market : yesterday investment strategy: selective trading...

http://www.poems.in.th Please see back page for disclaimer 1/21

Investment Strategy: Selective Trading

Market Outlook: A test of 800 likelyAll eyes will largely remain on foreign fund flows, as it seems to be the mostsignificant factor affecting the overall market picture for the time being, in ourview. On the domestic political front, the red-shirt rallies and the government'sefforts to negotiate with the red shirts are still the key issues to watch.External sentiment is flat with a positive bias in early trade on optimism overthe stability of the US economic recovery and rebounding oil prices. Overall,we believe there is a possibility that the benchmark SET Index will move upto test a key psychological level of 800 today.

For today's strategy, we recommend selective trading and investors shouldcontinue to focus on laggard plays relative to peers or the broad market.Today, resistance on the main index is expected at 800-808 and support at783-776.

Resistance: 800-808 Support: 783-776

Investor Trading (Btm)

Overseas Indices

Money & Commodities

Market : Yesterday

Tel

: (6

62)

0-26

35-1

700,

0-2

268-

0999

; F

ax:

(662

) 0-

2268

-092

1

Teerada Charnyingyong Ext.487

Factors affecting the market:

+ The Dow gained 11.56 points on Tue on data from Mar consumer con-fidence and Jan home prices showing more stabilization in theeconomy, while Apple Inc rallied on a report that it was developing anew iPhone.

+ NYMEX crude rose slightly by 20 cents to finish at US$82.37/barrelas bright US economic data from Mar consumer confidence and Janhome prices spurred optimism about recovery in the world's largestenergy consumer, overcoming pressure from a stronger dollar.

+ Foreign investors were net buyers for a 26th consecutive session,snapping up a net Bt1,297m of Thai shares yesterday.

+ Finance Minister Korn Chatikavanij plans to present the draft fiscal2010 budget bill to the cabinet on Apr 27, 2010 before sailing throughthe parliament.

+ The Bank of Thailand believed favorable factors would drive the country'sGDP growth to 3.8%-5.8% this year from a previous forecast of 3.3%-5.3%.

- Thai political update: (1) Core leaders of the United Front for Democ-racy against Dictatorship (UDD) plan a third round of major anti-gov-ernment rally on Apr 3 after truce talks with the government ended infailure, demanding that the government must dissolve the parliamentin 15 days, (2) the Democrat Party would present a roadmap for publichearings to amend the 2007 constitution on six issues before dissolv-ing the parliament on Dec 6 to pave way for a new general election onJan 23, 2011, (3) explosive was thrown into the Foundation of States-man, 100 meters away from the residence of Privy Councillor GenPrem Tinsulanond with explosions heard at bus stops in Sanum Luangbut no injuries were reported, and (4) the opposition Puea Thai Partyplans to file a censure motion against the government on Apr 19.

- The cabinet yesterday agreed to extend the use of the Internal Secu-rity Act (ISA) in Bangkok and two adjoining provinces: Nonthaburi andSamut Prakarn for another week and approved a plan to impose theISA in Petchaburi's Cha Am district and Prachuab Khiri Khan's HuaHin district during the Mekong River Summit from Apr 2-6.

31 March 2010

Ref No: MF2553_0062

SET INDEX (SET9)

770.00771.00772.00773.00774.00775.00776.00777.00778.00779.00780.00781.00782.00783.00784.00785.00786.00787.00788.00789.00790.00791.00792.00793.00

10:1

0

10:2

210

:34

10:4

610

:58

11:1

011

:22

11:3

411

:46

11:5

812

:10

12:2

214

:31

14:4

314

:55

15:0

715

:19

15:3

115

:43

15:5

5

16:0

716

:19

16:3

7

17.40

771.40

788.80

SETI H: 792.14 (+2.69%) L: 774.20 (+0.36%)

Close +/- % +/-SETI 788.80 17.40 2.26%SET50 558.30 14.60 2.69%Market Cap (Btm) 6,340.36Value (Btm) 23,346.32P/E (x) 14.28P/BV (x) 1.64Div. Yield (%) 3.86

Btm BUY SELL NETForeign 6,430.28 5,133.42 1,296.86Institution 1,123.62 1,374.07 -250.45Proprietary 3,711.17 3,135.76 575.41Retail 12,081.26 13,703.09 -1,621.83Accum.(Mar) BUY SELL NETForeign 120,232.47 80,707.82 39,524.65Institution 34,895.09 42,278.39 -7,383.30Proprietary 67,131.08 64,641.36 2,489.72Retail 247,948.41 282,579.45 -34,631.04

Close +/- % +/-DJIA 10,907.42 11.56 0.11%NASDAQ 2,410.69 6.33 0.26%NIKKEI 11,097.14 110.67 1.01%Hang Seng 21,374.79 137.36 0.65%

Forex Close +/- % +/- Baht/US$ 32.3200 0.01 0.03% Yen/US$ 92.8000 0.360 0.39% US$/Euro 1.3412 -0.006 -0.48% Dollar Index (DXYO) 81.4700 0.112 0.14%Oil US$ / Barrel NYMEX - Crude (May) 82.37 0.20 0.24% ICE - Brent (May) 81.28 0.11 0.14% GRM (Singapore) 4.39 0.20 4.77%


In Today’s Pack

Company Results:

Capital Nomura Securities (CNS, Sell, Bt28)Commission rates falling after sliding scale commissions in place

Company Update:

Hemaraj Land and Development (HEMRAJ, Hold, Bt0.93)YTD operating performance still on track to meet targets

Company Preview:

Kasikornbank (KBANK, Hold, Bt107)1Q10 profit expected to be up QoQ and YoY

New Listing:

BANPU Derivative Warrant (BANP13CA)BANP13CA to make trading debut today

Warrant of Khon Kaen Sugar Industry (KSL-W1)KSL-W1 to make trading debut today

Market News:

2011 budget bill for Cabinet's consideration on April 27Govt woos farmers, reds with debt shelter planDouble-digit growth back at airportsTHAI aircraft acquisition plan approved

Note : Action & Recommendation Unchanged : Ratings maintainedUpgrade : A positive change in ratingsDowngrade : A negative change in ratings

31 March 2010

http://www.poems.in.th Please see back page for disclaimer

Commission rates falling after sliding scale commissions in placeBroker CNS turned in a net loss of Bt2.91m in the second quarter of fiscal2010, reversing a profit in the previous fiscal quarter as average commissionrates dropped after the sliding scale commissions came into place at thestart of 2010 and average daily trades on the Thai bourse fell sharply from theprevious fiscal quarter.The broker's FY1H10 net profit rose substantially to Bt50.61m from the year-ago level of Bt10.60m.We maintain a SELL call on CNS with a 2010 price target of Bt28/share,based on a P/BV multiple of 0.55x.

FY2Q10 net loss of Bt2.91m, reversing the previous quarter's profitAs a sizable chunk of income came from brokerage revenue, the broker's earn-ings were significantly exposed to volatile average market turnover. In the secondquarter of fiscal 2010 ending Feb 2010, average daily trades on the Thai boursefell by 31.62% to Bt16b from the previous quarter's level of Bt23.4b. The imple-mentation of the sliding scale commissions at the start of this year drove thebroker's average commission rates down by 15%. The broker felt the pinch of thenew sliding scale commissions in the latter two months of FY2Q10, which draggedits average commission rates down by 10% to 0.206%. Core brokerage revenue,which represented up to 65% of the broker's total revenue, therefore plunged50.98% QoQ to Bt84.08m.

