SAWASDEE

Monday, July 17, 2017

Foreign Markets and Flow 2

News Digest 3 Investment Theme: Limited upside at 1585-1590
Short Sales 5
Commodities 6
Director Trade 8
Support: 1575, 1570 Resistance: 1585. 1590
Calendar 10
Market Strategy: The SET to poised to bounce early in the day after Fridays
SET Index (14/07/17) 1,577.79
US inflation figure missed expectations. The strong THB will be positive to fund
Change -1.62 / -0.10% inflow and will help lead the SET to its resistances of 1585 and 1590. However,
Turnover (Btbn) 34.16 we believe that market will pull down after that, on sell-on-fact in the Bank
Trading summary by Investor Type sector as they roll out 2Q17 earnings. We recommend investors reduce holdings
14-Jul WTD MTD YTD and be selective. Todays top picks: INTUCH and STEC.
Foreign Buy 12,545 65,442 124,426 1,795,498
Sell 12,158 64,024 121,030 1,778,649
Net 386 1,418 3,396 16,849 Todays Highlights
Institution Buy 4,435 22,350 45,659 699,427
Sell 4,927 20,887 47,562 650,408 Last week, foreign fund flows remained positive. Foreign investors net
Net -492 1,463 -1,904 49,019 bought Bt1.4bn in equities, net longed 24k ct in SET50 futures and net sold
PropTrade Buy 3,823 17,413 36,143 620,527
Sell 3,355 18,146 39,170 624,608 Bt11bn in fixed income. The Thai baht strengthened to 33.70-33.80.
Net 469 -733 -3,027 -4,081
Individual Buy 13,937 64,486 141,087 2,624,190 Dual-track railway shortlist. The government will announce the shortlist of
Sell 14,300 66,634 139,552 2,685,977 candidates meeting qualifications to bid for the Hua Hin-Prachuab dual-track
Net -363 -2,148 1,535 -61,787 railway worth Bt7.3bn. Listed companies that filed documents are UNIQ, ITD,
Bond trading summary by foreign investors CK and STEC. Construction Services could gain positive momentum from the
14-Jul WTD MTD YTD news before the actual bidding on July 27.
Foreign Buy 5,037 18,789 32,388 609,268
Sell 7,937 30,114 47,652 468,988 China 2Q17 GDP at 9am (est 6.8%YoY, prev 6.9%). The market is expecting
Net -2,900 -11,325 -15,264 140,280 supportive economic management by the Chinese government despite a small
5 most active stocks deceleration from 1Q17. It also expects retail sales and industrial production to
Stocks Price (Bt) Value (Btmn) Chg (%) be stable at 10.3%YoY and 6.5% respectively.
ADVANC 189.5 1,395 1.34
PTT 374.0 1,217 -0.53 ECB and BoJ meetings later this week on July 20. The market is keeping a
AOT 48.8 1,060 -0.51
close eye on the ECB, which may signal monetary policy tightening in upcoming
KBANK 202.0 1,056 -0.49
CPF 24.6 1,048 1.23 months after seeing satisfactory economic recovery YTD.
Top 5 gainers (%) EU down (STOXX -0.1%, DAX -0.1%), while US stocks up (DJIA +0.4%, S&P
Stocks Price (Bt) Chg (%) +0.5%). US inflation came in lower than the Fed expected, pressured the DXY
NPP 0.62 10.71
MATI 10.50 9.38 down. MSCI Thailand ETF closed +0.9%, signaling upward-moving Asian markets
CSP 2.88 7.46 this morning.
ABC 0.16 6.67
MNIT2 5.65 5.61 Limited upside at 1585-1590. Overall sentiment for a leg up in the market
Top 5 losers (%)
seems limited at 1585-1590, while downside is at 1575 and 1570. If the market
Stocks Price (Bt) Chg (%) falls below that level, sentiment will turn negative. We recommend investors
U 0.03 -25.00 reduce holdings and be selective. Be cautious on speculation.
SBPF 5.30 -10.17
ECL 3.84 -6.80 Todays picks: INTUCH (support 59.50, resistance 63.50, cut 58.00) attractive
BIG 3.92 -5.77
dividend and share price; STEC (s 27.50, r 30.00, c 26.50) positive momentum
NYT 5.90 -4.84
from release candidate shortlist for the July 27 dual-track railway e-auction.
Estimated % of foreign ownership (including
NVDR) of top 15 stocks* Todays Reports
SET Index
1,650
Foreign ownership
36.0% SCC Softer 2Q17 earnings in the price
1,600
1,550
35.5% What to watch
1,500 35.0% Date Event
1,450 17 Jul Economic release: China 2Q17 GDP, IP
34.5%
1,400 20 Jul Event: BoJ meeting, ECB meeting
1,350 34.0%
1,300
SET Index (LHS) 33.5%
1,250
%Foreign Ownership (RHS) - 15 stocks
1,200 33.0%
Sep-16

