COMPANY UPDATE
Thailand
Robinson Department Store (ROBINS.BK/ROBINS TB)* Outperform‧Maintained Price as of 10 Apr 2018 12M target price (Bt/shr) Unchanged/Revised up(down)(%)
Positive SSSG and rental income to drive 1Q18 earnings 62.50
Event
85.00
Earnings preview
Unchanged
Upside/downside (%)
36.0
Key messages
Trading data 69/1955 1,111 242 2.5 53.8-77 3M 6M 12M -15.0 -8.1 0.8 -13.4 -10.5 -9.4
Quarterly EPS Q1 0.55 0.62 0.64
Q2 0.40 0.55 0.54
Q3 0.36 0.46 0.55
Q4 0.63 0.91 0.74
positive 1.0-2.0% thanks to the low base effect from weak consumption. The retailer still has 10% of stock clearance, near the clearance portion in 4Q17. Therefore, we forecast GPM of about 25.2%, flat YoY and QoQ. Rental income continues uptrend We expect rental income of Bt902mn (+12.9% YoY, +3.0% QoQ). Robust income growth YoY would be caused by an increase in rental space of 8.9% to 403k sq.m. from 370k sq.m. in 1Q17. The potential growth of this income is further supported by the expanded space at new malls and rate adjustments, which would provide sustainability behind ROBINS’s performance in the long term. Based on all this, we estimate that rental income will account
80
30
75
20
70
60
Voranart Meethavorn 66.2658.8888 Ext.8856
[email protected]
Better outlook ensues Although upcountry consumption remains sluggish in the near term, its outlook in 2H18 should improve, driven by i) the government’s Bt100bn budget for rural areas that will be disbursed in 2Q18, ii) the lower base of farm prices as the rubber price started tumbling in May 2017 and iii) fresh signs of a rice-price rebound in March 2018. We thus expect rural purchasing power to lift. Moreover, solid rental income from the high occupancy rate of
Nov-17
Jan-18
Price performance relative to SET
Apr-18
Valuation & Action We maintain an Outperform rating, with a 2018 target price of Bt85.00 based on the DCF methodology. At this price, the stock offers sizable upside to our target price andit is trading on PER18 20.4x and on PEG 1.0x, below the sector average at 30.6x and 2.2x.
(20)
50 Share Price
lower promotional expense would lead to the slip in expense QoQ.
10
(10)
55
Source: SET
YoY would result from costs related to store expansion in the past 12months. Meanwhile,
0
65
Sep-17
SG&A to inch up YoY but drop QoQ We estimate SG&A of Bt1.9bn, up 4.0% YoY but down 10.6% QoQ. The higher expenses
98% would reinforce its performance.
Share price chart
Jun-17
ROBINS’s sales would reach Bt6.4bn (+1.7% YoY, -12.6% QoQ). SSSG would turn to
for about 40-50% of its operating profit.
Mkt cap (Btbn/US$mn) Outstanding shares (mn) Foreign ownership (mn) 3M avg. daily trading (mn) 52-week trading range (Bt) Performance (%) Absolute Relative
Apr-17
Expect earnings growth YoY but drop QoQ We expect ROBINS to report a 1Q18 net profit of Bt785mn (+10.6% YoY, -4.3% QoQ).
We expect ROBINS to report a 1Q18 net profit of Bt785mn (+10.6% YoY, -4.3% QoQ) on the back of SSSG, 1.0-2.0%; GPM, 25.2%: and rental income growth 12.9% YoY. Looking forward, we expect greater spending upcountry to support ROBINS’ performance. Although near-term upcountry consumption remains sluggish, its outlook in 2H18 should improve due to i) the government’s Bt100bn budget for rural areas, ii) the lower base of farm prices as the rubber price started tumbling in May 2017 and iii) fresh signs of rice price rebound.
