Beruflich Dokumente
Kultur Dokumente
Contact: 02-696-0031
Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
SET Index 1,576.08 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA 60.81pt/0.28% Oil - Nymex (USD) 50.17/bbl/0.46USD
Change -4.98pt/-0.31% (Btm) (Contracts) PTT 661 SCB -286 S&P -1.8pt/-0.07% Gold - London (USD) 1,267.69/Oz/8.55USD
Turnover (Btm) 57,299.81 Foreign -7,159 -15,190 SCC 375 ADVANC -188 NASDAX -26.55pt/-0.42% DXYO 92.86/-0.42%
PER (x) 16.38 Institution -3,527 -11,488 BBL 278 PTTEP -160 CAC -37.62pt/-0.73% Bt/USD 33.28/-0.27%
PBV (x) 1.91 Retail 8,331 26,678 PTTGC 266 INTUCH -67 FTSE 3.63pt/0.05% USD/Euro 1.17/0.21%
Div Yield (%) 3.07 Proprietary 2,354 - BEAUTY 213 KKP -60 DAX -44.45pt/-0.37% 10Y US treasury yld 2.29/0.23%
STEC (Outperform) - Earnings Preview: 2Q17 net profit to rise YoY, fall
QoQ (page 9) Earnings up YoY, down QoQ. We forecast STECs 2Q17 net profit
at Bt230mn, up 19.1% YoY but down 7.5% QoQ due to a drop in revenue on
slower construction activity during the rainy season.
Daily View
Strategy Brightening prospects for the domestic economy, with nonfarm income
rising for the first time in 2017 and the export and tourism sectors seeing
further growth, should provide support to domestic-consumption-linked
stocks. We expect the SET Index to test 1,580 today and we see CPALL (in
view of the improvement in domestic consumption), CENTEL* and MINT*
(not covered by KS Research) as the most attractive. We also maintain our
investment themes on 1) stocks expected to deliver strong 2Q17 earnings
growth, such as LH, MTLS, MEGA, TK* (not covered by KS Research), JWD
and BEAUTY; 2) plays on the recovering oil price, such as PTT and PTTEP;
3) stocks with low PERs and high dividend yields, such as PSH; and 4)
stocks that will get a lift from further progress in mega infrastructure
projects, such as STEC.
Key economic data shows positive signs; nonfarm income sees growth
for the first time in six months. The Bank of Thailand said the broad economy
showed positive signs in many areas in June. Nonfarm income grew for the first
time in six months, adding 2.40% YoY, while growth in farm income slowed to
6.20%. Note that 2Q17 nonfarm income contracted 0.20% YoY in 2Q17, a further
decline from -0.60% YoY in 1Q17.
In the same month, the tourism sector continued to expand as tourist arrivals
increased 11.40% YoY, compared to 4.60% growth in May, which resulted in
service sector revenue rising 7.40%. Exports expanded 7.60% YoY boosted by
electronic components, and petroleum, petrochemical and agricultural products,
while imports surged 12.80% YoY although their value was still lower than that of
exports, resulting in a trade surplus of USD2.90bn.
Sales of durable goods fell 3.00% YoY on declines in vehicle and motorcycle sales
by 0.50% and 4.70%, while passenger car sales continued to grow, adding
15.60%. Non-durable goods sales fell 1.90%.
On the negative side, manufacturing MPI declined as auto and electrical appliance
production fell 1.30% and 18.30% YoY and the capacity utilization rate remained
low at 60.50%. Private investment continued to decline for a 12th consecutive
month but the pace of decrease slowed to 0.20% YoY.
We maintain our GDP growth estimates at 3.30% for 2Q17 and 3.40% and 3.90%
for 3Q-4Q17.
Brighter prospects in domestic consumption in 2H17; CPALL, CENTEL*,
MINT* look attractive. In sum, the export, tourism and services sectors were
the key engines driving economic growth, while the continued growth in the export
sector resulted in nonfarm income rising for the first time in 2017, which bodes
well for domestic consumption in the second half of the year. Such improving
prospects will provide support to tourism and retail stocks, among which we see
CENTEL* and MINT* (both have been our recommended picks for the past two
weeks), EWR, THAI, AAV and CPALL (upside of more than 18%, while most of its
products are necessities that have had protection against sluggish consumption).
Investment strategy - We expect the SET Index to test 1,580 today and we see
CPALL (in view of domestic consumption improvement), CENTEL* and MINT* as
the most attractive. We also maintain our investment themes on 1) stocks expected
to deliver strong 2Q17 earnings growth, such as LH, MTLS, MEGA, TK*, JWD and
BEAUTY; 2) stocks that will get a boost from the recovering oil price, such as PTT
Analyst and PTTEP; 3) stocks with low PERs and high dividend yields, such as PSH; and 4)
Prakit Sirivattanaket stocks that will get a lift from further progress in mega infrastructure projects, such
Prakit.si@kasikornsecurities.com as STEC.
IVL benefited from a higher PET margin by 28% WoW and higher PTA
margin by 6% WoW.
The impact on SCC and TOP was neutral as petrochemical spreads were
unchanged.
Industry highlights
Crude and naphtha rose. Dubai crude rose by 1% WoW to USD48.19/bbl after
US commercial crude stocks declined by 7.2mn bbl WoW to 483.4mn bbl, lower
than the consensus estimate of a decline of 3.0mn bbl. US crude production output
declined by 19mn bpd WoW. In addition, Saudi Arabia pledged to cut exports by
0.6mn bpd on a monthly basis to 6.6mn bpd in August. There was positive
sentiment from the USD depreciation to the lowest level of the year after the Fed
meeting was more dovish about a possible rate hike that the market had previously
expected to occur in December this year. Naphtha rose by 3% WoW to USD389/ton
last week. On a quarterly perspective, Dubai crude and naphtha prices declined 4%
and 5%.
PET spread rose WoW. BZ and PX spreads showed no movement last week.
However, the PTA spread rose by 6% WoW, and the PET spread expanded by 28%
WoW. On a quarterly basis, the PET spread was 36% lower.
