henry Hub (US$/mmBTU) 3.16 3.8 3.14 8.7 5.9 2.95 1.8 2.89 (1.9) Daily
Coal Price NEX (US$/MT) 114.80 0.3 114.80 (3.1) 16.2 89.49 36.1 109.10 21.9 Friday
Oil Product Prices and Gross Refinery Margin
Gas Oil 500 ppm Sulfer Singapore (U$/bbl) 99.90 6.1 98.63 10.6 37.9 65.25 25.2 85.08 30.4 Daily
Gasoline, 92 RON Spot (US$/bbl) 91.15 5.0 91.15 2.2 31.3 63.78 24.8 78.90 23.7 Daily
Fuel Oil 180 Singapore Spot (US$/bbl) 74.98 9.0 74.82 (16.1) 39.4 48.79 38.8 62.79 28.7 Daily
Jet Kerosene - Spot Price (US$/bbl) 95.25 6.8 94.67 9.9 33.5 64.46 22.0 82.95 28.7 Daily
GRM-Reuters SINREF (US$/bbl) 6.01 5.3 6.10 (0.3) (15.7) 7.09 14.9 6.39 (9.8) Daily
Olefins Product Prices and Spread
Ethylene, FOB Japan Spot (US$/MT) 1,210 (2.8) 1,210 (14.9) (3.9) 1,142 7.3 1,301 13.9 Tuesday
Ethylene Spread (US$/MT) 541 (11.1) 548 55.0 (26.8) 701 (1.5) 735 4.9 Daily
Propylene (Olefins), FOB Japan Spot (US$/MT) 1,130 0.4 1,130 5.9 24.0 870 22.3 1,043 20.0 Tuesday
Propylene Spread (US$/MT) 461 (5.7) 468 (0.2) 16.5 428 19.6 477 11.5 Daily
Naphtha - Singapore Spot FOB (US$/MT) 669 5.2 662 10.6 29.9 442 25.0 566 28.1 Daily
Polyolefins Prices and Spread
Polye HDPE SE Asia (US$/MT) 1,275 0.0 1,275 (2.8) 1.5 1,178 3.0 1,340 13.7 Tuesday
HDPE-Naphtha Spread (US$/MT) 606 (5.1) 613 (14.0) (17.9) 736 (6.8) 774 5.1 Daily
Polye LDPE-Film, CFR SE Asia Spot (US$/MT) 1,150 0.0 1,150 (1.1) (8.8) 1,257 5.5 1,209 (3.8) Tuesday
LDPE-Naphtha Spread (US$/MT) 481 (6.4) 488 (13.4) (35.0) 815 (2.7) 643 (21.0) Daily
PP Film, Spot South East Asia (US$/MT) 1,270 0.0 1,270 0.2 8.2 1,120 11.7 1,274 13.7 Tuesday
PP Spread (US$/MT) 601 (5.2) 608 (9.0) (8.5) 679 4.5 708 4.3 Daily
MEG Prices and Spread
MEG, CFR South East Asia (US$/MT) 900 2.3 900 (4.9) (0.9) 853 (78.1) 970 13.7 Tuesday
MEG Spread (US$/MT) 150 38.6 150 21.0 17.2 145 n.m. 163 n.m. Tuesday
Aromatics Product Prices and Spread
Paraxylene, FOB USG Spot (US$/MT) 1,250 4.6 1,250 11.9 52.1 800 9.2 993 24.3 Tuesday
Paraxylene Spread (US$/MT) 554 5.6 560 13.9 75.9 347 (8.1) 400 15.4 Tuesday
Paraxylene - 92 RON Spread (US$/MT) 472 3.9 473 13.5 105.9 255 (13.8) 321 25.4 Daily
Toluene, FOB Korea Spot (US$/MT) 815 0.6 815 3.9 20.3 652 10.9 752 15.3 Tuesday
Benzene, CFR Japan Spot (US$/MT) 870 2.4 870 0.8 4.0 822 28.2 868 5.6 Tuesday
Benzene Spread (US$/MT) 201 (6.0) 208 (21.3) (36.3) 380 32.1 302 (20.7) Daily
Benzene - 92 RON Spread (US$/MT) 92 (15.8) 93 (43.2) (62.1) 278 35.2 195 (30.0) Daily
Condensate (US$/MT) 696 3.9 690 10.4 37.1 453 27.5 593 31.0 Daily
PTA Prices and Spread
PTA, CFR South East Asia (US$/MT) 1,040 1.0 1,040 9.3 49.3 667 8.9 850 27.3 Tuesday
PTA Spread (US$/MT) 203 (11.7) 203 (0.4) 38.5 132 7.8 184 39.9 Tuesday
PVC Prices and Spread
PVC, CFR South East Asia (US$/MT) 870 0.0 870 (7.6) (1.5) 896 8.2 940 4.8 Tuesday
Ethylene Spread (US$/MT) 329 26.0 322 51.5 140.2 196 66.9 205 4.7 Tuesday
Ethylene Dichloride CFR Far East Asia (US$/MT) 370 0.0 370 9.0 103.7 254 (1.7) 280 10.3 Tuesday
Metal
Gold (US$/Troy Ounce) 1,203 0.2 1,196 (1.3) (6.3) 1,258 0.8 1,282 1.9 Daily
LME Copper 3 Month Rolling Forward (US$/MT) 6,254 (0.4) 6,246 1.9 (9.0) 6,202 27.2 6,671 7.6 Daily
Silver Future (US$/Troy Ounce) 15 1.6 15 (3.1) (14.5) 18 (1.8) 16 (7.2) Daily
China Composite Steel Prices (CNY/MT) 4,655 (1.0) 4,655 1.8 3.4 4,052 45.1 4,406 8.7 Daily
Agriculture Prices
Malaysian Crude Palm Oil Spot Price(MYR/MT) 2,089 (1.2) 2,089 (4.5) (19.8) 2,791 5.2 2,340 (16.2) Daily
SGX Ribbed Smoked Sheet 3 (RSS3) Futures (US$/KG 143 1.3 143 (1.7) (10.3) 200 21.5 160 (19.8) Daily
Sugar #11 (US$/LB) 12 8.8 12 2.1 (22.9) 16 (5.2) 13 (19.6) Daily
NBSK Pulp (Canada) CIF Korea (US$/MT) 1,205 0.0 1,205 0.0 26.6 880 9.7 1,140 29.5 Daily
Freight Rate
Baltic Freight Index: BDIY 1,570 8.3 1,563 (2.9) 4.3 1,149 70.0 1,349 17.4 Daily
Baltic Supramax Index: BSI58 1,189 (0.1) 1,191 10.7 22.5 867 n.a. 1,027 18.5 Daily

Source: Bloomberg, Bisnews, BANPU and SCBS Investment Research

Wed, Oct 3, 2018 Page 3

 0
2
4
6
8
10

40
50
60
70
80
90
100
110
120
130
380
390
400
410
420
430
440
450
460

600
700
800
900
1,000
1,100
1,200
1,300
1,400
500
700
900
1,100
1,300
1,500
1,700
Oct-17 Oct-17 Oct-17
Oct-17 Oct-17
Oct-17 Oct-17 Oct-17