Bt 2015 2016 2017
lmpact
Risks Slower than expected economic recovery. Key financials and valuations Revenue (Btmn) Net Profit (Btmn) Normalized Profit (Btmn) Net Profit Growth (%) Normalized Profit Growth (%) EPS (Bt) DPS (Bt) EPS Growth (%) P/E (X) P/B (X) EV/EBITDA (X) Net Debt to Equity (%) Dividend Yield (%) Return on Average Equity (%)
Dec - 16A 26,078 2,815 2,499 30.7 16.1 2.53 1.25 30.7 25.1 4.4 12.4 6.3 2.0 17.4
Dec - 17A 25,989 2,742 2,717 (2.6) 8.7 2.47 1.25 (2.6) 29.6 4.6 12.4 (0.2) 1.7 15.6
Dec - 18F 27,806 3,400 3,400 24.0 25.2 3.06 1.53 24.0 20.4 3.6 10.6 4.8 2.4 17.4
Dec - 19F 29,472 3,921 3,921 15.3 15.3 3.53 1.77 15.3 17.7 3.2 9.6 0.1 2.8 18.0
Dec - 20F 31,507 4,378 4,378 11.6 11.6 3.94 1.97 11.6 15.9 2.9 8.7 (7.3) 3.2 18.1
Source: Company data, KGI Research
April 11, 2018
*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT
Please see back page for disclaimer
1
Thailand
Robinson Department Store
Figure x: 1Q18 earnings proview Bt mn Revenue Gross Profit SG&A Rental income Operating Profit Operating EBITDA Equity Income/(Loss) Net Profit Normalized profit EPS (Bt) Normalized EPS (Bt) Percent Gross margin EBIT margin SG&A/sales
1Q18F 6,380 1,608 1,895 902 870 1,435 128 785 785 0.71 0.71 1Q18F 25.2 13.6 29.7
1Q17 6,271 1,584 1,822 799 775 1,252 147 710 710 0.64 0.64 1Q17 25.3 12.4 29.1
YoY (%) 1.7 1.5 4.0 12.9 12.3 14.6 (13.5) 10.6 10.6 10.6 10.6 YoY (ppts) (0.1) 1.3 0.6
4Q17 QoQ (%) 7,303 (12.6) 1,839 (12.6) 2,119 (10.6) 875 3.0 883 (1.5) 1,436 (0.1) 133 (4.3) 820 (4.3) 795 (1.3) 0.74 (4.3) 0.72 (1.3) 4Q17 QoQ (ppts) 25.2 0.0 12.1 1.5 29.0 0.7
Source: Company data, KGI Research
April 11, 2018
*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT
Please see back page for disclaimer
2
Thailand
Robinson Department Store
Figure 2: Company profile
Figure 3: Earnings continueupward during 2018-20
Robinson Department Store (ROBINS) operates Thailand’s largest
Net profit, Btbn (LHS); net profit growth, percent (RHS)
number of department stores and has the greatest market coverage,
5.0
40.0
with a focus on the middle-to-high income market segment. As of
4.0
30.0
2016, its network consists of 11 department stores in Bangkok and 33
3.0
20.0
2.0
10.0
1.0
0.0
department stores in upcountry areas. ROBINS is 54% owned by CRC Group. The company also holds a 29% stake in CRC Sports and a 40% stake in Power Buy, which operate Super Sport and Power Buy specialty retail stores, respectively.
0.0
(10.0) 2016A
2017A
2018F
Net profit Source: Company data
2019F
2020F
Net profit growth
Source: Company data, KGI Research
Figure 4: Historical quarterly SSSG
Figure 5: Secured rental income to improve margin
SSSG, percent
Rental income, Btbn (LHS); operating margin, percent (RHS)
2.6
5.0 0.0
20.0
4.0
0.0
15.0
3.0
(0.1)
10.0
2.0 (2.2) (3.4) (4.4) 1Q16
2Q16
3Q16
4Q16
0.0
(4.7)
1Q17
5.0
1.0
2Q17
3Q17
0.0 2016A
4Q17
Source: Company data, KGI Research
2017A
2018F
Rental income
2019F
Operating margin
Source: Company data, KGI Research
Figure 6: New store expansion every year
Figure 7: Majority stores locatedupcountry
Number of store, stores
Number of store, stores
2015A
2016A
2017A
2018F
Exisiting stores
50
48
