SET News 15/2015 Feb 9, 2015 Thai bourse market report for January 2015 Bangkok, February 9, 2015 The Stock Exchange of Thailand (SET) main index ended January at 1,581.25 points, up 5.58 percent from end-2014, boosted by the European Central Bank s announcement on quantitative easing program, although the Swiss National Bank s announcement on scrapping the three-year-old cap on its currency against the euro hit the sentiment. The combined average trading value of SET and mai remained high at THB 55.29 billion (approx. USD 1.68 billion), while the combined market capitalization of SET and mai was THB 15.11 trillion. Key highlights Securities - SET Index closed at 1,581.25 points at the end of January, up 5.58 percent from the end of 2014. - At the end of January, The combined market capitalization of SET and mai increased from a month earlier: the SET s was THB 14.71 trillion, up 6.16 percent, while mai s was THB 403.99 billion, up 5.46 percent. - The forward P/E ratio of SET was 15.12 times, while mai s was 21.11 times. - The dividend yield of SET was 2.89 percent, while mai s was 0.66 percent. - In January, the combined average trading value of SET and mai was THB 55.29 billion. - The foreign investors were net sellers of equity market, worth THB 5.31 billion, and were also net sellers of bond market at THB 16.6 billion. - Listed companies on SET and mai raised funds through equity worth a combined THB 6.99 billion, up 4.47 percent from a year earlier. In the primary market, THB 4.74 billion was raised from initial public offerings (IPOs) of two companies on mai and a real estate investment trust, while THB 2.25 billion was raised from the secondary market. Derivatives - In January, derivatives trading volume was 183,596 contracts, down 33 percent from a month earlier, mostly due to drops in SET50 index Futures and Single Stock Futures. For more information, please visit www.set.or.th/setresearch. SET Group Matching Your Right Financial Opportunities Members of the media please contact the Public Relations Unit, Corporate Communications Dept.:Arada Kultawanich tel: +66 (0) 2229 2796 / Darawan Maleesri tel: +66 (0) 2229 2798 / Kanokwan Khemmalai tel: +66 (0) 2229 2048.
SET bourse market report January 2015
Agenda SET in the regional context Market developments: SET & mai Derivatives market
SET in the regional context In January 2015, foreign investors sold net USD 128 million in the Thai stock market, similar to Korea. However, foreign investors were net buyers in other regional markets. Foreign net trading value Unit: million USD Net buy / sell. Yearly Quarterly Monthly 2014 2015 2012 2013 2014 2H13 2H14 3/2014 4/2014 Oct Nov Dec Jan THAILAND 2,504-6,204-1,091-3,681 156 1,159-1,004-497 337-843 -128 INDONESIA 1,703-1,808 3,766-1,753-64 397-461 -261 434-634 19 PHILIPPINES 2,548 669 1,256-827 244 311-67 -540 601-128 529 VIETNAM 154 270 136 92-147 -60-87 -51-40 4 5 TAIWAN 4,904 9,117 13,190 8,861 2,923 910 2,013 19 3,300-1,306 2,143 INDIA 24,474 19,939 16,118 6,599 6,200 3,896 2,304 145 1,924-161 2,017 KOREA 15,069 4,853 5,684 12,889 2,790 5,205-2,414-2,004 1,554-1,964-1,033 Source: Bloomberg Note: excludes mai 3
