BLS Earning Guidance Table Bualuang Securities

Price as of: 30 Jun 2017

Price Revenues (m) EBITDA / PPOP (m) Opting Profit (m) Net Profit (m) EPS (Bt) Ch % FCF/sh (Bt) DPS (Bt) ROCE D/E Analysts
Target (Bt) 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 17e
Agro & Food
Food 753,474 805,670 65,939 73,961 42,215 48,045 33,068 35,325
After You AU 12.00 791 1,008 201 249 173 220 135 172 0.17 0.21 21.18 27.87 0.10 0.21 0.08 0.11 14.69 0.08 NaE, PiK
Bangkok Ranch BR 8.33 8,877 9,314 822 912 586 663 441 507 0.48 0.55 107.38 14.82 0.28 0.47 0.24 0.28 5.61 0.67 Naj
Buriram Sugar BRR 19.00 6,002 6,758 1,335 1,404 1,060 1,068 812 746 1.00 0.92 498.09 (8.14) 0.34 0.64 0.55 0.50 11.74 1.96 PrS
Charoen Pokphand Foods CPF 32.00 501,483 535,492 37,942 42,834 23,232 26,783 15,467 16,540 1.73 1.85 (13.04) 6.94 0.67 0.81 0.95 0.93 3.06 1.21 PrS
Carabao Group CBG 54.00 14,621 19,324 1,652 2,264 1,153 1,558 1,353 1,713 1.35 1.71 (11.69) 26.62 (1.31) 1.75 1.20 1.50 14.65 0.46 ChS
GFPT GFPT 24.00 18,187 19,088 3,016 3,333 1,767 1,959 2,133 2,296 1.70 1.83 29.79 7.60 0.70 0.58 0.37 0.40 13.96 0.28 PrS
Khon Kaen Sugar Industry KSL 5.45 17,621 15,645 3,175 2,908 2,002 1,678 1,890 1,248 0.43 0.28 32.54 (33.97) 0.47 0.59 0.13 0.08 5.33 0.97 SuS
MK Restaurant Group M 65.00 16,045 17,276 3,627 3,926 2,471 2,753 2,300 2,533 2.51 2.77 9.55 10.12 2.50 2.78 2.34 2.63 17.09 - NaE, PiK
Thai Foods Group TFG 6.61 22,030 24,713 3,125 3,602 2,089 2,470 1,773 2,152 0.33 0.40 22.54 21.35 0.23 0.32 - 0.17 13.26 0.71 Naj
Taokaenoi Food & Marketing TKN 30.50 5,353 6,800 1,258 1,767 1,122 1,590 948 1,365 0.69 0.99 21.23 44.06 0.65 0.88 0.59 0.86 38.91 0.00 Chs, RaP
Thai Union Group TU 25.50 142,464 150,252 9,787 10,760 6,559 7,304 5,816 6,054 1.22 1.27 10.69 4.08 1.38 1.25 0.69 0.72 5.17 1.21 PrS

Financials
Banking 968,408 1,051,602 742,451 789,816 409,145 423,752 217,050 241,650
Bank of Ayudhya BAY 42.50 121,696 130,955 94,811 97,702 47,659 47,757 23,600 26,600 3.21 3.62 10.26 12.71 - - 1.28 1.45 - 7.22 SuB
Bangkok Bank BBL 213.00 145,308 157,875 105,301 112,697 53,339 56,463 37,000 40,500 19.38 21.22 16.30 9.46 - - 6.75 7.00 - 6.59 SuB
KASIKORNBANK KBANK 208.00 202,553 216,578 163,935 173,874 93,608 94,299 43,000 49,000 18.05 20.57 7.03 13.95 - - 4.25 4.50 - 6.70 SuB
Kiatnakin Bank KKP 85.00 22,791 25,611 17,392 19,414 8,797 9,615 6,200 6,700 7.32 7.91 11.78 8.06 - - 6.00 6.25 - 5.12 SuB
Krung Thai Bank KTB 18.90 165,474 179,297 125,855 133,401 72,401 73,819 32,000 36,000 2.29 2.57 (0.86) 12.50 - - 0.80 0.85 - 8.59 SuB
The Siam Commercial Bank SCB 173.00 175,135 186,575 138,855 148,913 83,008 88,619 53,000 58,000 15.59 17.06 11.32 9.43 - - 6.25 6.75 - 7.18 SuB
Thanachart Capital TCAP 55.00 63,800 74,535 41,986 43,316 20,312 19,495 6,500 6,950 5.39 5.76 8.10 6.92 - - 2.10 2.20 - 14.83 SuB
Tisco Financial Group TISCO 78.00 24,290 26,946 17,457 19,068 10,532 11,595 6,000 6,500 7.49 8.12 19.87 8.33 - - 3.60 3.75 - 8.22 SuB
TMB Bank TMB 2.32 47,361 53,229 36,859 41,429 19,489 22,090 9,750 11,400 0.22 0.26 18.52 16.92 - - 0.06 0.07 - 9.14 SuB

Consumer Finance 34,938 39,710 31,831 36,279 16,318 18,591 8,610 10,350
Krungthai Card KTC 167.00 16,602 17,758 14,901 15,958 7,727 8,344 2,900 3,300 11.07 12.50 15.36 12.93 - - 4.50 5.00 - 4.78 SuB
JMT Network Services JMT 31.50 794 893 555 823 - - 360 560 0.81 1.26 23.96 55.59 - - 0.75 0.98 - 22.50 SuB
Muangthai Leasing MTLS 37.00 6,768 8,466 6,251 7,805 3,615 4,395 2,200 2,800 1.04 1.32 50.26 27.27 - - 0.15 0.20 - 2.43 SuB
Srisawad Power 1979 SAWAD 60.00 7,225 8,863 6,685 8,094 3,568 4,274 2,700 3,200 2.58 3.06 34.69 18.52 - - 0.06 0.08 - 2.53 SuB
Thitikorn TK 11.00 3,550 3,731 3,438 3,599 1,408 1,578 450 490 0.90 0.98 4.73 8.89 - - 0.47 0.55 - 0.90 SuB

