17 March 2015 Morning Brief 17 March 2015 Morning Brief Daily Market Performance SET (16/03/2015): Market Turnover: 1,515.57 (-1.69%) Bt45,358m Source: SET, KS Today’s highlights Market Wrap-up ► The SET Index yesterday slumped 25.98 points (-1.69%) to 1,515.57 on low turnover of Bt45,358mn after the crude oil price hit a one-month low amid an absence of positive catalysts. Energy, ICT and Bank stocks led the market down. Foreign investors were net buyers of Bt712mn of stocks (Inst - Bt1,969mn, Prop -Bt556mn, Ret +Bt1,814mn). Key event today: the FOMC meeting begins. Sector & Equities Recommendation ► BA (Outperform) (page 2) We initiate coverage of Bangkok Airways (BA) with an Outperform rating and a TP of Bt24. We like BA as it is an airline company with comparatively less volatile earnings than its peers. This is due to the steady cashflow provided by its non-airline businesses and dividend income/share of profit from BDMS and SPF. Given the positive outlook for a low jet fuel price this year and the 20% price correction in BA's share price since its IPO in Nov 2014 (vs. SET -2%), we see an opportunity to exploit the current positive valuation gap. Our TP of Bt24 is based on a sum-of-parts valuation, which implies upside of 19%. ► SPALI (Under review) (page 3) However, in our view, given: 1) that SPALI is trading at a 2015E PER of just 6.9x, which is comparatively low compared with its peers’ 9.9x (or about 8.2x excluding LH); 2) the recent share price correction of about 15% in the past week; and 3) that this extra money will support new investments and/or allow SPALI to possibly acquire attractive land plots at reasonable prices, we see this decision providing additional value to SPALI in the long term. The short-term negative impact, in our view, should provide a nice entry level for long-term investors looking to ride the solid growth potential of this company. In the conservative case, at the latest closing price, investors should receive a nice dividend yield of 5.0% assuming SPALI pays a 2015 dividend at the same amount as in 2014 of Bt1.0 per share. Note that SPALI is maintaining its 2015 pre-sales growth target at 18.6%, to Bt23bn, and revenue growth target at 17.8%, to Bt22bn. Current secured 2015 revenue accounts for 80% of this year’s target. Sector PER (x) Yr to Dec 12A 13A 14E 15E Agribusiness & Food 11.24 25.10 16.33 13.77 Auto 15.02 8.95 10.88 11.75 Banking 14.89 11.97 11.97 11.50 Commerce 23.79 25.69 31.01 27.73 Commercial 14.79 29.96 25.80 23.40 Construction Materials 25.93 17.00 18.24 15.59 Contractor 45.69 11.70 27.57 27.61 Electronics 19.88 15.81 15.30 14.30 Energy 8.44 9.47 20.59 11.57 Health Care 37.44 46.46 40.96 35.26 Home & Office Products 1.25 1.39 12.48 10.93 ICT 18.77 21.88 19.26 19.41 Industrial Estate 21.65 13.57 16.11 13.21 Insurance 25.16 18.98 123.26 18.31 Media 18.37 15.46 17.76 16.81 Petrochemical 9.69 10.29 25.37 14.54 Property Fund 30.11 49.54 35.94 34.39 Residential 13.03 12.28 10.59 10.02 Shipping -5.68 -6.75 42.84 25.24 Tourism 35.27 28.20 33.81 23.89 Transportation 7.39 41.95 40.42 24.74 Utilities 33.72 33.54 25.86 18.91 Source: Bloomberg, KS Inside Page Fund Flows i Bond Trading i Top Ten Short Sale ii Thai NVDR Trading Data by Stock ii Daily Driver Stats (Market Summary) iii Daily Driver Stats (Commodity) iv Director Trade v Insider Trading vi Foreign Ownership - top ten gainers and losers vi Economic Calendar vii Company's Calendar ix Kasikorn Securities PCL Research Department Contact: 02-696-0031 SET Index 1,515.57 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA 228.11pt/1.29% Oil - Nymex (USD) 43.88/bbl/-0.96USD Change -25.98pt/-1.69% (Btm) DTAC 147 KBANK -456 S&P 27.79pt/1.35% Gold - London (USD) 1,157.07/Oz/-0.27USD Turnover (Btm) 45,357.76 Foreign 712 5,301 LH 143 BBL -330 NASDAX 57.75pt/1.19% DXYO 99.6/-0.72% PER (x) 20.98 Institution -1,969 3,867 INTUCH 114 SCB -177 CAC 50.7pt/1.01% Bt/USD 32.95/0.05% PBV (x) 2.12 Retail 1,814 737 HANA 83 SCC -140 FTSE 63.5pt/0.94% USD/Euro 1.05/-0.47% Div Yield (%) 2.90 Proprietary -556 - GL 71 PTT -122 DAX 266.11pt/2.24% 10Y US treasury yld 2.07/-2% (Contracts) Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
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17 March 2015 Morning Brief
17 March 2015 Morning Brief
Daily Market Performance SET (16/03/2015): Market Turnover:
1,515.57 (-1.69%) Bt45,358m
Source: SET, KS
Today’s highlights Market Wrap-up ► The SET Index yesterday slumped 25.98 points (-1.69%) to 1,515.57 on low
turnover of Bt45,358mn after the crude oil price hit a one-month low amid an absence of positive catalysts. Energy, ICT and Bank stocks led the market down. Foreign investors were net buyers of Bt712mn of stocks (Inst -Bt1,969mn, Prop -Bt556mn, Ret +Bt1,814mn). Key event today: the FOMC meeting begins.
Sector & Equities Recommendation ► BA (Outperform) (page 2) We initiate coverage of Bangkok Airways (BA)
with an Outperform rating and a TP of Bt24. We like BA as it is an airline company with comparatively less volatile earnings than its peers. This is due to the steady cashflow provided by its non-airline businesses and dividend income/share of profit from BDMS and SPF. Given the positive outlook for a low jet fuel price this year and the 20% price correction in BA's share price since its IPO in Nov 2014 (vs. SET -2%), we see an opportunity to exploit the current positive valuation gap. Our TP of Bt24 is based on a sum-of-parts valuation, which implies upside of 19%.
► SPALI (Under review) (page 3) However, in our view, given: 1) that SPALI is trading at a 2015E PER of just 6.9x, which is comparatively low compared with its peers’ 9.9x (or about 8.2x excluding LH); 2) the recent share price correction of about 15% in the past week; and 3) that this extra money will support new investments and/or allow SPALI to possibly acquire attractive land plots at reasonable prices, we see this decision providing additional value to SPALI in the long term. The short-term negative impact, in our view, should provide a nice entry level for long-term investors looking to ride the solid growth potential of this company. In the conservative case, at the latest closing price, investors should receive a nice dividend yield of 5.0% assuming SPALI pays a 2015 dividend at the same amount as in 2014 of Bt1.0 per share. Note that SPALI is maintaining its 2015 pre-sales growth target at 18.6%, to Bt23bn, and revenue growth target at 17.8%, to Bt22bn. Current secured 2015 revenue accounts for 80% of this year’s target.