(pts)
Oct-17

Wed, Oct 3, 2018

Oct-17

Olefins prices
Nov-17 Nov-17 Nov-17

(US$/MT)
Nov-17

Coal price (NEX)

(US$/bbl)
Nov-17

(US$/MT)
(US$/MT)

Aromatics prices
Dec-17 Dec-17 Dec-17
Dec-17 Dec-17
Jan-18 Jan-18 Jan-18

Gross refinery margin

Jan-18 Jan-18
Feb-18 Feb-18 Feb-18
Sawasdee SET

Feb-18 Feb-18
Mar-18 Mar-18 Mar-18
Mar-18 Mar-18
Apr-18 Apr-18 Apr-18 Apr-18
Apr-18
May-18 May-18 May-18 May-18
May-18

Benzene
Paraxylene
Jun-18 Jun-18 Jun-18 Jun-18 Jun-18
CRB US Spot All Commodities Price Index

Jul-18 Jul-18 Jul-18 Jul-18 Jul-18

Commodities daily chart update

Aug-18 Aug-18 Aug-18 Aug-18 Aug-18

Ethylene
Propylene
Sep-18 Sep-18 Sep-18 Sep-18 Sep-18

Oct-18 Oct-18 Oct-18 Oct-18 Oct-18

30
40
50
60
70
80
90

2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4

200
300
400
500
600
700
800
30
40
50
60
70
80
90
100
110

0
200
400
600
800
1,000
1,200
Oct-17 Oct-17 Oct-17
Oct-17
Oct-17
Oct-17 Oct-17 Oct-17
Oct-17
Crude prices

Oct-17
Nov-17 Nov-17
(US$/bbl)

Nov-17 Nov-17

(US$/MT)
(US$/bbl)

Olefins spreads
Nov-17

(US$/MT)
Dec-17 Dec-17
Oil product prices

Dec-17 Dec-17

Aromatics spreads
(US$/mmBTU)
Dec-17
Jan-18 Jan-18 Jan-18
Jan-18 Jan-18
Gasoline

Feb-18 Feb-18 Feb-18

Feb-18 Feb-18
Mar-18
Jet Kerosene

Mar-18 Mar-18 Mar-18

Ethylene Spread
Mar-18
Natural gas prices (Henry hub)

Apr-18 Apr-18 Apr-18

Apr-18
Brent

Apr-18
Dubai

May-18 May-18 May-18

May-18 May-18

Benzene Spread
Jun-18

Paraxylene Spread
Jun-18 Jun-18 Jun-18 Jun-18
West Texas Int

Jul-18 Jul-18 Jul-18

Jul-18 Jul-18
Gas Oil
Fuel Oil

Aug-18 Aug-18 Aug-18

Aug-18 Aug-18
Sep-18 Sep-18 Sep-18 Sep-18
Sep-18
Oct-18

Propylene Spread
Oct-18 Oct-18 Oct-18 Oct-18

Page 4
 800
1,800
2,800
3,800
4,800
5,800
1,050
1,100
1,150
1,200
1,250
1,300
1,350
1,400
800
850
900
950
1,000
800
1,000
1,200
1,400
1,600

2,000
2,200
2,400
2,600
2,800
3,000
PVC price
Oct-17 Oct-17 Oct-17 Oct-17 Oct-17

Gold price

Wed, Oct 3, 2018

Oct-17 Oct-17 Oct-17 Oct-17 Oct-17

(pts)
Nov-17 Nov-17 Nov-17

(US$/MT)
Nov-17

Steel price index

Nov-17 (US$/MT)
Polyolefins prices

(MYR/MT)
Dec-17 Dec-17 Dec-17 Dec-17 Dec-17
Jan-18 Jan-18 Jan-18 Jan-18 Jan-18

(US$/Troy ounce)
Sawasdee SET

Feb-18 Feb-18 Feb-18 Feb-18 Feb-18

PP

Mar-18 Mar-18 Mar-18 Mar-18 Mar-18

Malaysian crude palm oil price

LDPE
HDPE

Apr-18 Apr-18 Apr-18 Apr-18 Apr-18

May-18 May-18 May-18 May-18 May-18

Source: Bloomberg, Bisnews, BANPU, SCBS Investment Research

Jun-18 Jun-18 Jun-18 Jun-18 Jun-18
Jul-18 Jul-18 Jul-18 Jul-18
Jul-18
Commodities daily chart update

Aug-18 Aug-18 Aug-18 Aug-18

Aug-18
Sep-18 Sep-18 Sep-18 Sep-18
Sep-18
Oct-18 Oct-18 Oct-18 Oct-18
Oct-18

0
50
100
150
200
250
200
250
300
350
400
450

0
500
1,000
1,500
2,000
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
500
700
900
1,100

Oct-17 Oct-17
Oct-17 Oct-17 Oct-17
Oct-17
PVC spread

Oct-17
Oct-17 Oct-17 Oct-17

(pts)
Nov-17 Nov-17

(US$/kg)
(US$/MT)

Nov-17 Nov-17 Nov-17

(US$/MT)

(US$/MT)
Dec-17 LME copper price Dec-17
Dec-17

Baltic freight index

Dec-17 Dec-17
Jan-18 Jan-18
Jan-18 Jan-18 Jan-18
Feb-18 Feb-18 Feb-18
Feb-18 Feb-18

Rubber price (RSS3) futures

Mar-18 Mar-18 Mar-18
Polyolefins-Naphtha spreads

Mar-18 Mar-18
Apr-18 Apr-18 Apr-18 Apr-18 Apr-18
PP Spread

May-18 May-18 May-18 May-18 May-18

LDPE spread
HDPE Spread

Jun-18 Jun-18 Jun-18 Jun-18 Jun-18

Jul-18 Jul-18 Jul-18 Jul-18 Jul-18
Aug-18 Aug-18 Aug-18 Aug-18 Aug-18
Sep-18 Sep-18 Sep-18 Sep-18 Sep-18
Oct-18 Oct-18 Oct-18 Oct-18 Oct-18