FY1H10 profit of Bt50.61m, up significantly from year-ago level ofBt10.60The broker's FY1H10 earnings rose sharply as core brokerage revenue jumpedas much as 41.03% YoY to Bt255.60m on the back of higher average dailymarket turnover. The cost to income ratio slipped to 81.83% from the year-agolevel of 94.39%. The FY1H10 earnings of Bt50.61m accounted for 36.98% of ourfull-year target of Bt136.85m. The full-year forecast assumes average daily tradeson the Thai bourse of Bt19b. The broker also plans to buy back its own sharesworth up to Bt368m to shore up liquidity. Under the plan, the broker would buyback up to 7,168,230 of its own shares, accounting for 10% of total paid-upshares from Apr 1 to Sep 30, 2010. If the total number of shares bought back hitsthe ceiling at 7,168,230, the broker's EPS will improve to Bt2.12 from our previ-ous forecast of Bt1.91, meaning a higher dividend per share for shareholders, asthe shares bought back are not eligible for dividends. Given the share buybackamount, current stock price is still much lower. On this basis, we expect thebroker will buy back all of 7,168,230 of its own shares under the plan. Its bookvalue should fall to Bt50.89/share from a previous estimate of Bt50.93/share if the

3/21

Capital Nomura Securities - CNS

Ornmongkol TantitanatornAnalyst Reg #34100Email : [email protected]. 66 2 635 1700 #491

Ref No: CO2553_0284

Closing PriceBt34

12-month target price(Unchanged) Bt28 (-17.6%)

SELL

31 March 2010

Uncon' Profits EPS DPS BV ROE P/E Yield P/BVEnding (Btm) (Bt) (Bt) (Bt) (%) (x) (%) (x)8/07 A 102 1.43 1.20 50.10 2.86 23.80 3.53 0.688/08 A 123 1.72 1.40 50.62 3.41 19.79 4.12 0.678/09 A 69 0.96 0.95 50.17 1.90 35.52 2.79 0.688/10 E 137 2.12 1.80 50.89 3.98 16.03 5.30 0.678/11 E 143 2.00 1.70 51.31 4.35 16.99 5.00 0.66

Capital Nomura Securities - CNS


31 March 2010

CNS (Btm) 1Q10 4Q09 1Q09 YoY+/- QoQ+/- 6M10 6M09 YoY+/-

Brokerage Income 84.08 171.52 75.63 11.17% -50.98% 255.60 181.24 41.03%

Derivative Income 7.76 10.48 7.93 -2.13% -25.89% 18.24 21.62 -15.62%

Fee and Service 14.60 42.56 55.22 -73.56% -65.70% 57.16 95.78 -40.32%

Gain on Securities Trading 0.23 0.06 0.21 9.74% 300.47% 0.29 -8.20 103.48%

Interest and Dividend 10.06 8.76 20.39 -50.66% 14.88% 18.81 45.74 -58.87%

Interest on margin loans 9.78 9.80 9.89 -1.14% -0.15% 19.58 25.62 -23.60%

Other Incomes 0.17 0.83 0.77 -78.57% -79.95% 0.99 1.47 -32.31%

Total Income 126.68 243.99 170.04 -25.50% -48.08% 370.66 363.26 2.04%

Expenses on Borrowing 3.24 3.90 5.52 -41.41% -16.92% 7.13 12.02 -40.69%

Fees and Service Expenses 8.39 13.29 7.57 10.86% -36.85% 21.68 18.03 20.26%

Bad debt and doubtful accou 0.00 0.00 0.00 #DIV/0! #DIV/0! 0.00 -1.32 100.00%

Personnel Expenses 79.93 109.19 114.57 -30.23% -26.79% 189.12 220.18 -14.11%

Premises and Equipment 27.37 30.94 30.32 -9.72% -11.53% 58.31 61.39 -5.02%

Taxes and Duties 0.48 0.44 0.74 -35.03% 9.82% 0.92 1.60 -42.47%

Directors' Remuneration 2.40 0.36 2.64 -8.90% 563.40% 2.76 3.09 -10.51%

Other Expenses 9.04 14.34 13.87 -34.78% -36.93% 23.38 27.88 -16.13%

Total expense 130.86 172.45 175.22 -25.32% -24.12% 303.30 342.87 -11.54%

Operating profit -4.18 71.54 -5.18 19.28% -105.84% 67.36 20.39 230.30%

Taxation -1.27 18.02 -2.57 50.81% -107.02% 16.75 9.79 71.08%

Net profit -2.91 53.52 -2.60 -11.88% -105.44% 50.61 10.60 377.39%

EPS (Bt) -0.04 0.75 -0.04 -11.88% -105.44% 0.71 0.15 377.39%

Cost/Income 103.30% 70.68% 103.04% 0.25% 46.15% 81.83% 94.39% -13.31%

Net profit margin -2.30% 21.94% -1.53% -50.18% -110.48% 13.65% 2.92% 367.85%

Balance Sheet

Assets 4,893.78 5,018.55 4,406.49 11.06% -2.49% 4,893.78 4,406.49 11.06%

Liabilities 1,310.86 1,366.96 868.14 51.00% -4.10% 1,310.86 868.14 51.00%

Paid-up (m shrs) - Par Bt10 71.68 71.68 71.68 0.00% 0.00% 71.68 71.68 0.00%

Equities 3,582.92 3,651.59 3,538.35 1.26% -1.88% 3,582.92 3,538.35 1.26%

Book value/share(Bt) 49.98 50.94 49.36 1.26% -1.88% 49.98 49.36 1.26%

Debt/equity (x) 0.37 0.37 0.25 49.12% -2.27% 0.37 0.25 49.12%

broker spends a total of Bt368m to buy back its own shares. If the broker does notbuy back all of 7,168,230 of its own shares under the plan, its book value per sharewould be higher than our forecast.

SELL rating with 2010 price target of Bt28/shareEven though we believe the broker's earnings performance will improve in fiscal 2010as average daily trades on the Thai bourse would be higher than the Bt14.6b in fiscal2009 (Sep 2008-Aug 2009), the stock however looks overvalued at yesterday's clos-ing price of Bt28/share as it is trading at a significant premium to our 2010 price targetof Bt28/share. The target is based on a P/BV multiple of 0.55x, similar to the three-year trailing average and an adjusted book value of Bt45.59/share. At the end of theday, we maintain a SELL call on CNS.


YTD operating performance still on track to meet targetsYear-to-date industrial land sales and momentum in condo sales at The Parkare still on track to meet targets.We expect HEMRAJ to return to strong profit growth this year.We reiterate a 'HOLD' stance on HEMRAJ as our price target of Bt0.93/share offers only limited upside from current trading levels.

Industrial land sales and momentum in condo sales still on track tomeet targetsIndustrial estate developer HEMRAJ has sold 400 rai of land in big lots so far thisyear. This is in line with our expectations that HEMRAJ would successfully closebig-lot sales. HEMRAJ has maintained its 2010 land sales target of 700 rai.Despite uncertain political climate, there are four to five prospective clients cur-rently in talks to buy more land. On this basis, we raise our 2010 land salestarget for HEMRAJ to 700 rai in line with the company's guidance from a previousestimate of 500 rai. The revision also prompts us to revise our 2010 land salesrevenue outlook for HEMRAJ to Bt1.5b from a previous view of Bt1.2b. On theproperty front, five units of high-end residential condos at The Park have beensold and transferred with a price tag of Bt20m per unit. HEMRAJ has alreadyrealized about Bt100m in revenue from The Park so far against our forecast ofBt500m for this year. Overall, its operating performance is still on track to meettargets. Note that we raise our 2010 revenue outlook for HEMRAJ by 3%.

Return to strong profit growth expected in 2010We stick to our view that HEMRAJ will return to strong profit growth of 39% in2010. Strong revenue gain would be a main driver of growth for HEMRAJ, in ourview. We forecast this year's revenue from industrial land sales to grow as muchas 117%. The forecast assumes industrial land sales of 700 rai for 2010 againstthe year-ago level of 144 rai. Condo sales are projected at Bt500m in 2010 againsta cancellation of Bt57m a year ago. Total revenue for 2010 is predicted to grow by62%. We also expect a slight improvement in average margins. SG&A expensesare however set to rise following the expiry of property tax breaks. Overall, weestimate HEMRAJ's profit will come in at Bt803m in 2010, up from a year-agoprofit of Bt575m. Despite a modest revenue upgrade for 2010, we leave our 2010profit view for HEMRAJ unchanged as revenue growth would be offset by highermarketing expenses to ring up condo sales at The Park.

5/21

Hemaraj Land and Development - HEMRAJ

Danai TunyaphisitchaiAnalyst Reg #2375Email : [email protected]. 66 2 635 1700 #481

Ref No: CO2553_0285

Closing PriceBt0.90

12-month target price(Unchanged) Bt0.93 (+3.3%)

HOLD

31 March 2010

Conso' Profits EPS DPS BV ROE P/E Yield P/BVEnding (Btm) (Bt) (Bt) (Bt) (%) (x) (%) (x)12/06 A 1,191 0.16 0.07 0.78 16.81 5.63 7.78 1.1512/07 A 1,164 0.13 0.06 0.81 15.27 6.92 6.36 1.1112/08 A 1,342 0.14 0.07 0.89 8.15 6.43 7.78 1.0112/09 A 575 0.06 0.03 0.87 6.80 15.00 2.93 1.0312/10 E 803 0.08 0.04 0.93 8.86 11.25 3.91 0.97

Hemaraj Land and Development - HEMRAJ


31 March 2010

Valuation & RecommendationHEMRAJ's stock price has risen from below Bt0.80 to Bt0.85-Bt0.95 on optimism ofthe above big-lot sales, which indicate the possibility of a return to strong growth thisyear. Our price target is unchanged at Bt0.93/share. The target consists of (i) Bt0.74/share from core operations, based on 9x 2010 P/E on par with 2010 P/E average, and(ii) a DCF estimate of Bt0.19/share from GHECO One, a joint venture power plant withGLOW. The GHECO One power plant, which has a total generating capacity of 660MW under a 25-year concession, is scheduled to come online in 2012. However, asthe target offers only limited upside from current trading levels, we therefore reiteratea 'HOLD' rating on HEMRAJ.