46
44
42
39
2
2
2
2
2
3
2019F
16
2020F
19
9
11
2011A
2012A
New stores
23
11
Source: Company data, KGI Research
Figure 8: Company’s PER
Figure 9: Company’s PBV
PER, times
PBV, times
60.0
28
11
2013A 2014A Bangkok
Source: Company data, KGI Research
31
33
35
11
11
11
2015A Upcountry
2016A
2017A
10.0
50.0
8.0
+2.0 sd = 39.1x
40.0
+1.0 sd = 33.0x Average = 26.8x
30.0
+2.0 sd = 6.3x +1.0 sd = 5.3x Average = 4.3x
6.0 4.0
20.0
-1.0 sd = 20.7x
10.0 0.0 2013
2020F
2014
Source: KGI Research
April 11, 2018
2015
2016
2017
2018F
-1.0 sd = 3.2x
2.0
-2.0 sd = 14.5x
2019F
0.0 2013
-2.0 sd = 2.2x 2014
2015
2016
2017
2018F
2019F
Source: KGI Research
*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT
Please see back page for disclaimer
3
Thailand
Robinson Department Store
Quarterly Income Statement Income Statement (Bt mn) Revenue Cost of Goods Sold Gross Profit Operating Expenses Other incomes Operating Profit Depreciation of fixed assets Operating EBITDA Non-Operating Income Interest Income Other Non-op Income Non-Operating Expenses Interest Expenses Other Non-op Expenses Equity Income/(Loss) Pre-tax Profit Current Taxation Minorities Extraordinary items Net Profit Normalized Profit EPS (Bt) Normalized EPS (Bt) Margins Gross profit margin Operating EBIT margin Operating EBITDA margin Net profit margin Growth Revenue growth Operating EBIT growth Operating EBITDA growth Net profit growth Normalized profit growth
Mar-15A
Jun-15A
Sep-15A
Dec-15A
Mar-16A
Jun-16A
Sep-16A
Dec-16A
Mar-17A
Jun-17A
Sep-17A
Dec-17A
6,036 (4,545) 1,491 (1,629) 849 711 (454)
5,860 (4,420) 1,440 (1,720) 842 562 (476)
6,031 (4,588) 1,443 (1,844) 860 459 (511)
7,258 (5,469) 1,789 (2,037) 1,026 778 (548)
6,395 (4,787) 1,608 (1,764) 951 795 (492)
6,092 (4,560) 1,532 (1,834) 956 654 (499)
6,237 (4,720) 1,517 (1,902) 960 575 (527)
7,353 (5,506) 1,847 (2,057) 996 786 (545)
6,271 (4,687) 1,584 (1,822) 1,013 775 (477)
6,021 (4,532) 1,489 (1,919) 1,056 627 (503)
6,394 (4,848) 1,546 (1,968) 1,108 686 (540)
7,303 (5,464) 1,839 (2,119) 1,163 883 (553)
1,166 0 0 0 (18) (18) 0
1,037 0 0 0 (19) (19) 0
970 0 0 0 (20) (20) 0
1,326 0 0 0 (22) (22) 0
1,287 0 0 0 (17) (17) 0
1,153 0 0 0 (23) (23) 0
1,102 0 0 0 (23) (23) 0
1,331 316 0 316 (21) (21) 0
1,252 0 0 0 (20) (20) 0
1,129 0 0 0 (16) (16) 0
1,226 0 0 0 (19) (19) 0
1,436 25 0 25 (15) (15) 0
118 811 (143) (54) 0 614 614 0.55 0.55
93 635 (150) (45) 0 440 440 0.40 0.40
90 529 (90) (42) 0 397 397 0.36 0.36
151 906 (151) (54) 0 701 701 0.63 0.63
122 900 (158) (56) 0 686 686 0.62 0.62
147 777 (125) (44) 0 609 609 0.55 0.55
103 656 (111) (35) 0 510 510 0.46 0.46
138 1,219 (162) (47) 0 1,010 694 0.91 0.62
147 902 (147) (46) 0 710 710 0.64 0.64
129 739 (109) (30) 0 601 601 0.54 0.54
97 764 (121) (32) 0 611 611 0.55 0.55
133 1,026 (158) (48) 0 820 795 0.74 0.72
24.7 11.8 19.3 10.2
24.6 9.6 17.7 7.5
23.9 7.6 16.1 6.6
24.6 10.7 18.3 9.7
25.1 12.4 20.1 10.7
25.1 10.7 18.9 10.0
24.3 9.2 17.7 8.2
25.1 10.7 18.1 13.7
25.3 12.4 20.0 11.3
24.7 10.4 18.8 10.0
24.2 10.7 19.2 9.6
25.2 12.1 19.7 11.2
(9.6) (0.6) (7.6) 3.2 3.2
(2.9) (21.0) (11.0) (28.4) (28.4)
2.9 (18.2) (6.5) (9.7) (9.7)
20.4 69.5 36.7 76.4 76.4
