Beruflich Dokumente
Kultur Dokumente
Sawasdee SET
Market strategy: Hold on to medium to long-term portfolio. We prefer: SET index movement
1,900 (pts) PE Band
1) 4Q18 investment strategy top picks – AMATA, ROJNA, WHA, BBL, KTB and 19.0x
1,800 18.2x
TMB; 2) October portfolio top picks: BDMS and CPALL; 3) commodity plays: oil 17.4x
1,700
sector – PTT and PTTEP – and shipping sector – PSL and PRM (we also like 1,600
16.6x
15.8x
refinery - IRPC and SPRC – and zinc producer – PDI); 3) technical stocks: EPCO 1,500
15.0x
1,300
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Agreement on NAFTA spurred fund shift to US stocks. The SET underwent a
sell-off yesterday, as did US stock market, but in differing directions: S&P500
flat, NASDAQ -0.5%, Russeell2000 -1.0% and DJIA +0.5% (supported by Boeing and Technical supports and resistances*
Caterpillar). VIX closed up 0.4% and MSCI Thailand ETF closed down 0.7%, 1765 R2
following the SET. 1760 R1
Domestic factors remain strong, limiting the downside risk from fund 1748 SET
outflow. These include: 1) upcoming general election; 2) strong economy after 1740 S1
BoT governor said he expected 2018 GDP growth at 4.4%, the highest in 10
years, supporting corporate earnings; 3) rising bond yield, which will bring in 1735 S2
more funds. We see this retracement as an opportunity to accumulate. SET index series
Investors regain appetite for Electronic sector. Expected strength in 3Q18F Index 2-Oct Chg Chg Value
(pts) (pts) (%) (Btmn)
and 4Q18F has drawn investors back to the Electronics sector. SCBS estimates SET 1,748.09 (12.38) (0.70) 63,300
high YoY earnings growth for SVI and KCE. The slowing THB appreciation helped SET50 1,150.93 (10.31) (0.89) 39,488
SET100 2,561.90 (21.44) (0.83) 51,429
speculation in these names. sSET 932.55 (6.01) (0.64) 2,362
SETHD 1,318.36 (8.39) (0.63) 16,131
4Q18 investment strategy and October top picks: Banking on SETCLMV 1,125.46 (8.38) (0.74) 14,618
investment. We select two major sectors that will benefit from Thailand SETTHSI 1,102.12 (9.65) (0.87) 28,179
mai 455.39 0.03 0.01 1,873
investment cycle – Industrial estates (AMATA, ROJNA and WHA) and Bank
(BBL, KTB and TMB). For October top picks, we also added BDMS, CPALL and Trading summary by investor type
(Btmn) 2-Oct WTD MTD YTD
PTT in laggard names. Foreign
Commodity plays: refinery – IRPC and SPRC are our preference, while PDI will Buy 21,587 38,158 38,158 4,024,559
Sell 24,861 40,957 40,957 4,236,232
benefit from zinc price rebound. We also retain our preference for PTT and Net (3,274) (2,799) (2,799) (211,673)
PTTEP on strong oil price performance. PSL (cut loss 13.4) is our preferred Institution
Buy 5,922 12,919 12,919 1,256,073
shipper (sell PRM). Sell 8,666 15,795 15,795 1,118,317
Net (2,743) (2,876) (2,876) 137,756