1Q10 profit expected to be up QoQ and YoYWe forecast KBANK, Thailand's fourth biggest lender by assets to post a netprofit of Bt4.43b in 1Q10. The profit figure implies a growth of 20.9% and16.7% from a profit of Bt3.67b and Bt3.80b it made in 4Q09 and 1Q09 re-spectively.We expect the bank to see a full-quarter contribution from Muang Thai LifeAssurance (MTL) for the first quarter in 1Q10. The investment in MTL wouldbe one of the main drivers of earnings growth for the bank. We raise our 2010loan growth target for the bank to 9% to reflect bullish view from manage-ment.Our 2010 price target of Bt107/share is based on a P/BV multiple of 1.9x. Asthe recent share price rally has narrowed upside to our target to less than15%, we therefore cut our trading rating on KBANK to 'HOLD.'

1Q10 net profit expected to be up 20.9% QoQ and 16.7% YoY atBt4.43bNet loans in the first two months of 2010 grew 0.45%. The bank came secondamong the top five behind only KTB in terms of loan growth. Much of the lendinggrowth came from SME and retail segments, especially for mortgage loans. Onthis basis, we expect the bank's loan growth for the whole of 1Q10 to be about2%. Net interest margins (NIM) are estimated at 3.6%. Fee income are forecastto fall 8% QoQ due to a high base effect from the previous quarter. A change inrevenue recognition from MTL through Muang Thai Group Holding (MTGH) for thefull quarter, based on an economic interest of 38.3%, from bancassurance to netpremium written would drive the bank's fee income lower but non-interest incomeshould grow. The bank's cost to income ratio is anticipated to average 66.3% onhigh insurance expenses driven by commissions and life policy reserve. Effectivetax rate for the quarter is expected to be at normal levels.

The bank's asset quality is not a cause for concern as non-performing loans(NPL) are expected to be below 3.8% of total loans. Overall, we estimate thebank's 1Q10 net profit to be about Bt4.43m. The profit figure implies a growth of20.9% and 16.7% from a profit of Bt3.67b and Bt3.80b in 4Q09 and 1Q09 respec-tively.

Management maintains 2010 loan growth target of 7-9%, lendinggrowth likely to hit 9%Management has maintained its 2010 loan growth target of 7-9% but lendinggrowth is likely to hit 9% as the bank will largely focus on the retail segment thisyear. Retail lending is expected to grow by 15-16% on a portfolio of about Bt100b.

7/21

Kasikornbank - KBANK

Sasikorn CharoensuwanAnalyst Reg #9744Email : [email protected]. 66 2 635 1700 #480

Ref No: CO2553_0286

Closing PriceBt97.75

12-month target price(Downgrade) Bt107.00 (+9.5%)

HOLD

31 March 2010

Conso' Profits EPS DPS BV ROE P/E Yield P/BVEnding (Btm) (Bt) (Bt) (Bt) (%) (x) (%) (x)12/07 A 15,005 6.27 2.00 41.78 15.91 15.59 2.05 2.3412/08 A 15,333 6.41 2.00 47.49 14.35 15.26 2.05 2.0612/09 A 14,892 6.22 2.50 51.42 12.58 15.71 2.56 1.9012/10 E 17,513 7.32 2.50 56.24 13.59 13.36 2.56 1.7412/11 E 20,137 8.41 2.50 62.15 14.21 11.62 2.56 1.57

Kasikornbank - KBANK


31 March 2010

Net interest margin target will be maintained at 3.7-3.8%, implying a growth of 3.5%from a year earlier on the back of an aggressive drive to boost lending. The progressof the K-Transformation project is still on track. The bank will focus on multi channelsales and services (MSS) this year. Currently, the bank is in the process of educatingits employees with a pilot test expected in 3Q10. The bank also eyes overseas ex-pansion this year by seeking strategic partners in ASEAN rather than through merg-ers and acquisitions.

We raise our 2010 loan growth target for the bank to 9%. The consolidation of MTLshould also lead the bank to deliver net profit growth of 19.7% for the full year 2010.Our 2010 price target of Bt107/share is based on a P/BV multiple of 1.9x, assuminga ROE of 13.6%. As the recent share price rally has narrowed upside to our target toless than 15%, we therefore cut our trading rating on KBANK to 'HOLD.'


BANPU Derivative Warrant - BANP13CA

BANP13CA to make trading debut todayThe derivative warrants (DW) based on shares of BANPU to be traded underticker symbol 'BANP13CA' will begin trading today on the Stock Exchange ofThailand.

Details and termsTrading board: SETType of DW: Call warrantOffering size: 4,554,000 unitsOffering price: Bt3.67 (0.61% of BANPU closing price of Bt602

on Mar 26, 2010)Exercise price: Bt632.10 (105% of BANPU closing price of

Bt602 on Mar 26, 2010)Underlying asset price: BANPU closing price on Mar 26, 2010Term: 8 Montths 4 days (Mar 31 - Dec 3, 2010)Expiration/last trading day: Nov 29, 2010Exercise ratio: 0.04 (25 DW: 1 BANPU share)Exercise type: EuropeanSettlement at maturity: By cash without physical delivery of securi-

tiesIssuer/market maker: KGI Securities (Thailand) Plc.

List of major warrant holders as of Mar 29, 2010

Name of Shareholders No of Warrants % Holding1. Mr. Kampanat Noiphanich 1,089,900 23.99%2. Mr. Victor Gil Munoz 408,700 8.99 %3. Siam Select Fund 316,000 6.95 %4. Valued Stock Retirement Mutual Fund 280,600 6.18 %5. Mr. Cherdsak Hantrakul 272,400 5.99 %6. Mr. Jatuphat Tangkaravakoon by Asset Plus 271,100 5.97 %7. One Plus One Fund 224,700 4.94 %8. Thana One Fund 183,900 4.05 %9. Mr. Pornchai Thongvanit 136,200 3.00 %10. Asset Plus High Growth LTF 129,400 2.85 %

Total 3,312,900 72.91 %

The exercise price of BANP13CA on the maturity date of Bt632.10 plus cost of25 warrants at Bt3.67 each (exercise ratio of 25 DW : 1 BANPU) will stand atBt723.85 (25*3.67+ 632.10). Hence, BANPU share price during the exercisingof right should be above Bt723.85 in order for BANP13CA initial holders to makeprofit. We thus advise investors to take profit from the difference betweenBANP13CA price volatility rather than to convert into BANPU shares at maturitydate.

Rutsada TweesaengsakulthaiAnalyst Reg # 17972Email : [email protected]. 66 2 635 1700 #482

31 March 2010

Ref No: CO2553_0287

BANPU Derivative Warrant - BANP13CA

30 กันยายน 2552

Ticker Offering Underlying Theoretical Premium All in Gearing Exercise Volatility Time to ExpiryPrice (Unit) Price (Bt) Value (Bt) on B/S Premium (X) Ratio Price Mat (Year) Date

BANP13CA 3.67 604.00 2.25 62.77% 5.26% 6.58 0.0400 632.100 30.0% 0.67 3-Dec-10BANP13CA 3.67 606.00 2.29 60.08% 4.91% 6.60 0.0400 632.100 30.0% 0.67 3-Dec-10BANP13CA 3.67 608.00 2.33 57.45% 4.57% 6.63 0.0400 632.100 30.0% 0.67 3-Dec-10BANP13CA 3.67 610.00 2.37 54.88% 4.22% 6.65 0.0400 632.100 30.0% 0.67 3-Dec-10BANP13CA 3.67 612.00 2.41 52.38% 3.88% 6.67 0.0400 632.100 30.0% 0.67 3-Dec-10BANP13CA 3.67 614.00 2.45 49.93% 3.55% 6.69 0.0400 632.100 30.0% 0.67 3-Dec-10BANP13CA 3.67 616.00 2.49 47.54% 3.21% 6.71 0.0400 632.100 30.0% 0.67 3-Dec-10BANP13CA 3.67 618.00 2.53 45.21% 2.88% 6.74 0.0400 632.100 30.0% 0.67 3-Dec-10

Remark:Premium = The difference between the market price for warrant and Black Scholes theoretical value. High premium suggests that

warrant is overvalued.All in Premium = The warrant premium expressed as a percentage of the current price of the underlying. High premium means it costs more.