Nov-16

May-17
Jan-17
Feb-17
Oct-16

Mar-17
Apr-17
Jul-16
Aug-16

Jun-17
Jul-17
Dec-16

* PTT, PTTEP, ADVANC, SCC, BBL, KBANK, SCB, BANPU, BAY,

DTAC, TOP, KTB, CPALL, LH, BEC

Tel. (662) 949-1000 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
Fax: (662) 949-1030 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
www.scbs.com 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
Monday, July 17, 2017
Foreign Markets and Flow
Key Indicators
Close 14-Jul WoW MoM YoY YTD The BDI added12 points or 1.35%
CCI Index
VIX Index 9.51 -3.9% -15.0% -10.6% -25.8% -32.3% on Friday to close at 900 points.
Europe CDS (bps) 54.369 -0.18 -2.47 -2.21 -16.29 -17.95
LIBOR OIS Spread (bps) 0.13981 0.20 0.08 4.20 -14.03 -19.20
TED Spread (bps) 0.272 0.01 -0.67 2.28 -9.68 -22.85
Exchange rate
Dollar Index 95.11 -0.7% -0.9% -1.9% -1.0% -6.9%
USD/THB 33.77 -0.4% -1.0% -0.4% -3.6% -5.8%
EUR/USD 1.15 0.5% 0.5% 2.1% 3.0% 8.9%
USD/JPY 112.63 -0.6% -1.1% 2.8% 6.9% -3.6%
Bond: (Change in basis points)
TH Gov Bond 2Y 1.58% 0.00 -1.00 -1.00 7.00 -19.00
TH Gov Bond 10Y 2.51% 0.50 -4.50 1.50 55.50 -19.50
US Gov Bond 2Y 1.36% -0.77 -4.34 2.46 68.24 16.15
US Gov Bond 10Y 2.33% -1.43 -5.19 20.64 79.64 -11.25
Commodities
CRB Index 176.28 1.1% 2.2% 1.9% -7.3% -8.4%
Gold (US$/Oz) 1,228.96 1.0% 1.3% -2.5% -7.9% 6.7%
Gross Refining Margin (US$/bbl) 6.83 -1.2% -8.0% 6.4% 35.2% -2.6%
Dubai Crude (US$/bbl) 47.64 1.1% 4.9% 4.1% 10.2% -12.1%
NYMEX Crude (US$/bbl) 46.54 1.0% 5.2% 4.0% 1.9% -13.4%
Baltic Dry Index (points) 900.00 1.4% 9.5% 4.0% 22.0% -6.3%

Regional market performance

Index PE (x) EPS gth (%) Performance (%) On Friday, markets in the ASEAN
17F 18F 17F 18F Pt 1D WTD MTD YTD 4 closed with a net change of
Philippines 7,886 19.1 17.1 17.0 11.4 -50.95 -0.6 0.0 0.5 15.3
Indonesia 5,832 16.7 14.6 53.0 14.5 1.75 0.0 0.3 0.0 10.1 -0.2%. In the rest of Asia, markets
Malaysia 1,755 16.2 15.3 7.1 6.0 1.22 0.1 -0.3 -0.5 6.9 closed with a net change of
Thailand 1,578 15.4 14.0 8.8 10.5 -1.62 -0.1 0.5 0.2 2.3 +0.3%.
Asean 4 - simple avg 16.9 15.2 21.4 10.6 -0.2 0.1 0.1 8.6
China 3,222 14.2 12.6 25.8 12.3 4.25 0.1 0.1 0.9 3.8
India 32,021 19.7 16.1 21.2 22.3 -16.63 -0.1 2.1 3.6 20.3
Hong Kong 26,389 12.7 11.7 15.1 8.8 43.06 0.2 4.1 2.4 19.9
Singapore 3,287 14.9 13.9 -8.7 7.0 51.76 1.6 1.8 1.9 14.1
Taiwan 10,444 14.9 13.9 14.4 7.7 -16.24 -0.2 1.4 0.5 12.9
Korea 2,415 10.3 9.5 87.6 8.1 5.14 0.2 1.5 1.0 19.2
Rest of Asia x J - simple avg 14.4 12.9 25.9 11.0 0.3 1.8 1.7 15.0
MSCI Asia x Japan 642 14.0 12.6 20.3 10.9 2.18 0.3 3.5 2.7 24.8
Japan 20,119 17.5 16.0 36.1 9.2 19.05 0.1 1.0 0.4 5.3

Regional sectoral movement (%) Regional sectoral movement (14-Jul) In the region on Friday, lead out-
Sub-Sector 14-Jul WoW MoM YoY Property -0.58
0.95
performers were Property, Coal
Property 0.95 2.43 2.42 25.07 Coal 0.63
0.93 and Integrated Oil & Gas. Lead
Coal 0.93 3.60 8.98 26.69 Integrated Oil&Gas -0.53
0.62
underperformers were
Integrated Oil&Gas 0.62 0.98 -2.40 3.49 Integrated Telecoms -0.11
Entertainment, Electronic
0.62

Integrated Telecoms 0.62 1.48 1.35 -3.14 Wireless Telecoms 0.50

0.92

Wireless Telecoms 0.50 2.13 -0.31 -2.60 Chemicals -0.37

0.35 Equipment and Electronic
Chemicals 0.35 2.17 8.47 31.99 Auto Parts & Equip -0.61
0.22 Manufacturing.
Banks -0.56
Auto Parts & Equip 0.22 0.32 -0.41 20.84 0.11

Banks 0.11 4.30 3.36 21.92

Oil & Gas
-0.21
0.00
0.09
The sole Thai outperformer was
Marine
Oil & Gas 0.09 0.89 -1.67 -3.06 Wireless Telecoms. Lead Thai
0.08
Homebuilding 0.00
0.03
Marine 0.08 3.88 15.27 38.38 Refinery -0.84 underperformers were Property,
0.00
Homebuilding 0.03 1.69 3.82 16.25
Refinery 0.00 2.22 3.91 41.32
Electronic Mfg -1.43
-0.08 Electronic Manufacturing and
Electronic Equipment -0.70

Electronic Mfg -0.08 1.02 12.56 51.36 Entertainment -1.02

-0.18
Integrated Oil & Gas.
-0.53
Electronic Equipment -0.18 1.04 7.80 36.51 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5
Entertainment -0.53 -2.62 -6.04 -1.20 Thailand Region