Page 5
Sawasdee SET
Market update
Global market movement
Performance (%) PE (x) EPS gth (%) PBV (x) ROE (%)
2-Oct Index Chg (pts) 1D WTD MTD YTD 18F 19F 18F 19F 18F 19F 18F 19F
S&P 500 2,923 (1.16) (0.0) 0.3 0.3 9.3 17.9 16.3 32.5 10.2 3.4 3.1 18.8 19.3
Euro Stoxx 600 382 (2.00) (0.5) (0.3) (0.3) (1.9) 14.6 13.4 19.0 9.6 1.8 1.7 10.4 10.7
Japan 24,271 24.86 0.1 0.6 0.6 6.6 17.1 15.2 4.3 12.2 1.8 1.7 10.5 10.5
Hang Seng 27,126 (662.14) (2.4) (2.4) (2.4) (9.3) 11.1 10.0 0.9 11.0 1.2 1.1 12.9 12.9
MSCI Asia x J 643 (11.90) (1.8) (1.9) (1.9) (9.9) 12.4 11.2 5.5 10.9 1.5 1.4 13.1 13.0
Philippines 7,132 (89.72) (1.2) (2.0) (2.0) (16.7) 16.6 14.7 11.1 12.8 1.9 1.7 11.4 11.3
Indonesia 5,876 (68.98) (1.2) (1.7) (1.7) (7.6) 15.4 13.5 35.1 14.4 2.3 2.1 17.0 17.4
Malaysia 1,798 5.69 0.3 0.3 0.3 0.1 17.3 16.2 (0.6) 6.9 1.8 1.7 10.7 10.8
Thailand 1,748 (12.38) (0.7) (0.5) (0.5) (0.3) 16.2 14.7 8.4 9.9 2.0 1.9 13.2 12.4
Asean 4 - simple avg. (0.7) (1.0) (1.0) (6.1) 16.4 14.8 13.5 11.0 2.0 1.8 13.1 13.0
China 2,821 0.00 0.0 0.0 0.0 (14.7) 11.5 10.1 21.2 13.4 1.3 1.2 12.2 12.1
India 36,526 0.00 0.0 0.8 0.8 7.3 19.6 16.3 27.3 20.3 2.8 2.5 14.4 16.0
Singapore 3,243 (12.81) (0.4) (0.4) (0.4) (4.7) 13.2 12.2 (19.6) 8.0 1.1 1.1 9.6 9.8
Taiwan 10,920 (132.17) (1.2) (0.8) (0.8) 2.6 14.1 13.4 10.2 4.5 1.8 1.7 13.8 13.8
Korea 2,310 (29.31) (1.3) (1.4) (1.4) (6.4) 9.3 8.7 29.3 6.9 1.0 0.9 19.5 16.6
Others (0.6) (0.4) (0.4) (3.2) 13.5 12.1 13.7 10.6 1.6 1.5 13.9 13.7

Regional sector movement

 

Price performance (%) * Retail - Consumer Staples

2-Oct WoW MoM YTD
Oil, Gas & Coal
Banking (0.35) (1.10) (3.60) (15.72)
Construction Mat.
Chemicals (0.42) (1.73) (4.24) (15.73)
Construction Mat. (0.29) (1.84) (5.42) (16.02) Banking

Consumer Products (0.94) (1.76) (2.86) (13.89) Transportation

Health Care (0.66) (1.31) (2.25) (5.90) Chemicals
Oil, Gas & Coal (0.08) 0.95 1.47 (11.79)
Real Estate
Real Estate (0.53) (1.31) (3.76) (14.07)
Health Care
Retail - Consumer Staples 0.13 (0.09) (2.03) (15.65)
Telecommunications (0.80) (1.14) (3.14) (12.15) Telecommunications

Transportation (0.39) (0.86) (4.07) (20.51) Consumer Products

Regional Thailand (1.20) (1.00) (0.80) (0.60) (0.40) (0.20) 0.00 0.20

* Regional sector price performances (%) are based on US$ and Thai sector price performances (%) are based on baht

Thailand sector movement

Price performance (%) mai
2-Oct WoW MTD YTD ICT
Banking (0.46) (0.98) (0.76) (3.25) Banking
Commerce (0.89) (0.99) (0.95) (7.26) Energy & Utilities
Construction Materials (1.00) (1.79) (0.66) (9.04) SET
Energy & Utilities (0.62) 1.38 0.33 11.39 Transportation
Food & Beverage (1.22) (0.87) (1.20) (13.11) SET50
Health Care (1.11) (0.48) (1.82) 10.63 Commerce
ICT (0.43) (0.28) (0.44) (2.24) Petrochemicals
Petrochemicals (0.93) (0.02) (0.19) 1.27 Construction Materials
Property (1.33) 0.29 (0.52) 0.08 Health Care
Transportation (0.85) (1.96) (1.21) (3.92) Food & Beverage
SET (0.70) 0.01 (0.47) (0.32) Property
SET50 (0.89) (0.45) (0.67) 1.39 (1.4) (1.2) (1.0) (0.8) (0.6) (0.4) (0.2) 0.0 0.2
MAI 0.01 1.18 (0.22) (15.73) (% Change 1 day)

10 Most active stocks by value Top 10 gainers Top 10 losers

Stock Price Value Chg Stock Price Value Chg Stock Price Value Chg
(Bt) (Btmn) (%) (Bt) (Btmn) (%) (Bt) (Btmn) (%)
PTT 54.50 4,150.29 (0.46)  AQ 0.04 0.16 33.33 MAX 0.02 0.62 (33.33)
PTTEP 156.50 3,157.04 (2.19)  SPORT 0.42 0.38 10.53 U 0.03 9.37 (25.00)
CPALL 69.75 3,057.91 0.36 7UP 0.48 21.35 9.09 SBPF 3.00 0.07 (8.54)
AOT 64.50 2,136.84 (0.77)  PRECHA 1.98 20.17 8.20 MPIC 1.60 0.00 (5.88)
PTTGC 80.75 1,962.34 (1.22)  TRC 0.59 35.90 7.27 WORK 38.75 442.58 (4.91)
GULF 77.50 1,778.90 1.97 BLA 35.00 475.27 6.87 SPPT 4.20 11.54 (4.55)
EA 50.50 1,351.29 0.50 TFI 0.32 0.00 6.67 SUPER 0.85 577.70 (4.49)
IVL 59.25 1,314.78 (0.84)  EMC 0.32 3.68 6.67 SSC 40.00 0.01 (4.19)
ADVANC 199.50 1,301.22 (0.25)  TPA 6.80 0.04 6.25 HUMAN 11.80 60.25 (4.07)
MTC 48.75 1,178.75 1.04 SYNTEC 4.30 210.05 5.39 ROBINS 68.25 322.71 (3.87)

Wed, Oct 3, 2018 Page 6

Sawasdee SET
Fund flow monitor
Regional foreign fund flows to equity
(US$ Mn) Thailand Indonesia Philippines Malaysia Vietnam India Taiwan South Korea Japan
Daily
2-Oct-18 (101) (7) (7) 477 (469) (302)
1-Oct-18 15 25 (13) 5 4 66 (63)
28-Sep-18 38 59 (1) (3) 9 (234) 89 (281)
27-Sep-18 (54) (8) (10) (9) 4 86 377 223
26-Sep-18 3 16 (10) 17 1 (96) (9)
Weekly
WTD (87) 19 (20) 5 481 (896) (403) (365) (4,617)
28-Sep-18 (5) 108 (33) 51 18 (896) 579 (57) 0
21-Sep-18 89 68 (31) 125 (30) (325) 923 1,328 (4,617)
14-Sep-18 (89) (51) (65) 1 28 (379) 554 (309) (13,222)
7-Sep-18 (232) (192) (83) (160) (7) 286 89 (1,109) 0
Monthly
MTD (87) 19 (20) 5 481 0 (403) (365) 0
Sep-18 (236) (66) (213) 16 9 (1,314) 2,144 (148) (17,839)
Aug-18 (319) (106) (89) (23) (67) (278) 1,108 1,652 (10,663)
Jul-18 (321) 54 (49) (415) (111) 208 (4) 113 7,011
YTD (6,604) (3,668) (1,590) (2,125) 1,876 (2,006) (6,074) (2,454) (59,236)

