Tel. (662) 949-1000 Fax: (662) 949-1030 www.scbs.com 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. SAWASDEE Tuesday, March 17, 2015 Foreign Markets and Flow 2 News Digest 3 Short Sales 7 Commodities 8 Director Trade 10 Calendar 11 SET Index (16/03/15) 1,515.57 Change -25.98 / -1.69% Turnover (Btbn) 45.36 Trading summary by Investor Type 16-Mar WTD MTD YTD Foreign Buy 9,610 9,610 111,150 487,216 Sell 8,898 8,898 107,369 494,634 Net 712 712 3,780 -7,418 Institution Buy 3,270 3,270 47,345 237,959 Sell 5,239 5,239 52,464 236,822 Net -1,969 -1,969 -5,119 1,138 PropTrade Buy 4,102 4,102 43,084 225,821 Sell 4,658 4,658 51,142 227,250 Net -556 -556 -8,059 -1,429 Individual Buy 28,376 28,376 308,258 1,615,881 Sell 26,562 26,562 298,861 1,608,172 Net 1,814 1,814 9,397 7,709 Bond trading summary by foreign investors 16-Mar WTD MTD YTD Foreign Buy 1,681 1,681 27,572 145,225 Sell 3,001 3,001 49,938 155,469 Net -1,320 -1,320 -22,367 -10,244 5 most active stocks Stocks Price (Bt) Value (Btmn) Chg TRUE 12.7 3,726 -0.60 ADVANC 240.0 2,085 -1.00 VGI 12.6 1,670 0.50 IFEC 13.8 1,441 -1.60 BBL 181.5 1,370 -2.50 Top 5 gainers (%) Stocks Price (Bt) Chg (%) MATI 7.85 15.44 GL 12.20 10.91 TSI 7.85 10.56 HANA 42.00 7.69 CCET 4.34 5.34 Top 5 losers (%) Stocks Price (Bt) Chg (%) MFC 37.00 -24.87 GJS 0.05 -16.67 BIG 1.26 -16.00 WIIK 4.24 -14.52 TFD 5.35 -13.01 Estimated % of foreign ownership (including NVDR) of top 15 stocks* 36.0% 37.0% 38.0% 39.0% 40.0% 41.0% 42.0% 1,200 1,250 1,300 1,350 1,400 1,450 1,500 1,550 1,600 1,650 Jul-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec- 14 Jan-15 Feb-15 Mar-15 SET Index (LHS) %Foreign Ownership (RHS) - 15 stocks Foreign ownership SET Index * PTT, PTTEP, ADVANC, SCC, BBL, KBANK, SCB, BANPU, BAY, DTAC, TOP, KTB, CPALL, LH, BEC Investment Theme: Do. Not. Panic. Support: 1500, 1465 Resistance: 1530, 1550 Market Strategy: The SET sank late yesterday, despite the flows from the fixed income market, with concerns over Tuesday’s FOMC meeting shadowing sentiment. Supports stay at 1500 and 1465. Although the weakness is expected to persist, investors should not panic and instead take the chance to buy with support from trigger fund inflows. Today’s picks: EPG, HANA. Today’s Highlights Foreign fund flows positive. Foreign investors net sold Bt1.3bn from fixed income and net bought Bt711mn in equities and net long 5.3k ct in SET50 futures. The baht swung in a narrow range of 32.90-33.00. Cabinet meeting. The cabinet today will discuss water management projects and road construction (benefits TASCO) with total value of Bt57bn. Good progress should give a shine to market sentiment going forward. The ‘digital economy’ board will also meet tomorrow for the first time on 4G spectrum auction (benefits ADVANC, DTAC and INTUCH). EU market closed up (STOXX +1.38%, DAX +2.24%, CAC +1.01%), with support from the first week of QE money inflows. US markets also closed up (DJIA +1.29%, S&P +1.35%), with support from a weaker USD. The market expects the FOMC to remove the word ‘patience’ from its statement. This week: 1) 17 Mar – Germany Zew Economic Sentiment (est 58.9, prev 53.0); EU CPI (est -0.3%, prev -0.3%); US building permits (est 1.07mn, prev 1.06mn); Housing starts (est 1.05mn, prev 1.07mn); 2) 19 Mar – ECB TLTRO (€129.8bn), EU Economic Summit and 3) 20 Mar – EU Economic Summit. Strategy: The SET should do better on opening after the overnight gains in western markets. Resistance stays at 1530; overall sentiment remains negative. Supports stay at 1500 and 1465. Investors should accumulate along supports. We believe trigger funds will kick in below 1500. Today’s picks: EPG and HANA. Today’s Reports Petrochemical Watch – Bullish buying continued to support PE/PP prices SPALI – 2015: Another year of growth What to watch Date Event 16 Mar 15 Event: EU – ECB announcement 17 Mar 15 Economic release: Germany – ZEW Economic Sentiment/ EU – CPI/ US – building permit, housing starts Event: Japan – BoJ announcement 18 Mar 15 Economic release: US – FOMC meeting, economic projections 19 Mar 15 Event: EU – LTRO, Economic Summit 20 Mar 15 Event: EU – Economic Summit
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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.
