morning matters - rhb tradesmart · 2-oct-2013 morning matters e f a t x t m a c r o | ... tours...

See important disclosures at the end of this report Powered by Enhanced Datasystems’ EFATM

Platform

2-Oct-2013

Morning Matters

EFATxtMacro|

EFATxtRisks|

EFATxtGrowth|

EFATxtValue|

WHAT’S INSIDE

On The Platter

Land and Houses (LH TB;FVTHB15.0-Buy): Outstanding 3Q13

LH is set to show impressive 3Q13 presales and results. We raise our earnings forecasts on expectations of strong 3Q13 profit, and roll over our valuation to 2014, deriving a new TP of THB15. We like LH for its strong brand name, resilient earnings outlook, highly experienced management, solid balance sheet and high dividend yield. Monetisation of its rental assets will add value to its bottomline.

MEDIA HIGHLIGHTS

China regulates zero-dollar schemes

PTT delays PLA plant on slow demand

Myanmar to tap ADB for Dawei megaproject loans

Ratch in talks over B40bn coal plant

AIS 3G-2.1GHz closes in on subscriber target of 12m

130,000 car buyers not yet asking for tax rebate

ECONOMIC HIGHLIGHTS

Treasury Uses Final Measures to Avoid Debt Limit Breach

Japan Awaits Abe’s Third Arrow as Companies Urged to Invest

U.S. ISM Manufacturing Index Rose in September

Debt Ceiling Wall of Worry Another Reason for Investing

Canada’s Macklem Curbs Growth Forecast on Elusive Exports

Japan's Abe calls for cut in corporate tax rate

SET Intra-Day Graph

Source: Bloomberg

Key Market Indices (1 October 2013)

Value Chg % Chg % YTD

SET 1408.19 25.03 1.8% 1.2%

SET50 959.71 18.83 2.0% 1.5%

SET100 2113.81 41.09 2.0% 1.7%

Dow Jones 15191.70 62.03 0.4% 15.9%

S&P500 1695.00 13.45 0.8% 18.8%

Nasdaq 3817.98 46.50 1.2% 26.4%

FTSE 6460.01 -2.21 0.0% 9.5%

FSSTI 3181.50 13.63 0.4% 0.5%

Hang Seng 22859.86 UNCHG UNCHG 0.9%

Nikkei 14474.95 19.15 0.1% 39.3%

KLCI 1769.03 0.41 0.0% 4.7%

SHANGHAI SE 2174.67 UNCHG UNCHG -4.2%

JCI 4345.90 29.72 0.7% 0.7%

SET 5-yr avg 2012 2013F

PE (x) 14.0 15.5 14.0

P/BV (x) 1.8 2.2 2.1

Yield (%) 4.1 3.1 3.3

Key Statistics

SET Value by investor Type: Daily

Buy (THBm) Sell (THBm) Net (THBm)

Institution 5,233.23 3,099.53 2,133.70

Proprietary 5,419.72 6,896.68 -1,476.95

Foreign 7,159.92 7,538.96 -379.04

Retail 18,941.16 19,218.87 -277.71

SET Value by investor Type

MTD (THBm) YTD (THBm) Institution 2,133.70 85,620.16

Proprietary -1,476.95 -5,497.56

Foreign -379.04 -106,798.35

Retail -277.71 26,675.75

SET50 Index Future

Long Short Net MTD YTD

Institution 8,099 5,565 2,534 2,534 14,956

Foreign 2,944 3,764 -820 -820 -12,590

Local 10,068 11,782 -1,714 -1,714 -2,366

Foreign Fund Flows (USDm) Last MTD YTD YTD(%) -12.2 -12.2 -3,479.1 -257.4

See important disclosures at the end of this report 2

Media Highlights

China regulates zero-dollar schemes

China's new policy of regulating outbound zero-dollar tours will benefit the Thai tourism industry in the long term, as it will help to screen tourist quality, say Thai tourism operators. Under the new Chinese regulation, Thai tour operators and their Chinese counterparts must stipulate the exact number of Chinese tourists travelling to the country. All tour programme details and al l expenses for Chinese tourists must be explicitly stated, and the tour packages can be paid for only in China. Tour operators who violate the regulation are subject to a 300,000-yuan fine, or face licence revocation. The move is a bid by the Chinese government to crack down on zero-dollar tour problems that have been occurring in both countries for a long time. Kasien Wattanachaowisut, president of the Thai-Chinese Tourism Alliance Association (TCTA), said strict regulation of zero-dollar tours will increase the price of package tours and services for Chinese tourists by a wide range of 40-100%. In the first three months of enforcement of the new regulation, Chinese tourist arrivals in Thailand are expected to be halved. However, the new measure will not affect independent travellers, who represent 30% of Chinese tourists in Thailand. (Bangkok Post)

PTT delays PLA plant on slow demand

The giant oil and gas conglomerate PTT Plc has decided to delay its polylactic acid (PLA) joint venture for up to two years on concerns over slow demand for green plastics in the global market. NatureWorks LLC, the US-based company in which PTT Global Chemical Plc (PTTGC) holds a 50% share with Cargill Inc, planned to start construction of Asia's first PLA plant at the end of this year for a total cost of US$200 million. The facility, the second of its kind in the world after one in Nebraska, was scheduled to operate in 2015 with annual capacity of 140,000 tonnes. But Nattachat Charuchinda, chief operating officer of the upstream petroleum and gas business group at PTT, said yesterday that the plan has been revised as demand for bioplastics is slowing amid the global economic downturn. Nonetheless, PTT is still asking the government to give the company better investment privileges. (Bangkok Post) Myanmar to tap ADB for Dawei megaproject loans