Analyst (s)
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com
Tan Chirasittikorn
(Assistant Analyst)
Tan.c@kasikornsecurities.com
Strong business partner enhances outlook. We see plenty of benefits for ORI
from the partnership with NRED. As a leading property developer in Japan involved
in both recurring and non-recurring real estate businesses for more than 60 years,
NRED will be able to share its development experience as well as its customer base
with ORI. In addition, its 49% stakes in the 4 new JVs at a total investment cost
of Bt2.15bn means NRED will share the development risk and financial costs with
ORI. Finally, the deals will boost ORIs ROE and strengthen its balance sheet.
Business targets raised. Following the announcement of the new partner, ORI
raised several of its 2017 business targets. New launch value was revised up to
Bt18.0bn from Bt15.0bn, while presales target was increased to Bt14.0bn from
Bt13.0bn. Also, the revenue target was increased to Bt9.0bn from Bt6.0bn. Given
that the Park 24 project acquisition should be concluded by Oct. 2, ORIs project
completions in 2017 will rise to Bt12.77bn from Bt6.87bn, while its backlog at the
end-2Q17 had risen to Bt25.3bn from Bt14.4bn at end-1Q17.
Valuation
We maintain our Outperform rating on ORI with a new mid-2018 TP of Bt16.70
(up from Bt15.90). Our valuation is based on Bt15.48 derived from the average
Analyst 12M Fwd PER in 2012-16 of the developers under our coverage (exc. LH) of 7.3x
Sorapong Jakteerungkul plus Bt1.22 from its recurring-income business. This implies a nice upside of 10.6%
Sorapong.j@kasikornsecurities.com from the latest closing price plus a dividend yield for a one-year holding period of
4.8%. Apart from the solid long-term outlook, expectations of strong presales and
earnings in 2H17 should provide further support to the share price.
Expect lower 2Q17 earnings YoY and QoQ. We expect TASCO to report 2Q17
earnings of Bt278.4mn, down 60.4% YoY and 77.5% QoQ. The YoY and QoQ
decline should be mainly due to a deeper asphalt-Dubai crude discount spread that
should pressure GPM. Together with an expected hedging loss as average Dubai
crude fell to USD46.4/bbl in June, we expect GPM to decline to 8.1% from 17.5%
in 2Q16 and 18.8% in 1Q17. Together with estimated 2Q17 sales volume of
0.51mn tons (+16.3% YoY, -3.5% QoQ) 1H17 earnings should account for 52.0%
of our full-year estimate.
GPM to widen YoY. We expect 3QFY17 GPM to come in at 54%, down from
58.7% in 2QFY17 but up from 52% in 3QFY16. The lower margin QoQ should due
to lower economies of scale, as more than 70% of COGS is quasi-fixed costs. GPM
should widen YoY on better economies of scale and lower depreciation and
amortization expense, as some assets had fully depreciated.
Analyst
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com
Assistant Analyst
Phochara Lertwiram
Phochara.l@kasikornsecurities.com
Revenue up YoY, down QoQ. We expect revenue to rise 26.4% YoY but fall
4.0% QoQ to Bt4.8bn on a low contribution from newly signed projects in 1H17.
This reflects both the impact of the rainy season, which slows work, as well as the
early-phase construction status of many of STECs projects. Key contributors will
be: 1) the double-track railway, Chachoengsao; 2) 12 small power plants; and 3)
the MRT Blue Line.
Stable GPM. We expect gross margin to be unchanged from 1Q17 at 8.3% but
down from 9.3% in 2Q16 due to the completion of high-margin projects.
Analyst
Tareetip Wongsaengpaiboon
Tareetip.w@kasikornsecurities.com
Big retailers see little cheer. Weak consumer spending in the second quarter of the year has
exacerbated concerns for the sales performance of the big retailers in the second half. (The Nation)
More taxi-booking apps on the way. Consumers will soon have more taxi-booking applications
to try out when initiatives from the government, the main Bangkok taxi network and a social media
service hit the market this year. (The Nation)
Corporate News
'By Thais for Thais': Line Taxi revs engine. Line Thailand is jumping on the mobile-taxi-booking
bandwagon by expanding the services offered by its on-demand delivery app Line Man, adding cabs
to its current list that includes food, groceries, documents and parcels. (Bangkok Post)
EV producers seek bigger tax breaks. Following Tesla's launch of its mass production electric
vehicle, investors in Thailand are calling for the government to provide more incentives for
consumers to buy EV cars - in line with moves overseas. (The Nation)
Habitat to launch two projects in second half. Habitat Group is backing its confidence in the