Discount or negative premium means it costs less.Gearing = The measure of the amount of cash spent on purchasing a warrant compared to the actual value of the underlying position.


31 March 2010


Warrant of Khon Kaen Sugar Industry – KSL-W1

KSL-W1 to make trading debut todayKSL-W1 had been alloted to KSL shareholders for free on the basis of onewarrant for every 10 existing shares held. The stock went XW on Mar 10, 2010.Details of the warrants are as follows:

Details and terms of KLS-W1Size: 154,999,394 unitsConversion Ratio: 1W:1C at a striking price of Bt10 eachMaturity: 3 years; exercisable on the 15th day of Mar,

Jun, Sep, and Dec . The first exercise date isMar 15, 2011 and the last exercise date onMar 15, 2013.

List of major warrant holders as of Mar 16, 2010

Name of Shareholders No of Warrants % Holding1. KSL Sugar Holdings Co.,Ltd 50,000,000 32.32. The Chamroon Chinthammit Group 18,205,736 11.73. The Chalush Chinthammit Group 11,559,517 7.54. The Somchai Chinthammit Group 7,194,864 4.65. The Prapas Chutimavoraphand Group 7,169,809 4.66. The Sukum Tokaranyaset Group 5,258,944 3.47. The Pornsin Thaemsirichai Group 4,758,288 3.18. The Tawatchai Rojanachotikul Group 4,457,918 2.99. The Somchart Chinthammit Group 4,396,785 2.810. Thai NVDR Co.,Ltd 3,725,962 2.4

Total 116,727,823 75.3

ValuationThe estimated intrinsic value of KSL-W1 is Bt1.90, based on KSL share price ofBt11.90. Our Black Scholes Option pricing model assumes volatility of 30-50%,risk-free interest rate of 2.822%, and dividend yield of 1.09% The values of KSL-W1 would be as follows:

Sensitivity Analysis

Naree ApisawaittakanAnalyst Reg # 17971Email : [email protected]. 66 2 635 1700 #484

31 March 2010

Ref No: CO2553_0288

KSL KSL-W1 (Bt./unit)(Bt./share) *Vol 30% *Vol 40% *Vol 50%11.70 3.03 3.61 4.1811.80 3.10 3.67 4.2411.90 3.16 3.74 4.3112.00 3.23 3.80 4.3812.10 3.30 3.87 4.44*Vol = Volatility


31 March 2010

AOT : +Rating : HoldTarget : Bt44.50

THAI : +Rating : SellTarget : Bt26.50

2011 budget bill for Cabinet's consideration on April 27 (Source: The Nation Website)The Finance Ministry will submit the 2011 budget bill for the Cabinet's approval on April 27,to speed up spending in the last quarter of this year. Finance Minister Korn Chatikavanijnoted that in the past few years, there were delays involving the drafting process. Last year'sprocess was two weeks late. However, he insisted that the budget bill for next year would becompleted in time. He added that the budgeting for 2011 is rather complicate as it alsoinvolves the Bt400b borrowing bill under the Thai Khemkhaeng stimulus package. He saidthis is thus reasonable for the government to stay on until the budget bill is ready, for thesake of the public.

Govt woos farmers, reds with debt shelter plan (Source: Bangkok Post)The government is introducing a debt moratorium scheme for farmers worth Bt80b which isseen as a strategy to appease grass roots people as political divisions continue to widen.The plan was released as tension mounted after a second round of negotiations between redshirt demonstrators, most of them farmers in northern and northeastern provinces, and thegovernment failed on Monday.

Double-digit growth back at airports (Source: Bangkok Post)Passenger and cargo movements through Thailand's six major airports registered double-digit growth in the first two months of this year, reflecting the global economic recovery anda revival of Thai tourism. Passenger traffic in January and February rose 24%, albeit from avery low base in the first two months of last year, to 11.08 million. Combined flight volumesrose 14.8% to 67,447 and cargo throughput jumped 43.5% to 214,106 tonnes, according tofigures from Airports of Thailand Plc (AoT).

THAI aircraft acquisition plan approved (Source: The Nation Website)The Cabinet on Tuesday approved Thai Airways International's 15 aircraft acquisition plan,which would entail the investment of Bt35b. The airline is in the process of renovating andincreasing its fleet, which is of older age than other leading airlines. The company's fleetstrategy aims to improve fleet efficiency and reduce carbon emissions by controlling theproper number of aircraft in the fleet and production that matches market demand, whileworking on fleet simplification in the long-term.


31 March 2010

Top 10 Most Active Stocks by Value (Mar 30, 2010) Top 10 Most Active Stocks by Volume (Mar 30, 2010)

5op 5 Sector Gainers/Losers (Mar 30, 2010)

Ticker Volume Close Change(Shares) (Bt)

GSTEEL 394.29 0.40 0.02 (+5.26%)TMB 216.35 1.42 0.04 (+2.90%)GJS 147.96 0.20 0.02 (+11.11%)UNIQ 136.99 5.05 0.05 (+1.00%)SSI 135.80 1.58 0.02 (+1.28%)IRPC 116.82 4.76 0.12 (+2.59%)HEMRAJ 109.16 0.90 0.07 (+8.43%)N-PARK 74.81 0.02 0.00 (0.00%)PTTAR 62.20 29.25 1.25 (+4.46%)IVL 61.04 17.20 -0.20 (-1.15%)

Top 5 Gainers/Losers (Mar 30, 2010)

The following are securities that are not eligible to be held and/or top up collateralin margin accounts according to TSFC as of Mar 22, 2010

ACL AMC IHL SOLARJAS ASCON IRCP TT&TMILL ASIMAR KCE TWZSAMART BFIT NCH USSPALI DEMCO PAE WAVETYONG ETG PRANDA CCPCIG EVER RAIMON CWTNWR FNS RS GRANDYNP FORTH SABINA GSTEELA GENCO SIM SSEADAM GJS SKR

Source: TSFC* Those highlighted are new stocks added.

NVDR Trading Volume by Stock (Mar 30, 2010)Ticker Net Buy (Shrs) Ticker Net Sell (Shrs)KTB 24,342,400 UNIQ -10,115,800GJS 19,992,000 AP -9,759,200SCIB 16,697,400 TSTH -5,994,800TMB 10,419,900 ASP -4,659,400QH 8,664,700 BAY -2,760,100TTW 2,753,300 SIRI -2,289,100SSI 2,239,400 IRPC -2,233,605LH 2,133,500 STHAI -1,880,000ITD 1,861,500 ADVANC -1,685,050DTAC 1,736,000 TYONG -1,535,000

NVDR Trading Value by Stock (Mar 30, 2010)Ticker Net Buy (Bt) Ticker Net Sell (Bt)SCIB 526,039,000 ADVANC -143,525,750KTB 284,574,830 KBANK -64,036,325PTT 220,037,800 BAY -57,891,003PTTEP 161,681,550 AP -51,325,415BBL 107,183,300 UNIQ -46,608,461BANPU 91,383,030 TSTH -11,509,412SCC 85,757,640 KTC -10,699,100SCB 70,147,575 SIRI -10,650,300DTAC 62,379,825 IRPC -10,523,613TOP 53,015,435 TTCL -9,858,655

Ticker Value Close Change(Btm) (Bt)

PTTAR 1,775.28 29.25 1.25 (+4.46%)PTT 1,468.25 255.00 8.00 (+3.24%)PTTEP 1,191.11 148.00 4.50 (+3.14%)SCB 1,131.92 93.75 2.50 (+2.74%)TCAP 1,080.39 25.75 1.65 (+6.85%)IVL 1,049.07 17.20 -0.20 (-1.15%)KBANK 892.83 97.75 3.25 (+3.44%)SCIB 779.10 31.50 0.00 (0.00%)CPF 772.41 14.90 0.30 (+2.05%)SCC 702.81 254.00 7.00 (+2.83%)

Gainers Close Change % Mkt.CapPAPER 474.54 25.81 (5.75%) 0.00%ENERG 17,129.20 501.63 (3.02%) 29.05%TRANS 97.52 2.54 (2.67%) 2.48%IMM 77.03 1.99 (2.65%) 1.81%BANK 322.75 8.11 (2.58%) 26.08%LosersPERSON 346.03 -0.13 (-0.04%) 0.02%PFUND 118.73 -0.02 (-0.02%) 0.07%HOME 16.79 0.06 (0.36%) 0.07%AUTO 283.16 1.08 (0.38%) 0.30%FIN 656.25 3.02 (0.46%) 0.80%