SET in the regional context 140 120 100 80 60 40 20 0-20 -40-60 -80-100 % -120 In January 2015, foreign investors sold net THB 5.3 billion in Thai stock markets and THB 16.6 billion in Thai bond market. 100% 10% Foreign investors net trading value in bond and equity 90% markets* Unit: trading value (billion THB); exchange rate (THB/USD) 80% Government bond (LB+TB) Central bank bond(cb) Equity 32.8 33.0 70% 32.7 32.3 33.0 32.6 32.8 33.0 60% % 96.7 29.7 100% -100.4 Y2013 90% 80% 70% 60% 50% 40% 30% 20% 10% -35.7-194.7 0% -53.9 Y2014-12.2-4.4 10% -5.3 70% 26% 15% 15% 80% ม.ค. - ก.ย. 2553 Y2015(YTD) 90% 80% 70% 60.5 20.7-18.3 37.3 Q3/14-46.8-31.8 Q4/14 90% 80% 70% 60% 50% 100% 90% 80% 70% 60% 50% 40% 15.0 10% -36.0-16.0 Oct 14 90% 80% 70% Sources : SETSMART, Thai BMA, BOT * SET+ mai 0.3 5.5-8.0-2.2 10% 30% 11.8 100% 26% Nov 14 50% 40% 20% 10% 90% 80% 70% 0% 60% 50% 40% 30% 20% 10% 0% -27.6 Dec 14 26% 15% 15% ม.ค. - ก.ย. 2553 32.7 32.9 32.7-12.2-4.4 ม.ค. - ก.ย. 2553 15% 0.6 3.8-0.4-5.4 100% 100% 100% 10% 10% 90% 10% 90% 90% 100% 90% 80% 80% 80% 80% 70% 60% 70% 70% 50% 70% 40% -5.3 30% 60% -8.2-9.7 60% 20% 26% 60% 10% 50% 50% 0% 15% 50% 26% 40% 40% 26% 15% 30% 40% 30% 30% Jan 15 Exchange rate 5-9Jan15 12-16Jan15 32.6 32.7 2.4-7.0 3.3 10% 26% 15% 15% ม.ค. - ก.ย. 2553 19-23Jan15-1.9-8.6 10% 9.3 26% 15% 26-30Jan15 34 33 32 31 30 29 28 27 26 25 Depreciate Exchange rate at end period (THB/USD) Appreciate Foreign investors sold net THB 5.3 billion of Thai stocks* in January 2015 4
SET in the regional context As of January 30, 2015, SET index closed at 1,581.25 up by 5.58% YTD. Stock index change (%YTD) Unit: percent; (end of Dec 2014 Jan 30, 2015) In USD In local currency 3.8 3.8 6.0 5.6 7.7 6.4 1.1 1.2 0.8 0.2 0.6 1.0 1.8-2.7-0.8-1.5-1.5-1.4 Malaysia China Indonesia Singapore Taiwan Korea Hong Kong Thailand Philippines 5-year (2010-2014) index performance) Unit: percent; (end of Dec 2009 Dec 2014) In USD In local currency 38.8 6.3 7.4 14.3 20.9 23.5 36.5 7.4 13.2 13.8 16.2-3.4 56.7 106.2 107.0 103.9 144.6 136.9 China Hong Kong Taiwan Korea Singapore Malaysia Indonesia Thailand Philippines Source: Bloomberg * EM = MSCI Emerging Markets Index 5
SET in the regional context YTD, SET performance surpassed its regional peers. In addition, SET continued to outperform MSCI World Index and MSCI Asia ex Japan Index. Stock index movement Data as of Jan 30, 2015; rebased end-2014 = 100 110 110 Thailand Philippines 100 90 31 Dec 14 5 Jan 15 10 Jan 15 15 Jan 15 20 Jan 15 25 Jan 15 30 Jan 15 Thailand Vietnam Indonesia Malaysia Singapore 100 90 31 Dec 14 5 Jan 15 10 Jan 15 15 Jan 15 20 Jan 15 25 Jan 15 30 Jan 15 MSCI Asia ex Japan Index MSCI Emerging Markets Index MSCI World Index MSCI Frontier Markets index Source: Bloomberg 6
SET in the regional context Forward P/E ratios for SET and mai at end of January 2015 were at 15.12 and 21.11 times respectively. Forward P/E of Thailand and regional comparisons Unit: times 32.41 16.83 20.65 19.26 Average as end-jan 2015 is 14.62 times 15.95 16.61 15.75 13.57 17.60 15.37 13.28 14.61 13.81 14.41 14.51 13.00 12.23 12.45 12.89 7.66 13.40 12.26 9.77 11.10 11.40 9.90 13.15 10.90 11.71 16.06 15.12 20.62 21.11 Philippines Malaysia Indonesia Singapore Taiwan Vietnam China Hong Kong Korea SET mai End of January 2014 End of December 2014 End of January 2015 Source: Bloomberg Forward P/E Ratio : The measure of the price-to-earning ratio (P/E) using forecasted earnings for the next 12 months in the calculation. 7
SET in the regional context At end of January 2015, dividend yield of SET was at 2.89%, while mai s dividend yield was at 0.66%. Market Dividend Yield Unit: percent 3.52 3.84 3.67 3.46 3.27 3.25 3.40 3.23 3.20 2.84 3.13 3.11 2.31 2.05 1.92 2.09 2.07 2.16 1.90 1.87 3.09 1.26 1.11 1.26 1.83 3.47 3.05 2.89 0.75 0.66 Average as end-jan 2015 is 2.53% Hong Kong Singapore Malaysia Taiwan Philippines China Indonesia Korea SET mai End of January 2014 End of December 2014 End of January 2015 Source: Bloomberg; Market dividend yield : Previous 12-month dividend value divided by market index at the end of the month. 8