Insurance 51,895 56,846 7,612 8,674 7,421 8,483 6,150 6,990

Bangkok Life Assurance BLA 65.00 49,819 54,459 7,087 8,094 6,991 7,998 5,800 6,600 3.40 3.86 13.50 13.79 23.33 25.71 1.02 1.16 - 7.58 SuB
Thaire Life Assurance THREL 10.70 2,076 2,387 526 580 430 484 350 390 0.58 0.65 8.78 11.43 2.53 2.81 0.45 0.50 - 0.81 SuB

Industrials
Automotive 38,998 41,411 5,832 6,183 2,439 2,642 3,280 3,810
Aapico Hitech AH 33.00 15,467 16,241 971 1,035 125 147 710 960 2.19 2.95 30.25 34.91 (1.77) 3.73 0.80 1.03 7.68 0.71 SuB
P.C.S. Machine Group Holding PCSGH 6.40 4,041 4,243 1,159 1,230 613 656 660 700 0.43 0.45 72.74 6.06 (0.12) (0.09) 0.36 0.39 11.10 0.20 SuB
Somboon Advance Technology SAT 15.00 8,465 8,719 1,365 1,368 563 606 640 670 1.50 1.57 5.09 4.71 1.54 1.51 0.70 0.71 17.35 0.61 SuB
Thai Stanley Electric STANLY 241.00 11,025 12,209 2,337 2,550 1,139 1,233 1,271 1,480 16.58 19.06 (2.51) 14.97 16.30 19.25 5.00 5.25 9.52 - SuB
Petrochemical 913,479 927,982 83,484 86,214 54,837 57,041 45,124 49,613
Indorama Ventures IVL 43.00 312,304 315,340 28,267 29,578 17,251 18,378 11,664 13,087 2.06 2.31 (27.99) 12.20 2.60 4.42 0.73 0.82 6.12 0.93 SuS
Global Green Chemical GGC 17.03 18,263 19,229 1,763 1,898 1,221 1,335 1,135 1,271 1.11 1.24 (12.44) 11.97 0.28 1.03 0.33 0.37 9.11 0.20 SuS
PTT Global Chemical PTTGC 89.00 582,912 593,413 53,455 54,739 36,365 37,328 32,326 35,256 7.17 7.82 26.26 9.06 3.95 9.73 3.23 3.52 9.25 0.34 SuS
BLS Earning Guidance Table (Cont’d) Bualuang Securities
Price as of: 30 Jun 2017
Price Revenues (m) EBITDA / PPOP (m) Opting Profit (m) Net Profit (m) EPS (Bt) Ch % FCF/sh (Bt) DPS (Bt) ROCE D/E Analysts
Target (Bt) 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 17e
Property & Construction
Construction 54,534 62,573 3,729 4,504 2,125 2,825 2,739 3,685
CH. Karnchang CK 33.50 34,226 33,671 1,987 1,969 997 930 1,751 2,077 1.03 1.23 (12.56) 18.64 (0.90) (0.64) 0.40 0.49 2.25 2.36 ChS
Sino-Thai Engineering and Construction STEC 33.00 20,308 28,902 1,743 2,535 1,128 1,895 988 1,607 0.65 1.05 (28.45) 62.70 0.79 0.11 0.26 0.42 8.69 0.02 ChS

Industrial 12,731 13,492 5,520 5,861 4,438 4,617 3,433 3,748

Ticon Industrial Connection TICON 15.30 1,566 1,882 821 974 306 359 245 418 0.13 0.23 (46.55) 70.40 0.63 1.29 0.09 0.16 0.61 0.51 ThC
WHA Corporation WHA 3.76 11,165 11,610 4,699 4,887 4,132 4,258 3,187 3,330 0.21 0.21 9.97 4.49 - - 0.14 0.15 4.99 1.23 ThC

Material 521,817 550,712 118,079 127,235 64,187 72,514 68,353 69,900

Dynasty Ceramic DCC 4.00 7,506 7,891 2,393 2,644 1,861 1,986 1,486 1,585 0.23 0.24 4.51 6.70 0.18 0.20 0.17 0.19 30.36 0.35 NaE, PiK
Eastern Polymer Group EPG 13.00 9,285 10,069 1,855 1,920 1,237 1,287 1,381 1,474 0.49 0.53 (2.30) 6.77 0.53 0.48 0.25 0.27 12.22 0.15 SuS
The Siam Cement SCC 620.00 460,400 485,551 103,170 111,091 53,039 60,468 60,602 61,477 50.50 51.23 8.06 1.44 13.33 33.04 21.00 22.00 12.25 0.54 ChS
Siam City Cement SCCC 338.42 44,626 47,200 10,661 11,581 8,050 8,774 4,884 5,363 16.39 18.00 (3.68) 9.80 (46.32) 20.09 15.00 15.00 8.75 0.43 ChS