(11.9) 2.1 (3.0) (2.1) (2.1)
(4.7) (17.7) (10.4) (11.3) (11.3)
2.4 (12.1) (4.4) (16.3) (16.3)
17.9 36.6 20.7 98.0 36.1
(14.7) (1.4) (5.9) (29.7) 2.3
(4.0) (19.1) (9.8) (15.4) (15.4)
6.2 9.5 8.6 1.7 1.7
14.2 28.7 17.1 34.3 30.2
Source: KGI Research
Peer comparison – Key valuation stats Rating
Target Current price (Bt) price (Bt)
Upside (%)
17 EPS (Bt)
18F EPS 19F EPS 18F EPS (Bt) (Bt) gr. (%)
19F EPS 18F PER 19F PER 18F PBV 19F PBV 18F Div 19F Div 18F ROAE 19F ROAE gr. (%) (x) (x) (X) (X) Yield (%) Yield (%) (%) (%)
CPALL*
OP
92.00
86.75
6.1
2.22
2.65
3.17
19.4
19.6
32.8
27.4
8.4
7.3
1.5
1.8
25.3
26.2
CPN*
OP
93.00
81.00
14.8
2.24
2.71
3.12
21.0
15.0
29.8
25.9
5.1
4.5
1.2
1.3
19.1
17.1
GLOBAL*
N
17.50
15.80
10.8
0.42
0.51
0.59
23.5
14.8
30.7
26.7
3.2
3.0
1.7
1.8
9.7
10.9
HMPRO*
N
14.50
14.50
0.0
0.37
0.43
0.50
16.3
15.5
33.6
29.1
9.8
9.3
2.5
2.9
27.7
30.6
MAKRO
N
42.00
47.00
(10.6)
1.29
1.30
1.46
1.1
12.1
36.1
32.2
11.8
10.8
2.1
2.3
33.4
33.0
ROBINS*
OP
85.00
62.50
36.0
2.47
3.06
3.53
24.0
15.3
20.4
17.7
3.6
3.2
2.4
2.8
16.5
17.7
30.6
26.5
7.0
6.3
1.9
2.2
22.0
22.6
Sector
Overweight
Source: KGI Research
April 11, 2018
*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT
Please see back page for disclaimer
4
Thailand
Balance Sheet As of 31 Dec (Bt mn) Total Assets Current Assets Cash & ST Investments Inventories Accounts Receivable Others Non-current Assets LT Investments Net fixed Assets Others Total Liabilities Current Liabilities Accounts Payable ST Borrowings Others Long-term Liabilities Long-term Debts Others Shareholders' Equity Common Stock Capital Surplus Retained Earnings Preferred Stock
Profit & Loss 2016 27,001 5,724 2,255 1,971 1,060 439 38,988 2,737 14,975 21,277 10,804 7,367 4,246 0 3,121 3,437 3,267 169 16,197 1,111 0 10,690 0
2017 27,554 5,383 1,805 2,028 1,363 187 41,023 3,222 15,630 22,171 10,032 8,130 4,858 47 3,224 1,902 1,721 181 17,522 1,111 0 12,043 0
2018F 30,637 6,383 2,639 2,084 1,105 556 45,021 3,770 16,997 24,254 11,151 10,179 4,376 2,000 3,803 972 791 181 19,486 1,111 0 13,743 0
2019F 33,120 7,517 3,554 2,203 1,171 589 47,861 4,342 17,916 25,602 11,392 10,411 4,406 2,000 4,005 980 791 190 21,728 1,111 0 15,704 0
2020F 35,383 8,789 4,558 2,349 1,252 630 49,975 4,946 18,435 26,594 11,147 10,157 4,698 2,000 3,459 990 791 200 24,236 1,111 0 17,893 0
Source: KGI Research
Source: KGI Research
April 11, 2018
Year to 31 Dec (Bt mn) Revenue Cost of Goods Sold Gross Profit Operating Expenses Other Incomes Operating Profit Depreciation of fixed assets Operating EBITDA Non-Operating Income Interest Income Other Non-op Income Non-Operating Expenses Interest Expenses Other Non-op Expenses Equity Income/(Loss) Pre-tax Profit Current Taxation Minorities Extraordinary items Net Profit Normalized Profit EPS (Bt) Normalized EPS (Bt)
2016 26,078 (19,574) 6,504 (7,557) 3,863 2,810 (2,063) 5,700 316 0 316 (84) (84) 0 510 3,552 (556) (181) 0 2,815 2,499 2.53 2.25
2017 25,989 (19,530) 6,459 (7,828) 4,339 2,970 (2,074) 5,576 25 0 25 (71) (71) 0 507 3,431 (534) (155) 0 2,742 2,717 2.47 2.45
2018F 27,806 (20,840) 6,966 (7,894) 4,963 4,034 (2,048) 6,615 0 0 0 (99) (99) 0 533 4,468 (827) (241) 0 3,400 3,400 3.06 3.06
