FTSE SET INDEX SERIES

Transcription

1 Monthly Report - February 212 INTRODUCTION TABLE OF CONTENTS FTSE Group and the Stock Exchange of Thailand (SET) have jointly created the FTSE SET Index Series to provide investors with a comprehensive series of indices for accessing segments of Thailand s market. The index series adopts FTSE s global index standards such as size, free float weighting and liquidity screening, and provides a familiar tool for performance measurement, product creation and analysis, appealing to both local and international investors. As part of the FTSE SET Index Series the is the flagship index that captures the largest, most liquid companies on the Thai market. The index is also delivered on an intra-second streaming basis, enabling investors to make trading decisions based on intra-second index quotes and respond more rapidly to immediate market events. Introduction & Index Series Overview FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index COMMENTARY FEATURES % The ended the month in positive territory in February up 8.72 per cent, managing to outperform the FTSE ASEAN Index by 7.5 per cent. 1-Month Performance of the Selected FTSE Indices Straits Time Index (STI) FTSE Bursa Malaysia KLCI FTSE Indonesia Index FTSE Philippines Index FTSE Vietnam Index FTSE ASEAN Index FTSE All-World Index Within the Thailand market, Large Cap companies had the best performance with the up 8.72 per cent, followed by All-Share companies seeing an increase of 7.92 per cent in February. Fledgling companies were the worst performers. 1-Month THB Performance 1-Month Performance of the FTSE SET Index Series FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index Month THB Performance Vietnam was the best performing Asian market this month with the FTSE Vietnam Index seeing a rise of 9.71 per cent in February. The second best performing Asian market was Thailand. Indonesia was the worst performer, with the FTSE Indonesia Index falling 4.2 per cent. The FTSE All-World Index was up 2.63 per cent. Food & Drug Retailers was the best performing sector in the FTSE SET All- Share Index, up per cent, followed by Technology Hardware & Equipment companies, up per cent. The Life Insurance, and Industrial Engineering sectors had the worst performance in February, down 8.16 and 7.66 per cent, respectively. Big C Supercenter had the strongest performance in both the FTSE SET All-Share and, up 31.2 per cent The indices have been designed for the creation of structured products, index tracking funds, ETFs or as performance benchmarks The index series contains the FTSE SET Large Cap Index that comprises 3 of the largest, most liquid companies listed on the SET The indices provide a comprehensive coverage of the major market segments of the Thai market, including size, sectors, and Shariah based indices The indices have been designed for both domestic and international investors who want to see global standards applied to the selection and maintenance of companies Index constituents are free-float weighted to ensure that only the investable opportunity set is included within an index Companies are liquidity screened to ensure that the indices are tradable (except for the FTSE SET Fledgling Index) The indices are governed by an independent committee made up of senior investment professionals to ensure they continue to meet the needs of index users FTSE SET LARGE CAP INDEX Bloomberg: FSTHL Reuters: <.FTFSTHL> Factset: FSTHL.LOC-FTX Telekurs: CH

2 Mid Small Cap Industry Indices All-Share Shariah Monthly Report - February 212 INFORMATION Index Universe Large Cap Screens on Business Activity & Financial Ratios Index Universe Stock Exchange of Thailand Main Board Index Launch FTSE SET Index Series - 24 June 28 FTSE SET Shariah Index - 23 April 29 FTSE SET All-Share Industry Indices - 11 November 21 Base Date 29 February 28 9% 98% Mid Cap Small Cap Fledgling The following indices are included in the FTSE SET Index Series: This index comprises the largest 3 companies by full market capitalisation that meet stated eligibility requirements. FTSE SET Mid Cap Index This index comprises the companies within the top 9% of the SET Universe by full market capitalisation. They will also need to meet the stated eligibility requirements, but are not constituents of the. FTSE SET Small Cap Index This index comprises the constituents within the top 98% of the SET Universe by full market capitalisation. They will also need to meet the stated eligibility requirements, but are not constituents of the and the FTSE SET Mid Cap Index. FTSE SET Mid Small Cap Index This index comprises the constituents in the FTSE SET Mid Cap Index and the FTSE SET Small Cap Index. This index comprises the constituents in the, the FTSE SET Mid Cap Index and the FTSE SET Small Cap Index. FTSE SET All-Share Industry Indices There are 1 Industry, 19 Supersector and 39 Sector Indices comprised of the constituents in the. These industries, supersectors and sectors are defined in the Industry Classification Benchmark (ICB). FTSE SET Fledgling Index This index comprises the constituents listed on the SET Universe that are too small to be in the. FTSE SET Shariah Index This index comprises the constituents of the that are Shariah compliant according to the Yasaar screening methodology. Base Value 1 Index Calculation Real-time and end-of-day indices available. Real-time indices are calculated at the following intervals: - intra-second streaming basis FTSE SET Shariah Index - every 15 seconds All other FTSE SET Indices - every 6 seconds End-of-Day Distribution Indices available at 21: Bangkok local time (14: hours London time GMT or 15: hours BST) via FTP and Currency USD, EUR, GBP, JPY, THB Real-time calculated in THB only Review Dates Semi-annually in June and December Index Rules Available at Vendor Codes See page 4 or contact info@ftse.com Historical Data Available from January 1997 INDUSTRY CLASSIFICATION BENCHMARK (ICB) The indices are calculated in accordance with the Industry Classification Benchmark (ICB), the global standard for industry sector analysis The ICB contains four classification levels: Industries (x1), Supersectors (x19), Sectors (x41) and Subsectors (x114) Global presence - ICB is adopted by stock exchanges representing over 65% of the world s market capitalisation 2