Technical picks: EPCO (S 3.74 R 4.00 C 3.58), KCE (S 42.75 R 45.00 C41.50). PropTrade
Buy 8,750 15,990 15,990 1,402,147
Today’s reports Sell 9,018 15,146 15,146 1,406,208
Net (268) 844 844 (4,062)
Residential property – Non-stop momentum Individual
Buy 27,965 50,597 50,597 4,491,296
SCC – Moderate earnings in 3Q18F Sell 21,679 45,766 45,766 4,413,317
Net 6,285 4,831 4,831 77,979
What to watch S50 futures trading by foreign investors
Date Event
(Contract) 2-Oct WTD MTD YTD
1 Oct Economic release: US – Final manufacturing PMI, ISM manufacturing PMI Buy 33,717 47,158 47,158 6,653,148
EU- Final manufacturing PMI; TH – CPI y/y Sell 39,749 56,038 56,038 6,669,872
2 Oct Economic release: EU – PPI m/m; JP – Tankan manufacturing and non-manufacturing index, Net (6,032) (8,880) (8,880) (16,724)
Final Manufacturing PMI
3 Oct Economic release: US – ISM non-manufacturing PMI, Crude oil Inventories Bond trading by foreign investors
EU – Final services PMI, retail sales m/m; CN- Caixin services PMI (Btmn) 2-Oct WTD MTD YTD
4 Oct Economic release: US – ADP non-farm employment change, Initial jobless claims Foreign
Event: Buy 7,177 14,709 14,709 1,123,535
5 Oct Economic release: US – Trade balance, Average hourly earnings m/m, Non-farm Sell 1,988 7,390 7,390 890,419
Net 5,188 7,319 7,319 233,116
employment change, Unemployment rate
* SCBS Investment Research estimates
Thai and US 10-year government bond yield Thai and US 10-year government bond spread
3.3 0.3 (pts) +2SD = 0.22
(%)
UST 10Y
3.1 0.2
2.9 0.1 +1SD = 0.05
2.7 0.0
2.5 TH GB10Y Avg = -0.12
(0.1)
2.3
(0.2)
-1SD = -0.29
2.1
(0.3)
1.9
(0.4) -2SD = -0.46
1.7
1.5 (0.5)
Jun-18
Nov-17
Jan-18
May-18
Aug-18
Sep-18
Oct-17
Dec-17
Mar-18
Apr-18
Jul-18
Oct-18
Feb-18
Jun-18
Nov-17
Jan-18
May-18
Aug-18
Sep-18
Oct-17
Dec-17
Mar-18
Apr-18
Jul-18
Oct-18
Feb-18
Jan-18
May-18
Jul-18
Aug-18
Sep-18
Oct-18
Dec-17
Mar-18
Apr-18
Feb-18
1,150 40
1,100 30
Jun-18
Aug-18
Nov-17
Jan-18
May-18
Jul-18
Sep-18
Oct-17
Dec-17
Mar-18
Apr-18
Oct-18
Feb-18
Jun-18
Aug-18
Nov-17
May-18
Sep-18
Oct-17
Jan-18
Mar-18
Apr-18
Jul-18
Oct-18
Dec-17
Feb-18
Energy Prices
Crude Oil - Dubai (US$/bbl) 82.37 3.9 81.67 10.6 38.0 53.07 28.5 70.00 31.9 Daily
Brent Crude (US$/bbl) 84.73 4.3 84.92 12.7 38.2 54.35 23.2 72.43 33.3 Daily
West Texas Int. Cushing (US$/bbl) 75.23 3.7 75.27 8.0 22.5 50.87 17.5 66.93 31.6 Daily
Crude Oil - Asia-Pacific Tapis Oil Spot (US$/bbl) 86.47 4.1 85.68 11.2 39.5 55.56 22.1 74.08 33.3 Daily
Natural Gas Henry Hub (US$/mmBTU) 3.16 3.8 3.14 8.7 5.9 2.95 1.8 2.89 (1.9) Daily
Coal Price NEX (US$/MT) 114.80 0.3 114.80 (3.1) 16.2 89.49 36.1 109.10 21.9 Friday
Oil Product Prices and Gross Refinery Margin
Gas Oil 500 ppm Sulfer Singapore (U$/bbl) 99.90 6.1 98.63 10.6 37.9 65.25 25.2 85.08 30.4 Daily