Thailand daily foreign net flows

 

Equity SET50 futures Bond

(Btmn) (Contract) (Btmn)* (Btmn)
1,601 991 1,220 Daily
475
Equity

97 82
2-Oct-18 (3,274) (6,032) (1,387) 5,188
Weekly
(597) (717) WTD (2,799) (8,880) (2,050) 7,319
(1,737) 28-Sep-18 (161) (13,801) (3,185) 4,686
(3,274) 21-Sep-18 2,903 (17,424) (4,040) 22,832
4,225 14-Sep-18 (2,910) 8,639 1,993 12,863
1,228 795 7-Sep-18 (7,589) (15,045) (3,347) 5,144
Monthly
Futures

MTD (2,799) (8,880) (2,050) 7,319

(1,494) (2,848)
(3,230) (4,419) Sep-18 (7,756) (37,631) (8,578) 45,525
(8,792) (6,032) Aug-18 (10,418) (21,768) (4,823) 70,992
(11,257) Jul-18 (10,622) 96,442 21,032 (413)
Quarterly
4,043 16,942 1,179 QTD (2,799) (8,880) (2,050) 7,319
2,589 3,6852,131 5,188 3Q18 (28,797) 37,043 7,631 116,104
2Q18 (121,960) 2,023 617 (11,185)
(72) (1,487)
Bond

(1,280) 1Q18 (58,117) (46,910) (10,882) 120,878

4Q17 (35,417) (66,959) (14,639) 64,235
YTD (211,673) (16,724) (4,684) 233,116
1-Oct

2-Oct
19-Sep

20-Sep

21-Sep

24-Sep

25-Sep

26-Sep

27-Sep

28-Sep

2017 (25,755) (168,542) (35,727) 357,183

2016 77,927 70,081 13,407 330,926

Foreign net flow and SET movement SET50 and its foreign ownership (excluding NVDR)
50,000 (Foreign Accumulate - Btmn) (SET Index) 1,900 1,250 (pts) (%) 27.5

0 1,800 1,200 27.0

1,150
(50,000) 1,700 26.5
1,100
(100,000) 1,600 26.0
1,050
(150,000) 1,500 25.5
1,000
(200,000) 1,400 25.0
950
SET50 Index (LHS)
(250,000) Foreign Accumulate (1Year) 1,300 900 24.5
% Foreign Ownership (RHS)
SET Index 850 24.0
(300,000) 1,200
Jul-17

Jul-18
Jan-17
Feb-17

Apr-17
May-17

Oct-17

Jan-18
Feb-18

Apr-18
May-18

Oct-18
Jun-17

Aug-17

Jun-18
Nov-17

Aug-18
Sep-17

Sep-18
Mar-17

Dec-17

Mar-18
Jul-18
Oct-17

Jan-18

Feb-18

Oct-18
Nov-17

Apr-18

May-18

Aug-18
Jun-18

Sep-18
Dec-17

Mar-18

Foreign buy/sell activity monitor

Most foreign holding value change Top-5 NVDR net buy/sell
Fgn hld ∆ Fgn Buy* Fgn hld ∆ Fgn Sell* Buy* Sell*
(%) (M.shares) (Btmn) (%) (M.shares) (Btmn) (Btmn) (Btmn)
PTT 14.56 5.83 318 STEC 17.98 (10.63) (263) BCH 174 PTTEP (692)
PTTEP 14.17 2.03 318 CPALL 33.59 (3.73) (260) GLOW 144 ADVANC (424)
ADVANC 36.98 1.08 216 SCC 19.61 (0.46) (202) INTUCH 130 PTT (421)
COM7 4.33 3.34 74 CPN 26.97 (1.66) (136) GULF 115 AOT (397)
BEAUTY 11.39 5.37 63 BCP 14.90 (3.25) (114) KBANK 87 IVL (327)
TU 32.27 2.84 49 BDMS 16.52 (3.78) (94) COM7 86 LH (278)
SCB 26.44 0.30 43 SAWAD 28.78 (1.87) (89) JKN 74 PTTGC (259)
STA 15.86 2.26 40 AOT 11.17 (1.32) (85) SYNTEC 48 CPALL (233)
LH 24.73 2.99 34 HMPRO 11.65 (5.20) (79) DTAC 45 BH (176)
BTS 19.74 3.54 33 TISCO 38.85 (0.93) (77) SCC 40 TOP (149)