3 Monthly Report - February 212 INDEX METHODOLOGY OVERVIEW Eligible Securities All classes of ordinary shares in issue are eligible for inclusion in the FTSE SET Index Series, subject to conforming to all other rules of eligibility, free float and liquidity. Index Review The FTSE SET Index Series is reviewed on a semi-annual basis in June and December using data as at the close of business on the last day in November and May. The eligible constituents from the are screened by Yasaar for Shariah-compliance for the FTSE SET Shariah Index on a quarterly basis. The index series semi-annual review will be implemented after the close of business on the third Friday in June and December. New Issues If a new issue is so large (i.e. its full market capitalisation amounts to 2% or more of the, before the adjustment of free float) that the effectiveness of the index as a market indicator would be significantly and adversely affected by its non-inclusion, FTSE will normally include the new issue as a constituent of the and remaining FTSE SET Indices that it qualifies for after the close of business on the first day of official trading. New issues, which do not qualify as early entrants will become eligible for inclusion at the next semi-annual review providing they pass the eligibility screens, and have since the commencement of official non-conditional trading, a minimum trading record of at least 2 trading days prior to the date of the review. Further details of the index methodology can be found on The following publications are available by contacting your local FTSE Client Services team or info@ftse.com. Ground Rules for the Management of the FTSE SET Index Series Constituent Selection Inclusion Screens A company will be inserted at the periodic review if it rises above the position stated below for the relevant index when the eligible securities for each FTSE SET Index are ranked by full market capitalisation, i.e. before the adjustment of free float: - Risen to 2th or above FTSE SET Mid Cap Index - Risen to 86% or above FTSE SET Small Cap Index - Risen to 97% or above A company will be deleted at the periodic review if it falls below the position stated below for the relevant index when the eligible securities for each FTSE SET Index are ranked by full market capitalisation, i.e. before the adjustment of free float: - Fallen to 41st or below FTSE SET Mid Cap Index - Fallen to 92% or below FTSE SET Small Cap Index - Fallen below 99% A company will be eligible for the providing it is a constituent of either the large, mid, and small cap index. Eligible non-constituents that are ranked below the top 97% of the SET Universe will be included in the FTSE SET Fledgling Index. Liquidity Screen The semi-annual liquidity screen is based on a security s median daily trading per month on the SET, with each daily trade total ranked and the middle ranking day selected. Daily totals with zero trades are included. Constituents of the FTSE SET Fledgling Index are not screened for liquidity. Non-constituents must turnover at least.5% of their shares in issue (after the adjustment of free float) based on their median daily trade per month in ten of the twelve months prior to the semi-annual review. An existing constituent must trade at least.4% of its shares in issue (after the adjustment of free float) based on its median daily trade per month for at least eight of the twelve months prior to the semi-annual review. New issues must have a turnover of at least.5% of their free float adjusted shares in each month since their listing. Free float The FTSE SET Index Series constituents are adjusted for free float and weighted according to how much share capital is available for public investment. This achieves the most accurate and neutral market representation possible: meaning that only shares you can own are included in the index. FTSE has chosen to apply free float restrictions in weighted bands. This process accurately reflects the investability of a company, without subjecting the investor to frequent rebalancing transactions associated with a more precise free float methodology. Reserve Lists A reserve list of the five highest ranking non-constituents of the is published at the time of the semiannual review. The Reserve List will be used in the event that one or more constituents are deleted during the period up to the next semi-annual review. FTSE SET Advisory Committee The FTSE SET Advisory Committee governs the ongoing management of these indices to ensure they continue to meet the needs of index users. The committee is made up of senior investment professionals and finance industry experts acting independently to advise on the creation of new indices, any enhancements to the methodology and to ensure that the index series evolves with any changes in the market environment. 3

4 Monthly Report - February 212 COMMENTARY IN FEBRUARY Global markets were in positive territory in February, with the FTSE All-World Index up 2.63 per cent. Year-todate global markets have continued on a positive path, up 6.51 per cent. Europe was the best performing region in February finishing the month up 3.97 per cent. North America was the worst performing region, up on the month 1.85 per cent. Asian markets saw positive performance with the FTSE Asia Pacific Index up 2.7 per cent. Within Asia Vietnam was the best performing market in February, with the FTSE Vietnam Index up 9.71 per cent. The had a rise of index points on the month, seeing a positive performance of 8.72 per cent. The Food & Drug Retailers sector within the had the best performance up per cent, with Health Care Equipment & Services sector showing the worst performance down 1.95 per cent. The best performing constituent was Big C Supercenter showing a positive return of 31.2 per cent in February. Within the size segments in February large cap companies were the best performers in the FTSE SET Index Series, with fledgling companies showing the worst performance, although still up 2.46 per cent on the month. The had a performance of 7.92 per cent in February, with Big C Supercenter the best performing constituent, up 31.2 per cent. Year to date the FTSE SET Shariah Index has the highest volatility within the FTSE SET Index Series at per cent. The FTSE SET Fledgling Index has the lowest volatility with 9.39 per cent. This compares to a volatility of and per cent respectively for 211. The had a volatility of per cent year to date, lower than 211's per cent. As at the end of February, the accounts for per cent of the FTSE SET All-Share Index, with the 89 constituents of the FTSE SET Small Cap Index accounting for 5.47 per cent. The top ten constituents of the account for per cent of the index, compared to per cent of the FTSE SET Small Cap Index and per cent of the. Food & Drug Retailers was the best performing sector in the up per cent in February, with Technology Hardware & Equipment being the second best performer up per cent. Life Insurance was the worst performing sector followed by Industrial Engineering down 8.16 per cent and 7.66 per cent, respectively. With an index weighting of 34.7 per cent and 7 constituents, Financials is the largest industry in the FTSE SET Large Cap Index, up.97 per cent in weighting compared to the previous month. This compares to a weight of 37.4 per cent in the FTSE SET Mid Cap Index and per cent in the. Within the FTSE SET Shariah Index Financials has 12 constituents, and accounts for 4.66 per cent. VENDOR CODES FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index FTSE FSTHL FSTHM FSTHS FSTHMS FSTHA FSTHF FSTSH BLOOMBERG FSTHL FSTHM FSTHS FSTHMS FSTHA FSTHF FSTSH REUTERS <.FTFSTHL> <.FTFSTHM> <.FTFSTHS> <.FTFSTHMS> <.FTFSTHA> <.FTFSTHF> <.FTFSTSH> FACTSET FSTHL.LOC-FTX FSTHM-FTX FSTHS-FTX FSTHMS-FTX FSTHA-FTX FSTHF-FTX FSTSH-FTX TELEKURS CH CH CH CH CH CH TK

