SET News 29/2015 Mar 12, 2015 Thai bourse market report for February 2015 Bangkok, March 12, 2015 The Stock Exchange of Thailand (SET) main index ended February at 1,587.01 points, up 0.4 percent from a month earlier, or up 6 percent from end- 2014, in spite of concerns over Greece s debt and Thai listed companies performance in the final quarter of last year. Meanwhile, the combined average trading value of SET and mai doubled to THB 59.51 billion (approx. USD 1.8 billion), while the market capitalization of SET was THB 14.86 trillion and mai was THB 452.53 billion. As a result, as of February, 2015, Thai bourse s market capitalization surpassed Bursa Malaysia s, as such ranking second in ASEAN. Key highlights for February Securities - SET Index closed at 1,587.01 points at the end of February, up 0.4 percent from the end of January, or up 6 percent from the end of 2014. - At the end of February, the combined market capitalization of SET and mai increased continuously from a month earlier: the SET s was THB 14.86 trillion, up 1.04 percent from a month earlier, or up 7.27 percent from end-2014, while mai s was THB 452.53 billion, up 12.02 percent from a month earlier, or up 18.13 percent from end-2014. The combined market capitalization of SET and mai recorded higher than Bursa Malaysia s and can therefore be considered as ranking second in ASEAN, after SGX s. - The forward P/E ratio of SET was 15.22 times, while mai s was 23.25 times. - The dividend yield of SET was 2.82 percent, while mai s was 0.58 percent. - In February, the combined average trading value of SET and mai was THB 59.51 billion, more than double the value of the same period last year. - Foreign investors were net sellers of equity market, worth THB 6.64 billion. - Listed companies on SET and mai raised funds through equity worth a combined THB 62 billion. In the primary market, THB 58.72 billion was raised from initial public offerings (IPOs) of three companies and one infrastructure fund on SET, while THB 3.25 billion was raised from the secondary market. From January to February 2015, the combined fundraising of listed companies on SET and mai was THB 72.05 billion, a 7.4 times jump over the same period of last year. Derivatives - In February, derivatives trading volume was 222,051 contracts, up 21 percent from a month earlier, mostly due to an increase in single stock futures, whose average trading volume was 132,252 contracts. 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 February 2015
Agenda SET in the regional context Market developments: SET & mai Derivatives market
SET in the regional context In February 2015, foreign investors sold net USD 213 million in the Thai stock market. Therefore, foreign investors remain net seller YTD. Foreign net trading value Unit: million USD Net buy / sell. Yearly Quarterly Monthly YTD 2014 2015 2015 2012 2013 2014 2H13 2H14 3/2014 4/2014 Nov Dec Jan Feb Jan-Feb THAILAND 2,504-6,204-1,091-3,681 156 1,159-1,004 337-843 -128-213 -341 INDONESIA 1,703-1,808 3,766-1,753-64 397-461 434-634 19 830 849 PHILIPPINES 2,548 669 1,256-827 244 311-67 601-128 529 372 901 VIETNAM 154 270 136 92-147 -60-87 -40 4 5 50 55 TAIWAN 4,904 9,117 13,190 8,861 2,923 910 2,013 3,300-1,306 2,143 3,199 5,342 INDIA 24,474 19,939 16,118 6,599 6,200 3,896 2,304 1,924-161 2,879 990 3,869 KOREA 15,069 4,853 5,684 12,889 2,790 5,205-2,414 1,554-1,964-1,033 1,166 133 Source: Bloomberg Note: excludes mai 3
