Company Update 6 2557 SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Thailand t :. (JAS)...... ก CGR Scoring Rating ( ): 7.25 ( ): 6.20 http://www.maybank-ke.co.th (02) 658-6300 ( 5 2557) Description : 4 ก ก 1. กก 2. กก 3. ก ก 4. ก Ticker : JAS ก () 7,137 ( ) 51,746 (US$ m) 1,610 3-mth Avg Daily Turnover ( ) 1,207.01 SET INDEX 1,528.98 Free float (%) 73.72 Major Shareholders : % ก 25.84 ก 11.26 Key Indicators ROE annualise (%) 28.3 Net cash (THB m): Net Cash NTA/shr (THB): 1.8 Interest cover (x): 17.1 Historical Chart 35 15-5 -25-45 Jul-13 Sep-13 Performance Nov-13 Jan-14 JAS p Mar-14 SET May-14 Jul-14 52-week High/Low THB 9.85/THB 5.70 1-mth 3-mth 6-mth 1-yrs YTD Absolute (%) -9.4-9.9 1.4-11.6 8.2 Relative (%) -10.9-17.3-15.1-17.6-8.1 : ก กก ก ก ก ก ก ก ก TT&T Worst case ก ก ก ก Beta JAS 2 6.20 ก ก : JAS ก ก 2Q57 886 (+4% QoQ, +13% YoY) กก ก 63,000 1H57 ก (Net add) 124K กก ก 100K ก 200K 160K 2557 2558 ก ก 3% 7% ก ก 1H57 48% ก ก ก 2557 3,656 (EPS = 0.51) ก ก ก ก ก ก ก ก ก 5 8% CAGR (2557 2562) ก Operator ก ก ก ก JAS กก ก ADSL ก ก JAS ก ก ก : JAS ก 2 ก 1) ก ก 4 18.. JAS Hair cut 1 (1.40 / ) ก ก ก ก 2) ก TT&T ก TTTBB ( 2) JAS ก ก IFF TT&T ก ก IFF ก 1,300 ก ก ก TT&T MOU ก ก กก : กก Beta 2 ก Bloomberg 1.6 1.6 ก ก WACC 16.2% ก 12.1% กก ก ก กก ก Terminal growth ก 2% 1% 2557 6.20 ก ก ก ก ก ก Coverage Maybank Kim Eng JAS Summary Earnings Table FYE: Dec 31 (THB m) 2011 2012 2013 2014F 2015F Revenue 9,498 10,369 11,123 12,908 14,368 EBITDA 4,035 4,647 5,778 6,756 7,376 Recurring Net Profit 1,334 2,100 3,024 3,656 4,155 Net profit 1,072 2,137 3,002 3,706 4,205 EPS (Bt) 0.14 0.30 0.42 0.52 0.59 EPS growth (%) 61.7 106.5 40.5 23.8 13.5 DPS (Bt) 0.05 0.09 0.25 0.29 0.32 PER 50.02 24.22 17.23 13.92 12.27 EV/EBITDA (x) 13.96 11.73 9.17 7.59 6.73 Div Yield (%) 0.66 1.24 3.45 3.95 4.48 P/BV(x) 7.54 5.55 4.54 3.94 3.44 Net Gearing (%) 37.9 29.6 10.8 Cash Cash ROE (%) 15.1 22.9 26.4 28.3 28.0 ROA (%) 11.2 15.3 18.4 20.9 20.7 Cons. Net Profit (THB m) - - - 3,723 4,544 Source: Company reports and MBKET.