The stagnant Dawei deep-sea port and industrial project took a small step forward after Myanmar agreed to secure loans from the Asian Development Bank (ADB) to invest in significant infrastructure development. Deputy Prime Minister and Commerce Minister Niwatthamrong Bunsongphaisan said yesterday that at the recent tripartite meeting with Thailand and Japan that Myanmar remains strongly committed to Dawei, saying that the project will play a significant role in the nation's future economic development. Thailand, Myanmar and Japan held a meeting in Yangon last Friday to discuss ways to get the Dawei deep sea port and industrial project off the ground. It was the first tripartite meeting with Japan attending as a potential third partner in the Dawei development project. In previous meetings of the joint high-ranking committee involving Thailand and Myanmar, Japan participated only in the capacity of an observer. The neighbouring Southeast Asian nations have high hopes that Japan will eventually agree to hold a stake in Dawei SEZ Development Co (DSEZ), a special-purpose vehicle set up to manage Dawei's port and special economic zone. (Bangkok Post) Ratch in talks over B40bn coal plant

Ratchaburi Electricity Generating Holding Plc (RATCH), Thailand's largest private power producer, is in talks with Asean's leading coal miner Banpu Plc to develop a 40-billion-baht coal-fired power plant in Indonesia as part of its strategy to maintain business growth. The company plans to have half its total power capacity abroad and half in Thailand from the current 73% or 4,600 megawatts produced locally, with the remainder from abroad. Chief executive Pongdit Potejana said the new coal-fired power project is expected to generate 700 MW. If the deal can be sealed, it will be a part of Ratch's five-year investment plan announced last month, earmarking total capital expenditures of 12 billion baht from 2014-18. Its target is to double total capacity to 12,000 MW by 2020 from 6,302 MW at present. The new possibility in Indonesia is now undergoing a feasibility study for a mine-mouth power plant. The study is expected to be completed by this year. (Bangkok Post)

AIS 3G-2.1GHz closes in on subscriber target of 12m

The country's largest cellular operator, Advanced Info Service (AIS), has already achieved around 10.8 million subscribers to its third-generation wireless broadband service on the 2.1-gigahertz spectrum, well on its way to this year's target of 12 million customers. Of the current 2.1GHz customers, half migrated from the AIS 2G network to its 2.1GHz subsidiary Advanced Wireless Network, and the rest are newly acquired AWN subscribers, said AIS chief executive officer Wichian Mektrakarn. AWN debuted the 3G-2.1GHz service in April. The National Broadcasting and Telecommunica-tions Commission (NBTC) last December awarded 2.1GHz licences to AWN, DTAC TriNet of Total Access Communication, and Real Future of True Corp. AWN's 3G network now covers main cities in 77 provinces, totalling around 10,000 base-station sites. By the end of the second quarter of 2014, the coverage will equal that of the AIS 2G network, totalling around 14,000 sites. (The Nation) 130,000 car buyers not yet asking for tax rebate

About 130,000 individuals buying vehicles under the first-car buyer scheme have not yet exercised their rights for an excise tax rebate, according to the Excise Department. Jumpol Rimsakorn, an advisor to the department, also revealed that to date about 20,000 have cancelled their rights. He said that among the 130,000 who have reserved vehicles under the scheme, there is a possibility that some are waiting for delivery while others may have thrown away the booking. He said that some made bookings at more than one dealer. The department will send SMS to them, asking for confirmation if they still want to exercise the rights. This is to help the department estimate the exact cost of the scheme, he said. (The Nation)


Economic Highlights

Treasury Uses Final Measures to Avoid Debt Limit Breach

The U.S. has begun using the final extraordinary measures to avoid breaching the nation’s debt limit, Treasury Secretary Jacob J. Lew said. Lew, in a letter addressed to House Speaker John Boehner dated today, repeated that the measures will be exhausted no later than Oct. 17 and urged Congress to extend the nation’s borrowing authority “immediately.” Lew and President Barack Obama have said they won’t negotiate on the limit, which is tied to obligations the U.S. has already incurred. Boehner, an Ohio Republican, has issued a list of demands before he’ll support raising the ceiling . His conditions include approval of TransCanada Corp.’s Keystone XL pipeline, major revisions to the tax code and a one-year delay of the insurance mandate in the Obama health-care law. The U.S. government is already paralyzed after Republicans and Democrats in Congress failed to agree on funding for the new fiscal year that began today. That led to a partial shutdown of the government at midnight, forcing about 800,000 federal workers off the job. The shutdown could cost the economy as much as $10 billion a week, the White House said on its website. (Bloomberg)

Japan Awaits Abe’s Third Arrow as Companies Urged to Invest

Japanese Prime Minister Shinzo Abe’s reflation campaign shifted to structural domestic reforms after he unveiled a stimulus package offering a short-term cushion for the first sales-tax rise since 1997. Abe’s administration is honing legislation for its “growth strategy” for the year’s final parliamentary session, an initiative companies will scrutinize for fresh reasons to invest in a domestic market burdened by a shrinking and aging population. For now, they get a slew of tax breaks unveiled with yesterday’s 5 trillion yen ($51 billion) program. Getting businesses to start distributing their rising profits and near-record cash through higher wages and new projects at home will be key to sustaining a rebound in the world’s third-largest economy. Without pay rises, households will be hit by both higher taxes and living costs -- as energy bills climb after the yen slid 21 percent the past year. (Bloomberg) U.S. ISM Manufacturing Index Rose in September

Manufacturing unexpectedly picked up in September, showing American factories were a source of strength for the world’s largest economy before the federal government shut down. The Institute for Supply Management’s factory index rose to 56.2, the strongest since April 2011, from 55.7 a month earlier, the Tempe, Arizona-based group’s report showed today. Readings greater than 50 indicate growth. Assembly lines hummed at companies from appliance and furniture makers to metals and transportation industries as the rebounds in housing and autos spurred growth. To sustain the expansion, manufacturing must now overcome the budget gridlock in Washington that has led to the first partial government shutdown in 17 years, idling about 800,000 federal employees. (Bloomberg)