Sector PER (x) Yr to Dec 12A 13A 14E 15E Agribusiness & Food 11.24 25.10 16.33 13.77Auto 15.02 8.95 10.88 11.75Banking 14.89 11.97 11.97 11.50Commerce 23.79 25.69 31.01 27.73Commercial 14.79 29.96 25.80 23.40Construction Materials 25.93 17.00 18.24 15.59Contractor 45.69 11.70 27.57 27.61Electronics 19.88 15.81 15.30 14.30Energy 8.44 9.47 20.59 11.57Health Care 37.44 46.46 40.96 35.26Home & Office Products 1.25 1.39 12.48 10.93ICT 18.77 21.88 19.26 19.41Industrial Estate 21.65 13.57 16.11 13.21Insurance 25.16 18.98 123.26 18.31Media 18.37 15.46 17.76 16.81Petrochemical 9.69 10.29 25.37 14.54Property Fund 30.11 49.54 35.94 34.39Residential 13.03 12.28 10.59 10.02Shipping -5.68 -6.75 42.84 25.24Tourism 35.27 28.20 33.81 23.89Transportation 7.39 41.95 40.42 24.74Utilities 33.72 33.54 25.86 18.91
Source: Bloomberg, KS
Inside Page Fund Flows i
Bond Trading i
Top Ten Short Sale ii
Thai NVDR Trading Data by Stock ii
Daily Driver Stats (Market Summary) iii
Daily Driver Stats (Commodity) iv
Director Trade v
Insider Trading vi
Foreign Ownership - top ten gainers and losers vi
Economic Calendar vii
Company's Calendar ix
Kasikorn Securities PCL
Research Department
Contact: 02-696-0031
SET Index 1,515.57 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA 228.11pt/1.29% Oil - Nymex (USD) 43.88/bbl/-0.96USD Change -25.98pt/-1.69% (Btm) DTAC 147 KBANK -456 S&P 27.79pt/1.35% Gold - London (USD) 1,157.07/Oz/-0.27USD Turnover (Btm) 45,357.76 Foreign 712 5,301 LH 143 BBL -330 NASDAX 57.75pt/1.19% DXYO 99.6/-0.72%
PER (x) 20.98 Institution -1,969 3,867 INTUCH 114 SCB -177 CAC 50.7pt/1.01% Bt/USD 32.95/0.05% PBV (x) 2.12 Retail 1,814 737 HANA 83 SCC -140 FTSE 63.5pt/0.94% USD/Euro 1.05/-0.47% Div Yield (%) 2.90 Proprietary -556 - GL 71 PTT -122 DAX 266.11pt/2.24% 10Y US treasury yld 2.07/-2%
(Contracts)
Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
Morning Brief
17 March 2015 2 Morning Brief
Bangkok Airways PCL - More than just an airline company (BA TB, Bt20.00, Outperform, Fair price Bt24.00) Jitima Ratanatam
([email protected]) We initiate coverage of Bangkok Airways (BA) with an Outperform rating and a TP of Bt24. We like BA as it is an airline company with comparatively less volatile earnings than its peers. This is due to the steady cashflow provided by its non-airline businesses and dividend income/share of profit from BDMS and SPF. Given the positive outlook for a low jet fuel price this year and the 20% price correction in BA's share price since its IPO in Nov 2014 (vs. SET -2%), we see an opportunity to exploit the current positive valuation gap. Our TP of Bt24 is based on a sum-of-parts valuation, which implies upside of 19%.
Investment highlight ► 2015 outlook. We expect BA to report a 2015 net profit of Bt1.58bn, up from Bt351m in 2014.
The key growth drivers will be a higher pax number, fleet expansion, flight capacity expansion at Samui Airport and the lower jet fuel price. Competition in the airline market is intense but we expect BA’s differentiation via its focus on Samui routes (high margin as BA is the airport operator) and increasing code sharing with many airlines will enable the company to survive in the long run. BA should also benefit from Thai Airways’ restructuring plan as we expect some passengers to switch to BA as THAI exits routes.
► Fleet expansion. BA is targeting to increase its fleet from 27 aircraft in 2014 to 30 aircraft in 2015. We expect revenue to increase 30% YoY, driven by improvements in ASK capacity (+13% YoY), Pax number (+26% YoY to 6m) and avg. ticket price (+3% YoY to Bt3,880). The low base for tourist numbers due to the Thai political uncertainty last year should support strong growth in 2015.
► Samui expansion. The company has already been granted permission from the Thai DCA in Nov 2014 to increase the flight capacity at Samui Airport from 36 to 50 flights per day. BA will be the primary beneficiary of this change as it accounts for roughly 90% of total daily flights to Samui Airport.
► Fuel hedging. Currently about 75% of BA’s fuel is hedged at roughly US$106/bbl. Blended with the unhedged portion, we expect BA’s effective jet fuel cost at US$102/bbl (-9% YoY) in 2015. Combined with BA’s fixed pricing for advanced ticket bookings with code share partners (20-25% of total revenue), we expect EBITDAR margin to return to normal at 20% in 2015 from 15% in 2014. Every US$1 change in the jet fuel price will impact core profit by 3%.
► Non-airline businesses and dividend income curb earnings volatility. Non-airline business accounts for 20% of BA's total revenues and contributes stable, high-margin earnings. Combined with the steady dividend income/share of profit from BDMS and SPF (~Bt500m/ year), this gives BA an advantage over other airlines as its earnings should be less volatile than those of its peers.
Valuation
► Our TP of Bt24 is based on a sum-of-parts valuation, made up of: 1) its core operation (Bt10); and 2) investments in BDMS (Bt12.5) and SPF (Bt1.8). Excluding BDMS and SPF's valuation, BA’s core operation is trading at 0.6x PBV and 4x EBITDAR in 2015E, lower than the average for regional airlines at 1.5x PBV and 5.5x EVEBITDAR. The share price correction 20% since IPO in Nov 2014, we attractive valuation upside of 19%. We initiate coverage of BA with an Outperform rating.
Morning Brief
17 March 2015 3 Morning Brief
Supalai PCL - Dividend policy change to support long-term growth (SPALI TB, Bt20.10, Under review) Sorapong Jakteerungkul
What's going on?
► SPALI informed the SET yesterday afternoon that it would change its dividend policy from approximately 45% of net income after tax to not less than 35% of net income after tax on its separate financial statements.
► The main purpose of this adjustment, disclosed during an opportunity day event conducted at the SET, is to boost the company’s financial flexibility in the long term, as the new policy will give it a much wider payout ratio range, from 35% to 100%. This will allow SPALI to easily manage its dividend per share to keep it at least at the same amount as it paid in the previous year.
Impact
► Despite this clarification, we see a negative impact on its share price in the short term given the market may take a conservative view of this change by assuming the lowest rate for future dividend payments, while the current Bloomberg consensus dividend payout ratio for SPALI is at 40.0%.
► Assuming a new rate of 35%, Bloomberg's consensus 2015-17 dividend per share (DPS) for SPALI will fall by Bt0.14-0.19 from the current estimate of Bt1.16-1.30. This implies a decline in DPS of 12-15%. In this case, we may see the share price contract at the same rate if a DDM valuation model is applied. Note that the eight largest residential developers have an average dividend payout ratio in a range of 44-49% over the next three years (or about 39-41% excluding LH).
Recommendation
► However, in our view, given: 1) that SPALI is trading at a 2015E PER of just 6.9x, which is comparatively low compared with its peers’ 9.9x (or about 8.2x excluding LH); 2) the recent share price correction of about 15% in the past week; and 3) that this extra money will support new investments and/or allow SPALI to possibly acquire attractive land plots at reasonable prices, we see this decision providing additional value to SPALI in the long term.
► The short-term negative impact, in our view, should provide a nice entry level for long-term investors looking to ride the solid growth potential of this company. In the conservative case, at the latest closing price, investors should receive a nice dividend yield of 5.0% assuming SPALI pays a 2015 dividend at the same amount as in 2014 of Bt1.0 per share. Note that SPALI is maintaining its 2015 pre-sales growth target at 18.6%, to Bt23bn, and revenue growth target at 17.8%, to Bt22bn. Current secured 2015 revenue accounts for 80% of this year’s target.