SAWASDEE Tuesday, March 17, 2015
Foreign Markets and Flow 2 News Digest 3 Short Sales 7 Commodities 8 Director Trade 10 Calendar 11 SET Index (16/03/15) 1,515.57 Change -25.98 / -1.69% Turnover (Btbn) 45.36
Market Strategy: The SET sank late yesterday, despite the flows from the fixed income market, with concerns over Tuesday’s FOMC meeting shadowing sentiment. Supports stay at 1500 and 1465. Although the weakness is expected to persist, investors should not panic and instead take the chance to buy with support from trigger fund inflows. Today’s picks: EPG, HANA.
Today’s Highlights
Foreign fund flows positive. Foreign investors net sold Bt1.3bn from fixed income and net bought Bt711mn in equities and net long 5.3k ct in SET50 futures. The baht swung in a narrow range of 32.90-33.00.
Cabinet meeting. The cabinet today will discuss water management projects and road construction (benefits TASCO) with total value of Bt57bn. Good progress should give a shine to market sentiment going forward. The ‘digital economy’ board will also meet tomorrow for the first time on 4G spectrum auction (benefits ADVANC, DTAC and INTUCH).
EU market closed up (STOXX +1.38%, DAX +2.24%, CAC +1.01%), with support from the first week of QE money inflows. US markets also closed up (DJIA +1.29%, S&P +1.35%), with support from a weaker USD. The market expects the FOMC to remove the word ‘patience’ from its statement.
This week: 1) 17 Mar – Germany Zew Economic Sentiment (est 58.9, prev 53.0); EU CPI (est -0.3%, prev -0.3%); US building permits (est 1.07mn, prev 1.06mn); Housing starts (est 1.05mn, prev 1.07mn); 2) 19 Mar – ECB TLTRO (€129.8bn), EU Economic Summit and 3) 20 Mar – EU Economic Summit.
Strategy: The SET should do better on opening after the overnight gains in western markets. Resistance stays at 1530; overall sentiment remains negative. Supports stay at 1500 and 1465. Investors should accumulate along supports. We believe trigger funds will kick in below 1500. Today’s picks: EPG and HANA.
Today’s Reports
Petrochemical Watch – Bullish buying continued to support PE/PP prices
SPALI – 2015: Another year of growth
What to watch Date Event 16 Mar 15 Event: EU – ECB announcement 17 Mar 15 Economic release: Germany – ZEW Economic Sentiment/ EU – CPI/ US – building permit,
housing starts Event: Japan – BoJ announcement
18 Mar 15 Economic release: US – FOMC meeting, economic projections 19 Mar 15 Event: EU – LTRO, Economic Summit 20 Mar 15 Event: EU – Economic Summit
SAWASDEETuesday, March 17, 2015
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Foreign Markets and Flow Key Indicators
Close 16-Mar WoW MoM YoY YTD
CCI Index VIX Index 15.61 -2.4% 3.7% 1.8% -0.2% -18.7%
• Yesterday, markets in the ASEAN 4 closed with a net change of -0.6%. In the rest of Asia, markets closed with a net change of +0.4%.
Regional sectoral movement (%) Regional sectoral movement (16-Mar) • In the region yesterday, gainers and losers were approximately equal. Lead gaining sectors were Wireless Telecoms, Electronic Equipment and Banks. Lead losers were Entertainment, Homebuilding and Oil & Gas.
• The only Thai outperformer was Electronic Manufacturing. Lead Thai underperformers were Integrated Telecoms, Marine and Oil & Gas.
Source: Data by Bloomberg, compiled & calculated by SCBS
Most change in foreign holding (Net) Asia Pacific foreign fund flows (US$mn) • Foreign fund flows were outward yesterday, with only Thailand seeing some inflows.
