FSS Daily Focus

9 March 2018

Today’s Strategy >> Trade within range and accumulate on weakness. Yesterday's market: The SET moved sideways, as expected. To

elaborate, the index traded within a wide range while waiting for the National Legislative Assembly to deliberate on organic laws. After which, there was buying after the laws were passed. However, there continued to be selling which pressured the index before it was closed and caused it to end slightly down. Foreign investors and proprietary trading recorded a net sell position of Bt1.5bn each in equity, while domestic institutions and individual investors registered a net buy position. Today's outlook: We expect the SET to move sideways up after President Trump has signed an executive order to impose tariffs on imported steel and aluminum, as expected. However, such levy does not include Canada and Mexico. Moreover, he described his stance as flexible and was ready for negotiation. In Europe, the ECB has decided to maintain its monetary policy, as expected. In addition, the central bank has revised up its GDP forecast and has removed the sentence, mentioning its readiness to impose additional stimulus, from its statement. This implies the central bank's confidence over its economic growth outlook. However, we expect the SET's recovery to remain capped at 1,795-1,800 after crude continued to decrease, putting pressure on the energy sector, while there is more factor that needs monitoring, i.e. U.S. employment data which is due out tonight. Strategy: Trade within range and accumulate on weakness. Top picks in March: ADVANC, MINT, MTLS, PTTEP, SC

Fund Flow Yesterday, international funds flowed out of regional

equity markets by US$105mn. To elaborate, foreign investors registered a net sell position in Thailand by US$50mn, while recording a net buy position in Taiwan by US$18mn. Looking ahead, funds look set to turn to stream into the region after President Trump's levy on imported steel and aluminum into the U.S. does not include Canada and Mexico. Moreover, he is ready to negotiate with other countries. In Europe, the ECB has decided to maintain its policy rate at a meeting last night. In addition, the central bank has a more bullish view about the economy.

Market Summary (Bloomberg) 8-03-18 %1 Day %WTD %MTD 1,778.90 -0.15 -1.83 -2.80 SET 1,169.75 -0.02 -1.96 -2.97 SET50 Daily turnover (Bt mn) 71,855.90 17,857.24 Market cap (Bt bn) 18.29 Market P/E (x) 2.07 Market P/BV (x) 2.84 Market yield (%) Forward P/E (Bloomberg) 2017E 2018E 16.05 14.62 SET 12.86 11.13 China 12.15 10.99 Hong Kong 16.42 14.74 Indonesia 9.61 8.98 Korea 18.61 16.48 Philippines 14.01 13.16 Taiwan 17.53 15.88 S&P500 Investors Summary (SET) 8-03-18 Buy Sell Net Foreign (Bt mn) 25,613.22 27,178.13 -1,564.91 8,702.18 10,190.37 -1,488.19 Proprietary (Bt mn) 8,193.61 6,946.12 1,247.49 Local Institution(Bt mn) 29,346.84 27,541.23 1,805.61 Retail (Bt mn) SET50 Index Future – Contract (www.tfex.co.th) 8-03-18 Buy Sell Net 58,122 57,143 979 Institution 38,678 26,962 11,716 Foreign 131,397 144,092 -12,695 Local Top 5 Short sell Turnover THBmn (SET) Stock 8 Mar 7 Mar 6 Mar 5 Mar 2 Mar EA 435.66 280.67 437.20 70.01 95.39 IRPC 127.12 42.20 7.04 4.89 0.80 PTTEP 120.20 141.72 167.61 164.15 151.47 BANPU 103.03 70.96 275.50 3.14 10.02 PTTGC 55.86 4.10 8.22 5.99

2018SET Target : 1900

Stock of the Day >> M << 

We rate M as BUY at our TP of Bt90 thanks to an upside of 18%. Moreover, the stock has announced a dividend for its performance in 2H17, implying a dividend yield of 1.6%. It will go XD on May 7.



Same-store-sales growth (SSSG) looks set to continue to expand in 1Q18 and increase at a higher rate in 2Q18 because Yayoi has signed a contract to use BNK48 as its presenter. In addition, the cost of raw materials for this year has been locked in. In this regard, we expect net profit to +16% Y-Y to Bt2.8bn in 2018 and +12% Y-Y to Bt3.1bn in 2019.



The NVDR has recorded a net buy position in M. It's equal to Bt34mn MTD, the largest in five months. In the past, it also registered a large net buy position in M in September-October 2017, which helped support the counter to jump by 27% in two months.