Morning Brief
17 March 2015 4 Morning Brief
Daily News Economic & Industry News
► PM blasts squabbling over charter. Prime Minister Prayut Chan-o-cha has warned that the charter-drafting process will be scrapped if arguments among the stakeholders continue. (Bangkok Post)
► ERC asks for power plant delays. The Energy Regulatory Commission (ERC) is in talks with several private power producers that received licenses to develop plants, urging them to postpone commercial operations until 2022. (Bangkok Post)
► Sommai vows to push new tax . 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)
► We'll find a solution for SEZs, Prayut says. PM General Prayut Chan-o-cha promised yesterday that the government would seek appropriate solutions in a bid to ease investor concerns over the enforcement of martial law in special economic zones (SEZs). (Nation)
► Baht weaker but stable after rate cut. The Bank of Thailand's 25-basis-point cut in the policy interest rate last week has weakened the value of the baht by 0.5 per cent and taken the government bond yield curve to its lowest point in six years. (Nation)
► New emissions tax won't hurt car sales much: minister. Industry Minister Chakramon Phasukavanich has said the restructuring of the automobile excise tax to include an emissions levy that will become effective from January 1 next year should not have a significant impact on people's decisions to buy a new car. (Nation)
► Advertising spending rises 21.4% in Jan-Feb. Ad expenditures in the first two months showed signs of a recovery, surging 21.4 per cent to Bt19.94 billion from Bt16.42 billion a year earlier, according to Nielsen (Thailand). (Nation)
Daily Stats
17 March 2015 i Morning Brief
Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
12-Mar-15 13-Mar-15 16-Mar-15 5 Days 30 Days YTD 2014
Thailand -12.60 19.37 21.61 8.56 -332.42 -224.16 -1,091.32
Indonesia -10.48 -35.03 -57.69 -216.26 193.68 680.35 3,766.10
Philippine 9.35 -8.13 -9.21 -2.89 76.82 897.43 1,256.05
India 142.15 20.87 0.00 10.33 2,878.25 5,365.09 16,161.87
Taiwan 75.49 -153.79 -253.79 -856.69 472.79 4,680.37 13,190.34
S. Korea -71.22 92.98 -11.79 168.14 1,783.74 1,096.29 5,683.85
Vietnam -0.36 -2.22 -0.24 -7.35 14.48 49.03 135.56
Total 132.33 -65.95 -311.11 -896.16 5,087.33 12,544.40 39,102.45
Source : Bloomberg
Trading Activities
SET Buy Sell Net 5 Days 30 Days YTD 2014
Institutions 3,270 5,239 -1,969 -4,502 -8,571 1,138 71,424
Foreign Investors 9,610 8,898 712 279 -10,818 -7,418 -36,584
Local Investors 28,376 26,562 1,814 7,418 29,799 7,709 -38,421
Proprietary Trading 4,102 4,658 -556 -3,195 -10,410 -1,429 3,582
Index Future Long Short Net 5 Days 30 Days YTD 2014
Institutions 27,854 27,108 746 14,803 36,864 12,838 24,123
Foreign Investors 18,858 13,557 5,301 -3,528 -34,071 -30,168 9,728
Local Investors 47,306 53,353 -6,047 -11,275 -2,793 17,330 -33,851
Metal Futures Long Short Net 5 Days 30 Days YTD 2014
Institutions 1,575 1,510 65 -1,454 -2,675 -4,194 3,214
Foreign Investors 667 89 578 2,181 -1,120 -7,298 -3,058
Local Investors 1,234 1,877 -643 -727 3,795 11,492 -156
Bond Trading
Bond Trading
12-Mar-15 13-Mar-15 16-Mar-15 5 Days 30 Days YTD 2014
Net Foreign -9,513 -7,652 -1,320 35,604 60,636 -10,244 207,033
Short term -601 -0 -2 54,231 58,380 4,871 137,173
Long term (TTM > 1Y) -8,913 -7,652 -1,318 -18,627 2,256 -15,116 69,861
Net Asset Management 8,156 10,452 -2,180 33,171 206,991 578,649 2,134,558
Short term 7,999 8,353 -2,350 31,972 201,239 529,443 2,026,203
Long term (TTM > 1Y) 157 2,099 170 1,199 5,751 49,206 108,355
Total Outright Trading 118,587 100,293 70,424 490,303 1,655,041 4,030,895 18,867,218
Short term 50,622 52,242 37,657 267,403 978,211 2,393,919 12,869,159
Long term (TTM > 1Y) 67,965 48,051 32,767 222,900 676,830 1,636,976 5,998,059
Source : Thai BMA
Daily Stats
17 March 2015 ii Morning Brief
Top Ten Short Sale Acc % Short Sale Volume Comparing with Main Board
-1 Day -1 Week -1 Month -3 Month
BIGC 25.03 32.89 17.84 8.83
QH 19.42 4.01 1.16 0.59
IVL 17.19 5.22 2.05 2.14
PTT 14.08 9.82 6.06 7.21
MAKRO 13.18 26.17 9.72 6.35
BEC 12.70 4.57 3.45 3.82
ADVANC 12.36 9.40 6.13 3.80
SCC 10.90 9.49 6.61 3.82
KBANK 10.11 7.08 6.17 5.17
BJC 8.29 16.72 10.99 7.10
Source : SET Smart
Thai NVDR Trading Data by Stock
Stock 10-Mar-15 11-Mar-15 12-Mar-15 13-Mar-15 16-Mar-15
DTAC 106.94 1.69 118.50 73.78 147.19
LH -113.08 -77.66 -5.91 -13.92 142.94
INTUCH 0.84 -110.71 187.42 -99.76 114.20
HANA 4.16 -1.07 10.37 24.96 83.47
GL 8.65 16.44 38.18 11.81 70.65
JAS 9.09 -8.49 25.13 146.07 61.40
EGCO 4.56 4.89 6.93 35.84 56.54
VGI 15.39 -10.03 32.90 9.41 52.58
DCC -0.53 -0.51 3.37 72.86 43.75
SPCG -0.20 -2.75 -2.01 30.49 33.62
IRPC 66.40 -8.98 -9.53 -22.44 32.74
UNIQ -0.78 1.96 -48.74 14.96 31.16
ITD -26.08 -19.93 4.70 -24.14 27.07
TRC 19.58 -35.17 1.34 36.27 25.85
AAV 76.54 41.16 45.03 0.36 24.77
STEC 2.84 6.08 31.11 50.59 19.70
BA -0.14 -0.94 -0.90 15.55 18.78
BAY 16.97 14.40 -0.19 3.01 18.07
IFEC 2.79 0.99 31.77 2.81 17.54
TCAP 22.644124 13.50 -1.89 -1.10 14.11
Source: SET
Top Net Buy (Btmn)
Stock 10-Mar-15 11-Mar-15 12-Mar-15 13-Mar-15 16-Mar-15
KBANK 446.40 -51.83 64.69 -200.96 -455.83
BBL -14.16 -486.57 -260.95 -61.94 -329.72
SCB 193.60 203.47 0.67 -30.82 -176.81
SCC -3.77 -129.03 -52.28 259.38 -139.96
PTT -12.78 -225.82 -164.66 -131.00 -121.60