Stock % fgn ∆ Mn sh Stock % fgn ∆ Mn sh TRUE 35.25 23.30 HEMRAJ 21.72 -120.62 LH 52.53 14.88 KTB 22.48 -12.91 JAS 32.87 14.18 CPF 29.87 -2.97 IRPC 14.33 12.29 TUF 51.35 -2.82 CPALL 34.47 5.18 BDMS 15.56 -2.73 Data as of March 16, 2015 ***million shares
16-Mar WTD MTD YTD
Thailand 21.6 21.6 116.6 (224.2) Indonesia (57.7) (57.7) (168.6) 680.4 Philippines (9.2) (9.2) (3.4) 897.4 Taiwan (253.8) (253.8) (661.8) 4,680.4 South Korea (11.8) (11.8) 963.4 1,096.3 Vietnam (0.2) (0.2) (5.9) 49.0 Total (311.1) (311.1) 240.3 7,179.3 India 20.9 160.0 1,052.4 5,365.1 Japan 2,400.9 2,400.9 2,400.9 (3,242.6) * India as of March 12, 2015 * Japan as of March 2, 2015
Top-5 NVDR net buy/sell
Up Btmn Down Btmn DTAC 147.19 KBANK -455.83 LH 142.94 BBL -329.72 INTUCH 114.20 SCB -176.81 HANA 83.47 SCC -139.96 GL 70.65 PTT -121.60 Data as of March 16, 2015
Director trades ( >Bt5mn)
• Buy: AJD, SAMART • Sell: AJD, NWR, PS, TUF
SAWASDEE Tuesday, March 17, 2015
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News Digest
SET � The SET plunged 25.98 points or 1.69% to 1515.57 on turnover of Bt45.36bn. Lead sellers were local retail investors, joined by foreign investors. Major sellers were local institutions.
Dow Jones � The Dow gained 228.11 points, or 1.29%, to 17,977.42, as investors focused on weakness in the U.S. dollar ahead of Wednesday's key Federal Reserve meeting. (Xinhua, 17/02/15)
Oil � NYMEX: Light, sweet crude for April delivery lost 96 cents to settle at US$43.88 � Brent crude for April delivery moved down US$1.23 to close at US$53.44. (Xinhua, 17/02/15)
Gold � Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Monday ahead of the meeting of the U.S. Federal Reserve scheduled to begin on Tuesday. The most active gold contract for April delivery rose slightly 80 cents, or 0.07%, to settle at US$1,153.20/oz. (Xinhua, 17/02/15)
Currencies The US dollar declined against most major currencies on Monday ahead of the Federal Reserve policy meeting as investors were worried that the central bank could be cautious in raising interest rates. In late New York trading, the euro rose to 1.0583 dollars from 1.0475 dollars in the previous session. The U.S. dollar bought 121.40 Japanese yen, higher than 121.33 yen of the previous session. (Xinhua, 17/02/15)
Global Economy U.S. builder confidence drops for 3rd straight month - U.S. builder confidence for newly-built, single-family homes fell in March for the third straight month, but builders remained optimistic about the spring buying season, a leading industry report said Monday. The builder sentiment index fell two points to 53 this month, the lowest level since July, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Any reading over 50 indicates that more builders view sales conditions as good, rather than poor. (Xinhua, 17/3/15)
U.S. industrial production edges up 0.1% in February - U.S. industrial production, an indicator of mines, factories and utilities output, edged up 0.1% in February after falling for two months running, the Federal Reserve reported on Monday. The Fed revised January's growth down to -0.3% from its previous estimate of a 0.2% increase. (Xinhua, 16/3/15)
New York state manufacturing index falls in March - Manufacturing activity growth in New York State slowed in March for a second month in a row as the pace of new orders contracted to its weakest level since November 2013, a New York Federal Reserve survey showed on Monday. The New York Fed's Empire State general business conditions index fell to 6.90 in March from February's 7.78. (Reuters, 16/3/15)
ECB spends €10bn in first week of bond-buy plan - The European Central Bank said on Monday it settled €9.751bn (£7bn) of public-sector bond purchases in the first week of a programme to pump more than €1trn into the euro zone economy. (Reuters, 16/3/15)
Russian Economy Shrank 0.7% in First Quarter, Central Bank Says - Russia’s economy shrank 0.7% on the year in the first quarter, Russian news agencies reported Monday, citing the central bank’s first deputy chairwoman, Ksenia Yudaeva. However, the Bank of Russia said on its website that its models paint a more optimistic economic outlook than the majority of official forecasts. According to its latest economic outlook, growth could reach 0.6% on the year in the second quarter. (WSJ, 16/3/15)
China fiscal revenue rises 3.2 pct in first two months - Growth in China's fiscal revenue slowed sharply in the first two months of 2015 while expenditure increased, suggesting that proactive fiscal policy measures are gaining momentum. Fiscal revenue rose 3.2 percent year on year to reach 2.57 trillion yuan (417.5 billion U.S. dollars) in the first two months of 2015, the Ministry of Finance announced on Monday. This was a sharp slowdown from the 8.6 percent gain seen in 2014, as downward pressure on the economy continued. (Xinhua, 16/3/15)
