Thanachart Securities

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1 Friday, March 01, 2019 Current Market Net Trade SET Index vs MSCI Asia x JP Market data Close % Δ Net Trade (Bt bn) Prev. -1M YTD (index) SET index (LHS) (index) SET Index 1, % Foreign ,900 MSCI Asia x JP (RHS) 800 Turnover (Bt m) 54, % Retail , Mkt Cap (Bt bn) 16, % Institutes ,700 Stock Gainers 441 stocks Proprietary , Stock Losers 1,005 stocks 1, Note: Data for SET Market only 1, Jan-18 May-18 Aug-18 Dec-18 Thanachart Securities TOP STORY AOT (BUY) Not yet mature Despite market concerns over tourist arrivals, we are of the view that the industry in Thailand is not yet mature, having been in a growth cycle for just eight years. We are now more conservative on pax. growth but boost our commercial revenue forecasts. This causes us to cut our earnings by 4-8% in FY19-21F and our TP to Bt77 from Bt80. Reaffirm BUY. AMATA (BUY) BDMS (BUY) CK (BUY) Weaker- than- expected 4Q18 Weak 4Q18 earnings growth, below expectation 4Q18 results in line GRAMMY (SELL) Loss-making 4Q18 results HANA (BUY) SIRI (HOLD) STA (BUY) STEC (BUY) TRUE (SELL) Better-than-expected 4Q18 s results Strong 4Q18 on reversed commission Norm loss 4Q18 Stronger-than-expected 4Q18 results Weak 4Q18 s results as revenues dropped P.3-11 Market Valuation Market data 2018F 2019F 2020F PE (x) Norm EPS growth (%) EV/EBITDA (x) P/BV (x) Yield (%) ROE (%) Net D/E (x) Major Indices Close Δ % Δ Dow Jones 25, % NASDAQ 7, % FTSE 7, % SHCOMP (China) 2, % Hang Seng 28, % FTSSI (Singapore) 3, % KOSPI 2, % JCI (Indonesia) 6, % MSCI Asia % MSCI Asia x JP % Currency /Bond data Close Δ % Δ Dollar index % Bt/US$ % 100JPY/US$ % 10Y bond yield (TH) % 10Y treasury yield (US) % Commodities Close Δ % Δ NYMEX (US$/bbl) % BRENT (ICE) (US$/bbl) % DUBAI (US$/bbl) % Baltic Dry Index % Baltic Supramax Index % GRM (US$/bbl) % Gold (US$/oz) 1, % Coal (Newcastle)* % (US$/tonne)* (US$ cent/lb)** HDPE-Naphtha % Ethylene-Naphtha % PX-Naphtha % BZ-Naphtha % Steel-HRC % Rubber SICOM TSR20 1, % Rubber TOCOM 1, % Raw Sugar** % White Sugar** % Source: Thanachart, Bloomberg Please note that due to the interest of timeliness, this product was not edited.

2 BUY (Unchanged) TP: Bt (From: Bt ) 28 FEBRUARY 2019 Change in Numbers Upside : 14.1% Airports of Thailand Pcl (AOT TB) Not yet mature Thanachart Securities Despite market concerns over tourist arrivals, we are of the view that the industry in Thailand is not yet mature, having been in a growth cycle for just eight years. We are now more conservative on pax. growth but boost our commercial revenue forecasts. This causes us to cut our earnings by 4-8% in FY19-21F and our TP to Bt77 from Bt80. Reaffirm BUY. Thai tourism isn t yet mature Though the market is worried about the slowdown in tourist arrivals to Thailand, our view is that the Thai tourism industry isn t yet mature as the boom only started in 2010 after the global financial crisis in and the completion of Suvarnabhumi Airport in Thailand s tourist arrival CAGR of 11.6% in (in line with AOT s total passenger CAGR of 11.7%) was almost double the Asian tourist arrival CAGR of 6.4% and its market share stood at 11.2% of the Asian tourist arrivals in 2018 but only 2.6% of the worldwide tourist arrivals. The World Tourism Organization (UNWTO) predicts Asia s long-term tourist arrival growth at 5% a year but delays in AOT s airport expansions force us to assign more conservative passenger growth assumptions of % (from % previously) in FY19-29F before coming down to near Asia s tourist arrival growth trend of 5.5% (from 7.5%) in FY30-35F and 2% from FY36F onward. A commercial revenue base lift However, we revise up our minimum guarantee assumption for the commercial business to increase 10% a year (vs % previously) as we expect the new contracts (scheduled to bid in 3Q19) to be similar to the latest contracts at Don Mueang Airport in This causes our long-term commercial revenue growth to increase to 9% (from 7.5-8% previously). In short term, we expect the growth of 8-9% in FY19-20 and 32% in FY21 due to 1) a 10% a year minimum guaranteed amount hike, 2) Suvarnabhumi Airport s commercial space capacity increasing by 22% in FY21F and 3) a 30% minimum guarantee base rise. As the above assumption changes, we cut our earnings forecast by 4-8% in FY19-21 and TP to Bt77 from Bt80. We reiterate our BUY rating on AOT. Airport City making progress AOT s plan to develop its raw land in Suvarnabhumi Airport is making progress. For 600 rai, AOT plans to sign a contract with the Treasury Department this month for the commercial use of this land while, for 723 rai, it expects the land zoning stipulation to be changed by this July. Subsequently, AOT could invite developers to bid for the projects. If we assume 25-75% of the land is developed, we estimate an additional Bt1.5-4 per share of potential upside to our current TP. Valuation justified in our view PE is the key pushback for AOT in our view. But we believe its high PEs of 28-36x in FY19-21F are justified on its resilient cash flow stream of EBITDA CAGR at 12% in FY19-25F, monopolistic power in a country with strong tourism growth potential, a jump in cash flows (22% EBITDA growth in FY21F), strong balance sheet, and potential upside from the Airport City project. COMPANY VALUATION SAKSID PHADTHANANARAK saksid.pha@thanachartsec.co.th Y/E Sep (Bt m) 2018A 2019F 2020F 2021F Sales 60,537 64,697 69,523 82,780 Net profit 25,171 25,802 29,098 34,781 Consensus NP 27,614 30,103 35,492 Diff frm cons (%) (6.6) (3.3) (2.0) Norm profit 25,194 26,802 29,098 34,781 Prev. Norm profit 28,749 31,530 36,362 Chg frm prev (%) (6.8) (7.7) (4.3) Norm EPS (Bt) Norm EPS grw (%) Norm PE (x) EV/EBITDA (x) P/BV (x) Div yield (%) ROE (%) Net D/E (%) (38.0) (25.2) (16.2) (13.0) PRICE PERFORMANCE (Bt/shr) AOT Rel to SET Index (%) (5) Feb-18 Jun-18 Oct-18 Feb-19 COMPANY INFORMATION Price as of 28-Feb-19 (Bt) Market Cap (US$ m) 30,594.7 Listed Shares (m shares) 14,285.7 Free Float (%) 30.0 Avg Daily Turnover (US$ m) M Price H/L (Bt) 72.00/61.00 Sector Transportation Major Shareholder Ministry of Finance 70% Sources: Bloomberg, Company data, Thanachart estimates Please see the important notice on the back page