5 Index Rebased (28 Feb 27=1) - February 212 INDEX OVERVIEW The comprises the largest companies by full market capitalisation in the. The index is a free float adjusted market-capitalisation weighted index representing the performance of the largest Thai blue chip companies, which pass the size, free float, and liquidity screens. The index represents approximately 7 per cent of the SET Main Board and as at the end of February there were 3 constituents in the index. FTSE SET LARGE CAP INDEX FIVE-YEAR PERFORMANCE (THB PRICE RETURN) PERFORMANCE HIGHLIGHTS The ended the month in positive territory in February up 8.72 per cent, outperforming the FTSE SET All-Share Index by.8 per cent. Year to date the performance is up by per cent, with a volatility of 12. per cent, lower than 211 s volatility of per cent. Food & Drug Retailers had the best sector performance in the in February, up per cent. FTSE SET LARGE CAP INDEX HISTORICAL PERFORMANCE TABLE (THB PRICE RETURN) 1M 3M CUMULATIVE PERFORMANCE 6M YTD 1Y ANNUALISED PERFORMANCE Div Yield PERFORMANCE OF THE FTSE SET LARGE CAP INDEX AND SELECTED FTSE ASIA PACIFIC COUNTRY INDICES IN FEBRUARY (THB PRICE RETURN) Rank Number of Cons Net Market Cap (THBbn) 1M Perf 1 FTSE Vietnam Index , FTSE Hong Kong Index , FTSE TWSE Taiwan 5 Index 5 12, FTSE Philippines Index FTSE India Index 123 1, FTSE China A5 Index 5 11, FTSE Korea Index , Rank Number of Cons Net Market Cap (THBbn) 1M Perf 9 FTSE Japan Index , FTSE Bursa Malaysia KLCI 3 5, FTSE China 25 Index FTSE Pakistan Index Straits Times Index (STI) 3 6, FTSE ASFA Australia 2 Index 2 33, FTSE New Zealand Index FTSE Indonesia Index 24 3, FTSE SET LARGE CAP INDEX HISTORICAL REVIEW TURNOVER BEFORE REVIEW AFTER REVIEW Review Month Number of Adds Number of Dels Number of Cons Net Market Cap (THBm) Number of Cons Net Market Cap (THBm) 2-Way Turnover June ,561, ,585, December ,745, ,745,868. Total 1.28 Note: The majority of index changes occurs at the index reviews in June and December. Review changes to the index may include constituent additions/deletions, shares in issue and free float changes, and changes due to corporate events. 5

6 Volatility FTSE SET Industry Indices FTSE SET Industry Indices - February 212 FIVE-YEAR HISTORICAL INDUSTRY BREAKDOWN INDUSTRY BREAKDOWN (25.48%) 2 (5.61%) 3 (8.55%) 1 (2.5%) 3 (2.34%) 3 (6.63%) 3 (7.18%) 7 (34.7%) 4 (8.9%) Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Key: 7 Number of Constituents (34.7%) Index Weight RELATIVE PERFORMANCE AGAINST FTSE SET LARGE CAP INDEX (THB PRICE RETURN) 1 MONTH 1 YEAR Basic Materials 2.85 Basic Materials Consumer Goods Consumer Goods Consumer Services 4.89 Consumer Services Financials 3.2 Financials -.4 Health Care Health Care 34.1 Industrials -5.4 Industrials -.47 Oil & Gas -.62 Oil & Gas Technology Technology Telecommunications Telecommunications 85.2 Utilities Utilities Relative Performance Relative Performance FTSE SET LARGE CAP INDEX HISTORICAL VOLATILITY (THB PRICE RETURN) Index volatility is calculated on a rolling 18 days basis. 6

7 Index Rebased (28 Feb 211=1) BOTTOM TOP - February 212 FTSE SET LARGE CAP INDEX HISTORICAL VOLATILITY TABLE (THB PRICE RETURN) YTD * 1Y * ** *** 28 * 29 * 21 * 211 * * Based on annualised daily total log returns. ** Based on annualised weekly total log returns. *** Based on annualised monthly total log returns. FTSE SET LARGE CAP INDEX HISTORICAL SHARPE RATIO (THB PRICE RETURN) YTD * 1Y * ** *** 28 * 29 * 21 * 211 * * Based on annualised daily total log returns. ** Based on annualised weekly total log returns. *** Based on annualised monthly total log returns. Note: Bangkok 3-Month interbank offered rate (BIBOR) is used as the risk free rate. FTSE SET LARGE CAP INDEX HISTORICAL CORRELATION AGAINST FTSE SET ALL-SHARE INDEX (THB PRICE RETURN) YTD * 1Y * ** *** 28 * 29 * 21 * 211 * * Based on annualised daily total log returns. ** Based on annualised weekly total log returns. *** Based on annualised monthly total log returns. FTSE SET LARGE CAP INDEX TOP 5 AND BOTTOM 5 SECTOR PERFORMERS ICB Code ICB Sector Number of Cons Net Market Cap (THBm) Index Weight 1M Perf 1Y Perf Div Yield 533 Food & Drug Retailers 2 272, Chemicals 2 16, Banks 6 1,385, Mining 1 176, Travel & Leisure 1 28, Food Producers 2 254, Media 1 44, Industrial Transportation 1 22, Electricity Health Care Equipment & Services ,577 87, FTSE SET LARGE CAP INDEX ONE-YEAR TOP PERFORMING SECTOR - MOBILE TELECOMMUNICATIONS PROFILE 25 Number of Constituents: Largest Constituent in Sector: Advanced Info Serv Weight in Sector: 79.43% Weight in : 5.61% 1-Year Price Return: 13.89% Dividend Yield:.% - Mobile Telecommunications FTSE SET Mobile Telecommunications Index 7