Debt Ceiling Wall of Worry Another Reason for Investing

The U.S. congressional standoff that shut down the government for the first time in 17 years is a buying opportunity for stock investors, if history is any guide. The U.S. government will be partially closed today with Congress deadlocked over whether to tie any changes to the 2010 health-care bill to an extension of government funding. Even if the budget fight is resolved, lawmakers would immediately move to the next fiscal dispute over raising the $16.7 trillion debt ceiling. The last time there was speculation about a U.S. government shutdown was in August 2011, when the S&P 500 fell more than 11 percent in three days. Stocks tumbled during the stalemate between President Barack Obama and Congress over whether to raise the debt ceiling and S&P stripped the U.S. of its AAA credit rating that month. The losses were later reversed, as the Federal Reserve pledged to hold the benchmark interest rate near zero and maintain bond purchases to support the economy. The S&P 500 gained 25 percent in the 12 months through August 2012. (Bloomberg)

Canada’s Macklem Curbs Growth Forecast on Elusive Exports

Bank of Canada Senior Deputy Governor Tiff Macklem said the nation’s economy will expand more slowly this year than the central bank forecast as stronger exports and business investment remain elusive. Growth in the third and fourth quarters is expected to range between 2 percent to 2.5 percent, below the Bank of Canada’s July forecasts of 3.8 percent and 2.5 percent for the two periods, Macklem said in a speech to the Economic Club of Canada in Toronto. After an initial burst following the recession, Canada’s economy began to slow last year amid weak global demand for its goods and a slump in business capital spending. Until today, the central bank had predicted a recovery in exports would help fuel a rebound starting in the second half of this year, which would eliminate slack in the nation’s economy by 2015 and lead to higher policy interest rates. (Bloomberg) Japan's Abe calls for cut in corporate tax rate

Japan's Prime Minister Shinzo Abe has called for a cut in the country's corporate tax rate as he seeks to boost the economy from a two-decade long slump.Speaking at a press conference on Tuesday, he urged the country's political parties to begin talks on how to bring the rate down to meet global competition. Earlier on Tuesday, Abe said his government would raise the sales tax to 8 percent from 5 percent next April. The move, viewed as a a critical step in curbing the country's soaring debt levels, will be accompanied by the cut in corporate taxes and a 5 trillion yen ($51 billion) stimulus package. The yen strengthened against the dollar after Abe's comment on Tuesday evening. (CNBC)


Outperform

Current Target Upside/

Rec. Price Price Downside PE (x) Yield (%) Remarks

(Bt) (Bt) (%) 2013F 2013F

ADVANC Buy 257.00 319.00 24.1 20.3 4.9

AOT Buy 190.50 222.00 16.5 25.2 1.6

BTS Trading Buy 8.80 10.20 15.9 40.6 6.1

INTUCH Trading Buy 83.50 104.00 24.6 17.7 5.1 .

PTT Buy 320.00 388.00 21.3 8.1 4.3

PTTGC Buy 74.25 82.00 10.4 9.9 4.5

Underperform

Current Target Upside/

Rec. Price Price Downside PE (x) Yield (%) Remarks

(Bt) (Bt) (%) 2013F 2013F

AP Neutral 5.95 6.30 14.0 6.9 3.2

KTB Buy 19.60 28.30 44.4 9.1 3.9

TCAP Neutral 34.00 41.00 20.6 4.5 3.9

TISCO Sell 39.00 41.00 5.1 7.3 6.6

1 30 27 26 25 1 30 27 26 25

1 BBL 156.8 -97.7 -96.2 -17.4 -232.2 KBANK -242.5 -114.0 -260.8 -98.0 -73.9 BBL 156.8 KBANK -242.5 SCC -9,926.9 SCC -9,926.9

2 PTTEP 71.7 -23.4 -12.2 -3.3 101.1 DTAC -118.5 140.4 149.4 81.4 70.1 PTTEP 71.7 DTAC -118.5 LH -2,135.6 LH -2,135.6

3 AOT 71.3 332.9 20.9 46.3 200.9 BAY -106.7 51.0 3.5 -1.4 71.9 AOT 71.3 BAY -106.7 KBANK -1,075.0 KBANK -1,075.0

4 STEC 66.2 57.1 41.0 91.6 105.8 JAS -95.8 74.9 -1.4 61.0 24.8 STEC 66.2 JAS -95.8 CK -777.9 CK -777.9

5 DELTA 64.7 68.9 -14.2 51.9 10.2 CPALL -65.6 -75.0 -64.3 -77.0 32.4 DELTA 64.7 CPALL -65.6 SIRI -693.2 SIRI -693.2

6 ADVANC 59.9 104.0 -128.8 33.3 -92.0 CK -57.8 6.3 -13.8 15.3 -0.5 ADVANC 59.9 CK -57.8 DEMCO -619.5 DEMCO -619.5

7 INTUCH 28.2 298.2 -42.2 -81.6 -60.4 SCB -57.7 -4.4 -121.8 3.3 43.8 INTUCH 28.2 SCB -57.7 UV -416.7 UV -416.7

8 TCAP 25.0 26.8 -31.7 -11.6 -16.9 SCC -42.0 -238.3 -69.1 88.2 60.3 TCAP 25.0 SCC -42.0 BANPU -407.2 BANPU -407.2

9 QH 25.0 -19.1 19.3 27.6 69.1 TISCO -28.2 10.0 14.9 -30.7 10.6 QH 25.0 TISCO -28.2 ASP -361.9 ASP -361.9

10 TMB 19.0 41.9 0.1 -55.3 -3.0 LH -25.9 -114.5 -49.2 3.6 -35.2 TMB 19.0 LH -25.9 NOBLE -318.3 NOBLE -318.3

11 EGCO 18.6 49.1 -10.8 13.4 55.0 CPN -21.0 -35.7 10.8 -13.4 20.2 EGCO 18.6 CPN -21.0 IRPC -313.7 IRPC -313.7

12 MINT 17.9 -10.6 -21.6 -19.0 -3.3 THCOM -18.9 0.7 9.3 -16.7 -3.5 MINT 17.9 THCOM -18.9 RML -282.0 RML -282.0

13 PTTGC 12.9 138.7 32.3 107.2 149.3 TOP -15.9 -111.3 -60.3 111.6 33.3 PTTGC 12.9 TOP -15.9 MINT-W4 -238.0 MINT-W4 -238.0