Gasoline, 92 RON Spot (US$/bbl) 91.15 5.0 91.15 2.2 31.3 63.78 24.8 78.90 23.7 Daily
Fuel Oil 180 Singapore Spot (US$/bbl) 74.98 9.0 74.82 (16.1) 39.4 48.79 38.8 62.79 28.7 Daily
Jet Kerosene - Spot Price (US$/bbl) 95.25 6.8 94.67 9.9 33.5 64.46 22.0 82.95 28.7 Daily
GRM-Reuters SINREF (US$/bbl) 6.01 5.3 6.10 (0.3) (15.7) 7.09 14.9 6.39 (9.8) Daily
Olefins Product Prices and Spread
Ethylene, FOB Japan Spot (US$/MT) 1,210 (2.8) 1,210 (14.9) (3.9) 1,142 7.3 1,301 13.9 Tuesday
Ethylene Spread (US$/MT) 541 (11.1) 548 55.0 (26.8) 701 (1.5) 735 4.9 Daily
Propylene (Olefins), FOB Japan Spot (US$/MT) 1,130 0.4 1,130 5.9 24.0 870 22.3 1,043 20.0 Tuesday
Propylene Spread (US$/MT) 461 (5.7) 468 (0.2) 16.5 428 19.6 477 11.5 Daily
Naphtha - Singapore Spot FOB (US$/MT) 669 5.2 662 10.6 29.9 442 25.0 566 28.1 Daily
Polyolefins Prices and Spread
Polye HDPE SE Asia (US$/MT) 1,275 0.0 1,275 (2.8) 1.5 1,178 3.0 1,340 13.7 Tuesday
HDPE-Naphtha Spread (US$/MT) 606 (5.1) 613 (14.0) (17.9) 736 (6.8) 774 5.1 Daily
Polye LDPE-Film, CFR SE Asia Spot (US$/MT) 1,150 0.0 1,150 (1.1) (8.8) 1,257 5.5 1,209 (3.8) Tuesday
LDPE-Naphtha Spread (US$/MT) 481 (6.4) 488 (13.4) (35.0) 815 (2.7) 643 (21.0) Daily
PP Film, Spot South East Asia (US$/MT) 1,270 0.0 1,270 0.2 8.2 1,120 11.7 1,274 13.7 Tuesday
PP Spread (US$/MT) 601 (5.2) 608 (9.0) (8.5) 679 4.5 708 4.3 Daily
MEG Prices and Spread
MEG, CFR South East Asia (US$/MT) 900 2.3 900 (4.9) (0.9) 853 (78.1) 970 13.7 Tuesday
MEG Spread (US$/MT) 150 38.6 150 21.0 17.2 145 n.m. 163 n.m. Tuesday
Aromatics Product Prices and Spread
Paraxylene, FOB USG Spot (US$/MT) 1,250 4.6 1,250 11.9 52.1 800 9.2 993 24.3 Tuesday
Paraxylene Spread (US$/MT) 554 5.6 560 13.9 75.9 347 (8.1) 400 15.4 Tuesday
Paraxylene - 92 RON Spread (US$/MT) 472 3.9 473 13.5 105.9 255 (13.8) 321 25.4 Daily
Toluene, FOB Korea Spot (US$/MT) 815 0.6 815 3.9 20.3 652 10.9 752 15.3 Tuesday
Benzene, CFR Japan Spot (US$/MT) 870 2.4 870 0.8 4.0 822 28.2 868 5.6 Tuesday
Benzene Spread (US$/MT) 201 (6.0) 208 (21.3) (36.3) 380 32.1 302 (20.7) Daily
Benzene - 92 RON Spread (US$/MT) 92 (15.8) 93 (43.2) (62.1) 278 35.2 195 (30.0) Daily
Condensate (US$/MT) 696 3.9 690 10.4 37.1 453 27.5 593 31.0 Daily
PTA Prices and Spread
PTA, CFR South East Asia (US$/MT) 1,040 1.0 1,040 9.3 49.3 667 8.9 850 27.3 Tuesday
PTA Spread (US$/MT) 203 (11.7) 203 (0.4) 38.5 132 7.8 184 39.9 Tuesday
PVC Prices and Spread
PVC, CFR South East Asia (US$/MT) 870 0.0 870 (7.6) (1.5) 896 8.2 940 4.8 Tuesday
Ethylene Spread (US$/MT) 329 26.0 322 51.5 140.2 196 66.9 205 4.7 Tuesday
Ethylene Dichloride CFR Far East Asia (US$/MT) 370 0.0 370 9.0 103.7 254 (1.7) 280 10.3 Tuesday
Metal
Gold (US$/Troy Ounce) 1,203 0.2 1,196 (1.3) (6.3) 1,258 0.8 1,282 1.9 Daily
LME Copper 3 Month Rolling Forward (US$/MT) 6,254 (0.4) 6,246 1.9 (9.0) 6,202 27.2 6,671 7.6 Daily