SET in the regional context SET has consistently been the most liquid market since end-2012 and has had the highest turnover velocity in the region. Daily average turnover* (2007-2014) Unit: million USD Share turnover velocity** (2007-2014) Unit: percent 85.8 1,282.41 830.8 622.3 392.4 175.7 2007 2008 2009 2010 2011 2012 2013 2014 Thailand Singapore Malaysia 2007 2008 2009 2010 2011 2012 2013 2014 Thailand Singapore Malaysia 35.1 29.1 20.2 15.8 Indonesia Philippines Indonesia Philippines Source: World Federation of Exchanges (WFE) * Daily average turnover calculates by trading value / number of business days ** The turnover velocity is the ratio between the Electronic Order Book (EOB) turnover of domestic shares and their market capitalization. The value is annualized by multiplying the monthly average by 12 9
SET in the regional context The market capitalization of Thai stock markets at end-2014 increased to USD 430 billion, up by 21.5% from end-2013. Domestic Market Capitalization Number of Listed Companies Unit: billion USD; data as of end-december 2014 (...%) Percentage change (YoY) December 2013 - December 2014 (4.3%) 3,233 (36.8%) 1,558 (3.4%) (1.1%) 851 753 (-8.3%) (21.5%) (21.8%) 459 430 422 (20.5%) 262 Unit: companies; data as of end-december 2014 ( ) Change (YoY) December 2013 - December 2014 (+248) 5,542 (+109) (-5) (+14) (-1) 1,752 (+29) (+23) 905 880 775 613 506 (+6) 263 Source: World Federation of Exchanges (WFE) * Bombay SE 10
Market developments: SET & mai Market capitalization of SET and mai at end of January 2015 accounted for THB 14.71 trillion and THB 403,986 million, increasing by 6.16% and 5.46% from end-2014 respectively. SET Market capitalization and SET index 20,000,000 15,000,000 10,000,000 5,000,000 0 1,298.7 11,496,765 6.16% 1,497.7 1,581.3 13,856,283 14,709,979 1,274.3 11,307,020 1,485.8 1,502.4 1,561.6 1,585.7 1,584.2 1,593.9 1,497.7 1,581.3 13,358,124 13,503,410 2013 2014 2015(YTD) Jan14 Jun14 Jul14 Aug14 Sep14 Oct14 Nov14 Dec14 Jan15 mai Market capitalization and mai index 500,000 400,000 300,000 200,000 100,000 0 356.8 177,365 5.46% 700.1 383,075 724.7 403,986 351.7 157,494 509.6 236,756 549.1 267,258 14,037,468 637.9 305,363 14,427,489 329,491 Unit: Market cap.(million THB) (LHS); Index (RHS) 14,423,349 368,703 14,678,358 388,256 13,856,283 383,075 14,709,979 698.3 723.8 726.7 700.1 724.7 2013 2014 2015(YTD) Jan14 Jun14 Jul14 Aug14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Source: SETSMART; note: EARTH Energy company had been moved from mai to trade on SET on January 2014 403,986 2,000 1,500 1,000 500 Unit: Market cap.(million THB) (LHS); Index (RHS) 0 800 700 600 500 400 300 200 100 0 11
Market developments: SET & mai YTD, SET performance improved across the board. Of which, consumption, industrial as well as property and construction sectors were among the top performers. SET index classified by industry. (Data as of Jan 30, 2015; rebased end-2014 = 100) 115 110 105 100 95 SET index classified by industry. Unit: percent 31-Dec-14 03-Jan-15 06-Jan-15 09-Jan-15 12-Jan-15 15-Jan-15 18-Jan-15 21-Jan-15 24-Jan-15 27-Jan-15 30-Jan-15 Source: SETSMART CONSUMP INDUS PROPCON FINCIAL SET SERVICE SET50 TECH RESOURC AGRO %YoY %MTD %YTD Weight Mkt cap. 2012 2013 2014 Oct 14 Nov 14 Dec 14 Jan 15 Jan 15 SET 35.8-6.7 15.3-0.1 0.6-6.0 5.6 100% SET50 31.6-6.6 13.3-0.4 1.5-6.4 4.9 71% Consumption 13.9-6.7 40.9 4.8 0.2-0.5 8.6 1% Industrial 9.9-5.4-14.3 0.0-1.8-12.9 7.8 5% Property 54.2-8.7 18.8 0.7 0.1-6.3 7.5 Financial 44.4-11.9 27.9-1.7 3.2-5.8 6.9 21% Service 64.3-1.2 22.8-0.1 0.7-3.6 5.0 20% Technology 49.4 6.0 22.0 3.2-0.1 0.3 4.5 14% Resource 7.1-10.4-2.3-1.5-0.1-12.8 4.5 16% Agro & Food 32.1-12.2 8.7-0.6-1.1-4.4 1.1 6% 12
