Telco - Fixed LineTHAILAND April 15, 2014

Jasmine International
JAS TB / JAS.BK Current THB8.15 THB8.97 THB8.97 10.0%
Conviction| |

FLASH NOTE
Free Float
Target Prev. Target Up/Downside

Market Cap

Avg Daily Turnover

US$1,801m
THB58,170m

US$39.77m
THB1,297m

65.4%
7,137 m shares

CIMB Analyst(s)

Dont miss that call

Jasmine is one of our top picks among the Thai telcos due to likely robust 1Q14 results and the potential upside from the listing of its IFF, expected in 2Q-3Q14. Our sensitivity analysis indicates compelling value accretion of 12-23% above our current DCF-based target price of THB8.97. We believe that Jasmine is likely to pay a special dividend of THB4.5bn-11.2bn after the IPO, implying a special dividend yield of 7.7-19.3%. Despite subdued domestic consumption, Jasmines 1Q14 core net profit should be able to grow 15.3% yoy. As a result, we maintain our estimates, DCF-based target price (10.5% WACC) and our Add rating on the stock.

Pisut NGAMVIJITVONG
T (66) 2 657 9226 E pisut.ng@cimb.com

What Happened
Share price info
Share price perf. (%) Relative Absolute Major shareholders Mr. Pete Bodharamik Quam Securities A/C client Thai NVDR 1M -5.9 -4.1 3M 13.7 24.4 12M 31 22.6 % held 23.4 6.7 2.6

Our discussion with Jasmines investor relations officer last Thursday suggests that 1Q14s financial results should see muted impact from the economic slowdown as net adds for ADSL were still buoyant at 20k per month and net adds for FTTH continued to gain momentum with 2.5k per month, while ARPU and subscriber churn were broadly under control. So far, no creditors have come forward to claim the debt haircut amount after the Supreme court overturned the Rehabilitation courts verdict on 19 Aug 13.

What We Think

The strongest telco in 1Q14. We expect Jasmine to report 1Q14 core net profit growth of 15.3% yoy (vs. industry average of -4.5% yoy) and 5.8% qoq (vs. industry average of +3.3% qoq). Given household penetration of only 25%, FBB demand growth should see little negative impact from the weak economy and competition remains stable. We are impressed by the FTTH net add/month of 2.5k in 1Q14, up 47% qoq. Upside potential from IFF. Despite a three-month delay, Jasmines IFF IPO should be launched soon. At the independent valuation of THB65.4bn, Jasmine should receive THB33.3bn and recognise THB17bn in net gains in FY14. The IFF listing will increase our target price by 12-23% above our current target of THB8.97 and should allow it to pay a special DPS of c.THB0.63-1.57 (7.7-19.3% yield) on top of its THB0.39 regular DPS (4.8% yield).

What You Should Do

Stay invested. We reiterate our Add call on Jasmine with potential re-rating catalysts from 1) earnings surprise from stronger operating leverage and 2) potential upside from IFFs IPO.

Price Close

Relative to SET (RHS)

Financial Summary
147.3
134.0 120.7

9.60
8.60 7.60

6.60
5.60 2 1

107.3
94.0

Vol b

1
Apr-13 Jul-13 Oct-13 Jan-14

Source: Bloomberg

52-week share price range

Current

Target

Revenue (THBm) Operating EBITDA (THBm) Operating EBITDA Margin Net Profit (THBm) Core EPS (THB) Core EPS Growth FD Core P/E (x) DPS (THB) Dividend Yield EV/EBITDA (x) P/FCFE (x) Net Gearing ROE % Change In Core EPS Estimates CIMB/consensus EPS (x)

Dec-12A 10,369 4,842 46.7% 2,137 0.29 106% 28.36 0.09 1.14% 12.82 104.5 21.2% 26.3%

Dec-13A 11,123 5,778 52.0% 3,003 0.42 45% 19.39 0.25 3.07% 10.39 23.4 3.2% 29.9%

Dec-14F 13,121 7,223 55.0% 3,756 0.53 26% 15.49 0.32 3.87% 7.96 17.5 (12.1%) 30.3% (0.004%) 0.98

