The Erawan Group. Thailand Company Guide

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1 Thailand Company Guide Version 3 Bloomberg: ERW TB Reuters: ERW.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Feb 2017 BUY Last Traded Price ( 2 Feb 2017): Bt4.42 (SET : 1,572.67) Price Target 12-mth: Bt5.80 (31% upside) Potential Catalyst: Recovery of international tourist arrivals Analyst Namida ARTISPONG namidaa@th.dbsvickers.com What s New Expect to see positive surprise for 4Q16F earnings Seeing RevPar growing from both occupancy rate and room rate hike Adding eight Hop Inn hotels in Thailand and one in the Philippines this year No more losses during low season Price Relative Bt Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 (LHS) Relative SET (RHS) Relative Index Forecasts and Valuation FY Dec (Bt m) 2014A 2015A 2016F 2017F Revenue 4,285 5,255 5,606 6,230 EBITDA 916 1,416 1,598 1,775 Pre-tax Profit (91.5) Net Profit (112) Net Pft (Pre Ex.) (115) Net Pft Gth (Pre-ex) (%) nm nm EPS (Bt) EPS Pre Ex. (Bt) EPS Gth Pre Ex (%) nm nm Diluted EPS (Bt) Net DPS (Bt) BV Per Share (Bt) PE (X) nm PE Pre Ex. (X) nm P/Cash Flow (X) EV/EBITDA (X) Net Div Yield (%) P/Book Value (X) Net Debt/Equity (X) ROAE (%) (2.3) Earnings Rev (%): 13 0 Consensus EPS (Bt): Other Broker Recs: B: 15 S: 0 H: 1 Source of all data on this page: Company, DBS Vickers, Bloomberg Finance L.P Sunny side-up Maintain BUY rating The period of mourning for our late king would have a lessthan-expected impact on its operations in 4Q16F. Meanwhile, we are positive on 2017 outlook which should be buoyed by organic growth (growing RevPar of its existing hotels) and hotel expansion. We believe ERW will benefit from the recovery of international tourist arrivals given its high Thailand exposure. Impact of mourning period was not as bad as expected. The mourning period has hurt ERW s 4Q16F operations due to cancellations and postponement of events and banquets though not as bad as earlier expected. Its Food and Beverage (F&B) segment in 4Q16F may have deteriorated slightly while hotel room revenue should still grow. Overall, we estimate ERW s net earnings will slide only 4.4% y-o-y to Bt98.4m in 4Q16F, including expected extraordinary gains of Bt2.6m from the sale of one unit of its shophouses in 4Q16. In 4Q16, ERW added two Hop Inn hotels in Thailand (Hat Yai and Phuket) and one Hop Inn in Manila, the Philippines. This adds another 326 rooms to its current portfolio to 41 hotels with a total of 6,385 rooms. Growing RevPar and hotel expansion to support FY17F earnings. We expect to see growing RevPar, driven by both average occupancy rate and average daily room rate. ERW should be able to increase its average occupancy rate (AOR) by 2ppts to 85% in FY17F, supported by continuous rise of international tourists and limited hotel supply. Given its high hotel AOR of 83% in FY16F, we estimate ERW to achieve c.5% increase in average room rate this year. ERW has solid expansion plan to add eight Hop Inn hotels in Thailand and one hotel in Manila, the Philippines in 2017, implying a 12.2% increase in the number of hotel rooms. In 2018, ERW will continue to expand its Hop Inn network and also open two hotels in mid-scale and economy segments in Thailand. By 2020, the group targets to have 95 hotels with more than 10,000 rooms in Thailand and ASEAN. Valuation: We lift our FY16F earnings by 13% for better-than- expected 4Q16F earnings. We maintain FY17F earnings and TP at Bt5.80, based on DCF valuation. Thanks to its better profit quality, we expect ERW to remain profitable during Thailand s tourism low season in 2Q and 3Q. Key Risks to Our View: Key risks include i) Thailand s tourism industry slowdown, and ii) competition in the hotel industry. At A Glance Issued Capital (m shrs) 2,498 Mkt. Cap (Btm/US$m) 11,042 / 315 Major Shareholders (%) Wattanavekin's Family 23.3 City Holding 9.8 MITR Phol Sugarco Ltd 7.5 Free Float (%) m Avg. Daily Val (US$m) 0.89 ICB Industry : Consumer Services / Travel & Leisure ed: CK / sa:cs, PY

