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Company Update, 5 October 2015

Quality Houses (QH TB) Buy (Maintained) Property - Real Estate Target Price: THB3.30 Market Cap: USD706m Price: THB2.40

Expect a Rebound In 4Q15 Macro

Risks

Growth

Value

67

72

76

81

85

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94

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103

108

112

1.9

2.1

2.3

2.5

2.7

2.9

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3.7

3.9

Quality Houses (QH TB)Price Close Relative to Stock Exchange of Thailand Index (RHS)

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-14

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-14

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15

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15

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Vol m

Source: Bloomberg

Avg Turnover (THB/USD) 131m/3.72m Cons. Upside (%) 38.3 Upside (%) 37.5 52-wk Price low/high (THB) 2.08 - 3.74 Free float (%) 63 Share outstanding (m) 10,714 Shareholders (%) Land and Houses 25.0 GIC Private Limited 10.8 Thai NVDR 7.4 Share Performance (%) YTD 1m 3m 6m 12m Absolute (23.6) 0.0 (4.8) (26.4) (33.9) Relative (13.4) 1.3 5.8 (14.6) (18.6) Shariah compliant Wanida Geisler +66 2862 9748 wanida.ge@rhbgroup.com

Forecasts and Valuations Dec-12 Dec-13 Dec-14 Dec-15F Dec-16FTotal turnover (THBm) 13,077 19,699 21,220 20,370 22,695Reported net profit (THBm) 2,450 3,307 3,329 3,203 3,611Recurring net profit (THBm) 1,536 3,190 3,329 3,203 3,611Recurring net profit growth (%) 80.7 107.6 4.4 (3.8) 12.8Recurring EPS (THB) 0.17 0.35 0.36 0.32 0.34DPS (THB) 0.11 0.16 0.02 0.16 0.17Recurring P/E (x) 13.8 6.9 6.6 7.5 7.1P/B (x) 1.40 1.28 1.15 1.08 1.00P/CF (x) na 10.6 na na naDividend Yield (%) 4.6 6.8 0.8 6.7 7.0EV/EBITDA (x) 13.5 7.2 7.8 8.8 9.1Return on average equity (%) 16.9 20.0 18.3 14.9 14.6Net debt to equity (%) 131.1 108.2 124.1 97.7 92.9Our vs consensus EPS (adjusted) (%) (0.7) (7.2)

Source: Company data, RHB

3Q presales will likely be the weakest quarter for FY15. BUY. Our new THB3.30 TP (vs THB3.80, 38% upside) comprises THB2.10 for its core business, pegged at -0.5SD to a long-term mean P/E of 9.5x, and THB1.20 from potential gains from investments. Expect presales and earnings to recover meaningfully in 4Q15, given the official re-launch of Q Sukhumvit and completion of Q Asoke. Quality Houses trades at -1SD from its long-term mean P/E, 30% discount to NAV and with a 7% yield.

♦ 3Q15 – likely the weakest quarter of the year. Quality Houses’ presales in 3Q15 are likely to be around THB4bn-4.2bn, (-27% QoQ, -22% YoY). We estimate 9M15 presales at around THB14.5bn. Revenue/earnings could also weaken sharply compared to 3Q14, last year’s peak quarter with earnings of THB1.07bn. Only two condominium projects worth a total THB1.3bn were transferred in 3Q15, while housing sales were adversely hit after the bomb incident in central Bangkok.

♦ Presales are set to recover sharply in 4Q15. A rebound in presales would be driven by the official re-launch of the THB9.5bn luxurious Q Sukumvit condominiums on 21 Oct. This project was first launched in end-Mar 2015 and fetched THB1.5bn in presales. After that, it was temporarily suspended over the past 4-5 months, as its direct access to the Nana BTS station was finalised. This project, coupled with upcoming new launches worth a total of THB4.5bn, should lead to a meaningful rebound in 4Q15 presales. Nonetheless, Quality House’s THB23.6bn FY15 target remains challenging, as it only achieved 60% of it in 9M15.