BOJ starts policy meeting focusing on possible wage hike - the Bank of Japan (BOJ), the Japanese central bank, on Monday kicked off its two-day policy meeting, with an eye on ongoing annual wage talks which would impact on consumer prices. The Policy Board meeting comes as many major Japanese companies are expected to raise pay scales for their employees during the ongoing spring wage talks, although it remains to be seen whether such a move would spread to small and medium-sized firms. (Xinhua, 16/3/15)
SAWASDEE Tuesday, March 17, 2015
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News Digest (continued) Thai Economy Baht weaker but stable after rate cut – The Bank of Thailand's 25-basis-point cut in the
policy interest rate last week has depreciated the value of the baht by 0.5 per cent and taken the government bond yield curve to the lowest point in six years. (The Nation, 17/3/15)
13 industries tabbed to get maximum SEZ privileges – Thirteen industrial categories to be located at special economic zones (SEZs) will be entitled to the highest promotional privileges from the Board of Investment (BoI). They comprise agriculture, fishery and related industries; ceramics; textiles, clothes and leather; furniture; jewellery and ornaments; medical appliances; automotive, machinery and parts; electrical appliances and electronics; plastics; pharmaceuticals; logistics; industrial estates; and tourism-supporting industries, said Arkhom Termpitayapaisith, secretary-general of the National Economic and Social Development Board, after a special economic development policy committee meeting chaired by Prime Minister Prayut Chan-o-cha. (Bangkok Post, 17/3/15)
Sommai vows to push new tax, slams 'selfish' Thais - Finance Minister Sommai Phasee has issued a stern warning that Thailand will become mired in fiscal woe if tax reform, particularly the land and buildings tax, fails to materialise. (Bangkok Post, 17/3/15)
Overseas trade counsellors see challenges to export growth target – Thailand has trade counsellors in 61 overseas posts in 44 countries, and many foresee challenges for the country's export sector this year due to uncontrollable external factors such as weakening economic growth in many emerging markets, despite recovery in some major markets. (The Nation, 17/3/15)
Development fund for four state financial institutions approved – The National Legislative Assembly has passed a bill establishing a development fund for the state's special financial institutions. (The Nation, 17/3/15)z
Markets AFET, TFEX merger on track for July – The merger between the Thailand Futures Exchange (TFEX) and the Agricultural Futures Exchange of Thailand (AFET) will be completed in July, with trading expected to be ready by September. (Bangkok Post, 17/3/15)
Auto Market concerned on Eco-car phase 2 after General Motors Thailand pulled out its eco-car. Sources say that automakers will negotiate with the government to ease up on the condition of production 100,000 units per year. However, automakers are still confident and expect recovery of Thai domestic auto market. For pickup truck production, Thailand is at risk as Turkey’s pickup production is increasing from 0% tax to Europe. (Krungthep Turakij, 17/03/15)
Energy Energy Regulatory Commission to pay compensation to Gulf group for the postponement of its IPP, which was scheduled to commence operations during 2021-25, for 2-3 years. This is aimed at reducing the reserve margin, which could rise to 40% in 2023-25. (Krungthep Thurakij, 17/03/15)
BANPU BANPU plans to invest in renewable power plant in China, solar and wind, after the government revealed its incentive plan. In addition, the company will invest in a power plant in Indonesia with a partner to be announced soon. These investments will boost its revenue and profit in the longer term. (Thun Hoon, 17/03/15)
CCP Management says it is negotiating with Chinese contractors to supply railway ties for the double-track railway project. The Thai and Chinese governments are discussing this cooperative project, with conclusion possible by 3Q15. (Kao Hoon, 17/03/15)
CHO CHO expects to be awarded Bt1.0bn railway project which will finalize this year. The company expects to see strong 1Q15 earnings and targets 10% revenue growth this year. It plans to issue and offer Bt500mn debenture for capacity expansion. (Thun Hoon, 17/03/15)
CPALL/LOXLEY CPALL inviting on-line lottery machines into its stores – CPALL is inviting LOXLEY to set up 700-800 of its 6,000 on-line lottery machines in its 7-Eleven convenience stores after the government revoked the quota of 48mn lottery tickets, effective March 20, 2015. (Thun Hoon, 17/03/15)
CPI CPI conservatively expects revenue growth at 10% this year backed by more orders for palm oil from local and overseas clients. It expects to sign more power agreements after recently signing with EGAT to produce 3MW which offers a high 50% margin. It will book revenue this year. (Thun Hoon, 17/03/15)
SAWASDEE Tuesday, March 17, 2015
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News Digest (continued) CYBER Board approves acquiring 100% of APU, which has invested in the energy business and is