Market developments: SET & mai In January 2015, the proportion of trading value of small-cap securities increased significantly. In terms of sector, trading activities of banking, as well as property and construction were increasingly active. Proportion of trading value by size of security Unit: percent SET10 SET31-50 SET51-100 SET11-30 Non SET100 Daily average trading value (Unit: million THB) 45,466 55,287 54,408 55,775 50,358 61,589 55,918 55,287 Proportion of trading value by sector Unit: percent Property Construction Material Telecom Food and Beverage Bank Petrochemical Energy Others Source: SETSMART
Market developments: SET & mai In January 2015, Thai listed companies raised THB 6,993 million in equity market, of which THB 4,741 million in primary market and THB 2,252 million in the secondary market. Of which, there were 3 new IPOs ( 2 companies in mai and 1 REIT ). Type Annually % YoY Quarterly Monthly 2014 2014 (YTD) 2015 (YTD) 3/2014 4/2014 Oct 14 Nov 14 Dec 14 Jan 15 Initial Public Offering 113,990 5,508 4,741-13.92 5,749 73,120 18,477 41,944 12,699 4,741 Secondary Offering - Public Offering 668 - - - 668 - - - - - Private Placement 60,381 827 1,535 85.56 38,337 11,252 2,406 5,645 3,201 1,535 - Convertible Bond 3,183 214 568 165.41 113 2,789 2,490 199 100 568 - Warrant 15,848 - - - 3,405 1,178 184 62 931 - - Right Offering 78,921 146 150 2.62 42,103 14,087 8,599 763 4,724 150 Grand Total 272,991 6,695 6,993 4.47 90,376 102,424 32,156 48,613 21,655 6,993 3 new IPOs: TREIT NDR TPCH Fund raising value in 2014 Fund raising value in Jan 2015 Unit: million THB Unit: million THB Source: SET 14
Market developments: SET & mai Daily average trading value of SET and mai accounted for THB 55,287 million in January 2015, up by 74.05% from January 2014. SET Daily average trading value and SET Index Unit: Trading value (million THB (LHS); Index (RHS) Daily average trading value SET Index at the end of period mai Daily average trading value and mai Index Unit: Trading value (million THB) (LHS); Index (RHS) Daily average trading value mai Index at the end of period 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1,585.67 1,497.67 1,581.25 1,497.67 1,584.16 1,593.91 52,317 49,275 48,511 48,965 41,605 44,133 1,581.25 1,497.67 50,927 49,275 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 14,500 12,500 10,500 8,500 6,500 4,500 2,500 500 700.05 3,862 724.72 6,013 698.26 5,897 700.05 6,810 723.78 6,225 726.72 9,272 700.05 4,992 724.72 6,013 730 725 720 715 710 705 700 695 690 685 680 2014 2015 (YTD) Q3/2014 Q4/2014 Oct 14 Nov 14 Dec 14 Jan 15 2014 2015 Q3/2014 Q4/2014 Oct 14 Nov 14 Dec 14 Jan 15 (THB million) 2014 2015 (YTD) Daily average trading value % YOY 45,466-9.66% 55,287 74.05% Q3/2014 Q4/2014 Oct 14 Nov 14 Dec 14 Jan 15 54,408 23.27% 55,775 61.24% 50,358 28.87% 61,589 75.84% 55,918 95.54% 55,287 74.05% Source: SETSMART 15