AOT -35.99 -15.49 -39.13 -92.28 -107.41
PTTEP -81.72 -34.31 -44.81 -97.37 -89.99
CPALL -10.06 -51.18 -70.02 -106.17 -86.42
CPF 69.15 -45.45 12.74 4.19 -70.19
TISCO 30.72 -1.85 4.77 -9.01 -61.41
TRUE 26.75 -48.12 -15.83 -44.32 -58.05
PTTGC -30.11 -89.28 -43.18 -28.95 -48.42
BDMS -21.98 10.22 -38.93 -56.47 -41.92
MINT 107.87 -12.38 -42.60 44.30 -41.09
KTB -53.99 -31.08 6.39 -59.06 -35.74
BCP -47.67 -61.44 -18.88 -13.26 -35.36
MAJOR -42.73 -63.25 -11.99 -1.80 -34.90
HEMRAJ -4.00 168.75 -1.98 -44.43 -32.67
BANPU -68.03 -23.35 -36.28 -24.95 -26.93
BEC -5.96 -26.12 28.64 -18.80 -23.79
Source: SET
Top Net Sell (Btmn)
Top Buy Top Sell
KBANK 2,298.72 BBL -3,035.17
INTUCH 1,266.59 PTT -2,417.60
TRUE 1,207.19 PTTGC -968.22
SCB 1,164.12 AOT -418.13
STEC 1,161.00 ADVANC -391.28
LH 1,120.35 MAX -354.88
IRPC 926.28 CPN -351.48
RS 430.63 BDMS -337.00
TOP 423.24 BAY -288.42
PS 393.08 PTTEP -272.45
ESSO 383.79 TMB -268.95
JAS 368.89 SAMART -260.00
GL 350.56 CPALL -218.74
CPF 320.29 GFPT -213.76
AAV 306.75 BCP -191.54
TICON 269.07 TUF -171.50
AMATA 220.24 SPALI -142.60
LPN 199.28 BEC -116.88
VGI 197.31 DTAC -116.21
AP 190.92 THAI -116.00
Source: SET
Net Buy/Sell 1 Month
Value (Btmn)
16-Mar-15 5 Days
Buy Sell Total (%) (%)
-- Banking 550.84 1,594.81 2,145.66 50.7% 45.6%
-- Information & Communication Technology856.30 596.57 1,452.87 16.7% 18.9%
-- Energy & Utilities 465.13 615.35 1,080.49 23.6% 20.9%
-- Property Development 514.89 384.64 899.53 14.9% 17.3%
-- Construction Materials 186.53 274.96 461.49 25.6% 21.8%
-- Food and Beverage 152.40 299.63 452.04 25.2% 21.5%
-- Transportation & Logistics 99.70 230.40 330.10 16.8% 16.5%
-- Media & Publishing 113.32 113.89 227.21 9.2% 12.2%
-- Electronic Components 140.28 71.77 212.05 19.5% 18.7%
-- Commerce 42.55 144.93 187.48 13.9% 14.2%
-- Finance and Securities 87.92 65.33 153.25 8.4% 5.6%
-- Health Care Services 37.16 101.83 138.98 32.5% 25.5%
-- Petrochemicals & Chemicals 35.64 95.10 130.74 35.3% 29.2%
-- Home & Office Products 24.42 10.99 35.42 1.5% 1.6%
-- Agribusiness 9.45 24.17 33.61 0.7% 0.8%
-- Insurance 9.72 23.76 33.48 16.7% 12.1%
-- Tourism & Leisure 19.17 3.23 22.41 20.4% 19.4%
-- Steel 7.23 5.51 12.74 4.5% 3.2%
-- Automotive 1.57 3.60 5.17 3.8% 3.5%
-- Professional Services 1.60 1.84 3.44 0.5% 1.3%
*% of Trading Volumn in Underlying Securities traded in each sector
Source: SET, KS
NVDR Trading by Sector
Value (Btmn)
Daily Stats
17 March 2015 iii Morning Brief
Daily Driver Stats (Market Summary)
1D 1W 1M 1Y YTD High Low
World Stock Index
Dow Jones 17,977.42 1.29% -0.10% -0.23% 10.27% 0.87% 18,288.63 16,026.75
S&P 500 2,081.19 1.35% 0.08% -0.75% 11.50% 1.08% 2,117.39 1,815.69
Nasdaq 4,929.51 1.19% -0.26% 0.73% 15.26% 4.08% 5,008.10 3,999.73
FTSE 100 6,804.08 0.94% -1.05% -1.01% 3.77% 3.62% 6,961.14 6,182.72
DAX 12,167.72 2.24% 5.06% 10.98% 30.23% 24.09% 12,167.72 8,571.95
CAC 5,061.16 1.01% 2.51% 6.34% 16.74% 18.45% 5,061.16 3,918.62
NIKKEI 19,246.06 -0.04% 2.42% 7.44% 35.30% 10.29% 19,254.25 13,910.16
Hang Seng 23,949.55 0.53% -0.72% -2.97% 11.72% 1.46% 25,317.95 21,182.16
MSCI Ex. JP 376.51 -0.00% -1.23% -2.04% 11.52% 1.51% 397.59 335.37
S&P Volat ility (VIX Index) 15.61 -2.44% 3.65% 6.26% 4.07% -18.70% 26.25 10.32
Dow Jones Real Estate 307.05 1.12% 2.09% -2.19% 16.60% 2.15% 325.45 260.43
Dow Jones Financial Sector 449.21 1.11% 1.08% 0.45% 9.81% 0.14% 454.69 388.26
Dow Jones Construction Material 530.41 0.52% -0.14% 0.26% -1.23% 6.18% 544.78 450.45
Dow Jones Energy 632.68 1.22% -0.96% -8.10% -14.66% -5.21% 855.72 612.64
Dow Jones Technology 1,287.53 1.19% -1.55% -1.56% 17.80% 1.55% 1,333.18 1,051.19
Dow Jones Health Care 782.09 2.16% 2.22% 4.06% 26.62% 7.83% 782.09 586.84
Dow Jones Consumer Services 734.10 1.19% 0.73% 1.74% 18.95% 5.46% 736.60 585.42
SET Indices
SET Index 1,515.57 -1.69% -2.83% -6.21% 11.40% 1.20% 1,615.89 1,349.90
SET 100 Index 2,218.43 -1.66% -2.99% -6.83% 9.72% 0.26% 2,382.15 2,005.26
SET 50 Index 996.39 -1.57% -2.98% -6.97% 8.38% -0.46% 1,074.80 912.35
MAI Index 744.02 -2.40% -4.29% -6.34% 84.12% 6.28% 801.35 392.57
Energy 18,730.94 -2.27% -4.38% -9.44% 0.18% 0.18% 22,190.44 17,617.57
Bank 592.72 -1.15% -3.35% -7.13% 19.93% -0.26% 688.00 488.48
Property 288.01 -2.53% -5.26% -8.12% 12.71% -0.18% 326.12 251.67
Transportation 226.78 -1.16% -2.45% -5.80% 24.17% 1.57% 244.71 174.06
Construction Materials 13,635.33 -2.74% -2.83% 1.36% 32.00% 14.75% 14,315.44 10,173.01
ICT 228.15 -1.59% -0.48% -6.33% 7.18% -1.37% 243.57 202.35
Electronic 1,783.39 2.01% 4.24% 5.56% 40.69% 17.22% 1,783.39 1,250.01
Commerce 27,103.92 -0.90% -1.31% -5.27% -0.88% -5.18% 32,041.97 26,930.95
Hospitality & Leisure 513.15 -2.24% -1.33% -5.45% 7.52% -2.13% 608.67 471.73
Fixed Income and FX
US 2-Y yield 0.65 -1.20% -6.16% 1.25% 52.91% -2.32% 0.74 0.31
US 5-Y yield 1.55 -1.98% -5.86% 0.97% -9.05% -6.06% 1.83 1.15
US 10-Y yield 2.07 -2.00% -5.43% 1.04% -24.46% -4.58% 2.80 1.64
US Ted Spread 0.24 -4.03% -8.13% -4.66% 28.30% 9.15% 0.26 0.18
Thai 2-Y yield 1.89 0.00% -6.90% -9.57% -18.18% -10.43% 2.42 1.88
Thai 5-Y yield 2.40 0.00% -1.23% -2.44% -26.15% -3.23% 3.28 2.19
Thai 10-Y yield 2.75 0.73% 1.10% -0.36% -29.12% -2.83% 3.88 2.49
Thai TED Spread 0.17 -3.24% -17.06% -0.47% 50.95% 32.41% 0.34 0.11
Dollar Index 99.60 -0.72% 2.07% 5.74% 24.34% 10.33% 100.33 79.09