Dec-15F 14,856 8,487 57.1% 4,643 0.65 24% 12.53 0.39 4.79% 6.43 13.0 (27.5%) 31.9% 0.002% 1.00

Dec-16F 16,297 9,412 57.8% 5,255 0.74 13% 11.07 0.44 5.42% 5.48 10.0 (39.5%) 30.9% 0.002% 1.21

SOURCE: CIMB, COMPANY REPORTS IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. Designed by Eight, Powered by EFA

Telco - Fixed LineJasmine International April 15, 2014

Potential upside from IFFs IPO

Based on Jasmines independent financial advisor (IFA) report dated 4 Nov 13, we derive a potential target price for Jasmine of THB10.9, incorporating the incremental value of the IPO of infrastructure fund (IFF) vs. our DCF based target price of THB8.97 per share (without the IFF). The IFA appraised the fair value of the IFF at THB65.4bn, implying 6.3% IRR or yield. Our sensitivity analysis suggests if the market demands a yield of 10%, the incremental IFF value will fall to THB3.7 from THB4.7 per share, which still offers an attractive upside (45%) from Jasmines current price of THB8.15.
Figure 1: Sensitivity analysis on IFF proceeds
Gross proceeds THB m 65,428 62,156 58,885 55,613 52,342 Yield % 6.3% 7.2% 8.1% 9.2% 10.3% IFF value THB/shr 4.7 4.4 4.2 4.0 3.7 Jasmine's value THB/shr 10.9 10.7 10.4 10.2 10.0

SOURCES: CIMB, COMPANY REPORTS

We estimate net proceeds of THB33.3bn from the IFF IPO. After deducting THB19.4bn for the value of the IFF assets, this results in a net incremental value of THB13.9bn or 22% of Jasmines equity value of THB64bn. However, it is quite difficult to gauge the timing of the IFF IPO as it has been delayed from our original expectation of 1Q14. It is still awaiting the SEC and NBTCs approval.
Figure 2: Jasmine's valuation summary
12

10

0 Without IFF Jasmine's NPV Jasmine IFF's NPV With IFF

SOURCES: CIMB, COMPANY REPORTS

Our latest discussion with Jasmines CEO back in 3Q13 suggested that Jasmine planned to utilise the proceeds from IFFs IPO in three ways; 1) business expansion; 2) debt repayment; and 3) capital management. Assuming the equal distribution of proceeds from the IPO between these three uses, Jasmine should be able to pay 120% of its total liabilities in 2013, return THB1.57/share to shareholders in either cash dividend or share buyback (19% yield or capital reduction) and have THB11.2bn left for capex to finance its aggressive FTTH network expansion. Note that if the IPO value equals to the IFAs fair value, Jasmine is likely to receive THB33.3bn in proceeds. It will then recognise an estimated THB17bn in net gains in FY14s P&L and THB4.7bn in net gains in FY15 and FY16 after the new assets are injected into the IFF.

Telco - Fixed LineJasmine International April 15, 2014

Figure 3: DCF calculation under IFF scenario, THB m

Year Discount rate EBIT NOPLAT D&A exp Chg in NWC Capex FCF PV of FCF Sum of PV FCF PV of TV Net debt NPV of Jasmine's FBB business Net proceeds from IFF IPO NPV of Jasmine 0 1 1.00 0.90 3,764 3,969 3,011 3,175 1,527 654 -85 -60 -1,940 -2,004 2,513 1,766 2,513 1,598 19,494 24,346 -734 Per share 44,574 6.2 33,295 4.7 77,869 10.9 2 0.82 4,366 3,493 641 -63 -1,999 2,072 1,697 3 0.74 2,503 2,002 627 -50 -1,397 1,182 876 4 0.67 1,630 1,304 611 -53 -1,395 467 313 5 0.61 2,629 2,104 594 -36 -1,394 1,267 769 6 0.55 3,346 2,677 605 -24 -1,393 1,864 1,024 7 0.50 4,252 3,402 616 -24 -1,393 2,601 1,293 8 0.45 5,584 4,467 626 -26 -1,392 3,675 1,653 9 0.41 6,526 5,221 636 -25 -1,392 4,439 1,807 WACC LTG 10 0.37 7,473 5,979 645 -26 -1,391 5,207 1,918 10.5% 4% 11 0.33 8,426 6,741 654 -26 -1,391 5,978 1,993 12 0.30 9,385 7,508 662 -26 -1,391 6,754 2,038