: 5.. TT&T 2.. 57 70% TTTBB TT&T 17.. 57 TTTBB 70% TTTBB ก : TT&T MOU ก TTTBB TTTBB ก 3 (12 ก.. 52) ก 3 ก / TTTBB ก TT&T JAS: MOU ก 3 TT&T: MOU TTTBB TT&T JAS 100% TTBB 99.2% JAS TTTBB 99% JAS 100% Acumen (ACU) 99.20% Triple T Broadband (TTTBB) 99.93% 99.99% Triple T Internet (TTTI) In Cloud ก 1. ก = JAS ก กก 1.1 ก JAS ก กกก Broadband JAS ก 80% ก ก กก JAS ก ก TRUE ก ก ก 1.2 ก JAS ก กกก Broadband 30% ก ก 58 ก 4,155. 1,247. = EPS 0.18 = กก 1.8 1.3 ก ก กก TTTBB ก JAS ก IFF ก ก ก ก ก ก 70% JAS 29-30% ก ก ก ก ก ก = ก ก PER 10 5.90 ( EPS 58) 6 2557 2 ก 9
2. ก = JAS ก IFF ก ก ก = ก ก 8 JAS : ก JAS ก TT&T ก TT&T ก ก ก ก ก ก ก TTTBB ก ก ก ก ก ก Short against port ก 6 2557 3 ก 9
INCOME STATEMENT (THB mn) BALANCE SHEET (THB mn) FY December 2012 2013 2014F 2015F FY December 2012 2013 2014F 2015F Revenue 10,369 11,123 12,908 14,368 Fixed Assets 11,078 12,288 11,495 11,734 EBITDA 4,647 5,778 6,756 7,376 Other LT Assets 1,391 1,186 1,353 1,489 Depreciation & Amortisation 1,715 1,900 2,088 2,137 Cash/ST Investments 2,382 3,857 4,210 6,081 Operating Profit (EBIT) 3,027 4,009 4,814 5,384 Other Current Assets 4,902 4,403 6,022 6,702 Interest (Exp)/Inc 404 312 281 228 Total Assets 19,752 21,733 23,079 26,006 Associates 0 0 0 0 One-offs -35-15 0 0 ST Debt 3,706 4,644 3,885 4,342 Pre-Tax Profit 2,623 3,697 4,532 5,156 Other Current Liabilities 2,087 1,979 2,297 2,556 Tax 530 605 906 1,031 LT Debt 3,189 2,217 2,082 2,178 Minority Interest 78-74 80 80 Other LT Liabilities 585 330 383 426 Net Profit 2,137 3,002 3,706 4,205 Minority Interest 1,032 1,078 1,331 1,511 Recurring Net Profit 2,100 3,024 3,656 4,155 Shareholders' Equity 9,031 11,391 13,101 14,993 Total Liabilities-Capital 19,630 21,639 23,079 26,006 Revenue Growth % 9.2 7.3 16.1 11.3 EBITDA Growth (%) 15.2 24.3 16.9 9.2 Share Capital (m) 7,137 7,137 7,116 7,116 EBIT Growth (%) 39.4 32.4 20.1 11.9 Gross Debt/(Cash) 4,225 3,053 3,301 3,593 Net Profit Growth (%) 99.2 40.5 418.0 13.5 Net Debt/(Cash) 2,761 1,227 Net Cash Net Cash Recurring Net Profit Growth (%) 57.4 44.0 20.9 13.6 Working Capital 1,416 1,592 4,049 5,884 Tax Rate % 20.2 16.4 20.0 20.0 BVPS 1.31 1.60 1.84 2.11 CASH FLOW (THB mn) RATES & RATIOS FY December 2012 2013 2014F 2015F FY December 2012 2013 2014F 2015F Profit before taxation 2,623 3,697 4,532 5,156 Gross margin % 54.8 59.8 60.2 60.5 Depreciation 1,715 1,900 2,088 2,137 EBITDA Margin % 44.8 52.0 52.3 51.3 Net interest receipts/(payments) -404-312 -281-228 Op. Profit Margin % 29.2 36.0 37.3 37.5 Working capital change -1,144 372-1,023-115 Net Profit Margin % 20.6 27.0 28.7 29.3 Cash tax paid -530-605 -906-1,031 ROE % 22.9 26.4 28.3 28.0 Others (incl'd exceptional items) 2,355 573 2,194 1,190 ROA % 15.3 18.4 20.9 20.7 Cash flow from operations 4,616 5,625 6,604 7,108 Net Margin Ex. El % 16.2 22.2 20.9 21.3 Capex -1,418-1,730-2,076-2,076 Dividend Cover (x) 3.3 1.7 1.8 1.8 Disposal/(purchase) 0 0 0 1 Interest Cover (x) 7.5 12.9 17.1 23.6 Others -378 164-167 -137 Asset Turnover (x) 0.5 0.5 0.6 0.6 Cash flow from investing -1,795-1,566-2,243-2,212 Asset/Debt (x) 2.1 2.4 2.7 2.7 Debt raised/(repaid) -37-15 -1,172 248 Debtors Turn (days) 129.7 146.0 146.0 146.0 Equity raised/(repaid) 0-53 0 0 Creditors Turn (days) 206.9 206.9 206.9 206.9 Dividends (paid) -181-642 -1,911-2,175 Inventory Turn (days) 3.8 4.1 4.1 4.1 Interest payments -404-312 -281-228 Net Gearing % 106.1 105.3 110.4 111.4 Others -2,301-1,519-644 -868 Debt/ EBITDA (x) 2.1 1.6 1.3 1.3 Cash flow from financing -2,923-2,541-4,008-3,024 Debt/ Market Cap (x) 0.1 0.1 0.1 0.1 Change in cash -103 1,519 353 1,872 Source: Company reports and MBKET 6 2557 4 ก 9