French CDS USD SR 5Y 39.56 -0.48% -0.17% -13.31% -24.16% -16.39% 55.31 35.55
Greece 5Yr USD CDS 451.61 0.00% 0.00% 0.00% -57.58% 0.00% 1,064.53 432.65
Portugal 5Yr USD CDS 120.01 -0.82% -0.26% -33.01% -42.16% -40.71% 228.37 117.90
Ireland 5Yr USD CDS 47.70 2.18% 1.55% -4.52% -43.21% -4.93% 86.50 40.21
Spain 5Yr USD CDS 82.57 -1.87% -0.41% -20.48% -22.23% -14.43% 115.45 55.99
Italy 5Yr USD CDS 104.07 -1.14% 2.61% -18.57% -22.62% -23.82% 155.77 81.84
German 5Yr USD CDS 16.25 0.03% -1.16% -10.39% -31.17% 20.90% 23.95 13.44
US 5Yr CDS 16.51 -2.31% -5.66% -3.95% -27.18% -3.96% 26.19 15.50
Thailand 5Yr CDS 105.12 4.24% 3.02% -3.71% -21.94% -1.76% 136.16 80.84
Indonesia 5Yr CDS 158.32 1.23% 6.79% 4.39% -14.65% -11.06% 189.51 127.99
Philippines 5Yr CDS 92.50 0.19% 6.91% -1.07% -16.67% -8.87% 111.01 78.51
USD : EURO 1.05 -0.47% -3.20% -7.66% -23.62% -12.95% 1.39 1.05
USD : POUND 0.68 0.34% 2.22% 4.09% 11.63% 5.39% 0.68 0.58
USD : Yen 121.28 -0.15% 0.32% 2.01% 18.58% 1.33% 121.66 101.05
USD : Yuan 6.26 0.04% -0.02% 0.33% 0.57% 0.88% 6.28 6.11
Current Index%Change 52 week
Source: Bloomberg
Daily Stats
17 March 2015 iv Morning Brief
Daily Driver Stats (Commodity)
1D 1W 1M 1Y YTD High Low
Current Price Related Stocks
Nymex Futures 1 M (USD/bbl) 43.88 -2.14% -12.24% -16.86% -55.88% -17.63% 107.26 43.88 PTT, PTTEP
GRM (USD/bbl) 9.01 -1.42% -3.94% 7.26% 250.58% 28.90% 8.24 -0.95 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 61.80 0.00% 0.00% 0.00% -15.23% -1.98% 75.65 61.80 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 564.00 0.36% -0.70% 6.42% -64.73% -27.88% 1,621.00 509.00 TTA, PSL
Gold (USD/ounce) 1,157.07 -0.02% -1.53% -5.55% -13.73% -2.11% 1,380.59 1,144.82 THL
Thai Gold Bar (Bath/15.244 g) 18,220.00 0.22% -0.05% -4.36% -11.64% -3.80% 21,180.00 17,920.00
Near Month Gold Future (Baht) 18,000.00 -0.28% -0.28% -4.76% -11.76% -2.44% 21,000.00 17,750.00
Silver (USD/ounce) 1,558.00 0.52% -2.14% -7.59% -24.18% -2.44% 2,150.00 1,528.00
Near Month Silver Future (Baht) n.a. n.a. n.a. n.a. n.a. n.a. 0.00 0.00
Copper Spot (USD/MT) 5,864.25 -0.30% -0.50% 1.92% -9.63% -7.91% 7,186.00 5,433.00
CRB Index 210.12 -0.28% -4.19% -8.32% -29.82% -8.63% 312.93 210.12
Zinc (USD/tonne) 2,005.00 -0.30% -1.81% -6.79% 2.72% -7.94% 2,410.00 1,945.00 PDI
Malaysian Palm Oil (MYR/tonne) 2,243.00 0.00% -1.80% -1.69% -21.56% -2.35% 2,874.00 1,942.50 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 12.90 1.57% -2.79% -13.07% -29.35% -13.54% 19.78 12.70 KBS,KSL
Soybeans (USD/lb) 9.63 -0.49% -2.43% -2.36% -31.50% -5.03% 15.39 8.98
Soybean Oil (USD/pound) 30.26 -0.33% -1.59% -6.60% -23.68% -6.08% 43.21 29.54 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 363.10 0.00% 0.11% 0.30% -27.74% -13.15% 593.20 342.20
Rubber (JPY/kg) 210.20 -1.45% -0.19% -4.63% -10.44% -1.45% 237.60 175.40 STA, TRUBB
Chicken - (Bt/kg) 37.00 0.00% -2.63% -3.90% -2.63% -9.76% 47.50 32.50 CPF,GFPT
Pork (Bt/kg) 57.00 0.00% 0.00% -0.82% -10.41% -13.93% 81.50 49.88 CPF
Ethylene (USD/tonne) 1,020.00 0.00% 0.00% 14.61% -26.88% 13.33% 1,490.00 820.00
Propyene (USD/tonne) 1,025.00 0.00% 0.00% 21.30% -24.35% 91.59% 1,390.00 535.00
HDPE (USD/tonne) 1,250.00 0.00% 0.00% 11.11% -18.57% 6.84% 1,610.00 1,090.00
PVC CFR Far East (USD/tonne) 860.00 0.0% 0.0% 3.6% -16.9% 8.2% 1,060.00 795.00
Naptha (USD/tonne) 502.75 -4.10% -5.63% -7.24% -45.25% 8.00% 993.50 398.25
Ethylene Spread (Olefin) 517.25 4.34% 6.16% 48.64% 8.50% 19.04% 713.50 301.50 PTTGC
Propylene Spread (Olefin) 522.25 4.29% 6.09% 72.36% 19.58% 651.44% 566.75 21.75 PTTGC
HDPE Spread (Olefin) 747.25 2.96% 4.18% 28.17% 21.16% 6.07% 848.25 571.50 PTTGC, SCC
Hot Rolled Coil (USD/tonne) 377.50 -1.31% -1.31% -6.79% -28.44% -16.11% 545.00 377.50 SSI, GSTEL, GJS
Rebar (USD/tonne) 432.50 0.00% 0.00% 0.00% -18.01% 0.00% 545.00 432.50 TSTH, BSBM
Slab (USD/tonne) 330.00 0.00% 0.00% -4.35% -37.14% -15.92% 525.00 330.00 SSI
Scrap (USD/tonne) 246.50 0.00% -1.20% 7.88% -30.56% -19.71% 373.50 228.50 TSTH, GSTEL, GJS
Billet (USD/tonne) 398.50 0.00% 0.00% 0.00% -19.49% 0.50% 516.00 395.00 BSBM
Spread Rebar-Billet (USD/tonne) 34.00 0.00% 0.00% 0.00% 4.62% -5.56% 87.50 21.50 BSBM
Spread HRC-Slab (USD/tonne) 47.50 -9.52% -9.52% -20.83% 1,800.00% -17.39% 75.00 -15.00 SSI
Current Index%Change 52 week
Source : Bloomberg, SET Smart
Daily Stats
17 March 2015 v Morning Brief
Director Trade
Director Trade
Transaction Stock Types of Name of Management Transaction Avg Price Amount Total Remark
Date Securities (Bt) (shares) (Bt)
12-Mar-15 CHG Common share APIRUM PANYAPHOL Sell 19.30 64,900 1,252,570
13-Mar-15 AJD Common share PIPAT PATIWATEPHINYO Buy 2.88 14,420,000 41,529,600
11-Mar-15 AJD Warrant PIPAT PATIWATEPHINYO Sell 0.50 20,000,000 10,000,000
12-Mar-15 AJD Warrant 2 PIPAT PATIWATEPHINYO Sell 1.50 14,000,000 21,000,000
13-Mar-15 AJD Common share PIPAT PATIWATEPHINYO Buy 2.89 8,000,000 23,120,000
13-Mar-15 AKR Common share PRINYA NAKCHUDTREE Buy 2.90 50,000 145,000
12-Mar-15 HYDRO Common share PICHAI KLONGPITAK Sell 3.61 410,300 1,481,183
10-Mar-15 IVL Warrant WILLIAM ELLWOOD HEINECKE Sell 2.60 213 554
11-Mar-15 MINT Common share WILLIAM ELLWOOD HEINECKE Buy 33.58 15,000 503,700
10-Mar-15 NMG Warrant SERMSIN SAMALAPA Transfer 19,000,000
12-Mar-15 NWR Common share POLPAT KARNASUTA Sell 2.14 2,000,000 4,280,000
13-Mar-15 NWR Common share POLPAT KARNASUTA Sell 2.15 1,000,000 2,150,000
