1

Morning Note Thailand Equities

14 October 2016

Market Outlook : Quiet trading seen

PSR Tactical Portfolio

Update Stock Action/Price Remark

IN AP Buy @ 6.5 ST target @ 7

IN KBANK Buy @ 181.5 ST target @ 196

IN ADVANC Buy @ 146 ST target @ 160

IN BCH Buy @ 11.4 ST target @ 12.5

IN SCC Buy @ 485 ST target @ 530

IN BEC Short @ 18.4 ST target @ 16.5

IN WORK Short @ 28.5 ST target @ 25.6

OUT PLANB Take @ 4.26 P/L @ 4.3%

Current portfolio holdings* LONG AP (7.0)

*(Short-term target prices)

Cash Balance • Stocks on cash balance list*: BIZ, CKP,

CKP-W1 Stocks expected to be on cash balance list*:

• US stocks down on weak Chinese exports : Wall Street shares finished in the red on Thu amid growing jitters following the Fed’s latest minutes that reinforced prospects of a Dec interest rate hike and weak weak Chinese exports.

• More volatility in store for Thai stocks and baht : Thai stocks and baht may brace for more volatility today but huge inflows into LTFs and net institutional buying on Thu should lend some support for stocks for the meantime.

• Long-term investment : In our view, we see current trading levels as a good entry point for long-term investments. The initial entry point is seen at 1380 points, equivalent to 14.6x forward P/E, a level that normally triggers institutional buying and the next entry point would be 1330 points, equivalent to 14x forward P/E. Investors should invest in rounds each at 20% of the portfolio. If the SET index breaks below the 1330-point level, the last entry point is seen at around 1300 points.

• Investment strategy : 1. Short sell plays : Go short BEC and WORK . 2. Heavily beaten-down but fundamentally strong stocks : Hold onto

AP positions and go long KBANK, ADVANC, BCH and SCC.

Technical Picks Stock Rating Support Resistance Cut

INTUCH Trading 50.00 52.50, 54.00 49.50

CPALL Trading 60.50 64.00 59.75

TACC Trading 8.00 8.40, 8.60 7.85

Key Factors to Watch • Oct 14: US PPI • Oct 18: US CPI • Oct 19: Chinese retail sales • Oct 20: US existing home sales • Oct 24: Thai imports-exports

PSR Strategy & Technical Teams

Technical View: Momentum picks up in late trading

The SET index reversed course to close at the day’s high in late trading and did not make new lows during the intraday session, triggering buy signals from both Modi. Sto. and MACD on 60-min charts. Further gains look likely today but cut loss immediately if trade goes wrong. Support has been adjusted upward to 1395, 1380 points and resistance at 1420, 1435 points.

Derivatives Strategy Strategy Trading range

S50Z16

Go long if S50Z16 opens lower to 910-915 points today but go short if S50Z16 rises to 934 points. Set a profit target at 8 points from entry level. Place a stop at 4 points from entry evel.

910-934 points

BANPUZ16X Go long at Bt16.50 or below. Set a profit target at Bt17.16. Place a stop below Bt16.20.

Bt16.30-Bt16.74

*The content presented above reflects a front page summary of ‘Derivatives Insight’ content.

Ref No: MF2559_0192

SETI 1,412.82 Change +6.64

Turnover: Bt103,973

2

Research Picks 14 October 2016

13-Oct-16

(Siam Tiyanont / #483)

Weight ���

Buy: 353.00

Take Profit: 370.00

Cut Loss: 338.00

AOT

- Share prices took a sharp tumble as a result of car bomb attacks and zero-dollar tours which

scared away some tourists but the impact would only be temporary as Thailand remains one of

the world’s most popular tourist destinations.

Research Picks are selective stock picks based on fundamentals or technical signals with holding duration of around 2 weeks. The number of stars indicates the level of conviction in the stock picks.

��� Market weight

��� Overweight

��� Super overweight

3

Today’s Pack 14 October 2016

Company Update CK: Construction up-cycle (Danai Tunyaphisitchai #4 81) • Eleven government projects worth Bt340bn lined up for bidding in 4QFY16 and more projects still to come in FY17 • Construction up-cycle seen as catalyst to enhance construction revenue stability • Investment business not only provides stable returns but also diversifies revenue streams • Perfect time to buy into CK Company Preview PTTEP: 3QFY16 net profit seen up q-q due to absence of oil hedging losses and FX (Ornmongkol Tantitanatorn #490) • 3QFY16 net profit seen up 110% q-q due to absence of oil hedging losses • FY17 earnings seen boosted by oil price upswing • PTTEP shares an ‘ACCUMULATE ’rating with FY17 target price of Bt90/share New Listings TTA13C1704A, TISC13C1704A To begin trading today News Comment MEDIA: All TV & radio stations to link to a signal from TV Pool for 30 days to mourn the passing of H M King Bhumibol (Source: NBTC) • The NBC ordered all television and radio networks to replace their programs with a prepared rolling state media program

for 30days to mourn the passing of HM King Bhumibol Adulyadej. • The above order would deal a direct blow to TV and radio broadcasters, TV producers and event organizers as all TV

and radio stations must link to a signal from the TV Pool and uncertainty remains over the timing of when normal programs including dramas would be allowed to resume broadcasting.

• For short-term investors, it is best to avoid the MEDIA sector for the meantime but on the other hand we see current sharp share price retreat as a good opportunity for long-term investors to accumulate positions in the MEDIA space as the impact would only be temporary and improving domestic economic prospects in FY17 should bode well for ad spending.

Siam Tiyanont #483

4

Earnings Preview 14 October 2016

3Q Earnings Estimates (Btmn) 3Q16E 2Q16 3Q15 y-y q-q FOOD CPF 4,678 4,016 3,571 31% 16% TU 1,396 1,527 1,626 -14% -9% Total 6,074 5,543 5,197 17% 10% BANK BBL 8,209 7,169 9,057 -9% 14% KBANK 9,777 9,427 10,117 -3% 4% KTB 7,964 8,679 5,347 49% -8% TCAP 1,537 1,466 1,353 14% 5% TISCO* 1,250 1,208 810 54% 4% Total 28,736 50,286 44,735 -36% -43% IMM SNC 70 86 56-100%-100% Total 70 86 56 25% -18% ENERG TTW 613 644 593 3% -5% Total 613 644 593 3% -5% ICT ADVANC 7,370 9,596 8,616 -14% -23% DTAC 671 141 1,228 -45% 375% INTUCH 3,049 7,717 3,471 -12% -60% THCOM 402 591 265 51% -32% Total 11,493 18,046 13,580 -15% -36%

* Actual

* Actual

5

News Highlights 14 October 2016

Econ and Industry News (0) ECON ECON: Costs of staff health care outpace inflation, surve y finds (Source: The Nation)

THE COST for companies to provide medical care to staff continues to vastly outpace inflation in most major economies, according to Mercer Marsh Benefits. In Asia, medical costs are anticipated to increase by 11.5 per cent against an inflation rate of 2.1 per cent. Mercer Marsh Benefits is a partnership of global professional services firms Mercer and Marsh. Its research into company-provided employee healthcare plans found that the costs were largely driven by claims related to employee lifestyle choices, such as smoking, a lack of exercise and a poor diet.

Company News (+) BDMS BDMS: BDMS eyes centres to treat disease (Source: Bangkok Post)

Phyathai Hospital Group and Paolo Hospital Group, subsidiaries of a SET-listed Bangkok Dusit Medical Services Plc (BDMS), seek to capitalise on the fast-growing Asean economies by investing more in specialised disease treatment centres, says Att Thongtang, the group's chief executive.

(+) PTT PTT: PTT keen to beef up n on-oil investment (Source: Bangkok Post) PTT Plc, the national energy conglomerate, plans to revise up its investment budget for non-oil business, which it says has strong growth potential, especially after the advent of the Asean Economic Community.

(+) AAV AAV: AirAsia flights can now be booked via Line (Source: The Nation) TRAVELLERS in Malaysia, Thailand and Indonesia can now book and manage their AirAsia flights directly with their Line mobile application. By linking their AirAsia BIG member account to their Line account, they can access end-to-end booking and Manage My Booking functions identical to those on airasia.com and the AirAsia mobile app. AirAsia BIG members who link their accounts will also receive exclusive deals as well as 100 AirAsia BIG Points, subject to conditions.

6

Market Statistics 14 October 2016

Performance of all major world stock market indices

Close +/- % +/-

SETI 1,412.82 6.64 0.47%

SET50 906.77 10.47 1.17%

Market Cap (Btbn) 13,351.51

Value (Btmn) 103,973.30

P/E (x) 18.61

P/BV (x) 1.75

Div. Yield (%) 3.41

Forex Close +/- % +/-

Baht/US$ 35.61 -0.11 -0.30%

Yen/US$ 103.82 0.22 0.21%

US$/Euro 1.10 0.001 0.10%

Dollar Index (DXYO) 97.52 -0.45 -0.46%

Commodities Close +/- % +/-

NYMEX - Crude (NOV) 50.44 0.26 0.52%

ICE - Brent (DEC) 52.03 0.22 0.42%

GRM (Singapore) 5.34 0.05 0.95%

Gold COMEX (US$/oz.) (DEC) 1,257.60 3.80 0.30%

BDI Index 885.00 -21.00 -2.00%

Overseas Indices Close +/- % +/-

DJIA 18,098.94 -45.26 -0.25%

NASDAQ 5,213.33 -25.69 -0.49%

NIKKEI 16,774.24 -65.76 -0.39%

Hang Seng 23,031.30 -375.75 -1.61%

FTSE 6,977.74 -46.27 -0.66%

DAX 10,414.07 -109.00 -1.04%

CAC40 4,405.17 -47.07 -1.06%

Source : Bloomberg except GRM(Singapore) using Bisnews with last trading day

Daily trading summary

-574

9,716

-2,497

-6,645-10,000-5,000

05,000

10,00015,000

F I P R

Bt mn. Equity Market

16,0756,413

-22,488-40,000

-20,000

0

20,000

F I R

Contracts

SET 50 Index Futures

-10,002

14,487

2,071

-20,000-10,000

010,00020,000

F I R

Bt mn. Bond Market

Summary of foreign trading activity

-1,079

17,602

108,918133,234

-50,0000

50,000100,000150,000

5 days 30days

90days

YTD

Bt mn. Equity Market

11,665

65,53422,010

195,479

0

100,000

200,000

300,000

5 days 30 days 90 days YTD

Contracts SET 50 Index Futures

-28,553

16,258

202,622160,857

-100,0000

100,000200,000300,000

5 days 30 days90 days YTD

Bt mn. Bond Market

**Note: F=Foreign , I=Institution , P=Proprietary , R=Retail Source : Bisnews

7

Market Statistics 14 October 2016

Ticker Value (Btmn) Close (Bt) TickerVolume

(Mn Shrs) Close (Bt)

AOT 6.89 362.00 1.69 (+1.69%) U 3,749.06 0.03 0.00 (+0.00%)

PTT 4.90 338.00 0.30 (+0.30%) SUPER 873.13 1.17 0.02 (+1.74%)

CPALL 3.95 61.75 4.66 (+4.66%) TRUE 594.91 6.10 -0.05 (-0.81%)

KBANK 3.64 187.00 2.75 (+2.75%) BWG 484.39 1.79 0.01 (+0.56%)

SCB 3.55 142.00 1.43 (+1.43%) BEM 414.97 6.75 0.20 (+3.05%)

Stock Volume (Shrs)Avg Price

(Bt) Gainers Mn Shrs Close (Bt)

AMATA 1,647,800 10.59 TCOAT 0.00 31.25 6.85 (+28.07%)

SCC 964,400 486.21 TFD 16.94 2.72 0.26 (+10.57%)

KBANK 3,324,400 179.34 CHOTI 0.01 173.00 13.00 (+8.12%)

LH 8,014,500 8.33 Losers

BLA 868,100 44.49 SFP 0.00 166.00 -44.00 (-20.95%)

EGCO 177,400 190.94 AS 0.39 2.04 -0.36 (-15.00%)

GLOW 563,000 72.87 TSI 1.93 0.25 -0.04 (-13.79%)

Ticker Net Buy Ticker Net Sell Ticker Net Buy Ticker Ne t Sell

JAS 13,062,800 U -45,409,500 CPF 298,954,011 AOT -525,768,606

PF 12,204,500 BEM -24,081,352 PTTEP 166,073,025 PTT -400,829,196

CPF 10,031,914 AAV -19,003,197 MAJOR 109,646,760 BBL -340,678,361

LH 9,700,068 BTS -15,388,624 KKP 97,322,450 BDMS -290,948,409

QH 9,603,600 BDMS -14,142,298 JAS 94,216,380 SCB -256,068,698

Source: SET

NVDR Trading Value (Bt) ( as of 13 Oct, 2016)

Top 5 Most Active Stocks by Volume ( as of 13 Oct, 2016)

Change (% +/-) Change (% +/-)

Top 3 Gainers/Losers ( as of 13 Oct, 2016)

Top 5 Most Active Stocks by Value ( as of 13 Oct, 2 016)

Top 7 short selling stocks ( as of 13 Oct, 2016)

11.82%

12.43%

Change (% +/-)

NVDR Trading Volume (Shrs) ( as of 13 Oct, 2016)

% Short Sales Vol vs Main Board

16.53%

12.59%

11.95%

16.97%

24.20%

8

Market Statistics 14 October 2016

Securities Restricted to Cash Balance Accounts:

Cash Balance and Trading Alert List

Level 1 : Cash Balance

Period Securities5 Sep 16 - 14 Oct 16 ALT, GENCO, GENCO-W1, PPM-W1, WICE12 Sep 16 - 21 Oct 16 DAII, NEWS, NEWS-W4, NEWS-W5, RJH, THAI, TM19 Sep 16 - 28 Oct 16 CBG26 Sep 16 - 14 Oct 16 NETBAY, QTC26 Sep 16 - 4 Nov 16 ITEL3 Oct 16 - 21 Oct 16 TACC, TFG, TFG-W1, VTE, VTE-W23 Oct 16 - 11 Nov 16 PIMO7 Oct 16 - 27 Oct 16 PPM, PPM-W1

Remark:Level 1 : Stocks expected to be on cash balance listLevel 2 : Excluded from credit limit + Cash balanceLevel 3 : Prohibit net settlement + Excluded from credit limit + Cash balance

Source: SET

9

Market Statistics 14 October 2016

Stock Name of reporting person Transaction Date Amount Avg price Acquisition/ Disposition BA Anawat LeelaWattana 12 Oct 16 2,000 22.45 Buy BEAUTY Natthapong Keunphan 12 Oct 16 20,000 8.60 Buy DEMCO* Prapee Puipantawong 12 Oct 16 50,000 5.37 Buy GREEN Sahaschai Intronsuksri 12 Oct 16 1,174,800 0.92 Buy IVL Sovic Roy Chowdury 12 Oct 16 1,000 25.05 Buy KIAT Sujittha Monsereenuson 12 Oct 16 2,000,000 0.52 Buy KTIS Precha Attavipat 12 Oct 16 100,000 6.53 Buy MACO Tamonwan Narintavanit 12 Oct 16 50,000 0.96 Buy NPP Surapong Triamchanchai 12 Oct 16 1,500,000 1.01 Buy PRAKIT* Prakit Apisaratanarak 12 Oct 16 13,000 13.90 Buy PRAKIT* Prakit Apisaratanarak 12 Oct 16 14,900 14.10 Buy PRAKIT* Prakit Apisaratanarak 12 Oct 16 25,100 14.20 Buy PS Nimit Poonsawad 12 Oct 16 100,000 22.40 Sell PSTC Panu Sritisan 12 Oct 16 1,000,000 0.49 Buy RS Surachai Chetchotisak 12 Oct 16 1,821,800 6.68 Buy SAPPE Saranya Thanawadee 12 Oct 16 10,000 24.40 Sell SAWAD Dungjai Keawbutta 12 Oct 16 40,000 27.25 Buy SAWAD Dungjai Keawbutta 12 Oct 16 40,000 33.00 Sell TASCO Sittirap Supsakorn 12 Oct 16 100,000 16.55 Buy TTI Kumjon Chuenchujit 12 Oct 16 10,000 26.00 Buy VIBHA-W2 Chaisit Viriyamettakul 12 Oct 16 400,000 1.52 Buy BA Viroj Satitaropakron 11 Oct 16 2,000 23.45 Buy CMR* Dusit Srisakul 11 Oct 16 10,000 4.40 Buy INTUCH Anek Panaapichon 11 Oct 16 20,000 52.50 Buy IVL-W Sovic Roy Chowdury 11 Oct 16 10,000 1.64 Buy KAMART* Kopbun WiChit 11 Oct 16 40,000 11.30 Buy KSL Jumrun Chinthammit 11 Oct 16 400,000 3.85 Buy SMM-W3 Witul Nirantarai 11 Oct 16 100,000 0.65 Sell TICON Verapan Pulges 11 Oct 16 400,000 15.65 Buy TNP Pitchaporn Ngenkaw 11 Oct 16 15,000 2.04 Buy VNG Yupaoporn Bunket 11 Oct 16 700,000 13.39 Buy VNG Wasan Jaroennawarat 11 Oct 16 203,900 13.33 Buy DSGT Kum Shing Ambrose Chan 10 Oct 16 5,262,727 5.00 Sell DSGT Justin man - San Huang 10 Oct 16 1,715,313 5.00 Sell DSGT Cwan - Der Alex King 10 Oct 16 230,000 5.00 Sell DSGT Chatchanee Ananwattanaphong 10 Oct 16 1,137,159 5.00 Sell DSGT Aik Cheong Yeoh 10 Oct 16 927,064 5.00 Sell PACE Sorapoj Techakraisri 10 Oct 16 73,525,200 4.09 Buy TVD Songphol Chaimattakit 7 Oct 16 70,000 2.36 Buy TVD*/** Raosri Matturanon 7 Oct 16 70,000 2.36 Buy EASON-W2 Chitti Eksangkul 29 Sep 16 60,000 2.51 Buy *Spouse **Minor Child Source: SEC

Change in Management Holdings (59-2) as of Oct 13, 2016

10

Market Statistics 14 October 2016

Stock Owner Transaction date % Transacted % after Transacted Transacted ASP* Mr.Songsak Jitjuejun 11 Oct 16 -0.05 4.95 Sell BFIT Ms. Narissara Kitpipit 11 Oct 16 4.96 9.81 Acquired PACE Mr. Sorapoj Techakraisri 10 Oct 16 1.96 36.69 Acquired * Revised Source: SEC

Acquisition and Disposition by Persons Owning Shares Exceeding 5% Total (246-2) as of Oct 13, 2016

11

Market Statistics 14 October 2016

Date Company news 14 Oct 16 - Decreasing of Paid-up Capital (shares): (ABPIF: From Bt8.1487 to Bt7.7429) - New Listing (units): (TTA13C1704A, 50mn), (TISC13C1704A, 50mn) - New shares (shares): (CCP, 141.67mn, CCP-W2), (SENA, 178,933, SENA-WA), (TRITN, 99.23mn, TRITN-W2), (AIRA, 4.03mn, ESOP-W) - Additional (units): ( S5013P1612C, 100mn), (S5013C1612C, 50mn), (S5013C1612B, 100mn) - Last trading day: EASON-T1 - SP: PTTE13C1610A, SCC13C1610A - To be delisted: ADVA28C1610A, BA28C1610A, BBL28C1610A, CPN28C1610A, EART28C1610A, IRPC28C1610A, KTB28P1610A, PTTE28P1610A, SCB28P1610A, SCC28C1610A, SIRI28C1610A, TTA28C1610A 17 Oct 16 - SP: EASON-T1 19 Oct 16 - Last trading day: KTB13C1610A 20 Oct 16 - Last trading day: ADVA13C1610A, ADVA13P1610A, BDMS13C1610A, CK13C1610A, STEC13C1610A - SP: KTB13C1610A - To be delisted: PTTE13C1610A, SCC13C1610A 21 Oct 16 - Last trading day: BA27C1610A, KTC27C1610A, LPN27C1610A, PTTE27P1610A, THAI27P1610A - SP: ADVA13C1610A, ADVA13P1610A, BDMS13C1610A, CK13C1610A, STEC13C1610A 25 Oct 16 - Last trading day: ANAN42C1610A, AOT42C1610A, AOT42P1610A, BEAU42C1610A, BLA42C1610A, CHG42C1610A, EPG42C1610A, GUNK42C1610A, GUNK42P1610A, HMPR42C1610A, ICHI42C1610A, ICHI42P1610A, IRPC42C1610A, KTC42C1610A, KTC42P1610A, PLAN42C1610A, PTG42C1610A, SAMT42C1610A, SAWA42C1610A, SAWA42P1610A, SCN42C1610A, SPAL42C1610A, SPAL42P1610A, TASC42C1610A, THAI42C1610A, THAI42P1610A, TPIP42C1610A, TPIP42P1610A, TRUE42C1610A, TRUE42P1610A, UV42C1610A, VGI42C1610A, VNG42C1610A - SP: BA27C1610A, KTC27C1610A, LPN27C1610A, PTTE27P1610A, THAI27P1610A 26 Oct 16 - Last trading day: CENT24C1610A, KBAN24C1610A, MINT24C1610A, TOP24C1610A - SP: ANAN42C1610A, AOT42C1610A, AOT42P1610A, BEAU42C1610A, BLA42C1610A, CHG42C1610A, EPG42C1610A, GUNK42C1610A, GUNK42P1610A, HMPR42C1610A, ICHI42C1610A, ICHI42P1610A, IRPC42C1610A, KTC42C1610A, KTC42P1610A, PLAN42C1610A, PTG42C1610A, SAMT42C1610A, SAWA42C1610A, SAWA42P1610A, SCN42C1610A, SPAL42C1610A, SPAL42P1610A, TASC42C1610A, THAI42C1610A, THAI42P1610A, TPIP42C1610A, TPIP42P1610A, TRUE42C1610A, TRUE42P1610A, UV42C1610A, VGI42C1610A, VNG42C1610A 27 Oct 16 - SP: CENT24C1610A, KBAN24C1610A, MINT24C1610A, TOP24C1610A - To be delisted: KTB13C1610A 28 Oct 16 - Last trading day: ADVA08C1610A, BLAN08C1610A, BH08C1610A, KBAN08C1610A, ICHI08C1610A, IRPC08C1610A, PS08C1610A, PTT08C1610A, PTTE08C1610A, PTTG08C1610A, QH08C1610A, SAMA08C1610A, SAWA08C1610A, GL08C1610A, GPSC08C1610A, IVL08P1610A - To be delisted: ADVA13C1610A, ADVA13P1610A, BDMS13C1610A, CK13C1610A, STEC13C1610A 31 Oct 16 - SP: ADVA08C1610A, BLAN08C1610A, BH08C1610A, KBAN08C1610A, ICHI08C1610A, IRPC08C1610A, PS08C1610A, PTT08C1610A, PTTE08C1610A, PTTG08C1610A, QH08C1610A, SAMA08C1610A, SAWA08C1610A, GL08C1610A, GPSC08C1610A, IVL08P1610A - To be delisted: BA27C1610A, KTC27C1610A, LPN27C1610A, PTTE27P1610A, THAI27P1610A Source: Setsmart

Calendar

12

Market Statistics 14 October 2016

Capital Increased Details Stock X-Date Ratio Subscription Per iod Remark JMART - - 5:1@10.00 To be informed later 1RO:1W Free SKR XR 21 Oct 16 20:1@25 14/11/2016 - 18/11/2016 PLE XA 25 Oct 16 1:1@1 21/11/2016 - 25/11/2016 2RO:1W Free - RICH* XA 26 Oct 16 1:2@0.30 14/11/2016 - 18/11/2016 2RO:1W Free - EPCO XW 27 Oct 16 8C:1W Free - AS XR 4 Nov 16 3:1@1 15/11/2016 - 21/11/2016 TAPAC* XR 16 Nov 16 4:1@2.60 13/12/2016 - 19/12/2016 TFD XR 21 Nov 16 3.34:1@2 13/12/2016 - 19/12/2016 NDR XW 1 Dec 16 2C:1W Free - * Company informs change in information Source: Setsmart

Tender Offer Stock Date Mn Shrs Tender Price (Bt) Remark JAS 29 Sep 16 - 03 Nov 16 2,345.43 7.25 - JAS-W3 29 Sep 16 - 03 Nov 16 2,083.61 3.68 - JTS 06 Oct 16 - 10 Nov 16 706.46 1.5 -

Dividend details Stock X-Date Amount Payment Period LHSC XD 17 Oct 16 0.1420 4 Nov 16 01/07/2516 - 31/08/2516 QHPF XD 17 Oct 16 0.1400 4 Nov 16 01/07/2516 - 31/08/2516 MBK XD 18 Oct 16 0.3300 4 Nov 16 AEONTS XD 19 Oct 16 1.6000 7 Nov 16 01/03/2016 - 31/08/2016 JMART XD 20 Oct 16 0.0222 10 Nov 16 01/01/2516 - 30/06/2516 JMART XD 20 Oct 16 5 : 1 10 Nov 16 01/01/2516 - 30/06/2516 HANA XD 25 Oct 16 1.0000 11 Nov 16 01/01/2016 - 30/06/2016 TNH XD 2 Dec 16 0.6500 27 Dec 16 01/08/2515 - 31/07/2516 CITY XD 7 Dec 16 0.0800 - 01/08/2515 - 31/07/2516 Source: Setsmart

13

Report Guide 14 October 2016

Stock Selection Criteria

Short-term technical picks PSR tactical portfolio H ot stocks

YTD cumulative investment

returns at the end of the prior

week

+74.25% +9.99% vs. market +17.08% +81.38%

Stock screening tool Technical signals Model portfolio based on short-term investment themes

Selective stock picks based on fundamentals or technical signals. The number of stars indicates the level of conviction in the stock picks.

Duration of holding period 3 days Investment theme cycle 2 weeks

Number of recommended

stocks

3 stocks per day No more than 10 stocks Unlimited

Investment rating Not limited (Buy, Trading Buy,

Sell, Short Sell)

Not limited (Buy, Trading Buy,

Short Sell)

Not limited (Buy, Sell, Pairs

Trade)

Calculation of investment

returns

• Buying at the opening

price on the date of

recommendation

• Selling at resistance if

prices hit or break

resistance, or selling at the

closing price on the third

day of recommendation if

prices fail to hit resistance.

• Buying and selling at given

prices

• Dividend is included in the

calculation if holding

period in the portfolio

covers XD date.

• Buying and selling at given

prices

• Dividend is included in the

calculation if holding

period in the portfolio

covers XD date.

Estimated SET’s Cash Balance Selection Criteria

Common Shares on SET & MAI Warrants

• Weekly turnover ratio equals or exceeds 40% of average

market capitalization multiplied by % of free float ; and

• Weekly turnover ratio equals or exceeds 100% of average

market capitalization, and

• P/E ratio equals or exceeds 40 times or earnings are in the

red, and

• Premium reaches or exceeds 20% of the underlying securities

prices, and

• The average daily trading value equals or exceeds Bt100mn

in a week.

• The average daily trading value equals or exceeds Bt100mn

in a week.

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