14 BEC 12.4 70.2 -19.3 -40.0 69.2 SIRI -13.2 -43.1 -14.4 -13.5 -31.2 BEC 12.4 SIRI -13.2 EARTH -221.1 EARTH -221.1

15 BTS 12.3 -7.0 -21.1 1.7 3.0 SPCG -12.0 -11.6 -0.0 -0.1 0.8 BTS 12.3 SPCG -12.0 TRC -216.8 TRC -216.8

16 STANLY 8.9 0.0 0.1 0.4 0.0 CPF -10.5 11.8 -52.9 38.7 7.6 STANLY 8.9 CPF -10.5 GUNKUL -199.1 GUNKUL -199.1

17 IVL 8.0 -2.5 -16.1 -20.4 10.9 PS -8.9 -23.8 -6.7 5.6 9.9 VGI 8.4 PS -8.9 LRH -192.3 LRH -192.3

18 BIGC 7.4 11.9 -44.0 0.1 -10.3 STPI -8.1 -4.6 0.0 -0.0 1.6 IVL 8.0 STPI -8.1 GLOBAL -189.7 GLOBAL -189.7

19 MAJOR 5.6 -0.1 -6.8 -27.0 -1.3 AP -8.0 -8.9 -0.4 24.6 15.4 BIGC 7.4 AP -8.0 TWFP -137.2 TWFP -137.2

20 TRUE 5.3 -34.2 -26.3 -16.6 12.6 TTW -7.9 1.4 -6.7 -0.8 0.4 MAJOR 5.6 TTW -7.9 AAV -127.4 AAV -127.4

% % of % of

Turn. paidup paidup

1 IEC 12.78 1 TISCO-P 66.16 65.86

2 SIRI 19.17 2 BBL 30.27 29.99

3 JAS 9.57 3 KBANK 27.43 28.50

4 TMB 3.54 4 INTUCH 23.14 5.41

5 LH 22.48 5 E-W1 21.62 22.27

6 QH 7.11 6 SPALI 21.61 17.94

7 N-PARK 1.09 7 GOLD-W1 18.91 14.87

8 DTAC 39.09 8 THRE 18.08 15.50

9 BTS 7.41 9 LH 17.82 21.18

10 INTUCH 16.90 10 LPN 16.99 21.73

11 RML 17.88 11 TWFP 16.20 24.77

12 BLAND 2.07 12 DTAC 15.66 13.33

13 ITD 2.02 13 TCAP 14.63 12.60

14 GSTEL 2.11 14 AP 14.51 12.92

15 TRUE 0.87 15 THIP 14.50 12.64

16 GJS 12.27 16 LALIN 13.86 13.53

17 BAY 11.55 17 BAY 13.73 13.89

18 KBANK 21.55 18 PRANDA 12.78 14.59

19 CK 3.29 19 GBX 12.75 13.54

20 KTB 2.58 20 EGCO 12.71 10.17

Source : SET.OR.TH

573,600

636,200

248,700

2,490,900

3,982,700 4,231,400

-1,390,400

4,714,4002,644,000

529,000 3,336,800

4,363,400

1,959,900

1,486,500 2,876,900

4,327,0001,836,100

2,596,100 4,556,000

3,160,100 2,831,500 5,991,600 328,600

2,615,900 3,221,800 5,837,700

8,000,000 654,800

-605,900

2,070,400

186,927,471 161,065,653 1,277,816,397

2,859,920,138 414,928,329 367,964,647

-1,370,650

843,803,210

1,160,000 1,011,300

114,348,900 -3,734,000

53,541,225 526,465,000

3,865,800 -2,807,800

52,282,800 59,270,000

138,887,000

66,927,546 -341,699

-2,673,0003,182,000 3,691,000

3,660,509

1,168,300 2,538,950

1,659,405 2,001,104

509,000

3,707,250

1,089,076,392

409,144,800

825,000,000

834,046,579

147,453,300

111,592,900

6,074,143,747

2,354,634 95,060,550 15,403,060

370,851,060 315,525,949 2,367,811,000

10,025,921,523

1,475,698,768

1,786,903,542 2,123,251,472

250,759,924 320,609,239

392,073,718

3,512,494,860

74,145,298 74,970,598

634,896,851 544,461,149

371,003,050 307,949,569

2,508,400

2,943,500 4,055,068

8,117,200 277,700

10,993,400 -2,303,000

6,998,568 -1,111,568

8,394,900 7,839,500 1,716,553,249

4,345,200 6,648,200

6,430,100 1,413,300

3,400,000 3,884,200 7,284,200 -484,200

3,921,700

3,206,420,305

-11,500,290

347,000,000

2,393,260,193

741,987,117

77,281,246 75,032,728

7,345,800 173,363,101 11,152,500 3,806,700 14,959,200

572,486,791 -5,818,300

656,387,065 682,155,834

577,859,523 18,653,300 31,488,300

4,687,410 16,187,700 20,875,110

NetBuy Sell Total

1,908,842,894

38,500,000 112,900,000 22,400 22,300 151,400,000 -74,400,000

12,835,000

33,858

Net Buy Net Sell Net Buy Net Sell

2 Jan- 01 Oct 1301-Oct- 13

(Last)

NVDR Shrs. Paid up CapitalNVDR Shrs.

