Daily Market Outlook · Spot gold was down 0.3% at US$1,193.85 an ounce, while US gold futures for December delivery were down US$3.80 an ounce at US$1,192.80. (Reuters) Crude oil

28 November 2014

Daily Market Outlook

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Please see disclaimer on last page

Measured optimism for the future

Expect the SET to trade up today, as solid local news provide

upwards momentum in the absence of major market-moving

factors from the global stage. Locally, the comments regarding

the likely postponement of the elections offers little new news,

while the FPO’s October figure offers good news. Globally,

investors continue to eagerly anticipate the ECB’s further

action.

Local issues:

Elections to be delayed, martial law to stay. Finance Minister

Sommai said bringing back democracy any time before mid-2016

was unfeasible. Deputy PM and defense minister General Prawit

echoed the view, saying “If everything goes out as planned and

if the constitution is ready, we think elections will be held in

2016”. Both also hinted it may be a year before martial law is

lifted/relaxed. (The Nation) Comment: As long as government

moves ahead with infrastructure projects and maintains

order the lengthening of the government’s rule should not

adversely affect equities gain – foreign investors have

repeatedly said what they balk at is not the lack of

democracy but of certainty.

NRC in favour of direct election of PM and Cabinet: The

National Reform Council (NRC)'s subcommittee on political

structure and independent agencies reached the initial

conclusion at its meeting yesterday that they want direct election

of the whole set of Cabinet members, including prime minister, a

new parliamentary system that has never been seen before in

Thailand. (The Nation)

October GDP signals 4Q14 improvement. The Fiscal Policy

Office says GDP during October has pricked up as expected and

November looks to be even better, though it has left its targets

for GDP growth for 2014 and 2015 as 1.4% and 4.1%,

respectively. Consumer Confidence Index increased from 69.2

in September to 69.6 in October, though still below the 100

baseline. Sales of durable goods, which lagged behind this year,

improved as well, with passenger-car sales up 1.4% (The Nation)

Thailand-Vietnam trade US$15bn target reaffirmed.

Yesterday during PM Prayut’s meeting with Vietnamese PM

Nguyen Tan Dung in Vietnam, the two parties reaffirmed

Thailand Research Department:

Mr. Warut Siwasariyanon (No.17923) Tel: 02 680 5041

Mr. Narudon Rusme, CFA (No.29737) Tel: 02 680 5056

Mr. Napat Siworapongpun (No.49234) Tel: 02 680 5094

Major Indices Close Chg %Chg

SET 1,599.82 +8.8 +0.6

SET50 1,074.80 +5.7 +0.5

SET P/E (x) 19.0

SET P/BV (x) 2.3

SET Div. Yield (%) 2.8

Dow Jones N.A. N.A. N.A.

S&P 500 N.A. N.A. N.A.

NASDAQ N.A. N.A. N.A.

UK 6,723.42 -5.8 -0.1

Germany 9,974.87 +59.3 +0.6

France 4,382.34 +8.9 +0.2

Japan 17,248.50 -135.1 -0.8

South Korea 1,982.09 +1.3 +0.1

Hong Kong 24,004.28 -107.7 -0.4

China 2,630.05 +25.7 +1.0

Taiwan 9,165.31 +42.9 +0.5

Singapore 3,340.96 -8.7 -0.3

Malaysia 1,829.91 -12.3 -0.7

Indonesia 5,145.31 +12.3 +0.2

Philippines 7,265.34 -91.3 -1.2

Trading Summary Buy Sell Net

Institution 4,597 4,752 -155

Proprietary 4,376 3,994 382

Foreign 7,962 7,751 211

Individuals 33,121 33,559 -438

Total Trading Value 50,056 Btmn Most Active Value Value Close %Chg

MTLS 8,196.6 12.00 0.8 JAS 1,946.2 7.90 -1.9 ITD 1,627.1 7.40 0.0 CGD 1,576.6 2.48 9.7 TRUE 1,421.3 12.10 2.5

Commodity Futures Close Chg %Chg

US Crude N.A. N.A. N.A.

Brent Crude 72.58 -5.17 -6.65

Gold N.A. N.A. N.A.

FX Rates Close Chg %Chg

USD/THB 32.77 0.01 0.03

EUR/USD 1.25 0.00 -0.31

USD/JPY 117.71 -0.02 -0.02

USD/CNY 6.14 0.00 0.00

Source: Bisnews, Bloomberg

28 November 2014

Daily Market Outlook

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a commitment to the proposal put forth by the previous government to increase

bilateral trade from the estimated US$10bn for this year to US$15bn by 2020. Given

particular focus will be agricultural products such as rice and rubber. (Bangkok Post)

Comment: The US$5bn would represent a 2.22% increase in exports value and

help Thailand’s exports by some measure. If prices of rubber and rice could be

maintained at a higher level through cooperation with Vietnam, farmers would

also receive boost.

Establishment of physical gold exchange to be delayed. Establishment of physical

gold exchange remains uncertain after negotiations between the SET and gold

dealers ended in disagreement regarding management power.

BTS was not successfully in its bidding for a 30-year concession to operate the Beijing

Subway Line 16 in China as its bidding price was higher than that of Beijing MTR.