3 Amata Corporation (AMATA TB) - BUY, Price Bt21.70, TP Bt31.00 Rata Limsuthiwanpoom rata.lim@thanachartsec.co.th Weaker- than- expected 4Q18 AMATA reported 4Q18 net profit of Bt116m, falling 58% y-y and 61% q-q. Excluding one-time late payment on land rental paid to Vietnam government from its subsidiary AMATAV (73%-stake) of Bt162m, asset impairment of Bt39m and FX gain from power equity investments of Bt13m, normalized profit would be Bt304m, falling 15% y-y and 16% q-q. Including 4Q18 number, 2018 normalized profit came lowerthan-expected at 89% of our full-year forecast to Bt1.2bn, falling 17% y-y. Main draggers were 1) higher than expected SG&A expenses on pre-opening expense of Amata City Halong in northern Vietnam and transfer costs for land acquisition in Rayong, Thailand; 2) higher-than- expected tax expense and 3) higherthan-expected minority interests. For industrial estate business, it recognized land transfer revenue of Bt818m rising 45% y-y and 281% q-q. In 4Q18, land pre-sales came at 629 rai (+529% y-y, +898% q- q), making 2018 pre-sales of 848 rai. Given 4Q18 land transfer of just 237 rai (+65% y-y, +508% q-q), backlog as of end-4q18 was Bt3.6bn, which the company expects to transfer 60-70% in The company targets pre-sales (new contract) of 880 rai for Thailand but has not set target for Vietnam. We see some downside risk to our earnings forecast on tax expense. Maintain BUY. AMATA announced to pay a dividend of Bt0.17/share for 2018 operation with XD date on 9 May 2019 and payment date on 23 May Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% %2018F 2018A 2019F Revenue 1,182 1, ,473 Revenue ,354 5,816 Gross profit Gross profit ,253 2,960 SG&A SG&A ,025 1,090 Operating profit Operating profit ,228 1,870 EBITDA EBITDA ,543 2,285 Other income Other income Other expense Other expense Interest expense Interest expense Profit before tax Profit before tax ,107 1,661 Income tax Income tax Equity & invest. income Equity & invest. income (34) (40) Minority interests (137) (93) (90) (38) (147) Minority interests na na 145 (308) (351) Extraordinary items (79) (81) 91 (60) (187) Extraordinary items na na na (200) 0 Net profit Net profit (61) (58) 72 1,018 1,816 Normalized profit Normalized profit (16) (15) 89 1,218 1,816 EPS (Bt) EPS (Bt) (61) (58) Normalized EPS (Bt) Normalized EPS (Bt) (16) (15) Cash & equivalent 1, , ,152 Sales growth (44.0) 45.4 (12.8) (42.9) 24.7 A/C receivable Operating profit growth (67.1) (52.1) (62.2) 16.2 Inventory 6,892 7,029 7,063 7,586 7,667 EBITDA growth (62.8) 93.6 (39.2) (56.2) 14.9 Other current assets 1,334 1, Norm profit growth (55.7) (63.0) (39.7) (14.9) Investment 3,207 3,567 3,547 3,864 3,803 Norm EPS growth (55.7) (63.0) (39.7) (14.9) Fixed assets 4,306 4,352 4,480 4,471 2,093 Other assets 11,709 12,026 12,928 13,644 16,835 Gross margin Total assets 29,280 29,756 30,249 31,621 33,021 Operating margin S-T debt 756 1,150 1,535 1,299 1,770 EBITDA margin A/C payable Norm net margin Other current liabilities ,186 1,583 L-T debt 8,347 8,170 8,290 9,636 9,828 D/E (x) Other liabilities 3,793 3,619 3,620 3,597 3,758 Net D/E (x) Minority interest 2,416 2,453 2,521 2,507 2,602 Interest coverage (x) Shareholders' equity 12,556 12,927 12,882 12,835 12,967 Interest rate Working capital 6,938 6,936 7,186 7,515 7,627 Effective tax rate Total debt 9,103 9,320 9,826 10,935 11,598 ROA Net debt 7,828 8,352 8,673 10,148 10,446 ROE THANACHART SECURITIES 3

4 Bangkok Dusit Medical (BDMS TB) - BUY, Price Bt23.6, TP Bt31 Siriporn Arunothai siriporn.aru@thanachartsec.co.th Weak 4Q18 earnings growth, below expectation BDMS reported norm. profit of Bt2.1bn, up 2% y-y but down 28% q-q in 4Q18. This was slightly below our earnings forecast but it was in line with the Bloomberg consensus s earnings forecast. Its weaker-than-expected earnings resulted from its higher-than-expected costs. Including extra tax expense of Bt727m from disposal of all equity investment in Ramkhamhaeng Hospital, BDMS reported Bt1.35bn net profit in 4Q18, down 34% y-y and 53% q-q. Including 4Q18 earnings, BDMS posted norm. profit of Bt9.9bn in 2018, up 24% y-y. Including extra gain on sales of Bumrungrad Hospital shares of Bt2.2bn in 2Q17 and extra tax from disposal of equity investment in RamKhamhaeng Hospital of Bt727m in 4Q18, BDMS reported net profit of Bt9.2bn in 2018, down 10% y-y. Note that according to Thai Accounting Standard No.12, the company needs to book deferred tax liabilities for share of profit of the associated company when it plans to divest all of the investment in the foreseeable future. BDMS s weak y-y earnings growth resulted from rising costs from: 1) two new hospitals and Wellness Clinic project (depreciation and medical staff costs), 2) one-time marketing expenses for Happy and Healthy Bike Lane and the winter festival Un Ai Rak Khlai Khwam Nao and 3) maintenance costs to maintain JCI and HA standards. Due to rising costs, BDMS s operating margin declined from 9.2% in 4Q17 and 12.6% in 3Q18 to 5.7% in 4Q18. Revenue grew by 6% y-y but declined by 4% q-q to Bt19bn in 4Q18. Revenue from Thai patients grew by 6% y-y and revenue from international patients grew by 8% y-y, mainly from UAE, Cambodia and Chinese patients. We will fine tune down our numbers to reflect its higher-thanexpected costs. But we maintain BUY due to its strongest chain value and sustainable long-term growth outlook. BDMS announced to pay dividend of Bt0.19/share. The XD date is 14 March and the payment date is 26 April Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% % 2018F 2018A 2019F Revenue 17,795 19,057 17,799 19,621 18,853 Revenue (4) ,331 83,103 Gross profit 5,338 6,426 5,370 6,361 5,627 Gross profit (12) ,784 26,529 SG&A 3,702 3,767 3,782 3,895 4,555 SG&A ,998 16,724 Operating profit 1,635 2,659 1,588 2,466 1,073 Operating profit (57) (34) 91 7,786 9,805 EBITDA 2,958 3,962 2,930 3,827 2,454 EBITDA (36) (17) 94 13,172 15,557 Other income ,006 1,120 Other income ,076 4,175 Other expense Other expense na 0 0 Interest expense Interest expense 12 (11) 99 1,165 1,224 Profit before tax 2,259 3,328 2,260 3,210 1,899 Profit before tax (41) (16) 94 10,697 12,756 Income tax Income tax (53) (35) 90 2,013 2,551 Equity & invest. income Equity & invest. income ,690 1,753 Minority interests (86) (128) (107) (135) (86) Minority interests na na na (456) (534) Extraordinary items (727) Extraordinary items na (727) 0 Net profit 2,035 2,919 2,043 2,879 1,350 Net profit (53) (34) 91 9,191 11,424 Normalized profit 2,035 2,919 2,043 2,879 2,077 Normalized profit (28) ,918 11,424 EPS (Bt) EPS (Bt) (53) (34) Normalized EPS (Bt) Normalized EPS (Bt) (28) Cash & equivalent 5,663 7,136 5,786 6,424 5,850 Sales growth A/C receivable 6,975 7,386 7,134 7,510 7,545 Operating profit growth (34.4) Inventory 1,735 1,592 1,621 1,697 1,786 EBITDA growth (17.0) Other current assets Norm profit growth Investment 16,453 16,668 16,530 16,978 23,174 Norm EPS growth Fixed assets 71,559 71,853 72,295 72,620 74,496 Other assets 20,220 20,225 20,265 20,563 20,631 Gross margin Total assets 122, , , , ,499 Operating margin S-T debt 1,625 1,564 2,542 10,088 15,196 EBITDA margin A/C payable 4,750 4,626 4,548 4,753 5,192 Norm net margin Other current liabilities 7,043 7,011 6,871 7,359 8,111 L-T debt 37,711 37,469 35,446 25,980 24,753 D/E (x) Other liabilities 5,628 5,643 5,594 5,596 6,809 Net D/E (x) Minority interest 2,800 2,766 2,828 2,960 3,118 Interest coverage (x) Shareholders' equity 63,071 65,805 65,820 69,069 70,320 Interest rate Working capital 3,960 4,352 4,207 4,453 4,139 Effective tax rate Total debt 39,335 39,033 37,988 36,068 39,949 ROA Net debt 33,673 31,897 32,202 29,643 34,099 ROE THANACHART SECURITIES 4

5 Ch. Karnchang Pcl (CK TB) - BUY, Price Bt25.50, TP Bt33.00 Saksid Phadthananarak saksid.pha@thanachartsec.co.th 4Q18 results in line CK reported a normalized profit of Bt108m in 4Q18, down 54% y-y and 82% q-q. The results were in line with what we had expected. A fall in earnings year on year was mainly due to higher SG&A expenses while the earnings drop quarter on quarter was because of no dividend income being booked in this quarter lower equity income and higher SG&A expenses. Including a Bt260m gain on sales of investments, CK reported a net profit of Bt368m in 4Q18. Even though we are concerned on CK s current low backlog value which is expected to remain at Bt48bn at end 4Q18 to cause an earning hiccup this year, we expect CK to win some new infrastructure bids to increase its backlog value and turn around its earnings in We thus maintain our BUY rating on CK. CK s revenue grew by 3% y-y in 4Q18 as the Xayaburi project is now close to project completion while its gross margin slightly fell to 8.4% in 4Q18 versus 8.6% in 4Q17. It reported equity income of Bt140m in 4Q18 versus Bt222m in 4Q17 due to lower earnings contribution from CKP. Key risk: We see volatility in building material prices as a major risk. Political instability could result in delays to Thailand s new investment cycle. Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% %2018F 2018A 2019F Revenue 6,922 7,439 7,620 7,277 7,164 Revenue (2) ,499 27,212 Gross profit Gross profit (7) ,523 2,309 SG&A SG&A ,985 1,796 Operating profit Operating profit (86) (88) EBITDA EBITDA (43) (60) 68 1,244 1,697 Other income Other income (40) ,417 1,359 Other expense Other expense Interest expense Interest expense (6) (14) 93 1,248 1,390 Profit before tax (1) Profit before tax na na Income tax Income tax Equity & invest. income Equity & invest. income (61) (37) ,274 Minority interests (10) 1 (1) 1 7 Minority interests 425 na (24) 8 (31) Extraordinary items (20) Extraordinary items (62) na na Net profit , Net profit (71) ,494 1,668 Normalized profit Normalized profit (82) (54) 95 1,551 1,668 EPS (Bt) EPS (Bt) (71) Normalized EPS (Bt) Normalized EPS (Bt) (82) (54) Cash & equivalent 6,689 7,091 8,508 9,294 8,550 Sales grow th (8.9) (8.0) (37.8) (17.5) 3.5 A/C receivable 10,057 10,404 11,197 12,518 11,294 Operating profit grow th 8.3 (2.6) (67.0) (48.5) (88.0) Inventory 7,948 7,355 6,938 5,253 5,281 EBITDA grow th (3.7) (2.3) (56.2) (42.0) (60.0) Other