1-Oct-13 2-Jan-13

Most Active Values (Btmn)

2 October 2013

Oct-Sep 13 Oct-Sep 13

Total Volume Shares

Most Active Volume (shares) NVDR Shares to Total Paid-up Shares(%)

NET BUY NET SELL Month to Date Year to Date

THAI NVDR : Top Ranking

See important disclosures at the end of this report Powered by EFATM

Platform 1

Company Update, 2 October 2013

Land and Houses (LH TB) Buy (Maintained) Consumer Cyclical - Home Builders Target Price: THB15.0

Market Cap: USD3,461m Price: THB10.8

Outstanding 3Q13

Macro

3.00

Risks

2.00

Growth

1.00

Value

3.00

89

95

102

108

115

121

128

134

7.7

8.7

9.7

10.7

11.7

12.7

13.7

14.7

Land and Houses (LH TB)Price Close Relative to Stock Exchange of Thailand Index (RHS)

20

40

60

80

100

120

140

Oct-

12

No

v-1

2

Ja

n-1

3

Ap

r-1

3

Ju

n-1

3

Au

g-1

3

Vo

l m

Source: Bloomberg

Avg Turnover (THB/USD) 282m/8.95m

Cons. Upside (%) 20.4

Upside (%) 38.9

52-wk Price low/high (THB) 8.35 - 13.9

Free float (%) 52

Shareholders (%)

Mr. Anant Asavabhokin 23.8

Thai NVDR 18.2

Government of Singapore Investment Corp

16.1

Shariah compliant

Wanida Geisler 66 2862 9748

License No.17602

[email protected]

Forecasts and Valuations Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Total turnover (THBm) 16,896 19,229 24,103 26,393 31,212

Reported net profit (THBm) 3,971 5,609 5,636 6,364 7,441

Recurring net profit (THBm) 3,728 3,634 5,636 6,364 7,441

Recurring net profit growth (%) (5.2) (2.5) 55.1 12.9 16.9

Core EPS (THB) 0.37 0.36 0.56 0.63 0.74

DPS (THB) 0.35 0.48 0.48 0.54 0.63

Dividend Yield (%) 3.2 4.4 4.4 5.0 5.8

Core P/E (x) 29.0 29.8 19.2 17.0 14.6

Return on average equity (%) 14.8 19.7 18.7 20.2 22.6

P/B (x) 3.94 3.68 3.51 3.37 3.22

P/CF (x) na na 18.0 57.4 26.6

EV/EBITDA (x) 21.7 23.8 14.7 13.1 11.4

Net debt to equity (%) 70.7 87.2 81.4 82.9 78.4

Our vs consensus EPS (%) (0.8) 1.7

Source: Company data, RHB estimates

LH is set to show impressive 3Q13 presales and results. We raise our earnings forecasts on expectations of strong 3Q13 profit, and roll over our valuation to 2014, deriving a new TP of THB15. We like LH for its strong brand name, resilient earnings outlook, highly experienced management, solid balance sheet and high dividend yield. Monetisation of its rental assets will add value to its bottomline.

Almost THB10bn presales in 3Q13. Last quarter, LH launched four

condominium projects worth a total of THB7.7bn. On average, 50.0% of the projects’ units have been sold. Presales for July alone were THB5bn. Assuming average presales of THB2-2.5bn per month for August and September, it is likely that 3Q13 presales will hit almost THB10bn, up from THB7.2bn in 2Q13 and THB7.8bn in 1Q13. We expect 9M13 presales to come in at THB25bn, 83.0% of management’s THB30bn full-year guidance. With projects worth a total value of THB13.5bn to be launched in 4Q13, it is highly likely that LH will beat its full-year target.

3Q13 results to be impressive. Realised sales of THB1.3bn for Room Sukumvit 21 in Bangkok and THB400m for North 8 in Chiang Mai will be

the key growth driver for 3Q13. We estimate condominium (condo) sales of around THB1.2bn and housing sales of THB5.5bn in this quarter. Gross margins will likely dip slightly to 35.0%, due to the Room Sukumvit 21’s low margins. Assuming that selling, general and administrative

(SG&A) expenses to sale ratio stabilises at 13.5% and equity accounted profit increases slightly, LH’s bottomline is set to hit THB1.8bn (+9.0% q-o-q; +18.0% y-o-y). This implies 9M13 profit of THB4.88bn (+18.0% y-o-y), making up 76.0% of our new FY13 forecast.

Raise earnings estimates and TP. As we expect a stronger 3Q13, we

raise our earnings forecasts by 5.0-6.0% to THB6.4bn for 2013 and THB7.4bn for 2014. Potential upside to our FY13 forecast is the sale of the Terminal 21 shopping mall to a newly established TH10bn property fund set for launch at year-end or early 2014. Going forward, LH still has several hotels waiting to be monetised into a new REIT or property fund. We have yet to include these into our forecasts. Our new TP of THB15 is a sum of: i) FY14F EPS of THB12, pegged to 16.0x long-term mean P/E, and ii) investment portfolio worth THB3 per share (net of tax).

Land and Houses (LH TB) 2 October 2013


Outstanding 3Q13 presales. Presales for July surged to THB5bn. Assuming

average presales of THB2-2.5bn per month for August and September, we estimate that 3Q13 presales will hit almost THB10bn. We note that the four new condo projects launched in 3Q13, which have a combined worth of THB7.7bn, are – on average – already 50.0% sold. Housing sales, on the other hand, are likely to be around THB2bn per month. We expect 9M13 presales to come in at THB25bn (+34.0% y-o-y). In 4Q13, LH plans to launch nine new projects, mostly housing, worth a total of THB13.5bn. Hence, it is highly likely that it will beat its full-year presales target of THB30bn.