SOURCES: CIMB, COMPANY REPORTS

Without an explicit investment plan post-IFF IPO, Jasmines revenue growth should be unchanged from the no-IFF IPO scenario. Its EBITDA margin should fall from 55-58% in FY14-16 to 31-40% due to higher network rental fees to the IFF but its core net profit including equity income from IFF in FY15-16 should be 1.5-7.7% higher due to tax savings.
Figure 4: Jasmine P&L statement comparison
P&L statement without IFF 2014F Revenue Cash opex EBITDA EBITDA margin D&A exp EBIT Int exp EBT Tax Others -Equity income -Gains from IFF -Others Net profit Core net profit 0 0 40 3,756 3,716 0 0 38 4,643 4,605 0 0 36 5,255 5,219 0 0 34 6,179 6,145 0 32 6,996 644 40 3,659 1,378 4,739 38 4,675 1,983 4,739 36 5,622 2,844 0 34 4,929 4,895 3,190 0 32 4,501 n.r. n.r. 0.0% -1.5% n.r. n.r. 0.0% 1.5% n.r. n.r. 0.0% n.r. n.r. 0.0% n.r. n.r. 0.0% 0 16,990 7,029 20,689 -5,899 7,223 55.0% -2,443 4,780 -280 4,500 -784 2015F -6,369 8,487 57.1% -2,723 5,764 -185 5,579 -974 2016F -6,885 57.8% -2,785 6,626 -150 6,476 -1,257 2017F -7,124 59.9% -2,851 7,774 -146 7,628 -1,483 2018F -7,339 61.7% -2,911 8,900 -146 8,753 -1,757 2014F P&L statement with IFF 2015F 2016F 2017F 2018F 2014F 0.0% 32.8% % change 2015F 0.0% 60.7% 2016F 0.0% 2017F 0.0% 2018F 0.0%

13,121 14,856 16,297 17,749 19,150 13,121 14,856 16,297 17,749 19,150 -7,831 -10,233 -11,290 -14,619 -16,908 5,291 40.3% -1,527 3,764 -175 3,589 -574 4,623 31.1% -654 3,969 -44 3,925 -628 5,007 30.7% -641 4,366 -35 4,332 -693 3,130 17.6% -627 2,503 -32 2,471 -420 11.7% 9,412 10,625 11,811

64.0% 105.2% 130.4%

2,242 -26.7% -45.5% -46.8% -70.5% -81.0% -611 -37.5% -76.0% -77.0% -78.0% -79.0% 1,630 -21.3% -31.1% -34.1% -67.8% -81.7% -31 -37.5% -76.0% -77.0% -78.0% -79.0% 1,600 -20.2% -29.6% -33.1% -67.6% -81.7% -288 -26.8% -35.5% -44.8% -71.7% -83.6%

9,452 10,396

4,534 450.8% 103.6%

97.8% -20.2% -35.5% 7.7% -20.3% -35.7%

SOURCES: CIMB, COMPANY REPORTS

In the IFA report, Jasmine had THB14.7bn in gross FBB network asset value for FBB subscriber capacity of 1.6m, implying an investment of THB9,188/subscriber. Jasmine plans to invest THB3.8bn to increase the subscriber capacity to 2.25m in 2016, implying an investment of THB6,133/additional subscriber. Jasmine had 1.42m FBB (fixed broadband) subscribers at end-2013 with ARPU of THB634 per subscriber per month. Based on the companys network rental agreement with the IFF, Jasmine will have to pay THB4.5bn-THB8.2bn in network rental fees to the IFF for the first three contract years, implying THB225-307 per subscriber capacity or THB239-347 per billable subscriber (38-55% of ARPU).