2019F 29,472 (22,030) 7,442 (8,044) 5,303 4,701 (2,003) 7,264 0 0 0 (103) (103) 0 559 5,157 (954) (282) 0 3,921 3,921 3.53 3.53
2020F 31,507 (23,488) 8,019 (8,317) 5,581 5,283 (1,919) 7,789 0 0 0 (72) (72) 0 587 5,798 (1,102) (319) 0 4,378 4,378 3.94 3.94
2016 3,472 2,815 2,063 (1,772) 365 (1,694) (2,149) (570) 1,025 1,778 (1,641) 0 (314) (1,327) 137
2017 4,996 2,742 2,074 0 180 (2,305) (2,496) (486) 677 2,691 (3,089) (0) (1,499) (1,590) (399)
2018F 4,760 3,400 2,048 (929) 241 (4,062) (3,519) (547) 4 698 136 0 1,813 (1,677) 834
2019F 6,178 3,921 2,003 (28) 282 (3,302) (2,729) (573) 0 2,876 (1,961) 0 0 (1,961) 916
2020F 6,834 4,378 1,919 218 319 (2,850) (2,247) (603) 0 3,984 (2,980) 0 (791) (2,189) 1,004
Source: KGI Research
Key Ratios Year to 31 Dec Growth (% YoY) Sales OP EBITDA NP Normalized Profit EPS Normalized EPS Profitability (%) Gross Margin Operating Margin EBITDA Margin Net Profit Margin ROAA ROAE Stability Gross Debt/Equity (%) Net Debt/Equity (%) Interest Coverage (x) Interest & ST Debt Coverage (x) Cash Flow Interest Coverage (x) Cash Flow/Interest & ST Debt (x) Current Ratio (x) Quick Ratio (x) Net Debt (Bt mn) Per Share Data (Bt) EPS Normalized EPS CFPS BVPS SPS EBITDA/Share DPS Activity Asset Turnover (x) Days Receivables Days Inventory Days Payable Cash Cycle Forecast drivers Same store sale growth (%) New store Total store
Robinson Department Store
Cash Flow 2016
2017
2018F
2019F
2020F
3.5 12.0 15.1 30.7 16.1 30.7 16.1
(0.3) 5.7 (2.2) (2.6) 8.7 (2.6) 8.7
7.0 35.8 18.6 24.0 25.2 24.0 25.2
6.0 16.5 9.8 15.3 15.3 15.3 15.3
6.9 12.4 7.2 11.6 11.6 11.6 11.6
24.9 10.8 21.9 10.8 10.4 17.4
24.9 11.4 21.5 10.5 9.9 15.6
25.1 14.5 23.8 12.2 11.1 17.4
25.3 16.0 24.6 13.3 11.8 18.0
25.5 16.8 24.7 13.9 12.4 18.1
0.7 0.1 43.3 43.3 41.3 41.3 0.8 0.5 1,013
0.6 (0.0) 49.2 29.6 70.1 42.2 0.7 0.4 -36
0.6 0.0 46.0 2.2 47.9 2.3 0.6 0.4 943
0.5 0.0 50.9 2.5 59.8 2.9 0.7 0.5 27
0.5 (0.1) 81.9 2.8 95.4 3.3 0.9 0.6 -1,768
2.5 2.3 3.1 14.6 23.5 5.1 1.3
2.5 2.4 4.5 15.8 23.4 5.0 1.3
3.1 3.1 4.3 17.5 25.0 6.0 1.5
3.5 3.5 5.6 19.6 26.5 6.5 1.8
3.9 3.9 6.2 21.8 28.4 7.0 2.0
1.0 14.8 36.7 79.2 (27.6)
0.9 19.1 37.9 90.8 (33.7)
0.9 14.5 36.5 76.7 (25.7)
0.9 14.5 36.5 73.0 (22.0)
0.9 14.5 36.5 73.0 (22.0)
0.1 2.0 44.0
(3.0) 2.0 46.0
4.0 2.0 48.0
3.0 2.0 50.0
3.0 2.0 52.0
Year to 31 Dec (Bt mn) Operating Cash Flow Net Profit Depreciation & Amortization Change in Working Capital Others Investment Cash Flow Net CAPEX Change in LT Investment Change in Other Assets Free Cash Flow Financing Cash Flow Change in Share Capital Net Change in Debt Change in Other LT Liab. Net Cash Flow Source: KGI Research
Rates of Return on Invested Capital Year 2016 2017 2018F 2019F 2020F Year 2016 2017 2018F 2019F 2020F Year 2016 2017 2018F 2019F 2020F
+ COGS Revenue 67.1% 67.2% 67.6% 68.0% 68.5% 1/ Working Capital + Revenue -0.1 0.0 0.0 0.0 0.0 x Operating Margin -18.9% -22.0% -21.2% -20.0% -18.7%
1-
Depreciation Revenue 7.9% 8.0% 7.4% 6.8% 6.1% Net PPE Revenue 0.6 0.6 0.6 0.6 0.6 Capital Turnover 1.0 0.9 0.9 0.9 0.9
+
+
x
Operating Exp. Revenue 43.8% 46.8% 46.2% 45.3% 44.1% Other Assets Revenue 0.5 0.5 0.5 0.5 0.5 Cash Tax Rate 15.6% 15.6% 18.5% 18.5% 29.5%