SET in the regional context 140 120 100 80 60 40 20 0-20 -40 50-60 -80 25-100 -120 % 0-25 -50-75 During February 2015, foreign investors were net sellers in Thai stock markets and Thai bond market. Of which, they sold net THB 6.64 billion in stocks and THB 3.90 billion in bond respectively. 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 33.0 33.0 32.4 70% 32.7 32.3 60% % 32.8 33.0 96.7 29.7 100% 80% -100.4 90% Y2013 70% 60% -194.7 50% 40% -53.9-35.7 Y2014-10.9-5.0 10% -11.9 26% Y2015(YTD) 80% 70% 90% 80% 70% 60.5-18.3 37.3 Q3/14 20.7 5.5-46.8-31.8 Q4/14 90% 80% 70% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% -2.2 32.4 32.6 32.6 32.6 2.2 0.2 26% -2.9-4.1-2.6-4.0-1.0-8.1 100% 100% 10% 10% 90% 90% 80% 80% 10% 70% 70% 15% -5.3-6.660% 60% 50% 0% 50% 26% 40% 26% 40% 30% 15% 30% ม.ค. - ก.ย. 2553 20% 20% 15% 15% 10% 0% 10% ม.ค. - ก.ย. 2553 15% -27.6 Dec 14 Sources : SETSMART, Thai BMA, BOT * SET+ mai 50% 40% 30% 20% Jan 15 15% Feb 15 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 10% 100% 90% 5.9 90% 10% 1.8 80% 80% 70% 60% 50% 26% 40% 30% 15% 20% 10% 15% 0% 2-6 Feb 15 Exchange rate 100% 26% 15% 15% 70% 60% ม.ค. - ก.ย. 2553 9-13 Feb15 50% 40% 30% 32.4 1.6 2.2-2.3-1.0 10% -5.1 26% 15% 15% ม.ค. - ก.ย. 2553 16-20 Feb 15 10% -9.3 26% 23-27 Feb 15 34 33 32 31 30 29 28 27 26 25 Depreciate Exchange rate at end period (THB/USD) Appreciate Foreign investors sold net THB 6.64 billion of Thai stocks* during February 2015 4
SET in the regional context The SET index closed at 1,587.01 as of 27 February 2015, up by 7.6% YTD in USD term. Stock index change (%YTD) Unit: percent; (end of Dec 2014 end of Feb 2015) 1.1 USD local currency 4.3 3.4 3.3 3.6 4.0 5.1 0.1 1.3 2.3 3.7 3.6 3.4 7.6 8.5 8.8 8.9 5.2 6.0 6.9 8.6 6.3-1.6-0.6 Singapore Indonesia Malaysia China Stock index change (%MTD) Unit: percent; (end of Jan 2015 end of Feb 2015) Korea EM* USD 3.0 0.8 0.8 0.8 1.3 1.3 1.5 0.3 0.1 0.5 0.4 Taiwan Hong Kong Thailand Philippines Vietnam India local currency 3.8 2.2 2.9 3.1 2.5 2.8 2.8 3.0 3.0 1.9 2.2 2.8-0.2 Singapore India Philippines Indonesia Hong Kong Source: Bloomberg * EM = MSCI Emerging Markets Index Thailand Korea Vietnam Malaysia China EM* Taiwan 5
SET in the regional context YTD, SET performance is in line with peers. In addition, SET continued to outperform MSCI World Index and MSCI Asia ex Japan Index. Stock index movement Data as of Feb 27, 2015; rebased end-2014 = 100 120 110 Thailand Vietnam 110 100 90 31 Dec 14 31 Jan 15 27 Feb 15 Philippines Thailand Indonesia Malaysia Singapore 100 90 31 Dec 14 31 Jan 15 27 Feb 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 February 2015 were at 15.22 and 23.25 times respectively. Forward P/E of Thailand and regional comparisons Unit: times 17.67 19.26 19.38 16.21 15.75 16.30 Average as end of Feb 2015 is 15.15 times 14.28 15.37 15.98 13.82 13.81 13.95 14.72 13.00 13.41 13.12 12.89 13.33 7.76 12.26 12.95 10.28 11.40 11.76 10.28 10.90 11.17 12.47 15.12 15.22 21.91 21.11 23.25 Philippines Malaysia Indonesia Singapore Taiwan Vietnam China Hong Kong Korea SET mai End February 2014 End of January 2015 End February 