Telco - Fixed LineJasmine International April 15, 2014

Figure 5: IFF asset breakdown

2014F OFC (core fibre km) Asset transfer Total asset Access node (points) Asset transfer Total asset DSLAM (m ports) Asset transfer Total asset Addition (THB m) OFC Access node DSLAM Total addition Book value (THB m) OFC Access node DSLAM Total book value 2,200 3,100 4,700 10,000 2,800 3,600 5,500 11,900 3,400 4,100 6,300 13,800 2,200 3,100 4,700 10,000 600 500 800 1,900 600 500 800 1,900 1.60 1.60 0.33 1.93 0.33 2.25 18,000 18,000 5,100 23,100 5,100 28,200 670,000 670,000 73,500 743,500 73,500 817,000 2015F 2016F

SOURCES: CIMB, COMPANY REPORTS

Based on the IFA report, the fair value of Jasmines IFF is estimated at THB65.4bn, consisting of THB50.6bn in NPV of the rental income stream during the first twelve years, -THB4.7bn in NPV for the costs related to network management, THB7.6bn in NPV of the terminal value of the network after the first twelve years and THB12bn in NPV of additional income from variable fee income. Adjusting for Jasmines 33% shareholding in the IFF after the IPO, the IPO fees and tax, the net proceeds from the IPO (at the fair value) is estimated at THB33.3bn and Jasmine should recognise THB26.5bn in net gains in its P&L, spreading over FY14-16.
Figure 6: IFF IPO proceeds breakdown based on IFA report
THB m OFC Access node DSLAM Total proceeds Income 27,420 2,314 20,860 50,595 The present value of Opex Terminal value -2,572 4,107 -217 347 -1,957 3,125 -4,746 7,579 Extra income 6,504 549 4,948 12,000 Total NPV 35,459 2,993 26,976 65,428 Book Gains net of value tax and fee 3,400 16,520 4,100 -639 6,300 10,587 13,800 26,468

SOURCES: CIMB, COMPANY REPORTS

1Q14 results preview

We expect Jasmine to report 1Q14 core net profit of THB837m (+15% yoy and +6% qoq) on the back of decent FBB subscriber growth despite the domestic consumption slowdown. Jasmines IR officer told us that ADSL gross add s in Jan-Feb remained strong at 20k a month. She added that FTTH gross adds was 4.9k in 2M14. She also said that the company has seen little impact from the softer economy and intensifying competition from True so far. We expect Jasmines ADSL subscribers to increase 17.3% yoy and 3.5% qoq to 1.47m, FTTH subscribers to rise 60% qoq to 20k and WiFi subscribers to add 37.6% yoy and 4.5% qoq to 585k in 1Q14. Among the telcos under our coverage, we expect Jasmine to report the strongest earnings growth in 1Q14 (see Figure 8).

Telco - Fixed LineJasmine International April 15, 2014

Figure 7: Results preview

FYE Dec (THB m) Revenue Operating costs EBITDA EBITDA margin (%) Depn & amort. EBIT Interest expense Exceptionals Pretax profit Tax Tax rate(%) Minority interests Net profit Core net profit Core EPS (THB) 1QFY13 2,648 -1,254 1,394 52.6 -439 954 -80 50 943 -159 16.8 -9 776 726 0.10 2QFY13 2,714 -1,264 1,450 53.4 -482 968 -78 -30 879 -148 16.9 -15 715 746 0.10 3QFY13 2,820 -1,352 1,469 52.1 -488 981 -79 -7 920 -151 16.4 -14 755 762 0.11 4QFY13 1QFY14F 2,940 -1,474 1,466 49.9 -490 976 -75 -34 940 -147 15.7 -36 757 791 0.11 2,986 -1,423 1,563 52.3 -500 1,062 -73 5 1,030 -169 16.4 -19 842 837 0.12 yoy % chg 12.8 13.5 12.1 13.8 11.3 (8.5) n.r. 9.1 6.7 101.8 8.5 15.3 15.3 qoq % chg 1.6 (3.4) 6.6 2.0 8.9 (2.7) n.r. 9.5 14.8 (48.3) 11.2 5.8 5.8 Prev. FY14F 13,121 -5,899 7,223 55.0 -2,443 4,780 -240 0 4,540 -784 17.3 0 3,756 3,756 0.52 Comment FBB net add not affected by weaker consumption. Expect more marketing cost to stimulate demands 22% of our full-year forecast.