Silver Future (US$/Troy Ounce) 15 1.6 15 (3.1) (14.5) 18 (1.8) 16 (7.2) Daily
China Composite Steel Prices (CNY/MT) 4,655 (1.0) 4,655 1.8 3.4 4,052 45.1 4,406 8.7 Daily
Agriculture Prices
Malaysian Crude Palm Oil Spot Price(MYR/MT) 2,089 (1.2) 2,089 (4.5) (19.8) 2,791 5.2 2,340 (16.2) Daily
SGX Ribbed Smoked Sheet 3 (RSS3) Futures (US$/KG 143 1.3 143 (1.7) (10.3) 200 21.5 160 (19.8) Daily
Sugar #11 (US$/LB) 12 8.8 12 2.1 (22.9) 16 (5.2) 13 (19.6) Daily
NBSK Pulp (Canada) CIF Korea (US$/MT) 1,205 0.0 1,205 0.0 26.6 880 9.7 1,140 29.5 Daily
Freight Rate
Baltic Freight Index: BDIY 1,570 8.3 1,563 (2.9) 4.3 1,149 70.0 1,349 17.4 Daily
Baltic Supramax Index: BSI58 1,189 (0.1) 1,191 10.7 22.5 867 n.a. 1,027 18.5 Daily
40
50
60
70
80
90
100
110
120
130
380
390
400
410
420
430
440
450
460
600
700
800
900
1,000
1,100
1,200
1,300
1,400
500
700
900
1,100
1,300
1,500
1,700
Oct-17 Oct-17 Oct-17
Oct-17 Oct-17
Oct-17 Oct-17 Oct-17
(pts)
Oct-17
Olefins prices
Nov-17 Nov-17 Nov-17
(US$/MT)
Nov-17
(US$/MT)
(US$/MT)
Aromatics prices
Dec-17 Dec-17 Dec-17
Dec-17 Dec-17
Jan-18 Jan-18 Jan-18
Feb-18 Feb-18
Mar-18 Mar-18 Mar-18
Mar-18 Mar-18
Apr-18 Apr-18 Apr-18 Apr-18
Apr-18
May-18 May-18 May-18 May-18
May-18
Benzene
Paraxylene
Jun-18 Jun-18 Jun-18 Jun-18 Jun-18
CRB US Spot All Commodities Price Index
Ethylene
Propylene
Sep-18 Sep-18 Sep-18 Sep-18 Sep-18
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
200
300
400
500
600
700
800
30
40
50
60
70
80
90
100
110
0
200
400
600
800
1,000
1,200
Oct-17 Oct-17 Oct-17
Oct-17
Oct-17
Oct-17 Oct-17 Oct-17
Oct-17
Crude prices
Oct-17
Nov-17 Nov-17
(US$/bbl)
Nov-17 Nov-17
(US$/MT)
(US$/bbl)
Olefins spreads
Nov-17
(US$/MT)
Dec-17 Dec-17
Oil product prices
Dec-17 Dec-17
Aromatics spreads
(US$/mmBTU)
Dec-17
Jan-18 Jan-18 Jan-18
Jan-18 Jan-18
Gasoline
Ethylene Spread
Mar-18
Natural gas prices (Henry hub)
Apr-18
Dubai
Benzene Spread
Jun-18
Paraxylene Spread
Jun-18 Jun-18 Jun-18 Jun-18
West Texas Int
Propylene Spread
Oct-18 Oct-18 Oct-18 Oct-18
Page 4
800
1,800
2,800
3,800
4,800
5,800
1,050
1,100
1,150
1,200
1,250
1,300
1,350
1,400
800
850
900
950
1,000
800
1,000
1,200
1,400
1,600
2,000
2,200
2,400
2,600
2,800
3,000
PVC price
Oct-17 Oct-17 Oct-17 Oct-17 Oct-17
Gold price
(pts)
Nov-17 Nov-17 Nov-17
(US$/MT)
Nov-17
(MYR/MT)
Dec-17 Dec-17 Dec-17 Dec-17 Dec-17
Jan-18 Jan-18 Jan-18 Jan-18 Jan-18
(US$/Troy ounce)
Sawasdee SET
0
50
100
150
200
250
200
250
300
350
400
450
0
500
1,000
1,500
2,000
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
500
700
900
1,100
Oct-17 Oct-17
Oct-17 Oct-17 Oct-17
Oct-17
PVC spread
Oct-17
Oct-17 Oct-17 Oct-17
(pts)
Nov-17 Nov-17
(US$/kg)
(US$/MT)
(US$/MT)
Dec-17 LME copper price Dec-17
Dec-17
Mar-18 Mar-18
Apr-18 Apr-18 Apr-18 Apr-18 Apr-18
PP Spread
Page 5
Sawasdee SET