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 February 2015, dividend yield of SET was at 2.82%, while mai s dividend yield was at 0.58%. Market Dividend Yield Unit: percent 3.43 3.67 3.60 3.36 3.25 3.24 3.43 3.20 3.17 2.79 3.11 3.02 2.07 1.99 2.25 1.92 1.90 2.08 1.87 1.81 3.05 1.15 1.26 1.09 1.72 0.66 0.58 3.35 2.89 2.82 Average as end of Feb 2015 is 2.45% Hong Kong Singapore Malaysia Taiwan China Philippines Indonesia Korea SET mai End of February 2014 End of January 2015 End of February 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* (2010 - Jan 2015) Unit: million USD 1,588 Share turnover velocity** (2010 - Jan 2015) Unit: percent 82.7 890 566 407 227 39.7 31.0 24.4 17.5 2010 2011 2012 2013 2014 2015 Oct 14 Nov Dec Jan 15 Thailand (YTD) Singapore 14 14 Malaysia Indonesia Philippines 2010 2011 2012 2013 2014 2015 Oct 14 Nov 14 Dec 14 Jan 15 Thailand Singapore Malaysia 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 of January 2015 reached USD 461 billion, surpassing that of Malaysia for the first time in the history and marking it the largest in Southeast Asia after Singapore. Domestic Market Capitalization Unit: billion USD; data as of end-january 2015 (...%) Percentage change (MoM) December 2014 - January 2015 (2.8%) 3,325 (7.9%) 1,682 (1.1%) (0.3%) 861 755 (7.1%) (-1.6%) (-0.3%) (6.8%) 461 452 421 280 Number of Listed Companies Unit: companies; data as of end-january 2015 ( ) Change (MoM) December 2014 - January 2015 (+34) 5,576 (+11) (-1) (+2) (-1) 1,763 (+2) (0) 904 882 774 615 506 (-1) 262 Source: World Federation of Exchanges (WFE) * Bombay SE 10
Market developments: SET & mai YTD, SET performance improved for most sectors. Of which, property and construction, consumption as well as industrial sectors were among the top performers. SET index classified by industry. (Data as of Feb 27, 2015; rebased end-2014 = 100) 115 PROPCON CONSUMP 110 INDUS 105 RESOURC SET 100 SERVICE 95 FINCIAL SET50 TECH AGRO SET index classified by industry. %YoY %MTD %YTD Weight Mkt cap. 2012 2013 2014 Dec 14 Jan 15 Feb 15 Feb 15 Feb 15 Unit: percent SET 35.8-6.7 15.3-6.0 5.6 0.4 6.0 100% SET50 31.6-6.6 13.3-6.4 4.9-0.7 4.2 69% Property 54.2-8.7 18.8-6.3 7.5 3.8 11.5 Consumption 13.9-6.7 40.9-0.5 8.6 2.5 11.3 1% Industrial 9.9-5.4-14.3-12.9 7.8 1.6 9.5 5% Resource 7.1-10.4-2.3-12.8 4.5 2.4 7.0 16% Service 64.3-1.2 22.8-3.6 5.0 0.8 5.8 20% Financial 44.4-11.9 27.9-5.8 6.9-2.4 4.3 21% Source: SETSMART Technology 49.4 6.0 22.0 0.3 4.5-1.7 2.8 14% Agro & Food 32.1-12.2 8.7-4.4 1.1-2.6-1.5 6% 11
Market developments: SET & mai In February 2015, the proportion of trading value of large-cap securities slightly decreased. In term of sector, trading activities of energy and construction material 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 57,397 54,408 55,775 61,589 55,918 55,287 59,506 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 Market capitalization of SET and mai accounted for THB 14.86 trillion and THB 452,528 million at end of February 2015. This reflected an increase of 7.27% and 18.13% from end-2014 respectively. SET Market capitalization and SET index Unit: Market cap.