Residential 221,641 236,501 40,709 43,914 38,571 41,645 35,819 39,599

Ananda Development ANAN 6.20 13,251 13,911 1,802 1,966 1,695 1,835 1,771 2,037 0.53 0.61 17.94 15.03 0.11 0.01 0.17 0.19 7.96 0.89 NaE
AP (Thailand) AP 9.00 21,671 22,568 2,983 3,104 2,940 3,058 3,008 3,477 0.96 1.11 11.29 15.61 0.06 0.34 0.33 0.39 8.38 0.77 NaE
Land and Houses LH 10.40 33,677 33,875 7,434 7,034 7,044 6,636 8,737 8,803 0.73 0.73 1.38 0.75 1.49 0.62 0.66 0.66 10.04 0.68 NaE
L.P.N. Development LPN 14.60 11,771 14,862 2,146 2,873 2,106 2,841 1,717 2,304 1.16 1.56 (21.07) 34.17 1.71 1.10 0.77 0.90 10.55 0.24 NaE
Pruksa Holding PSH 23.60 49,102 52,134 9,146 9,964 8,376 9,114 6,437 7,015 2.95 3.21 8.37 8.98 1.47 2.13 1.50 1.64 11.16 0.50 NaE
Quality Houses QH 2.90 20,910 23,504 2,833 3,305 2,622 3,091 3,427 3,971 0.32 0.37 11.10 15.85 0.24 0.16 0.17 0.19 7.10 0.94 NaE
SC Asset Corporation SC 3.70 14,389 15,872 2,400 2,750 2,271 2,619 1,753 2,020 0.42 0.48 (9.13) 15.23 0.61 0.41 0.17 0.19 5.86 0.92 NaE
Sansiri SIRI 2.30 31,893 33,120 4,818 5,097 4,580 4,850 3,599 4,085 0.25 0.29 6.47 13.51 (0.16) 0.14 0.14 0.16 5.38 1.34 NaE
Supalai SPALI 29.00 24,977 26,656 7,147 7,822 6,938 7,602 5,370 5,888 3.13 3.43 9.90 9.64 1.12 1.10 1.15 1.27 11.59 0.77 NaE

Resource
Energy 3,236,531 3,464,465 495,401 507,000 239,408 246,413 203,616 212,720
BANPU BANPU 20.00 94,749 84,639 20,573 19,141 11,252 9,657 7,090 5,977 1.40 1.18 312.64 (15.71) 1.98 2.09 0.70 0.59 3.39 0.96 PaS
Bangchak Corporation BCP 42.00 158,931 189,770 13,303 13,470 7,962 7,861 5,185 5,223 3.77 3.79 8.63 0.73 4.02 4.47 1.51 1.52 6.60 0.54 SuS
CK Power CKP 2.20 8,375 9,884 4,908 5,504 1,990 2,111 446 756 0.05 0.08 (3.43) 69.67 (1.54) 1.63 0.02 0.04 0.78 0.92 ThC
Electricity Generating EGCO 241.00 25,869 29,407 7,350 8,183 5,135 5,959 9,960 11,550 18.92 21.94 19.71 15.96 (21.60) 22.76 6.50 6.75 5.43 1.17 PaS
Glow Energy GLOW 93.00 51,601 52,746 19,704 18,614 13,507 12,385 8,801 7,880 6.02 5.39 (1.70) (10.47) 14.04 13.47 3.83 4.02 9.22 0.60 ThC
Global Power Synergy GPSC 38.00 22,199 26,998 4,440 5,571 3,150 4,046 3,097 3,584 2.07 2.39 14.70 15.73 0.04 0.02 1.24 1.44 5.51 0.50 PaS
IRPC IRPC 5.40 208,126 222,052 13,594 14,394 10,913 10,409 8,702 8,882 0.43 0.43 (10.48) 2.07 1.69 0.55 0.23 0.22 6.64 0.38 ThC
PTT PTT 445.00 1,958,015 2,061,142 208,915 212,608 108,160 110,232 103,282 106,517 36.16 37.29 9.17 3.13 88.04 31.61 17.36 17.90 6.02 0.33 ThC
PTT Exploration and Production PTTEP 111.00 170,906 180,908 122,330 129,057 40,556 46,914 23,840 28,618 6.01 7.21 85.38 20.04 18.89 9.65 3.60 3.60 4.55 0.23 ThC
Ratchaburi Electricity Generating Holding RATCH 54.00 51,404 49,769 6,757 6,872 4,368 4,478 6,358 7,643 4.38 5.27 3.12 20.22 (10.33) 1.09 2.35 2.35 7.14 0.48 PaS
Star Petroleum Refining SPRC 14.40 189,092 199,995 12,055 11,094 9,169 8,183 8,068 6,188 1.86 1.43 (7.13) (23.31) 1.32 1.10 0.93 0.71 16.39 0.10 SuS
Thai Solar Energy TSE 5.10 214 214 2 2 (3) (3) 649 649 0.36 0.36 9.51 - 0.36 0.36 0.14 0.14 14.43 0.16 WiT, ThP
Thai Oil TOP 82.00 291,123 350,669 57,041 57,801 19,495 20,184 14,946 15,789 7.33 7.74 (29.57) 5.64 18.92 7.83 3.30 3.48 7.91 0.63 ThC
Thai Tap Water Supply TTW 11.00 5,925 6,273 4,429 4,688 3,754 3,999 3,192 3,465 0.80 0.87 0.39 8.52 0.96 1.09 0.72 0.78 14.77 0.46 ThC
BLS Earning Guidance Table (Cont’d) Bualuang Securities
Price as of: 30 Jun 2017
Price Revenues (m) EBITDA / PPOP (m) Opting Profit (m) Net Profit (m) EPS (Bt) Ch % FCF/sh (Bt) DPS (Bt) ROCE D/E Analysts
Target (Bt) 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 17e
Services
Health Care 92,405 99,407 19,032 20,839 12,592 14,280 14,978 14,198
Bangkok Dusit Medical Services BDMS 20.50 67,857 72,737 11,806 12,857 6,857 7,837 10,191 8,831 0.66 0.57 21.52 (13.35) 0.18 0.56 0.31 0.31 10.76 0.54 NaE
Bumrungrad Hospital BH 212.00 18,565 19,778 5,746 6,240 4,598 5,081 3,874 4,283 5.31 5.87 6.83 10.56 6.84 5.11 2.65 2.93 19.93 0.20 NaE
Chularat Hospital CHG 3.00 4,181 4,798 1,033 1,205 818 988 667 804 0.06 0.07 18.25 20.48 0.06 0.06 0.04 0.05 16.51 0.19 NaE
Ratchaphruek Hospital RPH 4.60 380 438 75 97 60 79 50 52 0.09 0.09 (48.43) 3.21 (1.66) 0.11 0.04 0.04 4.64 0.27 NaE, PiK
Rajthanee Hospital RJH 33.00 1,421 1,656 373 440 259 295 195 228 0.65 0.76 26.18 16.86 0.05 0.09 0.27 0.32 11.08 0.22 NaE, PiK

