Thailand. Earnings Results 19 ก % YoY. (02) Description :

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1 Earnings Results Thailand 19 ก 2557 : ( ). ก ก () ก CGR Scoring Rating ( ): ( ): ( ) (02) ( 18 ก 2557) Description : ก ก PCB Epoxy Glass ก PCB ก ก ก กก ก ก ก Ticker : ก () 480 ( ) (US$ m) 12, mth Avg Daily Turnover ( ) SET INDEX Free float (%) 1, Major Shareholders : ก % HSBC (SINGAPORE) NOMINEES PTE LTD 6.60 Key Indicators ROE annualised (%) 26.0 Net cash (THB m): -4,015 NTA/shr (THB): 10.3 Interest cover (x): 8.2 Historical Chart ก ก 4Q56 ก 4%: 2,493 (-2% QoQ +33% YoY) ก 2,489 9,243 43% ก 9,290 ก 4Q % ก ก % ก 14.2% 3Q56 กก ก ก ก ก ก 4% 344 (+8% QoQ, +228% YoY) 330 ก /ก ก ก ก 33 ก 40 ก 377 (+15% QoQ, +77% YoY) ก 370 ก ก 1,052 1,759% YoY ก ก 1,174 65% YoY 1Q57 ก New high : 4Q56 ก ก ก ก ก 1Q57 ก ก ก ก กก ก QoQ YoY Association of European Carmakers (ACEA).. 5.2% YoY ก 5 PCB ก 65% : ก ,292 25% YoY กก ก 4Q ก ก ก ก % ก ก ก : 757 ก ก ก ก PCB ก 1 ก ก 30% ก 70% Feb-13 Apr-13 May-13 Jul-13 Aug-13 Oct-13 Nov-13 Jan-14 Feb-14 SET Performance 52-week High/Low THB 25.75/THB mth 3-mth 6-mth 1-yrs YTD Absolute (%) Relative (%) Summary Earnings Table FYE: Dec 31 (THB m) F 2015F Revenue 7,201 6,478 9,294 10,145 10,460 EBITDA ,987 2,221 2,514 Recurring Net Profit ,052 1,292 1,376 Net profit ,174 1,292 1,376 EPS (Bt) EPS growth (%) DPS (Bt) PER EV/EBITDA (x) Div Yield (%) P/BV(x) Net Gearing (%) ROE (%) ROA (%) Cons. Net Profit (THB m) ,235 1,387 Source: Company reports and MBKET. SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

2 Figure 1 : - 4Q13 earnings results (Btmn) 4Q13 3Q13 QoQ 4Q12 Revenues 2,493 2, % 1,868 COGs 1,774 1, % 1,486 Gross profits % 382 Gross margin (%) 28.9% 28.5% 1.3% 20.5% SG&A % 267 Operating profit % 115 Operating margin (%) 15.06% 14.29% 5.4% 6.15% EBITDA % 283 EBITDA margin (%) 19.96% 19.85% 0.6% 15.14% Profit from associated % 2 Interest expense % 42 Normalised earning % 105 Extra ordinary gain (loss) - Forex gain (loss) 0 10 n.m Insurance claims 33 0 n.m. 49 Net profit % 213 EPS (Bt) before extra item % 0.21 EPS (Bt) % 0.43 Source: Company report 19 ก ก 8

3 INCOME STATEMENT (THB mn) BALANCE SHEET (THB mn) FY December F 2015F FY December F 2015F Revenue 6,478 9,294 10,145 10,460 Fixed Assets 5,398 5,539 6,325 5,984 EBITDA 658 1,828 2,120 2,409 Other LT Assets Depreciation & Amortisation Cash/ST Investments ,155 2,722 Operating Profit (EBIT) 399 1,349 1,514 1,578 Other Current Assets 4,295 5,063 5,639 4,520 Interest (Exp)/Inc Total Assets 10,256 11,284 13,223 13,330 Associates (3) (13) - - One-offs ST Debt 4,205 4,069 5,116 4,977 Pre-Tax Profit 240 1,165 1,329 1,415 Other Current Liabilities 1,580 2,206 2,426 2,153 Tax LT Debt 1, Minority Interest Other LT Liabilities Net Profit 712 1,174 1,292 1,376 Minority Interest Recurring Net Profit 57 1,052 1,292 1,376 Shareholders' Equity 3,064 4,091 4,963 5,835 Total Liabilities-Capital 10,256 11,284 13,223 13,330 Revenue Growth % EBITDA Growth (%) Share Capital (m) EBIT Growth (%) Gross Debt/(Cash) 5,531 4,985 5,169 5,269 Net Profit Growth (%) Net Debt/(Cash) 5,131 4,580 4,015 2,547 Recurring Net Profit Growth (%) , Working Capital -1, Tax Rate % BVPS CASH FLOW (THB mn) RATES & RATIOS FY December F 2015F FY December F 2015F Profit before taxation 240 1,165 1,329 1,415 Gross margin % Depreciation EBITDA Margin % Net interest receipts/(payments) Op. Profit Margin % Working capital change , Net Profit Margin % Cash tax paid ROE % Others (incl'd exceptional items) 1,788 1, ROA % Cash flow from operations 1,651 2,131 1,132 3,131 Net Margin Ex. El % Capex ,624-1, Dividend Cover (x) Disposal/(purchase) Interest Cover (x) Others Asset Turnover (x) Cash flow from investing -1,152-1, Asset/Debt (x) Debt raised/(repaid) Debtors Turn (days) Equity raised/(repaid) Creditors Turn (days) Dividends (paid) Inventory Turn (days) Interest payments Net Gearing % Others Debt/ EBITDA (x) Cash flow from financing Debt/ Market Cap (x) Change in cash ,568 Source: Company reports and MBKET 19 ก ก 8

4 APPENDIX I:TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS ก ก ก กก ก ก ก ก ก ก ก ก กก ก ก กกก ก ก กก ก ก ก ก กก ก ก ก ก ก ก ก 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 กกก ก ก ก ก ก ก ก ก ก Maybank Kim Eng ก ก ก ก ก Maybank Kim Eng,ก ก ก กก ก ก ก ก ก ก กMaybank Kim Eng ก ก ก ก ก ก, / ก Maybank Kim Eng กก ก ก กก 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 กก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก 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 ก ก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก กก ก IOD 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 19 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 ก ก 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 ก ก ก ก ก กกก 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 : 19 ก 2557, Maybank KERPL กก ก ก ก ก : MBKET ก ก ก ก Derivatives Warrants ก ก ก ก MBKET ก ก ก / ก ก / ก ก ก ก 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 19 ก ก 8

6 19 ก 2557, 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 ก ก 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 19 ก ก 8

7 ก ก ก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก กก ก IOD 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 19 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 กก ก ก ก ก ก ก ก ก ก. ก ก ก ( ) ก ก ก 19 ก ก 8