current assets 3,702 1,541 1,112 1,440 1,423 Norm profit grow th (19.0) (4.0) (54.0) Investment 29,529 29,472 30,081 32,123 32,014 Norm EPS grow th (19.0) (4.0) (54.0) Fixed assets 8,318 7,908 9,111 9,620 9,788 Other assets 13,033 14,404 14,826 15,372 15,150 Gross margin Total assets 79,274 78,176 81,773 85,621 83,501 Operating margin S-T debt 11,974 12,628 14,226 14,220 11,146 EBITDA margin A/C payable 4,038 3,628 4,344 5,673 5,397 Norm net margin Other current liabilities 9,086 9,269 10,563 11,553 12,495 L-T debt 27,320 25,822 25,961 25,710 25,550 D/E (x) Other liabilities 2,984 2,934 2,879 2,957 3,084 Net D/E (x) Minority interest Interest coverage (x) Shareholders' equity 23,486 23,506 23,435 25,137 25,421 Interest rate Working capital 13,967 14,131 13,791 12,099 11,179 Effective tax rate na Total debt 39,294 38,450 40,186 39,930 36,696 ROA Net debt 32,605 31,359 31,678 30,636 28,146 ROE THANACHART SECURITIES 5

6 GMM Grammy Pcl (GRAMMY TB) - SELL, Price Bt7.00, TP Bt5.80 Kalvalee Thongsomaung kalvalee.tho@thanachartsec.co.th Loss-making 4Q18 results GRAMMY reported a norm loss of Bt13m in 4Q18 vs. a norm profit of Bt15m in 3Q18 vs. a norm loss of Bt293m in 4Q17. Music business revenue (63% of total operating revenues), comprising the sale of physical products, digital music, collection of copyright fees, showbiz, artist management, and free-to-air satellite under the Fan TV channel, increased by 64% y-y. The increase was due to concerts, artist management, and digital music businesses. Merchandise business revenue (37% of total operating revenue) increased 5% y-y due to the higher income from its home shopping business. Note that GRAMMY owns ONE Channel with a 31% stake and GMM Media with a 50% holding (GMM25 Channel, radio, show biz). GRAMMY recorded a net loss-sharing from its associated and joint ventures combined of Bt123m in 4Q18 vs. a loss of Bt109m in 4Q17. Given we see tough competition to continue to be a negative factor for the digital TV industry, we maintain our SELL. Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% %2018F 2018A 2019F Revenue 1,846 1,570 1,688 1,567 2,046 Revenue ,871 7,012 Gross profit Gross profit ,506 2,528 SG&A SG&A 16 (6) 97 2,214 2,384 Operating profit (30) Operating profit 53 na EBITDA EBITDA 63 (2) Other income Other income (17) Other expense (34) Other expense Interest expense Interest expense (4) (75) Profit before tax (42) Profit before tax 187 na Income tax Income tax 15 (75) Equity & invest. income (109) (63) (17) 4 (123) Equity & invest. income na na 284 (199) (70) Minority interests (9) (2) (26) (13) (7) Minority interests na na 156 (48) (32) Extraordinary items Extraordinary items Net profit 377 (38) (13) Net profit na na Normalized profit (293) (38) (13) Normalized profit na na EPS (Bt) 0.46 (0.05) (0.02) EPS (Bt) na na Normalized EPS (Bt) (0.36) (0.05) (0.02) Normalized EPS (Bt) na na Cash & equivalent Sales grow th 23.9 (22.1) (11.6) (14.1) 10.8 A/C receivable ,125 Operating profit grow th na (74.9) na na Inventory EBITDA grow th 75.9 (79.5) (22.3) (41.7) (1.8) Other current assets Norm profit grow th na na na na na Investment Norm EPS grow th na na na na na Fixed assets Other assets Gross margin Total assets 3,766 3,850 3,787 3,832 3,673 Operating margin (1.6) S-T debt EBITDA margin A/C payable 1,194 1,198 1,290 1,321 1,245 Norm net margin (15.9) (2.4) (0.6) Other current liabilities L-T debt D/E (x) Other liabilities Net D/E (x) (0.1) (0.1) 0.1 (0.1) 0.0 Minority interest Interest coverage (x) Shareholders' equity Interest rate Working capital (285) (120) (96) (130) 75 Effective tax rate (313.2) Total debt ROA (22.3) (4.0) (1.4) Net debt (105) (83) 54 (53) 42 ROE (157.1) (16.3) (5.3) THANACHART SECURITIES 6

7 Hana Microelectronics (HANA TB) - BUY, Price Bt35.75, TP Bt40 Nuttapop Prasitsuksant, nuttapop.pra@thanachartsec.co.th Better-than-expected 4Q18 s results HANA reported net profit of Bt647m in 4Q18, up 3% y-y but down 28% q-q. Excluding FX loss, we estimate normalized profit at Bt655m this quarter, grew 28% y-y but dropped 21% q-q in like-for-like basis, significantly higher than our and the market s expectations. The beat was from strong US$ sales growth, operating leverage benefits, and good cost control. Total US$ sale revenues was at US$171m in 4Q18, increased 6% y-y but lowered 6% q-q on seasonal impact. For full-year 2018, total US$ revenues of US$689m grew 8% from last year. Strong sales from microelectronics division (+13% y-y) was the key driver, while IC segment sales expanded 5%. Those are more than offset a 5% drop in US business. Gross margin was at 14.6% in 4Q18, dropped from 18.0% in 3Q18 when there were strong boosts from low material costs (bought in strong baht period in 1H18) and strong sale volume. The margin rose slightly from 14.6% in 4Q17 since operating leverage benefit more than offset pressure from strong baht. A good cost control resulted as a drop of total SG&A by 6% y-y and 4% q-q this quarter. SG&A-to-sales ratio therefore lowered to 5.6% in 4Q18 from 6.3% in 4Q17, despite a small increase from 5.4% in 3Q18 which was a very strong sales quarter. HANA announced a final dividend of Bt1.0/share for the 2018 fiscal year, after a Bt1.0/share interim dividend. The indicated XD date is on 14 March and a payment date on 15 May Despite a jump of capex to Bt2.3bn in 2018 (from Bt1.1bn in 2017) for an expansion Ayutthaya s plant capacity and preparation of Lamphun-2 plant to serve growing demands, HANA s balance sheet remains very strong in a net cash status (-0.4x D/E), Bt8bn cash on hand, and no outstanding debts. Full-year 2018 s normalized profit made up 106% of our forecast. We thus see an upside to our numbers. Looking forward, we expect the strong sales growth continues in 2019F which should outpace strong baht impacts. Maintain BUY. Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% % 2018F 2018A 2019F Revenue 5,332 5,195 5,450 6,018 5,601 Revenue (7) ,264 23,757 Gross profit , Gross profit (25) ,203 3,522 SG&A SG&A (4) (6) 96 1,269 1,354 Operating profit Operating profit (34) ,934 2,168 EBITDA , EBITDA (23) ,031 3,358 Other income Other income Other expense Other expense na 0 0 Interest expense Interest expense (12) (10) Profit before tax Profit before tax (19) ,501 2,702 Income tax Income tax 55 (38) Equity & invest. income Equity & invest. income na 0 0 Minority interests Minority interests na 0 0 Extraordinary items (236) 71 (8) Extraordinary items na na na 15 0 Net profit Net profit (28) ,375 2,540 Normalized profit Normalized profit (21) ,360 2,540 EPS (Bt) EPS (Bt) (28) Normalized EPS (Bt) Normalized EPS (Bt) (21) Cash & equivalent 9,274 9,208 8,886 8,868 8,067 Sales grow th (6.9) (0.8) A/C receivable 3,904 3,767 4,147 4,100 3,832 Operating profit grow th (35.1) (52.9) (10.9) Inventory 4,083 4,123 4,366 4,654 5,223 EBITDA grow th (27.2) (37.5) (6.8) Other current assets Norm profit grow th (33.1) (41.7) (11.3) Investment Norm EPS grow th (33.1) (41.7) (11.3) Fixed assets 6,066 6,043 6,314 6,797 7,179 Other assets Gross margin Total assets 24,403 24,323 24,772 25,485 25,368 Operating margin S-T debt EBITDA margin A/C payable 2,921 2,740 3,110 3,426 3,421 Norm net margin Other current liabilities L-T debt D/E (x) Other liabilities Net D/E (x) (0.4) (0.4) (0.4) (0.4) (0.4) Minority interest Interest coverage (x) Shareholders' equity 20,690 20,784 20,705 21,255 21,083 Interest rate Working capital 5,066 5,150 5,403 5,328 5,633 Effective tax rate Total debt ROA Net debt (8,947) (8,896) (8,554) (8,543) (7,742) ROE THANACHART SECURITIES 7

8 Sansiri Public Co Ltd (SIRI TB) - HOLD, Price Bt1.38, TP Bt1.80 Phannarai Tiyapittayarut phannarai.von@thanachartsec.co.th Strong 4Q18 on reversed commission, but weaker-than-expected SIRI reported 4Q18 net profit of Bt1.0bn, surged by 34% y-y and 187% q-q. Though results were strong due to an early adoption of TFRS9 that it reversed commission expenses paid to selling agents, it came in weaker-than-expected. 4Q18 real estate sales increased by 12% y-y and 45% q-q to Bt7.8bn, but real estate gross margin came down to 30.1% in 4Q18 vs 31.9% in 4Q17 and 34.6% in 3Q net profit was Bt2.0bn, at 75% of our full-year forecast. A decline in 2018 net profit by 28% y-y was due to 1) falling real estate sales by 18% y-y to Bt21.6bn on lower condominium sales, 2) falling real estate gross margin from 33.2% in 2017 to 32.1% in 2018, 3) higher SG&A/sales ratio from 19.7% in 2017 to 21.2% in 2018, 4) share of loss from investment in associate, a 22%-owned Standard International LLC (a hotel management company based in the US), of Bt139m rising from Bt17m loss in 2017, 5) interest expense increased by 39% y-y to Bt570m dividend is Bt0.12/share. 2H18 dividend is Bt0.08/share, XD on Mar 14 th with payment date on May 14 th. We will revisit our earnings projection and recommendation, from a HOLD rating currently. Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% % 2018F 2018A 2019F Revenue 8,168 5,032 5,389 6,640 9,186 Revenue ,248 30,088 Gross profit 2,507 1,339 1,713 2,085 2,531 Gross profit ,668 8,442 SG&A 2,035 1,200 1,392 1,705 1,258 SG&A (26) (38) 95 5,555 5,717 Operating profit ,273 Operating profit ,113 2,725 EBITDA ,328 EBITDA ,335 2,968 Other income Other income 0 (18) Other expense Other expense na 0 0 Interest expense (149) Interest expense 4 na Profit before tax ,317 Profit before tax ,335 2,510 Income tax Income tax Equity & invest. income (7) 148 Equity & invest. income na Minority interests Minority interests 8 (97) Extraordinary items (155) Extraordinary items na na na (64) 0 Net profit ,043 Net profit ,046 2,800 Normalized profit ,198 Normalized profit ,110 2,800 EPS (Bt) EPS (Bt) Normalized EPS (Bt) Normalized EPS (Bt) Cash & equivalent 2,978 2,659 2,198 2,594 3,933 Sales grow th (28.9) (28.0) (36.8) (8.2) 12.5 A/C receivable Operating profit grow th (76.6) (85.3) (73.9) (54.2) Inventory 43,384 45,263 50,388 54,804 56,305 EBITDA grow th (74.8) (80.8) (70.6) (50.0) Other current assets 7,703 9,795 8,980 7,884 10,382 Norm profit grow th (50.0) (67.9) (51.0) (55.8) 59.5 Investment 1,048 1,153 1,285 1,192 2,432 Norm EPS grow th (51.9) (69.2) (52.9) (57.5) 59.5 Fixed assets 17,384 15,596 17,763 15,002 15,202 Other assets 7,495 9,717 7,396 10,303 6,981 Gross margin Total assets 80,150 84,304 88,137 91,919 95,357 Operating margin S-T debt 15,572 12,810 16,802 14,545 12,760 EBITDA margin A/C payable 1,563 1,360 1,390 1,584 1,676 Norm net margin Other current liabilities 13,364 15,639 13,214 13,407 14,690 L-T debt 17,094 21,547 24,484 30,255 12,829 D/E (x) Other liabilities 2,078 2,184 2,140 2,291 22,550 Net D/E (x) Minority interest (29) Interest coverage (x) (3.5) Shareholders' equity 30,507 30,757 30,101 29,832 30,848 Interest rate (1.7) Working capital 41,978 44,024 49,126 53,361 54,751 Effective tax rate Total debt 32,666 34,358 41,286 44,800 25,589 ROA Net debt 29,688 31,699 39,088 42,207 21,657 ROE THANACHART SECURITIES 8