Market developments: SET & mai In January 2015, daily average trading value was roughly stable, compared to that of December 2014. Local investors remained the most active segment, while foreign investors increased their participation. Daily average trading value and trading proportion classified by investor types Unit: million THB Daily 3,982 3,946 9,206 4,454 4,343 4,432 4,218 4,251 4,278 9,949 9,362 9,421 3,508 4,060 9,137 28,333 36,541 36,396 37,825 33,653 3,968 3,881 9,632 5,350 4,914 4,454 4,343 9,521 9,949 44,108 36,132 36,541 average trading value 45,466 55,287 54,408 55,775 50,358 61,589 55,918 55,287 Unit: percent 8.76% 8.68% 8.06% 7.86% 8.15% 7.75% 7.62% 7.67% 6.97% 8.06% 6.44% 6.30% 8.79% 20.25% 18.00% 17.21% 16.89% 18.14% 15.64% 9.57% 8.06% 7.86% 17.03% 18.00% 63.32% 66.09% 66.89% 67.82% 66.83% 71.62% 64.62% 66.09% 2014 2015 (YTD) Source: SETSMART Q3/2014 Q4/2014 Oct 14 Nov 14 Dec 14 Jan 15 Local Investors Foreign Investors Local Institutions Proprietary Trading 16
Market developments: SET & mai In January 2015, foreign investors were net sellers in Thai stock markets for the second consecutive month, of about THB 5,305 million. Net trading position classified by investor type (YTD) Unit: million THB, as of Jan 30, 2015-12,829-5,305 9,869 8,265 Local Investors Net trading value of foreign investors Foreign Investors Local Institutions Proprietary Trading Unit: million THB, as of Jan 30, 2015 37,339 11,771-35,696-5,305-31,846-16,028-27,589-5,305 2014 2015 (YTD) Q3/2014 Q4/2014 Oct 14 Nov 14 Dec 14 Jan 15 Source: SETSMART 17
Market developments: SET & mai The number of investors in Thai stock markets at end-2014 reached a new high of 1.10 million accounts, while the number of active trading accounts slightly decreased from the previous month, or about 31.4% of the total accounts. The average trading value per account was down to THB 3.24 million. Number of active investors and active rate* 600,000 400,000 200,000 29.1% 28.0% 260,787 284,576 22.5% 21.1% 20.5% 24.6% 24.3% 26.4% 29.8% 31.9% 29.9% 219,277 208,017 203,355 Unit: No. of clients (LHS); % active rate (RHS) clients active rate 36.2% 31.6% 32.1% 31.4% 231,065 231,405 254,811 294,031 319,422 305,215 337,617 336,243 346,529 345,457 40% 30% 20% 10% 0 1 1 2013 2014 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 0% 2013 2014 2013 2014 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Number of investors (clients) 974,851 2 1,098,731 2 974,851 986,630 990,286 941,184 951,483 964,523 986,050 1,003,046 1,019,933 1,042,492 1,064,802 1,078,080 1,098,731 % YoY of Number of investors 33.7% 9.1% -0.3% -22.7% -25.6% -22.9% -14.0% -10.8% 5.0% 30.1% 23.1% 10.14% 11.91% 11.96% 12.71% Trading Value / Clients (Million baht) 3.89 3.21 2.35 3.36 2.61 2.95 2.56 3.06 3.47 3.47 3.17 3.84 3.29 3.55 3.24 % YoY of trading value / Clients 15.5% -17.3% -25.3% -29.2% -39.6% -42.2% -32.6% -25.0% -22.9% -11.6% -6.4% -3.0% -4.3% 17.7% 37.91% Source: SET Note: 1. 12-month average 2. December info * calculated by number of active accounts / total accounts 18
Market developments: SET & mai The number of active internet trading accounts increased to 246,782 accounts in December 2014, up by 77% from the same period last year. In addition, internet trading value in December 2014 increased by 221% from the same period of last year. Number of active internet investors 200,000 100,000 0 160,842 193,680 139,559 132,810 128,155 149,701 150,761 170,312 199,434 217,921 209,887 235,233 236,901 246,259 246,782 53% 20% 14% -13% -19% -16% -10% -4% 13% 41% 35% 52% 48% 58% 77% 1 1 2013 2014 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Internet Trading Value 600,000 400,000 200,000 0 324,837 345,626 77% 6% 139,726 185,353 150,685 196,898 176,260-33% -55% -63% -65% -48% -31% 256,921 376,993 411,606 383,818 4% 45% 66% 86% 62% Unit: No. of clients (LHS); %YoY (RHS) 552,005 548,543 460,284 448,143 221% 1 1 1 2013 2014 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 % Internet trading value 