Market update
Global market movement
Performance (%) PE (x) EPS gth (%) PBV (x) ROE (%)
2-Oct Index Chg (pts) 1D WTD MTD YTD 18F 19F 18F 19F 18F 19F 18F 19F
S&P 500 2,923 (1.16) (0.0) 0.3 0.3 9.3 17.9 16.3 32.5 10.2 3.4 3.1 18.8 19.3
Euro Stoxx 600 382 (2.00) (0.5) (0.3) (0.3) (1.9) 14.6 13.4 19.0 9.6 1.8 1.7 10.4 10.7
Japan 24,271 24.86 0.1 0.6 0.6 6.6 17.1 15.2 4.3 12.2 1.8 1.7 10.5 10.5
Hang Seng 27,126 (662.14) (2.4) (2.4) (2.4) (9.3) 11.1 10.0 0.9 11.0 1.2 1.1 12.9 12.9
MSCI Asia x J 643 (11.90) (1.8) (1.9) (1.9) (9.9) 12.4 11.2 5.5 10.9 1.5 1.4 13.1 13.0
Philippines 7,132 (89.72) (1.2) (2.0) (2.0) (16.7) 16.6 14.7 11.1 12.8 1.9 1.7 11.4 11.3
Indonesia 5,876 (68.98) (1.2) (1.7) (1.7) (7.6) 15.4 13.5 35.1 14.4 2.3 2.1 17.0 17.4
Malaysia 1,798 5.69 0.3 0.3 0.3 0.1 17.3 16.2 (0.6) 6.9 1.8 1.7 10.7 10.8
Thailand 1,748 (12.38) (0.7) (0.5) (0.5) (0.3) 16.2 14.7 8.4 9.9 2.0 1.9 13.2 12.4
Asean 4 - simple avg. (0.7) (1.0) (1.0) (6.1) 16.4 14.8 13.5 11.0 2.0 1.8 13.1 13.0
China 2,821 0.00 0.0 0.0 0.0 (14.7) 11.5 10.1 21.2 13.4 1.3 1.2 12.2 12.1
India 36,526 0.00 0.0 0.8 0.8 7.3 19.6 16.3 27.3 20.3 2.8 2.5 14.4 16.0
Singapore 3,243 (12.81) (0.4) (0.4) (0.4) (4.7) 13.2 12.2 (19.6) 8.0 1.1 1.1 9.6 9.8
Taiwan 10,920 (132.17) (1.2) (0.8) (0.8) 2.6 14.1 13.4 10.2 4.5 1.8 1.7 13.8 13.8
Korea 2,310 (29.31) (1.3) (1.4) (1.4) (6.4) 9.3 8.7 29.3 6.9 1.0 0.9 19.5 16.6
Others (0.6) (0.4) (0.4) (3.2) 13.5 12.1 13.7 10.6 1.6 1.5 13.9 13.7
Regional Thailand (1.20) (1.00) (0.80) (0.60) (0.40) (0.20) 0.00 0.20
* Regional sector price performances (%) are based on US$ and Thai sector price performances (%) are based on baht
97 82
2-Oct-18 (3,274) (6,032) (1,387) 5,188
Weekly
(597) (717) WTD (2,799) (8,880) (2,050) 7,319
(1,737) 28-Sep-18 (161) (13,801) (3,185) 4,686
(3,274) 21-Sep-18 2,903 (17,424) (4,040) 22,832
4,225 14-Sep-18 (2,910) 8,639 1,993 12,863
1,228 795 7-Sep-18 (7,589) (15,045) (3,347) 5,144
Monthly
Futures
2-Oct
19-Sep
20-Sep
21-Sep
24-Sep
25-Sep
26-Sep
27-Sep
28-Sep
Foreign net flow and SET movement SET50 and its foreign ownership (excluding NVDR)
50,000 (Foreign Accumulate - Btmn) (SET Index) 1,900 1,250 (pts) (%) 27.5
Jul-18
Jan-17
Feb-17
Apr-17
May-17
Oct-17
Jan-18
Feb-18
Apr-18
May-18
Oct-18
Jun-17
Aug-17
Jun-18
Nov-17
Aug-18
Sep-17
Sep-18
Mar-17
Dec-17
Mar-18
Jul-18
Oct-17
Jan-18
Feb-18
Oct-18
Nov-17
Apr-18
May-18
Aug-18
Jun-18
Sep-18
Dec-17
Mar-18
2. 12-month cumulative net buy/sell for SCBS-covered stocks with activity as of last close
CHG
1,000 3.00
('000 shares) (Bt/share)
0
2.80
(1,000)
2.60
(2,000)
(3,000) 2.40
(4,000)
2.20
(5,000) Cumulative Net Buy/Sell
2.00
(6,000) Avg. Price
(7,000) 1.80
Jul-18
Jan-18
Oct-17
Feb-18
Apr-18
May-18
Jun-18
Aug-18
Nov-17
Sep-18
Mar-18
Dec-17
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.