2 WHAT S NEW Impact from mourning period is not as bad as expected Not bad 4Q16F performance: The mourning period has hurt ERW s 4Q16F operations due to cancellations and postponement of events and banquets though not as bad as earlier expected. We expect its Food and Beverage (F&B) segment in 4Q16F to have deteriorated only slightly while hotel room revenue should still grow. We believe this impact on its hotel operations is temporary. Overall, we estimate ERW s net earnings will slide only 4.4% y-o-y to Bt98.4m in 4Q16F. Note that we expect extraordinary gains of Bt2.6m from the sale of one unit of its shophouses in the quarter. Excluding Hop Inn, group s hotel RevPar should rise by 3-4% y-o-y in 4Q16F, mainly driven by an increase in average occupancy rate (AOR) to 77%. In the quarter, ERW added two Hop Inn hotels in Thailand (Hat Yai and Phuket) and one Hop Inn in Manila, the Philippines. This adds another c.326 rooms to its portfolio. Growing RevPar: We expect Thailand tourism to continue to boom in 2017, as the impact of falling Chinese arrivals to Thailand in the past few months from the crackdown on zero-dollar tours should be short-lived. Of the total Chinese tourist arrivals to Thailand, 60% are free independent types, 20% are from normal tour groups, and the remaining 20% are lured by zero-dollar tour packages. With Thailand s beautiful nature and culture, good food, and good aviation networks to both main and secondary cities, Thailand s Tourism and Sports Ministry expects international tourist arrivals to Thailand to grow by 7.7% to 35m in Meanwhile, Chinese tourists are expected to increase to 9.8m (+11.4% y-o-y). Additionally, signs of a recovery in Russian arrivals will also support Thailand s tourism sector this year. should be able to increase its average occupancy rate (AOR) by 2ppts to 85% in FY17F. Given its high hotel AOR of 83% in FY16F, we estimate ERW to achieve c.5% increase in average room rate this year. Continuous expansion: As of end-2016, ERW operated 41 hotels with a total of 6,385 rooms. ERW plans to add eight Hop Inn hotels in Thailand and one hotel in Manila, the Philippines in 2017, implying a 12.2% increase in the number of hotel rooms. In 2018, ERW will continue to expand its Hop Inn network and also open two hotels in mid-scale and economy segments in Thailand (more details on hotel expansion plan will be announced on Feb 23). By 2020, the group targets to have 95 hotels (25 of high-end/midscale/economy hotels, 50 budget hotels in Thailand, and 20 budget hotels in the Philippines) with more than 10,000 rooms in Thailand and ASEAN. Continuous expansion: We lift our FY16F earnings by 13% for better-than- expected 4Q16F earnings. We maintain FY17F earnings and TP at Bt5.80, based on DCF valuation. Thanks to its better profit quality, we expect ERW to remain profitable during Thailand s tourism low season in 2Q and 3Q. Hence, we expect to see growing RevPar, driven by both average occupancy rate and average daily room rate. ERW Page 2