2013 2 2014 2 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Comparing with total trading value (%) 31.6 37.2 27.1 26.5 28.4 28.9 29.7 32.8 36.9 37.1 39.6 42.6 41.6 44.5 40.1 Comparing with trading value of local 55.3 59.8 55.4 59.1 56.7 55.2 55.0 58.5 58.6 57.7 59.4 61.6 62.2 62.2 62.0 investors (%) Source: SET Note: 1. monthly average value 2. calculated by sum of monthly internet trading value / sum of monthly total trading value 150% 300% 200% 100% 0% -100% Unit: million THB (LHS); %YoY (RHS) 300% 200% 100% 0% -100% -200% 19
Market developments: SET & mai As of 23 January 2015, assets under management (excluding Vayupak Fund) in domestic equity funds increased by 3.6% YTD. On the other hand, assets under management of foreign equity funds decreased by 0.4% YTD. Asset under management Unit: million THB; as of Jan 23, 2015 Net asset value Fund type End of year End of Month 2013 2014 Oct 14 Nov 14 Dec 14 23 Jan 15 %YTD % proportion Equity Fund 712,572 957,952 936,670 974,913 957,952 986,811 3.0% 26.4% Fixed Income Fund 1,694,388 2,069,810 2,107,173 2,092,102 2,069,810 2,089,146 0.9% 56.0% Mixed Fund 89,208 101,696 101,388 103,443 101,696 104,286 2.5% 2.8% Property Fund 230,869 283,157 276,179 278,740 283,157 281,050-0.7% 7.5% Infrastructure fund 128,469 143,502 143,677 144,668 143,502 142,935-0.4% 3.8% Others 71,106 125,577 125,642 127,281 125,577 128,404 2.3% 3.4% Total 2,926,613 3,681,694 3,690,729 3,721,147 3,681,694 3,732,632 1.4% 100.0% Equity fund classified by destination Domestic Equity Fund (Exclude Vayupak Fund) 416,487 525,187 504,223 512,191 525,187 544,108 3.6% 55.1% Vayupak Fund 255,920 321,555 332,673 354,890 321,555 331,916 3.2% 33.6% Foreign Equity Fund 40,165 111,210 99,774 107,832 111,210 110,787-0.4% 11.2% Total 712,572 957,952 936,670 974,913 957,952 986,811 3.0% 100.0% Equity fund classified by special fund group Long-Term Equity Fund (LTF) 213,913 267,368 251,419 256,494 267,368 275,826 3.2% 28.0% Retirement Mutual Fund - Equity (RMFEQ) 47,801 65,019 61,227 62,681 65,019 68,416 5.2% 6.9% Other Equity fund 194,939 304,009 291,350 300,848 304,009 310,653 2.2% 31.5% Vayupak Fund 255,920 321,555 332,673 354,890 321,555 331,916 3.2% 33.6% Total 712,572 957,952 936,670 974,913 957,952 986,811 3.0% 100.0% Source: Summation of Asset Size by Classification report, Association of Investment Management Companies 20
Market developments: SET & mai In 2014, LTF recorded net subscription of THB 24.4 billion, compared to THB 17.4 billion in 2013. Meanwhile, foreign equity fund saw significant increase in net subscription of THB 49.2 billion in 2014, compared to THB 4.2 billion in 2013. Net new flow for mutual fund Source: The Securities and Exchange Commission Unit: million THB; as of Dec 30, 2014 Net new fund flow Fund type 2013 2014 Y2013 Oct Nov Dec Y2014 Oct Nov Dec Equity Fund 77,364 982 8,829 21,748 97,080 17,141 4,168 33,399 Fixed Income Fund 42,536 4,722-12,936 27,586 283,936 43,074 18,863 21,720 Mixed Fund 134,289 4,615 665 2,619 32,768 3,677 143 1,431 Others -8,997-770 281 220 1,883 2,620 723 744 Total 245,192 9,549-3,161 52,174 415,667 66,512 23,898 57,295 Equity fund classified by destination Domestic Equity Fund 73,134 1,301 8,502 20,547 47,827 11,762 4,338 33,181 Foreign Equity Fund 4,230-319 328 1,201 49,253 5,378-170 218 Total 77,364 982 8,829 21,748 97,080 17,141 4,168 33,399 Equity fund classified by special fund group Long-Term Equity Fund (LTF) 17,399 967 4,821 15,648 24,355 4,686 3,082 22,438 Retirement Mutual Fund - Equity (RMFEQ) 5,205 103 682 2,517 5,763 861 636 3,799 Other Equity Fund 50,530-87 3,326 3,583 66,962 11,594 450 7,161 Total 73,134 982 8,829 21,748 97,080 17,141 4,168 33,399 21