♦ Revenue to peak in 4Q15 upon the transfer of THB3.6bn Q Asoke, another luxurious condominium project located near the Petchburi MRT station. From our visit to the site, the building is fully completed but is still being fitted. It should be ready for transfer in 4Q15, as planned.

♦ Trimming earnings estimates. We cut our earnings estimates by around 14% for 2015-2016. In addition to weaker-than-expected residential sales, so far, its margins have been under pressure amid economic woes, while its SG&A expenses-to-sales ratio had already increased by 3.5ppts in the first half. Thus, 2015 net profit is likely to weaken slightly from 2014, before rebounding by a modest 12% YoY next year.

Quality Houses (QH TB) 5 October 2015

See important disclosures at the end of this report 2

Near-term highlights The THB9.5bn Q Sukhumvit condominium will be officially relaunched on 21 Oct. From our visit to the showroom in end-September, workers were busy preparing for the relaunch. Also, the construction of this project (behind the sales gallery) is still ongoing, even though Quality Houses temporarily suspended marketing activities.

Figure 1: Q Sukhumvit is next to the Nana BTS station Figure 2: Q Sukhumvit’s logo

Source: RHB Source: RHB

Figure 3: The construction of Q Sukumvit is in progress

Figure 4: Sales gallery of Q Sukhumvit

Source: RHB Source: RHB

THB3.6bn Q Asoke is a 4Q15 earnings driver. From our visit to the condominium site, the building is already fully completed but still being fitted. Driving past the building even very late at night, we have noticed that interior works are going at full speed. Hence, it should be ready for transfer and revenue recognition in 4Q15 as planned. Five last units are available, starting at THB7.9m per unit. The gross margin of this project is 31-32%. Quality Houses estimates around 40% will be realised as revenue in 2015.

Figure 5: Q Asoke is next to the Petchburi MRT station Figure 6: Q Asoke building is already completed

Source: RHB Source: RHB

Quality Houses (QH TB) 5 October 2015

See important disclosures at the end of this report 3

Figure 7: Q Asoke is now being fitted Figure 8: Q Asoke has five units left

Source: RHB Source: RHB

65% of projects are in the mid-range to low-end segment, which could benefit from the upcoming stimulus Industry consultants and experts share the view that the upcoming property stimulus package should help to increase the affordability of mid-range to low-end buyers. Amid speculation on such a move, we have witnessed an increase in share prices of the mid-to-low end developers like LPN Development (LPN TB, NEUTRAL, TP: THB17.00), Pruksa (PS TB, BUY, TP: THB31.30) and Supalai (SPALI TB, NEUTRAL, TP: THB18.60) by 10-15% during the last month. We note that even the share prices of other mid-to high-end developers like Land and Houses (LH TB, NEUTRAL, TP: THB9.65), Sansiri (SIRI TB, BUY, TP: THB2.00) and Ananda (ANAN TB, BUY, TP: THB4.15) – which have less than 50% exposure in the mid-range to low-end segment – have increased by 6%, 8% and 21% within the past one month.

Despite having 65% of projects and 70-75% of revenue/presales from the mid- to low-end projects priced less than THB4m/unit, Quality Houses was left out from the recent rally, which seems unjustified.

Earnings adjustments This concerns two main areas: i) its lower-than-expected residential revenue/presales, and ii) sluggish margins. Quality Houses’ latest guidance for presales and revenue was THB23.6bn (+23% YoY) and THB22bn (+10% YoY) respectively. However, based on our latest discussion with its investor relations team, such a target is unlikely to be met. The recent bomb incident put pressure on overall market sentiment for the entire month of September. The official re-launch of Q Sukhumvit, hence, was delayed to October from August previously. Amid a tough operating environment, Quality Houses may need to sacrifice its margins to drive sales.

We trim our 2015F revenue by 9% to THB20.4bn from THB22.3bn. Also, we lower our gross margin to 31.5% from 33% (1H15: 31%) and net margin to 15.7% from 16.5%. Our new earnings projection is at THB3.2bn (-4% YoY).

For 2016, we assume a 11% revenue growth YoY to THB22.7bn, with a 32% gross margin and 16% net margin. Earnings, hence, could come in at THB3.6bn (+13% YoY).