Source: Data by Bloomberg, compiled & calculated by SCBS

Most change in foreign holding (Net) Asia Pacific foreign fund flows (US$mn) On Friday, foreign fund flows were
Stock % fgn Mn sh Stock % fgn Mn sh 14-Jul WTD MTD YTD a small net inflow with inflows in
TMB 46.87 17.69 CPF 26.64 -15.10 Thailand 11.4 41.8 99.9 493.2 only South Korea, Thailand and
IRPC 19.29 11.50 TRUE 29.09 -3.99 Indonesia (73.3) (221.8) (358.5) 945.4 Vietnam.
TPIPL 5.59 10.24 TU 42.25 -3.98 Philippines (15.4) (17.1) (22.4) 385.7
BDMS 19.19 7.55 SPRC 83.96 -2.14 Taiwan (36.2) 492.8 24.6 9,048.3
KTB 21.06 3.63 ROBINS 19.05 -1.47 South Korea 196.8 860.2 1,236.3 10,247.1
Data as of July 14, 2017 ***million shares Vietnam 2.9 19.3 18.9 425.0
Top-5 NVDR net buy/sell Total 86.2 1,175.2 998.7 21,544.7
Up Btmn Down Btmn India (12.9) 121.9 462.8 4,226.8 Director trade ( >Bt5mn)
BBL 412.99 CPALL -99.08 Japan (306.4) (306.4) (306.4) (16,433.4)
ADVANC 240.84 PTTGC -73.13 * India as of July 13, 2017 Buy: ASIAN
* Japan as of July 07, 2017
KBANK 223.31 AOT -68.61 Sell: ITD
INTUCH 141.61 CK -68.51
SCB 138.41 WHA -48.74
Data as of July 14, 2017

Page 2
 SAWASDEE
Monday, July 17, 2017
News Digest
SET On Friday, the SET stepped down 1.62 points or 0.10% to 1577.79 on turnover of
Bt34.74bn. Prop traders were the lead net buyers, closely followed by foreign investors while
local institutions were the lead net sellers, with retail investors close on their heels. (SET, 14/7/17)
Dow Jones The Dow \added 84.65 points, or 0.39%, to 21,637.74, at a record high on Friday as investors
digested a batch of economic data and quarterly earnings of major banks. (Xinhua, 15/7/17)
Oil NYMEX: West Texas Intermediate for August delivery rose 46 cents to settle at US$46.54
Brent crude for September delivery rose 49 cents to close at US$48.91. (Xinhua, 15/7/17)
Gold Gold futures on the COMEX division of the New York Mercantile Exchange climbed to the
highest in nearly two weeks on Friday, as data on retail sales and inflation stoked concerns that
the pace of economic growth may not merit lifting U.S. interest rates again in 2017. The most
active gold contract for August delivery rose US$10.20, or 0.84%, to settle at US$1,227.50/oz.
(Xinhua, 15/7/17)

Currencies The dollar fell against other major currencies on Friday as economic data from the country
came out negative. In late New York trading, the euro rose to 1.1466 U.S. dollars from 1.1400 U.S.
dollars. The U.S. dollar bought 112.55 Japanese yen, lower than 113.21 yen of the previous
session. (Xinhua, 15/7/17)
Global Economy US Consumer Price Index unchanged in June vs 0.2% increase expected. The U.S. Consumer
Price Index was forecast to rise 0.2 percent in June, after edging up 0.1 percent a month earlier.
U.S. consumer prices were unchanged in June as the cost of gasoline and mobile phone services
declined further, pointing to benign inflation that could cast doubts on the Federal Reserve's
ability to increase interest rates for a third time this year. (CNBC, 17/7/2017)
US industrial production rose 0.4% in June vs 0.3% increase expected. U.S. industrial
production rose for a fifth straight month in June, helped by gains in mining, while the
manufacturing sector rebounded. Overall industrial production rose 0.4 percent in June after
being up a revised 0.1 percent in May. Mining output increased 1.6 percent, with advances in oil
and gas extraction, in coal mining and in drilling and support activities. Utilities output was
unchanged. (CNBC, 14/7/2017)
Consumer sentiment ticks down to 93.1 in early July survey. Confidence in future economic
prospects continued slipping into early July, the University of Michigan reported Friday. U.S.
consumer sentiment fell to 93.1 in a preliminary survey. Economists expected consumer
sentiment to hit 95 in July, according to Thomson Reuters consensus estimates. (CNBC, 14/7/2017)
Fed's Kaplan, citing low inflation, urges patience on rate hikes. Dallas Federal Reserve Bank
President Robert Kaplan on Thursday advocated a go-slow approach to further U.S. interest-rate
hikes, saying he wants to see more evidence that inflation is heading back up to the Fed's 2-
percent goal. Kaplan said he believes that the U.S. economy will likely grow slightly faster than 2
percent this year, squeezing the remaining slack out of an already tightening labor market and
putting upward pressure on inflation. (CNBC, 14/7/2017)
US retail sales drop 0.2% in June vs 0.1% increase expected. U.S. retail sales unexpectedly fell
in June for a second straight month, which could temper expectations of strong acceleration in
economic growth in the second quarter. The Commerce Department said on Friday retail sales
fell 0.2 percent last month, weighed down by declines in receipts at service stations, clothing
stores and supermarkets. Americans also cut back on spending at restaurants and bars, as well
as on hobbies. (CNBC, 14/7/2017)
Thai Economy BoT curbing household debts to control personal and credit card loans. The bank said that
this will not affect consumption. It expects 2017 Thai economic growth of 3.5%. The banking
sector is strongly positioned financially and can hold up under the SME NPLs. The Monetary Policy
Committee is watching the short-term volatile fund flow. (Thai Post, 17/7/2017)
Investment Analysts Association says the foreign labor act may slow government
infrastructure projects if fewer than 50% of the laborers re-register. However, this will not
affect earnings of listed companies much since not many industries use foreign labor. (Bangkok
Biz, 15/7/2017)