8 BOTTOM TOP - February 212 FTSE SET LARGE CAP INDEX TOP 1 CONSTITUENTS Rank Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf 1 PTT PTT Exploration & Production 515, SCB Siam Commercial Bank PCL Banks 44, KBANK Kasikornbank Banks 348, BBL Bangkok Bank Banks 345, SCC Siam Cement Building Materials & Fixtures 321, PTTGC PTT Global Chemical Exploration & Production 249, PTTEP PTT Exploration & Production Exploration & Production 243, CPALL CP ALL Food Retailers & Wholesalers 223, CPF Charoen Pokphand Foods PCL Farming & Fishing 24, ADVANC Advanced Info Serv Mobile Telecommunications 189, Totals 3,83, FTSE SET LARGE CAP INDEX TOP 5 AND BOTTOM 5 PERFORMERS Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf BIGC Big C Supercenter Food Retailers & Wholesalers 49, IVL Indorama Ventures PCL Commodity Chemicals 58, TOP Thai Oil Exploration & Production 77, BBL Bangkok Bank Banks 345, SCCC Siam City Cement Building Materials & Fixtures 2, BEC BEC World Broadcasting & Entertainment 44, AOT Airports of Thailand Transportation Services 22, BGH Bangkok Dusit Medical Services PCL Health Care Providers 87, GLOW Glow Energy Conventional Electricity 31, RATCH Ratchaburi Electricity Generating Holding Conventional Electricity 3, FTSE SET LARGE CAP INDEX TOP PERFORMER IN FEBRUARY - BIG C SUPERCENTER PROFILE Big C Supercenter FTSE SET Food & Drug Retailers Index 8.72% 16.12% 31.2% Local Code: BIGC ICB Subsector: Food Retailers & Wholesalers Weight in : 1.15% Month Price Return Dividend Yield 1.28% Big C Supercenter, the mass grocery retailer operating a chain of 16 hypermarkets in Thailand, rose 31.2 per cent in February. The company announced its 4Q 211 results in February with net income jumping to THB 2.4 billion, this compares to the Q4 21 total of THB 753 million. In 211, net income has soared over 8 per cent to THB 5.2 billion. The company s gross margin also rose 1.6 per cent to 1.49 per cent in 211. The investment rating of the company was upgraded by several investment houses after releasing its results 8

9 Index Rebased (28 Feb 27=1) - February 212 INDEX OVERVIEW The comprises the constituents in the, the FTSE SET Mid Cap Index, and the FTSE SET Small Cap Index. The index is a free float adjusted market-capitalisation weighted index representing the performance of approximately 98 per cent of the SET Main Board which pass the size, free float, and liquidity screens. As at the end of February there were 169 constituents in the index. FTSE SET ALL-SHARE INDEX FIVE-YEAR PERFORMANCE (THB PRICE RETURN) PERFORMANCE HIGHLIGHTS Within the size segments of the FTSE SET All- Share Index, large cap companies had the best performance in February with the FTSE SET Large Cap Index up 8.72 per cent, followed by mid cap companies seeing an increase of 5.16 per cent. Small cap companies were the worst performers although up 3.3 per cent. The had a performance of 7.92 per cent. FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Fledgling Index FTSE SET ALL-SHARE INDEX HISTORICAL PERFORMANCE TABLE (THB PRICE RETURN) FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index 1M 3M CUMULATIVE PERFORMANCE 6M YTD 1Y ANNUALISED PERFORMANCE Div Yield FIVE-YEAR HISTORICAL INDUSTRY BREAKDOWN INDUSTRY BREAKDOWN Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities

10 FTSE SET Industry Indices FTSE SET Industry Indices FTSE SET Indices FTSE SET Indices - February 212 RELATIVE PERFORMANCE AGAINST FTSE SET ALL-SHARE INDEX (THB PRICE RETURN) 1 MONTH 1 YEAR Large.8 Large.85 Mid Mid Small Small Mid Small Mid Small Fledgling Fledgling -3.6 Shariah Shariah Relative Performance Relative Performance Basic Materials.43 Basic Materials Consumer Goods Consumer Goods Consumer Services 4.36 Consumer Services 34.4 Financials 2.5 Financials -.58 Health Care Health Care 3.75 Industrials Industrials Oil & Gas.18 Oil & Gas Technology 3.61 Technology 3.33 Telecommunications Telecommunications 69.3 Utilities Relative Performance Utilities Relative Performance PORTFOLIO CHARACTERISTICS FTSE SET Large Cap Index FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET All- Share Index FTSE SET Fledgling Index FTSE SET Shariah Index Number of Constituents Full Market Cap (THBm) % 3 6,735, ,296, , ,761, ,497, , ,813, Review Turnover - June 211 December 211 Totals Net Market Cap (THBm) Dividend Yield Constituent Sizes (Net Market Cap THBm) Average Largest Smallest Median Weight of Largest Constituent Top 1 Holdings (% Index Market Cap) 4,263, ,74 247,478 1,3,182 5,266, , ,591, ,112 15,114 2,781 7,217 31, , ,95 37,995 14,518 37, ,95 3, ,95 2,769 72,26 3,138 12, , , , ,