However, the company has gained international experience and will continue to seek

opportunity for participating in future bids. (SET)

TRUE’s TrueVisions plans to spend Bt10.5bn in annual advertising within three years,

from just Bt450mn this year. It plans to expand its subscriber base in the middle-to-

mass market. TrueVisions expects to double its revenue to Bt20bn within two years.

The strategy follows the success of True Corporation's mass-tier packages and

convergence policy resulted in 50% revenue growth. (The Nation, Bangkok Post)

TTA posted best earnings performance in 5 year by reporting a net profit of Bt1.0bn

in FY14 (Oct 13 - Sep 14), turning around from net loss last year. Revenue surged

16% YoY as key business units delivererd solid performance which pushed

normalized profit up 507% YoY to Bt1.0bn in FY14 from normalized loss Bt253mn in

FY13. (SET)

Global issues

Macroeconomics continue to take center stage, and weak price data from Europe

has created some optimism for Eurozone equities which in the absence of any major

news, look to continue today. (Reuters)

USA

The US stock and bond markets were closed on Thursday for a public holiday and

will reopen for a half-day session on Friday. (Reuters)

28 November 2014

Daily Market Outlook

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Europe

European stock markets moved higher, as the weak inflation concerns is seen as

forcing the ECB to move towards full blown QE that involves sovereign bond buying.

Despite the fall in stocks related to oil and gas - the German DAX extended its winning

streak to 11 sessions and rose 0.6% after better German jobs data and soft German

inflation data encouraged buying. (Reuters)

Inflation in Germany fell to its lowest level in five years in November. Preliminary

figures showed inflation harmonized to compare with other European countries

dropped to 0.5% from 0.7% in October, undershooting a consensus forecast of 0.6%.

On the month, the cost of living was unchanged using this measure. The final price

data is due to be released on December 11. (Reuters)

Preliminary euro zone inflation data, due later in the day, is expected to show the

annual rate slowing to 0.3% from 0.4%, according to a Reuters poll. The ECB

considers anything below 1% to be in its deflation "danger zone". (Reuters)

The euro fell against the dollar on Thursday after data showed German inflation

sinking to its lowest since February 2010 in November, reinforcing bets the ECB will

ease monetary policy more aggressively. The euro fell back under US$1.25, falling

0.1% at US$1.2494. (Reuters)

European bond yields fall: The deflationary implications of falling oil prices weighed

on already depressed bond yields on Thursday. The 10-year German bund yield fell

below 0.70% for the first time ever, at the low 0.69%, before closing at 0.70%. The

falls in euro zone peripheral bond yields were even bigger - with the 10-year Spanish

bond yield falling 8 basis points to 1.90% and the 10-year Italian bond yield falling

10basis points to 2.06%. (Reuters)

Commodities

Gold eased on Thursday, hurt by a sharp drop in oil prices, strength in the dollar and

fresh outflows from bullion-backed funds, with traders cautious ahead of Swiss

referendum on central bank bullion assets on Sunday. A "yes" vote would force the

Swiss central bank to buy about 1,500 tonnes of gold in coming years. Spot gold was

down 0.3% at US$1,193.85 an ounce, while US gold futures for December delivery

were down US$3.80 an ounce at US$1,192.80. (Reuters)

Crude oil prices took a nose dive on Thursday after the OPEC failed to reach an

agreement to cut oil production. Brent Crude plunged 6.34% to US$72.82 a barrel,

after hitting a 4-year low at US$71.25. US crude for January plummeted US$4.79 to

close at US$68.90 after trading as low as US$67.75. It was the first time NYMEX

Crude traded below US$70 a barrel since 2010. (Reuters)

Other commodities were not severely impacted by sliding oil price on Thursday

as an upturn in economic sentiment in Europe was supported the prices. However, a

strong dollar is expected to cap gains. Three-month copper on the London Metal

Exchange, untraded at the close, was bid at US$6,555 a tonne, down 0.2%. Iron ore

surged 2.50% to US$69.70 a tonne. (Reuters)

28 November 2014

Daily Market Outlook

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Mon Tue Wed Thu Fri

1 2 3 4 5

8 9 10 11 12

XD

CITY : 0.16 Bt

IRC : 0.6269 Bt

15 16 17 18 19

XD

UIC : 0.04728 Bt

December 2014

28 November 2014

CG Report

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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2013.

