Thailand. Company Update ww.maybank-ke.co.th (02) Description : ก

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1 Thailand Company Update : ( ). () CGR Scoring Rating ( ): 5.20 ( ): 8.10 ( ) ww.maybank-ke.co.th (02) ( ) Description : ก 300 MVA 230 kv กก ก Ticker : ก () 308 ( ) 1,601 (US$ m) mth Avg Daily Turnover ( ) 0.97 SET INDEX 1, Free float (%) Major Shareholders : % CIMB SECURITIES (SINGAPORE) PTE.LTD Key Indicators ROE annualised (%) 14.4 Net cash (THB m): -1,186 NTA/shr (THB): 4.7 Interest cover (x): 5.1 ก ก : ก 7% ก 3.2 กก ก 2H57 กก ก ก 2H57 ก ก ก ก ก ก ก ก ก 8.10 / PER 12.8x 3.2 : ก ก ก 1Q57 1Q % ,210 ก ก ก 2H57 70% ก 27% YoY ก ก กก กก LDS ( Tank & Steel) 3Q57 2 : LDS ก ก ก ก ( ) 480 ก 2H Q58 กก กก ก ก ก 2Q57 ก 3Q57 4Q ( ก 4.5 ) 20-25% ก : ก ก ก ก ก ก ก made-to-order ก ก ก outlook ก ก ก ก 2 ก ก ก 8.10 PER 12.8x : ก กก ก ( 46% ) ก ก Historical Chart May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 SET Performance 52-week High/Low THB 6.80/THB mth 3-mth 6-mth 1-yrs YTD Absolute (%) Relative (%) Summary Earnings Table FYE: Dec 31 (THB m) F 2015F Revenue 1,855 1,921 2,518 3,045 3,533 EBITDA Recurring Net Profit Net profit EPS (Bt) EPS growth (%) 23.7 (84.9) DPS (Bt) PER EV/EBITDA (x) Div Yield (%) P/BV(x) Net Gearing (%) ROE (%) ROA (%) Cons. Net Profit (THB m) Source: Company reports and MBKET. SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

2 Figure 1 : Fluctuation of Power transformer business Figure 2 : Hongsa Power Plant LDS Bt mn 1, (100) Revenue Norm profit GP % GPM % 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 4Q11 3Q11 2Q11 1Q11 Source: company report & MBKET Figure 3 : Power Development Plan of Thailand Source: company report Figure 4 : P-Transformer expansion Completed Source: company report & MBKET Source: company report ก 8

3 INCOME STATEMENT (THB mn) BALANCE SHEET (THB mn) FY December F 2015F FY December F 2015F Revenue 1,921 2,518 3,045 3,533 Fixed Assets EBITDA Other LT Assets Depreciation & Amortisation Cash/ST Investments Operating Profit (EBIT) Other Current Assets 1,428 1,378 2,145 2,481 Interest (Exp)/Inc (39) (46) (57) (62) Total Assets 2,528 2,576 3,709 4,045 Associates One-offs ST Debt ,454 Pre-Tax Profit Other Current Liabilities , Tax (14) (46) (53) (74) LT Debt Minority Interest Other LT Liabilities Net Profit Minority Interest Recurring Net Profit Shareholders' Equity 1,043 1,183 1,455 1,765 Total Liabilities-Capital 2,528 2,576 3,709 4,045 Revenue Growth % EBITDA Growth (%) (66.6) Share Capital (m) EBIT Growth (%) (80.6) Gross Debt/(Cash) 984 1,269 1,510 1,510 Net Profit Growth (%) (84.8) Net Debt/(Cash) ,186 1,162 Recurring Net Profit Growth (%) (89.4) Working Capital 901 1, Tax Rate % BVPS CASH FLOW (Btmn) RATES & RATIOS FY December F 2015F FY December F 2015F Profit before taxation Gross Margin % Depreciation EBITDA Margin % Net interest receipts/(payments) (39) (46) (57) (62) Op. Profit Margin % Working capital change (178) (5) (227) (251) Net Profit Margin % Cash tax paid (14) (46) (53) (74) ROE % Others (incl'd exceptional items) ROA % Cash flow from operations (58) Net Margin Ex. El % Capex (202) (45) (400) (50) Dividend Cover (x) Disposal/(purchase) Interest Cover (x) Others (7) (8) Asset Turnover (x) Cash flow from investing (171) 146 (403) (53) Asset/Debt (x) Debt raised/(repaid) 360 (107) 300 (59) Debtors Turn (days) Equity raised/(repaid) Creditors Turn (days) Dividends (paid) (70) (37) (99) (126) Inventory Turn (days) Interest payments (39) (46) (57) (62) Net Gearing % Others (3) Debt/ EBITDA (x) Cash flow from financing 248 (187) 342 (44) Debt/ Market Cap (x) Change in cash (2) 25 Source: Company reports and MBKET ก 8