9-Mar-15 PACE Common share SORAPOJ TECHAKRAISRI Transfer 100,000,000
13-Mar-15 PSTC Common share ANONG PANICHAROENNAN Receive 10,000,000
13-Mar-15 PSTC Common share ANONG PANICHAROENNAN Transfer 7,500,000
13-Mar-15 PSTC Common share ANONG PANICHAROENNAN Transfer 10,000,000
13-Mar-15 PSL Common share STEPHEN KORAH Buy 14.95 2,000 29,900
12-Mar-15 PS Common share PRASERT TAEDULLAYASATIT Sell 31.25 133,400 4,168,750
13-Mar-15 PS Common share PRASERT TAEDULLAYASATIT Sell 30.75 385,300 11,847,975
11-Mar-15 SAMART Common share WATCHAI VILAILUCK Buy 33.88 200,000 6,776,000
13-Mar-15 SIRI Common share SUPOL SOMBATHWICHATHON Sell 1.92 500,000 960,000
11-Mar-15 SMM Common share PRAJAYA CHAIKAM Buy 2.20 79,800 175,560
12-Mar-15 SMM Common share PRAJAYA CHAIKAM Buy 2.26 36,800 83,168
12-Mar-15 SUSCO Common share MONGKOL SIMAROJ Buy 3.74 100,000 374,000
11-Mar-15 SVI Common share THREEKWAN BUNNAG Buy 4.54 300,000 1,362,000
13-Mar-15 TUF Common share KRAISORN CHANSIRI Sell 20.00 80,000,000 1,600,000,000
13-Mar-15 VIBHA Common share CHAISITH VIRIYAMETTAKUL Buy 15.80 40,000 632,000
Source : www.sec.or.th
Daily Stats
17 March 2015 vi Morning Brief
Insider Trading
Gainers Gainers Gainers Gainers Gainers
NMG 59.08 NMG 292.70 NMG 311.76 DCC 1161.00 RS 327.32
TSR 40.00 SIRI 88.30 TH 172.59 MTLS 793.45 NMG 311.76
CPF 22.27 RS 74.78 EARTH 120.64 AJP 663.57 TH 138.10
TH 21.21 ACD 70.40 SIRI 88.79 CENTEL 553.19 EARTH 120.64
ACD 19.50 CPF 66.57 IFEC 83.25 TH 521.20 SIRI 88.82
IFEC 12.80 SAMTEL 42.32 ACD 70.40 GFM 387.53 IFEC 83.25
SIRI 11.11 TSR 40.00 RS 67.32 BA 349.75 ACD 70.40
SAMART 10.18 BCP 29.90 CPF 67.12 BH 276.48 CPF 66.57
SAMTEL 9.46 TH 21.21 SYNTEC 50.57 EARTH 200.99 SYNTEC 50.57
TRC 6.98 TLUXE 18.60 SAMTEL 48.86 M-CHAI 175.12 SAMTEL 48.86
Losers Losers Losers Losers Losers
KC -612.75 KC -612.75 WHA -3146.69 WHA -3134.72 WHA -3146.69
FANCY -289.10 BEAUTY -526.21 AAV -1491.35 AAV -1498.35 EA -1115.47
S11 -62.63 ABC -438.42 EA -1115.47 EA -1115.47 SAWAD -1050.00
MFEC -16.96 MAJOR -427.00 SAWAD -1050.00 SAWAD -1050.00 JMART -662.83
MBAX -9.05 FANCY -289.10 AP -832.75 AP -832.75 CGD -660.00
SOLAR -5.28 S11 -87.69 JMART -662.83 JMART -772.83 KC -612.75
HYDRO -4.10 NBC -82.00 CGD -660.00 ABC -727.21 BEAUTY -526.21
MK -4.06 MFEC -34.02 KC -612.75 CGD -662.55 ABC -442.62
CHG -1.69 PTG -29.56 BEAUTY -526.21 KC -612.83 MAJOR -425.77
THANI -0.86 TICON -27.98 NYT -450.00 BEAUTY -526.21 AJD -348.30
Source: KS Research, as of 13 March 2015
Change 1W (Btmn) Change 1M (Btmn) Change 3M (Btmn) Change 6M (Btmn) Change YTD (Btmn)
Foreign Ownership - top ten gainers and losers
Gainers Gainers Gainers Gainers Gainers
AP 0.34 TRUE 1.49 STEC 5.01 AAV 6.00 EARTH 8.07
AMATA 0.17 AP 1.36 AP 2.04 EARTH 5.70 STEC 5.88
AAV 0.16 STEC 1.06 PTG 1.90 STEC 5.18 BAY 4.76
SVI 0.15 BECL 1.04 TICON 1.78 BAY 4.74 AAV 4.26
TCAP 0.13 SIRI 0.96 SIRI 1.64 AP 4.38 AP 3.70
SAMART 0.11 AAV 0.60 TRUE 1.48 SAWAD 3.48 SAWAD 2.97
BECL 0.10 LPN 0.60 AMATA 1.41 AMATA 2.85 AMATA 2.78
THCOM 0.09 AMATA 0.54 IRPC 1.33 KTC 2.37 TICON 2.36
GLOW 0.07 KBANK 0.45 LH 1.32 ICHI 2.13 ICHI 2.12
JAS 0.06 SPCG 0.41 THCOM 1.22 SIRI 2.08 TUF 1.85
Losers Losers Losers Losers Losers
HEMRAJ -0.85 HEMRAJ -26.98 HEMRAJ -27.14 HEMRAJ -29.72 HEMRAJ -28.79
PSL -0.66 SAMART -1.08 JAS -2.30 GFPT -6.21 GFPT -6.03
SF -0.28 JAS -1.02 SAMART -2.26 DEMCO -4.99 DEMCO -3.74
SPALI -0.16 PSL -0.99 GFPT -2.04 SAMART -3.90 TTA -3.33
BCP -0.16 CPF -0.90 SPALI -1.82 SPALI -3.85 BECL -3.24
QH -0.15 SPALI -0.79 CPF -1.81 LPN -3.73 LPN -3.20
THAI -0.14 THAI -0.67 PSL -1.72 CPF -3.51 CPF -3.15
BBL -0.14 KKP -0.66 KKP -1.18 BECL -3.20 SAMART -2.71
KCE -0.13 GFPT -0.60 THAI -1.05 TTA -3.05 THREL -2.27
HANA -0.13 BCP -0.55 BANPU -0.99 BANPU -1.86 BANPU -2.16
Source: SET100, Setsmart
Change 1D Change 1W Change 1M Change 3M Change YTD
Daily Stats
17 March 2015 vii Morning Brief
Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
03/20/2015 14:30 Thailand Foreign Reserves Mar-15 -- -- $154.8B --
03/20/2015 14:30 Thailand Forward Contracts Mar-15 -- -- $20.8B --
03/20/2015 03/27 Thailand Car Sales Feb -- -- 59721 --
03/23/2015 03/26 Thailand Customs Exports YoY Feb -- -- -3.46% --
03/23/2015 03/26 Thailand Customs Imports YoY Feb -- -- -13.33% --
03/23/2015 03/26 Thailand Customs Trade Balance Feb -- -- -$457M --
03/17/2015 03:00 United States Net Long-term TIC Flows Jan -- -$27.2B $35.4B $39.2B
03/17/2015 03:00 United States Total Net TIC Flows Jan -- $88.3B -$174.8B -$176.8B
03/17/2015 12:00 Japan Leading Index CI Jan F -- -- 105.1 --
03/17/2015 12:00 Japan Coincident Index Jan F -- -- 113 --
03/17/2015 14:00 Eurozone EU27 New Car Registrations Feb -- -- 6.70% --
03/17/2015 17:00 Eurozone Employment QoQ 4Q -- -- 0.20% 0.40%
03/17/2015 17:00 Eurozone Employment YoY 4Q -- -- 0.60% --
03/17/2015 17:00 Eurozone ZEW Survey Expectations Mar -- -- 52.7 --
03/17/2015 17:00 Eurozone CPI MoM Feb 0.60% -- -1.60% -1.60%
03/17/2015 17:00 Eurozone CPI YoY Feb F -0.30% -- -0.30% -0.60%
03/17/2015 17:00 Eurozone CPI Core YoY Feb F 0.60% -- 0.60% --
03/17/2015 19:30 United States Housing Starts Feb 1040K -- 1065K --
03/17/2015 19:30 United States Housing Starts MoM Feb -2.40% -- -2.00% --
03/17/2015 19:30 United States Building Permits Feb 1065K -- 1053K 1060K