Today's Highlights (+) AMATA. The market was overly concerned about a competition after the EEC board has ordered a study on three provinces, i.e. Prachinburi, Samut Prakarn, and Sa Kaeo if the three provinces should be added into the economic corridor. However, the potential and strength of each province and each region are different, while AMATA's customers are mostly Japanese makers for auto parts. In the meantime, the management has an idea to lease rather than sell its lands. Although this will change the way the company realizes its revenues, we believe that its valuations will not differ much. In this regard, we view that the sharp fall of nearly 20% in just one week serves as an opportunity to buy at our TP of Bt30. (+) PTTEP. Yesterday, the Energy Policy and Planning Office (EPPO) has approved a general framework to manage natural gas fields whose concession will expire in 2022-2023. In this regard, we expect a TOR in April and all participants to submit an offer in 3Q18 so that winners can be announced late this year and a contract can be signed in February 2019. On this news, we recommend investors bet on PTTEP. Since the company has been operating Bongkot fields in the past 25 years, it's highly qualified in this regard. Our TP of Bt125 does not include these auctions but factors in PTTEP's purchase of Shell's 22.2% stake in Bongkot fields. This will increase PTTEP's interest to 66.7% and make it possible for the company to realize higher revenues from 2H18 onward. (+) BEC. The nationwide rating of Buppaesaniwas' EP 5 increased to 11.4 (from 7-8 for EP 3-4, respectively). This serves as positive sentiment for near-term speculation. Moreover, the rating of the company's news programs steadies. Hence, we expect performance to recover in 2H18. In 1Q18, we anticipate profit to continue to decrease Y-Y (because its performance in 1Q17 was the peak of last year). However, BEC has seen its worst in 4Q17. We retain our HOLD rating on BEC at our TP of Bt10.5. Meanwhile, WORK's rating on The Mask Singer decreased. In this regard, we believe WORK will find measures to sustain the program's rating which used to hit 3-4. We are looking to revise down our profit estimate (from +31% Y-Y in 2018) and TP of Bt98. (0) TK. We expect the new regulations on hire-purchasing contract to affect TK's net profit by 5-6%. In particular, we anticipate it to hit collection fee and result in a decrease. Given the aforementioned impact and the rise in CoF in 4Q17, we have cut our 2018E net profit by 13% to Bt556mn (+19% Y-Y). After which, we have slashed our TP to Bt16.7 (from Bt19.5). However, we retain our BUY rating on TK because we view that the counter has dropped to factor in the disappointment over the company's 4Q17 performance and this regulatory risk. Factors to watch Mar 9 - US: Non-farm payrolls (Feb) - China: Inflation (Feb) - Japan: BOJ meeting Mar 13 - US: Inflation (Feb), Auctions of 10Y bonds Mar 14 - US: Retail Sales (Feb) Mar 15 - US: Trade Balance (Feb) Mar 16 - US: Building Permits and Housing Starts (Feb)

Contact person : Jitra Amornthum Register : 014530 Tel: 02-646-9966 www.fnsyrus.com FB: Finansia Syrus Research

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9 March 2018

Cash Balance (Col= excluded from credit limit ; xNet= prohibit Net settlement)

Cash Balance (Col= excluded from credit limit ; xNet= prohibit Net settlement)

Stocks (Rank A-Z)

Stocks (Rank A-Z)

Start Date

End Date

(T/O)

19/02/2018

09/03/2018

DDD

(T/O)

19/02/2018

09/03/2018

GULF

(T/O)

19/02/2018

09/03/2018

HUMAN

(T/O)

19/02/2018

09/03/2018

JKN

(T/O)

19/02/2018

09/03/2018

KCM

(T/O)

05/03/2018

12/04/2018

SOLAR

(T/O)

12/02/2018

23/03/2018

TTCL

(T/O)

12/02/2018

23/03/2018

Start Date

End Date

FSS Daily Focus

ASAP

DISCLAIMER: This report has been prepared by Finansia Syrus Securities Public Company Limited (FSS). The information herein has been obtained from sources believed to be reliable and accurate; however FSS makes no representation as to the accuracy and completeness of such information. Information and opinions expressed herein are subject to change without notice. FSS has no intention to solicit investors to buy or sell any security in this report. In addition, FSS does not guarantee returns nor price of the securities described in the report nor accept any liability for any loss or damage of any kind arising out of the use of such information or opinions in this report. Investors should study this report carefully in making investment decisions. All rights are reserved. This report may not be reproduced, distributed or published by any person in any manner for any purpose without permission of FSS. Investment in securities has risks. Investors are advised to consider carefully before making investment decisions. Finansia Syrus Securities Public Company Limited may act as market maker and issuer of DWs. The company may prepare the research reports on those underlying securities. Investors should carefully read the details of the derivative warrants in the prospectus before making investment decisions.

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FSS Daily Focus - Finansia Syrus

Mar 9, 2018 - equity, while domestic institutions and individual investors registered a net buy position. Today's outlook: We expect the SET to move sideways ...

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