Derivatives market In January, 2015, the daily average trading volume of derivatives market was at 183,596 contracts, down by 33% from the previous month. SET50 Index Futures and Single Stock Futures mostly contributed to the decline. Daily average trading contract classified by instruments Unit: contracts; as of Jan 30, 2014 2014 2015 %YOY 3 Q3/14 Q4/14 %QOQ 4 Oct 14 Nov 14 Dec 14 Jan 15 % MOM 5 (YTD) SET50 Index Futures* 58,790 93,504 59% 66,773 91,082 36% 80,792 66,547 126,937 93,504-26% SET50 Index Options 444 669 51% 460 761 65% 656 543 1,095 669-39% Single Stock Futures 80,100 80,959 1% 118,296 103,420-13% 93,839 82,351 135,028 80,959-40% 50 Baht Gold Futures 974 841-14% 852 986 16% 909 972 1,083 841-22% 10 Baht Gold Futures 1 5,319 5,646 6% 5,256 5,755 9% 5,613 6,320 5,346 5,646 6% Interest Rate Futures 1 - - n.a. - - n.a. - - - - n.a. Silver Futures 1 - - n.a. - - n.a. - - - - n.a. Brent Crude Oil Futures 1 133 145 9% 141 103-27% 101 94 113 145 28% USD Futures 1 1,265 1,831 45% 1,534 2,441 59% 2,272 2,033 3,036 1,831-40% Sector Index Furtures 1 - - n.a. - - n.a. - - - - n.a. All Products 2 147,025 183,596 25% 193,311 204,548 6% 184,181 158,860 272,639 183,596-33% Note 1 Calculate from the total volume traded during that period, divided by the number of business days in that period. 2 Calculate by total trading volume of each instrument / number of business days of each instrument. 3 Calculated from the average daily trading volume of year2014 with year 2015. 4 Calculated from the average daily trading volume in Q4/2014 with Q3/2014. 5. Calculated from the average daily trading volume in January 2015 compared with Decmeber 2014. *TFEX has modified its SET50 futures contract to have a smaller contract size on May 6, 2014. The new SET50 futures, or mini-set50 futures, have a contract size that is one-fifth that of the previous one. The contract multiplier was reduced Source: SETSMART from THB 1,000 per index point to THB 200 per index point, resulting in a drop in size to about THB 200,000. 22
Appendix 1 Market Statistics As of January 2015 2011 2012 2013 2014 2015 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Nov 2014 Dec 2014 Jan 2015 SET SET Index 1,025.32 1,391.93 1,298.71 1,497.67 1,581.25 1,376.26 1,485.75 1,585.67 1,497.67 1,593.91 1,497.67 1,581.25 Market Dividend Yield (%) 3.72 2.98 3.24 2.94 2.72 3.26 3.02 2.82 2.94 2.78 2.94 2.72 Market P/E Ratio 1/ 12.07 18.25 14.60 17.81 18.93 15.56 17.89 18.45 17.81 18.86 17.81 18.93 Market P/BV 1.87 2.41 2.02 2.13 2.26 2.02 2.15 2.28 2.13 2.26 2.13 2.26 Total Turnover Value (M.Baht) 7,040,457.88 7,615,637.96 11,777,210.10 10,193,179.07 985,490.67 1,853,523.01 2,296,174.03 3,007,679.85 3,035,802.16 1,046,348.63 1,018,534.62 985,490.67 Daily Turnover Value (M.Baht) 28,854.34 31,084.24 48,070.25 41,604.81 49,274.53 29,895.53 38,918.20 48,510.97 48,964.55 52,317.43 50,926.73 49,274.53 Number of Listed Securities 755 948 1,141 1,592 1,611.00 1,278 1,281 1,408 1,592 1,524 1,592 1,611 Newly Listed Companies 5 8 14 17 1.00 2 7 1 7 6 1 1 Raising value of New Listed Securities (M.Baht) 2/ 22,104.58 58,018.60 148,989.43 203,447.10 n/a 14,787.00 70,764.00 2,356.20 115,539.90 99,299.90 16,240.00 n/a Total value of Newly Listed Securities (M.Baht) 3/ 3,793.75 15,470.65 31,044.88 43,557.00 n/a 3,595.40 13,470.27 706.20 25,785.13 21,725.94 4,060.00 n/a Delisted Listed Companies 6.00 4.00-7 1.00 1-5 1 1-1 No. of Companies moved from mai to SET 