(million THB) (LHS); Index (RHS) 20,000,000 15,000,000 10,000,000 5,000,000 0 500,000 400,000 300,000 200,000 100,000 0 1,298.7 11,496,765 356.8 177,365 7.27% 1,587.0 1,497.7 13,856,283 700.1 383,075 14,863,658 452,528 798.0 1,274.3 1,325.3 11,307,020 351.7 376.5 157,494 11,750,759 168,901 1,561.6 1,585.7 1,584.2 1,593.9 1,497.7 1,581.3 1,587.0 14,037,468 2013 2014 2015 (Feb) Jan14 Feb14 Aug14 Sep14 Oct14 Nov14 Dec14 Jan15 Feb15 mai Market capitalization and mai index 18.13% 637.9 305,363 698.3 723.8 726.7 700.1 724.7 798.0 2013 2014 2015 (Feb) Jan14 Feb14 Aug14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Source: SETSMART; note: EARTH Energy company had been moved from mai to trade on SET on January 2014 14,427,489 329,491 14,423,349 368,703 14,678,358 388,256 13,856,283 383,075 14,709,979 403,986 14,863,658 452,528 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 13
Market developments: SET & mai In February 2015, Thai listed companies raised THB 61,965 million in equity market, of which THB 58,719 million was in primary market and THB 3,246 million was in secondary market. There were 4 new IPOs (3 companies in SET and 1 infrastructure fund). YTD, fund raising value in 2015 increased by 741.0%, compared with same period in 2014. Type Annually % YoY Quarterly Monthly 2014 2014 (YTD) 2015 (YTD) 3/2014 4/2014 Nov 14 Dec 14 Jan 15 Feb 15 Initial Public Offering 113,990 4,950 63,460 1,182.0 5,749 73,120 41,944 12,699 4,741 58,719 Secondary Offering - Public Offering 668 - - - 668 - - - - - Private Placement 60,381 2,052 6,198 202.0 38,337 11,252 5,645 3,201 4,181 2,017 - Convertible Bond 3,183 2 1,333 53,220.1 113 2,789 199 100 599 734 - Warrant 15,848 300 - - 3,405 1,178 62 931 - - - Right Offering 78,921 1,262 1,056-16.3 42,103 14,087 763 4,724 561 495 Grand Total 272,991 8,566 72,047 741.0 90,376 102,424 48,613 21,655 10,082 61,965 Unit: million THB Accumulated 2 months fund raising value 2015 Unit: million THB Fund raising value Feb 2015 4 new IPOs: 1. S 11 group (S11) 2. Scan Inter (SCN) 3. Plan B Media (PLANB) 4. Jasmine Broadband Internet Infrafund (JASIF) Source: SET 14
Market developments: SET & mai Daily average trading value of SET and mai accounted for THB 59,506 million in February 2015, up by 113.31% from the same period last year. From the beginning of the year, the daily trading value of SET and mai averaged at THB 57,397 million, up by 91.50% from the same period last year. 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 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1,497.67 1,587.01 1,585.67 41,605 51,426 1,497.67 1,593.91 1,497.67 48,511 48,965 52,317 50,927 1,581.25 1,587.01 49,275 53,578 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 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 14,000 12,000 10,000 8,000 6,000 4,000 2,000-700.05 3,862 798.00 698.26 5,971 5,897 700.05 6,810 726.72 9,272 724.72 700.05 4,992 6,013 798.00 5,929 800 780 760 740 720 700 680 660 640 2014 2015 (YTD) Q3/2014 Q4/2014 Nov 14 Dec 14 Jan 15 Feb 15 2014 2015 (YTD) Q3/2014 Q4/2014 Nov 14 Dec 14 Jan 15 Feb 15 (THB million) 2014 2015 (YTD) Daily average trading value % YOY 45,466-9.66% 57,397 91.50% Q3/2014 Q4/2014 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 54,408 23.27% 55,775 61.24% 28.87% 50,358 61,589 75.84% 55,918 95.54% 55,287 74.05% 59,506 113.31% Source: SETSMART 15