Rooms for revising down our full-year interest exp.

22% of our full-year forecast.

SOURCES: CIMB, COMPANY REPORTS

Figure 8: Summary of 1Q14 results preview

THB m AIS Revenue EBITDA EBITDA margin Core net profit EPS DPS DTAC Revenue EBITDA EBITDA margin Core net profit EPS DPS Jasmine Revenue EBITDA EBITDA margin Core net profit EPS DPS Thaicom Revenue EBITDA EBITDA margin Core net profit EPS DPS 1Q13 37,520 15,849 42.2 9,783 3.34 0.00 23,879 7,432 31.1 3,395 1.28 1.12 2,648 1,394 52.6 726 0.11 0.00 1,774 862 48.6 262 0.30 0.00 2Q13 36,008 15,723 43.7 9,339 3.09 6.40 24,509 7,572 30.9 2,966 1.24 1.28 2,714 1,450 53.4 746 0.10 0.00 1,794 948 52.8 363 0.17 0.00 3Q13 33,478 15,243 45.5 8,357 2.81 0.00 21,351 7,089 33.2 2,721 1.16 1.32 2,820 1,469 52.1 762 0.10 0.00 2,062 980 47.5 366 0.29 0.00 4Q13 35,825 16,001 44.7 9,012 2.97 5.75 24,718 7,550 30.5 2,843 0.78 0.00 2,940 1,466 49.9 791 0.10 0.25 2,267 961 42.4 457 0.26 0.45 1Q14F 34,902 16,358 46.9 9,355 3.13 0.00 23,163 7,979 34.4 2,997 1.27 1.68 2,986 1,563 52.3 837 0.12 0.00 2,248 1,005 44.7 341 0.31 0.00 % yoy -7.0 3.2 -4.4 -6.3 n.r. -3.0 7.4 -11.7 -1.0 49.6 12.8 12.1 15.3 8.5 n.r. 26.7 16.6 30.1 3.3 n.r. % qoq -2.6 2.2 3.8 5.4 n.r. -6.3 5.7 5.4 61.4 n.r. 1.6 6.6 5.8 11.2 n.r. -0.8 4.6 -25.4 19.0 n.r.

SOURCES: CIMB, COMPANY REPORTS REMARK: TRUES 1Q14 RESULTS PREVIEW WILL BE PUBLISHED LATER.

Telco - Fixed LineJasmine International April 15, 2014

Figure 9: Jasmine was the third best performing ASEAN telco in 2013
100% 80% 60% 40%

Figure 10: Jasmine was the best performing ASEAN telco in the past twelve months
40% 30% 20% 10% 0%

Figure 11: Jasmine is the best performing ASEAN telco YTD

25%

Title: Source:

20% 15%
10%

Title: Source:

fillreport in the values abov Please fill in the values above to have them enteredPlease in your
5% 0% -5% -10%
ISAT IJ EXCL IJ TRUE TB SET Index STH SP ADVANC TB FSSTI Index ST SP INTUCH TB JCI Index AXIATA MK MAXIS MK TBIG IJ TLKM IJ T MK KLCI Index DIGI MK M1 SP DTAC TB THCOM TB JAS TB