Media 49,417 55,071 15,651 17,792 6,091 7,785 4,909 6,517

BEC World BEC 16.00 12,649 13,346 5,135 5,410 1,678 1,783 1,317 1,427 0.66 0.71 8.09 8.38 0.30 1.22 0.59 0.64 12.33 0.60 PrS
GMM Grammy GRAMMY 11.30 8,300 9,251 1,079 1,240 274 395 61 289 0.07 0.35 n.m. 376.30 0.13 0.57 - - 2.48 0.63 Naj
Major Cineplex Group MAJOR 37.00 9,930 10,497 2,594 2,753 1,359 1,496 1,487 1,606 1.66 1.79 25.22 7.97 1.42 1.68 1.50 1.62 12.35 0.69 Naj
MCOT MCOT 7.25 2,917 3,412 556 811 (387) (161) (436) (245) (0.63) (0.36) n.m. n.m. (0.45) (0.42) - - (6.86) - PrS, Naj
Mono Technology MONO 4.20 2,754 3,602 1,277 1,669 327 619 225 483 0.07 0.14 n.m. 114.16 0.04 0.12 - - 5.73 0.59 Naj
Plan B Media PLANB 8.20 2,790 3,118 1,000 1,193 598 760 575 734 0.16 0.21 62.85 27.79 0.21 0.26 0.08 0.10 17.63 0.02 SuS
RS RS 11.83 3,371 4,082 868 1,052 269 417 181 303 0.18 0.30 n.m. 67.16 0.13 0.33 0.11 0.18 11.20 0.37 Naj
VGI Global Media VGI 5.70 3,159 3,426 1,786 2,090 1,209 1,524 902 1,157 0.11 0.13 9.16 28.25 0.14 0.17 0.07 0.08 14.40 0.74 SuS
Workpoint Entertainment WORK 66.00 3,546 4,337 1,356 1,573 763 951 596 763 1.40 1.75 193.51 25.36 1.39 1.77 0.81 1.03 14.98 0.23 PrS, Naj

Consumer 1,119,997 1,230,727 126,332 144,108 86,420 100,206 59,541 70,853

Beauty Community BEAUTY 12.80 3,231 3,974 1,265 1,574 1,194 1,496 939 1,179 0.31 0.39 43.07 25.57 0.34 0.37 0.31 0.39 65.52 - ChS
Big C Supercenter BIGC 212.00 116,977 126,079 13,026 14,560 9,051 10,353 7,056 8,154 8.55 9.88 10.10 15.55 3.27 6.61 2.57 3.95 10.43 0.25 ChS
Berli Jucker BJC 47.25 162,253 173,531 19,644 21,976 11,721 12,939 5,273 6,471 1.31 1.60 31.79 22.72 1.16 2.18 0.43 0.53 1.99 1.34 ChS
CP All CPALL 75.00 490,882 538,710 40,082 44,769 30,740 34,457 18,980 21,993 2.11 2.45 13.81 15.88 2.52 2.88 1.27 1.47 7.79 2.51 ChS
Central Pattana CPN 67.25 31,002 38,938 17,256 20,968 11,892 15,225 10,233 13,001 2.28 2.90 10.70 27.05 0.60 1.80 0.91 1.16 13.66 0.33 ChS
FN Factory Outlet FN 6.60 1,243 1,500 199 242 190 211 115 134 0.12 0.13 (21.12) 15.88 (0.27) (0.13) 0.05 0.05 7.72 0.00 Chs, RaP
Siam Global House GLOBAL 15.00 21,011 23,207 2,905 3,299 2,210 2,554 1,646 1,949 0.43 0.51 10.08 18.46 0.55 (0.00) 0.17 0.20 8.20 0.49 ChS
Home Product Center HMPRO 11.40 65,033 73,904 13,837 15,919 6,332 7,652 4,694 5,684 0.36 0.43 13.80 21.08 0.15 0.25 0.31 0.37 13.32 0.96 ChS
Siam Makro MAKRO 39.50 185,996 204,031 10,325 11,782 7,923 9,184 6,020 6,909 1.25 1.44 11.22 14.78 (0.25) 1.05 1.10 1.30 23.88 0.70 ChS
Mega Lifesciences MEGA 35.50 9,637 11,118 1,378 1,635 1,218 1,444 1,011 1,170 1.17 1.35 27.15 15.76 0.79 0.77 0.60 0.69 19.07 - Chs, RaP
The Platinum Group PLAT 6.65 2,019 2,409 1,138 1,304 812 918 754 816 0.27 0.29 7.12 8.23 (0.77) (0.67) 0.19 0.20 8.77 0.00 ChS
Robinson Department Store ROBINS 68.50 30,714 33,328 5,278 6,082 3,138 3,772 2,820 3,391 2.54 3.05 0.16 20.28 1.33 1.43 1.27 1.53 14.19 0.13 ChS