APPENDIX I:TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS ก ก ก กก ก ก ก ก ก ก ก ก กก ก ก กกก ก ก กก ก ก ก ก กก ก ก ก ก ก ก ก Maybank Investment Bank Berhad ) ก Maybank Kim Eng ) ก Maybank Kim Eng Maybank Kim Eng,ก ก, ก / ก ) ก Representatives ) ก ก กก, ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก กกก ก ก ก ก ก ก ก ก ก Maybank Kim Eng ก ก ก ก ก Maybank Kim Eng,ก ก ก กก ก ก ก ก ก ก กMaybank Kim Eng ก ก ก ก ก ก, / ก Maybank Kim Eng กก ก ก กก Maybank Kim Eng ก ก ก ก Maybank Kim Eng ก Maybank Kim Eng ก กก ก 3 ก ก ก ก ก ก ก ก ก กก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก Bursa Malaysia Securities Berhad ก ก ก Maybank Kim Eng Research ก ( Maybank KERPL ) ก ก ก Maybank KERPL ก กก ก ก, ก ก ( ก Section 4A ก Singapore Securities and Futures) Maybank KERPL ก ก ก กก ก ก ก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก กก ก IOD ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ( ) ก ( ) ก ก ก 6 2557 5 ก 9
ก MKE ( US ) ก ( Rule 15a-6 ก Securities Exchange Act of 1934) Maybank Kim Eng Securities USA Inc ( Maybank KESUSA ) Broker-Dealer ( ก Section 15 Securities Exchange Act of 1934) ก Maybank KESUSA ก MKE ก ก ก ก Maybank KESUSA ก ก ก ก ก ก ก ก ก ก ก ก ก ก Maybank Kim Eng Securities (London) ก ( Maybank KESL ) ก ก ก The Financial Services Authority Informational Purposes ก ก ก ก ก (Retail Client) The Financial Services and Markets Act 2000 ก ก ก 3 ก ก ก ก ก ก ก ก ก ก กกก กก ก ก ก ก, ก DISCLOSURES Legal Entities Disclosures : ก Maybank Investment Bank Berhad (15938-H) ก ก Bursa Malaysia Berhad Capital Market and Services ก The Securities Commission : ก Maybank KERPL ( 197201256N) ก ก ก Monetary Authority of Singapore : PT Kim Eng Securities ( PTKES ) ( KEP-251/PM/1992) ก Indonesia Stock Exchange ก ก ก BAPEPAM LK : MBKET ( 0107545000314) ก The Stock Exchange of Thailand ก ก ก ก ก ก. : MATRKES ( 01-2004-00019) ก The Philippines Stock Exchange ก ก ก The Securities and Exchange Commission : Kim Eng Vietnam Securities ก ( KEVS ) ( 71/UBCK-GP) The State Securities Commission of Vietnam ก : KESHK (Central Entity No: AAD284) ก ก The Securities and Futures Commission : Kim Eng Securities India Private ก ( KESI ) The National Stock Exchange of India Limited ( : INF/INB 231 452435) Bombay Stock Exchange ( INF/INB 011452431) ก ก ก Securities and Exchange Board of India KESI ก SEBI 1 Merchant Broker ( INM 000011708) : Maybank KESUSA ก ก ก ก FINRA Broker ID 27861 ก : Maybank KESL ( 2377538) ก ก ก ก The Financial Services Authority Disclosure of Interest : MKE ก กก ก ก กก market maker ก ก กก ก ก ก, ก ก กก ก : 1 ก 2556, Maybank KERPL กก ก ก ก ก : MBKET ก ก ก ก Derivatives Warrants ก ก ก ก MBKET ก ก ก / ก ก / ก ก ก ก ก ก : KESHK ก กก ก ก Paragraph 16.5 (a) Hong Kong Code of Conduct for Persons Licenses ก ก ก The Securities and Futures Commission 6 2557 6 ก 9