11 Volatility - February 212 HISTORICAL VOLATILITY (THB PRICE RETURN) FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index Index volatility is calculated on a rolling 18 days basis. HISTORICAL VOLATILITY TABLE (THB PRICE RETURN) FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index YTD * * Based on annualised daily total log returns. ** Based on annualised weekly total log returns. *** Based on annualised monthly total log returns. 1Y * ** *** 28 * 29 * 21 * 211 * HISTORICAL SHARPE RATIO (THB PRICE RETURN) YTD* 1Y* ** *** 28* 29* 21* 211* FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index * Based on annualised daily total log returns. ** Based on annualised weekly total log returns. *** Based on annualised monthly total log returns. Note: Bangkok 3-Month interbank offered rate (BIBOR) is used as the risk free rate. HISTORICAL CORRELATION AGAINST FTSE SET ALL-SHARE INDEX (THB PRICE RETURN) FTSE SET Mid Cap Index FTSE SET Small Cap Index FTSE SET Mid Small Cap Index FTSE SET Fledgling Index FTSE SET Shariah Index YTD * * Based on annualised daily total log returns. ** Based on annualised weekly total log returns. *** Based on annualised monthly total log returns. 1Y * ** *** 28 * 29 * 21 * 211 *

12 BOTTOM TOP BOTTOM TOP - February 212 FTSE SET ALL-SHARE INDEX TOP 5 AND BOTTOM 5 SECTOR PERFORMERS ICB Code ICB Sector Number of Cons Net Market Cap (THBm) Index Weight 1M Perf 1Y Perf Div Yield 533 Food & Drug Retailers 2 272, Technology Hardware & Equipment 5 36, General Industrials 2 21, Banks 1 1,475, General Retailers 4 93, Electricity 4 13, Health Care Equipment & Services 3 116, Industrial Metals & Mining 12 4, Industrial Engineering 1 1, Life Insurance 1 21, FTSE SET ALL-SHARE INDEX TOP 1 CONSTITUENTS Rank Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf 1 PTT PTT Exploration & Production 515, SCB Siam Commercial Bank PCL Banks 44, KBANK Kasikornbank Banks 348, BBL Bangkok Bank Banks 345, SCC Siam Cement Building Materials & Fixtures 321, PTTGC PTT Global Chemical Exploration & Production 249, PTTEP PTT Exploration & Production Exploration & Production 243, CPALL CP ALL Food Retailers & Wholesalers 223, CPF Charoen Pokphand Foods PCL Farming & Fishing 24, ADVANC Advanced Info Serv Mobile Telecommunications 189, Totals 3,83, FTSE SET ALL-SHARE INDEX TOP 5 AND BOTTOM 5 PERFORMERS Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf BIGC Big C Supercenter Food Retailers & Wholesalers 49, IVL Indorama Ventures PCL Commodity Chemicals 58, ZMICO Seamico Sec Investment Services 1, GLOBAL Siam Global House PCL Building Materials & Fixtures 5, JAS Jasmine Inter Telecommunications Equipment 17, UNIQ Unique Engineering & Construction PCL Heavy Construction NOBLE Noble Develop Real Estate Holding & Development 1, KKC Kulthorn Kirby Industrial Machinery 1, BLA Bangkok Life Assurance PCL Life Insurance 21, STPI STP & I PCL Iron & Steel 8,

13 Index Rebased (28 Feb 27=1) FTSE SET Mid Cap Index - February 212 INDEX OVERVIEW The FTSE SET Mid Cap Index comprises the companies within the top 9% of the SET Universe by full market capitalisation, excluding the constituents of the FTSE SET Large Cap Index. The index is a free float adjusted market-capitalisation weighted index representing the performance of the mid-capitalised companies trading on the SET Main Board, which pass the size, free float, and liquidity screens. As at the end of February there were 5 constituents in the index. FTSE SET MID CAP INDEX FIVE-YEAR PERFORMANCE (THB PRICE RETURN) PERFORMANCE HIGHLIGHTS The FTSE SET Mid Cap Index ended the month in positive territory in February up 5.16 per cent, although underperforming the FTSE SET All-Share Index by 2.76 per cent. Year to date the FTSE SET Mid Cap Index performance is up by 9.44 per cent, with a volatility of 1.57 per cent, lower than 211 s volatility of per cent. Technology Hardware & Equipment had the best sector performance in the FTSE SET Mid Cap Index in February, up per cent. FTSE SET Mid Cap Index FTSE SET MID CAP INDEX HISTORICAL PERFORMANCE TABLE (THB PRICE RETURN) FTSE SET Mid Cap Index 1M 3M CUMULATIVE PERFORMANCE 6M YTD 1Y ANNUALISED PERFORMANCE Div Yield FTSE SET MID CAP INDEX HISTORICAL REVIEW TURNOVER BEFORE REVIEW AFTER REVIEW Review Month Number of Adds Number of Dels Number of Cons Net Market Cap (THBm) Number of Cons Net Market Cap (THBm) 2-Way Turnover June , , December , , Total 6.62 Note: The majority of index changes occurs at the index reviews in June and December. Review changes to the index may include constituent additions/deletions, shares in issue and free float changes, and changes due to corporate events. FIVE-YEAR HISTORICAL INDUSTRY BREAKDOWN INDUSTRY BREAKDOWN Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities

14 BOTTOM TOP BOTTOM TOP FTSE SET Mid Cap Index - February 212 FTSE SET MID CAP INDEX TOP 5 AND BOTTOM 5 SECTOR PERFORMERS ICB Code ICB Sector Number of Cons Net Market Cap (THBm) Index Weight 1M Perf 1Y Perf Div Yield 957 Technology Hardware & Equipment 1 17, General Industrials 1 16, General Retailers 3 9, Electronic & Electrical Equipment 3 28, Household Goods & Home Construction 1 12, Industrial Transportation 3 37, Financial Services 1 4, Health Care Equipment & Services 2 29, Industrial Metals & Mining 1 1, Life Insurance 1 21, FTSE SET MID CAP INDEX TOP 1 CONSTITUENTS Rank Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf 1 TCAP Thanachart Capital PCL Banks 37, HMPRO Home Product Center PCL Home Improvement Retailers 35, BTS BTS Group Holdings PCL Real Estate Holding & Development 31, MINT Minor International Hotels 3, MAKRO Siam Makro Broadline Retailers 29, TISCO TISCO Financial Group Banks 28, HEMRAJ Hemaraj Land And Development Real Estate Holding & Development 25, ROBINS Robinson Dept Broadline Retailers 25, BH Bumrungrad Hospital Health Care Providers 24, TPIPL TPI Polene Co Building Materials & Fixtures 24, Totals 293, FTSE SET MID CAP INDEX TOP 5 AND BOTTOM 5 PERFORMERS Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf JAS Jasmine Inter Telecommunications Equipment 17, MAKRO Siam Makro Broadline Retailers 29, HANA Hana Microelectronics Electrical Components & Equipment 13, BJC Berli Jucker Containers & Packaging 16, QH Quality Houses Real Estate Holding & Development 11, MBKET Maybank Kim Eng Securities Thailand Investment Services 4, KH Bangkok Chain Hospital Health Care Providers 4, TTA Thoresen Thai Agencies Marine Transportation 14, SSI Sahaviriya Steel Industries Iron & Steel 1, BLA Bangkok Life Assurance PCL Life Insurance 21,

15 Index Rebased (28 Feb 27=1) FTSE SET Small Cap Index - February 212 INDEX OVERVIEW The FTSE SET Small Cap Index comprises the companies within the top 98% of the SET Universe by full market capitalisation, excluding the constituents of the FTSE SET Large Cap Index and FTSE SET Mid Cap Index. The index is a free float adjusted market-capitalisation weighted index representing the performance of the small-capitalised companies trading on the SET Main Board, which pass the size, free float, and liquidity screens. As at the end of February there were 89 constituents in the index. FTSE SET SMALL CAP INDEX FIVE-YEAR PERFORMANCE (THB PRICE RETURN) PERFORMANCE HIGHLIGHTS The FTSE SET Small Cap Index ended the month in positive territory in February up 3.3 per cent, although underperforming the FTSE SET All-Share Index by 4.89 per cent. Year to date the FTSE SET Small Cap Index performance is up by per cent, with a volatility of 9.97 per cent, lower than 211 s volatility of per cent. Mining had the best sector performance in the FTSE SET Small Cap Index in February, up per cent. FTSE SET Small Cap Index FTSE SET SMALL CAP INDEX HISTORICAL PERFORMANCE TABLE (THB PRICE RETURN) FTSE SET Small Cap Index 1M 3M CUMULATIVE PERFORMANCE 6M YTD 1Y ANNUALISED PERFORMANCE Div Yield FTSE SET SMALL CAP INDEX HISTORICAL REVIEW TURNOVER BEFORE REVIEW AFTER REVIEW Review Month Number of Adds Number of Dels Number of Cons Net Market Cap (THBm) Number of Cons Net Market Cap (THBm) 2-Way Turnover June , , December , , Total Note: The majority of index changes occurs at the index reviews in June and December. Review changes to the index may include constituent additions/deletions, shares in issue and free float changes, and changes due to corporate events. FIVE-YEAR HISTORICAL INDUSTRY BREAKDOWN INDUSTRY BREAKDOWN Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities

16 BOTTOM TOP BOTTOM TOP FTSE SET Small Cap Index - February 212 FTSE SET SMALL CAP INDEX TOP 5 AND BOTTOM 5 SECTOR PERFORMERS ICB Code ICB Sector Number of Cons Net Market Cap (THBm) Index Weight 1M Perf 1Y Perf Div Yield 177 Mining 2 6, Gas, Water & Multiutilities 1 3, Media 3 5, Personal Goods 1 2, Technology Hardware & Equipment 4 19, Electronic & Electrical Equipment 6 18, Food Producers 6 12, Industrial Metals & Mining 11 29, General Retailers 1 2, Industrial Engineering 1 1, FTSE SET SMALL CAP INDEX TOP 1 CONSTITUENTS Rank Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf 1 SIRI Sansiri Real Estate Holding & Development 14, THCOM Thaicom PCL Telecommunications Equipment 1, STPI STP & I PCL Iron & Steel 8, TICON Ticon Industrial Connection Pcl Real Estate Holding & Development 7, GUNKUL Gunkul Engineering Electrical Components & Equipment 7, SAMART Samart Corp Telecommunications Equipment 6, GFPT Gfpt Co Ltd Food Products 6, CENTEL Central Plaza Hotel PCL Hotels 6, LOXLEY Loxley Publ Diversified Industrials 5, GLOBAL Siam Global House PCL Building Materials & Fixtures 5, Totals 78, FTSE SET SMALL CAP INDEX TOP 5 AND BOTTOM 5 PERFORMERS Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf ZMICO Seamico Sec Investment Services 1, GLOBAL Siam Global House PCL Building Materials & Fixtures 5, GSTEEL G Steel Iron & Steel 2, PF Property Perfect Real Estate Holding & Development 4, UPOIC United Palm Oil Industry Farming & Fishing CTW Charoong Thai Wire & Cable Electrical Components & Equipment 1, UNIQ Unique Engineering & Construction PCL Heavy Construction NOBLE Noble Develop Real Estate Holding & Development 1, KKC Kulthorn Kirby Industrial Machinery 1, STPI STP & I PCL Iron & Steel 8,