Gainers M. Share Close ChangeESTAR-W2 1.00 0.05 0.01 (+25.00%)LIVE 13.14 0.06 0.01 (+20.00%)GEN-W1 1.27 0.06 0.01 (+20.00%)JUTHA 1.16 5.60 0.64 (+12.90%)GJS 147.96 0.20 0.02 (+11.11%)LosersIEC-W1 9.04 0.01 -0.01 (-50.00%)LIVE-W1 0.60 0.02 -0.01 (-33.33%)CEN-W1 2.87 0.02 -0.01 (-33.33%)BLISS 1.99 0.05 -0.01 (-16.67%)DTCI 0.00 10.10 -0.90 (-8.18%)


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Change in Management Holdings (59-2) as of Mar 30, 2010

Stock Name of reporting person Transaction Amount Avg. Price The methods ofdate (Baht) Acquisition /

Disposition

AIT-W1 Siripong Oontornpan 30 Mar 10 30,825 0.00 TransferAIT Chatchai Yenbamroong 29 Mar 10 55,000 31.38 SellAIT-W1 Siripong Oontornpan 29 Mar 10 5,000 13.10 SellAIT-W1 Siripong Oontornpan 29 Mar 10 5,000 13.00 SellAIT-W1 Siripong Oontornpan 29 Mar 10 5,000 12.90 SellAIT-W1 Siripong Oontornpan 29 Mar 10 5,000 12.80 SellDELTA Wang, Ming-Cheng 29 Mar 10 250,000 18.50 SellGFPT Pranee Parksook 29 Mar 10 5,000 55.50 SellGFPT Wannee Sirimongkolkasem 29 Mar 10 7,600 57.00 SellPS Rattana Promsawad 29 Mar 10 100,000 17.30 BuyBLA Pramote Pasuwat 26 Mar 10 25,000 24.60 SellCNT Jurairat Suksawatdi Na Ayudhaya 26 Mar 10 100,000 3.68 SellGFPT Pranee Parksook 26 Mar 10 5,000 54.00 SellGFPT Wannee Sirimongkolkasem 26 Mar 10 5,000 54.00 SellRCL Hartwig Schulze-Eckardt 26 Mar 10 40,000 11.90 BuyTAPAC Atsunobu Toga 26 Mar 10 96,400 2.58 BuyDELTA Anusorn Muttaraid 25 Mar 10 200,000 18.80 SellIVL William Ellwood Heinecke 25 Mar 10 50,000 18.14 SellPB Suchat Rattanajiajaroen 25 Mar 10 1,000 178.00 BuyRS Surachai Chetchotisak 25 Mar 10 500,000 2.17 BuyUTP Wachara Chinsettawong 25 Mar 10 20,000 4.07 BuyUTP Wachara Chinsettawong 24 Mar 10 11,500 4.08 BuyTSC Thaveechat Jurangkool 23 Mar 10 340,000 7.30 BuyPATO Wantana Pojanalai 19 Mar 10 127,000 9.05 Sell

Source: SEC

Acquisition and Disposition by PersonsOwning Shares Exceeding 5% Total (246-2) as of Mar 30, 2010

Ticker Owner Transacted % of % of after TransactedDate Transacted Transacted

BNC Bangkok Tokyo Shock Co.,Ltd. 30 Mar 10 14.44 15.96 BuyBNC Mirt Siam International Co.,Ltd. 30 Mar 10 -14.44 0.00 SellSALEE Mr.Peeraphant Jivapornthip 25 Mar 10 0.53 40.42 BuyMACO Thai Focused Equity Fund Limited 22 Mar 10 -0.31 4.74 Sell

Source: SEC


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Calendar :Stock Date DetailsACL 9 Mar 10 - 16 Apr 10 Tender offer [email protected] 11 Mar - 20 Apr 10 Tender offer 195,186,800 share@Bt4A-PAO 25 Mar - 6 May 10 Tender offer 532,603,858 [email protected] 31 Mar 10 New warrant 154,999,394 unitsBANP13CA 31 Mar 10 New derivatives warrant 4,554,000 unitsCPF 1 Apr 10 Change Sector to Food & BeverageIRCP-W1 1 Apr 10 DelistedDEMCO 1 Apr 10 New share (DEMCO-W1) 86,730,255 sharesTISCO 1 Apr 10 New share (TISCO-P) 31,100 sharesTMB 1 Apr 10 New share (TMB-P) 1,400 sharesCEN-W1 7 Apr 10 Last trading dayCEN-W1 8 Apr 10 SPCEN-W1 5 May 10 DelistedSECC-W1 18 May 10 Delisted

Capital Increased Details:Stock x-Date Ratio Subscription Period RemarkGJS --- 7.9405:[email protected] To be informed laterSLC --- 2C:1W Free of charge - To be informed laterSLC --- 1C:5W Free of charge - To be informed laterD1 XR 2:[email protected] XR does not fixed yet

1 new share subscribe : 1 W Free of chargeD1 XW 9 C:1 W Free XW does not fixed yetSMPC XR 1 Apr 10 1:[email protected] 26 - 30 Apr 2010MINT XW 30 Apr 10 10 C:1 W Free of charge -KKC XR 6 May 10 14:[email protected] 24 - 31 May 2010TWZ XW 12 May 10 4 C:1 W Free of charge -LEE XW 7 May 10 5C:2W Free of charge -RCL XR 12 May 10 4:1 31 May - 4 Jun 2010 Exercise price to be informed later

Share Repurchase Details:Stock Period Mil Shrs % of paid-up capital Max Amount (Mil Bt)SKR 29 Sep 09 - 28 Mar 10 6.00 6.00% 66.00S&P 11 Mar - 10 - 10 Sep 10 10.47 10% 350.00SVI 15 Mar - 14 Sep 10 150.00 9% 260.00

Schedule of Key Economic Data & Events :Date Schedule of Key Economic Data & EventsApr 1, 2010 - Thai Mar inflation data to be released by the Commerce MinistryApr 21, 2010 - Bank of Thailand's Monetary Policy Committee meeting on interest ratesApr 27-28, 2010 - US Federal Reserve’s Federal Open Market Committee (FOMC)’s two-day meeting on interest ratesMay 4, 2010 - Thai Apr inflation data to be released by the Commerce MinistryJun 1, 2010 - Thai May inflation data to be released by the Commerce MinistryJun 2, 2010 - Bank of Thailand's Monetary Policy Committee meeting on interest ratesJun 22-23, 2010 - US Federal Reserve’s Federal Open Market Committee (FOMC)’s two-day meeting on interest ratesJul 2, 2010 - Thai Jun inflation data to be released by the Commerce MinistryJul 14, 2010 - Bank of Thailand's Monetary Policy Committee meeting on interest ratesAug 2, 2010 - Thai Jul inflation data to be released by the Commerce MinistryAug 10, 2010 - US Federal Reserve’s Federal Open Market Committee (FOMC) meeting on interest ratesAug 25, 2010 - Bank of Thailand's Monetary Policy Committee meeting on interest rates