03/17/2015 19:30 United States Building Permits MoM Feb 0.50% -- -0.70% 0.00%
03/17/2015 Japan BOJ Annual Rise in Monetary Base Mar-15 ¥80T -- ¥80T --
03/17/2015 Japan Bank of Japan Monetary Policy Statement Jan-00 0 0 0 0
03/16/2015 03/17 China Foreign Direct Investment YoY Feb -- -- 29.40% --
03/16/2015 03/17 China Foreign Direct Investment YoY CNY Feb -- -- -- --
03/18/2015 06:50 Japan Trade Balance Feb -¥986.6B -- -¥1177.5B -¥1179.1B
03/18/2015 06:50 Japan Trade Balance Adjusted Feb -¥1231.4B -- -¥406.1B --
03/18/2015 06:50 Japan Exports YoY Feb 0.3 -- 17 --
03/18/2015 06:50 Japan Imports YoY Feb 3.2 -- -9 --
03/18/2015 08:30 China China February Property Prices Jan-00 0 0 0 0
03/18/2015 12:00 Japan Bank of Japan's Monthly Economic Report for March Jan-00 0 0 0 0
03/18/2015 13:00 Japan Machine Tool Orders YoY Feb F -- -- 28.90% --
03/18/2015 17:00 Eurozone Trade Balance SA Jan 21.3B -- 23.3B --
03/18/2015 17:00 Eurozone Trade Balance NSA Jan 15.0B -- 24.3B --
03/18/2015 17:00 Eurozone Construction Output MoM Jan -- -- -0.80% --
03/18/2015 17:00 Eurozone Construction Output YoY Jan -- -- -3.50% --
03/18/2015 18:00 United States MBA Mortgage Applications Mar-15 -- -- -1.30% --
03/19/2015 01:00 United States FOMC Rate Decision (Upper Bound) Mar-15 0.25% -- 0.25% --
03/19/2015 01:00 United States FOMC Rate Decision (Lower Bound) Mar-15 0 -- 0 --
03/19/2015 06:50 Japan Japan Buying Foreign Bonds Mar-15 -- -- ¥270.4B --
03/19/2015 06:50 Japan Japan Buying Foreign Stocks Mar-15 -- -- ¥356.2B --
03/19/2015 06:50 Japan Foreign Buying Japan Bonds Mar-15 -- -- ¥282.0B --
03/19/2015 06:50 Japan Foreign Buying Japan Stocks Mar-15 -- -- ¥290.1B --
03/19/2015 11:30 Japan All Industry Activity Index MoM Jan 1.90% -- -0.30% --
03/19/2015 12:30 Japan Nationwide Dept Sales YoY Feb -- -- -2.80% --
03/19/2015 12:30 Japan Tokyo Dept Store Sales YoY Feb -- -- 0.70% --
03/19/2015 17:00 Eurozone Labour Costs YoY 4Q -- -- 1.30% --
03/19/2015 19:30 United States Current Account Balance 4Q -$104.3B -- -$100.3B --
03/19/2015 19:30 United States Initial Jobless Claims Mar-15 293K -- 289K --
03/19/2015 19:30 United States Continuing Claims Mar-15 2400K -- 2418K --
Source : Bloomberg
Daily Stats
17 March 2015 viii Morning Brief
Economic Calendar
03/19/2015 20:45 United States Bloomberg Consumer Comfort Mar-15 -- -- 43.3 --
03/19/2015 20:45 United States Bloomberg Economic Expectations Mar -- -- 54 --
03/19/2015 21:00 United States Philadelphia Fed Business Outlook Mar 7 -- 5.2 --
03/19/2015 21:00 United States Leading Index Feb 0.20% -- 0.20% --
03/20/2015 08:45 China MNI March Business Indicator Jan-00 0 0 0 0
03/20/2015 14:00 Japan Convenience Store Sales YoY Feb -- -- -0.70% --
03/20/2015 16:00 Eurozone ECB Current Account SA Jan -- -- 17.8B --
03/20/2015 16:00 Eurozone Current Account NSA Jan -- -- 29.2B --
03/23/2015 13:00 Japan Supermarket Sales YoY Feb -- -- -1.70% --
03/23/2015 19:30 United States Chicago Fed Nat Activity Index Feb -- -- 0.13 --
03/23/2015 21:00 United States Exist ing Home Sales Feb 4.94M -- 4.82M --
03/23/2015 21:00 United States Exist ing Home Sales MoM Feb 2.40% -- -4.90% --
03/23/2015 22:00 Eurozone Consumer Confidence Mar A -- -- -6.7 --
03/23/2015 Japan Cabinet Office Monthly Economic Report for March Jan-00 0 0 0 0
03/24/2015 08:35 Japan Markit/JMMA Japan Manufacturing PMI Mar P -- -- 51.6 --
03/24/2015 08:45 China HSBC China Manufacturing PMI Mar P 50.3 -- 50.7 --
03/24/2015 09:00 China Conference Board China February Leading Economic Index Jan-00 0 0 0 0
03/24/2015 12:00 Japan Small Business Confidence Mar -- -- 46.5 --
03/24/2015 16:00 Eurozone Markit Eurozone Manufacturing PMI Mar P -- -- 51 --
03/24/2015 16:00 Eurozone Markit Eurozone Services PMI Mar P -- -- 53.7 --
03/24/2015 16:00 Eurozone Markit Eurozone Composite PMI Mar P -- -- 53.3 --
03/24/2015 19:30 United States CPI MoM Feb 0.20% -- -0.70% --
03/24/2015 19:30 United States CPI Ex Food and Energy MoM Feb 0.10% -- 0.20% --
03/24/2015 19:30 United States CPI YoY Feb -0.10% -- -0.10% --
03/24/2015 19:30 United States CPI Ex Food and Energy YoY Feb 1.70% -- 1.60% --
03/24/2015 19:30 United States CPI Index NSA Feb -- -- 233.707 --
03/24/2015 19:30 United States CPI Core Index SA Feb -- -- 239.871 --
03/24/2015 20:00 United States FHFA House Price Index MoM Jan 0.50% -- 0.80% --
03/24/2015 20:45 United States Markit US Manufacturing PMI Mar P 55.3 -- 55.1 --
03/24/2015 21:00 United States New Home Sales Feb 475K -- 481K --
03/24/2015 21:00 United States New Home Sales MoM Feb -1.30% -- -0.20% --
03/24/2015 21:00 United States Richmond Fed Manufact. Index Mar 3 -- 0 --
Source : Bloomberg
Date Time Country Event Period Survey Actual Prior Revised
Daily Stats
17 March 2015 ix Morning Brief
Company's Calendar
Mon Tue Wed Thu Fri Sat16-Mar-15 17-Mar-15 18-Mar-15 19-Mar-15 20-Mar-15 21-Mar-15
BAT-3K-XD@3
VGI-XD(ST)@1(O):1(N)
New Listing: AAV13C1510A
MIDA-XD(ST)@10(O):1(N)
ML-XD(ST)@10(O):1(N)
UWC-
[email protected](O):1(N)
NTV-XD@1
GLOBAL-XD(ST)@7(O):1(N)
TTI-XD@1
TNITY-XD(ST)@8(O):1(N)
0
23-Mar-15 24-Mar-15 25-Mar-15 26-Mar-15 27-Mar-15 28-Mar-15
STPI-XD(ST)@10(O):1(N)
M-CHAI-XD@3
DCON-XD(ST)@25(O):1(N)
UREKA-XW@2(O):1(N)
30-Mar-15 31-Mar-15 1-Apr-15 2-Apr-15 3-Apr-15 4-Apr-15
TMD-XD@1
TKS-XD(ST)@10(O):1(N)
SCC-XD@7
UAC-XD(ST)@8(O):1(N)
CHARAN-XD(ST)@1(O):1(N)