Figure 1: Quarterly presales Figure 2: Annual presales

Source: Company data, RHB estimates Source: Company data, RHB estimates

Earnings upgrade on strong 3Q13 profit. We expect 3Q13 bottomline of THB1.8bn

(+9.0% q-o-q; +18.0% y-o-y), driven mainly by realised condo sales from the Room Sukumvit 21 and North 8 projects. LH’s 4Q13 earnings will continue to be robust upon the completion of several condo projects with a total project value of THB1.2bn – namely Room Sukumvit 40, Key Udomsuk and North 1-2. Potential upside to our FY13 forecast is the sale of an asset, the Terminal 21 shopping complex, to a newly established property fund worth THB10bn, which is slated for launch at end-2013 or early-2014. We raise our earnings forecast by 5.0-6.0% to THB6.4bn for FY13 and THB7.4bn for FY14, but we have yet to include such potential gains from the asset sale.

Figure 3: Quarterly results Figure 4: Yearly results

Source: Company Data, RHB estimates Source: Company Data, RHB estimates

Roll over TP to 2014 valuations. Our new TP of THB15 is the sum of: i) FY14F EPS

of THB12, pegged to 16.0x long term mean P/E, and ii) investment portfolio worth THB3 per share, net of tax. LH’s investment portfolio include its stake in listed companies Quality Houses (QH, BUY, FV: THB4.5), Home Product Center (HMPRO, BUY, FV: THB18.9), Quality Construction Products (QCON, NR) and LH Financial Group (LHBANK, NR). It also includes rental assets in Bangkok’s central business district (CBD), ie two Centre Point hotels and the Terminal 21 shopping complex, as

well as a USD104m 264-unit apartment development in Oakland, California, US.

LH is keen to develop and/or acquire more rental local and foreign assets, ie hotels or serviced apartments, or commercial buildings. Such assets can later be monetised via REITs or property funds.



Financial Exhibits

Profit & Loss (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Total turnover 16,896 19,229 24,103 26,393 31,212

Cost of sales (11,284) (12,981) (15,792) (17,073) (20,243)

Gross profit 5,612 6,248 8,310 9,319 10,969

Other operating costs (2,293) (3,062) (3,518) (3,774) (4,463)

Operating profit 3,319 3,185 4,793 5,545 6,505

Operating EBITDA 3,636 3,536 5,287 6,089 7,103

Depreciation of fixed assets (317) (351) (494) (544) (598)

Operating EBIT 3,319 3,185 4,793 5,545 6,505

Net income from investments 1,469 1,292 2,282 2,242 2,690

Other recurring income 225 284 247 272 299

Interest expense (258) (310) (488) (473) (473)

Exceptional income - net 318 2,474 - - -

Pre-tax profit 5,072 6,926 6,834 7,586 9,022

Taxation (1,196) (1,399) (1,150) (1,069) (1,266)

Minority interests 95 82 (48) (153) (314)

Profit after tax & minorities 3,971 5,609 5,636 6,364 7,441

Reported net profit 3,971 5,609 5,636 6,364 7,441

Recurring net profit 3,728 3,634 5,636 6,364 7,441


Cash flow (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Operating profit 3,319 3,185 4,793 5,545 6,505

Depreciation & amortisation 317 351 494 544 598

Change in working capital (3,974) (5,137) 722 (2,835) (1,330)

Other operating cash flow (1,365) (2,583) 1,885 256 (154)

Operating cash flow (1,703) (4,184) 7,894 3,509 5,619

Interest paid (258) (310) (488) (473) (473)

Tax paid (1,219) (1,196) (1,399) (1,150) (1,069)

Cash flow from operations (3,180) (5,690) 6,007 1,887 4,077

Capex (1,734) (2,330) 335 (174) (247)

Other new investments (77) 2,765 931 1,809 2,247

Cash flow from investing activities (1,811) 436 1,266 1,635 1,999

Dividends paid (2,585) (3,487) (5,266) (5,100) (5,867)

Proceeds from issue of shares (65) (235) - - -

Increase in debt 7,604 6,965 (665) 1,181 -

Other financing cash flow - - 0 - -

Cash flow from financing activities 4,954 3,242 (5,931) (3,919) (5,867)

Cash at beginning of period 2,168 2,131 119 1,462 1,065

Total cash generated (37) (2,012) 1,343 (397) 210

Implied cash at end of period 2,131 119 1,462 1,065 1,274




Financial Exhibits

Balance Sheet (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Total cash and equivalents 2,131 119 1,462 1,065 1,275