9 Sri Trang Agro-Industry (STA TB) - BUY, Price Bt15.9, TP Bt25.0 Kalvalee Thongsomaung kalvalee.tho@thanachartsec.co.th Norm loss 4Q18 STA reported normalized loss of Bt29m in 4Q18 vs. a norm profit of Bt238m in 3Q18 vs. a norm loss of Bt705m in 4Q17. The stronger y-y operational results were due to a better margin from its natural rubber and glove products. Total sales were at Bt17.19bn in 4Q18, down 13% y-y. The decrease was due to lower sales of all natural rubber products, except gloves. Revenue from technically specified rubber (TSR) as its core product (66% of total revenue) decreased by 16% y-y, due to lower selling prices. Revenue from gloves (18% of total revenue) increased by 18% y-y. This was due to higher selling prices and volumes. Gross profit margin improved y-y due to a better margin of glove business and a less volatile of natural rubber raw material price. Note that our valuation has yet to incorporate STA s dilution impact at 17% from its new 256m shares from the capital increase via rights offering. Global rubber price remains under pressure. We will revisit our numbers and our recommendation. Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% %2018F 2018A 2019F Revenue 19,768 17,689 19,755 18,859 17,190 Revenue (9) (13) 60 73, ,844 Gross profit 1,375 1,510 2,261 1,970 1,367 Gross profit (31) (1) 85 7,108 9,136 SG&A 1,865 1,227 1,338 1,332 1,351 SG&A 1 (28) 85 5,248 6,157 Operating profit (490) Operating profit (97) na 85 1,860 2,979 EBITDA ,503 1, EBITDA (42) 1, ,243 4,867 Other income (195) Other income na na Other expense Other expense Interest expense (80) Interest expense na na ,042 Profit before tax (738) (99) Profit before tax na na 77 1,212 2,291 Income tax (25) (56) Income tax na na Equity & invest. income Equity & invest. income (56) (43) Minority interests (38) (31) (15) (24) (12) Minority interests na na 324 (82) (30) Extraordinary items 1, (313) Extraordinary items (36) (86) na Net profit Net profit (72) (70) 149 2,064 1,929 Normalized profit (705) (0) (29) Normalized profit na na 80 1,113 1,929 EPS (Bt) EPS (Bt) (72) (70) Normalized EPS (Bt) (0.46) (0.00) (0.02) Normalized EPS (Bt) na na Cash & equivalent 2,242 2,468 3,223 3,995 4,197 Sales grow th (12.2) (38.0) (13.6) 3.5 (13.0) A/C receivable 7,212 6,334 6,444 6,036 5,692 Operating profit grow th na (18.6) na na Inventory 17,123 16,345 11,747 11,591 12,311 EBITDA grow th na 21.2 na 72.6 na Other current assets 1,772 1,571 1,367 1,524 1,639 Norm profit grow th na na na na na Investment Norm EPS grow th na na na na na Fixed assets 24,190 24,367 24,688 24,581 24,456 Other assets 6,801 6,949 6,941 6,955 7,058 Gross margin Total assets 59,708 58,446 54,866 55,187 55,748 Operating margin (2.5) S-T debt 22,820 20,214 15,615 16,199 17,703 EBITDA margin A/C payable 2,615 2,835 2,774 3,148 2,674 Norm net margin (3.6) (0.0) (0.2) Other current liabilities L-T debt 9,486 9,919 9,658 9,445 8,825 D/E (x) Other liabilities 1,088 1,100 1,056 1,138 1,052 Net D/E (x) Minority interest Interest coverage (x) (8.8) Shareholders' equity 22,908 23,588 24,558 24,511 24,705 Interest rate (1.2) Working capital 21,720 19,844 15,417 14,479 15,329 Effective tax rate Total debt 32,306 30,134 25,272 25,644 26,527 ROA (4.7) (0.0) (0.2) Net debt 30,064 27,666 22,049 21,648 22,330 ROE (13.3) (0.0) (0.5) THANACHART SECURITIES 9

10 Sino Thai Eng. & Const. (STEC TB) - BUY, Price Bt22.3, TP Bt29.0 Saksid Phadthananarak saksid.pha@thanachartsec.co.th Stronger-than-expected 4Q18 results STEC reported a normalized profit of Bt428m in 4Q18, up 12% q-q and from a normalized loss of Bt2.3bn in 4Q17. The results were stronger than what we had expected. The strong earnings growth was mainly due to higher revenue recognition from its high backlog value. Including a Bt210m after-tax gain from fair value adjustment of investment properties, it reported a net profit of Bt638m in 4Q18. We expect STEC s strong earnings to continue at least in the next two years driven by its high backlog value which is expected to remain at Bt105bn as of end 4Q18 and improving gross margin due to a higher proportion of the high-margin projects. Its financial status is also solid with a net cash position. We thus maintain a BUY rating on STEC. STEC s revenues grew 55% y-y in 4Q18 as it accelerated the construction of the Orange, Pink and Yellow Line projects. Its gross margin slightly dropped to 7.6% in 4Q18 versus 7.8% in 3Q18 despite pressure from the zero-margin new Parliament Building project. We believe this was due to higher revenue recognition from the high-margin projects. Key risks: Fluctuations in building material prices present a major risk to our earnings projections. Delays of infrastructure projects are another concern. Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% %2018F 2018A 2019F Revenue 6,008 5,307 5,677 7,232 9,321 Revenue ,537 30,947 Gross profit (2,627) Gross profit 24 na 112 2,117 2,460 SG&A SG&A Operating profit (2,660) Operating profit 17 na 115 1,600 1,841 EBITDA (2,532) EBITDA 15 na 113 2,198 2,484 Other income Other income Other expense Other expense Interest expense Interest expense Profit before tax (2,641) Profit before tax 17 na 116 1,690 1,904 Income tax (348) Income tax 24 na Equity & invest. income Equity & invest. income Minority interests (3) (2) (2) (2) (15) Minority interests na na na (20) 4 Extraordinary items Extraordinary items (78) na Net profit (1,320) Net profit 67 na 135 1,617 1,557 Normalized profit (2,294) Normalized profit 12 na 113 1,350 1,557 EPS (Bt) (0.87) EPS (Bt) 67 na Normalized EPS (Bt) (1.50) Normalized EPS (Bt) 12 na Cash & equivalent 6,695 4,297 2,421 5,040 9,997 Sales growth A/C receivable 11,864 11,713 14,539 11,264 12,131 Operating profit growth na na Inventory 2,830 3,379 4,018 4,333 5,007 EBITDA growth na na Other current assets 1,028 1, ,243 1,585 Norm profit growth na (5.4) na Investment 7,276 9,577 9,192 10,806 12,337 Norm EPS growth na (5.4) na Fixed assets 3,427 3,505 3,535 3,892 4,447 Other assets Gross margin (43.7) Total assets 33,160 33,832 34,724 36,642 45,575 Operating margin (44.3) S-T debt EBITDA margin (42.1) A/C payable 6,946 5,493 4,814 6,050 9,053 Norm net margin (38.2) Other current liabilities 15,146 17,497 19,074 18,486 23,311 L-T debt D/E (x) Other liabilities Net D/E (x) (0.6) (0.4) (0.2) (0.4) (0.8) Minority interest Interest coverage (x) (367.3) Shareholders' equity 9,216 9,428 9,439 10,326 10,961 Interest rate Working capital 7,749 9,599 13,743 9,548 8,085 Effective tax rate Total debt 1, ,236 ROA (29.1) Net debt (5,471) (3,557) (1,693) (4,138) (8,761) ROE (92.8) THANACHART SECURITIES 10

11 True Corporation Pcl (TRUE TB) - SELL, Price Bt5.40, TP Bt4.40 Nuttapop Prasitsuksant nuttapop.pra@thanachartsec.co.th Weak 4Q18 s results as revenues dropped TRUE reported a net loss of Bt3.0bn in 4Q18, a negative surprise to us and the market. The loss was mainly due to plenty of extraordinary items related to a dispute settlement and tower rental contract with CAT (i.e. asset transfer, upfront fee, and contract amortization). However, our key concern was on a drop of service revenues in all business segments. Mobile: core mobile revenues (voice and data) grew 1% y-y but dropped 5% q-q. A decline from previous quarter was due to a lower postpaid s ARPU to Bt463/sub/month in 4Q18 (vs. Bt468 in 3Q18). This dragged blended ARPU down to Bt204 in 4Q18, from Bt207 in 3Q18, and more than offset an addition of 462k new subs to a total 29.2m subs (+2% q-q) this quarter. Fixed broadband revenues also declines 4% y-y and 5% q-q. The issue was the same as in mobile s in which a drop of ARPU to Bt577/sub/month (from Bt607 in 3Q18) more than offset an addition of 56k new subs this quarter. TrueVisions revenues grew 6% from the same period last year due to an 8% growth of paying subscribers from 3Q17. This was despite the ARPU fell to Bt288/sub/month (vs. Bt308 in 3Q17). However, on quarterly basis, the revenue continues its falling trend, down 10% q-q. A rise in both costs of services and total SG&A, and impact from one-off items, resulted as a significant drop of EBITDA this quarter. We believe this is an extraordinary low level and will have to check with the company on the detailed root causes of these expenses. Despite a weak result, TRUE announced to pay a dividend of Bt0.09/share for the 2018 fiscal year. An indicated XD date is on 14 March 2019 and a payment date on 29 May We are concern on its declined revenues amid strong pressure from pricing pressure in all markets. We maintain SELL on its high valuation, negative profit, and weak balance sheet. Yr-end Dec (Bt m) 4Q17 1Q18 2Q18 3Q18 4Q18 (Bt m) q-q% y-y% % 2018F 2018A 2019F Revenue na 33,286 34,433 34,539 32,798 Revenue (5) na , ,215 Gross profit na 8,963 9,421 9,260 4,934 Gross profit (47) na 87 32,577 39,910 SG&A na 8,673 8,531 8,529 9,901 SG&A 16 na ,635 35,101 Operating profit na (4,968) Operating profit na na (103) (3,058) 4,809 EBITDA na 8,809 8,658 8,917 4,149 EBITDA (53) na 85 33,502 39,872 Other income na (116) (3,230) 120 2,945 Other income 2,362 na (72) 4, Other expense na Other expense na - 2, Interest expense na 1,846 1,579 1,825 2,227 Interest expense 22 na 101 5,325 7,935 Profit before tax na (1,672) (3,920) (975) (4,250) Profit before tax na na na (6,228) (2,868) Income tax na (243) 3,082 (394) (656) Income tax na na na 1,790 (1,000) Equity & invest. income na 1, Equity & invest. income (1) na 100 3,789 3,921 Minority interests na 23 (2) 4 51 Minority interests 1,131 na na 77 5 Extraordinary items na 0 16,185 0 (409) Extraordinary items na ,186 0 Net profit na (386) 10, (3,001) Net profit na na na 7,035 2,058 Normalized profit na (386) (6,148) 385 (2,591) Normalized profit na na na (4,152) 2,058 EPS (Bt) na (0.01) (0.09) EPS (Bt) na na na Normalized EPS (Bt) na (0.01) (0.18) 0.01 (0.08) Normalized EPS (Bt) na na na (0.12) 0.06 Cash & equivalent 18,299 8,642 38,036 30,362 20,718 Sales grow th (1.5) 4.2 (19.5) A/C receivable 47,704 60,530 70,464 73,119 64,477 Operating profit grow th 2,365.6 na na Inventory 16,849 15,748 12,432 10,638 7,449 EBITDA grow th (0.5) (0.4) (72) Other current assets 28,831 29,308 29,079 29,693 32,048 Norm profit grow th na na na na na Investment 17,088 17,172 21,154 21,720 21,948 Norm EPS grow th na na na na na Fixed assets 176, , , , ,812 Other assets 154, , , , ,116 Gross margin Total assets 459, , , , ,569 Operating margin (15.1) S-T debt 77,530 83,080 87,916 67,744 90,270 EBITDA margin A/C payable 115, , , , ,755 Norm net margin 15.5 (1.2) (17.9) 1.1 (7.9) Other current liabilities 4,778 5,570 4,348 5,421 2,235 L-T debt 49,924 49,389 48,904 68,334 68,054 D/E (x) Other liabilities 83,271 79,643 86,783 85,567 89,370 Net D/E (x) Minority interest Interest coverage (x) Shareholders' equity 127, , , , ,291 Interest rate Working capital (50,942) (35,453) (39,163) (36,506) (39,829) Effective tax rate (78.6) Total debt 127, , , , ,324 ROA 5.5 (0.3) (5.1) 0.3 (2.1) Net debt 109, ,827 98, , ,606 ROE 19.7 (1.2) (17.9) 1.1 (7.5) THANACHART SECURITIES 11