Page 3
 SAWASDEE
Monday, July 17, 2017
News Digest (continued)
AMA AMA to buy a new ship worth Bt382mn. This is expected to be transferred on August 15 and
record revenue in 3Q17. It says it expects growth in 2Q17 earnings and still targets 2017 revenue
growth of 50%. (Khao Hoon, 17/7/17)
AOT AOT reports eight bidders for the midfield satellite building 1. The auction will be held on
August 11. Those applying for the APM work are expected to know the winner by September
2017. (Thun Hoon, 17/7/17)
DTAC DTAC targets an increase in postpaid customers in 2H17 of 400-600,000. It is introducing a
package "Go No Limit DTAC Rewards" and launching iPhone 8 and Galaxy Note 8 to drive
subscriptions up. (Khao Hoon, 17/7/17)
GFPT GFPT expects 2Q17 earnings of Bt490mn or +28.60%, driven by higher poultry prices and
export growth of 37%. It expects 2H17 to be positive with expected earnings of almost Bt1.9bn,
+14.60%. (Thun Hoon, 17/7/17)
JMT JMT believes this years earnings will be a record high, driven by growth in the debt
management business. It plans to open a debt collection office in Cambodia to boost revenue.
(Thun Hoon, 17/7/17)

PTT PTT to go more into non-oil business to boost revenue, led by Caf Amazon. It plans to add
more than 2700 outlets domestically and 400 stores internationally within five years. (Thun Hoon,
17/7/17)

SCC SCC to sign a contract with a Vietnamese partner for a petroleum complex, to strengthen
its international business. This is expected to breakeven in 2022. (Thun Hoon, 17/7/17)
TISCO TISCO is in the process of transferring SCBTs business. The process is expected to be
completed within 4Q17 and will boost loan growth by 15% via the addition of 300,000 retail
customers. (Thun Hoon, 17/7/17)
TU TU's CEO revises down 2017 revenue growth from 15% to single-digit growth. (IQ Biz, 14/7/17)

Page 4
 SAWASDEE
Monday, July 17, 2017
Short Sale as of July 14, 2017
%Short Sale Volume
Volume Turnover Average Price Last Price Gap between last
Comparing with Main
(Shares) (Baht) (Baht) 14-July-17 close and short
Board
GLOBAL 2,087,900 28,604,230 13.70 13.80 -0.7% 43.89%
VGI 1,073,500 5,748,630 5.36 5.40 -0.8% 18.86%
AAV 684,300 4,242,660 6.20 6.20 0.0% 12.25%
BANPU 2,411,500 38,287,830 15.88 15.90 -0.1% 10.17%
KCE 186,600 19,479,850 104.39 105.00 -0.6% 10.07%
PTTEP 493,600 41,761,200 84.61 84.75 -0.2% 10.01%
ITD 430,000 1,797,400 4.18 4.18 0.0% 9.42%
DELTA 39,800 3,475,025 87.31 86.50 0.9% 7.40%
DTAC 1,331,600 72,762,675 54.64 54.75 -0.2% 7.38%
ROBINS 81,000 4,489,975 55.43 55.25 0.3% 6.70%
THCOM 200,000 3,240,000 16.20 16.20 0.0% 6.05%
TRUE 2,812,000 16,872,000 6.00 6.00 0.0% 5.88%
TISCO 330,500 25,575,700 77.38 78.00 -0.8% 5.73%
PTT 151,800 56,912,800 374.92 374.00 0.2% 4.67%
ADVANC 330,200 62,131,600 188.16 189.50 -0.7% 4.46%
HMPRO 1,272,100 11,746,700 9.23 9.35 -1.2% 4.45%
TCAP 211,800 10,166,400 48.00 48.00 0.0% 4.43%
QH 1,568,300 3,920,750 2.50 2.52 -0.8% 4.28%
CHG 500,000 1,200,000 2.40 2.38 0.8% 4.11%
BLAND 700,000 1,267,000 1.81 1.81 0.0% 4.08%
KBANK 208,200 42,201,200 202.70 202.00 0.3% 3.99%
TMB 3,826,800 8,793,104 2.30 2.32 -1.0% 3.81%
KTB 400,000 7,480,000 18.70 18.60 0.5% 3.67%
BBL 139,900 26,421,050 188.86 188.50 0.2% 3.31%
SCCC 10,000 3,052,800 305.28 307.00 -0.6% 3.29%
SCC 41,600 21,132,800 508.00 510.00 -0.4% 3.14%
TU 449,400 8,898,420 19.80 19.90 -0.5% 3.10%
BDMS 822,700 15,601,920 18.96 19.00 -0.2% 2.92%
PTG 199,200 3,973,920 19.95 19.90 0.2% 2.85%
STEC 100,000 2,775,000 27.75 27.75 0.0% 2.51%
SAMART 100,300 1,384,140 13.80 13.80 0.0% 2.50%
TOP 129,900 10,274,525 79.10 78.50 0.8% 2.29%
KSL 200,000 916,000 4.58 4.62 -0.9% 2.18%
CPN 91,900 6,207,625 67.55 67.75 -0.3% 1.99%
PTTGC 193,800 13,465,050 69.48 69.25 0.3% 1.96%
EGCO 8,200 1,742,200 212.46 214.00 -0.7% 1.87%
STA 48,400 711,480 14.70 14.70 0.0% 1.79%
CBG 93,900 6,319,075 67.30 69.50 -3.2% 1.78%
CPF 741,300 18,163,250 24.50 24.60 -0.4% 1.74%
GPSC 58,000 2,236,650 38.56 39.00 -1.1% 1.60%
LH 116,400 1,152,360 9.90 9.90 0.0% 1.60%
MTLS 319,600 11,425,700 35.75 35.75 0.0% 1.53%
MM 40,000 204,000 5.10 5.10 0.0% 1.49%
KTC 20,000 2,110,000 105.50 106.00 -0.5% 1.43%
CK 100,000 2,825,000 28.25 28.25 0.0% 1.42%
BH 11,500 1,960,750 170.50 170.00 0.3% 1.41%
IVL 273,200 10,443,300 38.23 38.00 0.6% 1.38%
TPIPL 294,900 666,474 2.26 2.24 0.9% 1.31%
BLA 16,600 724,175 43.63 43.25 0.9% 1.30%
BPP 54,700 1,381,175 25.25 25.50 -1.0% 1.23%
EPG 100,000 1,215,290 12.15 12.00 1.3% 1.17%
SCB 72,000 11,268,000 156.50 156.00 0.3% 1.14%
SPALI 78,700 1,920,320 24.40 24.60 -0.8% 1.12%
AU 10,000 85,000 8.50 8.40 1.2% 1.11%
BJC 38,800 1,784,800 46.00 46.00 0.0% 1.00%
INTUCH 115,600 6,878,200 59.50 59.75 -0.4% 0.97%
RATCH 14,200 745,500 52.50 52.75 -0.5% 0.96%
AOT 189,500 9,275,500 48.95 48.75 0.4% 0.87%
CPALL 107,400 6,524,550 60.75 61.00 -0.4% 0.86%
GLOW 14,200 1,114,700 78.50 79.25 -0.9% 0.79%
ROJNA 30,000 171,000 5.70 5.75 -0.9% 0.79%
MINT 54,900 2,245,525 40.90 41.25 -0.8% 0.74%
AP 120,000 954,000 7.95 7.90 0.6% 0.71%
EA 36,400 1,292,200 35.50 35.50 0.0% 0.67%
TASCO 21,600 475,860 22.03 22.00 0.1% 0.59%
AMATA 100,000 1,620,000 16.20 16.30 -0.6% 0.56%
PSH 10,000 226,000 22.60 22.60 0.0% 0.54%
SPRC 42,200 616,120 14.60 14.50 0.7% 0.47%
IRPC 199,000 1,054,700 5.30 5.25 1.0% 0.31%
BTS 35,100 296,595 8.45 8.45 0.0% 0.27%
SAWAD 10,000 540,000 54.00 53.25 1.4% 0.25%
BA 1,700 31,280 18.40 18.40 0.0% 0.24%
RS 12,700 182,880 14.40 14.60 -1.4% 0.22%
THAI 20,000 404,000 20.20 20.10 0.5% 0.20%
KKP 8,200 600,650 73.25 75.00 -2.3% 0.09%
MALEE 500 19,850 39.70 40.25 -1.4% 0.08%
SIRI 37,000 81,120 2.19 2.20 -0.3% 0.07%
TICON 300 4,410 14.70 14.80 -0.7% 0.07%
CENTEL 1,000 40,250 40.25 40.25 0.0% 0.04%
SYNEX 300 3,830 12.77 12.90 -1.0% 0.01%
Source: SET, SCBS Investment Research