20% 0% -20% -40% -60%

-10% -20% -30% -40% -50%

ISAT IJ EXCL IJ T MK SET Index DIGI MK ADVANC TB INTUCH TB JCI Index FSSTI Index TBIG IJ AXIATA MK MAXIS MK ST SP DTAC TB KLCI Index STH SP TLKM IJ M1 SP JAS TB TRUE TB THCOM TB

SOURCES: CIMB, COMPANY REPORTS

SOURCES: CIMB, Bloomberg, COMPANY REPORTS

Figure 12: Jasmine - Foreign shareholding

Jasmine (%) 45 40
35

Figure 13: Jasmine - P/E band

Figure 14: Jasmine - EV/EBITDA band

EV/EBITDA

20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 Min: 5.8% Max: 40.8% Latest: 33.4%
11-Jul-09 11-Jul-10 11-Jul-11 11-Jul-12 11-Nov-09 11-Nov-10 11-Nov-11 11-Nov-12 11-Jul-13 11-Nov-13 11-Mar-09 11-Mar-10 11-Mar-11 11-Mar-12 11-Mar-13 11-Mar-14

Title: Source:

12.0

+1 StDev: Please fill in the values above to have them entered Please in your fill report in the values abov 8.6 Upper: 17.2x THB8.00 6.0 -1 StDev: 5.7 Mean: 10.6x Low er: 7.6x 4.0 8.0 Ave EV EBITDA: 7.1 THB8.15

10.0

30 25
20

15 10
5

4.00 2.00 0.00 Dec-06 -2.00 2.0

Dec-08

Dec-10

Dec-12

Dec-14

0.0 Jul-12

SOURCES: CIMB, SET, COMPANY REPORTS

SOURCES: CIMB, COMPANY REPORTS

TRUE TB EXCL IJ MAXIS MK ISAT IJ AXIATA MK STH SP KLCI Index ST SP THCOM TB FSSTI Index M1 SP T MK DIGI MK SET Index TBIG IJ TLKM IJ INTUCH TB ADVANC TB JCI Index DTAC TB JAS TB

-15%

SOURCES: CIMB, Bloomberg, COMPANY REPORTS

Title: Source:

May-13

Mar-14

SOURCES: CIMB, COMPANY REPORTS

Telco - Fixed LineJasmine International April 15, 2014

Profit & Loss

(THBm) Total Net Revenues Gross Profit Operating EBITDA Depreciation And Amortisation Operating EBIT Financial Income/(Expense) Pretax Income/(Loss) from Assoc. Non-Operating Income/(Expense) Profit Before Tax (pre-EI) Exceptional Items Pre-tax Profit Taxation Exceptional Income - post-tax Profit After Tax Minority Interests Preferred Dividends FX Gain/(Loss) - post tax Other Adjustments - post-tax Net Profit Recurring Net Profit Fully Diluted Recurring Net Profit Dec-13A 11,123 8,548 5,778 (1,900) 3,878 (216) 0 35 3,697 (15) 3,682 (605) 0 3,077 (74) 0 0 3,003 3,000 3,000 Dec-14F 13,121 10,316 7,223 (2,443) 4,780 (280) 0 40 4,540 0 4,540 (784) 0 3,756 0 0 0 3,756 3,756 3,756 Dec-15F 14,856 11,834 8,487 (2,723) 5,764 (185) 0 38 5,617 0 5,617 (974) 0 4,643 0 0 0 4,643 4,643 4,643 Dec-16F 16,297 13,139 9,412 (2,785) 6,626 (150) 0 36 6,512 0 6,512 (1,257) 0 5,255 0 0 0 5,255 5,255 5,255