4 APPENDIX I:TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก กกก ก ก กก ก ก ก ก ก ก ก ก ก กก กก Maybank Investment Bank Berhad ) ก Maybank Kim Eng ) ก Maybank Kim Eng Maybank Kim Eng,ก ก, ก / ก ) ก Representatives ) ก ก กก, ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก Maybank Kim Eng ก ก ก กก Maybank Kim Eng,ก ก ก กก ก ก กก ก ก ก Maybank Kim Eng ก ก ก ก ก ก, / ก Maybank Kim Eng กก ก ก ก ก Maybank Kim Eng ก ก ก ก Maybank Kim Eng ก Maybank Kim Eng ก กก ก 3 ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กกก ก ก ก ก Bursa Malaysia Securities Berhad ก ก ก Maybank Kim Eng Research ก ( Maybank KERPL ) ก ก ก Maybank KERPL ก กก ก ก, ก ก ( ก Section 4A ก Singapore Securities and Futures) Maybank KERPL ก ก ก กก ก กก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก ก ก ก IOD กก ก ก ก ก กก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ( ) ก ( ) ก ก ก ก 8

5 ก MKE ( US ) ก ( Rule 15a-6 ก Securities Exchange Act of 1934) Maybank Kim Eng Securities USA Inc ( Maybank KESUSA ) Broker-Dealer ( ก Section 15 Securities Exchange Act of 1934) ก Maybank KESUSA ก MKE ก ก ก ก Maybank KESUSA ก ก ก กก ก ก ก ก ก ก ก ก ก Maybank Kim Eng Securities (London) ก ( Maybank KESL ) ก ก ก The Financial Services Authority Informational Purposes ก ก ก ก ก (Retail Client) The Financial Services and Markets Act 2000 ก ก ก 3 ก ก ก ก ก กก ก ก ก ก กก กก ก ก ก ก, ก DISCLOSURES Legal Entities Disclosures : ก Maybank Investment Bank Berhad (15938-H) ก ก Bursa Malaysia Berhad Capital Market and Services ก The Securities Commission : ก Maybank KERPL ( N) ก ก ก Monetary Authority of Singapore : PT Kim Eng Securities ( PTKES ) ( KEP-251/PM/1992) ก Indonesia Stock Exchange ก ก ก BAPEPAM LK : MBKET ( ) ก The Stock Exchange of Thailand ก ก ก ก ก ก. : MATRKES ( ) ก The Philippines Stock Exchange ก ก ก The Securities and Exchange Commission : Kim Eng Vietnam Securities ก ( KEVS ) ( 71/UBCK-GP) The State Securities Commission of Vietnam ก : KESHK (Central Entity No: AAD284) ก ก The Securities and Futures Commission : Kim Eng Securities India Private ก ( KESI ) The National Stock Exchange of India Limited ( : INF/INB ) Bombay Stock Exchange ( INF/INB ) ก ก ก Securities and Exchange Board of India KESI ก SEBI 1 Merchant Broker ( INM ) : Maybank KESUSA ก ก ก ก FINRA Broker ID ก : Maybank KESL ( ) ก ก ก ก The Financial Services Authority Disclosure of Interest : MKE ก กก ก ก กก market maker ก ก กก ก ก ก, ก ก กก ก : , Maybank KERPL ก ก ก ก ก ก : MBKET ก กก ก Derivatives Warrants ก ก ก ก MBKET ก ก ก / ก ก / ก ก กก ก ก : KESHK ก กก ก ก Paragraph 16.5 (a) Hong Kong Code of Conduct for Persons Licenses ก ก ก The Securities and Futures Commission ก 8

6 , KESHK ก ก ก ก 3 MKE ก ก ก ก ก ก ก ก ก ก ก ก ก ก 12 ก ก ก ก กก ก OTHERS Analyst Certification of Independence ก ก ก ก ก ก ก ก ก ก Structure Securities ก ก ก ก ( ก Spot / ก ), Time to Maturity, / ก ก ก ก ก ก กกก ก ก,, ก ก ก ก MKE Definition of Ratings (For MayBank Kim Eng Thailand) Maybank Kim Eng Research uses the following rating system: BUY TRADING BUY/TAKE PROFIT SELL Applicability of Ratings Return is expected to be above 10% in the next 12 months (excluding dividends) Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends). Return is expected to be below -10% in the next 12 months (excluding dividends) The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax ก 8

7 ก กก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก ก ก ก IOD กก ก ก ก ก กก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ( ) ก ( ) ก ก ก ก 8

8 ก ก ก 20-21, /9 1 ก ก ก ก ก ก G 1005 ก ก ก 3 ก /39-50 ก กก 11 ก ก ก ก 5 ก ก G F ก ก ก 12 ก- ก ก 7/129 ก ก ก ก ก ก / ก ก ก ก ก กก ก , 589 ก B001 A ก ก ก ก ก ก / 3 ก 3 9 ก ก ก ก 50 1 ก ก ก ก 50 ก ก ก C ) 55 ( ก ก 110/ /1-4 ก ก All Seasons Place Retail Center /2 ก / ก ก ก 4 ก /5 E 2 ( ) ก , ,4/5 ก ก (053) (053) / (053) (053) /2 ก (044) ).044) /60 1 ก (038) (038) ก 3 - ก (054) (054) / (044) (044) G3 G (045) (045) /91 ก (034) (034) / (038) (038) ก TSK PARK / (038) (038) / (039) (039) ก 1, 1/1 ก (076) (076) / ก 4 2. ก (034) (034) ,3, (074) (074) /3 4 ก (077) (077) ก ก (037) (037) (073) (073) /11 ก (032) (032) ก 163/1-2 ก 1 ก (043) ).043) /15-16 ก (056) (056) : ก ก. ก ก ก ( ) ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก. ก ก ก ( ) ก ก ก ก 8