3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Company Guide CRITICAL DATA POINTS TO WATCH Earnings Drivers: New hotels in the pipeline. As at end-fy16, ERW operated 41 hotels with a total of 6,385 hotel rooms across Thailand. Of the total EBITDA in 9M16, 44% came from luxury hotels, followed by mid-scale (29%), economy (21%), and budget (6%). ERW plans to expand its hotel portfolio via non-luxury segments which are the high-growth markets. ERW targets to have 95 hotels with more than 10,000 rooms in Thailand and ASEAN by Building footprints in ASEAN markets. ERW sees opportunities in overseas markets, particularly in the ASEAN region. New emerging markets have high growth potential. ERW took its first step overseas by venturing into the Philippines (168 rooms) in 4Q16. The group will use the Hop Inn brand (three stars) with an average of rooms per hotel to penetrate the market. Its target customers are locals, especially business travellers. ERW targets to have 20 Hop Inn hotels overseas by Expanding RevPar. With continuous growth in Thailand s tourism sector, the group s hotel business is expected to see a higher occupancy rate. Meanwhile, we expect ERW to be able to increase the average room rate at each of its hotel segments with an average increase of 5%. Lower-end hotel segments to benefit margins. ERW is expanding its hotels in the non-luxury segments, and hence margins are expected to be stronger going forward as lowerend hotel segments generate higher margins. This is premised on lower investments and operation costs due to the simpler business model, and lower F&B contribution as a percentage of total hotel revenue. For luxury hotels, as high as 50% of total hotel revenues are contributed from F&B, while the rest is from room revenue. F&B contribution is less for hotels in the lowerend segment. Hotel revenue breakdown by segment 100% 1% 2% 90% 15% 17% 17% 20% 21% 18% 80% 15% 18% 18% 70% 20% 7% 21% 24% 60% 6% 8% 8% 50% 10% 8% 40% 30% 63% 59% 20% 57% 52% 48% 47% 10% 0% Luxury Bangkok Luxury Resort Midscale Economy Hop Inn EBITDA margin by segment 50% 45% 40% 38% 35% 36% 35% 35% 33% 38% 37% 35% 30% 28% 34% 25% 28% 28% 30% 30% 27% 20% 24% 23% 15% 20% Luxury Midscale Economy Hop Inn Room revenue by country of residence Country Contribution F Y15F China 16% Thailand 12% U.S. 11% Singapore 6% Hong Kong 4% India 4% U.K. 4% Germany 4% Russia 4% South Korea 4% Others 31% Total 100% '000 People 3,400 Thailand: Visitor arrivals 3,000 2,600 2,200 1,800 1,400 1, Source: Company, DBS Vickers Page 3

4 Balance Sheet: Balance sheet is manageable. As at end-3q16, interest bearing debt-to-equity was 1.7x, lower than its covenant of 2.5x. Share Price Drivers: Recovery of international tourist arrivals to Thailand. Despite a crackdown on Chinese zero-dollar tours, we are still positive on the tourism industry given Thailand s costcompetitive travelling and variety of destinations. We believe the decline in international tourists should have already bottomed out in Nov. International passenger growth at AOT s six airports has rebounded to 7% during 1-20 Jan The Tourism Authority of Thailand expects the number of tourists to continue to grow by 7.7% to 35.1m in Given that most of ERW s earnings come from Thailand, the group will be a key beneficiary of the rising number of international tourist arrivals to Thailand. Leverage & Asset Turnover (x) A 2014A 2015A 2016F 2017F Gross Debt to Equity (LHS) Asset Turnover (RHS) Btm 2, , , ,000.0 Capital Expenditure Key Risks: Tourism industry slowdown. Thailand s tourism industry can be affected by several factors such as political uncertainty, global economic slowdown, epidemics and natural disasters. Competition in the hotel industry. A new supply of hotel rooms is expected to come onstream. However, as Thailand is a top tourist destination, we believe that demand will outpace supply. Also, its strong international hotel brands and welldiversified hotel portfolio will enable it to be competitive % 15.0% 10.0% 2013A 2014A 2015A 2016F 2017F Capital Expenditure (-) ROE (%) Company Background ERW is a leading investor, developer, and operator of hotels in Thailand. It was founded in 1982 by the three families of Vongkusolkit, Wattanavekin and Janewattanawit. It targets various segments of customers as its assets range from budget to luxury hotels. The group was listed on the Stock Exchange of Thailand on 26 Aug 1988 at an IPO price of Bt31.0 per share (Bt10 par value). However, the par value has since been reduced to Bt1 per share. 5.0% 0.0% 2013A 2014A 2015A 2016F 2017F PB Band (x) (x) sd: 3.25x sd: 2.82x 2.3 Avg: 2.39x -1sd: 1.95x 1.8-2sd: 1.52x 1.3 Feb-13 Feb-14 Feb-15 Feb-16 Source: Company, DBS Vickers Page 4