* SCBS Investment Research estimates

Wed, Oct 3, 2018 Page 7

Sawasdee SET
Short sales
Short sale volume
Volume Turnover Average price Last price Gap between last
comparing with main
(Shares) (Bt) (Bt) 2-Oct-18 close and short
board
PCSGH 188,000 1,453,595 7.73 7.70 0.41 13.38
SPRC 1,377,600 20,535,120 14.91 14.90 0.04 8.17
CBG 180,200 9,429,600 52.33 52.00 0.63 7.13
IRPC 8,146,200 54,178,925 6.65 6.65 0.01 7.05
THCOM 60,300 579,145 9.60 9.55 0.57 6.25
PTTEP 1,250,400 197,278,450 157.77 156.50 0.81 6.25
CENTEL 375,300 15,391,700 41.01 40.75 0.64 5.94
THAI 917,200 14,494,200 15.80 15.80 0.02 4.98
BEM 3,537,700 30,696,795 8.68 8.55 1.49 4.94
WORK 558,200 21,825,250 39.10 38.75 0.90 4.93
CK 205,100 5,537,700 27.00 26.75 0.93 4.66
BEAUTY 2,462,100 29,323,800 11.91 11.80 0.93 4.23
GGC 37,000 429,200 11.60 11.60 0.00 4.13
BEC 460,000 3,151,500 6.85 6.80 0.75 3.96
AEONTS 29,600 6,124,800 206.92 207.00 (0.04) 3.95
COM7 558,800 12,495,590 22.36 22.20 0.73 3.91
BTS 1,158,000 10,788,700 9.32 9.25 0.72 3.55
SCB 122,200 17,944,600 146.85 146.50 0.24 3.25
PTT 2,302,700 125,623,100 54.55 54.50 0.10 3.04
TRUE 2,168,000 13,224,800 6.10 6.05 0.83 3.01
EPG 517,600 4,316,165 8.34 8.45 (1.32) 2.89
WHA 6,200,000 27,898,000 4.50 4.46 0.89 2.56
TCAP 55,500 2,992,375 53.92 53.75 0.31 2.51
KTC 488,300 17,251,725 35.33 35.25 0.23 2.15
SPALI 70,000 1,687,000 24.10 24.00 0.42 2.15
PTG 700,000 9,395,000 13.42 13.30 0.91 1.94
KTB 400,000 8,060,000 20.15 20.10 0.25 1.92
KCE 83,700 3,542,775 42.33 43.00 (1.56) 1.81
QH 1,000,000 3,420,000 3.42 3.40 0.59 1.79
AOT 592,600 38,155,300 64.39 64.50 (0.18) 1.79
ADVANC 110,700 22,019,150 198.91 199.50 (0.30) 1.69
SGP 100,000 1,240,000 12.40 12.30 0.81 1.51
ORI 50,000 885,000 17.70 17.50 1.14 1.46
TASCO 103,000 1,627,700 15.80 15.80 0.02 1.43
TOP 121,900 10,613,200 87.06 86.50 0.65 1.34
KBANK 45,000 9,630,000 214.00 213.00 0.47 1.34
RS 185,100 3,870,590 20.91 20.90 0.05 1.25
BDMS 316,800 7,999,200 25.25 25.00 1.00 1.24
BPP 26,700 694,200 26.00 25.50 1.96 1.23
BBL 50,100 10,471,000 209.00 209.00 0.00 1.21
MTC 255,000 12,571,250 49.30 48.75 1.13 1.06
EA 285,000 14,197,500 49.82 50.50 (1.35) 1.05
HMPRO 400,000 6,100,000 15.25 15.10 0.99 0.99
BH 30,800 5,765,200 187.18 186.50 0.37 0.98
SAWAD 113,800 5,428,375 47.70 47.50 0.42 0.94
ROBINS 43,600 2,989,675 68.57 68.25 0.47 0.93
PLANB 50,000 352,500 7.05 7.00 0.71 0.90
GLOBAL 120,900 2,423,800 20.05 19.90 0.74 0.90
BANPU 360,000 6,912,000 19.20 19.10 0.52 0.84
PTTGC 194,700 15,870,200 81.51 80.75 0.94 0.81
THANI 110,000 1,012,000 9.20 9.05 1.66 0.68
STEC 208,500 5,190,800 24.90 24.70 0.79 0.59
VGI 47,700 373,695 7.83 7.80 0.44 0.57
SCC 9,400 4,182,400 444.94 442.00 0.66 0.51
TU 88,300 1,545,250 17.50 17.20 1.74 0.50
SYNEX 22,000 351,000 15.95 16.00 (0.28) 0.44
MINT 107,500 4,473,375 41.61 40.75 2.12 0.42
DTAC 18,000 838,350 46.58 46.50 0.16 0.41
EGCO 4,600 1,081,000 235.00 234.00 0.43 0.40
STA 101,000 1,767,300 17.50 17.50 (0.01) 0.40
AMATA 104,300 2,550,350 24.45 24.70 (1.00) 0.39
TKN 58,100 1,004,320 17.29 17.00 1.68 0.37
KKP 10,800 808,400 74.85 74.75 0.14 0.32
GPSC 4,200 287,000 68.33 67.75 0.86 0.27
S 100,000 378,000 3.78 3.78 0.00 0.23
CKP 200,200 1,051,080 5.25 5.45 (3.67) 0.20
IVL 44,100 2,629,225 59.62 59.25 0.62 0.20
BJC 18,000 1,068,325 59.35 58.00 2.33 0.19
PSH 2,100 43,890 20.90 20.80 0.48 0.10
CPALL 41,500 2,899,625 69.87 69.75 0.17 0.10
CPN 5,700 468,575 82.21 82.00 0.25 0.09
ESSO 5,400 83,160 15.40 15.40 0.00 0.04
BCH 5,400 105,300 19.50 19.20 1.56 0.03
Source: SET, SCBS Investment Research

Wed, Oct 3, 2018 Page 8

Sawasdee SET
Director trade
1. Director trade as reported on October 2, 2018.
Company Name of Director Product Transaction Amount Average Price Amount Buy/Sell
date (Shares) (Bt) (Bt)
APEX Mr. Pongphan Sampawakoop Warrant 02-10-18 94,973,043 0.02 1,899,461 Sale
CHG Mr. Yanyong Amornphithakkun Common Share 27-09-18 500,000 2.82 1,410,000 Sale
DCON Mr Chana Towan Common Share 01-10-18 76,000 0.56 42,560 Purchase
EA Mr. Sutham Songsiri Common Share 01-10-18 25,000 50.00 1,250,000 Sale
JKN Mr Jakkaphong Jakrajutatip Warrant 28-09-18 300,000 1.96 588,000 Purchase
JKN Mr Jakkaphong Jakrajutatip Warrant 01-10-18 256,100 1.97 504,517 Purchase
MOONG Mr Methin Lersumitkul Common Share 01-10-18 785,800 6.60 5,186,280 Sale
OCEAN Mr. Uchai Vilailerstpoca Common Share 28-09-18 17,500,000 2.00 35,000,000 Sale
OCEAN Mr. Uchai Vilailerstpoca Common Share 01-10-18 9,953,400 2.15 21,399,810 Sale
PSTC Mr. Suvit Singhajan Common Share 02-10-18 200,000 0.70 140,000 Sale
SUSCO Mr. Mongkol Simaroj Common Share 01-10-18 50,000 3.26 163,000 Purchase
TSTE Mr. Prapas Chutimavoraphan Common Share 01-10-18 5,000 7.20 36,000 Purchase
TTI Mr Kumjorn Chuenchoochit Common Share 27-09-18 500 29.00 14,500 Purchase
UTP Mr. Chatree Pornchanya Common Share 02-10-18 500 11.20 5,600 Purchase
Total Purchase 1,354,177
Sale 66,285,551
Net (64,931,374)

2. 12-month cumulative net buy/sell for SCBS-covered stocks with activity as of last close
CHG
1,000 3.00
('000 shares) (Bt/share)
0
2.80
(1,000)
2.60
(2,000)
(3,000) 2.40
(4,000)
2.20
(5,000) Cumulative Net Buy/Sell
2.00
(6,000) Avg. Price
(7,000) 1.80
Jul-18
Jan-18
Oct-17

Feb-18

Apr-18

May-18

Jun-18

Aug-18
Nov-17

Sep-18
Mar-18
Dec-17

Wed, Oct 3, 2018 Page 9

Sawasdee SET
Corporate calendar
October
Monday Tuesday Wednesday Thursday Friday
1 2 3 4 5
XD PD XD XE XD
LANNA Bt0.45 ESSO Bt0.2 SWC Bt2 TMILL-W1 1 : 1 @Bt2 MODERN Bt0.1
New securities Share listing XR PD
KWM (mai index) PDJ 2,156,473 Shares SPORT 1 : 3 @Bt0.20 TPIPP Bt0.1
New warrant XW MBK Bt0.37
META-W3 SPORT 3 : 1
CW
SHREIT
TREIT
Last trading day
TMILL-W1
Share listing
ORI 3,515,966 Shares
SPI 3,543,853 Shares
8 9 10 11 12
XD XE PD XD
TCAP Bt1 BTS-W3 1 : 1 @Bt12 MACO Bt0.018 PTT Bt0.8
TCAP-P Bt1 PD TFMAMA Bt1.91
XE AAV Bt0.135 PD
AQ-W4 1 : 1 @Bt0.05 UAC Bt0.1 ENGY Bt0.05
15 16 17 18 19
Substitution for XD XW PD
H.M. King Bhumibol Adulyadej ORI Bt0.04 SANKO 3 : 1 SWC Bt2
Memorial Day ORI 2 : 1 XD(ST)
XW
EMC 2 : 1
PD
LANNA Bt0.45
MODERN Bt0.1
22 23 24 25 26
PD Chulalongkorn Day PD PD
TCAP Bt1 TFMAMA Bt1.91 PTT Bt0.8
TCAP-P Bt1
29 30 31
XR PD
FNS 2.5 : 1 @Bt5.00 ORI Bt0.04
ORI 2 : 1 XD(ST)