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Dividend Details:Stock x-Date Amount (Bt) Payment Date PeriodOGC XD 31 Mar 10 0.8500 21 May 10 01/01/2009-31/12/2009SAWANG XD 31 Mar 10 0.5000 20 May 10 01/01/2009-31/12/2009SF XD 31 Mar 10 0.1200 23 Apr 10 01/01/2009-31/12/2009TBSP XD 31 Mar 10 4.5000 23 Apr 10 01/01/2009-31/12/2009THAI XD 31 Mar 10 0.2500 27 May 10 01/01/2009-31/12/2009TRC XD 31 Mar 10 0.0600 27 May 10 01/01/2009-31/12/2009TSI XD 31 Mar 10 0.1000 14 May 10 01/01/2009-31/12/2009DTCI XD 1 Apr 10 0.3500 21 May 10 01/01/2009-31/12/2009KDH XD 1 Apr 10 0.5000 19 May 10 01/01/2009-31/12/2009SAMART XD 1 Apr 10 0.1700 18 May 10 01/01/2009-31/12/2009SAMTEL XD 1 Apr 10 0.2000 13 May 10 01/10/2009-31/12/2009SIM XD 1 Apr 10 0.0200 13 May 10 01/01/2009-31/12/2009UNIQ XD 1 Apr 10 0.1100 22 Apr 10 01/01/2009-31/12/2009BEC XD 2 Apr 10 0.8000 26 May 10 01/07/2009-31/12/2009BFIT XD 2 Apr 10 0.2000 10 May 10 01/01/2009-31/12/2009BIGC XD 2 Apr 10 1.9600 27 May 10 01/01/2009-31/12/2009CPL XD 2 Apr 10 2.5000 25 May 10 01/01/2009-31/12/2009DEMCO XD 2 Apr 10 0.1500 23 Apr 10 01/01/2009-31/12/2009GYT XD 2 Apr 10 10.0000 29 May 10 01/01/2009-31/12/2009IHL XD 2 Apr 10 0.7000 23 Apr 10 01/01/2009-31/12/2009LEE XD 2 Apr 10 0.3600 18 May 10 01/01/2009-31/12/2009MEDIAS XD 2 Apr 10 0.1200 10 May 10 01/01/2009-31/12/2009MK XD 2 Apr 10 0.1500 27 May 10 01/07/2009-31/12/2009SCSMG XD 2 Apr 10 3.0000 26 Apr 10 01/01/2009-31/12/2009SMK XD 2 Apr 10 4.5000 7 May 10 01/01/2009-31/12/2009TMD XD 2 Apr 10 4.5000 6 May 10 01/01/2009-31/12/2009TPC XD 2 Apr 10 0.6500 22 Apr 10 01/01/2009-31/12/2009CHARAN XD 5 Apr 10 4.0000 21 May 10 01/01/2009-31/12/2009DCC XD 5 Apr 10 0.5500 6 May 10 01/10/2009-31/12/2009GFPT XD 5 Apr 10 2.5000 6 May 10 01/01/2009-31/12/2009TCOAT XD 5 Apr 10 1.0000 26 May 10 01/01/2009-31/12/2009BOL XD 7 Apr 10 0.0450 22 Apr 10 01/07/2009-31/12/2009SCC XD 7 Apr 10 5.0000 28 Apr 10 01/07/2009-31/12/2009TVI XD 8 Apr 10 0.1100 30 Apr 10 01/01/2009-31/12/2009UST XD 8 Apr 10 0.7500 30 Apr 10 01/01/2009-31/12/2009BANPU XD 9 Apr 10 8.0000 30 Apr 10 01/07/2009-31/12/2009HTECH XD 9 Apr 10 0.0800 29 Apr 10 01/07/2009-31/12/2009SCB XD 9 Apr 10 2.5000 28 Apr 10 01/01/2009-31/12/2009SCB-P XD 9 Apr 10 2.5000 28 Apr 10 01/01/2009-31/12/2009TTCL XD 9 Apr 10 0.1950 30 Apr 10 01/07/2009-31/12/2009ADVANC XD 12 Apr 10 8.3000 30 Apr 10 01/07/2009-31/12/2009AJ XD 12 Apr 10 0.2000 30 Apr 10 01/07/2009-31/12/2009CSL XD 12 Apr 10 0.2700 4 May 10 01/07/2009-31/12/2009HMPRO XD 12 Apr 10 0.1600 30 Apr 10 01/07/2009-31/12/2009MAJOR XD 12 Apr 10 0.3500 4 May 10 01/01/2009-31/12/2009TOG XD 12 Apr 10 0.1500 30 Apr 10 01/07/2009-31/12/2009GC XD 16 Apr 10 0.2600 30 Apr 10 01/07/2009-31/12/2009KBANK XD 16 Apr 10 2.0000 30 Apr 10 01/07/2009-31/12/2009SAMCO XD 16 Apr 10 0.1000 7 May 10 01/01/2009-31/12/2009SHIN XD 16 Apr 10 3.2500 4 May 10 01/01/2010-08/04/2010AI XD 19 Apr 10 0.1100 6 May 10 01/01/2009-31/12/2009BAY XD 19 Apr 10 0.1800 4 May 10 01/07/2009-31/12/2009CNT XD 19 Apr 10 0.2000 7 May 10 01/01/2009-31/12/2009IRPC XD 19 Apr 10 0.1000 6 May 10 01/07/2009-31/12/2009SIS XD 19 Apr 10 0.4000 29 Apr 10 01/01/2009-31/12/2009SSF XD 19 Apr 10 0.5600 4 May 10 01/01/2009-31/12/2009TCAP XD 19 Apr 10 0.6000 6 May 10 01/07/2009-31/12/2009TCAP-P XD 19 Apr 10 0.6000 6 May 10 01/07/2009-31/12/2009ASIA XD 20 Apr 10 0.5000 7 May 10 01/01/2009-31/12/2009BBL XD 22 Apr 10 3.0000 7 May 10 01/07/2009-31/12/2009KTB XD 22 Apr 10 0.4000 7 May 10 01/01/2009-31/12/2009KTB-P XD 22 Apr 10 0.5545 7 May 10 01/01/2009-31/12/2009SEAFCO XD 22 Apr 10 0.0500 7 May 10 01/01/2009-31/12/2009


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Stock x-Date Amount (Bt) Payment Date Period

AHC XD 23 Apr 10 1.1000 10 May 10 01/01/2009-31/12/2009BAFS XD 23 Apr 10 0.3000 14 May 10 01/07/2009-31/12/2009CI XD 23 Apr 10 0.0400 19 May 10 01/01/2009-31/12/2009MFC XD 23 Apr 10 0.8500 17 May 10 01/01/2009-31/12/2009BLS XD 26 Apr 10 1.0000 14 May 10 01/01/2009-31/12/2009S2 XD 26 Apr 10 0.2500 13 May 10 01/01/2009-31/12/2009SC XD 26 Apr 10 0.9000 18 May 10 01/01/2009-31/12/2009UOBKH XD 26 Apr 10 0.0700 19 May 10 01/01/2009-31/12/2009APRINT XD 27 Apr 10 0.8000 11 May 10 01/01/2009-31/12/2009CK XD 27 Apr 10 0.1000 20 May 10 01/01/2009-31/12/2009GL XD 27 Apr 10 0.51-0.71 13 May 10 01/10/2009-31/12/2009GLOBAL XD 27 Apr 10 0.1300 12 May 10 01/01/2009-31/12/2009HFT XD 27 Apr 10 0.0600 20 May 10 01/01/2009-31/12/2009SCNYL XD 27 Apr 10 6.3000 14 May 10 01/01/2009-31/12/2009SSC XD 27 Apr 10 2.0000 14 May 10 01/01/2009-31/12/2009BECL XD 28 Apr 10 0.7000 14 May 10 01/07/2009-31/12/2009KK XD 28 Apr 10 1.2500 20 May 10 01/07/2009-31/12/2009MBAX XD 28 Apr 10 0.0800 20 May 10 01/01/2009-31/12/2009SAUCE XD 28 Apr 10 10.1000 17 May 10 01/01/2009-31/12/2009AS XD 29 Apr 10 0.3500 17 May 10 01/07/2009-31/12/2009CPF XD 29 Apr 10 0.5000 20 May 10 01/07/2009-31/12/2009GLOW XD 29 Apr 10 1.1230 26 May 10 01/07/2009-31/12/2009ICC XD 29 Apr 10 1.0000 25 May 10 01/01/2009-31/12/2009INET XD 29 Apr 10 0.0500 14 May 10 01/01/2009-31/12/2009KWC XD 29 Apr 10 2.5000 20 May 10 01/01/2009-31/12/2009MOONG XD 29 Apr 10 0.0900 21 May 10 01/07/2009-31/12/2009NC XD 29 Apr 10 0.3500 21 May 10 01/01/2009-31/12/2009NOBLE XD 29 Apr 10 0.3600 17 May 10 01/01/2009-31/12/2009P-FCB XD 29 Apr 10 0.5000 21 May 10 01/01/2009-31/12/2009PG XD 29 Apr 10 0.6000 21 May 10 01/01/2009-31/12/2009PPM XD 29 Apr 10 0.0400 21 May 10 01/01/2009-31/12/2009PRECHA XD 29 Apr 10 0.1200 20 May 10 01/01/2009-31/12/2009SCG XD 29 Apr 10 0.1700 26 May 10 01/01/2009-31/12/2009SORKON XD 29 Apr 10 1.2500 25 May 10 01/01/2009-31/12/2009TICON XD 29 Apr 10 0.8000 19 May 10 01/01/2009-31/12/2009TNL XD 29 Apr 10 0.7500 21 May 10 01/01/2009-31/12/2009TNPC XD 29 Apr 10 0.1500 21 May 10 01/01/2009-31/12/2009TPCORP XD 29 Apr 10 0.2500 21 May 10 01/01/2009-31/12/2009TRUBB XD 29 Apr 10 2.0000 19 May 10 01/01/2009-31/12/2009VARO XD 29 Apr 10 0.2000 25 May 10 01/01/2009-31/12/2009VARO XD 29 Apr 10 20 C:1 Stock Div 25 May 10 01/01/2009-31/12/2009WACOAL XD 29 Apr 10 1.5000 21 May 10 01/01/2009-31/12/2009AIT XD 30 Apr 10 2.2500 21 May 10 01/07/2009-31/12/2009BGT XD 30 Apr 10 0.1000 19 May 10 01/01/2009-31/12/2009BGT XD 30 Apr 10 1 C:1 Stock Div 19 May 10 01/01/2009-31/12/2009CENTEL XD 30 Apr 10 0.0500 25 May 10 01/01/2009-31/12/2009CPR XD 30 Apr 10 0.0300 20 May 10 01/01/2009-31/12/2009DM XD 30 Apr 10 1.2500 17 May 10 01/01/2009-31/12/2009FSS XD 30 Apr 10 0.0200 14 May 10 01/01/2009-31/12/2009HTC XD 30 Apr 10 0.1400 20 May 10 01/01/2009-31/12/2009LVT XD 30 Apr 10 0.2200 21 May 10 01/01/2009-31/12/2009MFEC XD 30 Apr 10 0.3300 21 May 10 01/01/2009-31/12/2009MINT XD 30 Apr 10 0.1500 24 May 10 01/01/2009-31/12/2009NBC XD 30 Apr 10 0.1800 21 May 10 01/07/2009-31/12/2009PDI XD 30 Apr 10 0.9200 20 May 10 01/01/2009-31/12/2009PM XD 30 Apr 10 0.0900 20 May 10 01/01/2009-31/12/2009PREB XD 30 Apr 10 0.0500 19 May 10 01/01/2009-31/12/2009PT XD 30 Apr 10 0.1000 20 May 10 01/01/2009-31/12/2009QLT XD 30 Apr 10 0.2500 20 May 10 01/07/2009-31/12/2009SALEE XD 30 Apr 10 0.1600 18 May 10 01/01/2009-31/12/2009SPALI XD 30 Apr 10 0.3500 18 May 10 01/07/2009-31/12/2009SPC XD 30 Apr 10 0.6500 25 May 10 01/01/2009-31/12/2009