property market with plans to launch two big projects in the second half of this year. (The Nation)
Daily Stats
Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
27-Jul-17 28-Jul-17 31-Jul-17 5 Days 30 Days YTD 2016
Thailand -27.85 0.00 -214.50 -317.60 -199.16 194.20 2,240.46
Indonesia -2.20 -1.83 25.23 -111.46 -797.94 505.99 1,258.66
Philippine 12.39 12.51 -1.87 48.05 38.41 446.48 83.39
India 380.40 -1.78 0.00 398.63 578.78 9,085.10 2,902.89
Taiwan 175.51 -239.47 -40.71 -159.37 21.83 9,045.52 10,956.41
S. Korea -178.09 -580.64 -230.43 -1,638.14 -380.84 8,629.89 10,480.09
Vietnam 3.06 3.07 11.41 79.82 112.31 518.48 -344.70
Total 363.21 -808.14 -450.87 -1,700.07 -626.61 28,425.66 27,577.19
Source : Bloomberg
Bond Trading
Bond Trading (Btmn)
26-Jul-17 27-Jul-17 31-Jul-17 5 Days 30 Days YTD 2016
Net Foreign 2,784 5,490 16,303 26,330 9,011 164,554 330,926
Short term 1,004 5,122 8,179 16,096 11,951 42,685 289,238
Long term (TTM > 1Y) 1,780 368 8,124 10,234 -2,940 121,869 41,688
Net Asset Management -1,113 34,760 13,217 74,390 307,584 1,985,452 3,248,652
Short term -1,477 30,054 12,113 67,711 279,142 1,867,224 3,057,827
Long term (TTM > 1Y) 363 4,706 1,103 6,680 28,442 118,228 190,825
Total Outright Trading 79,765 121,298 113,741 500,063 1,799,466 13,150,510 22,409,446
Short term 49,229 87,761 72,784 344,251 1,173,986 9,672,331 16,843,737
Long term (TTM > 1Y) 30,536 33,537 40,958 155,812 625,479 3,478,179 5,565,709
Source : Thai BMA
Daily Stats
BEAUT Y 1.04% ECL -0.60% -- Information & Communication 1,198.85 1,413.68 2,612.53 44.47% 33.31%
-- Transportation & Logistics 780.62 706.42 1,487.05 48.84% 27.02%
CM 1.01% SSSC -0.46%
-- Petrochemicals & Chemicals 801.70 505.98 1,307.68 79.39% 51.52%
T ISCO 0.77% SPALI -0.45%
-- Food and Beverage 581.74 537.51 1,119.25 42.15% 34.56%
T OP 0.75% ESSO -0.44%
-- Construction Materials 691.88 331.58 1,023.46 48.68% 34.98%
T PAC 0.69% MEGA -0.37%
-- Commerce 637.51 327.59 965.09 31.79% 30.16%
AH 0.65% T IP -0.35% -- Property Development 481.65 324.30 805.95 24.69% 21.74%
GJS 0.63% LH -0.30% -- Electronic Components 216.91 176.65 393.57 34.31% 26.35%
BANPU 0.55% ANAN -0.25% -- Health Care Services 190.36 186.77 377.13 34.37% 29.68%
T PCH 0.55% T HANI -0.25% -- Finance and Securities 181.54 83.39 264.93 27.34% 22.70%
EA 0.48% AMAT A -0.25% -- Media & Publishing 98.48 81.65 180.12 32.14% 23.61%
SPRC 0.47% T RC -0.24% -- Insurance 21.13 28.81 49.94 51.27% 44.88%
ASIAN 0.46% MC -0.24% -- Agribusiness 27.05 22.16 49.22 30.24% 22.43%
W ORK 0.45% PT T GC -0.24% -- Tourism & Leisure 29.07 5.46 34.53 16.82% 23.33%
T CC 0.41% T KN -0.23% -- Steel 18.30 15.15 33.45 20.10% 12.96%
BCP 0.41% AMANAH -0.22% -- Automotive 14.81 2.48 17.29 16.05% 14.87%
ORI 0.41% T IPCO -0.21% -- Industrial Materials & Machine 3.65 4.19 7.84 2.81% 3.90%
T MB 0.38% LHBANK -0.20% -- Packaging 0.16 1.72 1.88 6.28% 4.97%
KCE 0.36% SNC -0.20% *% of Trading Volumn in Underlying Securities traded in each sector
Source: SET Source: SET, KS Research
Daily Stats
%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
World Stock Index
Dow Jones 21,891.12 0.28% 1.76% 2.54% 18.05% 10.77% 21,891.12 17,888.28
S&P 500 2,470.30 -0.07% 0.02% 1.93% 13.17% 10.34% 2,477.83 2,085.18
Nasdaq 6,348.12 -0.42% -0.98% 3.38% 21.59% 17.93% 6,422.75 5,046.37
FTSE 100 7,372.00 0.05% -0.08% 0.81% 8.52% 3.21% 7,547.63 6,634.40
DAX 12,118.25 -0.37% -0.74% -1.68% 16.89% 5.55% 12,888.95 10,144.34
CAC 5,093.77 -0.73% -0.66% -0.53% 15.49% 4.76% 5,432.40 4,321.08
NIKKEI 19,925.18 -0.17% -0.25% -0.54% 22.58% 4.24% 20,230.41 16,083.11
Hang Seng 27,323.99 1.28% 1.78% 6.05% 23.38% 24.20% 27,323.99 21,574.76
MSCI Ex. JP 459.61 0.54% 0.38% 5.35% 25.59% 29.38% 460.58 348.49
S&P Volatility (VIX Index) 10.26 -0.29% 8.80% -8.23% -9.92% -26.92% 22.51 9.36
Dow Jones Real Estate 319.89 0.04% 0.46% 1.09% -3.22% 4.94% 338.01 287.10
Dow Jones Financial Sector 542.54 0.47% 0.55% 1.79% 21.10% 7.79% 544.66 437.91
Dow Jones Construction Material 654.05 -0.56% -2.66% -3.02% 1.83% 3.67% 681.12 580.39
Dow Jones Energy 542.27 0.14% 2.32% 2.34% -3.30% -12.57% 638.25 520.96
Dow Jones Technology 1,829.98 -0.65% -1.84% 3.68% 26.58% 21.39% 1,864.23 1,413.78
Dow Jones Health Care 848.32 -0.19% -1.49% 0.55% 7.13% 16.01% 861.91 697.23
Dow Jones Consumer Services 845.64 0.01% 0.88% 1.67% 11.98% 10.54% 860.20 713.91
SET Indices
SET Index 1,576.08 -0.31% -0.04% 0.09% 3.78% 2.15% 1,591.00 1,406.18
SET 100 Index 2,250.61 -0.35% 0.11% 0.41% 4.04% 3.32% 2,271.25 2,000.16
SET 50 Index 1,003.96 -0.31% 0.30% 0.97% 4.29% 4.05% 1,009.23 896.30
MAI Index 551.03 -1.33% -1.40% -2.59% -5.31% -10.59% 646.02 493.07
Energy 20,938.48 0.07% 1.74% 3.48% 10.27% 2.01% 21,627.10 17,550.63
Bank 514.68 -1.11% -1.65% -3.16% 1.32% 3.09% 550.93 469.29
Property 290.55 0.36% -0.28% -1.63% 3.82% 7.66% 300.56 251.01
Transportation 321.90 -0.64% -0.34% 5.21% 11.63% 14.87% 323.96 256.38
Construction Materials 13,254.07 0.80% -0.01% -1.02% -2.93% 1.82% 14,295.50 12,324.97
ICT 163.84 -0.99% -0.97% 1.19% -1.72% 10.99% 173.26 140.39
Electronic 2,050.77 -1.86% -1.92% -7.65% 11.83% -4.33% 2,343.26 1,738.15
Commerce 35,949.43 0.08% 0.58% -2.09% 6.45% -2.74% 37,477.05 32,356.84
Hospitality & Leisure 634.21 0.01% -0.30% 4.45% -1.04% 5.69% 646.81 567.42
Fixed Income and FX
US 2-Y yield 1.35 0.14% -0.56% -2.36% 86.83% 13.53% 1.41 0.64
US 5-Y yield 1.84 0.09% 0.78% -2.80% 61.54% -4.76% 2.14 1.02
US 10-Y yield 2.29 0.23% 1.73% -0.41% 44.43% -6.14% 2.63 1.45
US Ted Spread 0.24 2.19% 64.60% -17.27% -55.37% -52.41% 0.69 0.14
Thai 2-Y yield 1.51 -0.20% -0.09% -1.70% -1.05% -10.72% 1.75 1.50
Thai 5-Y yield 1.89 -0.93% 0.81% -3.95% 11.67% -12.77% 2.31 1.69
Thai 10-Y yield 2.53 -0.73% -0.16% -1.31% 23.11% -5.17% 2.90 2.04
Thai TED Spread 0.36 9.31% 9.95% 96.41% 62.67% 297.40% 0.36 0.07
Dollar Index 92.86 -0.42% -1.19% -2.89% -3.46% -9.14% 103.30 92.86
French CDS USD SR 5Y 17.92 1.07% -1.04% -17.86% -44.73% -51.59% 70.36 17.66
Greece 5Yr USD CDS 5124.67 0.00% 0.00% 0.00% 0.00% 0.00% 5,124.67 5,124.67
Portugal 5Yr USD CDS 167.17 0.74% -0.25% -14.88% -36.38% -38.99% 310.32 165.93
Ireland 5Yr USD CDS 31.72 0.00% 0.00% -20.12% -50.98% -50.24% 70.26 31.72
Spain 5Yr USD CDS 63.10 -1.04% -0.93% -2.90% -25.14% -16.55% 87.33 62.31
Italy 5Yr USD CDS 133.62 -0.45% -0.10% -8.24% 6.87% -15.01% 197.28 123.81
German 5Yr USD CDS 13.15 -2.38% -0.63% -15.13% -21.79% -39.63% 25.23 12.83
US 5Yr CDS 19.89 0.00% 0.00% 0.00% 0.00% 0.00% 19.89 19.89
Thailand 5Yr CDS 61.22 -0.99% -2.94% -1.08% -34.53% -24.97% 104.83 51.41
Indonesia 5Yr CDS 112.34 0.73% -2.64% -4.32% -27.96% -28.85% 198.85 102.35
Philippines 5Yr CDS 69.82 -0.37% -4.69% -9.76% -27.75% -36.34% 134.81 69.69
USD : EURO 1.17 0.21% 0.70% 2.88% 5.26% 11.23% 1.17 1.04
USD : POUND 0.76 -0.31% -0.68% -1.13% 0.24% -6.26% 0.83 0.75
USD : Yen 110.57 -0.59% -0.14% -1.29% 9.40% -5.34% 118.35 99.99
USD : Yuan 6.73 -0.22% -0.32% -0.78% 1.28% -3.11% 6.96 6.62
Source: Bloomberg
Daily Stats
%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
Current Price Related Stocks
Nymex Futures 1 M (USD/bbl) 50.17 0.93% 8.26% 8.97% 20.02% -6.61% 54.45 39.51 PTT, PTTEP
GRM (USD/bbl) 8.01 4.43% 2.04% 19.55% 102.27% 14.59% 10.50 2.87 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 93.52 0.00% 3.85% 12.12% 42.15% 1.38% 112.90 62.57 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 933.00 0.00% -4.50% 3.55% 46.70% -2.91% 1,338.00 631.00 TTA , P SL, RCL, JUTHA , A SIM A R
Gold (USD/ounce) 1,267.69 0.68% 0.89% 1.95% -6.84% 9.33% 1,364.26 1,130.70
Thai Gold Bar (Bath/15.244 g) 20,070.00 0.45% 0.40% -0.45% -11.12% 1.26% 22,670.00 19,330.00
Near Month Gold Future (Baht) 19,900.00 -0.25% 0.76% -0.25% -10.16% 1.27% 22,450.00 19,150.00
Silver (USD/ounce) 1,676.00 1.21% 1.58% 1.76% -17.11% 3.20% 2,071.00 1,522.00
Copper Spot (USD/MT) 6,336.25 0.65% 5.70% 6.90% 32.58% 14.72% 6,336.25 4,595.00
CRB Index 182.64 0.29% 3.64% 4.50% 0.46% -5.13% 195.14 166.50
Zinc (USD/tonne) 2,795.00 0.68% 0.25% 1.34% 23.35% 8.50% 2,924.00 2,215.00 PDI
Malaysian Palm Oil (MYR/tonne) 2,642.50 0.00% 2.56% 1.62% 6.21% -17.38% 3,348.00 2,391.50 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 14.91 3.76% 3.54% 7.97% -21.73% -20.05% 21.21 12.76 KBS,KSL, KTIS, BRR
Soybeans (USD/lb) 9.69 -0.64% -0.05% 5.99% -2.81% -1.82% 10.58 8.76
Soybean Oil (USD/pound) 33.96 0.30% 3.35% 5.53% 17.02% 3.16% 37.43 28.25 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 322.80 0.00% -2.77% 8.91% -3.79% -0.12% 359.00 293.50
Rubber (JPY/kg) 205.70 0.59% -1.72% 2.34% 33.83% -22.05% 351.40 149.50 STA, TRUBB
Chicken - (Bt/kg) 39.25 1.95% 1.95% -3.09% 7.53% -4.27% 43.50 34.75 CPF,GFPT
Pork (Bt/kg) 59.38 0.00% 0.00% -1.66% -7.59% -11.25% 77.63 57.38 CPF
Ethylene (USD/tonne) 950.00 0.00% 3.26% 7.95% -8.65% -13.64% 1,290.00 880.00
Propyene (USD/tonne) 835.00 0.00% 0.00% 1.83% 17.61% -1.18% 965.00 705.00
HDPE (USD/tonne) 1,090.00 0.00% 1.87% 1.87% -3.54% -6.84% 1,200.00 1,070.00
PVC CFR Far East (USD/tonne) 880.00 0.0% 0.0% 2.3% 8.6% -2.2% 960.00 810.00
Naptha (USD/tonne) 467.25 1.91% 9.36% 12.90% 32.37% -5.89% 528.88 343.75
Ethylene Spread (Olefin) 482.75 -1.78% -2.03% 3.57% -29.73% -20.01% 819.25 453.37 PTTGC
Propylene Spread (Olefin) 367.75 -2.32% -9.81% -9.45% 3.01% 5.52% 473.50 299.50 PTTGC
HDPE Spread (Olefin) 622.75 -1.39% -3.11% -5.09% -19.85% -7.54% 791.25 612.75 PTTGC, SCC
Hot Rolled Coil (USD/tonne) 497.50 -1.49% -1.49% 13.07% 36.30% 0.51% 505.00 365.00 SSI, GSTEL, GJS
Slab (USD/tonne) 422.50 0.60% 0.60% 10.46% 34.13% 0.60% 427.50 315.00 SSI
Scrap (USD/tonne) 306.50 0.00% 8.30% 10.65% 39.64% 10.45% 306.50 201.00 TSTH, GSTEL, GJS
Spread HRC-Slab (USD/tonne) 75.00 -11.76% -11.76% 30.43% 50.00% 0.00% 87.50 27.50 SSI
Source : Bloomberg, SET Smart
Daily Stats
Director Trade
Director Trade
Transact ion Stock Types of Name of Management Transaction Avg Price Amount Tot al Remark
Date Securities (Bt ) (shares) (Bt)
27-Jul-17 SGF Common share KANNANAT BOONSUNANONDHA Sell 0.33 10,100,000 3,333,000
26-Jul-17 BLAND Common share ANANT KANJANAPAS Buy 1.83 620,000 1,134,600
27-Jul-17 BM Common share TIRAWAT AMORNTHATRI Buy 3.56 17,000 60,520
27-Jul-17 CMR Common share VARAPHAN UNACHAK Buy 4.00 100,000 400,000
25-Jul-17 DNA W arrant SAMART CHUASIRIPHATTANA Sell 1.53 400,000 612,000
26-Jul-17 DNA W arrant SAMART CHUASIRIPHATTANA Sell 1.57 600,000 942,000
25-Jul-17 DNA W arrant SUPAKORN CHUASIRIPHATTANA Sell 1.53 400,000 612,000
26-Jul-17 DNA W arrant SUPAKORN CHUASIRIPHATTANA Sell 1.57 600,000 942,000
26-Jul-17 FVC W arrant 2 DANUJ BUNNAG Buy 2.05 400,000 820,000
27-Jul-17 FTE Common share PRAPAN CHITRCHAROENCHAI Buy 3.80 30,000 114,000
25-Jul-17 SMM W arrant 4 ANCHALEEPORN TEERASIN Sell 0.58 150,000 87,000
27-Jul-17 T TI Common share KUMJORN CHUENCHOOCHIT Buy 31.00 10,200 316,200
6-Jul-17 UEC Common share PONGSAK UTAISINCHAROEN Sell 2.40 30,000 72,000
27-Jul-17 UTP Common share BOONNAM BOONNAMSUP Buy 6.35 255,000 1,619,250
Source : www.sec.or.th
Daily Stats
Insider Trading
Change 1W (Bt mn) Change 1M (Btmn) Change 3M (Bt mn) Change 6M (Btmn) Change YTD (Btmn)
Daily Stats
Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
08/01/2017 07:30 Thailand Nikkei Thailand PMI Mfg Jul -- 49.6 50.4 --
08/01/2017 14:00 Thailand CPI YoY Jul 0.30% -- -0.05% --
08/01/2017 14:00 Thailand CPI NSA MoM Jul 0.00% -- 0.02% --
08/01/2017 14:00 Thailand CPI Core YoY Jul 0.44% -- 0.45% --
08/01/2017 14:30 Thailand Business Sentiment Index Jul -- -- 50.7 --
08/03/2017 10:30 Thailand Consumer Confidence Jul -- -- 74.9 --
08/03/2017 10:30 Thailand Consumer Confidence Economic Jul -- -- 63.3 --
08/04/2017 14:30 Thailand Foreign Reserves 28-Jul-17 -- -- $186.6b $186.6b
08/04/2017 14:30 Thailand Forward Contracts 28-Jul-17 -- -- $32.3b $32.3b
08/01/2017 07:30 Japan Nikkei Japan PMI Mfg Jul F -- 52.1 52.2 --
08/01/2017 08:45 China Caixin China PMI Mfg Jul 50.4 -- 50.4 --
08/01/2017 12:00 Japan Vehicle Sales YoY Jul -- -- 0.097 --
08/01/2017 15:00 Eurozone Markit Eurozone Manufacturing PMI Jul F 56.8 -- 56.8 --
08/01/2017 16:00 Eurozone GDP SA QoQ 2Q A 0.60% -- 0.60% --
08/01/2017 16:00 Eurozone GDP SA YoY 2Q A 2.10% -- 1.90% --
08/01/2017 19:30 United States Personal Income Jun 0.40% -- 0.40% --
08/01/2017 19:30 United States Personal Spending Jun 0.10% -- 0.10% --
08/01/2017 19:30 United States Real Personal Spending Jun 0.10% -- 0.10% --
08/01/2017 19:30 United States PCE Deflator MoM Jun 0.00% -- -0.10% --
08/01/2017 19:30 United States PCE Deflator YoY Jun 1.30% -- 1.40% --
08/01/2017 19:30 United States PCE Core MoM Jun 0.10% -- 0.10% --
08/01/2017 19:30 United States PCE Core YoY Jun 1.40% -- 1.40% --
08/01/2017 20:45 United States Markit US Manufacturing PMI Jul F 53.2 -- 53.2 --
08/01/2017 21:00 United States ISM Manufacturing Jul 56.5 -- 57.8 --
08/01/2017 21:00 United States ISM Prices Paid Jul 55.8 -- 55 --
08/01/2017 21:00 United States ISM New Orders Jul -- -- 63.5 --
08/01/2017 21:00 United States ISM Employment Jul -- -- 57.2 --
08/01/2017 21:00 United States Construction Spending MoM Jun 0.40% -- 0.00% --
08/01/2017 08/02 United States Wards Total Vehicle Sales Jul 16.80m -- 16.41m --
08/01/2017 08/02 United States Wards Domestic Vehicle Sales Jul 13.05m -- 12.79m --
08/01/2017 08/07 Japan Official Reserve Assets Jul -- -- $1249.8b --
08/02/2017 06:50 Japan Monetary Base YoY Jul -- -- 17.00% --
08/02/2017 06:50 Japan Monetary Base End of period Jul -- -- 468.0t --
08/02/2017 12:00 Japan Consumer Confidence Index Jul 43.5 -- 43.3 --
08/02/2017 16:00 Eurozone PPI MoM Jun -0.10% -- -0.40% --
08/02/2017 16:00 Eurozone PPI YoY Jun 2.40% -- 3.30% --
08/02/2017 18:00 United States MBA Mortgage Applications 28-Jul-17 -- -- 0.40% --
08/02/2017 19:15 United States ADP Employment Change Jul 190k -- 158k --
08/03/2017 06:50 Japan Japan Buying Foreign Bonds 28-Jul-17 -- -- 1178.6b --
08/03/2017 06:50 Japan Japan Buying Foreign Stocks 28-Jul-17 -- -- 205.8b --
08/03/2017 06:50 Japan Foreign Buying Japan Bonds 28-Jul-17 -- -- -157.7b --
08/03/2017 06:50 Japan Foreign Buying Japan Stocks 28-Jul-17 -- -- 292.4b --