Shipping 20,398 21,622 4,326 4,772 1,234 1,567 368 799

Precious Shipping PSL 12.20 3,758 4,001 1,723 1,988 437 644 (154) 90 (0.10) 0.06 n.m. n.m. (0.25) (0.05) - 0.03 (0.65) 0.63 SuS
Thoresen Thai Agencies TTA 11.90 16,640 17,621 2,603 2,784 798 922 522 709 0.25 0.34 n.m. 35.95 0.07 0.70 0.07 0.10 1.56 0.19 SuS

Transport 328,616 351,697 78,739 88,361 54,190 61,835 34,027 37,681

Asia Aviation AAV 7.20 39,478 46,584 6,029 7,811 4,037 5,815 1,747 2,163 0.36 0.45 (6.55) 23.80 7.10 2.25 0.16 0.20 3.27 0.88 SuS
Airports of Thailand AOT 48.00 56,836 63,351 33,651 37,851 25,791 28,271 20,764 22,703 1.45 1.59 6.09 9.34 0.74 (0.81) 0.58 0.63 13.20 0.22 SuS
Bangkok Airways BA 20.30 28,608 31,635 2,662 3,096 1,419 1,828 1,833 2,214 0.87 1.05 3.67 20.74 (1.04) 0.77 0.44 0.53 3.10 1.08 SuS
Bangkok Expressway and Metro BEM 8.50 15,586 19,360 8,693 9,482 5,471 6,055 3,533 4,146 0.23 0.27 35.56 17.37 0.39 0.18 0.09 0.11 4.66 1.35 SuS
BTS Group Holdings BTS 10.50 6,181 6,516 1,250 1,424 713 838 1,887 2,025 0.12 0.13 (5.80) 7.32 0.57 0.15 0.08 0.09 2.71 0.47 SuS
Thai Airways International THAI 20.00 181,928 184,252 26,454 28,697 16,759 19,028 4,263 4,430 1.58 1.64 28,059 3.92 5.23 6.51 0.39 0.41 1.97 5.12 SuS
BLS Earning Guidance Table (Cont’d) Bualuang Securities
Price as of: 30 Jun 2017
Price Revenues (m) EBITDA / PPOP (m) Opting Profit (m) Net Profit (m) EPS (Bt) Ch % FCF/sh (Bt) DPS (Bt) ROCE D/E Analysts
Target (Bt) 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 18e 17e 17e

Tourism 83,254 87,528 18,172 19,495 7,325 8,543 7,937 9,059

Central Plaza Hotel CENTEL 40.00 21,299 22,316 4,812 5,043 2,522 2,739 1,980 2,234 1.47 1.65 5.05 12.86 4.71 4.89 0.59 0.66 10.81 0.43 NaE
The Erawan Group ERW 5.60 6,143 6,676 1,565 1,700 862 971 392 446 0.16 0.18 13.20 13.86 0.16 0.01 0.08 0.09 2.91 1.53 NaE
Minor International MINT 44.00 55,812 58,536 11,795 12,752 3,942 4,832 5,566 6,379 1.26 1.45 (15.53) 14.61 1.66 1.29 0.47 0.54 6.04 1.06 NaE

Technology
ICT 423,170 438,051 143,050 151,018 51,956 55,896 48,797 50,355
Advanced Info Services ADVANC 173.00 157,542 161,519 66,190 71,025 41,501 44,132 30,529 32,204 10.27 10.83 (0.45) 5.49 2.10 3.66 7.19 7.58 20.40 2.04 PrS
Total Access Communication DTAC 72.00 80,508 83,375 25,510 23,138 3,447 746 1,760 (619) 0.74 (0.26) (15.60) n.m. 1.22 1.66 0.41 (0.14) 2.33 1.68 PrS
Intouch Holdings INTUCH 69.75 11,689 12,150 4,936 5,080 1,782 1,836 12,731 13,480 3.97 4.20 (22.36) 5.88 5.07 5.57 3.07 2.88 24.52 0.23 PrS
Jasmine Broadband Internet Infrastructure Fund JASIF 13.00 5,788 5,891 7,548 5,618 5,438 5,531 7,548 5,618 1.37 1.02 38.38 (25.56) 0.99 1.01 0.99 0.98 - 0.55 PrS
One to One Contacts OTO 7.50 1,122 1,196 236 255 87 93 81 86 0.29 0.31 6.60 6.71 (0.11) 0.05 0.19 0.20 9.18 - PrS
Samart Corporation SAMART 17.00 14,984 16,408 2,316 2,740 640 933 298 504 0.30 0.50 318.54 69.25 1.10 (0.22) 0.18 0.30 1.42 1.62 PrS
Samart Telcoms SAMTEL 17.50 6,750 7,893 2,120 2,375 713 837 425 483 0.69 0.78 131.17 13.48 2.85 5.01 0.46 0.52 4.64 1.83 PrS
Samart I-Mobile SIM 0.60 3,513 3,819 (237) 10 (433) (196) (489) (283) (0.11) (0.06) n.m. n.m. 3.70 4.06 - - (6.90) 2.33 PrS
Thaicom THCOM 30.00 11,559 12,020 5,410 5,634 2,257 2,390 1,735 1,864 1.58 1.70 7.62 7.45 1.61 2.83 0.71 0.77 6.00 0.44 PrS
True Corporation TRUE 5.60 129,715 133,778 29,021 35,142 (3,478) (406) (5,821) (2,983) (0.17) (0.09) n.m. n.m. (0.78) (0.66) - - (2.55) 0.80 PrS