Balance Sheet
(THBm) Total Cash And Equivalents Total Debtors Inventories Total Other Current Assets Total Current Assets Fixed Assets Total Investments Intangible Assets Total Other Non-Current Assets Total Non-current Assets Short-term Debt Current Portion of Long-Term Debt Total Creditors Other Current Liabilities Total Current Liabilities Total Long-term Debt Hybrid Debt - Debt Component Total Other Non-Current Liabilities Total Non-current Liabilities Total Provisions Total Liabilities Shareholders' Equity Minority Interests Total Equity Dec-13A 3,857 3,765 40 598 8,260 12,904 145 106 319 13,474 1,905 3,818 945 6,667 2,352 245 2,597 0 9,264 11,391 1,078 12,469 Dec-14F 5,132 5,183 105 598 11,019 11,593 145 106 319 12,162 293 4,170 945 5,408 3,089 245 3,334 0 8,741 13,363 1,078 14,441 Dec-15F 7,197 5,592 126 598 13,513 10,869 145 106 319 11,439 212 4,359 945 5,516 2,360 245 2,605 0 8,121 15,753 1,078 16,831 Dec-16F 10,077 5,942 146 598 16,764 10,079 145 106 319 10,648 399 4,477 945 5,821 2,047 245 2,292 0 8,113 18,222 1,078 19,300

Cash Flow
(THBm) EBITDA Cash Flow from Invt. & Assoc. Change In Working Capital (Incr)/Decr in Total Provisions Other Non-Cash (Income)/Expense Other Operating Cashflow Net Interest (Paid)/Received Tax Paid Cashflow From Operations Capex Disposals Of FAs/subsidiaries Acq. Of Subsidiaries/investments Other Investing Cashflow Cash Flow From Investing Debt Raised/(repaid) Proceeds From Issue Of Shares Shares Repurchased Dividends Paid Preferred Dividends Other Financing Cashflow Cash Flow From Financing Total Cash Generated Free Cashflow To Equity Free Cashflow To Firm Dec-13A 5,778 171 Dec-14F 7,223 (324) Dec-15F 8,487 (235) Dec-16F 9,412 (249)

Key Ratios
Revenue Growth Operating EBITDA Growth Operating EBITDA Margin Net Cash Per Share (THB) BVPS (THB) Gross Interest Cover Effective Tax Rate Net Dividend Payout Ratio Accounts Receivables Days Inventory Days Accounts Payables Days ROIC (%) ROCE (%) Dec-13A 7.3% 19.3% 52.0% (0.06) 1.60 12.44 16.4% 59.1% 132.8 6.27 375.1 25.9% 25.7% Dec-14F 18.0% 25.0% 55.0% 0.25 1.87 17.07 17.3% 60.0% 124.5 9.41 334.6 29.5% 27.7% Dec-15F 13.2% 17.5% 57.1% 0.65 2.21 31.21 17.3% 60.0% 132.4 13.95 314.5 36.1% 31.0% Dec-16F 9.7% 10.9% 57.8% 1.07 2.55 44.04 19.3% 60.0% 129.5 15.76 320.0 43.1% 32.2%

595 (312) (600) 5,633 (1,730) 7 67 90 (1,566) (1,584) (8) 0 (671) (286) (2,548) 1,519 2,483 4,379

306 (280) (784) 6,141 (1,940) 0 0 0 (1,940) (875) 14 0 (1,784) (280) (2,926) 1,275 3,326 4,481

209 (185) (974) 7,303 (2,004) 0 0 0 (2,004) (809) 13 0 (2,254) (185) (3,234) 2,065 4,490 5,484

174 (150) (1,257) 7,929 (1,999) 0 0 0 (1,999) (126) 12 0 (2,786) (150) (3,050) 2,881 5,805 6,081

Rolling FD P/E (x)

50.0

Key Drivers
Group Mobile Subscribers (m) Group Fixed Voice Subscribers (m) Grp fixed brdband subscribers (m) Group Pay TV Subs (m) Group Mobile ARPU (US$/mth) Grp fixed voice ARPU (US$/mth) Grp fixed brdband ARPU (US$/mth) Group Pay TV ARPU (US$/mth) Dec-13A N/A N/A 1.42 N/A N/A N/A 19 N/A Dec-14F N/A N/A 1.65 N/A N/A N/A 18 N/A Dec-15F N/A N/A 1.82 N/A N/A N/A 18 N/A Dec-16F N/A N/A 1.99 N/A N/A N/A 18 N/A