08/03/2017 07:30 Japan Nikkei Japan PMI Services Jul -- -- 53.3 --
08/03/2017 07:30 Japan Nikkei Japan PMI Composite Jul -- -- 52.9 --
08/03/2017 08:45 China Caixin China PMI Composite Jul -- -- 51.1 --
08/03/2017 08:45 China Caixin China PMI Services Jul -- -- 51.6 --
08/03/2017 15:00 Eurozone ECB Publishes Economic Bulletin 0 0 0 0
08/03/2017 15:00 Eurozone Markit Eurozone Services PMI Jul F 55.4 -- 55.4 --
08/03/2017 15:00 Eurozone Markit Eurozone Composite PMI Jul F 55.8 -- 55.8 --
08/03/2017 16:00 Eurozone Retail Sales MoM Jun 0.00% -- 0.40% --
Source : Bloomberg
Daily Stats
Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
08/03/2017 16:00 Eurozone Retail Sales YoY Jun 2.50% -- 2.60% --
08/03/2017 18:30 United States Challenger Job Cuts YoY Jul -- -- -19.30% --
08/03/2017 19:30 United States Initial Jobless Claims 29-Jul-17 242k -- 244k --
08/03/2017 19:30 United States Continuing Claims 22-Jul-17 1958k -- 1964k --
08/03/2017 20:45 United States Bloomberg Consumer Comfort 30-Jul-17 -- -- 48.6 --
08/03/2017 20:45 United States Markit US Services PMI Jul F 54.2 -- 54.2 --
08/03/2017 20:45 United States Markit US Composite PMI Jul F -- -- 54.2 --
08/03/2017 21:00 United States ISM Non-Manf. Composite Jul 56.9 -- 57.4 --
08/03/2017 21:00 United States Factory Orders Jun 3.00% -- -0.80% --
08/03/2017 21:00 United States Factory Orders Ex Trans Jun -- -- -0.30% --
08/03/2017 21:00 United States Durable Goods Orders Jun F 0.00% -- 6.50% --
08/03/2017 21:00 United States Durables Ex Transportation Jun F -- -- 0.20% --
08/03/2017 21:00 United States Cap Goods Orders Nondef Ex Air Jun F -- -- -0.10% --
08/03/2017 21:00 United States Cap Goods Ship Nondef Ex Air Jun F -- -- 0.20% --
08/04/2017 07:00 Japan Labor Cash Earnings YoY Jun 0.50% -- 0.70% 0.60%
08/04/2017 07:00 Japan Real Cash Earnings YoY Jun 0.10% -- 0.10% 0.00%
08/04/2017 15:10 Eurozone Markit Eurozone Retail PMI Jul -- -- 53.2 --
08/04/2017 19:30 United States Change in Nonfarm Payrolls Jul 180k -- 222k --
08/04/2017 19:30 United States Two-Month Payroll Net Revision Jul -- -- 47k --
08/04/2017 19:30 United States Change in Private Payrolls Jul 180k -- 187k --
08/04/2017 19:30 United States Change in Manufact. Payrolls Jul 5k -- 1k --
08/04/2017 19:30 United States Unemployment Rate Jul 4.30% -- 4.40% --
08/04/2017 19:30 United States Average Hourly Earnings MoM Jul 0.30% -- 0.20% --
08/04/2017 19:30 United States Average Hourly Earnings YoY Jul 2.40% -- 2.50% --
08/04/2017 19:30 United States Average W eekly Hours All Employees Jul 34.5 -- 34.5 --
08/04/2017 19:30 United States Labor Force Participation Rate Jul -- -- 62.80% --
08/04/2017 19:30 United States Underemployment Rate Jul -- -- 8.60% --
08/04/2017 19:30 United States Trade Balance Jun -$44.5b -- -$46.5b --
08/07/2017 12:00 Japan Leading Index CI Jun P -- -- 104.6 --
08/07/2017 12:00 Japan Coincident Index Jun P -- -- 115.8 --
08/07/2017 15:30 Eurozone Sentix Investor Confidence Aug -- -- 28.3 --
08/07/2017 21:00 United States Labor Market Conditions Index Change Jul -- -- 1.5 --
08/07/2017 China Foreign Reserves Jul $3069.0b -- $3056.8b --
08/07/2017 China BoP Current Account Balance 2Q P -- -- $18.4b --
08/07/2017 08/12 United States Mortgage Delinquencies 2Q -- -- 4.71% --
08/07/2017 08/12 United States MBA Mortgage Foreclosures 2Q -- -- 1.39% --
08/08/2017 02:00 United States Consumer Credit Jun $16.000b -- $18.410b --
08/08/2017 06:50 Japan BoP Current Account Balance Jun -- -- 1653.9b --
08/08/2017 06:50 Japan BoP Current Account Adjusted Jun -- -- 1400.9b --
08/08/2017 06:50 Japan Trade Balance BoP Basis Jun -- -- -115.1b --
08/08/2017 06:50 Japan Bank Lending Incl Trusts YoY Jul -- -- 3.30% --
08/08/2017 06:50 Japan Bank Lending Ex-Trusts YoY Jul -- -- 3.30% --
08/08/2017 11:30 Japan Bankruptcies YoY Jul -- -- -7.47% --
08/08/2017 17:00 United States NFIB Small Business Optimism Jul -- -- 103.6 --
08/08/2017 21:00 United States JOLTS Job Openings Jun -- -- 5666 --
08/08/2017 China Imports YoY Jul 18.00% -- 17.20% --
08/08/2017 China Trade Balance Jul $44.85b -- $42.80b $42.75b
08/08/2017 Japan Eco Watchers Survey Current SA Jul -- -- 50 --
08/08/2017 Japan Eco Watchers Survey Outlook SA Jul -- -- 50.5 --
08/08/2017 China Exports YoY CNY Jul -- -- 17.30% --
Source : Bloomberg
Daily Stats
Company's Calendar
As of 31 July 2017
Mon Tue Wed Thu Fri Sat
31-Jul-17 1-Aug-17 2-Aug-17 3-Aug-17 4-Aug-17 5-Aug-17
0 0
BTS-XD@0.175 PTL-XD@0.36 TIW-XD@1
SUPER-XW@5(O):1(N) KYE-XD@30.36
EPG-XD@0.15 WHART-XD@0.1705
WHABT-XD@0.146
SCC-XD@8.5 PTTEP-XD@1.5
ADVANC-XD@3.51
AMARIN-XR1(O):2(N)@4.25
Remark
XD - Cash Dividend XR - Rights for Common