Market developments: SET & mai In February 2015, local investors became increasingly active in Thai stock market, but foreign investors had lowered their participation somewhat. Daily average trading value and trading proportion classified by investor types Unit: million THB 3,982 3,946 9,206 28,333 4,726 4,510 9,683 4,432 4,218 4,251 4,278 9,362 9,421 3,968 3,881 9,632 5,350 4,914 4,454 4,343 4,998 4,676 9,521 9,949 9,417 38,478 36,396 37,825 44,108 36,132 36,541 40,415 Daily average trading value 45,466 57,397 54,408 55,775 61,589 55,918 55,287 59,506 Unit: percent 8.76% 8.68% 8.23% 7.86% 8.15% 7.75% 7.62% 7.67% 6.44% 6.30% 8.79% 20.25% 16.87% 17.21% 16.89% 15.64% 9.57% 8.06% 7.86% 8.40% 7.86% 17.03% 18.00% 15.83% 63.32% 67.04% 66.89% 67.82% 71.62% 64.62% 66.09% 67.92% 2014 2015 (YTD) Source: SETSMART Q3/2014 Q4/2014 Nov 14 Dec 14 Jan 15 Feb 15 Local Investors Foreign Investors Local Institutions Proprietary Trading 16
Market developments: SET & mai In February 2015, foreign investors were net seller in Thai stock market for three consecutive months. As a result, foreign investors sold net THB 11,948 million YTD. Net trading position classified by investor type (YTD) Unit: million THB, data as of Feb 27, 2015-1,353-11,948 6,666 6,634 Local Investors Net trading value of foreign investors Foreign Investors Local Institutions Proprietary Trading Unit: million THB, data as of Feb 27, 2015 37,339 11,771-35,696-11,948-31,846-27,589-5,305-6,643 2014 2015 (YTD) Q3/2014 Q4/2014 Nov 14 Dec 14 Jan 15 Feb 15 Source: SETSMART 17
Market developments: SET & mai The number of investors in Thai stock markets at the end of January 2015 continued to mark a new high of 1.11 million accounts, while the number of active trading accounts slightly decreased from the previous month, or about 30.4% of total accounts. The average trading value per account increased slightly from December 2014 to THB 3.26 million. Number of active investors and active rate* 600,000 400,000 200,000 29.1% 28.0% 260,787 284,576 21.1% 20.5% 24.6% 24.3% 26.4% 29.8% 31.9% 29.9% 208,017 203,355 231,065 231,405 254,811 294,031 Unit: No. of clients (LHS); % active rate (RHS) clients active rate 36.2% 31.6% 32.1% 31.4% 30.4% 319,422 305,215 337,617 336,243 346,529 345,457 338,866 40% 30% 20% 10% 0 1 1 2013 2014 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 0% 2013 2014 2014 2015 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Number of investors (clients) 974,851 2 1,098,731 2 986,630 990,286 941,184 951,483 964,523 986,050 1,003,046 1,019,933 1,042,492 1,064,802 1,078,080 1,098,731 1,114,681 % YoY of Number of investors 33.7% 9.1% -22.7% -25.6% -22.9% -14.0% -10.8% 5.0% 30.1% 23.1% 10.14% 11.91% 11.96% 12.71% 12.98% Trading Value / Clients (Million baht) 3.89 3.21 3.36 2.61 2.95 2.56 3.06 3.47 3.47 3.17 3.84 3.29 3.55 3.24 3.26 % YoY of trading value / Clients 15.5% -17.3% -29.2% -39.6% -42.2% -32.6% -25.0% -22.9% -11.6% -6.4% -3.0% -4.3% 17.7% 37.91% -2.9% 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 decreased to 244,110 accounts in January 2015, up by 84% from the same period last year. In addition, internet trading value in January 2015 increased by 154% from the same period last year. Number of active internet investors 200,000 100,000 0 600,000 400,000 200,000 0 160,842 193,680 132,810 128,155 149,701 150,761 170,312 199,434 