Electronic 114,025 123,171 20,293 22,282 15,311 17,054 16,007 17,753

Delta Electronics (Thailand) DELTA 63.70 55,821 58,827 9,486 10,136 8,174 8,795 8,176 8,785 6.55 7.04 9.38 7.44 6.07 6.56 4.08 4.38 22.71 0.04 Naj
HANA Microelectronics HANA 34.20 27,235 28,596 4,947 5,238 2,541 2,668 3,294 3,439 4.09 4.27 20.00 4.41 2.53 2.72 2.05 2.14 15.72 0.00 Naj
KCE Electronics KCE 120.50 16,947 19,347 4,670 5,343 3,839 4,498 3,694 4,358 6.30 7.43 21.58 17.96 4.32 5.12 1.91 2.25 23.83 0.30 Naj
SVI SVI 6.70 14,023 16,401 1,190 1,565 757 1,092 842 1,171 0.37 0.52 (47.46) 39.03 0.17 0.17 0.11 0.16 10.33 0.10 Naj

Small Cap
Bangkok Dec-Con BKD 4.20 1,320 1,452 166 194 153 181 128 151 0.13 0.15 62.04 18.08 0.06 0.08 0.10 0.12 10.55 0.03 Thp, PaS
COM7 COM7 14.50 18,382 19,850 805 946 671 793 592 695 0.49 0.58 45.50 17.51 0.33 0.53 0.25 0.29 20.00 0.26 WiT, ThP
Dental Corporation D 9.50 497 566 103 126 67 84 54 71 0.27 0.35 (4.25) 30.15 0.00 1.97 0.11 0.14 18.15 0.04 WiT, ThP
Eastern Commercial Leasing ECL 4.50 369 613 150 202 130 187 130 241 0.12 0.22 418.82 84.57 - - - - 3.54 1.96 WiT, ThP
Gratitude Infinite GIFT 7.52 860 974 145 173 134 162 108 131 0.29 0.35 2.44 20.80 0.24 0.13 0.12 0.14 14.02 0.32 WiT, ThP
Interlink Communication ILINK 17.30 3,675 4,015 544 649 406 505 249 329 0.69 0.91 12.47 32.26 (0.29) 2.49 0.28 0.36 5.74 0.44 WiT, ThP
Interlink Telecom ITEL 7.50 975 1,125 320 389 200 266 140 202 0.14 0.20 3.87 44.26 (2.72) (0.78) 0.06 0.08 4.70 0.63 WiT, ThP
Jay Mart JMART 16.00 12,162 13,530 779 1,152 481 753 519 693 0.58 0.77 (16.84) 33.34 (2.74) (3.32) 0.35 0.47 4.50 1.94 WiT, ThP
Pylon PYLON 12.60 1,328 1,461 310 340 260 290 219 245 0.58 0.65 27.35 11.59 1.17 0.65 0.58 0.65 27.03 0.02 WiT, ThP
Sappe SAPPE 34.50 2,848 3,190 579 644 464 531 392 457 1.29 1.50 (4.45) 16.55 0.86 1.59 0.51 0.60 18.25 0.02 WiT, ThP
Seafco SEAFCO 13.50 2,042 2,246 374 409 267 294 215 238 0.70 0.78 37.81 10.65 0.08 0.65 0.30 0.33 14.70 0.27 WiT, ThP
Siam Future Development SF 8.00 1,436 1,571 638 715 638 715 965 1,070 0.54 0.60 0.07 10.88 0.25 0.26 0.20 0.20 7.34 0.28 WiT
Sahakol Equipment SQ 6.99 3,390 4,780 1,397 1,788 599 885 378 516 0.33 0.45 (26.84) 36.57 0.29 0.22 - - 6.72 1.66 WiT, Naj
T.A.C. Consumer TACC 7.12 1,484 1,824 184 239 163 213 135 176 0.22 0.29 32.82 30.43 0.29 0.35 0.17 0.22 20.04 - WiT, Naj
TPC Power Holding TPCH 27.50 1,359 1,617 783 939 678 819 461 540 1.15 1.35 85.00 17.33 0.30 0.46 0.46 0.54 8.27 0.94 WiT, ThP
Thai Solar Energy TSE 5.10 214 214 2 2 (3) (3) 649 649 0.36 0.36 9.51 - 0.36 0.36 0.14 0.14 14.43 0.16 WiT, ThP
United Paper UTP 9.00 3,099 3,811 586 694 352 450 280 380 0.43 0.58 46.02 35.87 (0.12) 0.82 0.22 0.29 8.43 0.79 WiT, ThP
BLS Valuation Comparables Table Bualuang Securities
Price as of: 30 Jun 2017 Market EV/EBITDA Div.
Closing Price No. cap (m) EPS Gr % PER 2yrs PEG (P/PPOP) Yields % P/BV P/FCF P/DCF Analysts Date
Price Target (Bt) Rating Shares (m) Local curr 17e 18e 17e 18e Gr % 17e 18e 17e 18e 17e 18e 17e 17e 17e
Agro & Food
Food (4.4) 6.1 25.8 24.2 0.9 n.m. 3.9 13.1 11.7 2.2 2.3 2.8
After You AU 8.9 12.00 BUY 816 7,218 21.2 27.9 53.6 41.9 24.5 2.5 1.5 33.0 26.3 0.9 1.2 7.4 - - NaE, PiK 26-06-2017
Bangkok Ranch BR 6.9 8.33 BUY 913 6,303 107.4 14.8 14.3 12.4 61.1 0.1 0.8 11.2 9.9 3.5 4.0 1.3 - - Naj 28-06-2017
Buriram Sugar BRR 11.6 19.00 BUY 812 9,420 498.1 (8.1) 11.6 12.6 245.0 0.0 n.m. 11.0 10.4 4.7 4.4 3.4 - - PrS 16-05-2017
Charoen Pokphand Foods CPF 24.8 32.00 BUY 7,743 192,025 (13.0) 6.9 14.3 13.4 (3.0) n.m. 1.9 11.0 9.9 3.8 3.7 0.8 - - PrS 15-05-2017
Carabao Group CBG 68.5 54.00 SELL 1,000 68,500 (11.7) 26.6 50.6 40.0 7.5 n.m. 1.5 39.5 28.6 1.8 2.2 9.4 - - ChS 18-05-2017
GFPT GFPT 19.4 24.00 BUY 1,254 24,324 29.8 7.6 11.4 10.6 18.7 0.4 1.4 9.0 8.1 1.9 2.1 1.7 - - PrS 28-06-2017
Khon Kaen Sugar Industry KSL 4.5 5.45 HOLD 4,410 19,934 32.5 (34.0) 10.5 16.0 (0.7) 0.3 n.m. 12.8 13.1 2.8 1.9 1.1 0.8 0.8 SuS 21-06-2017
MK Restaurant Group M 62.5 65.00 TRADING BUY 915 57,178 9.6 10.1 24.9 22.6 9.8 2.6 2.2 12.3 11.3 3.7 4.2 4.2 - - NaE, PiK 15-06-2017
Thai Foods Group TFG 6.1 6.61 BUY 5,109 31,163 22.5 21.3 18.3 15.1 21.9 0.8 0.7 12.2 10.3 - 2.8 3.3 - - Naj 16-05-2017
Taokaenoi Food & Marketing TKN 22.4 30.50 BUY 1,380 30,912 21.2 44.1 32.6 22.6 32.6 1.5 0.5 23.6 16.7 2.7 3.8 10.7 - - Chs, RaP 08-06-2017
Thai Union Group TU 21.1 25.50 BUY 4,772 100,685 10.7 4.1 17.3 16.6 7.4 1.6 4.1 16.4 14.8 3.3 3.4 1.9 - - PrS 11-05-2017