Inventories 27,054 31,472 32,537 35,394 36,772

Accounts receivable 18 105 120 150 150

Other current assets 1,136 1,564 1,043 1,147 1,262

Total current assets 30,340 33,260 35,162 37,756 39,459

Total investments 13,633 14,835 17,313 17,746 18,190

Tangible fixed assets 5,836 7,896 7,385 7,016 6,665

Total other assets 4,795 4,842 4,541 4,553 4,564

Total non-current assets 24,264 27,573 29,239 29,314 29,419

Total assets 54,604 60,833 64,401 67,071 68,878

Short-term debt 6,182 8,762 7,319 8,500 8,500

Accounts payable 1,253 1,862 2,146 2,189 2,233

Other current liabilities 2,083 1,111 2,016 2,116 2,222

Total current liabilities 9,517 11,735 11,480 12,805 12,955

Total long-term debt 16,137 17,941 20,163 20,163 20,163

Other liabilities 399 684 795 819 844

Total non-current liabilities 16,535 18,626 20,958 20,982 21,006

Total liabilities 26,052 30,360 32,438 33,787 33,961

Share capital 10,026 10,026 10,026 10,026 10,026

Retained earnings reserve 6,635 8,549 8,866 10,130 11,704

Other reserves 10,844 10,822 11,949 11,949 11,949

Shareholders' equity 27,504 29,396 30,841 32,105 33,679

Minority interests 1,047 1,076 1,123 1,179 1,238

Other equity (0) - - (0) -

Total equity 28,551 30,472 31,964 33,284 34,917

Total liabilities & equity 54,604 60,833 64,401 67,071 68,878


Key Ratios (THB) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F

Revenue growth (%) (4.3) 13.8 25.3 9.5 18.3

Operating profit growth (%) (16.1) (4.0) 50.5 15.7 17.3

Net profit growth (%) 1.6 41.2 0.5 12.9 16.9

EPS growth (%) 1.6 41.2 0.5 12.9 16.9

Bv per share growth (%) 5.0 6.9 4.9 4.1 4.9

Operating margin (%) 19.6 16.6 19.9 21.0 20.8

Net profit margin (%) 23.5 29.2 23.4 24.1 23.8

Return on average assets (%) 7.8 9.7 9.0 9.7 10.9

Return on average equity (%) 14.8 19.7 18.7 20.2 22.6

Net debt to equity (%) 70.7 87.2 81.4 82.9 78.4

DPS 0.35 0.48 0.48 0.54 0.63

Recurrent cash flow per share (0.32) (0.57) 0.60 0.19 0.41




SWOT Analysis

One of the best known brands for mid- to high-end landed properties

Equipped with rental assets (serviced apartments, retail space) in Bangkok’s CBD

Investment portfolio contains stakes in HMPRO, LHBANK, QH, QCON and property funds

Prolonged economic slowdown

Shortage of labour and construction firms

Tightening of lending measures, which can trigger an increase in the rejection rate

Increased exposure in the popular condo segment

Further expansion into the provincial market

Asset monetisation via REITs

Condos represent only 20.0-30.0% of its total portfolio

Landed properties, its main product, are becoming less popular

0%

8%

15%

23%

30%

38%

45%

0

5

10

15

20

25

30

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

P/E (x) vs EPS growth

P/E (x) (lhs) EPS growth (rhs)

0%

3%

6%

8%

11%

14%

17%

19%

22%

25%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

P/BV (x) vs ROAE

P/B (x) (lhs) Return on average equity (rhs)

Source: Company data, RHB estimates Source: Company data, RHB estimates

Company Profile Land and Houses (LH) used to be the market leader in property development in Thailand, but lost its position five years ago when homebuyers’ preferences shifted to condominiums. It is among the few Thai developers that has rental assets, a huge investment portfolio and a sizeable landbank.



Recommendation Chart

2

4

6

8

10

12

14

16

Oct-08 Jan-10 Apr-11 Jul-12

Price Close

NR

8.7

10.0

12.0

14.0

Recommendations & Target Price

Buy Neutral Sell Trading Buy Take Profit Not Rated

Source: RHB estimates, Bloomberg

Date Recommendation Target Price Price

2013-08-07 Buy 14.0 11.1

2013-05-14 Neutral 12.0 13.0

2013-03-05 Neutral 12.0 11.6

2012-11-15 Neutral 10.0 8.9

2012-08-16 Neutral 8.7 7.9

Source: RHB estimates, Bloomberg

7

RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage Disclosure & Disclaimer All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or financial advice to independently evaluate the particular investments and strategies. RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this research report. RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature. The term “RHB” shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies. All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect. Malaysia This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd (233327-M), Level 11, Tower One, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Singapore This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No. 200808705N), a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB”, which in turn is a wholly-owned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG & Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this report is therefore classified as a non-independent report. As of 30 September 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietary positions in the securities covered in this report, except for: a) - As of 30 September 2013, none of the analysts who covered the securities in this report has an interest in such securities, except for: a) - Special Distribution by RHB Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG & Partners Securities Pte Ltd. Hong Kong This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (“RHBSHK”) (formerly known as OSK Securities Hong Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB”), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company. RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company.

8

Risk Disclosure Statements The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK does not maintain a predetermined schedule for publication of research and will not necessarily update this report Indonesia This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Thailand This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Other Jurisdictions In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and regulations of the jurisdictions. DMG & Partners Research Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage DISCLAIMERS This research is issued by DMG & Partners Research Pte Ltd and it is for general distribution only. It does not have any regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this research report. You should independently evaluate particular investments and consult an independent financial adviser before making any investments or entering into any transaction in relation to any securities or investment instruments mentioned in this report. The information contained herein has been obtained from sources we believed to be reliable but we do not make any representation or warranty nor accept any responsibility or liability as to its accuracy, completeness or correctness. Opinions and views expressed in this report are subject to change without notice. This report does not constitute or form part of any offer or solicitation of any offer to buy or sell any securities. DMG & Partners Research Pte Ltd is a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB” which in turn is a wholly-owned subsidiary of RHB Capital Berhad) and Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG & Partners Securities Pte Ltd and their associates, directors, and/or employees may have positions in, and may effect transactions in the securities covered in the report, and may also perform or seek to perform broking and other corporate finance related services for the corporations whose securities are covered in the report. This report is therefore classified as a non-independent report. As of 30 September 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietary positions in the subject companies, except for: a) - As of 30 September 2013, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except for: a) - DMG & Partners Research Pte. Ltd. (Reg. No. 200808705N)

Kuala Lumpur Hong Kong Singapore

Malaysia Research Office

RHB Research Institute Sdn Bhd Level 11, Tower One, RHB Centre

Jalan Tun Razak Kuala Lumpur

Malaysia Tel : +(60) 3 9280 2185 Fax : +(60) 3 9284 8693

RHB OSK Securities Hong Kong Ltd.

(formerly known as OSK Securities Hong Kong Ltd.) 12th Floor

World-Wide House 19 Des Voeux Road Central, Hong Kong

Tel : +(852) 2525 1118 Fax : +(852) 2810 0908

DMG & Partners

Securities Pte. Ltd. 10 Collyer Quay

#09-08 Ocean Financial Centre Singapore 049315

Tel : +(65) 6533 1818 Fax : +(65) 6532 6211

Jakarta Shanghai Phnom Penh

PT RHB OSK Securities Indonesia

(formerly known as PT OSK Nusadana Securities Indonesia)

Plaza CIMB Niaga 14th Floor

Jl. Jend. Sudirman Kav.25 Jakarta Selatan 12920, Indonesia

Tel : +(6221) 2598 6888 Fax : +(6221) 2598 6777

RHB OSK (China) Investment Advisory Co. Ltd.