1 ก 2556, KESHK ก ก ก ก 3 MKE ก ก ก ก ก ก ก ก ก ก ก ก ก ก 12 ก ก ก ก ก ก ก OTHERS Analyst Certification of Independence ก ก ก ก ก ก ก ก ก ก Structure Securities ก ก ก ก ( ก Spot / ก ), Time to Maturity, / ก ก ก ก ก ก กกก ก ก,, ก ก ก ก MKE Definition of Ratings (For MayBank Kim Eng Thailand) Maybank Kim Eng Research uses the following rating system: BUY TRADING BUY/TAKE PROFIT SELL Applicability of Ratings Return is expected to be above 10% in the next 12 months (excluding dividends) Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends). Return is expected to be below -10% in the next 12 months (excluding dividends) The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax 6 2557 7 ก 9
ก ก ก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก กก ก IOD ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ( ) ก ( ) ก ก ก 6 2557 8 ก 9
ก ก ก 20-21, 24 999/9 1 ก 10330 0-2658-6300 0-2658-6301 ก 159 25 21 ก ก 10110 0-2665-7000 0-2665-7050 56 5 ก ก 10500 0-2632-8341 0-2632-8395 55 G 1005 ก 10260 0-2320-3600 0-2320-3610 125 3 ก 10200 0-2225-0242 0-2225-0523 1145 5 ก 3 ก 10270 0-2758-7003 0-2758-7248 30/39-50 ก 14 11000 0-2550-0577 0-2550-0566 1693 กก 11 ก ก 10900 0-2541-1411 0-2541-1108 622 14 ก 10110 0-2664-9800 0-2664-9811 215 ก 5 ก 10100 0-2622-9412 0-2622-9383 94.2 ก 091-92 G F.... 12130 1. 0-2958-0592. 0-2958-0420 2.02-958-0992 02-958-0590 400 52 20 ก ก 10500 0-2231-2700 0-2231-2130 99 ก 12 ก- ก 10600 0-2876-6500 0-2876-6531 ก 7/129 ก 3 302 ก ก ก 10700 0-2884-9847 0-2884-6920 275 1 8 ก ก 10160 0-2804-4235 0-2804-4251 10 /92 2 7 ก ก 10500.0-2636-7550-5.0-2636-7565 ก 3105 3 ก ก 10240.0-2378-1144. 0-2378-1323 553 14 กก ก 10400 0-2250-6192 0-2250-6199 587, 589 ก B001 A ก 10230.0-2947-5800-5.0-2519-5040 496-502 8 6 ก 10330.0-2256-9373.0-2256-9374 62 4 ก ก 10500 0-2231-2700 0-2231-2418 5 ก ก 10400 0-2641-0977 0-2641-0966 999 / 3 ก 3 9 ก 10250.02-716-7816 02-716-7815 323 17 ก ก 10500 0-2680-4340 0-2680-4355 ก 50 1 ก ก ก ก 50 ก ก 10900 0-2579-9880 0-2579-9840 ก 154 3 C ) 55 ( ก 10110 0-2714- 9222 0-2726- 3901 ก 110/1-4 10 1 110/1-4 ก ก 10210 0-2831-4600 0-2580- 3643 All Seasons Place Retail Center 3 311 87/2 ก 10330. 0-2654-0084.0-2654-0094 99/9 2 14 1401 ก ก 11120 02-835- 3283 02-835- 3280 ก 4 ก 10400. 0-2251-4099.0-2251-4098 735/5 E 2 ( ) ก 10260. 0-2108-6300, 0-2108-6301 15 1501 4,4/5 ก 10330 0-2658-6300 1 244 ก 2-3 50100 (053) 284-000 (053) 284-019 2 201/3 50100 (053) 284-138-47 (053) 202-695 1242/2 ก 3 7 30000. (044) 288-455 ).044) 288-466 55/60 1 ก 20000 (038) 053-950 (038) 053-966 319 ก 3 - ก 52100 (054) 817-811 (054) 816-811 137/5-6 32000 (044) 531-600-3 (044) 519-378 G3 G 311 7 34000 (045) 265-633 (045) 265-639 322/91 ก 74000 (034) 837-190 (034) 837-610 180/1-2 2 21000 (038) 862-022-9 (038) 862-043 2 ก TSK PARK 1 351-351/1 21000 (038) 807-459 (038) 807-841 351/8 22000 (039) 332-111 (039) 332-444 ก 1, 1/1 ก 83000 (076) 355-730 (076) 355-730 119 74/27-28. ก 4 2. ก.. 75000 (034) 724-062-4 (034)-724-068 1,3,5 3 90110 (074) 346-400-5 (074) 239-509 216/3 4 ก 84000 (077) 205-460 (077) 205-475 ก 2 559 1 ก (037) 226-347-8 (037) 226-346 18 95000 (073) 255-494-6 (073) 255-498 16/11 ก 77110 (032) 531-193 (032) 531-221 ก 163/1-2 ก 1 ก 40000. (043) 225-355 ).043) 225-356 1/15-16 ก 60000 (056) 314-150 (056) 314-151 : ก ก. ก ก ก ( ) ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก. ก ก ก ( ) ก ก ก 6 2557 9 ก 9