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 SAWASDEE
Monday, July 17, 2017
SCBS: Commodities Daily Price Update
As of -1W Avg. Price % QoQ % YoY Avg. Price % YoY Avg. Price % YoY Update
14-Jul-17 % QTD in 3Q17 in '16 in '17
GRM
GRM-Reuters (SINREF) 6.83 -8.0 7.03 9.6 36.3 6.17 -19.8 6.47 4.8 Daily

Crude Prices
Crude Oil - Dubai (US$/BBL) 47.35 3.6 46.70 -5.9 7.6 41.30 -19.3 50.92 23.3 PTTEP +, PTT + Daily
Brent Crude (US$/BBL) 48.58 4.4 47.77 -4.8 4.3 44.11 -15.7 51.81 17.5 Daily
West Texas Int. Cushing (US$/BBL) 46.54 5.2 45.66 -5.3 -0.4 43.28 -11.1 49.68 14.8 Daily
Crude Oil - Asia-Pacific Tapis Oil Spot (US$/BBL) 48.23 2.0 48.12 -6.2 5.0 45.50 -16.3 53.22 17.0 Daily

Oil Product Prices

Gas Oil 500 ppm Sulfer Singapore (U$/BBL) 59.85 2.4 59.71 -1.8 10.4 52.13 -22.1 62.63 20.1 Daily
Gasoline, 92 RON Spot (US$/BBL) 56.59 2.4 56.09 -7.7 12.3 51.08 -21.2 61.47 20.3 Daily
Fuel Oil 180 Singapore Spot (US$/BBL) 45.34 2.2 45.09 -25.8 20.1 35.15 -21.6 47.04 33.8 Daily

Jet Oil Price

Jet Kerosene - Spot Price (US$/BBL) 58.74 2.0 58.70 -2.2 8.2 52.85 -18.4 61.80 16.9 AAV - , NOK - , THAI - Daily

Olefins Product Prices and Spread

Ethylene, FOB Japan Spot (US$/MT) 885 0.0 883 -15.2 -19.5 1,064 0.5 1,086 2.0 PTTGC -, SCC - Tuesday
Ethylene Spread (US$/MT) 512 -2.7 515 -20.0 -31.6 711 13.5 669 -5.8 Daily
Propylene (Olefins), FOB Japan Spot (US$/MT) 825 0.0 823 0.8 8.2 711 -8.5 847 19.2 Tuesday
Propylene Spread (US$/MT) 452 -3.0 455 8.7 9.4 358 3.8 431 20.4 Daily
Naphtha - Singapore Spot FOB (US$/MT) 373 3.9 368 -7.4 6.7 353 -18.3 417 17.9 Daily

Polyolefins Prices and Spread

Polye HDPE SE Asia (US$/MT) 1,080 0.0 1,080 -4.6 -6.2 1,144 -7.6 1,152 0.7 PTTGC -, SCC - Tuesday
HDPE-Naphtha Spread (US$/MT) 707 -1.9 712 -3.2 -11.8 791 -1.9 735 -7.0 Daily
Polye LDPE-Film, CFR SE Asia Spot (US$/MT) 1,160 0.0 1,160 -6.6 -2.4 1,191 -5.2 1,271 6.7 SCC -, TPIPL - Tuesday
LDPE-Naphtha Spread (US$/MT) 787 -1.8 792 -6.2 -6.2 838 1.7 855 2.0 Daily
PP Film, Spot South East Asia (US$/MT) 1,050 0.0 1,054 -2.2 1.7 1,003 -11.3 1,090 8.7 Tuesday
PP Spread (US$/MT) 677 -2.0 686 0.8 -0.8 649 -7.0 673 3.7 Daily