generating power for Myanmar’s government. It expects to book revenue and profit in April. It plans to acquire land in Pang-nga province to develop land for sale. It plans to change its company name to United Power of Asia, or UPA. (Thun Hoon, 17/03/15)
ECG ECF expects 1Q15 to improve YoY from more exports and weaker Thai baht. Management is confident that 2015 revenue will grow 12%. The company plans to expand to AEC market and denies news it will invest in Index Living Mall. (Kao Hoon, 17/03/15)
LPN LPN is confident 1Q15 sales revenue will reach Bt3bn after booking Bt2bn in the first two months, mainly from Park Beach Cha-am condominium. The company will join with SF for a shopping mall project in Rangsit, named Market Place. (Kao Hoon, 17/03/15)
MODERN MODERN expects revenue to rise 15% to Bt5bn with backlog of Bt300mn (60% to be recognized in 2015). It plans to invest in a joint venture with Itoki to build a new plant in Myanmar. The new plant could start up in 2016. (Kao Hoon, 17/03/15)
SCN SCN accelerating investment in new business, including production, distribution and transportation of compressed natural gas to boost overall revenue. This new business will be vital for revenue growth and account for 70-80% of recurring income. It will double 2014’s revenue by 2017. (Post Today, 17/03/15)
SPALI SPALI’s share hit by the revised dividend payout policy which was lowered from 45% to 35%. Management claims the revision is to increase its investment capability for future projects. (Kao Hoon, 17/13/15)
TAE TAE expects to boost sales volume for 1H15 to exceed 55mn liters after demand jumped. The company will also maximize operations of its power plant to pump up EBITDA to rise 16% YoY. More investment in an ethanol plant in the Philippines is under study. (Thun Hoon, 17/03/15)
THAI Board approves Bt15bn funding in 2015. THAI president Mr. Charamporn Jotikasthira said the board has approved funding Bt15bn in 2015 via issuing and offering debenture or B/E to refinance debt and to increase liquidity. Next year, it plans to raise funds of not more than Bt20bn. The fleet expansion this year will continue as planned. (Krungthep Thurakij, 17/03/15)
TICON TICON negotiating with Chinese customers for warehouse rental with the total space of nearly 100,000 sqm. This could be concluded soon. The company will inject Bt6bn to expand its asset base, both factories and warehouses. (Thun Hoon, 17/03/15)
TTCL TTCL expects stable 1Q15 YoY with revenue recognition from the current backlog of Bt27bn. Management expects additional backlog in 2Q15 from overseas projects worth Bt13bn. It expects revenue to rise 15-20% as targeted. (Thun Hoon, 17/13/15)
TSR TSR targets revenue growth of 25-30% to reach Bt1.5bn. It will spend Bt100mn to double capacity and add five more outlets. The company will emphasize cost management to increase net margin from 8% in 2014 to 10% in 2015 via online and telemarketing. (Kao Hoon, 17/03/15)
VNG VNG plans to break profit records for the next three years. The company plans to accelerate investment to upgrade its production line to catch higher demand by 4Q15. Management revealed that several foreign investors are interested in partnering it for investment in Myanmar. (Thun Hoon, 17/03/15)
WHA/HEMRAJ WHA studying the pros and cons of delisting HEMRAJ if its holding exceeds 80% after the tender offer. The company will nominate four directors to HEMRAJ’s Board. Management expects revenue to triple after the merger and plans to lead the industry in a decade. To date the company has purchased 59% of HEMRAJ shares. (Krungthep Thurakij, 17/03/15)
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 Righ SP - Suspension
SAWASDEE Tuesday, March 17, 2015
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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.
This document is prepared by SCB Securities Company Limited (“SCBS”) which is wholly-owned by The Siam Commercial Bank Public Company Limited (“SCB”). SCB has acted as a joint financial advisor of Amata VN Public Company Limited. SCBS has acted as joint-lead underwriter of Amata VN Public Company Limited. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this document (the “Information”) is provided as general information purposes only, and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS
This document is prepared by SCB Securities Company Limited (“SCBS”) which is wholly-owned by The Siam Commercial Bank Public Company Limited (“SCB”). SCB has acted as financial advisor of WHA Corporation Public Company Limited. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this document (the “Information”) is provided as general information purposes only, and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS
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SCBS reserves the right to modify the Information from time to time at its sole discretion without giving any notice. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS.