This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
TOP 20 NVDR NET BUY (Vol) TOP 20 NVDR NET SELL (Vol) TOP 20 NVDR NET BUY (Val) TOP 20 NVDR NET SELL (Val)
SECTOR LAST CHG %CHG SECTOR LAST CHG %CHG SECTOR BUY SELL NETENERG 25,007.47 -42.51 -0.17 ICT 177.39 6.37 3.59 COMM 1,980 1,347 632COMM 44,302.28 279.10 0.63 FIN 4,397.01 83.98 1.91 ICT 1,777 1,621 156ICT 177.39 6.37 3.59 FASHION 678.95 11.34 1.67 PETRO 744 611 133BANK 496.06 -1.29 -0.26 MEDIA 60.09 0.87 1.45 MEDIA 196 158 39TRANS 395.20 -0.20 -0.05 CONS 97.10 0.85 0.88 INSUR 26 8 19
TOP 5 NVDR NET BUY (Mil. Baht)TOP 5 GAINER SECTORTOP 5 ACTIVE SECTOR
ท�มา: SET, Bloomberg, ฝายวจยบวหลวง
See disclaimer at the end of report
Market Statistics Daily
August 7, 2019
Figure 1: Changes in management's securities holdin g
Name of Name of Management Types of Total Volume Price T otal Value Transaction The methods
Company Securities (Shrs) (Bt) (Bt) Date
BEM Mr. Plew Trivisvavet Common Share 100,000 10.40 1,040,000 05/08/2019 Buy
SIMAT Mr. Thanayous Kositsakul Common Share 200,000 1.50 300,000 05/08/2019 Buy
KUMWEL Mr. Damnoen Kaew thaw ee Common Share 200,000 1.18 236,000 01/08/2019 Buy
TTW Mr. Plew Trivisvavet Common Share 200,000 13.95 2,790,000 05/08/2019 Sell
Sources: SEC, Bualuang research
As of 6 August 2019
Market Statistics Daily - 2
Figure 2: Short Sale Trading As of 6 August 2019
Stock Volume (Shares) Turnover (Baht) %Short Sale Volu me
Comparing w ith Main Board
KBANK 1,411,100 243,913,800 16.83%
PTT 4,564,600 207,689,300 7.13%
PTTGC 3,633,600 206,174,575 9.93%
CPALL 2,307,900 197,038,150 5.85%
IVL 4,729,100 173,415,225 9.74%
IVL-R 4,682,100 172,500,000 9.64%
ADVANC 798,800 169,269,800 6.84%
SCC 378,400 160,752,600 9.29%
BDMS 5,438,900 135,131,580 13.91%
CPALL-R 1,435,300 122,927,700 3.64%
EA 2,185,900 112,079,075 12.43%
TRUE 18,068,400 110,015,275 6.55%
SCB 757,400 101,082,650 8.10%
AOT 1,377,600 95,493,950 3.28%
PTT-R 1,933,300 87,965,150 3.02%
GULF 720,100 86,781,700 6.18%
SCC-R 191,700 81,574,200 4.70%
LH 7,275,100 79,568,840 8.54%
BBL 400,600 70,838,700 5.82%
AOT-R 980,000 67,961,525 2.34%
CPN-R 892,000 62,447,100 9.83%
SCB-R 442,600 59,002,700 4.73%
HMPRO-R 3,334,800 56,958,890 8.34%
ADVANC-R 250,300 53,061,700 2.14%
INTUCH 837,900 52,933,300 4.59%
KTB 2,784,200 52,795,540 11.43%
PTTEP 400,300 52,075,850 3.87%
MINT 1,220,000 45,929,200 7.09%
TOP 690,600 45,116,150 7.03%
GPSC 646,200 44,171,975 7.51%
DTAC-R 731,400 42,448,825 4.56%
IRPC-R 9,691,400 41,939,450 3.95%
BTS 3,408,300 41,715,990 6.39%
PTTEP-R 309,400 40,264,450 2.99%
HMPRO 2,323,800 39,426,170 5.81%
IRPC 8,637,900 37,505,108 3.52%
CPF 1,363,000 36,488,725 5.29%
BANPU 2,593,000 35,478,670 7.73%
CPF-R 1,279,700 34,326,350 4.96%
MINT-R 901,500 34,041,550 5.24%
TISCO-R 342,000 33,726,950 6.28%