5 Income Statement (Btm) FY Dec 2013A 2014A 2015A 2016F 2017F Revenue 4,702 4,285 5,255 5,606 6,230 Cost of Goods Sold (2,156) (2,230) (2,510) (2,602) (2,891) Gross Profit 2,546 2,055 2,744 3,004 3,340 Other Opng (Exp)/Inc (1,858) (1,811) (2,046) (2,143) (2,345) Operating Profit Other Non Opg (Exp)/Inc (84.0) Associates & JV Inc Net Interest (Exp)/Inc (368) (360) (387) (361) (396) Exceptional Gain/(Loss) Pre-tax Profit 1,057 (91.5) Tax (90.7) (19.0) (98.8) (116) (148) Minority Interest (29.6) (1.1) (34.8) (33.7) (39.3) Preference Dividend Net Profit 937 (112) Net Profit before Except. 132 (115) EBITDA 1, ,416 1,598 1,775 Growth Revenue Gth (%) 9.3 (8.9) EBITDA Gth (%) 7.1 (32.4) Opg Profit Gth (%) 10.5 (64.6) Net Profit Gth (Pre-ex) (%) nm nm Margins & Ratio Gross Margins (%) Opg Profit Margin (%) Net Profit Margin (%) 19.9 (2.6) ROAE (%) 22.0 (2.3) ROA (%) 7.1 (0.8) ROCE (%) Div Payout Ratio (%) 40.0 N/A Net Interest Cover (x) Source: Company, DBS Vickers Page 5

6 Quarterly / Interim Income Statement (Btm) FY Dec 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 Revenue 1,216 1,386 1,542 1,277 1,375 Cost of Goods Sold (625) (638) (665) (631) (637) Gross Profit Other Oper. (Exp)/Inc (504) (507) (550) (524) (546) Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc (3.9) Net Interest (Exp)/Inc (96.1) (95.3) (93.2) (88.8) (89.4) Exceptional Gain/(Loss) Pre-tax Profit (4.6) Tax (13.1) (33.5) (43.8) (15.9) (29.9) Minority Interest (2.3) (11.5) (7.5) (5.7) (13.0) Net Profit (20.0) Net profit bef Except. (20.0) EBITDA Growth Revenue Gth (%) (17.2) 7.7 EBITDA Gth (%) (40.3) 24.5 Opg Profit Gth (%) (62.7) 57.1 Net Profit Gth (Pre-ex) (%) 19.4 nm 85.6 (91.1) Margins Gross Margins (%) Opg Profit Margins (%) Net Profit Margins (%) (1.6) Balance Sheet (Btm) FY Dec 2013A 2014A 2015A 2016F 2017F Net Fixed Assets 10,558 11,603 11,632 12,724 13,947 Invts in Associates & JVs Other LT Assets 1,768 1,705 1,617 1,620 1,623 Cash & ST Invts , Inventory Debtors Other Current Assets Total Assets 13,715 14,517 14,820 15,815 17,092 ST Debt 1,002 1,720 2,617 2,532 2,674 Creditor Other Current Liab LT Debt 6,030 6,722 5,988 6,785 7,590 Other LT Liabilities Shareholder s Equity 5,035 4,554 4,703 4,960 5,238 Minority Interests Total Cap. & Liab. 13,715 14,517 14,820 15,815 17,092 Non-Cash Wkg. Capital (714) (626) (544) (545) (555) Net Cash/(Debt) (6,204) (7,766) (7,594) (8,428) (9,361) Debtors Turn (avg days) Creditors Turn (avg days) Inventory Turn (avg days) Asset Turnover (x) Current Ratio (x) Quick Ratio (x) Net Debt/Equity (X) Net Debt/Equity ex MI (X) Capex to Debt (%) Z-Score (X) NA NA NA NA NA Source: Company, DBS Vickers Page 6