217,921 209,887 235,233 236,901 246,259 246,782 244,110 53% 20% -13% -19% -16% -10% -4% 13% 41% 35% 52% 48% 58% 77% 84% 1 1 2013 2014 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Internet Trading Value 324,837 345,626 77% 6% 185,353 150,685 196,898 176,260 256,921-55% -63% -65% -48% -31% Unit: No. of clients (LHS); %YoY (RHS) 300% 200% 100% 0% -100% Unit: million THB (LHS); %YoY (RHS) 376,993 411,606 383,818 552,005 460,284 548,543 448,143 469,901 300% 200% 221% 154% 100% 150% 4% 45% 66% 86% 62% 0% -100% -200% 1 1 1 2013 2014 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 % Internet trading value 2013 2 2014 2 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Comparing with total trading value (%) 31.6 37.2 26.5 28.4 28.9 29.7 32.8 36.9 37.1 39.6 42.6 41.6 44.5 40.1 42.5 Comparing with trading value of local 55.3 59.8 59.1 56.7 55.2 55.0 58.5 58.6 57.7 59.4 61.6 62.2 62.2 62.0 64.3 investors (%) Source: SET Note: 1. monthly average value 2. calculated by sum of monthly internet trading value / sum of monthly total trading value 19
Market developments: SET & mai As of 20 February 2015, assets under management (excluding Vayupak Fund) in domestic equity funds increased by 2.3% YTD. On the other hand, assets under management of foreign equity funds increased by 5.5% YTD. Asset under management Source: Summation of Asset Size by Classification report, Association of Investment Management Companies Unit: million THB; as of Feb 20, 2015 Net asset value Fund type End of year End of Month 2013 2014 Nov 14 Dec 14 Jan 15 20 Feb 15 %YTD % proportion Equity Fund 712,572 957,952 974,913 957,952 974,107 976,173 1.9% 26.1% Fixed Income Fund 1,694,388 2,069,810 2,092,102 2,069,810 2,094,147 2,105,792 1.7% 56.3% Mixed Fund 89,208 101,696 103,443 101,696 102,808 101,270-0.4% 2.7% Property Fund 230,869 283,157 278,740 283,157 281,471 284,275 0.4% 7.6% Infrastructure fund 128,469 143,502 144,668 143,502 142,657 142,945-0.4% 3.8% Others 71,106 125,577 127,281 125,577 128,357 131,427 4.7% 3.5% Total 2,926,613 3,681,694 3,721,147 3,681,694 3,723,547 3,741,881 1.6% 100.0% Equity fund classified by destination Domestic Equity Fund (Exclude Vayupak Fund) 416,487 525,187 512,191 525,187 538,197 537,031 2.3% 55.0% Vayupak Fund 255,920 321,555 354,890 321,555 324,951 321,824 0.1% 33.0% Foreign Equity Fund 40,165 111,210 107,832 111,210 110,959 117,318 5.5% 12.0% Total 712,572 957,952 974,913 957,952 974,107 976,173 1.9% 100.0% Equity fund classified by special fund group Long-Term Equity Fund (LTF) 213,913 267,368 256,494 267,368 273,681 271,845 1.7% 27.8% Retirement Mutual Fund - Equity (RMFEQ) 47,801 65,019 62,681 65,019 68,150 68,280 5.0% 7.0% Other Equity fund 194,939 304,009 300,848 304,009 307,325 314,223 3.4% 32.2% Vayupak Fund 255,920 321,555 354,890 321,555 324,951 321,824 0.1% 33.0% Total 712,572 957,952 974,913 957,952 974,107 976,173 1.9% 100.0% 20