6-Apr-15 7-Apr-15 8-Apr-15 9-Apr-15 10-Apr-15 11-Apr-15
SMPC-XD(ST)@8(O):1(N)
SMART-XW@5(O):2(N)
CCET-XD(ST)@22(O):1(N)
BKD-XD(ST)@5(O):1(N)
TCAP-XD@1
TCAP-P-XD@1
CCP-XD(ST)@12(O):1(N)
BROCK-XW@5(O):1(N)
FPI-XW@4(O):1(N)
Remark
Source : SET as of previous trading day
XD - Cash Dividend XR - Rights for Common
XD(ST) - Stock Dividend XW - Rights for Warrant
As of 16 March 2015
Daily Stats
17 March 2015 x Morning Brief
Company's Calendar
Mon Tue Wed Thu Fri Sat16-Mar-15 17-Mar-15 18-Mar-15 19-Mar-15 20-Mar-15 21-Mar-15
Delisted share: VGI13C1503A
0
Delisted share: ADVA27C1503A
Delisted share: CK27C1503A
Delisted share: GFPT27C1503A
Delisted share: HEMR27C1503A
Delisted share: IVL27C1503A
Delisted share: BLAN13C1503A
Delisted share: IVL13C1503A
Delisted share: PTT13C1503A
Delisted share: PTT13P1503A
Delisted share: E-W3
Delisted share: SCB13C1503A
Delisted share: SCB13P1503A
Delisted share: CK42P1503A
Delisted share: KTB42P1503A
Delisted share: SAMA42P1503A
Delisted share: TMB42P1503A
Delisted share: TPIP42P1503A
0
23-Mar-15 24-Mar-15 25-Mar-15 26-Mar-15 27-Mar-15 28-Mar-15
Delisted share: KKP23C1503A
Delisted share: TPIP23C1503A
Delisted share: UV23C1503A
Delisted share: SAMA07C1503A
Delisted share: TTA13C1503A
Delisted share: TRUE07C1503A
30-Mar-15 31-Mar-15 1-Apr-15 2-Apr-15 3-Apr-15 4-Apr-15
6-Apr-15 7-Apr-15 8-Apr-15 9-Apr-15 10-Apr-15 11-Apr-15
As of 16 March 2015
Source : SET as of previous trading day
Delisted share: TPIP13C1504A
Delisted share: TTA13C1504A
Delisted share: PTT13C1504A
Delisted share: BMCL13C1504A
Delisted share: KTB13C1504A
Delisted share: BTS13C1504A
Delisted share: CPF13C1504A
Delisted share: ADVA13C1504A
Delisted share: ADVA13P1504A
Delisted share: IVL13P1504A
Delisted share: PTT28C1504A
Delisted share: PTTG28C1504A
Delisted share: UV28P1504A
Delisted share: SAMA28C1504A
Delisted share: SIRI28C1504A
Delisted share: BEC06C1503A
Delisted share: CENT06C1503A
Delisted share: HMPR06C1503A
Delisted share: KBAN06P1503A
Delisted share: SCB06P1503A
Delisted share: STA06C1503A
Delisted share: TRUE06C1503A
Delisted share: TRUE06P1503A
Delisted share: ADVA01C1503A
Delisted share: ADVA01P1503A
Delisted share: AOT01C1503A
Delisted share: AOT01P1503A
Delisted share: BCH01C1503A
Delisted share: BJC01C1503A
Delisted share: BJC01P1503A
Delisted share: BLA01C1503A
Delisted share: EART01P1503A
Delisted share: INTU01C1503A
Delisted share: INTU01P1503A
Delisted share: IRPC01C1503A
Delisted share: IRPC01P1503A
Delisted share: JAS01C1503A
Delisted share: JAS01P1503A
Delisted share: KBAN01C1503A
Delisted share: KBAN01P1503A
Delisted share: KTB01C1503A
Delisted share: KTB01P1503A
Delisted share: PTTE01C1503A
Delisted share: PTTE01P1503A
Delisted share: SCB01C1503A
Delisted share: SCB01P1503A
Delisted share: TRUE01C1503A
Delisted share: S5001C1503A
Delisted share: S5001P1503A
Delisted share: TRUE01P1503A
Delisted share: BMCL01C1503A
Delisted share: BMCL01P1503A
Delisted share: CPF08C1503A
Delisted share: CPF08P1503A
Delisted share: M08C1503A
Delisted share: PTT08C1503A
Delisted share: PTT08P1503A
Delisted share: STEC08C1503A
Delisted share: THRE08C1503A
Delisted share: TRUE08C1503A
Delisted share: TRUE08P1503A
Delisted share: TTA08C1503A
Delisted share: TTA08P1503A
Delisted share: AAV11C1503A
Delisted share: BANP11C1503A
Delisted share: BTS11C1503A
Delisted share: CK11C1503A
Delisted share: CK11C1503B
Delisted share: CPAL11C1503A
Delisted share: CPN11C1503A
Delisted share: HMPR11C1503A
Delisted share: JAS11C1503A
Delisted share: SCC11C1503A
Delisted share: STEC11C1503A
Delisted share: STEC11C1503B
Delisted share: BANP11P1503A
Delisted share: BBL18C1503A
Delisted share: BCH18C1503A
Delisted share: BLAN18C1503A
Delisted share: EART18C1503A
Delisted share: PTTG18C1503A
Delisted share: TPIP18C1503A
Delisted share: TRUE18C1503A
Delisted share: TICO11C1503A
Delisted share: JAS11P1503A
Delisted share: JAS08C1503A
Delisted share: VGI08C1503A
Delisted share: S5028C1503A
Delisted share: S5028C1503B
Delisted share: S5028P1503A
Delisted share: S5028P1503B
Delisted share: S5013C1503A
Delisted share: S5013P1503A
Delisted share: S5013C1503B
Daily Stats
17 March 2015 xi Morning Brief
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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 companies listed on the Stock Exchange of
Thailand and the Market of Alternative Investment disclosed to the public and able to be accessed by a general public investor at http://www.thai-
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The survey result is as of the data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed
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Structured Notes and Derivative Warrants Disclaimer
KS may be the issuer of structured notes on these securities.
KS acts as market maker and issuer of Derivative Warrants (“DWs”) on the underlying stocks listed below. Investors should carefully read the details of the
DWs in the prospectus before making any investment decisions.
DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BANPU, BBL, BCP, BDMS, BH, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DTAC, GLOBAL,
HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KTB, LH, LPN, MINT, PS, PTT, PTTEP, PTTGC, QH, SAMART, SCB, SCC, SPALI, SPCG, STEC, STPI, TCAP,
THAI, THCOM, TICON, TMB, TOP, TPIPL, TRUE, TTA, TUF and VGI