12 NEWS CLIPPING Election 'no threat to ties with HK': The strong links between Hong Kong, as a spearhead of the Greater Bay Area (GBA), and Asean chair Thailand will not weaken after the March 24 election and the advent of a new Thai government, Deputy Prime Minister Somkid Jatusripitak said yesterday. South Asia crisis threatens exports : Importers predicted to start hoarding. Escalating tension between India and Pakistan is expected to affect Thailand's exports in the short term, say senior ranking officials in the Commerce Ministry. Trump-Kim nuke summit collapses : US President Donald Trump and Kim Jong-un, North Korea's leader, abruptly ended their second summit meeting yesterday when negotiations collapsed after the two sides failed to agree on even the first steps toward nuclear disarmament, a peace declaration or reducing sanctions on the North. BoT cuts shipment outlook as contraction lingers : The Bank of Thailand has become cautious in its export outlook, predicting the country's payment-based outbound shipments will shrink in the first quarter after a year-on-year contraction in January exports. Economic growth propels earnings at top developers : An expanding economy helped to boost profits for most of the country's biggest property companies, with the top 10 listed developers posting an 8.97 per cent rise in combined 2018 net earnings from the prior year to Bt39.21 billion. Ministry buying B10bn in shares of hybrid bank : The Finance Ministry is set to spend 10 billion baht to subscribe to TMB Bank's newly issued shares to maintain its shareholding in the new bank from the amalgamation of TMB and Thanachart Bank (TBank). EGCO readies Bt30bn for overseas push : Electricity Generation Plc (EGCO) has allocated an investment budget of around Bt30 billion for three overseas projects under construction, aside from any possible further funding related to the acquisition of the Paju power plant in South Korea. THAI resumes flights to Europe : Carrier vows to clear backlog in three days. Thai Airways International (THAI) has decided to divert all flights to Europe across China following Pakistan's decision to close its airspace on Wednesday. Allianz Ayudha aims for Bt33bn in premiums as it puts strategies to work : Allianz Ayudhya Assurance has a set a goal of booking Bt33 billion in total premiums this year, with its efforts underpinned by five strategies. Bangkok Post Bangkok Post Bangkok Post Bangkok Post The Nation Bangkok Post The Nation Bangkok Post The Nation THANACHART SECURITIES 12

13 Market data Close Δ % Δ PRICE CHANGE - MOST ACTIVE SET Index 1, % Change 1 Day (%) Change 1 Week (%) SET50 Index 1, % SET100 Index 2, % MAI Index % Economic data Current -1M -3M BJC SCC ADVANC CPALL PT TGC BDMS IVL PT T BBL KBANK Saving Rate (%) Fixed Deposit - 3M (%) Fixed Deposit - 1Y (%) Govt Bond Yield 1Y (%) Govt Bond Yield 10Y (%) Treasury Yield 10Y (%) Policy Rate (%) VIX Index TED Spread (%) Source: Bloomberg, Thai BMA IVL PT TEP PT T AO T PT TEP CPALL AO T KT B EA SCB (3) (2) (1) (2) Change 1Month (%) Change Year-To-Date (%) IVL CPALL PT TGC PT TEP PT TEP SCC EA KBANK SET Forward PE Band KBANK ADVANC ADVANC PT T (index) 3,000 2,500 2,000 1,500 1, x 21x 17x 13x 9x 6x SCC AO T PT T PT TGC CPALL BDMS AO T IVL (5) (10) (5) SECTOR CHANGE Change 1 Day (%) Change 1 Week (%) F 2020F SET PE Discount to MSCI Asia x JP (x) STD = 7.2x STD = 4.1x Average = 1.1x 0 (2) (4) -1 STD = -1.9x -2 STD = -5x (6) (8) Jan-03 Oct-06 Jul-10 Apr-14 Jan-18 Source: Bloomberg ETRON PE TRO MEDIA MEDIA COMM ICT CONMAT FOOD FOOD COMM AUTO ETRON BA NK BA NK ICT SET PROP CONMAT SET PROP ENERG TRANS HELTH ENERG PE TRO AUTO TRANS HELTH (1.5) (1.0) (0.5) (2.0) Change 1 Month (%) Change Year-To-Date (%) PE TRO FOOD MEDIA ICT ICT CONMAT FOOD MEDIA CONMAT COMM COMM ENERG SET AUTO AUTO TRANS ETRON SET HELTH PROP BA NK ETRON ENERG BA NK TRANS PE TRO PROP HELTH (2.0) (5.0) Source: Bloomberg THANACHART SECURITIES 13

14 REGIONAL MARKET PERFORMANCE REGIONAL FUND FLOWS Change 1 Day (%) Change 1 Week (%) Change 1 Day (-1D) Taiwan India Dow Jones S&P500 Nasdaq Malaysia Hang Seng China Thailand Nikkei MSCI Asia x JP Singapore Indonesia S.Korea Philippines (2.5) (2.0) (1.5) (1.0) (0.5) 0.0 China Taiwan Nasdaq Thailand S&P500 Dow Jones Hang Seng India Nikkei MSCI Asia x JP Malaysia Indonesia S. Korea Singapore Philippines (5.0) (US$ m) (50) (100) (150) (92) (200) (132) (250) (300) (226) (350) (400) (450) (378) Philip. Taiwan India Indonesia Thailand Korea Asia-6 Change 1 Week (-1W) (US$ m) 3,000 2,561 2,500 2,133 2,000 1,500 1, (500) (38) (68) (305) Asia-6 India Taiwan Philip. Indonesia Thailand Korea Change 1 Month (%) Change Year-To-Date (%) Change 1 Month (-1M) (US$ m) China Taiwan Nasdaq Dow Jones S&P500 Nikkei Hang Seng China Nasdaq Dow Jones S&P500 Hang Seng MSCI Asia x JP S.Korea 6,000 5,000 4,000 3,000 2,000 1,000 0 (1,000) 5,484 2,670 2, (30) (147) Asia-6 India Taiwan Korea Philip. Indonesia Thailand MSCI Asia x JP Malaysia Singapore Thailand S. Korea Nikkei Taiwan Thailand Singapore Indonesia Change Year-To-Date (YTD) (US$ m) 12,000 10,566 10,000 8,000 Indonesia India Philippines (10) (5) Philippines Malaysia India (5) ,000 4,000 2, ,719 3,302 2, Asia-6 Korea Taiwan India Indonesia Philip. Thailand Source: Bloomberg Source: Bloomberg THANACHART SECURITIES 14