(formerly known as OSK (China) Investment Advisory Co. Ltd.)

Suite 4005, CITIC Square 1168 Nanjing West Road

Shanghai 20041 China

Tel : +(8621) 6288 9611 Fax : +(8621) 6288 9633

RHB OSK Indochina Securities Limited

(formerly known as OSK Indochina Securities Limited) No. 1-3, Street 271

Sangkat Toeuk Thla, Khan Sen Sok Phnom Penh

Cambodia Tel: +(855) 23 969 161 Fax: +(855) 23 969 171

Bangkok

RHB OSK Securities (Thailand) PCL

(formerly known as OSK Securities (Thailand) PCL) 10th Floor, Sathorn Square Office Tower

98, North Sathorn Road, Silom Bangrak, Bangkok 10500

Thailand Tel: +(66) 862 9999 Fax : +(66) 108 0999

Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2012

ADVANC BCP DRT IRPC NOBLE QH SC SYMC TOP AOT BECL EASTW KBANK PHOL RATCH SCB THAI TSTE ASIMAR BKI EGCO KK PS ROBINS SCC TIP TTA BAFS BMCL ERW KTB PSL RS SE-ED TIPCO

BANPU BTS GRAMMY LPN PTT SAMART SIM TISCO BAY CPN HEMRAJ MCOT PTTEP SAMTEL SIS TKT BBL CSL ICC NKI PTTGC SAT SNC TMB

2S BROOK DTAC HMPRO MACO OFM S&J SSSC THRE TSC ACAP BWG DTC HTC MAKRO OGC S&P STANLY TIC TSTH AF CENTEL ECL IFEC MBK OSIHI SABINA STEC TICON TTW AIT CFRESH EE INTUCH MBKET PAP SAMCO SUC TIW TUF AKR CGS EIC ITD MFC PDI SCCC SUSCO TK TVO AMATA CHOW ESSO IVL MFEC PE SCG SVI TLUXE UAC AP CIMBT FE JAS MINT PG SCSMG SYNTEC TMT UMI ASK CK FORTH KCE MODERN PHATRA*** SFP TASCO TNITY UP ASP CM GBX KGI MTI PJW SITHAI TCAP TNL UPOIC AYUD CPALL GC KSL NBC PM SMT TCP TOG UV BEC CPF GFPT L&E NCH PR SPALI TFD TPC VIBHA BFIT CSC GL LANNA NINE PRANDA SPCG TFI TRC VNT BH DCC GLOW LH NMG PRG SPI THANA TRT WACOAL BIGC DELTA GUNKUL LRH NSI PT SPPT THCOM TRU YUASA BJC DEMCO HANA LST OCC PYLON SSF THIP TRUE ZMICO *** PHATRA was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.

AEONTS BGT CMO GENCO JTS LHBANK NC PTL SGP SWC TPAC UT AFC BLA CNS GFM JUBILE LHK NNCL Q-CON SIAM SYNEX TPCORP VARO AGE BNC CNT GLOBAL JUTHA LIVE NTV QLT SIMAT TBSP TPIPL WAVE AH BOL CPL GOLD KASET LOXLEY OSK QTC SINGER TCB TPP WG AHC BROCK CRANE HFT KBS MAJOR PAE RASA SIRI TEAM TR WIN AI BSBM CSP HTECH KC MATCH PATO RCL SKR TF TTCL WORK AJ BTNC CSR HYDRO KDH MATI PB RICH SMIT TGCI TWFP

ALUCON BUI CTW IFS KIAT MBAX PICO ROJNA SMK THANI TYCN AMANAH CCET DRACO IHL KKC M-CHAI PL RPC SOLAR TKS UBIS APCO CEN EASON ILINK KTC MDX POST SAM SPC TMD UEC APCS CHUO EMC INET KWC MJD PPM SCBLIF SPG TMI UIC APRINT CI EPCO IRC KWH MK PREB SCP SSC TNH UMS ARIP CIG FNS IRCP KYE MOONG PRECHA SEAFCO SST TNPC UOBKH AS CIMBI*** FOCUS IT LALIN MPIC PRIN SENA STA TOPP UPF ASIA CITY FSS JMART LEE MSC PSAAP SF SVOA TPA US

*** CIMBI was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.

IOD (IOD Disclaimer)

การเปิดเผลผลการส ารวจของสมาคมส่งเสริมสถาบันกรรมการบรษิัทไทย (IOD) ในเรื่องการก ากับดูแลกิจการ (Corporate Governance) นี้เป็นการด าเนินการตามนโยบายของส านักงานคณะกรรมการก ากับหลักทรัพย์และตลาดหลักทรัพย์ โดยการส ารวจของ IOD เป็นการส ารวจและประเมินจากข้อมูลของบรษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยและตลาดหลกัทรัพย์เอ็มเอไอ ที่มีการเปิดเผยต่อสาธารณะและเป็นข้อมูลที่ผูล้งทุนทั่วไปสามารถเข้าถงึได้ ดังนั้นผลส ารวจดังกล่าวจึงเป็นการน าเสนอในมุมมองของบุคคลภายนอกโดยไม่ได้เป็นการประเมินการปฏิบัติและมิได้มีการใช้ข้อมูลภายในในการประเมิน

อนึ่ง ผลการส ารวจดังกล่าว เป็นผลการส ารวจ ณ วนัที่ปรากฎในรายงานการก ากับดแูละกิจการบริษัทจดทะเบียนไทยเท่านั้น ดังนั้นผลการส ารวจจึงอาจเปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จ ากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการส ารวจดงักล่าวแต่อย่างใด

morning matters - rhb tradesmart · 2-oct-2013 morning matters e f a t x t m a c r o | ... tours...

Documents