XD(ST) - Stock Dividend XW - Rights for Warrant
Daily Stats
Company's Calendar
A s of 31 July 2017
Mon Tue Wed Thu Fri Sat
31-Jul-17 1-A ug-17 2-A ug-17 3-A ug-17 4-A ug-17 5-A ug-17
Delisted share: BA27C1707A Delisted share: M42C1707A Delisted share: MAX-W2 Delisted share: CHG08C1707A Delisted share: TRUE06C1707A
Delisted share: BBL27C1707A Delisted share: SCCC42C1707A Delisted share: LPN08C1707A Delisted share: AAV23C1707A
Delisted share: BCH27C1707A Delisted share: STPI42C1707A Delisted share: PLAN08C1707A Delisted share: BANP23C1707A
Delisted share: KBAN27C1707A Delisted share: TICO42C1707A Delisted share: STPI08C1707A Delisted share: BBL23P1707A
Delisted share: KBAN27P1707A Delisted share: UV42C1707A Delisted share: SPRC08C1707A Delisted share: BEM23C1707A
Delisted share: PTTE27P1707A Delisted share: PTTG42C1707A Delisted share: SUPE08C1707A Delisted share: BJCH23C1707A
Delisted share: SCB27C1707A Delisted share: PTTG42P1707A Delisted share: TISC08C1707A Delisted share: BTS23C1707A
Delisted share: THAI27C1707A Delisted share: ROBI42C1707A Delisted share: TKN08C1707A Delisted share: CBG23C1707A
Delisted share: ROBI42P1707A Delisted share: VIBH08C1707A Delisted share: INTU23P1707A
Delisted share: SAMA42C1707A Delisted share: S5028C1707A Delisted share: KBAN23P1707A
Delisted share: SAMA42P1707A Delisted share: S5028P1707A Delisted share: PTT23P1707A
Delisted share: SAWA42C1707A Delisted share: STPI23C1707A
Delisted share: SAWA42P1707A Delisted share: UNIQ23C1707A
Delisted share: SCB42C1707A Delisted share: AOT23C1707A
Delisted share: SCB42P1707A Delisted share: AOT23P1707A
Delisted share: SPAL42C1707A Delisted share: BLA23C1707A
Delisted share: SPAL42P1707A Delisted share: CENT23C1707A
Delisted share: TASC42C1707A Delisted share: KTC23C1707A
Delisted share: THAI42C1707A Delisted share: LH23C1707A
Delisted share: THCO42C1707A Delisted share: PTTE23P1707A
Delisted share: THCO42P1707A Delisted share: SAWA23C1707A
Delisted share: TPIP42C1707A Delisted share: TCAP23C1707A
Delisted share: TPIP42P1707A Delisted share: TRUE23P1707A
Delisted share: TRUE42C1707A Delisted share: ITD24C1707A
Delisted share: TRUE42P1707A Delisted share: PTTG24C1707A
Delisted share: TTW42C1707A Delisted share: AOT24C1707A
Delisted share: TU42C1707A Delisted share: WORK11C1707A
Delisted share: TU42P1707A Delisted share: PSH01C1707A
Delisted share: VNG42C1707A Delisted share: PSH01P1707A
Delisted share: SPRC01C1707A
Delisted share: SPRC01P1707A
Delisted share: TKN01C1707A
Delisted share: BA11C1707A
Delisted share: BDMS11C1707A
Delisted share: BEAU11C1707A
Delisted share: BH11C1707A
Delisted share: BLAN11C1707A
Delisted share: CBG11C1707A
Delisted share: DELT11C1707A
Delisted share: IRPC11C1707A
Delisted share: KTC11C1707A
Delisted share: MAJO11C1707A
Delisted share: MINT11C1707A
Delisted share: MINT11P1707A
Delisted share: PTTG11C1707A
Delisted share: QH11C1707A
Delisted share: SIRI11C1707A
Delisted share: SPRC11C1707A
Delisted share: STPI11C1707A
Delisted share: THCO11C1707A
Delisted share: TKN11C1707A
Delisted share: TU11C1707A
Delisted share: BBL24C1707A
Delisted share: GUNK24C1707A
Delisted share: CBG24C1707A
Delisted share: GLOB24C1707A
Delisted share: ADVA01C1707A
Delisted share: ADVA01P1707A
Delisted share: AOT01C1707A
Delisted share: AOT01P1707A
Delisted share: DTAC01C1707A
Delisted share: DTAC01P1707A
Delisted share: GPSC01C1707A
Delisted share: GPSC01P1707A
Delisted share: INTU01C1707A
Delisted share: INTU01P1707A
Delisted share: PTTE01C1707A
Delisted share: PTTE01P1707A
Delisted share: TRUE01C1707A
Delisted share: TRUE01P1707A
Delisted share: BA01C1707A
Delisted share: BA01P1707A
Delisted share: BCP01C1707A
Delisted share: BCP01P1707A
Delisted share: CENT01C1707A
Delisted share: CENT01P1707A
Delisted share: CPF01C1707A
7-A ug-17 8-A ug-17 9-A ug-17 10-A ug-17 11-A ug-17 12-A ug-17
14-A ug-17 15-A ug-17 16-A ug-17 17-A ug-17 18-A ug-17 19-A ug-17
21-A ug-17 22-A ug-17 23-A ug-17 24-A ug-17 25-A ug-17 26-A ug-17
Daily Stats
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject security(ies) and subject company(ies); and
no part of the compensation of the research analyst(s) was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in
the report.
Investment Ratings
Outperform : Expected total return of 10% or more within a 12-month period
Neutral : Expected total return between -10% and 10% within a 12-month period
Underperform : Expected total return of -10% or worse within a 12-month period
General Disclaimer
This document is prepared by Kasikorn Securities Public Company Limited (KS). This document has been prepared for individual clients of KS only and must