Market developments: SET & mai In January 2015, LTF recorded net redemption of THB 5.98 billion, compared to THB 1.06 billion in January 2014. Meanwhile, foreign equity fund saw net redemption of THB 4.96 billion, compared to net subscription of THB 3.50 billion in January 2014. Net new flow for mutual fund Fund type Yearly Net new fund flow Monthly Y2013 Y2014 Jan-14 Oct-14 Nov-14 Dec-14 Jan-15 Equity Fund 77,364 97,080 2,790 17,141 4,168 33,399-13,577 Fixed Income Fund 42,536 283,936 13,611 43,074 18,863 21,720 24,383 Mixed Fund 134,289 32,768 2,068 3,677 143 1,431-3,204 Others -8,997 1,883-1,660 2,620 723 744 95 Total 245,192 415,667 16,808 66,512 23,898 57,295 7,698 Equity fund classified by destination Domestic Equity Fund 73,134 47,827-710 11,762 4,338 33,181-8,613 Foreign Equity Fund 4,230 49,253 3,499 5,378-170 218-4,964 Total 77,364 97,080 2,790 17,141 4,168 33,399-13,577 Equity fund classified by special fund group Long-Term Equity Fund (LTF) 17,399 24,355-1,064 4,686 3,082 22,438-5,975 Retirement Mutual Fund - Equity (RMFEQ) 5,205 5,763 256 861 636 3,799-57 Other Equity Fund 50,530 66,962 3,597 11,594 450 7,161-7,545 Total 73,134 97,080 2,790 17,141 4,168 33,399-13,577 Source: The Securities and Exchange Commission Unit: million THB; as of Jan 30, 2015 21
Derivatives market In February 2015, the daily average trading volume of derivatives market was at 222,051 contracts, up by 21% from the previous month mostly from Single Stock Futures. Daily average trading contract classified by instruments Unit: contracts; Data as of Feb 27, 2015 2014 2015 %YOY 3 Q3/14 Q4/14 %QOQ 4 Nov 14 Dec 14 Jan 15 Feb 15 % MOM 5 (YTD) SET50 Index Futures* 58,790 87,802 49% 66,773 91,082 36% 66,547 126,937 93,504 82,099-12% SET50 Index Options 444 810 82% 460 761 65% 543 1,095 669 950 42% Single Stock Futures 80,100 106,606 33% 118,296 103,420-13% 82,351 135,028 80,960 132,252 63% 50 Baht Gold Futures 974 796-18% 852 986 16% 972 1,083 842 751-11% 10 Baht Gold Futures 1 5,319 5,447 2% 5,256 5,755 9% 6,320 5,346 5,646 5,247-7% Interest Rate Futures 1 - - n.a. - - n.a. - - - - n.a. Silver Futures 1 - - n.a. - - n.a. - - - - n.a. Brent Crude Oil Futures 1 133 159 20% 141 103-27% 94 113 145 174 20% USD Futures 1 1,265 1,204-5% 1,534 2,441 59% 2,033 3,036 1,831 578-68% Sector Index Futures 1 - - n.a. - - n.a. - - - - n.a. All Products 2 147,025 202,824 38% 193,311 204,548 6% 158,860 272,639 183,596 222,051 21% 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 year 2014 with year 2015 (YTD). 4 Calculated from the average daily trading volume in Q4/2014 with Q3/2014. 5 Calculated from the average daily trading volume in February 2015 compared with January 2014. Source: SETSMART 22
Appendix 1 Market Statistics As of January 2015 2011 2012 2013 2014 2015 (YTD) Q1/2014 Q2/2014 Q3/2014 Q4/2014 Nov 2014 Dec 2014 Jan 2015 Feb 2015 SET SET Index 1,025.32 1,391.93 1,298.71 1,497.67 1,587.01 1,376.26 1,485.75 1,585.67 1,497.67 1,593.91 1,497.67 1,581.25 1,587.01 Market Dividend Yield (%) 3.72 2.98 3.24 2.94 2.73 3.26 3.02 2.82 2.94 2.78 2.94 2.72 2.73 Market P/E Ratio 1/ 12.07 18.25 14.60 17.81 21.64 15.56 17.89 18.45 17.81 18.86 17.81 18.93 21.64 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 2.26 Total Turnover Value (M.Baht) 7,040,457.88 7,615,637.96 11,777,210.10 10,193,179.07 2,057,040.86 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 1,071,550.19 Daily Turnover Value (M.Baht) 28,854.34 31,084.24 48,070.25 41,604.81 51,426.02 29,895.53 38,918.20 48,510.97 48,964.55 52,317.43 50,926.73 49,274.53 53,577.51 Number of Listed Securities 755 948 1,141 1,592 1,647 1,278 1,281 1,408 1,592 1,524 1,592 1,611 1,647 Newly Listed