MEG Prices and Spread

MEG, CFR South East Asia (US$/MT) 820 0.0 814 9.6 29.3 661 -15.7 811 22.8 IVL -, PTTGC + Tuesday
MEG Spread (US$/MT) 271 0.0 267 175.3 -624.6 1 -99.5 138 n.m. Tuesday

Aromatics Product Prices and Spread

Paraxylene, FOB USG Spot (US$/MT) 735 0.0 737 -3.9 -1.4 732 -10.3 797 8.9 PTTGC - Tuesday
Paraxylene Spread (US$/MT) 330 -4.0 337 -1.8 -10.2 377 -0.7 362 -4.0 Tuesday
Paraxylene - 92 RON Spread (US$/MT) 252 -4.2 259 0.0 -19.6 296 12.4 273 -8.0 TOP - Daily
Toluene, FOB Korea Spot (US$/MT) 575 0.0 579 -5.5 3.9 588 -11.6 649 10.5 Tuesday
Benzene, CFR Japan Spot (US$/MT) 715 0.0 727 -5.8 13.0 641 -7.8 836 30.4 Tuesday
Benzene Spread (US$/MT) 342 -3.9 359 -4.2 20.3 288 9.3 420 45.8 Daily
Benzene - 92 RON Spread (US$/MT) 232 -4.6 249 -5.7 15 206 43.7 312 51.8 Daily
Condensate (US$/MT) 405 3.5 400 -5.7 7.4 355 -18.7 435 22.5 Daily

PTA Prices and Spread

PTA, CFR South East Asia (US$/MT) 630 0.0 628 -1.6 1.4 613 -5.7 655 6.8 SCC +, IVL - Tuesday
PTA Spread (US$/MT) 138 0.0 134 8.3 13.2 122 19.2 120 -1.3 Tuesday

PVC Prices and Spread

PVC, CFR South East Asia (US$/MT) 860 0.0 860 -1.6 3.8 828 0.6 897 8.3 TPC +, VNT + Tuesday
VNT's PVC-Ethylene Spread (US$/MT) 348 4.2 345 50.2 352.6 117 -40.3 228 94.3 Tuesday
Ethylene Dichloride CFR Far East Asia (US$/MT) 235 0.0 239 -19.7 -6.0 259 -8.3 305 17.8 Tuesday
TPC's PVC - EDC Spread (US$/MT) 409 0.0 407 24.2 36.7 304 7.4 332 9.1 Tuesday

Construction Material
Mixed Cement - retail price (Bt/MT) 2,798 0* 2,798 0.0 0.0 2,798 0.4 2,798 0.4 SCC + Monthly

Forest Product
NBSK Pulp (Canada) CIF Korea (US$/MT) 890 0.0 890 3.6 9.7 802 -6.4 841 4.9 Daily

Steel Price
Steel Index 1,114 4.8 1,086 5.6 28.2 791 -0.1 1,096 38.5 Daily
Steel HR Coil CIS (US$/MT) 463 1.6 459 3.1 23.2 382 10.3 465 21.9 Tuesday
Steel CIS Slabs (US$/MT) 398 3.9 390 -4.0 21.5 325 11.7 411 26.4 Tuesday
CIS HRC Spread (US$/MT) 65 -10.3 69 77.2 34.2 56 2.9 55 -3.5 Tuesday
Steel - CIS Wire rod (US$/MT) 458 0.0 458 0.0 8.3 388 2.3 451 16.3 Tuesday
Steel - Billet (US$/MT) 325 0.0 325 0.0 0.0 325 -7.6 325 0.0 Tuesday
CIS Wire rod Spread (US$/MT) 133 0.0 133 0.1 35.9 63 130.6 126 101.1 Tuesday

Freight Rate
Baltic Freight Index: BDIY 900 9.5 855 -15.8 16.1 676 -5.1 971 43.7 TTA +, PSL + Daily
Baltic Supramax Index: BSI 881 0.0 881 0.0 30.3 601 -9.4 836 39.0 Daily

NEX Coal price 84.33 0.8 83.63 3.4 26.1 65.8 10.7 59.4 -16.4 BANPU + Friday

* Change MoM
Source: Datastream, Bloomberg, Reuters, BANPU and SCBS Investment Research

Page 6
 10

0
2
4
6
8
GRM
0
10
20
30
40
50
60

40
50
60
70
80
90
100
110
120
10
20
30
40
50
60
70
80

2,200
2,400
2,600
2,800
3,000
US$
Jul-16

0
1,000
1,200
1,400
1,600

200
400
600
800
Jul-16 Jul-16

Coal Price
Jul-16

BT/MT
US$/BBL

US$/bbl
Oct-14 Aug-16

US$/BBL
Jul-16

Crude Prices
Nov-14 Aug-16 Aug-16
Dec-14 Aug-16 Aug-16 Aug-16
Jan-15 Aug-16
Sep-16

Oil Product Prices

Feb-15 Aug-16 Sep-16 Sep-16 Sep-16

Baltic Freight Index

Mar-15 Sep-16 Oct-16
Apr-15 Oct-16 Oct-16
May-15 Oct-16 Oct-16 Oct-16
Oct-16
Jun-15 Oct-16 Nov-16
Jul-15 Nov-16 Nov-16 Nov-16
Aug-15 Nov-16 Dec-16
Sep-15 Dec-16
Dec-16 Dec-16 Dec-16
Oct-15 Dec-16 Dec-16
Nov-15 Dec-16 Jan-17
Dec-15 Jan-17 Jan-17 Jan-17
Jan-16 Jan-17 Jan-17
Feb-16 Jan-17
Jan-17 Feb-17 Feb-17
Mar-16 Feb-17 Feb-17
Apr-16 Feb-17
May-16 Mar-17 Mar-17 Mar-17 Mar-17
Jun-16 Mar-17
Apr-17 Apr-17
Jul-16 Apr-17 Apr-17 Apr-17
Aug-16 Apr-17 Apr-17