Operating Margin -18.9% -22.0% -21.2% -20.0% -18.7% = Capital Turnover 1.0 0.9 0.9 0.9 0.9 = After-tax Return on Inv. Capital -3.0% -3.2% -3.7% -3.3% -4.9% =
Source: KGI Research
*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT
Please see back page for disclaimer
5
Thailand
Robinson Department Store
Robinson Department Store – Recommendation & target price history Date 20-Jul-17 15-Nov-17 9-Dec-17
90 85 80 75
Rating Outperform Outperform Outperform
Target 67.00 70.00 85.00
Price 56.00 76.25 72.75
70 65 60 55 50 Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Share price
Oct-17
Nov-17
Dec-17
Target price lowered
Jan-18
Feb-18
Mar-18
Apr-18
Target price raised
Source: KGI Research
KGI Locations
ChinaShanghai
Room 1507, Park Place, 1601 Nanjing West Road, Jingan District, Shanghai, PRC 200040
Shenzhen
Room 24D1, 24/F, A Unit, Zhen Ye Building, 2014 Bao’annan Road, Shenzhen, PRC 518008
TaiwanTaipei
700 Mingshui Road, Taipei, Taiwan Telephone886.2.2181.8888 ‧ Facsimile886.2.8501.1691
Hong Kong
41/F CentralPlaza, 18 Harbour Road, Wanchai, Hong Kong Telephone 852.2878.6888 Facsimile 852.2878.6800
ThailandBangkok
8th - 11th floors, AsiaCentreBuilding 173 South Sathorn Road, Bangkok10120, Thailand Telephone 66.2658.8888 Facsimile 66.2658.8014
Singapore
4 Shenton Way #13-01 SGX Centre 2 Singapore 068807 Telephone 65.6202.1188 Facsimile 65.6534.4826
KGI's Ratings
Rating
Definition
Outperform (OP)
The stock's excess return over the next twelve months is ranked in the top 40% of KGI's coverage universe in the related market (e.g. Taiwan)..
Neutral (N)
The stock's excess return over the next twelve months is ranked in the range between the top 40% and the bottom 40% of KGI's coverage universe in the related market (e.g. Taiwan)
Under perform (U)
The stock's excess return over the next twelve months is ranked in the bottom 40% of KGI's coverage universe in the related market (e.g. Taiwan).
Not Rated (NR)
The stock is not rated by KGI.
Restricted (R)
KGI policy and/or applicable law regulations preclude certain types of communications, including an investment recommendation, during the course of KGI's engagement in an investment banking transaction and in certain other circumstances.
Excess return = 12M target price/current priceNote
Disclaimer
April 11, 2018
When an analyst publishes a new report on a covered stock, we rank the stock's excess return with those of other stocks in KGI's coverage universe in the related market. We will assign a rating based on its ranking. If an analyst does not publish a new report on a covered stock, its rating will not be changed automatically.
KGI Securities (Thailand) Plc. ( “The Company” ) disclaims all warranties with regards to all information contained herein. In no event shall the Company be liable for any direct, indirect or any damages whatsoever resulting from loss of income or profits, arising by utilization and reliance on the information herein. All information hereunder does not constitute a solicitation to buy or sell any securities but constitutes our sole judgment as of this date and are subject to change without notice.