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SPI XD 30 Apr 10 0.2000 21 May 10 01/01/2009-31/12/2009SSEC XD 30 Apr 10 0.0300 14 May 10 01/01/2009-31/12/2009SYNEX XD 30 Apr 10 0.1400 19 May 10 01/07/2009-31/12/2009THANA XD 30 Apr 10 0.1200 26 May 10 01/01/2009-31/12/2009VNT XD 30 Apr 10 0.3500 27 May 10 01/01/2009-31/12/2009ALUCON XD 4 May 10 5.5600 26 May 10 01/01/2009-31/12/2009ALUCON XD 4 May 10 2 C:1 Stpck Div 26 May 10 01/01/2009-31/12/2009DTAC XD 4 May 10 1.3900 26 May 10 01/01/2009-31/12/2009EPCO XD 4 May 10 0.0800 18 May 10 01/07/2009-31/12/2009ESSO XD 4 May 10 0.2500 26 May 10 01/01/2009-31/12/2009GFM XD 4 May 10 1.0000 24 May 10 01/01/2009-31/12/2009L&E XD 4 May 10 0.2500 27 May 10 01/01/2009-31/12/2009LRH XD 4 May 10 0.5000 26 May 10 01/01/2009-31/12/2009PB XD 4 May 10 3.1500 25 May 10 01/07/2009-31/12/2009QH XD 4 May 10 0.1200 20 May 10 01/01/2009-31/12/2009S & J XD 4 May 10 1.0000 26 May 10 01/01/2009-31/12/2009SITHAI XD 4 May 10 0.3500 26 May 10 01/01/2009-31/12/2009SYNTEC XD 4 May 10 0.0300 27 May 10 01/01/2009-31/12/2009TF XD 4 May 10 15.2500 25 May 10 01/07/2009-31/12/2009TWFP XD 4 May 10 8.5000 26 May 10 01/01/2009-31/12/2009AP XD 6 May 10 0.3200 19 May 10 01/01/2009-31/12/2009BTNC XD 6 May 10 0.3500 24 May 10 01/01/2009-31/12/2009CPALL XD 6 May 10 0.8000 24 May 10 01/01/2009-31/12/2009CSR XD 6 May 10 1.9000 27 May 10 01/01/2009-31/12/2009F&D XD 6 May 10 0.6900 27 May 10 01/01/2009-31/12/2009GRAMMY XD 6 May 10 0.3200 21 May 10 01/07/2009-31/12/2009IVL XD 6 May 10 0.3300 25 May 10 01/01/2009-31/12/2009LH XD 6 May 10 0.1000 25 May 10 01/10/2009-31/12/2009NEW XD 6 May 10 0.2500 21 May 10 01/01/2009-31/12/2009OCC XD 6 May 10 0.5500 25 May 10 01/01/2009-31/12/2009SHANG XD 6 May 10 0.7500 25 May 10 01/01/2009-31/12/2009SIMAT XD 6 May 10 0.0500 27 May 10 01/01/2009-31/12/2009SST XD 6 May 10 0.1500 27 May 10 01/01/2009-31/12/2009TC XD 6 May 10 1.2500 27 May 10 01/01/2009-31/12/2009TISCO XD 6 May 10 1.2400 27 May 10 01/07/2009-31/12/2009TISCO-P XD 6 May 10 1.2400 27 May 10 01/07/2009-31/12/2009ASP XD 7 May 10 0.1400 25 May 10 01/07/2009-31/12/2009FE XD 7 May 10 5.0000 25 May 10 01/01/2009-31/12/2009LST XD 7 May 10 0.2500 26 May 10 01/01/2009-31/12/2009MATI XD 7 May 10 0.2500 25 May 10 01/01/2009-31/12/2009MODERN XD 7 May 10 2.0000 27 May 10 01/07/2009-31/12/2009PR XD 7 May 10 7.2100 27 May 10 01/07/2009-31/12/2009SABINA XD 7 May 10 0.3300 21 May 10 01/01/2009-31/12/2009TFD XD 7 May 10 0.0150 27 May 10 01/01/2009-31/12/2009TFD XD 7 May 10 10 C:1 Stock Div 27 May 10 01/01/2009-31/12/2009TPA XD 7 May 10 4.5000 27 May 10 01/01/2009-31/12/2009UBIS XD 7 May 10 0.3200 21 May 10 01/07/2009-31/12/2009UPOIC XD 7 May 10 0.2000 26 May 10 01/10/2009-31/12/2009CEN XD 10 May 10 0.0500 27 May 10 01/01/2009-31/12/2009CHOTI XD 10 May 10 14.0000 27 May 10 01/01/2009-31/12/2009CPN XD 10 May 10 0.5800 27 May 10 01/01/2009-31/12/2009JUTHA XD 10 May 10 0.1000 27 May 10 01/01/2009-31/12/2009JUTHA-P XD 10 May 10 0.3000 27 May 10 01/01/2008-31/12/2008JUTHA-P XD 10 May 10 0.3000 27 May 10 01/01/2009-31/12/2009KH XD 10 May 10 0.1500 20 May 10 01/01/2009-31/12/2009OHTL XD 10 May 10 6.0000 27 May 10 01/07/2009-31/12/2009SENA XD 10 May 10 0.0927 26 May 10 01/07/2009-31/12/2009SMT XD 10 May 10 0.1500 25 May 10 01/07/2009-31/12/2009SSSC XD 10 May 10 0.7500 27 May 10 01/01/2009-31/12/2009TOPP XD 10 May 10 3.0000 27 May 10 01/01/2009-31/12/2009TPOLY XD 10 May 10 0.0500 27 May 10 01/01/2009-31/12/2009VIBHA XD 10 May 10 0.1600 25 May 10 01/01/2009-31/12/2009


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Securities Restricted to Cash-balance Accounts :Stock Turnover Premium Value/Day P/E Time Maturity Period of

(%) (%) (m Bt) (x) (year) Cash Balance

TYONG 54.19 - 164.92 Net Loss - Mar 15 - Apr 2, 2010TT&T 128.08 - 128.76 net Loss - Mar 22 - Apr 9, 2010

Source: SEC, SET and data as of requirement date

The following are the requirements for securities restricted to cash-balance accounts on the turnover list:1. Common Shares:

The average daily trading value goes above Bt100m in a week.Turnover rises beyond 50% of paid-up capital, andThe price/earnings (P/E) ratio exceeds 50 times or the company posts a net loss.