Construction material - Mixed Cement (retail price)

Apr-17
Brent

Sep-16
Dubai

Source: Bloomberg, Bisnews, BANPU and BoT

Oct-16 May-17 May-17 May-17 May-17 May-17
Nov-16 May-17 May-17
Dec-16 May-17 Jun-17 Jun-17
Jan-17 Jun-17

GRM -Reuters
Jun-17

Jet Oil

BSI Index
Jun-17
West Texus Int

Gas Oil

Fuel Oil
Feb-17

BDIY Index
Gasoline
Jul-17 Jul-17 Jul-17 Jul-17 Jul-17
Mar-17
SCBS: Commodities Daily Chart Update

760
800
840
880
920
0
100
200
300
400
500
600
0
1,000
1,200

200
400
600
800

1,000
1,200
1,400
1,600

800

0
1,000
1,200

200
400
600
800
0
1,000
1,200
1,400

200
400
600
800

PVC Price
US$/MT

US$/M
Jul-16 Jul-16

NBSK Pulp
US$/MT
US$/MT
US$/MT
Jul-16 Jul-16 Jul-16
US$/MT

Aug-16 Jul-16
Olefins Prices

Aug-16 Aug-16 Aug-16 Aug-16

Aug-16 Aug-16

Polyolefin Prices
Aromatics Prices

Sep-16 Aug-16 Aug-16

Sep-16

Steel HR Coil , Slabs

Oct-16 Sep-16 Sep-16 Sep-16 Sep-16
Oct-16 Oct-16 Oct-16 Oct-16
Oct-16 Oct-16
Nov-16 Oct-16 Oct-16
Nov-16 Dec-16 Nov-16 Nov-16 Nov-16 Nov-16
Dec-16 Dec-16 Dec-16 Dec-16
Dec-16 Dec-16
Jan-17 Dec-16 Dec-16
Jan-17 Jan-17 Jan-17 Jan-17 Jan-17 Jan-17
Feb-17 Jan-17 Jan-17
Feb-17 Feb-17 Feb-17
Mar-17 Feb-17 Feb-17

Spread
Mar-17 Apr-17 Mar-17 Mar-17 Mar-17 Mar-17
Apr-17 Apr-17 Apr-17
Apr-17 Apr-17 Apr-17

Steel HR Coil
May-17 Apr-17 Apr-17

Steel CIS Slabs

May-17 May-17 May-17 May-17 May-17
May-17
Jun-17

PVC
EDC
May-17 May-17
Ethylene

PP

Jun-17 Jul-17 Jun-17 Jun-17

Propylene

Benzene

Jun-17 Jun-17
LDPE
HDPE

0
Paraxylene

US$/M

20
40
60
80
Jul-17 Jul-17 Jul-17 Jul-17 Jul-17

100
0
100
200
300
400
500
600
700

0
0

100
200
300
400
500
100
200
300
400
500
0
1,000

200
400
600
800

1,000

200
400
600
800
US$/MT

Jul-16 Jul-16 Jul-16 Jul-16

US$/MT
US$/MT

US$/MT
Jul-16

US$/MT
Aug PVC Spread Aug-16
Aug-16 Aug-16 Aug-16
Olefins Spreads

Aug Aug-16
Sep-16 Aug-16 Sep-16 Sep-16
Sep-
Aromatics Spreads

Sep-16

Steel Wire rod, Billet

Oct-16 Oct- Oct-16
Oct-16 Oct-16
Oct- Oct-16
Nov-16 Oct-16
Nov Nov-16 Nov-16

Spread
Polyolefin-Naphtha Spreads

Nov-16
Dec-16 Dec- Dec-16
Dec-16 Dec-16

Steel - Billet
Jan-17 Dec- Dec-16
Dec-16
Jan- Jan-17 Jan-17
Feb-17 Jan-17
Jan- Jan-17 Jan-17

Steel - CIS Wire rod

Feb-17
Mar-17 Feb- Feb-17 Feb-17
Mar- Mar-17 Mar-17 Mar-17
Apr-17
Apr- Apr-17 Apr-17
May-17 Apr-17
Apr- Apr-17 Apr-17
Jun-17 May May-17 May-17 May-17
May May-17
Benzene Spread