not, either in whole or in part, be copied, photocopied or duplicated in any form or by any means or distributed to any other person. If you are not the intended
recipient you must not use or disclose the information in this research in any way. If you received it in error, please immediately notify KS by return e-mail and
delete the document. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other
person.
This document, including information, data, statements, forecasts, analysis and projections contained herein, including any expression of opinion, is based on
public available information or information obtained from sources believed to be reliable, but KS does not make any representation or warranty on, assumes no
responsibilities for nor guarantees the accuracy, completeness, correctness or timeliness of such information. KS accepts no obligation to correct or update the
information or opinions in it. The statements or expressions of opinion herein were arrived at after due and careful consideration and they were based upon
such information or sources then, and in our opinion are fair and reasonable in the circumstances prevailing at the time. The information or expressions of
opinion contained herein are subject to change without notice.
Nothing in this document shall be construed as an offer or a solicitation of an offer to buy or sell any securities or products, or to engage in or refrain from
engaging in any transaction. In preparing this document, KS did not take into account your specific investment objectives, financial situation or particular needs.
This document is for your information only and is not to be taken in substitution for the exercise of your judgment. KS salespeople, traders and other
professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions which are contrary to the opinions
expressed in this document. Before making an investment decision on the basis of this document, you should obtain independent financial, legal or other advice
and consider the appropriateness of investment in light of your particular investment needs, objectives and financial circumstances. There are risks involved in
the investment in securities. KS accepts no liability whatsoever for any direct, indirect, consequential or other loss (including claim for loss of profit) arising from
any use of or reliance upon this document and/or further communication given in relation to this document.
Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments herein constitute a judgment as of the date of this document, and there
can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, projections, ratings or risk
assessments. Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described in this document were based upon a number of
estimates and assumptions and are inherently subject to significant uncertainties or contingencies. It can be expected that one or more of the estimates on
which the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments were based will not materialize or will vary significantly from actual
results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described herein is not to be relied
upon as a representation and/or warranty by KS (i) that such valuations, opinions, estimates, forecasts, projections, ratings or risk assessments or their
underlying assumptions will be achieved, or (ii) that there is an assurance that future results or events will be consistent with any such valuations, opinions,
estimates, forecasts, projections, ratings or risk assessments stated therein.
KS along with its affiliates and/or persons associated with it may from time to time have interests in the securities mentioned in this document. KS and its
associates, their directors and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to
perform broking, investment banking, advisory and other securities services for companies mentioned in this document.
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-
iod.com/en/publications-detail.asp?id=170 . 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 data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after
that date. KS does not confirm nor certify the accuracy of such survey result.
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, BA, BANPU, BBL, BCH, BCP, BDMS, BEAUTY, BEM, BH, BLA, BLAND, BTS, CBG, CENTEL, CHG, CK, CKP,
CPALL, CPF, CPN, DELTA, DTAC, EA, EPG, GL, GLOW, GPSC, GUNKUL, HMPRO, INTUCH, ICHI, IRPC, ITD, IVL, KCE, KTB, KTC, LH, LPN, MAJOR, MINT, MTLS,
PLANB, PSH, PTG, PTT, PTTEP, PTTGC, QH, ROBINS, SAWAD, SCB, SCC, SIRI, SPALI, SPRC, STEC, STPI, TASCO, TCAP, THAI, THCOM, TKN, TMB, TOP, TPIPL, TRUE,
TTA, TU, TVO, UNIQ, VGI, WHA and WORK