45.0
40.0 35.0

30.0
25.0 20.0 15.0 10.0 5.0 0.0 Jan-10

Jan-11
Advanced Info Service

Jan-12

Jan-13

Jan-14
Jasmine International

Total Access Communication

SOURCE: CIMB, COMPANY REPORTS

Telco - Fixed LineJasmine International April 15, 2014

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Telco - Fixed LineJasmine International April 15, 2014

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Telco - Fixed LineJasmine International April 15, 2014

matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Order); (c) are persons falling within Article 49 (2) (a) to (d) (high net worth companies, unincorporated associations etc) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as relevant persons). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons. Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Conduct Authority in the UK. Consequently, any such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research. United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc. Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

Distribution of stock ratings and investment banking clients for quarter ended on 31 March 2014 1358 companies under coverage for quarter ended on 31 March 2014 Rating Distribution (%) Outperform/Buy/Trading Buy/Add Neutral/Hold Underperform/Sell/Trading Sell/Reduce
Spitzer Chart for stock being researched ( 2 year data )

Investment Banking clients (%) 5.9% 5.4% 5.2%

52.6% 31.7% 15.7%

Jasmine International (JAS TB)

Price Close

10.9 Recommendations & Target Price 9.9 8.9 7.9 6.9 5.9 4.9 3.9 2.9 Add Outperform 1.9 Apr-12 Aug-12
na

Hold

Neutral

Reduce

Underperform

Trading Buy

Trading sell

Not Rated

Dec-12

Apr-13

Aug-13

Dec-13

As at the time of publishing this report CIMB is phasing in an absolute recommendation structure for stocks (Framework #1). Please refer to all frameworks for a definition of any recommendations stated in this report.

CIMB Recommendation Framework #1

Stock Ratings Add Hold Reduce

Definition The stocks total return is expected to exceed 10% over the next 12 months. The stocks total return is expected to be between 0% and positive 10% over the next 12 months. The stocks total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months. Sector Ratings Overweight Neutral Underweight Country Ratings Overweight Neutral Underweight Outperform Neutral Underperform Trading Buy Definition An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation. A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation. Definition An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark. A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark. An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark. The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 12 months. The stock's total return is expected to be within +/-5% of a relevant benchmark's total return. The stock's total return is expected to be below a relevant benchmark's total return by 5% or more over the next 12 months. The stock's total return is expected to exceed a relevant benchmark's total return by 3% or more over the next 3 months.
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CIMB Stock Recommendation Framework #2 *

Telco - Fixed LineJasmine International April 15, 2014

Trading Sell

The stock's total return is expected to be below a relevant benchmark's total return by 3% or more over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons. CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

CIMB Stock Recommendation Framework #3 **

Outperform Neutral Underperform Trading Buy Trading Sell

Expected positive total returns of 10% or more over the next 12 months. Expected total returns of between -10% and +10% over the next 12 months. Expected negative total returns of 10% or more over the next 12 months. Expected positive total returns of 10% or more over the next 3 months. Expected negative total returns of 10% or more over the next 3 months.

** This framework only applies to stocks listed on the Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2013.
AAV Good, ADVANC - Excellent, AMATA - Very Good, ANAN Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH Good, BCP - Excellent, BEC - Very Good, BGH - not available, BJC Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET Very Good, CENTEL Very Good, CK Excellent, CPALL - Very Good, CPF Excellent, CPN - Excellent, DELTA - Very Good, DTAC - Excellent, EGCO Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY Excellent, HANA - Excellent, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH Excellent, ITD Very Good, IVL - Excellent, JAS Very Good, KAMART not available, KBANK - Excellent, KKP Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR Very Good, MAKRO Very Good, MCOT - Excellent, MINT - Excellent, PS Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS Excellent, SAMART Excellent, SC Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI Very Good, SPALI - Excellent, STA - Good, STEC - Very Good, TCAP - Excellent, THAI - Excellent, THCOM Excellent, TICON Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Excellent, TTW Excellent, TUF - Very Good, VGI Excellent, WORK Good.

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