XD - Cash Dividend XR - Rights for Common XE - Warrant Exercise

XD(ST) - Stock Dividend XW - Rights for Warrant CW - Capital write-down
PD – Payment Date XT - Rights for Transferable Subscription Right SP - Suspension

Wed, Oct 3, 2018 Page 10

Sawasdee SET
News digest
Global economics and market update
Global economy Johnson assaults May's Brexit plan at fractious meeting. Ex-foreign secretary and likely leadership
challenger Boris Johnson on Tuesday launched a blistering attack on Prime Minister Theresa May's Brexit
plan at a fractious party conference that came as Brussels pressed London for a compromise on leaving
the EU. (AFP, 02/10/18)
Cambodia economy to grow 7.25% this year, says IMF Cambodia's economic growth should stay at
7.25% this year and 7% next year, the International Monetary Fund (IMF) said on Tuesday. (Bangkok
Post, 02/10/18)
Fed's Powell sees 'remarkably positive outlook' for economy that may be 'too good to be true'.
Federal Reserve Chairman Jerome Powell cited a "remarkably positive outlook" for a U.S. economy
enjoying both low unemployment and inflation. A reporter asked Powell after last week's Fed meeting
whether the outlook was "too good to be true," and he said it was "a reasonable question." (CNBC,
03/10/18)
Currencies The dollar continued to move up in late trading Tuesday as British pound and euro turned weaker. In late
New York trading, the euro fell to 1.1544 dollars from 1.1575 dollars in the previous session, and the
British pound was down to 1.2978 dollars from 1.3037 U.S. dollars in the previous session. The U.S. dollar
bought 113.66 Japanese yen, lower than 113.97 Japanese yen of the previous session. (Xinhua, 3/10/18)
Commodities Gold futures on the COMEX division of the New York Mercantile Exchange rose sharply on
Tuesday as the dispute over Italy's budget deficit sent euro and European stocks lower, triggering safe-
haven demand. The most active gold contract for December delivery went up US$15.30, or 1.28%, to
close at US$1207.00/oz. (Xinhua, 3/10/18)
WTI intermediate for November delivery fell 7 cents to settle at US$75.23. (Xinhua, 3/10/18)
Brent crude for December delivery fell 18 cents to settle at US$84.80. (Xinhua, 3/10/18)
Equity markets U.S. stocks ended mixed on Tuesday with the Dow securing triple-digit gains, boosted by
rallying Intel shares. The Dow Jones Industrial Average increased 122.73 points, or 0.46 percent, to
26,773.94. The S&P 500 decreased 1.16 points, or 0.04 percent, to 2,923.43. The Nasdaq Composite
Index was down 37.76 points, or 0.47 percent, to 7,999.55. (Xinhua, 3/10/18)

Wed, Oct 3, 2018 Page 11

Sawasdee SET
Thailand economics and market update
Thai economy Economic growth slower in H2. The private sector expects economic growth to slow down in the
second half of this year on slower exports and tourism, rising imports, oil prices and the baht's
appreciation. (Bangkok Post, 02/10/18)
Grand tourism plans for EEC. Thailand has devised a tourism development plan for the Eastern
Economic Corridor (EEC) with a five-year public and private budget of about Bt200bn (The Nation,
03/10/18)
Cabinet gives the nod to restructure farmers' debt. The Cabinet yesterday approved the
rehabilitation of Bt6.3 billion in loans extended to 36,605 farmers, who are members of the Reconstruction
and Development Fund (RDF), by the Bank for Agriculture and Agricultural Cooperatives (BAAC), Nattaporn
Jatusripitak, spokesperson attached to the deputy prime minister in charge of economic affairs, said after a
Cabinet meeting yesterday. (The Nation, 03/10/18)
SET On Tuesday, the SET fell 12.38 points or 0.70% to 1749.09 on turnover of Bt64.22bn. Retail
investors were the sole net buyers while foreign investors led institutional investors and prop traders as net
sellers. (SET, 2/10/18)
CKP CKP has raised its revenue growth target to 15% from 10%, because the quantity of water has risen
increased to support electricity production in Q3. Xayaburi power plant will run operational tests this month.
(Kao Hoon, 3/10/18)
CPALL Revenue Department allowing Counter Service to be the agent for tourist VAT refund for a six-
month trial period in just three branches. If the Finance Ministry evaluates that the project should not
continue, it can cancel the project. But if the project receives a good response, the Finance Ministry may
consider opening bidding for a long-term contract and persuade Central Group and The Mall Group to join
again. (Kao Hoon, 3/10/18)
GUNKUL GUNKUL expects electricity production capacity to reach 550MW at year end. It expects growth
in all three businesses. It is negotiating with Private PPA customers both at home and abroad. It expects
electricity production capacity to reach 1000MW at the end of 2020. (Thun Hoon, 3/10/18)
MC MC reported that subsidiary Luke Balance purchased 45% of McMillion for Bt11.25mn. The
process will complete in October. The acquisition will open the way for it to invest in a warehouse for online
and other business, supporting the growth of the e-commerce industry and giving an opportunity for retail
business expansion in the future. (Kao Hoon, 3/10/18)
MTC Chuchat Petaumpai, MD of MTC, says MTC will pass the BoT qualifications. it will ask the BoT for
a car leasing license in November. (Kao Hoon, 3/10/18)
PK PK has budgeted Bt420mn to set up factory and improve existing machines to support new
orders of Bt1.5bn, adding to the current Bt4.5bn. Setup and improvement are expected to be complete at
year end. It is expanding customers in the US, Europe and Australia. Current backlog is Bt2bn that will be
booked as revenue through next year. (Thun Hoon, 3/10/18)
PORT PORT is joining with Mitrphol Group to set up JV to establish a commercial international port. The
project will benefit from BOI's promotional measures. It expects revenue growth of 15% this year, backed
by the expansion of imports and exports. (Kao Hoon, 3/10/18)
PTTGC PTTGC expects product prices to increase in tandem with the rise in crude oil price. It is running at a
high utilization rate. It says it will review its business plan after 3Q18 results are released. (Thun Hoon,
3/10/18)
SF SF expects 4Q18 revenue will be good, supported by high season. It expects revenue growth of 6%
this year, supported by a rise in customers and new rental area. It plans to sell 50 rai of land in Bangyai
this year. (Thun Hoon, 3/10/18)
SMIT SMIT says orders from major customers have increased, boosting earnings to 15% growth this
year. It plans to set up a new furnace to add Bt15-16mn of revenue each month. It is applying for a license
for NADCAP, for aircraft parts hardening. It expects revenue to reach Bt3bn in five years. (Thun Hoon,
3/10/18)
TMILL TMILL expects 4Q18 revenue will be outstanding, supported by orders from major customers. This
year earnings are expected to be the as same as last year’s Bt105mn. (Thun Hoon, 3/10/18)
TRC TRC is bidding for the Bt600-700bn Genius Warehouse project. The conclusion will be known this
year. Backlog is Bt6bn. Bt1.5bn of backlog will be booked as revenue this year. It continues to bid for
projects with total value of Bt7bn in 4Q18. (Thun Hoon, 3/10/18)

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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.

SCB Securities Company Limited (“SCBS”) acts as market maker and issuer of Derivative Warrants on the ordinary shares AAV, ADVANC, AMATA, ANAN, AP, BANPU,
BBL, BCH, BCPG, BDMS, BEAUTY, BEC, BEM, BJC, BPP, BTS, CBG, CENTEL, CHG, CKP, COM7, CPALL, CPF, CPN, EA, EGCO, ESSO, GGC, GLOBAL, HANA, HMPRO,
IRPC, IVL, KBANK, KCE, KTB, KTC, LH, MC, MEGA, MINT, MONO, ORI, PSH, PSL, PTT, PTTEP, PTTGC, SCC, SIRI, SPALI, SPRC, STA, SUPER, TASCO, THAI, TKN,
TMB, TOP, TPIPP, TRUE, TTA, TU, UNIQ, UV, VGI, WHA.

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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
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Copyright@2012 SCB Securities Company Limited. All rights reserved.

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CG Rating 2017 Companies with CG Rating

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

2S, AAV, ACAP, AGE, AH, AHC, AIRA, AIT, ALT, AMANAH, AMATA, AMATAV, APCO, ARIP, ASIA, ASIMAR, ASK, ASP, AUCT, AYUD, BBL, BCPG, BDMS, BEC, BEM,
BFIT, BJC, BJCHI, BLA, BOL, BROOK, BRR, BTW, CEN, CENTEL, CGH, CHARAN, CHEWA, CHG, CHOW, CI, CIG, CIMBT, CKP, CM, CNS, COL, COM7, CPI, CSC, CSP,
CSS, DCC, EA, EASON, ECF, ECL, EE, EPG, ERW, FN, FNS, FORTH, FPI, FSMART, FVC, GBX, GEL, GLOBAL, GLOW, HARN, JCKH, HYDRO, ILINK, INET, IRC, IT, ITD,
JWD, K, KGI, KKC, KOOL, KSL, KTIS, L&E, LALIN, LANNA, LH, LHK, LIT, LOXLEY, LRH, LST, M, MACO, MAJOR, MAKRO, MALEE, MBKET, MC, MEGA, MFC, MFEC,
MOONG, MSC, MTI, MTC, NOBLE, NOK, NSI, NTV, NWR, OCC, OGC, OISHI, ORI, PAP, PATO, PB, PCSGH, PDI, PE, PG, PJW, PLANET, PLAT, PM, PPP, PR, PREB,
PRINC, PT, RICHY, RML, RS, RWI, S, S & J, SABINA, SALEE, SAMCO, SAWAD, SCG, SCI, SCN, SEAFCO, SEAOIL, SENA, SFP, SIAM, SINGER, SIRI, SMK, SMPC, SMT,
SNP, SORKON, SPC, SPI, SPPT, SR, SSF, SST, STA, STPI, SUC, SUSCO, SUTHA, SWC, SYMC, SYNEX, TAE, TAKUNI, TASCO, TBSP, TCC, TEAM, TF, TFG, TGCI,
THAI*, THANI, THIP, THRE, TICON, TIPCO, TIW, TK, TKN, TKS, TMC, TMI, TMILL, TMT, TNITY, TNL, TOG, TPAC, TPCORP, TRT, TRU, TSE, TSR, TSTE, TSTH,
TTA, TTW, TVI, TVO, TWP, TWPC, U, UAC, UMI, UP, UPF, UPOIC, UWC, VIH, VNT, WICE, WINNER, XO, YUASA, ZMICO

AEC, AEONTS, AF, AJ, AKR, ALLA, ALUCON, AMA, AMARIN, AMC, APURE, AQUA, ARROW, AS, ASEFA, ASIAN, ASN, ATP30, AU, BA, BCH, BEAUTY, BH, BIG, BIZ,
BLAND, BPP, BR, BROCK, B, BTNC, CBG, CCET, CCP, CGD, CITY, CMR, COLOR, COMAN, CPL, CSR, CTW, CWT, DCON, DIGI, DNA, EFORL, EKH, EPCO, ESSO, ETE,
FE, 7UP, FOCUS, FSS, GENCO, GIFT, GJS, GLAND, GSTEL, GTB, GYT, HPT, HTC, HTECH, IFS, IHL, INSURE, IRCP, J, JMART, JMT, JUBILE, KASET, KBS, KCAR, KIAT,
KWC, KYE, LDC, LEE, LPH, MATCH, MATI, M-CHAI, MDX, METCO, MGT, MILL, MJD, MK, MODERN, MPG, NC, NCL, NDR, NEP, NETBAY, NPK, NPP, NUSA, OCEAN,
PDG, PF, PICO, PIMO, PK, PL, PLE, PMTA, PRECHA, PRIN, PSTC, QLT, RCI, RCL, RJH, ROJNA, RPC, S11, SANKO, SAPPE, SCP, SE, SGP, SKR, SKY, SLP, SMIT,
SOLAR, SPA, SPCG, SPG, SPVI, SQ, SRICHA, SSC, STANLY, SUPER, SVOA, T, TACC, TCCC, TCMC, JCK, TIC, TLUXE, TM, TMD, TNP, TNR, TOPP, TPA, TPBI, TPCH,
TPIPL, TPOLY, TPP, TRITN, TTI, TVT, TYCN, UOBKH, UPA, UREKA, UT, VIBHA, VPO, META, WIIK, WIN
Corporate Governance Report
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office
of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the
Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a
third party. It is not an evaluation of operation and is not base on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after
that date. SCB Securities Company Limited does not conform nor certify the accuracy of such survey result.
BIGC was voluntarily delisted from the Stock Exchange of Thailand effectively on September 28, 2017
* บริ ษทั หรื อกรรมการหรื อผูบ้ ริ หารของบริ ษทั ที่มีข่าวด้านการกํากับดูแลกิจการ เช่น การกระทําผิดเกี่ยวกับหลักทรัพย์ การทุจริ ต คอร์ รัปชัน เป็ นต้น ซึ่ งการใช้ขอ้ มูล CGR ควรตระหนักถึงข่าวดังกล่าวประกอบด้วย