SCB Securities Company Limited (“SCBS”) acts as market maker and issuer of Derivative Warrants on the ordinary shares AAV, ADVANC, AMATA, ANAN, AP, BANPU,
BBL, BCH, BCPG, BDMS, BEAUTY, BEC, BEM, BJC, BPP, BTS, CBG, CENTEL, CHG, CKP, COM7, CPALL, CPF, CPN, EA, EGCO, ESSO, GGC, GLOBAL, HANA, HMPRO,
IRPC, IVL, KBANK, KCE, KTB, KTC, LH, MC, MEGA, MINT, MONO, ORI, PSH, PSL, PTT, PTTEP, PTTGC, SCC, SIRI, SPALI, SPRC, STA, SUPER, TASCO, THAI, TKN,
TMB, TOP, TPIPP, TRUE, TTA, TU, UNIQ, UV, VGI, WHA.
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.
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.
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 Global Power Synergy 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.
Futures and Options trading carry a high level of risk with the potential for substantial losses, and are not suitable for all persons. Before deciding to trade Futures
and Options, you should carefully consider your financial position, investment objectives, level of experience, and risk appetite if Futures and Options trading are
appropriate. The possibility exists that you could sustain a loss of some or all of your initial investment. You should be aware of all the risks associated with Futures
and Options trading, and you are advised to rely on your own judgment while making investment decision and/or should seek advice from professional investment
advisor if you have any doubts.
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.
ADVANC, AKP, ANAN, AOT, AP, BAFS, BANPU, BAY, BCP, BIGC, BTS, BWG, CFRESH, CHO, CK, CNT, CPF, CPN, CSL, DELTA, DEMCO, DRT, DTAC, DTC, EASTW,
EGCO, GC, GCAP, GFPT, GOLD, GPSC, GRAMMY, GUNKUL, HANA, HMPRO, ICC, ICHI, INTUCH, IRPC, IVL, JSP, KBANK, KCE, KKP, KTB, KTC, LHFC, LPN, MBK,
MCOT, MINT, MONO, NCH, NKI, NYT, OTO, PHOL, PLANB, PPS, PDJ, PRG, PSH, PSL, PTG, PTT*, PTTEP*, PTTGC, PYLON, Q-CON, QH, QTC, RATCH, ROBINS,
SAMART, SAMTEL, SAT, SC, SCB, SCC, SCCC, SE-ED, SIM, SIS, SITHAI, SNC, SPALI, SPRC, SSSC, STEC, SVI, SYNTEC, TCAP, THANA, THCOM, THREL, TISCO, TKT,
TMB, TNDT, TOP, TRC, TRUE, TSC, TTCL, TU, TVD, UV, VGI, WACOAL, WAVE
2S, AAV, ACAP, AGE, AH, AHC, AIRA, AIT, ALT, AMANAH, AMATA, AMATAV, APCO, ARIP, ASIA, ASIMAR, ASK, ASP, AUCT, AYUD, BBL, BCPG, BDMS, BEC, BEM,
BFIT, BJC, BJCHI, BLA, BOL, BROOK, BRR, BTW, CEN, CENTEL, CGH, CHARAN, CHEWA, CHG, CHOW, CI, CIG, CIMBT, CKP, CM, CNS, COL, COM7, CPI, CSC, CSP,
CSS, DCC, EA, EASON, ECF, ECL, EE, EPG, ERW, FN, FNS, FORTH, FPI, FSMART, FVC, GBX, GEL, GLOBAL, GLOW, HARN, JCKH, HYDRO, ILINK, INET, IRC, IT, ITD,