Modest exposure in the upcountry market Of its total existing projects worth THB62bn, around 16% are in provinces, and not in Bangkok and its vicinity. In terms of revenue and presales, Quality Houses expects around 20% to come from the upcountry market. Provinces that Quality Houses has a presence in are Chiang Mai (capital city of the north), Rayong/Chonburi/Sriracha-Eastern Seaboard industrial area, HuaHin (a major holiday destination) and Nakhon Prathom, which is not far from Bangkok and near Silapakorn University.

Quality Houses (QH TB) 5 October 2015

See important disclosures at the end of this report 4

Buy Quality Houses at prices equivalent to its investment portfolio and rental assets, and get a property development business for free The market value of its investment portfolio, ie a 27% stake in LH Financial Group (LHBANK TB, NR), 25% stake in Quality Houses Property Fund (QHPF TB, NR), Quality Houses Hotel and Residence Property Fund (QHHR TB, NR) and Home Product Center (HMPRO TB, NEUTRAL, TP: THB7.60) are worth around THB24bn plus the appraised value of its rental assets (Central Point Hotel Silom, three office buildings in Silom, Asoke and Sathorn area) worth THB2bn are already equivalent to Quality Houses’ market capitalisation of THB26bn (share price: THB2.40). The company’s property development business was worth THB12bn (net), or THB1.13 per share, at end-2Q15. Quality Houses’ share price, hence, is at 30% discount to its NAV of around THB3.40.

Trading at a deep discount Among the residential property stocks under our coverage, Quality Houses and AP (Thailand) (AP TB, BUY, TP: THB7.10) are two that currently trade at around -1SD below their long-mean P/E levels.

We roll over our valuation to 2016. Our new TP of THB3.30 (from THB3.80) comprises: i) its core property business worth THB2.10, pegged to a 2016F P/E of 9.5x, -0.5SD to its long-term mean P/E (which is a level similar to other listed developers under our coverage) and THB1.20 from potential gains on its investment portfolio, 25% stake in Quality Houses Property Fund, as well as holdings in Quality Houses Hotel and Residence Property Fund, and Home Product Center. We note that our new TP is close to its reported NAV per share of THB3.40.

Valuations look compelling, given that Quality Houses is now trading at -1SD to its long-term mean P/E, or at a 30% discount to its NAV and with a 7% dividend yield.

Figure 9: Implied share price based on 2015F P/E at mean and -1SD level

------------P/E (x)------------ EPS

2015F Implied Share Price (THB) Curr

Price Current price vs Implied Price --------12-month------ -1SD Mean +1SD (THB) -1SD Mean +1SD (THB) -1SD From Mean +1SD High Low AP Thailand 5.5 9.0 12.9 0.92 5.1 8.3 11.9 5.6 10% -33% -53% 7.8 5.0 Land and Houses 11.9 15.5 19.3 0.56 6.7 8.7 10.8 8.1 21% -7% -26% 10.7 7.2

LPN Dev 6.3 11.0 15.2 1.72 10.8 18.9 26.1 17.2 59% -9% -34% 25.8 14.2

Pruksa 7.9 11.0 14.7 2.85 22.5 31.4 41.9 28.3 25% -10% -33% 35.3 22.5 Quality Houses 7.2 11.0 14.3 0.32 2.3 3.5 4.6 2.4 4% -32% -48% 3.8 2.0

Sansiri 3.7 8.0 12.2 0.21 0.8 1.7 2.6 1.7 121% 2% -33% 2.3 1.5

Supalai 3.8 8.0 12.0 2.66 10.1 21.3 31.9 18.5 83% -13% -42% 28.0 15.0

Source: RHB

Quality Houses (QH TB) 5 October 2015

See important disclosures at the end of this report 5

Financial Exhibits

Profit & Loss (THBm) Dec-12 Dec-13 Dec-14 Dec-15F Dec-16FTotal turnover 13,077 19,699 21,220 20,370 22,695 Cost of sales (9,028) (13,312) (14,313) (13,939) (15,427) Gross profit 4,049 6,387 6,907 6,431 7,268 Other operating costs (2,715) (3,459) (3,912) (3,671) (4,115) Operating profit 1,334 2,928 2,995 2,760 3,154 Operating EBITDA 1,555 3,151 3,207 2,983 3,377 Depreciation of fixed assets (221) (223) (212) (223) (223) Operating EBIT 1,334 2,928 2,995 2,760 3,154 Net income from investments 802 943 1,060 1,113 1,196 Other recurring income 149 160 158 167 180 Interest expense (295) (228) (255) (315) (315) Other non-recurring income 1,184 140 - - - Pre-tax profit 3,174 3,943 3,958 3,725 4,215 Taxation (723) (636) (628) (522) (604) Profit after tax & minorities 2,450 3,307 3,329 3,203 3,611 Reported net profit 2,450 3,307 3,329 3,203 3,611 Recurring net profit 1,536 3,190 3,329 3,203 3,611 Source: Company data, RHB

Cash flow (THBm) Dec-12 Dec-13 Dec-14 Dec-15F Dec-16FOperating profit 1,334 2,928 2,995 2,760 3,154 Depreciation & amortisation 221 223 212 223 223 Change in working capital (4,733) (440) (2,991) (2,897) (2,808) Other operating cash flow 2,371 238 (204) 26 38 Operating cash flow (807) 2,949 12 112 607 Interest paid (295) (228) (255) (315) (315) Tax paid (723) (636) (628) (522) (604) Cash flow from operations (1,825) 2,085 (871) (726) (312) Capex 2,116 1,335 (2,914) (645) 717 Other new investments (164) 329 164 686 748 Other investing cash flow 524 20 19 (76) (76) Cash flow from investing activities 2,477 1,684 (2,731) (35) 1,389 Dividends paid (785) (1,745) (1,469) (170) (1,714) Proceeds from issue of shares 706 - - 1,531 - Increase in debt (36) (2,044) 4,899 - - Other financing cash flow - 0 - - - Cash flow from financing activities (115) (3,788) 3,430 1,361 (1,714) Cash at beginning of period 1,113 1,650 1,630 1,458 2,058 Total cash generated 537 (20) (172) 600 (637) Implied cash at end of period 1,650 1,630 1,458 2,058 1,421 Source: Company data, RHB

Quality Houses (QH TB) 5 October 2015

See important disclosures at the end of this report 6

Financial Exhibits

Balance Sheet (THBm) Dec-12 Dec-13 Dec-14 Dec-15F Dec-16FTotal cash and equivalents 1,650 1,630 1,458 2,058 1,421 Inventories 21,697 22,558 24,949 28,599 31,865 Accounts receivable 88 91 74 81 90 Other current assets 1,062 622 1,227 614 307 Total current assets 24,496 24,901 27,709 31,352 33,682 Total investments 14,940 14,219 18,029 19,101 18,832 Tangible fixed assets 1,963 1,702 1,843 1,837 1,832 Total other assets 472 829 1,053 1,074 1,095 Total non-current assets 17,375 16,750 20,925 22,012 21,759 Total assets 41,871 41,652 48,634 53,364 55,441 Short-term debt 7,352 4,308 6,592 6,592 6,592 Accounts payable 805 882 1,050 1,102 1,157 Other current liabilities 2,030 2,290 2,482 2,634 2,795 Total current liabilities 10,186 7,481 10,124 10,328 10,544 Total long-term debt 15,012 16,012 18,627 18,627 18,627 Other liabilities 878 882 734 698 661 Total non-current liabilities 15,890 16,894 19,361 19,325 19,288 Total liabilities 26,076 24,374 29,485 29,652 29,833 Share capital 9,184 9,184 9,184 10,714 10,714 Retained earnings reserve 6,166 7,729 9,599 12,632 14,528 Other reserves 445 365 366 366 366 Shareholders' equity 15,795 17,277 19,149 23,712 25,609 Total equity 15,795 17,277 19,149 23,712 25,609 Total liabilities & equity 41,871 41,652 48,634 53,364 55,441 Source: Company data, RHB

Key Ratios (THB) Dec-12 Dec-13 Dec-14 Dec-15F Dec-16FRevenue growth (%) 32.8 50.6 7.7 (4.0) 11.4Operating profit growth (%) 155.5 119.5 2.3 (7.8) 14.3Net profit growth (%) 187.3 35.0 0.7 (3.8) 12.8EPS growth (%) 175.8 29.8 0.7 (11.2) 4.7BVPS growth (%) 10.7 9.4 10.8 6.1 8.0Operating margin (%) 10.2 14.9 14.1 13.5 13.9Net profit margin (%) 18.7 16.8 15.7 15.7 15.9Return on average assets (%) 6.1 7.9 7.4 6.3 6.6Return on average equity (%) 16.9 20.0 18.3 14.9 14.6Net debt to equity (%) 131.1 108.2 124.1 97.7 92.9DPS 0.11 0.16 0.02 0.16 0.17Recurrent cash flow per share (0.21) 0.23 (0.09) (0.07) (0.03) Source: Company data, RHB

Quality Houses (QH TB) 5 October 2015

See important disclosures at the end of this report 7

SWOT Analysis

• Successful diversification from high- to mid-range and low-end segments

• Operates rental assets (serviced apartments, offices) in Bangkok’s central business district

• Investment portfolio with Home Product Center, LH Financial Group and property funds

• Fierce competition among top listed developers

• High household debt

• Delay in the construction of the mass transit system

• Slow recovery in upcountry demand

• Focusing more on the mid-range to low-end segment, where demand is healthy

• Margins have room to improve

• Can monetise assets through REITs

• Demand for high-end landed properties is rather soft

• Its gross margins are slightly below the industry average

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P/E (x) vs EPS growth

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P/BV (x) vs ROAE

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

Company Profile Quality Houses is a property developer and operator of serviced apartments/offices for rent.

Quality Houses (QH TB) 5 October 2015

See important disclosures at the end of this report 8

Recommendation Chart

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Recommendations & Target Price

Buy Neutral Sell Trading Buy Take Profit Not Rated

Source: RHB, Bloomberg

Date Recommendation Target Price Price

2015-06-03 Buy 3.80 2.56

2015-05-13 Buy 4.10 2.74

2015-02-27 Buy 5.50 3.51

2015-01-28 Buy 5.50 3.39

2014-12-23 Buy 5.50 3.19

2014-09-02 Buy 5.50 3.82

2014-08-01 Buy 5.40 3.34

2014-05-02 Buy 5.00 2.81

2014-02-27 Trading Buy 3.20 2.38

2014-02-04 Trading Buy 3.20 2.18 Source : RHB, Bloomberg

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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 Investment Research Disclaimers RHB has issued this report for information purposes only. This report is intended for circulation amongst RHB and its affiliates’ clients generally or such persons as may be deemed eligible by RHB to receive this report and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. 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10

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Indonesia PT RHB OSK Securities Indonesia is not affiliated with the subject company(ies) covered in this report both directly or indirectly as per the definitions of affiliation above. Pursuant to the Capital Market Law (Law Number 8 Year 1995) and the supporting regulations thereof, what constitutes as affiliated parties are as follows: 1. Familial relationship due to marriage or blood up to the second degree, both horizontally or vertically;

2. Affiliation between parties to the employees, Directors or Commissioners of the parties concerned;

3. Affiliation between 2 companies whereby one or more member of the Board of Directors or the Commissioners are the same;

4. Affiliation between the Company and the parties, both directly or indirectly, controlling or being controlled by the Company;

5. Affiliation between 2 companies which are controlled, directly or indirectly, by the same party; or

6. Affiliation between the Company and the main Shareholders.

PT RHB OSK Securities Indonesia is not an insider as defined in the Capital Market Law and the information contained in this report is not considered as insider information prohibited by law.

Insider means: a. a commissioner, director or employee of an Issuer or Public Company;

b. a substantial shareholder of an Issuer or Public Company;

c. an individual, who because of his position or profession, or because of a business relationship with an Issuer or Public Company, has access to inside information; and

d. an individual who within the last six months was a Person defined in letters a, b or c, above.

Singapore RHB Research Institute Singapore Pte Ltd and/or its subsidiaries and/or associated companies do not make a market in any securities covered in this report, except for: (a) - The staff of RHB Research Institute Singapore Pte Ltd and its subsidiaries and/or its associated companies do not serve on any board or trustee positions of any issuer whose securities are covered in this report, except for: (a) - RHB Research Institute Singapore Pte Ltd and/or its subsidiaries and/or its associated companies do not have and have not within the last 12 months had any corporate finance advisory relationship with the issuer of the securities covered in this report or any other relationship (including a shareholding of 1% or more in the securities covered in this report) that may create a potential conflict of interest, except for: (a) - Hong Kong RHBSHK or any of its group companies may have financial interests in in relation to an issuer or a new listing applicant (as the case may be) the securities in respect of which are reviewed in the report, and such interests aggregate to an amount equal to or more than (a) 1% of the subject company’s market capitalization (in the case of an issuer as defined under paragraph 16 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (the “Code of Conduct”); and/or (b) an amount equal to or more than 1% of the subject company’s issued share capital, or issued units, as applicable (in the case of a new listing applicant as defined in the Code of Conduct). Further, the analysts named in this report or their associates may have financial interests in relation to an issuer or a new listing applicant (as the case may be) in the securities which are reviewed in the report. RHBSHK or any of its group companies may make a market in the securities covered by this report. RHBSHK or any of its group companies may have analysts or their associates, individual(s) employed by or associated with RHBSHK or any of its group companies serving as an officer of the company or any of the companies covered by this report. RHBSHK or any of its group companies may have received compensation or a mandate for investment banking services to the company or any of the companies covered by this report within the past 12 months. Note: The reference to “group companies” above refers to a group company of RHBSHK that carries on a business in Hong Kong in (a) investment banking; (b) proprietary trading or market making; or (c) agency broking, in relation to securities listed or traded on The Stock Exchange of Hong Kong Limited.

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Jakarta Shanghai Phnom Penh

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Bangkok

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Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2014

Excellent BAFS HANA KTB SAMART SIM BCP INTUCH MINT SAMTEL SPALI BTS IRPC PSL SAT TISCO CPN IVL PTT SC TMB EGCO KBANK PTTEP SCB TOP GRAMMY KKP PTTGC SE-ED

Very Good 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.

Good

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)

การเปิดเผลผลการสํารวจของสมาคมสง่เสริมสถาบนักรรมการบริษัทไทย (IOD) ในเร่ืองการกํากบัดแูลกิจการ (Corporate Governance) นีเ้ป็นการ

ดําเนินการตามนโยบายของสํานกังานคณะกรรมการกํากบัหลกัทรัพย์และตลาดหลกัทรัพย์ โดยการสํารวจของ IOD เป็นการสํารวจและประเมินจากข้อมลูของบรษัทจด

ทะเบียนในตลาดหลกัทรัพย์แหง่ประเทศไทยและตลาดหลกัทรัพย์เอ็มเอไอ ที่มีการเปิดเผยตอ่สาธารณะและเป็นข้อมลูที่ผู้ลงทนุทัว่ไปสามารถเข้าถงึได้ ดงันัน้ผลสํารวจ

ดงักลา่วจงึเป็นการนําเสนอในมมุมองของบคุคลภายนอกโดยไมไ่ด้เป็นการประเมินการปฏิบตัิและมิได้มีการใช้ข้อมลูภายในในการประเมิน

อนึ่ง ผลการสาํรวจดงักลา่ว เป็นผลการสํารวจ ณ วนัที่ปรากฎในรายงานการกํากบัดแูละกิจการบริษัทจดทะเบียนไทยเทา่นัน้ ดงันัน้ผลการสํารวจจงึอาจ

เปลี่ยนแปลงได้ภายหลงัวนัดงักลา่ว ทัง้นีบ้ริษัทหลกัทรัพย์ อาร์เอสบี โอเอส เค จํากดั (มหาชน) มิได้ยืนยนัหรือรับรองถึงความถกูต้องของผลการสํารวจดงักลา่วแตอ่ยา่งใด

Sustainability Development by Industry ( 34 record(s) found)

Symbol Company Name CG

Score 1/

AGM Level 2/

Anti-corruption Progress Indicator 3/ Sector

AI ASIAN INSULATORS PUBLIC COMPANY LIMITED - 4 No progress SET - ENERG

AKR EKARAT ENGINEERING PUBLIC COMPANY LIMITED 3 4 No progress SET - ENERG

BAFS BANGKOK AVIATION FUEL SERVICES PCL. 5 5 4 SET - ENERG BANPU BANPU PUBLIC COMPANY LIMITED 4 5 4 SET - ENERG

BCP THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED 5 5 4 SET - ENERG

CKP CK POWER PUBLIC COMPANY LIMITED 3 4 2 SET - ENERG DEMCO DEMCO PUBLIC COMPANY LIMITED 3 4 2 SET - ENERG

EARTH ENERGY EARTH PUBLIC COMPANY LIMITED - 4 No progress SET - ENERG

EASTW EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PCL. 4 5 4 SET - ENERG

EGCO ELECTRICITY GENERATING PUBLIC COMPANY LIMITED 5 5 4 SET - ENERG

ESSO ESSO (THAILAND) PUBLIC COMPANY LIMITED 3 4 1 SET - ENERG

GLOW GLOW ENERGY PUBLIC COMPANY LIMITED 3 4 2 SET - ENERG

GPSC GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED - - - SET - ENERG

GUNKUL GUNKUL ENGINEERING PUBLIC COMPANY LIMITED 4 5 Partially progress SET - ENERG

IFEC INTER FAR EAST ENGINEERING PUBLIC COMPANY LIMITED - 4 2 SET - ENERG

IRPC IRPC PUBLIC COMPANY LIMITED 5 4 4 SET - ENERG

LANNA THE LANNA RESOURCES PUBLIC COMPANY LIMITED 4 5 4 SET - ENERG

MDX M.D.X. PUBLIC COMPANY LIMITED - 3 No progress SET - ENERG PTG PTG ENERGY PUBLIC COMPANY LIMITED 3 4 4 SET - ENERG PTT PTT PUBLIC COMPANY LIMITED 5 5 4 SET - ENERG

PTTEP PTT EXPLORATION AND PRODUCTION PUBLIC COMPANY LIMITED 5 5 4 SET - ENERG

RATCH RATCHABURI ELECTRICITY GENERATING HOLDING PUBLIC CO.,LTD. 4 5 2 SET - ENERG

RPC RPCG PUBLIC COMPANY LIMITED - 4 2 SET - ENERG

SCG SAHACOGEN (CHONBURI) PUBLIC COMPANY LIMITED 3 5 2 SET - ENERG

SCN SCAN INTER PUBLIC COMPANY LIMITED - 3 - SET - ENERG

SGP SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED - 3 2 SET - ENERG

SOLAR SOLARTRON PUBLIC COMPANY LIMITED 3 4 No progress SET - ENERG SPCG SPCG PUBLIC COMPANY LIMITED 3 4 2 SET - ENERG

SUPER SUPERBLOCK PUBLIC COMPANY LIMITED - - 2 SET - ENERG SUSCO SUSCO PUBLIC COMPANY LIMITED - 5 2 SET - ENERG

TAE THAI AGRO ENERGY PUBLIC COMPANY LIMITED - 5 2 SET - ENERG

TCC THAI CAPITAL CORPORATION PUBLIC COMPANY LIMITED - 4 No progress SET - ENERG

TOP THAI OIL PUBLIC COMPANY LIMITED 5 4 4 SET - ENERG TTW TTW PUBLIC COMPANY LIMITED 4 5 2 SET - ENERG

1 CG Score 2014 from Thai Institute of Directors Association (IOD) 2 AGM Level 2015 from Thai Investors Association 3 Anti-corruption Progress Indicator 2014 from Thaipat Institute (as of July 27, 2015) : Comprises level 1 to 5 as follows Level 1: Committed Level 2: Declared Level 3: Established Level 4: Certified Level 5:

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