May-17
Jul-17 Jun-17
Paraxylene Spread
Ethylene Spread

TPC's product spread

Jun- Jun-17 Jun-17

VNT's product Spread
Propylene Spread

PP Spread

0
Jul-17 Jul-17 Jul-17 Jul-17

Page 7
LDPE spread

US$/MT

100
200
300
400
500
HDPE Spread
SAWASDEE
Monday, July 17, 2017
 SAWASDEE
Monday, July 17, 2017
Director Trade
1. Director trade as reported on July 14 2017.
Company Name of Director Transaction Product Amount Price Amount Buy/Sell
date (Shares) (Bt) (Bt)
AH Kawee Wasaruchareekul Common share 07-07-17 18,729 27.50 515,048 Sell
AS Lertchai Kanpai Warrant 12-07-17 1,000,000 1.34 1,340,000 Sell
ASIAN Hendrikus Van Westendorp Common share 12-07-17 1,000,000 13.50 13,500,000 Buy
ATP30 Thanetsak Saenwandee Common share 11-07-17 29,000 1.70 49,300 Buy
BLAND Anant Kanjanapas Common share 13-07-17 2,000,000 1.83 3,660,000 Buy
EKH Orasa Tangsajjapoj Common share 06-07-17 50,000 5.14 257,000 Buy
EKH Pichamonch Patanapoonyapirom Common share 06-07-17 10,000 5.05 50,500 Buy
EKH Suthipong Tangsajjapoj Common share 06-07-17 91,400 5.11 467,054 Buy
EPCO Yuth Chinsupakul Common share 12-07-17 200,000 7.18 1,436,000 Sell
GLOBAL Anavat Suriyawanakul Common share 13-07-17 100,000 13.60 1,360,000 Buy
ITD Premchai Karnasuta Common share 11-07-17 5,173,500 4.21 21,780,435 Sell
ITD Premchai Karnasuta Common share 12-07-17 1,750,000 4.20 7,350,000 Sell
ITD Premchai Karnasuta Common share 13-07-17 3,297,700 4.20 13,850,340 Sell
NCL Kitti Phuathavornskul Common share 11-07-17 150,000 2.04 306,000 Buy
NCL Kitti Phuathavornskul Common share 12-07-17 200,000 2.06 412,000 Sell
S Nuntiya Chaiyanont Common share 13-07-17 5,000 4.24 21,200 Buy
TICON Lalitphant Phiriyaphant Common share 11-07-17 46,100 14.20 654,620 Buy
TTI Kumjorn Chuenchoochit Common share 13-07-17 900 30.75 27,675 Buy
TTI Kumjorn Chuenchoochit Common share 13-07-17 3,000 31.00 93,000 Buy
Total Buy 20,446,349
Sell 46,683,823
Net -26,237,474

2. 12-month cumulative net buy/sell for SCBS-covered stocks with activity as of last close
AH GLOBAL
0 30 3000 19
2000 18
-5 25
'000 Shares

1000 17
'000 Shares
Bt/Share

Bt/Share
-10 20 0 16
-1000 15
-15 15
-2000 14
-20 10 -3000 13
Jul-17
Jun-17
Nov-16

Apr-17
May-17
Aug-16
Sep-16

Dec-16
Jan-17
Feb-17
Mar-17
Oct-16

Aug-16

Nov-16

Jan-17
Sep-16

Dec-16

Jun-17
Oct-16

Jul-17
Mar-17

May-17
Feb-17

Apr-17

Cumulative Net Buy (+)/Sell (-) Avg. Price Cumulative Net Buy(+)/Sell(-) Avg. Price

TICON
0 18.0
(1,000) 17.0
(2,000) 16.0
'000 Shares

(3,000)
Bt/Share

15.0
(4,000)
14.0
(5,000)
(6,000) 13.0
(7,000) 12.0
(8,000) 11.0
Aug-16

Nov-16

Jan-17
Sep-16

Dec-16

Jun-17
Oct-16

Jul-17
Mar-17

May-17
Feb-17

Apr-17

Cumulative Net Buy (+)/ Sell (-) Avg. Price

Page 8
 SAWASDEE
Monday, July 17, 2017
Corporate Calendar
July
Monday Tuesday Wednesday Thursday Friday
17 18 19 20 21
New warrant Decreasing paid-up XR PD XD
FVC-W2 WHABT APX 2 : 1 AEONTS Bt1.85 1DIV Bt0.4566
Share listing XW XR
F&D 2,624,308 Shares APX 3 : 1 @Bt0.50 CCN 5 : 1 @Bt6.00
QTC 7,700 Shares Delisted PD
SENA 641,200 Shares TCIF HPF Bt0.09
TASCO 6,360,000 Shares THIF
TRIF
24 25 26 27 28
XD XD XD PD H.M. the King's Birthday
LHBANK Bt0.028 TLGF Bt0.2129 TMW Bt1.31 STANLY Bt5
XW TCIF Bt3.3706
SPORT 5 : 1 THIF Bt1.7195
XE TRIF Bt3.6026
MBAX-W1 1 : 1.005 @Bt2.487
31
XE
IVL-W1 1 : 1 @Bt36
PD
VGI Bt0.025

XD - Cash Dividend PD Payment Date XW - Rights for Warrant CW - Capital write-down

XD(ST) - Stock Dividend XR - Rights for Common XE - Warrant Exercise SP - Suspension

Page 9
 SAWASDEE
Monday, July 17, 2017
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 financial advisor of Siam Makro Public Company Limited. SCBS has acted as Joint-Lead Underwriter of
Siam Makro 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.
SCB SECURITIES COMPANY LIMITED (SCBS) ACTS AS MARKET MAKER AND ISSUER OF DERIVATIVE WARRANTS on the ordinary shares AAV,
ADVANC, AMATA, ANAN, AOT, AP, BA, BANPU, BBL, BCH, BCP, BCPG, BDMS, BEAUTY, BEC, BEM, BH, BIG, BJC, BJCHI, BLA, BLAND, BPP, BTS, CBG,
CENTEL, CHG, CK, CKP, COM7, CPALL, CPF, CPN, DELTA, DTAC, EA, EGCO, EPG, ERW, GFPT, GLOBAL, GLOW, GPSC, GUNKUL, HANA, HMPRO, ICHI,
INTUCH, IRPC, ITD, IVL, KBANK, KCE, KKP, KTB, KTC, LH, LHBANK, LPN, MAJOR, MEGA, MINT, MTLS, PLANB, PSH, PTG, PTT, PTTEP, PTTGC, QH,
RATCH, ROBINS, S, SAMART, SAWAD, SCC, SCCC, SGP, SIRI, SPALI, SPCG, SPRC, STEC, STPI, SUPER, SVI, TASCO, TCAP, THAI, THCOM, TISCO, TKN,
TMB, TOP, TPIPL, TRUE, TTA, TTCL, TU, TVO, UNIQ, VGI, WHA, WORK.
Before making an investment decision over a derivative warrant, an investor should carefully read the prospectus for the details of the said
derivative warrants. Any opinion, news, research, analyse, price, statement, forecast, projection and/or other information contained in this
document (the Information) is provided as general purpose information only, and shall not be construed as a recommendation to any
person 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, employees, and
agents 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, damages for loss of profits. The investor should use the Information in association with other
information and opinion, including his/her 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 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.

Page 10