Financials
Banking 9.6 11.3 10.0 9.0 10.5 1.0 0.8 2.9 2.7 3.6 3.9 1.1
Bank of Ayudhya BAY 37.3 42.50 HOLD 7,356 274,002 10.3 12.7 11.6 10.3 11.5 1.1 0.8 2.9 2.8 3.4 3.9 1.1 - - SuB 24-04-2017
Bangkok Bank BBL 185.0 213.00 BUY 1,909 353,136 16.3 9.5 9.5 8.7 12.9 0.6 0.9 3.4 3.1 3.6 3.8 0.8 - - SuB 05-05-2017
KASIKORNBANK KBANK 198.5 208.00 HOLD 2,393 475,062 7.0 14.0 11.0 9.6 10.5 1.6 0.7 2.9 2.7 2.1 2.3 1.1 - - SuB 21-04-2017
Kiatnakin Bank KKP 71.5 85.00 BUY 847 60,543 11.8 8.1 9.8 9.0 9.9 0.8 1.1 3.5 3.1 8.4 8.7 1.4 - - SuB 27-04-2017
Krung Thai Bank KTB 18.8 18.90 SELL 13,976 262,750 (0.9) 12.5 8.2 7.3 5.8 n.m. 0.6 2.1 2.0 4.3 4.5 0.8 - - SuB 27-04-2017
The Siam Commercial Bank SCB 155.5 173.00 BUY 3,395 527,984 11.3 9.4 10.0 9.1 10.4 0.9 1.0 3.8 3.5 4.0 4.3 1.3 - - SuB 24-04-2017
Thanachart Capital TCAP 46.0 55.00 BUY 1,206 55,497 8.1 6.9 8.5 8.0 7.5 1.1 1.2 1.3 1.3 4.6 4.8 0.8 - - SuB 09-05-2017
Tisco Financial Group TISCO 76.0 78.00 BUY 801 60,849 19.9 8.3 10.1 9.4 14.1 0.5 1.1 3.5 3.2 4.7 4.9 1.6 - - SuB 13-06-2017
TMB Bank TMB 2.3 2.32 SELL 43,840 100,832 18.5 16.9 10.3 8.8 17.7 0.6 0.5 2.7 2.4 2.7 3.2 1.0 - - SuB 18-04-2017