1 2 2 4 1.00 1-2 1 - - 1 No. of Companies moved from SET to mai 1 1 - - - 1 - - - - Total Capitalization (M.Baht) 8,407,696.09 11,831,448.07 11,496,765.17 13,856,283.31 14,709,979.38 12,205,948.34 13,358,124.41 14,427,489.14 13,856,283.31 14,678,357.88 13,856,283.31 14,709,979.38 mai mai Index 264.23 415.68 356.80 700.05 724.72 395.33 509.61 698.26 700.05 726.72 700.05 724.72 Market Dividend Yield (%) 2.97 1.58 1.46 0.87 0.70 1.93 1.44 1.02 0.87 0.85 0.87 0.70 Market P/E Ratio 1/ 16.36 22.80 28.32 69.63 76.78 37.38 53.64 75.87 69.63 65.56 69.63 76.78 Market P/BV 2.46 3.24 2.69 5.64 6.46 2.76 3.44 5.21 5.64 5.72 5.64 6.46 Total Turnover Value (M.Baht) 151,022.76 298,928.56 553,458.70 946,111.84 120,257.16 56,925.30 101,325.37 787,861.17 422,226.23 185,438.18 99,833.95 120,257.16 Daily Turnover Value (M.Baht) 618.95 1,220.12 2,259.02 3,861.68 6,012.86 918.15 1,717.38 12,707.44 6,810.10 9,271.91 4,991.70 6,012.86 Number of Listed Securities 93 100 127 150 151 126 133 143 150 148 150 151 Newly Listed Companies 7 10 15 20 2 2 2 7 9 3 2 2 Raising value of New Listed Securities (M.Baht) 2/ 4,598.07 10,186.60 44,978.50 40,834.13 5,680.50 5,727.50 2,212.00 6,933.13 25,961.50 12,726.00 2,314.00 5,680.50 Total value of Newly Listed Securities (M.Baht) 3/ 1,160.24 2,482.17 8,017.24 9,916.38 1,315.99 958.70 588.00 1,578.33 6,791.35 3,561.00 552.00 1,315.99 Delisted Listed Companies 1 - - 1 - - - 1 1 1 - - No. of Companies moved from mai to SET 1 2 2 4 1 1-3 1 - - 1 No. of Companies moved from SET to mai 1 1 - - - 1 - - - - Total Capitalization (M.Baht) 77,310.14 133,017.08 177,364.99 383,075.24 403,985.81 177,963.08 236,756.34 329,491.12 383,075.24 388,256.08 383,075.24 403,985.81
Appendix 1 Market Statistics As of January 2015 2011 2012 2013 2014 2015 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Nov 2014 Dec 2014 Jan 2015 SET & mai Trading value proportion separated by investor types 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Local Investors 55.26% 54.99% 57.12% 62.32% 66.09% 49.00% 58.56% 66.89% 67.82% 71.62% 64.62% 66.09% Foreign Investors 22.78% 24.24% 21.74% 20.25% 18.00% 29.29% 22.16% 17.21% 16.89% 15.64% 17.03% 18.00% Local Institutions 8.77% 7.78% 8.53% 8.76% 8.06% 10.22% 10.10% 8.15% 7.62% 6.44% 9.57% 8.06% Proprietary Trading 13.19% 13.00% 12.61% 8.68% 7.86% 11.99% 9.19% 7.75% 7.67% 6.30% 8.79% 7.86% Net Buying Position(M.Baht) Local Investors 33,277.30-59,165.59 88,842.95-37,515.19-12,828.90 3,806.26-11,687.81-29,134.06-499.58-25,397.83 16,935.25-12,828.90 Foreign Investors -5,290.42 76,896.93-194,701.88-33,695.94-5,304.53-20,713.59-20,475.58 39,339.03-31,845.79 11,770.99-27,588.84-5,304.53 Local Institutions -29,295.77-24,916.12 107,601.56 69,609.76 9,868.61 13,789.63 27,596.39-10,514.36 38,738.10 3,069.60 23,726.08 9,868.61 Proprietary Trading 1,308.88 7,184.77-1,742.63 3,601.35 8,264.82 3,117.70 4,566.99 2,309.39-6,392.73 10,557.23-13,072.48 8,264.82 Daily Turnover Value (M.Baht) 29,473.29 32,304.36 50,329.27 45,466.49 55,287.39 30,813.68 40,635.58 61,218.40 55,774.65 61,589.34 55,918.43 55,287.39 Total Capitalization (M.Baht) 8,485,006.23 11,964,465.15 11,674,130.16 14,239,358.55 15,113,965.19 12,383,911.42 13,594,880.75 14,756,980.26 14,239,358.55 15,066,613.96 14,239,358.55 15,113,965.19 Source: The Stock Exchange of Thailand Note: 1/ Historical P/E which calculated from market price of common stock divided / earnign per share 2/ Calculated from IPO Price multiplies with number of listed shares 3/ Calculated from IPO Price multiplies with IPO shares Source: The Stock Exchange of Thailand