Companies 5 8 14 17 4 2 7 1 7 6 1 1 3 Raising value of New Listed Securities (M.Baht) 2/ 22,104.58 58,018.60 148,989.43 203,447.10 16,238.90 14,787.00 70,764.00 2,356.20 115,539.90 99,299.90 16,240.00 n/a 16,238.90 Total value of Newly Listed Securities (M.Baht) 3/ 3,793.75 15,470.65 31,044.88 43,557.00 3,719.22 3,595.40 13,470.27 706.20 25,785.13 21,725.94 4,060.00 n/a 3,719.22 Delisted Listed Companies 6.00 4.00-7 1 1-5 1 1-1 - No. of Companies moved from mai to SET 1 2 2 4 1 1-2 1 - - 1 - No. of Companies moved from SET to mai 1 1 1 - - 1 - - - - 1 Total Capitalization (M.Baht) 8,407,696.09 11,831,448.07 11,496,765.17 13,856,283.31 14,863,658.21 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 14,863,658.21 mai mai Index 264.23 415.68 356.80 700.05 798.00 395.33 509.61 698.26 700.05 726.72 700.05 724.72 798.00 Market Dividend Yield (%) 2.97 1.58 1.46 0.87 0.67 1.93 1.44 1.02 0.87 0.85 0.87 0.70 0.67 Market P/E Ratio 1/ 16.36 22.80 28.32 69.63 91.39 37.38 53.64 75.87 69.63 65.56 69.63 76.78 91.39 Market P/BV 2.46 3.24 2.69 5.64 6.10 2.76 3.44 5.21 5.64 5.72 5.64 6.46 6.10 Total Turnover Value (M.Baht) 151,022.76 298,928.56 553,458.70 946,111.84 238,833.79 56,925.30 101,325.37 787,861.17 422,226.23 185,438.18 99,833.95 120,257.16 118,576.63 Daily Turnover Value (M.Baht) 618.95 1,220.12 2,259.02 3,861.68 5,970.84 918.15 1,717.38 12,707.44 6,810.10 9,271.91 4,991.70 6,012.86 5,928.83 Number of Listed Securities 93 100 127 150 153 126 133 143 150 148 150 151 153 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 - - 1 - - - - 1 Total Capitalization (M.Baht) 77,310.14 133,017.08 177,364.99 383,075.24 452,527.64 177,963.08 236,756.34 329,491.12 383,075.24 388,256.08 383,075.24 403,985.81 452,527.64
Appendix 1 Market Statistics As of January 2015 2011 2012 2013 2014 2015 (YTD) Q1/2014 Q2/2014 Q3/2014 Q4/2014 Nov 2014 Dec 2014 Jan 2015 Feb 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% 100.00% Local Investors 55.26% 54.99% 57.12% 62.32% 67.04% 49.00% 58.56% 66.89% 67.82% 71.62% 64.62% 66.09% 67.92% Foreign Investors 22.78% 24.24% 21.74% 20.25% 16.87% 29.29% 22.16% 17.21% 16.89% 15.64% 17.03% 18.00% 15.83% Local Institutions 8.77% 7.78% 8.53% 8.76% 8.23% 10.22% 10.10% 8.15% 7.62% 6.44% 9.57% 8.06% 8.40% 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% 7.86% Net Buying Position(M.Baht) Local Investors 33,277.30-59,165.59 88,842.95-37,515.19-1,352.53 3,806.26-11,687.81-29,134.06-499.58-25,397.83 16,935.25-12,828.90 11,476.17 Foreign Investors -5,290.42 76,896.93-194,701.88-33,695.94-11,947.66-20,713.59-20,475.58 39,339.03-31,845.79 11,770.99-27,588.84-5,304.53-6,643.13 Local Institutions -29,295.77-24,916.12 107,601.56 69,609.76 6,666.32 13,789.63 27,596.39-10,514.36 38,738.10 3,069.60 23,726.08 9,868.61-3,202.28 Proprietary Trading 1,308.88 7,184.77-1,742.63 3,601.35 6,634.07 3,117.70 4,566.99 2,309.39-6,392.73 10,557.23-13,072.48 8,264.82-1,630.75 Daily Turnover Value (M.Baht) 29,473.29 32,304.36 50,329.27 45,466.49 57,396.87 30,813.68 40,635.58 61,218.40 55,774.65 61,589.34 55,918.43 55,287.39 59,506.34 Total Capitalization (M.Baht) 8,485,006.23 11,964,465.15 11,674,130.16 14,239,358.55 15,316,185.85 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 15,316,185.85 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