*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT
Please see back page for disclaimer
6
Thailand
Corporate Governance
Corporate Governance Report of Thai Listed Companies Companies with Excellent CG Scoring Stock
Company name
Stock
Company name
Stock
Company name
ADVANC ANAN AOT AP BANPU BCP BTS CK CPF CPN DELTA DTAC EASTW EGCO GFPT GPSC GUNKUL HANA
ADVANCED INFO SERVICE
HOME PRODUCT CENTER SHIN CORPORATION
QH RATCH ROBINS SAMART SAMTEL SCB SCC SCCC SPALI SPRC STEC SVI TCAP THCOM TISCO TMB TOP TRUE
QUALITY HOUSES
ANANDA DEVELOPMENT
TRUE CORPORATION
Stock
Company name
Stock
Company name
Stock
Company name
AAV AMATA BBL BCPG BDMS BEM CENTEL CHG CKP DCC
ASIA AVIATION
ERW GLOBAL GLOW LH MAJOR MAKRO MALEE MTLS NOK RS
THE ERAWAN GROUP
SAWAD SCI SCN SEAFCO SIRI SMT TASCO TKN TVO TWPC
SRISAWAD POWER 1979
HMPRO INTUCH AIRPORTS OF THAILAND IRPC ASIAN PROPERTY DEVELOPMENT IVL BANPU KBANK THE BANGCHAK PETROLEUM KCE BTS GROUP HOLDINGS KKP CH. KARNCHANG KTB CHAROEN POKPHAND FOODS KTC CENTRAL PATTANA LPN DELTA ELECTRONICS (THAILAND) MINT TOTAL ACCESS COMMUNICATION MONO EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMPLANB ELECTRICITY GENERATING PSH GFPT PTT GLOBAL POWER SYNERGY PTTEP GUNKUL ENGINEERING PTTGC HANA MICROELECTRONICS PYLON
IRPC INDORAMA VENTURES KASIKORNBANK KCE ELECTRONICS KIATNAKIN BANK KRUNG THAI BANK KRUNGTHAI CARD L.P.N. DEVELOPMENT MINOR INTERNATIONAL MONO TECHNOLOGY PLAN B MEDIA PRUKSA HOLDING PTT PTT EXPLORATION AND PRODUCTION PTT GLOBAL CHEMICAL PYLON
RATCHABURI ELECTRICITY GENERATING HOLDING ROBINSON DEPARTMENT STORE SAMART CORPORATION SAMART TELCOMS THE SIAM COMMERCIAL BANK THE SIAM CEMENT SIAM CITY CEMENT SUPALAI STAR PETROLEUM REFINING SINO-THAI ENGINEERING AND CONSTRUCTION SVI THANACHART CAPITAL THAICOM TISCO FINANCIAL GROUP TMB BANK THAI OIL
Companies with Very Good CG Scoring
AMATA CORPORATION BANGKOK BANK BCPG BANGKOK DUSIT MEDICAL SERVICES BANGKOK EXPRESSWAY AND METRO CENTRAL PLAZA HOTEL CHULARAT HOSPITAL CK POWER DYNASTY CERAMIC
SIAM GLOBAL HOUSE GLOW ENERGY LAND AND HOUSES MAJOR CINEPLEX GROUP SIAM MAKRO MALEE SAMPRAN MUANGTHAI LEASING NOK AIRLINES RS
SCI ELECTRIC SCAN INTER SEAFCO SANSIRI STARS MICROELECTRONICS (THAILAND) TIPCO ASPHALT TAOKAENOI FOOD & MARKETING THAI VEGETABLE OIL THAI WAH
Companies with Good CG Scoring Stock
Company name
Stock
Company name
Stock
Company name
AMA BA BCH BH
AMA MARINE
BPP CBG LPH SAPPE
BANPU POWER
SQ TPCH
SAHAKOL EQUIPMENT
BANGKOK AIRWAYS BANGKOK CHAIN HOSPITAL BUMRUNGRAD HOSPITAL
CARABAO GROUP
TPC POWER HOLDING
LADPRAO GENERAL HOSPITAL SAPPE
Companies classified Not in the three highest score groups Stock
Company name
Stock
Company name
Stock
Company name
BGRIM CPALL THAI
B.GRIMM POWER
TOA UNIQ WHA
TOA PAINT (THAILAND)
WHAUP WORK
WHA UTILITIES AND POWER
CP ALL THAI AIRWAYS INTERNATIONAL
UNIQUE ENGINEERING AND CONSTRUCTION
WORKPOINT ENTERTAINMENT
WHA CORPORATION
Source: www.thai-iod.com Disclaimer: The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, KGI Securities (Thailand) Public Company Limited (KGI) does not confirm, verify, or certify the accuracy and completeness of such survey result.