ADVANC BTS GRAMMY MCOT PTT SC SSI TMBAOT CIMBT HANA MINT PTTEP SCB SSSC TNITYASIMAR CK HEMRAJ NKI PTTGC SCC SVI TOPBAFS CPF ICC NOBLE QH SCSMG SYMC TRCBANPU CPN INTUCH PAP RATCH SE-ED TCAP TRUEBAY CSL IRPC PG ROBINS SIM THAI TTWBBL DRT IVL PHOL RS SIS THCOM TVOBCP DTAC KBANK PR S&J SITHAI THRE UVBECL EASTW KKP PRANDA SAMART SNC TIP VGIBKI EGCO KTB PS SAMTEL SPALI TISCO WACOALBROOK ERW LPN PSL SAT SPI TKT

2S ASP CHOW GBX JUBILE LRH NMG PPP SINGER TCP TOG UACACAP AYUD CM GC KBS LST NSI PREB SIRI TF TPC UMIAF BEC CNT GFPT KCE MACO NWR PRG SKR TFD TPCORP UMSAHC BFIT CPALL GL KGI MAJOR OCC PT SMT TFI TPIPL UPAIT BH CSC GLOW KKC MAKRO OFM PYLON SNP THANA TRT UPOICAKP BIGC DCC GOLD KSL MBK OGC QTC SPCG THANI TRU UTAMANAH BJC DELTA GSTEL KWC MBKET OISHI RASA SPPT THIP TSC VIBHAAMARIN BLA DTC GUNKUL L&E MFC PB SABINA SSF TICON TSTE VIHAMATA BMCL ECL HMPRO LANNA MFEC PDI SAMCO STANLY TIPCO TSTH VNGAP BWG EE HTC LH MODERN PE SCCC STEC TK TTA VNTAPCO CCET EIC IFEC LHBANK MTI PF SCG SUC TLUXE TTCL YUASAAPCS CENTEL ESSO INET LHK NBC PJW SEAFCO SUSCO TMILL TUF ZMICOASIA CFRESH FE ITD LIVE NCH PM SFP SYNTEC TMT TWFPASK CGS FORTH JAS LOXLEY NINE PPM SIAM TASCO TNL TYM

A ASIA CITY EASON HTECH KASET MJD PL SF SVOA TMI UOBKHAAV BAT-3K CMR EMC HYDRO KC MK POST SGP SWC TNDT UPFAEC BCH CNS EPCO IFS KCAR MOONG PRECHA SIMAT SYNEX TNPC UWCAEONTS BEAUTY CPL F&D IHL KDH MPIC PRIN SLC TBSP TOPP VAROAFC BGT CRANE FNS ILING KTC MSC Q-CON SMIT TCCC TPAC VTEAGE BLAND CSP FOCUS INOX KWH NC QLT SMK TEAM TPP WAVEAH BOL CSR FPI IRC LALIN NIPPON RCI SOLAR TGCI TR WGAI BROCK CTW FSS IRCP LEE NNCL RCL SPC TIC TTI WINAJ BSBM DEMCO GENCO IT MATCH NTV ROJNA SPG TIES TVD WORKAKR CHARAN DNA GFM JMART MATI OSK RPC SRICHA TIW TVIALUCON CHUO DRACO GJS JMT MBAX PAE SCBLIF SSC TKS TWZANAN CI EA GLOBAL JTS MDX PATO SCP STA TMC UBISARIP CIG EARTH HFT JUTHA PRINC PICO SENA SUPER TMD UEC

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 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 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, Asia wealth Securities Company

Limited does not conform nor certify the accuracy of such survey result.

Score Range Number of Logo Description

90 – 100

80 – 89

70 – 79

60 – 69

50 – 59

Below 50

No logo given

Excellent

Very Good

Good

Satisfactory

Pass

N/A

28 November 2014

Contact

6

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This report has been prepared by Asia Wealth Securities Company Limited (“AWS”). The information herein has been obtained from sources believed to be reliable and accurate, but AWS makes no representation as to the accuracy and completeness of such information. AWS does not accept any liability for any loss or damage of any kind arising out of the use of such information or opinions in this report. Before making your own independent decision to invest or enter into transaction, investors should study this report carefully and should review information relating. All rights are reserved. This report may not be reproduced, distributed or published by any person in any manner for any purpose without permission of AWS. Investment in securities has risks. Investors are advised to consider carefully before making decisions.

Branch Address Phone Fax

Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,

Pathumwan Bangkok 10330

02-680-5000 02-680-5111

Silom 191 Silom Complex Building,21st Floor Room 2,3-1 Silom Rd.,

Silom, Bangrak, Bangkok, 10500 Thailand

02-630-3500 02-630-3530-1

Asok 159 Sermmitr Tower, 17th FL. Room No.1703, Sukhumvit 21

Road, Klong Toey Nua, Wattana, Bangkok 10110

02-261-1314-21 02-261-1328

Pinklao

7/3 Central Plaza Pinklao Office Building Tower B, 16th Flr.,

Room No.1605-1606 Baromrajachonnanee Road, Arunamarin,

Bangkoknoi, Bangkok 10700

02-884-7333 02-884-7357,

02-884-7367

Chaengwattana

99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd

Flr., Room 2204 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2300 02-8353006

Chaengwattana 2

9/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2203 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2388 02-119-2399

Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-Trad

Road, Bangkaew Bangplee, Samutprakarn 10540

02-106-7345 02-105-2070

Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District, Muang

District, Rayong Province 21000

038-808200 038-807200

Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen

40000

043-334-700 043-334-799

Chonburi 44 Vachiraprakarn Road, Bangplasoi, Muang Chonburi, Chonburi

20000

038-274-533 038-275-168

Chaseongsao 233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung Sub-

District, Meung District, Chachoengsao 24000

038-981-587 038-981-591