Anti-corruption Progress Indicator

Certified (ได้ร ับการร ับรอง)
ADVANC, AKP, AMANAH, AP, ASK, ASP, AYUD, BAFS, BANPU, BAY, BBL, BCH, BCP, BCPG, BKI, BLA, BROOK, BRR, BTS, BWG, CENTEL, CFRESH, CIG, CIMBT, CM,
CNS, CPALL, CPF, CPI, CPN, CSC, DCC, DEMCO, DIMET, DRT, DTAC, DTC, EASTW, ECL, EGCO, EPCO, FE, FNS, FSS, GBX, GC, GCAP, GEL, GFPT, GGC, GLOW,
GOLD, GPSC, GUNKUL, HANA, HMPRO, HTC, ICC, IFEC, IFS, INET, INTUCH, IRPC, IVL, K, KASET, KBANK, KBS, KCE, KGI, KKP, KSL, KTB, KTC, L&E, LANNA, LHFG,
LHK, LPN, M, MAKRO, MALEE, MBK, MBKET, MC, MCOT, MFC, MINT, MONO, MOONG, MSC, MTI, NBC, NINE, NKI, NMG, NSI, OCC, OCEAN, OGC, PATO, PB,
PCSGH, PDG, PDI, PDJ, PE, PG, PHOL, PLANET, PLAT, PM, PPP, PPPM, PPS, PREB, PRG, PRINC, PSH, PSL, PSTC, PT, PTG, PTT, PTTEP, PTTGC, Q-CON, QH, QLT,
RATCH, RML, ROBINS, S & J, SABINA, SAT, SC, SCB, SCC, SCCC, SCG, SCN, SE-ED, SENA, SGP, SINGER, SIRI, SIS, SITHAI, SMIT, SMK, SMPC, SNC, SNP, SORKON,
SPACK, SPC, SPI, SPRC, SRICHA, SSF, SSI, SSSC, SUSCO, SVI, SYNTEC, TAE, TASCO, TCAP, TCMC, TFG, TFI, TFMAMA, THANI, THCOM, THRE, THREL, TICON, TIP,
TIPCO, TISCO, TKT, TMB, TMD, TMILL, TMT, TNITY, TNL, TOG, TOP, TPA, TPCORP, TRU, TRUE, TSC, TSTH, TTCL, TU, TVD, TVI, U, UBIS, UOBKH, VGI, VNT,
WACOAL, WHA, WICE
Declared (ประกาศเจตนารมณ์)
A, ABICO, AIE, AJ, AMATA, AMATAV, ANAN, AOT, APCO, APCS, ARROW, ASIAN, B, BGRIM, BJC, BJCHI, BLAND, BLISS, BM, BPP, BR, BSBM, BUI, CEN, CGH,
CHEWA, CHG, CHO, CI, COL, COM7, CPR, DDD, EFORL, EKH, ESTAR, FLOYD, FN, FPI, FTE, GJS, GPI, GSTEL, GYT, HARN, ICHI, ILINK, ITEL, JAS, JTS, KWC, KWG,
LDC, LEE, LIT, LRH, MATCH, MATI, MBAX, MFEC, MILL, MTC, NCL, NEP, NNCL, NWR, PAP, PK, PL, PLANB, POST, PRM, PRO, PYLON, QTC, ROJNA, RWI, SAPPE,
SCI, SELIC, SHANG, SST, STA, STANLY, SUPER, SWC, SYMC, SYNEX, THE, THIP, TKN, TMC, TNP, TNR, TOPP, TRITN, TTI, TVO, TWPC, UEC, UKEM, UPA, UWC,
VIH, XO, YUASA
N/A
2S, 7UP, AAV, ABM, ACAP, ACC, ADAM, ADB, AEC, AEONTS, AF, AFC, AGE, AH, AHC, AI, AIRA, AIT, AJA, AKR, ALLA, ALT, ALUCON, AMA, AMARIN, AMC, APEX,
APURE, AQ, AQUA, ARIP, AS, ASAP, ASEFA, ASIA, ASIMAR, ASN, ATP30, AU, AUCT, BA, BAT-3K, BCT, BDMS, BEAUTY, BEC, BEM, BFIT, BGT, BH, BIG, BIZ, BKD,
BOL, BROCK, BSM, BTNC, BTW, CBG, CCET, CCP, CGD, CHARAN, CHAYO, CHOTI, CHOW, CHUO, CITY, CK, CKP, CMAN, CMO, CMR, CNT, COLOR, COMAN, COTTO,
CPH, CPL, CPT, CRANE, CRD, CSP, CSR, CSS, CTW, CWT, D, DCON, DCORP, DELTA, DIGI, DNA, DOD, DTCI, EA, EARTH, EASON, ECF, EE, EIC, EMC, EPG, ERW,
ESSO, ETE, EVER, F&D, FANCY, FC, FMT, FOCUS, FORTH, FSMART, FVC, GENCO, GIFT, GL, GLAND, GLOBAL, GRAMMY, GRAND, GREEN, GTB, GULF, HFT, HPT,
HTECH, HUMAN, HYDRO, ICN, IEC, IHL, III, INGRS, INOX, INSURE, IRC, IRCP, IT, ITD, J, JCK, JCKH, JCT, JKN, JMART, JMT, JSP, JUBILE, JUTHA, JWD, KAMART,
KC, KCAR, KCM, KDH, KIAT, KKC, KOOL, KTECH, KTIS, KWM, KYE, LALIN, LH, LOXLEY, LPH, LST, LTX, LVT, MACO, MAJOR, MANRIN, MAX, M-CHAI, MCS, MDX,
MEGA, META, METCO, MGT, MIDA, MJD, MK, ML, MM, MODERN, MPG, MPIC, MVP, NC, NCH, NDR, NETBAY, NEW, NEWS, NFC, NOBLE, NOK, NPK, NPPG, NTV,
NUSA, NVD, NYT, OHTL, OISHI, ORI, OTO, PACE, PAE, PAF, PERM, PF, PICO, PIMO, PJW, PLE, PMTA, POLAR, POMPUI, PORT, PPM, PRAKIT, PRECHA, PRIN, PTL,
RAM, RCI, RCL, RICH, RICHY, RJH, ROCK, ROH, RP, RPC, RPH, RS, RSP, S, S11, SAFARI, SALEE, SAM, SAMART, SAMCO, SAMTEL, SANKO, SAUCE, SAWAD,
SAWANG, SCP, SDC, SE, SEAFCO, SEAOIL, SF, SFP, SGF, SIAM, SIMAT, SKE, SKN, SKR, SKY, SLP, SMART, SMM, SMT, SOLAR, SPA, SPALI, SPCG, SPG, SPORT,
SPPT, SPVI, SQ, SR, SSC, SSP, STAR, STEC, STHAI, STPI, SUC, SUN, SUTHA, SVH, SVOA, T, TACC, TAKUNI, TAPAC, TBSP, TC, TCC, TCCC, TCJ, TCOAT, TEAM,
TEAMG, TGPRO, TH, THAI, THANA, THG, THL, THMUI, TIC, TITLE, TIW, TK, TKS, TM, TMI, TMW, TNDT, TNH, TNPC, TOA, TPAC, TPBI, TPCH, TPIPL, TPIPP,
TPLAS, TPOLY, TPP, TR, TRC, TRT, TRUBB, TSE, TSF, TSI, TSR, TSTE, TTA, TTL, TTTM, TTW, TVT, TWP, TWZ, TYCN, UAC, UMI, UMS, UNIQ, UP, UPF, UPOIC,
UREKA, UT, UTP, UV, UVAN, VARO, VCOM, VI, VIBHA, VNG, VPO, WAVE, WG, WHAUP, WIIK, WIN, WINNER, WORK, WORLD, WP, WPH, WR, YCI, YNP, ZIGA,
ZMICO
Explanations
Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of
May 21, 2018) are categorised into: companies that have declared their intention to join CAC, and companies certified by CAC.

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