Market Statistics Daily - 3
Figure 2: Short Sale Trading (Cont’d)
Stock Volume (Shares) Turnover (Baht) %Short Sale Volu me
Comparing w ith Main Board
PTG 1,708,100 33,692,980 3.32%
TRUE-R 5,371,000 33,414,635 1.95%
BEM 3,220,500 33,413,200 5.87%
BDMS-R 1,286,900 32,022,470 3.29%
TOP-R 448,800 29,352,175 4.57%
TU 1,511,400 28,046,540 3.36%
GULF-R 225,700 27,222,950 1.94%
EA-R 524,800 26,841,300 2.98%
DTAC 423,300 24,536,250 2.64%
KTB-R 1,241,100 23,555,700 5.10%
CPN 321,100 22,509,600 3.54%
MTC-R 373,000 22,127,825 6.60%
KTC 480,200 21,913,400 3.77%
CBG 269,100 20,904,350 6.16%
TU-R 1,120,400 20,740,710 2.49%
BJC 400,000 20,335,625 6.03%
BGRIM 547,800 19,049,175 4.14%
TISCO 181,300 17,908,675 3.33%
GPSC-R 259,000 17,729,850 3.01%
KKP 201,900 14,331,425 3.74%
CKP 2,257,100 14,258,015 5.90%
TCAP-R 224,300 12,889,050 3.99%
EGCO-R 39,800 12,549,400 4.79%
EGCO 36,700 11,568,300 4.41%
BTS-R 822,200 10,195,280 1.54%
SUPER 14,949,200 9,576,578 7.00%
MTC 158,600 9,423,725 2.80%
SAWAD 175,000 9,380,000 2.70%
QH 3,117,300 9,279,060 5.51%
COM7 365,400 9,213,850 4.07%
BJC-R 179,300 9,063,050 2.70%
TMB 4,955,800 8,999,356 9.36%
CK 330,000 8,610,625 5.96%
BH-R 46,400 7,758,450 5.23%
TASCO 409,100 7,418,970 2.02%
RATCH 109,800 7,214,400 2.55%
LH-R 656,100 7,173,590 0.77%
BH 42,500 7,107,800 4.79%
BEAUTY 1,902,000 6,941,280 6.52%
TCAP 116,500 6,691,625 2.07%
WHA 1,366,500 6,324,206 1.14%
OSP 178,000 6,211,000 2.54%
Market Statistics Daily - 4
Figure 2: Short Sale Trading (Cont’d) Stock Volume (Shares) Turnover (Baht) %Short Sale Volu me
Comparing w ith Main Board
BPP 265,700 5,738,360 7.79%
ROBINS-R 89,600 5,680,800 2.56%
KCE 321,600 5,052,200 5.42%
JAS 724,000 4,476,780 1.54%
CHG 2,063,900 4,474,608 4.15%
TOA 114,000 4,360,500 9.47%
STPI 500,000 4,201,365 2.12%
TMB-R 2,250,100 4,088,217 4.25%
ROBINS 62,400 3,954,600 1.78%
THAI 398,000 3,940,535 22.51%
ESSO 400,000 3,760,000 2.61%
JMT 205,400 3,724,900 1.15%
BCP 127,500 3,650,000 2.40%
AMATA 150,000 3,625,000 0.62%
GFPT 205,700 3,569,150 5.41%
DELTA 69,600 3,420,900 7.71%
KKP-R 47,800 3,392,800 0.89%
TPIPP 573,300 3,325,140 6.16%
GLOBAL-R 203,800 3,236,760 3.40%
CK-R 124,000 3,234,975 2.24%
SPRC 343,500 3,151,290 1.55%
GLOBAL 196,000 3,120,320 3.27%
INTUCH-R 45,700 2,841,825 0.25%
ORI 356,100 2,821,295 1.93%
BCH 185,500 2,790,590 2.36%
WORK 100,000 2,460,000 0.74%
STEC 100,000 2,440,000 0.73%
CENTEL 76,300 2,432,450 2.34%
AAV 628,900 2,361,960 5.89%
GUNKUL 768,600 2,275,668 1.82%
TPIPL 1,321,500 2,220,120 9.67%
BCPG 108,100 2,098,490 1.30%
SGP 224,000 2,037,200 4.30%
VGI 209,200 1,950,900 0.73%
SIRI 1,400,000 1,937,000 5.25%
BCPG-R 93,400 1,816,150 1.13%
STA 160,000 1,749,000 1.42%
E1VFVN3001 86,016 1,644,349 31.38%
PTTGC-R 28,800 1,627,200 0.08%
HANA 62,200 1,603,850 3.55%