17 Index Rebased (28 Feb 27=1) FTSE SET Mid Small Cap Index - February 212 INDEX OVERVIEW The FTSE SET Mid Small Cap Index comprises the constituents in the FTSE SET Mid Cap Index and the FTSE SET Small Cap Index. The index is a free float adjusted marketcapitalisation weighted index representing the performance of the mid and small-capitalised companies trading on the SET Main Board, which pass the size, free float, and liquidity screens. As at the end of February there were 139 constituents in the index. FTSE SET MID SMALL CAP INDEX FIVE-YEAR PERFORMANCE (THB PRICE RETURN) PERFORMANCE HIGHLIGHTS The FTSE SET Mid Small Cap Index ended the month in positive territory in February up 4.63 per cent, although underperforming the FTSE SET All-Share Index by 3.29 per cent. Year to date the FTSE SET Mid Small Cap Index performance is up by 1.96 per cent, with a volatility of 9.7 per cent, lower than 211 s volatility of per cent. Mining had the best sector performance in the FTSE SET Mid Small Cap Index in February, up per cent. FTSE SET Mid Small Cap Index FTSE SET MID SMALL CAP INDEX HISTORICAL PERFORMANCE TABLE (THB PRICE RETURN) FTSE SET Mid Small Cap Index 1M 3M CUMULATIVE PERFORMANCE 6M YTD 1Y ANNUALISED PERFORMANCE Div Yield FTSE SET MID SMALL CAP INDEX HISTORICAL REVIEW TURNOVER BEFORE REVIEW AFTER REVIEW Review Month Number of Adds Number of Dels Number of Cons Net Market Cap (THBm) Number of Cons Net Market Cap (THBm) 2-Way Turnover June , , December , , Total 1.38 Note: The majority of index changes occurs at the index reviews in June and December. Review changes to the index may include constituent additions/deletions, shares in issue and free float changes, and changes due to corporate events. FIVE-YEAR HISTORICAL INDUSTRY BREAKDOWN INDUSTRY BREAKDOWN Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities

18 BOTTOM TOP BOTTOM TOP FTSE SET Mid Small Cap Index - February 212 FTSE SET MID SMALL CAP INDEX TOP 5 AND BOTTOM 5 SECTOR PERFORMERS ICB Code ICB Sector Number of Cons Net Market Cap (THBm) Index Weight 1M Perf 1Y Perf Div Yield 177 Mining 2 6, Technology Hardware & Equipment 5 36, General Industrials 2 21, General Retailers 4 93, Oil & Gas Producers 3 29, Food Producers 8 32, Health Care Equipment & Services 2 29, Industrial Metals & Mining 12 4, Industrial Engineering 1 1, Life Insurance 1 21, FTSE SET MID SMALL CAP INDEX TOP 1 CONSTITUENTS Rank Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf 1 TCAP Thanachart Capital PCL Banks 37, HMPRO Home Product Center PCL Home Improvement Retailers 35, BTS BTS Group Holdings PCL Real Estate Holding & Development 31, MINT Minor International Hotels 3, MAKRO Siam Makro Broadline Retailers 29, TISCO TISCO Financial Group Banks 28, HEMRAJ Hemaraj Land And Development Real Estate Holding & Development 25, ROBINS Robinson Dept Broadline Retailers 25, BH Bumrungrad Hospital Health Care Providers 24, TPIPL TPI Polene Co Building Materials & Fixtures 24, Totals 293, FTSE SET MID SMALL CAP INDEX TOP 5 AND BOTTOM 5 PERFORMERS Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf ZMICO Seamico Sec Investment Services 1, GLOBAL Siam Global House PCL Building Materials & Fixtures 5, JAS Jasmine Inter Telecommunications Equipment 17, MAKRO Siam Makro Broadline Retailers 29, GSTEEL G Steel Iron & Steel 2, UNIQ Unique Engineering & Construction PCL Heavy Construction NOBLE Noble Develop Real Estate Holding & Development 1, KKC Kulthorn Kirby Industrial Machinery 1, BLA Bangkok Life Assurance PCL Life Insurance 21, STPI STP & I PCL Iron & Steel 8,

19 Index Rebased (28 Feb 27=1) FTSE SET Fledgling Index - February 212 INDEX OVERVIEW The FTSE SET Fledgling Index comprises the constituents listed on the SET Universe that are too small to be in the. The index is a free float adjusted marketcapitalisation weighted index representing the performance of companies ranked below the top 97% of the SET Universe. As at the end of February there were 227 constituents in the index. FTSE SET FLEDGLING INDEX FIVE-YEAR PERFORMANCE (THB PRICE RETURN) PERFORMANCE HIGHLIGHTS The FTSE SET Fledgling Index ended the month in positive territory in February up 2.46 per cent, although underperforming the FTSE SET All-Share Index by 5.46 per cent. Year to date the FTSE SET Fledgling Index performance is up by 8.77 per cent, with a volatility of 9.39 per cent, lower than 211 s volatility of per cent. Food & Drug Retailers had the best sector performance in the FTSE SET Fledgling Index in February, up 4.37 per cent. FTSE SET Fledgling Index FTSE SET FLEDGLING INDEX HISTORICAL PERFORMANCE TABLE (THB PRICE RETURN) FTSE SET Fledgling Index 1M 3M CUMULATIVE PERFORMANCE 6M YTD 1Y ANNUALISED PERFORMANCE Div Yield FTSE SET FLEDGLING INDEX HISTORICAL REVIEW TURNOVER BEFORE REVIEW AFTER REVIEW Review Month Number of Adds Number of Dels Number of Cons Net Market Cap (THBm) Number of Cons Net Market Cap (THBm) 2-Way Turnover June , , December , , Total Note: The majority of index changes occurs at the index reviews in June and December. Review changes to the index may include constituent additions/deletions, shares in issue and free float changes, and changes due to corporate events. FIVE-YEAR HISTORICAL INDUSTRY BREAKDOWN INDUSTRY BREAKDOWN Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities

20 BOTTOM TOP BOTTOM TOP FTSE SET Fledgling Index - February 212 FTSE SET FLEDGLING INDEX TOP 5 AND BOTTOM 5 SECTOR PERFORMERS ICB Code ICB Sector Number of Cons Net Market Cap (THBm) Index Weight 1M Perf 1Y Perf Div Yield 533 Food & Drug Retailers 1 2, Food Producers 15 7, Real Estate Investment & Services 17 6, Alternative Energy General Retailers 6 1, Health Care Equipment & Services 9 6, Beverages General Industrials Nonlife Insurance 8 2, Technology Hardware & Equipment 7 3, FTSE SET FLEDGLING INDEX TOP 1 CONSTITUENTS Rank Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf 1 WHAPF WHA Premium Factory and Warehouse Freehold Industrial & Office REITs 3, PM Premier Marketing PCL Food Retailers & Wholesalers 2, M-AAA MFC Amazing A-la Andaman Property Fund Specialty REITs 2, APCS Asia Precision Auto Parts 1, N-PARK Natural Park Ltd Real Estate Holding & Development 1, MFC Mfc Asset Management PCL Asset Managers 1, MFEC MFEC Computer Services 1, QHOP Quality Hospitality Leasehold Property Fund Hotel & Lodging REITs 1, CMR Chiang Mai Ram Medical Business Health Care Providers 1, OSK OSK Securities (Thailand) Investment Services 1, Totals 19, FTSE SET FLEDGLING INDEX TOP 5 AND BOTTOM 5 PERFORMERS Local Code Constituent Name ICB Subsector Net Market Cap (THBm) Index Weight 1M Perf N-PARK Natural Park Ltd Real Estate Holding & Development 1, PM Premier Marketing PCL Food Retailers & Wholesalers 2, GEN General Eng. Building Materials & Fixtures SFP Siam Food Products PCL Food Products TBSP Thai British Business Support Services TCOAT Thai Coating Containers & Packaging CMR Chiang Mai Ram Medical Business Health Care Providers 1, F&D Food & Drinks Food Products UT Union Textile Industries Clothing & Accessories IEC International Engineering Telecommunications Equipment

21 Index Rebased (28 Feb 27=1) FTSE SET Shariah Index - February 212 INDEX OVERVIEW The FTSE SET Shariah Index comprises the constituents of the that are Shariah compliant according to the Yasaar screening methodology. As at the end of February there were 83 constituents in the index. Yasaar, an independent global Shariah (Islamic Law) consultancy ensures that all constituents and potential constituents of the are screened quarterly to determine their Shariah status. An overview of the Yasaar/FTSE stock screening criteria is listed below. FTSE and Yasaar s screening process is managed in accordance with written guidelines relating to the Shariah. These guidelines have been set by Yasaar s Shariah Board who also monitors compliance. The Shariah guidelines can be grouped into two separate components business activity and financial ratios. Companies involved in the following activities will be considered to be non permitted business sectors: a) Conventional Finance (non-islamic Banking, Finance and Insurance, etc.) b) Alcohol c) Pork related products and non-halal food production, packaging and d) Entertainment (Casinos, Gambling, Cinema, Music, Pornography and Hotels) processing or any other activity related to pork and non-halal food e) Tobacco f) Weapons, arms and defence manufacturing This list is not exhaustive and is provided as a basic guidance to the broad principles involved. After companies have been screened by their business sector activity, the remaining companies are further examined on their finances to ensure that those companies are Shariah compliant. Only those companies that pass the following financial ratios will be considered Shariah complaint: a) Debt is less than 33 per cent of total assets b) Cash and Interest bearing items are less than 33 per cent of total assets c) Accounts receivable and cash are less than 5 per cent of total assets d) Total interest and non compliant activities income should not exceed 5 per cent of total revenue Appropriate purification of dividends at 5 per cent. This ratio calculates the recommended purification amount to be paid by the investor. Constituent changes to the FTSE SET Shariah Index following the screening processes are implemented after the close of business following the third Friday in March, June, September and December. FTSE SET SHARIAH INDEX FIVE-YEAR PERFORMANCE (THB PRICE RETURN) PERFORMANCE HIGHLIGHTS The FTSE SET Shariah Index ended the month in positive territory in February up 6.34 per cent, although underperforming the FTSE SET All- Share Index by 1.58 per cent. Year to date the FTSE SET Shariah Index performance is up by 13.7 per cent, with a volatility of per cent, lower than 211 s volatility of per cent. FTSE SET Shariah Index FTSE SET SHARIAH INDEX HISTORICAL PERFORMANCE TABLE (THB PRICE RETURN) FTSE SET Shariah Index 1M 3M CUMULATIVE PERFORMANCE 6M YTD 1Y ANNUALISED PERFORMANCE Div Yield FTSE SET SHARIAH INDEX HISTORICAL REVIEW TURNOVER BEFORE REVIEW AFTER REVIEW Review Month Number of Adds Number of Dels Number of Cons Net Market Cap (THBm) Number of Cons Net Market Cap (THBm) 2-Way Turnover June ,75, ,9, December ,48, ,324, Total Note: The majority of index changes occurs at the index reviews in June and December. Review changes to the index may include constituent additions/deletions, shares in issue and free float changes, and changes due to corporate events. 21