Thailand
Anti-corruption Progress
Anti-corruption Progress Indicator Level 5: Extended Stock ADVANC ANAN BBL BCH BDMS BIGC CK DCC DELTA DRT EGCO GFPT
Company name ADVANCED INFO SERVICE ANANDA DEVELOPMENT BANGKOK BANK BANGKOK CHAIN HOSPITAL BANGKOK DUSIT MEDICAL SERVICES BIG C SUPERCENTER CH. KARNCHANG DYNASTY CERAMIC DELTA ELECTRONICS (THAILAND) DIAMOND ROOFING TILES ELECTRICITY GENERATING GFPT
Stock GLOBAL GPSC HMPRO IRPC KBANK KCE KKP KTB LPH PACE PTT PTTGC
Company name
Stock ERW GLOW GUNKUL ILINK KTC LH LPN MAKRO MALEE MINT MODERN NOK PTTEP PYLON
Company name
Stock MTLS SCI
Company name
Stock BPP BTS
Company name
SIAM GLOBAL HOUSE GLOBAL POWER SYNERGY HOME PRODUCT CENTER IRPC KASIKORNBANK KCE ELECTRONICS KIATNAKIN BANK KRUNG THAI BANK LADPRAO GENERAL HOSPITAL PACE DEVELOPMENT CORPORATION PTT
Stock Company name QUALITY HOUSES QH RATCH RATCHABURI ELECTRICITY GENERATING HOLDING ROBINS ROBINSON DEPARTMENT STORE THE SIAM CEMENT SCC SANSIRI SIRI SUPALAI SPALI SINO-THAI ENGINEERING AND CONSTRUCTION STEC THANACHART CAPITAL TCAP TISCO FINANCIAL GROUP TISCO THAI METAL TRADE TMT THAI OIL TOP
PTT GLOBAL CHEMICAL
Level 4: Certified Stock AAV AP BA BANPU BCP BH BJCHI CBG CENTEL CHG CKP CPF CPN DTAC
Company name ASIA AVIATION ASIAN PROPERTY DEVELOPMENT BANGKOK AIRWAYS BANPU THE BANGCHAK PETROLEUM BUMRUNGRAD HOSPITAL BJC HEAVY INDUSTRIES CARABAO GROUP CENTRAL PLAZA HOTEL CHULARAT HOSPITAL CK POWER CHAROEN POKPHAND FOODS CENTRAL PATTANA TOTAL ACCESS COMMUNICATION
THE ERAWAN GROUP GLOW ENERGY GUNKUL ENGINEERING INTERLINK COMMUNICATION KRUNGTHAI CARD LAND AND HOUSES L.P.N. DEVELOPMENT SIAM MAKRO MALEE SAMPRAN MINOR INTERNATIONAL MODERNFORM GROUP NOK AIRLINES
Stock SAPPE SAWAD SCB SCN SEAFCO SVI TASCO TKN TMB TRT TRUE TVO
Company name
Stock SPRC
Company name
Stock FN TPCH
Company name
SAPPE SRISAWAD POWER 1979 THE SIAM COMMERCIAL BANK SCAN INTER SEAFCO SVI TIPCO ASPHALT TAOKAENOI FOOD & MARKETING TMB BANK TIRATHAI TRUE CORPORATION THAI VEGETABLE OIL
PTT EXPLORATION AND PRODUCTION PYLON
Level 3: Established Stock BEM CPALL
Company name BANGKOK EXPRESSWAY AND METRO CP ALL
MUANGTHAI LEASING
STAR PETROLEUM REFINING
SCI ELECTRIC
No progress Stock AOT BCPG
Company name AIRPORTS OF THAILAND BCPG
BANPU POWER BTS GROUP HOLDINGS
FN FACTORY OUTLET TPC POWER HOLDING
Source: www.cgthailand.org Disclaimer: The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by the relevant institution as disclosed by the Office of the Securities and Exchange Commission, is made in order to comply with the policy and sustainable development plan for the listed companies. The relevant institution made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspective of a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, KGI Securities (Thailand) Public Company Limited (KGI) does not confirm, verify, or certify the accuracy and completeness of the assessment result.