JAS-R 254,100 1,563,965 0.54%
EPG 200,000 1,275,000 3.06%
Market Statistics Daily - 5
Figure 2: Short Sale Trading (Cont’d) Stock Volume (Shares) Turnover (Baht) %Short Sale Volu me
Comparing w ith Main Board
BCP-R 37,800 1,086,750 0.71%
ERW 194,400 1,049,760 2.76%
BEC 100,000 920,000 1.14%
BLA 36,600 867,420 2.60%
SF 120,000 734,000 5.69%
SCN 237,500 731,720 13.46%
UNIQ 67,400 702,140 3.06%
KBANK-R 3,000 517,500 0.04%
TTW 32,600 452,010 0.49%
SAPPE 20,000 418,000 3.00%
BIG 250,000 285,000 0.89%
AH 13,800 249,780 1.94%
PRM 25,000 208,750 0.13%
DIF 11,400 198,360 0.13%
SVI 50,000 192,000 2.25%
TKN 18,600 184,490 0.08%
PSL 16,300 122,895 0.22%
ANAN 35,000 119,040 0.49%
PLANB 13,000 110,900 0.04%
RML 94,300 99,958 4.45%
Sources: SET, Bualuang research
Remark: - Excluding a short sale by a member that is a participating dealer or market maker of the ETF investment units for the company's account, for the purpose of realizing a profit from a price spread (arbitrage), or for the purpose of stabilizing liquidity, as the case may be.
- The record of security symbol ended with "-R" is short sales trading of NVDR
Market Statistics Daily - 6
Figure 3: Short sale volume (as % of total listed s hares) - previous six months
Sources: SET, Bualuang Reseach
Remark: - Excluding a short sale by a member that is a participating dealer or market maker of the ETF investment
units for the company's account, for the purpose of realizing a profit from a price spread (arbitrage), or for the
purpose of stabilizing liquidity, as the case may be.
- The record of security symbol ended with "-R" is short sales trading of NVDR
30.15
9.25 7.14 6.88 6.71 6.14 5.72
4.93 4.13 3.98 3.78 3.69 3.64 3.13 2.96
0.0
6.8
13.6
20.4
27.2
34.0
BE
AU
TY
PT
G
BA
NP
U
EA
PT
TG
C
KC
E
WO
RK
BE
C
CB
G
ST
EC
TK
N
AM
AT
A
TO
P
KB
AN
K
IVL
(%)
Closing price as of: (* In case of no closing price of the indictated date, use the latest closing price)
Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date
% (m shares) % % % %
AJA-W1 0.04 0.00 Very High 0.21 1.53 20-Nov-19 749.96 1.30972 6.88 641.69 1.96 279.83 Very High Last business day of Mar, Jun, Sep, Dec
AKR-W1 0.18 0.05 281.67 0.77 1.00 30-May-21 671.57 1.00000 4.28 53.25 2.32 64.76 33.77 Last business day of Feb, May, Aug, Nov
ALT-W1 0.62 0.29 110.76 2.76 3.00 18-Dec-20 230.98 1.00000 4.45 31.16 2.59 55.85 28.03 15th of Mar, Sep
APEX-W1 0.02 0.00 Very High 0.18 0.40 30-Jun-21 499.97 1.00000 9.00 133.33 2.75 60.39 62.03 15th of Mar, Sep
APURE-W2 0.15 0.00 Very High 1.33 4.00 04-Jun-21 95.83 1.00000 8.87 (88.72) 2.55 77.53 95.04 Last business day of Mar, Jun, Sep, Dec
AS-W1 0.08 0.00 Very High 0.77 2.00 14-May-20 102.47 1.00000 9.63 170.13 2.67 102.98 298.42 25th of Jun, Dec
AYUD-W1 3.78 5.17 (26.86) 41.00 39.00 08-May-20 78.56 1.00000 10.85 4.34 7.04 19.50 6.40 15th of Jun, Dec
B52-W1 0.01 0.00 Very High 0.20 2.28 11-Sep-19 658.50 0.65700 13.14 1,049.11 2.20 466.31 Very High Last business day of Jun, Dec
B52-W2 0.01 0.00 Very High 0.20 7.10 05-Jun-20 1,756.00 0.21100 4.22 3,475.20 1.53 256.57 Very High Last business day of Jun, Dec
BKD-W2 0.16 0.13 26.99 2.84 3.97 30-Nov-22 358.73 1.00731 17.88 45.42 4.73 32.70 12.57 Last business day of Nov
BM-W1 0.21 0.01 Very High 2.26 4.00 14-Aug-20 110.00 1.00000 10.76 86.28 3.26 67.96 92.34 16 Aug 2020
BROOK-W5 0.29 0.19 50.62 0.51 0.25 20-May-22 1,407.54 1.00000 1.76 5.88 1.54 95.06 4.69 Last business day of Mar, Jun, Sep, Dec
BTS-W4 1.96 2.61 (24.79) 12.30 10.38 29-Nov-19 611.53 1.01100 6.34 0.18 5.57 26.72 0.70 Last business day of Mar, Jun, Sep, Dec
B-W3 0.01 0.00 Very High 0.36 4.99 28-Dec-20 3,437.23 0.12024 4.33 1,309.21 1.62 168.13 695.40 30 Nov throughout the life of warrant
B-W4 0.09 0.04 125.60 0.36 0.92 01-Jul-21 96.85 1.30870 5.23 174.66 2.11 81.55 83.12 Last business day of Jun, Dec
CGD-W4 0.14 0.02 717.09 1.06 2.75 26-Jun-21 1,652.87 1.00000 7.57 172.64 2.44 70.98 78.62 Last business day of Jun, Dec
CGH-W3 0.03 0.01 100.13 0.87 2.00 28-May-21 1,445.62 1.00000 29.00 133.33 4.22 46.95 61.57 Last business day of May, Nov
CHEWA-W1 0.03 0.00 Very High 0.80 1.75 27-Nov-19 467.34 1.00000 26.67 122.50 4.12 107.07 Very High 28 Dec 18, 28 Jun 19, 27 Nov 19
CHO-W2 0.23 0.20 15.02 0.91 0.86 30-Dec-20 649.42 1.00000 3.96 19.78 2.62 47.60 18.26 Last business day of Jun, Dec
CI-W1 0.14 0.01 Very High 1.15 2.16 29-May-20 98.86 1.01720 8.36 100.04 2.82 87.00 154.99 Last business day of May, Nov
CKP-W1 1.15 1.19 (3.16) 6.50 6.00 28-May-20 1,276.18 1.00070 5.66 9.99 3.77 38.23 15.22 Last business day of Mar, Jun, Sep, Dec
CRANE-W1 1.70 0.06 Very High 1.95 3.00 02-Jul-20 60.63 1.00000 1.15 141.03 1.07 341.31 Very High 15 Jan and 15 Jul throughout the life of warrant
DCC-W1 0.77 0.95 (18.97) 2.20 1.15 08-May-21 1,907.75 1.00000 2.86 (12.73) 2.86 0.00 (11.69) 8 May 19, 8 May 20, 8 May 21
DOD-W1 2.24 5.49 (59.19) 12.10 15.75 07-Jul-21 182.22 1.00000 5.40 48.68 2.68 48.94 27.66 Last business day of May, Nov
EARTH-W4 0.01 0.00 Very High 0.46 6.86 15-Sep-19 1,409.63 1.02000 46.92 1,393.65 2.80 379.30 Very High 15 Mar and 15 Sep throughout the life of warrant
ECF-W3 1.24 0.22 458.52 2.42 5.00 20-Feb-21 129.95 1.00080 1.95 157.64 1.39 150.12 154.73 25 May, Aug, Nov, Feb
ECL-W3 0.63 0.42 51.79 1.68 1.85 05-Feb-21 554.43 1.00000 2.67 47.62 1.80 88.50 45.83 Last business day of every 6 months
EFORL-W3 0.01 0.00 Very High 0.04 0.60 01-Jun-20 1,377.16 1.00000 4.00 1,425.00 1.58 228.50 Very High 22nd of Jun, Dec
EFORL-W4 0.01 0.00 Very High 0.04 0.50 01-Jun-20 772.51 1.00000 4.00 1,175.00 1.59 220.87 Very High 22nd of Jun, Dec