JWD, K, KGI, KKC, KOOL, KSL, KTIS, L&E, LALIN, LANNA, LH, LHK, LIT, LOXLEY, LRH, LST, M, MACO, MAJOR, MAKRO, MALEE, MBKET, MC, MEGA, MFC, MFEC,
MOONG, MSC, MTI, MTC, NOBLE, NOK, NSI, NTV, NWR, OCC, OGC, OISHI, ORI, PAP, PATO, PB, PCSGH, PDI, PE, PG, PJW, PLANET, PLAT, PM, PPP, PR, PREB,
PRINC, PT, RICHY, RML, RS, RWI, S, S & J, SABINA, SALEE, SAMCO, SAWAD, SCG, SCI, SCN, SEAFCO, SEAOIL, SENA, SFP, SIAM, SINGER, SIRI, SMK, SMPC, SMT,
SNP, SORKON, SPC, SPI, SPPT, SR, SSF, SST, STA, STPI, SUC, SUSCO, SUTHA, SWC, SYMC, SYNEX, TAE, TAKUNI, TASCO, TBSP, TCC, TEAM, TF, TFG, TGCI,
THAI*, THANI, THIP, THRE, TICON, TIPCO, TIW, TK, TKN, TKS, TMC, TMI, TMILL, TMT, TNITY, TNL, TOG, TPAC, TPCORP, TRT, TRU, TSE, TSR, TSTE, TSTH,
TTA, TTW, TVI, TVO, TWP, TWPC, U, UAC, UMI, UP, UPF, UPOIC, UWC, VIH, VNT, WICE, WINNER, XO, YUASA, ZMICO
AEC, AEONTS, AF, AJ, AKR, ALLA, ALUCON, AMA, AMARIN, AMC, APURE, AQUA, ARROW, AS, ASEFA, ASIAN, ASN, ATP30, AU, BA, BCH, BEAUTY, BH, BIG, BIZ,
BLAND, BPP, BR, BROCK, B, BTNC, CBG, CCET, CCP, CGD, CITY, CMR, COLOR, COMAN, CPL, CSR, CTW, CWT, DCON, DIGI, DNA, EFORL, EKH, EPCO, ESSO, ETE,
FE, 7UP, FOCUS, FSS, GENCO, GIFT, GJS, GLAND, GSTEL, GTB, GYT, HPT, HTC, HTECH, IFS, IHL, INSURE, IRCP, J, JMART, JMT, JUBILE, KASET, KBS, KCAR, KIAT,
KWC, KYE, LDC, LEE, LPH, MATCH, MATI, M-CHAI, MDX, METCO, MGT, MILL, MJD, MK, MODERN, MPG, NC, NCL, NDR, NEP, NETBAY, NPK, NPP, NUSA, OCEAN,
PDG, PF, PICO, PIMO, PK, PL, PLE, PMTA, PRECHA, PRIN, PSTC, QLT, RCI, RCL, RJH, ROJNA, RPC, S11, SANKO, SAPPE, SCP, SE, SGP, SKR, SKY, SLP, SMIT,
SOLAR, SPA, SPCG, SPG, SPVI, SQ, SRICHA, SSC, STANLY, SUPER, SVOA, T, TACC, TCCC, TCMC, JCK, TIC, TLUXE, TM, TMD, TNP, TNR, TOPP, TPA, TPBI, TPCH,
TPIPL, TPOLY, TPP, TRITN, TTI, TVT, TYCN, UOBKH, UPA, UREKA, UT, VIBHA, VPO, META, WIIK, WIN
Corporate Governance Report
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office
of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the
Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a
third party. It is not an evaluation of operation and is not base on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after
that date. SCB Securities Company Limited does not conform nor certify the accuracy of such survey result.
BIGC was voluntarily delisted from the Stock Exchange of Thailand effectively on September 28, 2017
* บริ ษทั หรื อกรรมการหรื อผูบ้ ริ หารของบริ ษทั ที่มีข่าวด้านการกํากับดูแลกิจการ เช่น การกระทําผิดเกี่ยวกับหลักทรัพย์ การทุจริ ต คอร์ รัปชัน เป็ นต้น ซึ่ งการใช้ขอ้ มูล CGR ควรตระหนักถึงข่าวดังกล่าวประกอบด้วย