7 Cash Flow Statement (Btm) FY Dec 2013A 2014A 2015A 2016F 2017F Pre-Tax Profit 1,057 (91.5) Dep. & Amort Tax Paid Assoc. & JV Inc/(loss) (15.8) (20.9) (19.4) (11.7) (12.9) Chg in Wkg.Cap. 183 (87.9) (81.3) Other Operating CF (554) (256) (291) Net Operating CF 1, ,305 1,001 1,141 Capital Exp.(net) (1,646) (1,770) (732) (1,730) (1,930) Other Invts.(net) Invts in Assoc. & JV (162) Div from Assoc & JV Other Investing CF 1, (2.7) (2.8) Net Investing CF (283) (1,746) (707) (1,733) (1,933) Div Paid (42.5) (375) (99.3) (99.9) (145) Chg in Gross Debt (845) 1, Capital Issues (5.3) 0.0 Other Financing CF (403) (380) (396) Net Financing CF (645) 669 (263) Currency Adjustments Chg in Cash 417 (151) 335 (121) 13.3 Opg CFPS (Bt) Free CFPS (Bt) (0.1) (0.3) 0.23 (0.3) (0.3) Source: Company, DBS Vickers Target Price & Ratings History Analyst: Bt Namida ARTISPONG S.No. Date of Report Closing Price 12-mth T arget Price Rating 1: 11 Feb BUY 2: 24 Feb BUY 3: 29 Feb BUY 4: 07 Mar BUY 5: 05 Apr BUY 6: 20 Apr BUY 7: 04 May BUY 8: 13 May BUY : 27 Jun BUY : 29 Jul BUY 11: 05 Aug BUY : 10 Aug BUY Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 13: 06 Sep BUY 14: 28 Oct BUY Note : Share price and Target price are adjusted for corporate actions. 15: 10 Nov BUY Source: DBS Vickers THAI-CAC Corporate Governance CG Rating 2016 Certified THAI-CAC is Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of October 28, 2016) are categorised into: Score Declared Certified Description Companies that have declared their intention to join CAC Companies certified by CAC. Corporate Governance CG Rating is based on Thai Institute of Directors (IOD) s annual assessment of corporate governance practices of listed companies. The assessment covers 235 criteria in five categories including board responsibilities (35% weighting), disclosure and transparency (20%), role of stakeholders (20%), equitable treatment of shareholders (10%) and rights of shareholders (15%). The IOD then assigns numbers of logos to each company based on their scoring as follows: Score Range Number of Logo Description Excellent Very Good Good Satisfactory Pass <50 No logo given N/A Page 7

8 DBS Vickers recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame) Share price appreciation + dividends Completed Date: 3 Feb :29:25 (THA) Dissemination Date: 3 Feb :55:56 (THA) GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers Securities (Thailand) Co, Ltd. This report is solely intended for the clients of DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Vickers Securities (Thailand) Co, Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the DBS Group )) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to update the information in this report. This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned schedule or frequency for updating research publication relating to any issuer. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, 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, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) (b) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making. Page 8

9 ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in the report. The DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. As of 3 Feb 2017, the analyst(s) and his/her spouse and/or relatives who are financially dependent on the analyst(s), do not hold interests in the securities recommended in this report ( interest includes direct or indirect ownership of securities). The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Vickers Securities (Thailand) Co, Ltd and its subsidiaries do not have a proprietary position in the securities recommended in this report as of 2 Feb Compensation for investment banking services: 2. DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. Disclosure of previous investment recommendation produced: 3. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates may have published other investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates in the preceding 12 months. 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10 Singapore Thailand United Kingdom This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No E) or DBSVS (Company Regn No G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at for matters arising from, or in connection with the report. This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only intended for institutional clients only and no other person may act upon it. This report is produced by DBS Vickers Securities (Thailand) Co, Ltd which is regulated by the Securities and Exchange Commission, Thailand. This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd, ("DBSVUK"). DBSVUK is authorised and regulated by the Financial Conduct Authority in the United Kingdom. In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVUK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this communication. Dubai United States Other jurisdictions This research report is being distributed in The Dubai International Financial Centre ( DIFC ) by DBS Bank Ltd., (DIFC Branch) having its office at PO Box , 3 rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it. This report was prepared by DBS Vickers Securities (Thailand) Co, Ltd. DBSVUSA did not participate in its preparation. The research analyst(s) named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate. In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Vickers Securities (Thailand) Co, Ltd 989 Siam Piwat Tower Building, 9th, 14th-15th Floor Rama 1 Road, Pathumwan, Bangkok Thailand Tel , Fax: Company Regn. No Securities and Exchange Commission, Thailand. Page 10

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