EIC-W2 0.01 0.00 Very High 0.05 1.00 16-Jul-20 190.75 2.32054 11.60 1,908.62 2.02 172.76 Very High Last business day of May, Nov
EIC-W3 0.02 0.00 Very High 0.05 1.00 16-Jun-21 16.42 2.32054 5.80 1,917.24 1.71 143.39 454.04 Last business day of May, Nov
EMC-W6 0.14 0.12 15.27 0.24 0.15 15-Oct-23 4,216.75 1.00000 1.71 20.83 1.46 56.22 10.16 15 Apr and 15 Oct throughout the life of warrant
EPCO-W3 0.63 0.26 139.99 3.52 4.83 16-Dec-20 85.54 1.03610 5.79 54.37 2.70 63.50 44.92 Last business day of Jan, Apr, Jul, Oct
FVC-W2 0.25 0.02 Very High 0.55 0.96 26-Jun-20 138.79 1.04545 2.30 117.48 1.52 163.11 254.92 Last business day of Jun
GJS-W3 0.01 0.01 (19.26) 0.16 0.17 07-Feb-20 3,674.43 0.50000 8.00 16.75 4.25 49.41 41.55 Last business day of Jun, Dec
GSTEEL-W1 0.01 0.00 Very High 0.09 2.75 26-Sep-19 5,676.19 0.20000 1.80 n.a. 1.22 Very High Very High Last business day of Jun, Dec
GSTEEL-W2 0.01 0.00 Very High 0.09 2.75 26-Sep-19 1,348.65 0.20000 1.80 n.a. 1.22 Very High Very High Last business day of Jun, Dec
HPT-W1 0.45 0.26 73.30 0.74 0.50 04-Jun-21 110.50 1.00000 1.64 28.38 1.39 115.89 34.73 Last business day of Jun, Dec
06 Aug 2019
Bualuang Securities
Closing price as of: (* In case of no closing price of the indictated date, use the latest closing price)
Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date
% (m shares) % % % %
06 Aug 2019
Bualuang Securities
WORK-W1 9.20 0.08 Very High 24.80 38.10 30-Sep-19 3.42 1.00000 2.70 90.73 1.68 337.42 Very High Last business day of Feb, May, Aug, Nov
ZMICO-W4 0.11 0.29 (61.43) 0.90 2.70 17-Apr-24 413.03 2.00000 16.36 206.11 3.37 43.90 28.05 Last business day of Mar, Jun, Sep, Dec
Stock Coverage
BLS Stock Rating Gearing BLS Stock Rating All-in
Premium
MONO-W1 HOLD 15.96 WHA-W1 BUY (1.09)
SAWAD-W1 BUY 8.53 BTS-W4 BUY 0.18
MINT-W6 BUY 7.98 SAWAD-W1 BUY 0.66
BTS-W4 BUY 6.34 RS-W3 U/R 9.63
VGI-W2 BUY 6.33 CKP-W1 SELL 9.99
CKP-W1 SELL 5.66 VGI-W2 BUY 21.05
TFG-W2 TRADING BUY 5.50 MINT-W6 BUY 25.68
WHA-W1 BUY 3.86 MONO-W1 HOLD 48.69
RS-W3 U/R 3.20 WORK-W1 HOLD 90.73
WORK-W1 HOLD 2.70 TFG-W2 TRADING BUY 134.09
Note: Rank by Gearing Note: Rank by All-in Premium
Bualuang Securities Public Company Limited
BUALUANG SECURITIES PUBLIC COMPANY LIMITED (BLS) is a subsidiary of BANGKOK BANK PUBLIC COMPANY LIMITED (BBL). This document is produced based upon sources believed to be reliable but their accuracy, completeness or correctness is not guaranteed. The statements or expressions of opinion herein were arrived at after due and careful consideration to use as information for investment. Expressions of opinion contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information shall be at the sole discretion and risk of the user.
BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY BE IN RELATIONSHIP WITH THE SECURITIES IN THIS REPORT. “Opinions, projections and other information contained in this report are based upon sources believed to be accurate including the draft prospectus, but no responsibility is accepted for any loss occasioned by reliance placed upon the contents hereof. Bualuang Securities Public Company Limited may from time to time perform investment, advisory or other services for companies mentioned in this report, as well as dealing (as principal or otherwise) in, or otherwise being interested in, any securities mentioned herein, This report does not constitute a solicitation to buy or sell any securities”. Investors should carefully read details in the prospectus before making investment decision.
BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY ACT AS MARKET MAKER AND ISSUER OF DWs, AND ISSUER OF STRUCTURED NOTES ON THESE SECURITIES. The company may prepare the research reports on those underlying securities. Investors should carefully read the details of the derivative warrants and structured notes in the prospectus before making investment decisions.
AAV ADVANC AMATA AOT AP BANPU BCH BCP BCPG BDMS BEAUTY BEM BH BJC BTSCBG CENTEL CHG CK CPALL CPF CPN DTAC EGCO GLOBAL GPSC HANA HMPRO INTUCH IRPCIVL KBANK KCE KKP KTB KTC LH MINT PTG PTT PTTEP PTTGC QH ROBINS SAWADSCB SCC SPALI SPRC STEC TASCO TCAP THANI TISCO TKN TMB TOP TRUE TU WHA
WORK ESSO CKP STA BGRIM TOA AEONTS GULF MTC OSP BEC BPP GUNKUL
BUALUANG SECURITIES PUBLIC COMPANY LIMITED IS OR MAY BE AN UNDERWRITER/CO-UNDERWRITER/JOINT LEAD IN RESPECT OF THE INITIAL PUBLIC OFFERING (IPO) OF SECURITIES.
Financial Advisor Lead underwriter/
Underwriter/ Co-underwriter
ILM ILM
CG Rating
Score Range Score Range Description
90 – 100
Excellent
80 – 89 Very Good
70 – 79 Good
60 – 69 Satisfactory
50 – 00359 Pass
Less than 50 No logo given -
Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors
companies that have declared their intention to join CAC, and
companies certified by CAC.
DISCLAIMER
CORPORATE GOVERNANCE REPORT DISCLAIMER
This research report was prepared by Bualuang Securities Public Company Limited and refers to research prepared by Morgan Stanley. Morgan Stanley does not warrant or guarantee the accuracy or completeness of its research reports. Morgan Stanley reserves copyright and other proprietary rights in the material reproduced in this report. Morgan Stanley is under no obligation to inform Bualuang Securities or you if the views or information referred to or reproduced in this research report change.
Corporate Governance Report disclaimer
The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The IOD survey 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 based on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. Bualuang Securities Public Company Limited neither confirms nor certifies the accuracy of such survey results. “Disclaimer: The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by the relevant institution as disclosed by the Office of the Securities and Exchange Commission, is made in order to comply with the policy and sustainable development plan for the listed companies. The relevant institution made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, Bualuang Securities Public Company Limited neither confirms, verifies, nor certifies the accuracy and completeness of the assessment result.”
BUALUANG RESEARCH – RECOMMENDATION FRAMEWORK
STOCK RECOMMENDATIONS BUY: Expected positive total returns of 15% or more over the next 12
months. HOLD: Expected total returns of between -15% and +15% over the next 12
months. SELL: Expected negative total returns of 15% or more over the next 12
months. TRADING BUY: Expected positive total returns of 15% or more over the next
3 months.
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to outperform the relevant primary market index over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is
expected to perform in line with the relevant primary market index over the next 12
months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to underperform the relevant primary market index over the next 12 months.