2. Warrants:The average daily trading value goes above Bt100m in a week.Turnover rises beyond 100% of paid-up capital, andThe percentage of premium rises above 20%.

“Investors should read the information carefully before making an investment decision in securities with unusual trading activity.”

BLA XD 11 May 10 0.1500 14 May 10 01/01/2009-31/12/2009CM XD 11 May 10 0.2500 27 May 10 01/07/2009-31/12/2009LALIN XD 11 May 10 0.0950 21 May 10 01/07/2009-31/12/2009SMIT XD 11 May 10 0.0500 27 May 10 01/01/2009-31/12/2009TRT XD 11 May 10 0.5500 21 May 10 01/01/2009-31/12/2009BJC XD 12 May 10 0.2100 27 May 10 01/01/2009-31/12/2009PF XD 13 May 10 0.2500 27 May 10 01/01/2009-31/12/2009SE-ED XD 13 May 10 0.3600 27 May 10 01/10/2009-31/12/2009TPAC XD 13 May 10 0.5600 27 May 10 01/01/2009-31/12/2009UKEM XD 13 May 10 0.0350 26 May 10 01/01/2009-31/12/2009MJD XD 14 May 10 0.1500 27 May 10 01/07/2009-31/12/2009

Bangkok Branches

Head Office Srinakarindr Branch Viphavadi Branch11st Fl., Unit 1102, 14th Fl., Unit 1404 17th Fl., Modernform Tower, 15th Fl., Lao Peng Nguan Tower 1,and 15th Fl., Vorawat Bldg., 699 Srinakarindr Rd., Suan Luang, 333 Soi Chuaypuang, Viphavadi-849 Silom Rd. Silom, Suan Luang, Bangkok 10250 Rangsit Rd., Ladyao, Chatuchak,Bangrak, Bangkok 10500 Tel : 0 2722 8344-53 Bangkok 10900Tel : 0 2635 1700 , 0 2268 0999 Fax : 0 2722 8343 Tel : 0 2618 8400Fax : 0 2635 1615 Fax : 0 2618 8344 , 0 2618 8381

Yaowarat Branch Bangkapi Branch Bangkapi 2 Branch19th Fl., Kanchanadhat Bldg., 8th Fl., The Mall Office Tower-Bangkapi 8th Fl., The Mall Office Tower-Bangkapi308 Yaowarat Rd., Jakawat, 3522 Lad Prao Rd., Klongchan 3522 Lad Prao Rd., KlongchanSampantawong, Bangkok 10100 Bangkapi, Bangkok 10240 Bangkapi, Bangkok 10240Tel : 0 2622 7833 , 0 2226 2777 Tel : 0 2363 3263 Tel : 0 2363 3273Fax : 0 2622 7844 Fax : 0 2363 3275 Fax : 0 2363 3270

Hua Lumphong Branch Rangsit Branch Asoke Branch4th Fl., Tang Hua Pak Bldg., G Fl., Room#PLZ.G.SHP065A 17th Fl., Room no. 1703 Serm-Mit Tower320 Rama 4 Rd., Mahaprutharam, Future Park Rangsit 159 Sukhumvit 21 Road, North Klongtoey,Bangrak, Bangkok 10500 94 Paholyothin Rd., Prachathipat, Wattana, Bangkok 10110Tel : 0 2639 1200 Thunyaburi, Pathumthani 12130 Tel : 0 2261 1315-21Fax : 0 2237 9386-7 Tel : 0 2958 5040 Fax : 0 0 2261 1328

Fax : 0 2567 3311

Pinklao BranchCentral Plaza PinklaoOffice Building Tower Bldg.,7/3 Baromrajachonnanee RoadArunamarin BangkoknoiBangkok 10700Tel : 0 2884 7333Fax : 0 2 884 7357

Provincial Branches

Khon Kaen Branch Phisanulok Branch Had Yai Branch4th Fl., Kow Yoo Hah Bldg., 2nd Fl., Thai Sivarat Bldg., 4th Fl., Southland Rubber Bldg.,359/2 Mittapap Rd., Naimuang, 59/15 Baromtrilokanad Rd., Naimuang 55 Ratyindee Rd., Had Yai,Muang , Khon Kaen 40000 Muang, Phisanulok 65000 Had Yai, Songkla 90110Tel : 0 4332 5044-8 Tel : 0 5524 3646 Tel : 0 7423 4095-99, 0 7423 0537-8Fax : 0 4322 5687 Fax : 0 5524 5082 Fax : 0 7422 0908

Chumporn Investor Center Chonburi Branch25/45 Krom Luang Chumporn Rd., 44 Washiraprakarn Rd., BangplasroiTatapao, Muang, Chumporn 86000 Muang Chonburi 20000Tel : 0 7757 0652-3 Tel : 0 3827 4533Fax : 0 7757 0441 Fax : 0 3827 5168


Overseas Offices

Singapore Office:Phillip Securities Pte Ltd Phillip Futures Pte Ltd250 North Bridge Road, 250 North Bridge Road,#06-00 Raffles City Tower. #07-01 Raffles City Tower.Singapore 179 101 Singapore 179 101Company Reg. No. 197501035Z Company Reg. No. 198305695GTel : (65) 65336001 (General) Tel : (65) 65351155 (General)Fax : (65) 65353834 Fax : (65) 65330593

Hong Kong Office:Phillip Securities (HK) Ltd Phillip Commodities (HK) Ltd11/F United Centre 95 11/F United Centre 95Queensway Hong Kong Queensway Hong KongTel : (852) 22776600 Tel : (852) 22776600Fax : (852) 28685307 Fax : (852) 28685307

Japan Office:Phillip Futures K.K. The Naruse Securities Co. Ltd.Tosho Bldg., 4-2 Nihonbashi Kabutocho,6F, 3-8-3 Nihonbashi Hon-cho, Chuo-Ku Tokyo 103-0026Chuo-ku, Tokyo 103-0023 JapanTel : (81-3) 5651-2111 Tel : (81-3) 36662101Fax : (81-3) 3662-5700 Fax : (81-3) 36678806

United Kingdom Office:King & Shaxson Ltd. Walker, Crips, Weddle, Beck PLC6th Floor Candlewick House Sophia House,120 Cannon Street, London 76/80 City Road,EC4N 6AS London EC1Y 2EQTel : (44-20) 7929 5300 Tel : (44-20) 72537502Fax : (44-20) 7283 6385 Fax : (44-20) 72537500

Australia Office:Head Office - Melbourne Sydney OfficeIntersuisse Ltd Intersuisse LtdLevel 37, 530 Collins Street, Level 7, 5 Elizabeth Street, Sydney,Melbourne, Victory 3000, NSW 2000,Australia AustraliaTel : (613) 96298288 Tel : (612) 92332100Fax : (613) 96298882 Fax : (612) 92332117

Indonesia Office: Sri Lanka Office:PT Phillip Securities Indonesia Asha Phillip Securities Ltd.Wisma Standard Chartered Bank, Level 4, MiIlennium HouseLevel 23B, Jl. Jend. Sudirman Kav. No.46/58, Navam Mawatha,33A Jakarta 10220 Indonesia Columbo 02, Sri LankaTel : (62-21) 57900800 Tel : (94-1) 12314875Fax : (62-21) 57900809 Fax : (94-1) 12314883

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The information contained herein is based on sources which Phillip Securities(Thailand) believes reliable. We do not guarantee its accuracy or completeness.Opinions and estimates expressed herein are subject to change without notice. This report is for information only and should not be construed as an offeror solicitation for the purchase or sale of any securities referred to herein. We accept no liability for any loss, direct or indirect, from the use of this document.The directors and/or employees of Phillip Securities and or its associates may have an interest in the securities mentioned herein.

Results Presentation

Score Range Number of Logo

Less than 50 No logo given

50 - 59

60 - 69

70 - 79

80 - 89

90 - 100

The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regardingcorporate governance is made pursuant to 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 ofThailand and the Market for Alternative disclosured to the public and able to be accessed by ageneral public investor. The results, therefore, is from the perspective of a third party. It is not anevaluation of operation and is not based on inside information.

The survey result is as of the date appearing in the Corporate Gavernance Report of Thai ListedCompanies. As a result, the survey result may be changed after that data. Phillip Securities (Thai-land) of securities company does not confirm nor certify the accuracy of such survey result.

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