Consumer Finance 4.7 8.9 23.8 20.7 6.8 5.0 2.3 6.4 5.9 1.0 1.2 4.6
Krungthai Card KTC 120.0 167.00 BUY 258 30,940 15.4 12.9 10.8 9.6 14.1 0.7 0.7 2.1 2.0 3.8 4.2 2.3 - - SuB 18-05-2017
JMT Network Services JMT 27.0 31.50 BUY 372 10,044 24.0 55.6 33.3 21.4 39.8 1.4 0.4 80.4 64.7 2.8 3.6 3.5 - - SuB 09-06-2017
Muangthai Leasing MTLS 33.5 37.00 BUY 2,120 71,020 50.3 27.3 32.3 25.4 38.8 0.6 0.9 11.4 9.1 0.4 0.6 6.4 - - SuB 12-05-2017
Srisawad Power 1979 SAWAD 50.3 60.00 BUY 1,087 54,638 34.7 18.5 19.5 16.4 26.6 0.6 0.9 7.9 6.5 0.1 0.1 4.2 - - SuB 30-05-2017
Thitikorn TK 11.0 11.00 SELL 500 5,500 4.7 8.9 12.2 11.2 6.8 2.6 1.3 1.6 1.5 4.3 5.0 1.1 - - SuB 09-05-2017

Insurance 13.2 13.7 13.2 11.6 13.4 1.0 0.8 9.0 7.7 2.5 2.8 1.8
Bangkok Life Assurance BLA 44.5 65.00 BUY 1,708 75,987 13.5 13.8 13.1 11.5 13.6 1.0 0.8 8.9 7.6 2.3 2.6 1.7 - - SuB 15-05-2017
Thaire Life Assurance THREL 8.2 10.70 BUY 600 4,920 8.8 11.4 14.1 12.6 10.1 1.6 1.1 10.2 9.3 5.5 6.1 3.3 - - SuB 11-05-2017

Industrials
Automotive 6.7 9.9 13.5 11.7 8.3 2.0 1.2 2.3 2.5 0.9 0.9 1.3
Aapico Hitech AH 26.0 33.00 BUY 323 8,387 30.2 34.9 11.9 8.8 32.6 0.4 0.3 4.7 4.1 3.1 4.0 1.2 - - SuB 29-05-2017
P.C.S. Machine Group Holding PCSGH 7.4 6.40 BUY 1,545 11,433 72.7 6.1 17.3 16.3 39.4 0.2 2.7 8.0 7.5 4.9 5.2 2.3 - - SuB 15-05-2017
Somboon Advance Technology SAT 16.7 15.00 SELL 425 7,101 5.1 4.7 11.2 10.7 4.9 2.2 2.3 7.8 7.7 4.2 4.2 1.1 - - SuB 17-05-2017
Thai Stanley Electric STANLY 225.0 241.00 BUY 77 17,241 (2.5) 15.0 13.6 11.8 6.2 n.m. 0.8 5.8 6.0 2.2 2.3 1.2 - - SuB 23-05-2017
Petrochemical 5.6 9.9 12.2 11.1 7.7 2.2 1.1 8.1 7.4 3.3 3.7 1.4
Indorama Ventures IVL 38.0 43.00 BUY 4,814 182,944 (28.0) 12.2 18.5 16.5 (7.9) n.m. 1.3 9.1 8.1 1.9 2.1 1.7 0.9 0.9 SuS 19-05-2017
Global Green Chemical GGC 13.7 17.03 BUY 1,024 14,024 (12.4) 12.0 12.4 11.0 (0.2) n.m. 0.9 7.9 7.0 2.4 2.7 1.1 - - SuS 01-06-2017
PTT Global Chemical PTTGC 68.5 89.00 BUY 4,509 308,856 26.3 9.1 9.6 8.8 17.7 0.4 1.0 7.6 7.0 4.7 5.1 1.1 - - SuS 26-05-2017
BLS Valuation Comparables Table (Cont’d) Bualuang Securities
Price as of: 30 Jun 2017 Market EV/EBITDA Div.
Closing Price No. cap (m) EPS Gr % PER 2yrs PEG (P/PPOP) Yields % P/BV P/FCF P/DCF Analysts Date
Price Target (Bt) Rating Shares (m) Local curr 17e 18e 17e 18e Gr % 17e 18e 17e 18e 17e 18e 17e 17e 17e
Property & Construction
Construction (19.0) 34.5 33.4 24.8 7.7 n.m. 0.7 36.3 30.3 1.2 1.6 2.5
CH. Karnchang CK 29.0 33.50 BUY 1,694 49,123 (12.6) 18.6 28.1 23.6 3.0 n.m. 1.3 48.3 49.1 1.4 1.7 2.0 - - ChS 22-05-2017
Sino-Thai Engineering and Construction STEC 27.8 33.00 BUY 1,525 42,322 (28.4) 62.7 42.8 26.3 17.1 n.m. 0.4 22.7 15.7 0.9 1.5 3.5 - - ChS 23-06-2017

Industrial 5.2 10.1 18.7 17.0 7.7 3.6 1.7 17.0 13.8 3.1 3.4 1.5
Ticon Industrial Connection TICON 14.6 15.30 BUY 1,834 26,778 (46.5) 70.4 109.1 64.0 11.9 n.m. 0.9 38.6 29.5 0.6 1.1 0.7 - - ThC 15-05-2017
WHA Corporation WHA 3.2 3.76 BUY 14,322 45,259 10.0 4.5 15.4 14.7 7.2 1.5 3.3 16.8 15.9 4.6 4.8 1.5 - - ThC 02-06-2017

Material 6.9 2.5 9.4 9.2 4.7 1.4 3.7 8.3 7.5 4.8 5.1 1.7
Dynasty Ceramic DCC 4.1 4.00 SELL 6,528 26,504 4.5 6.7 17.8 16.7 5.6 4.0 2.5 11.5 10.4 4.2 4.8 6.5 - - NaE, PiK 25-05-2017
Eastern Polymer Group EPG 12.6 13.00 HOLD 2,800 35,280 (2.3) 6.8 25.5 23.9 2.2 n.m. 3.5 20.9 19.2 2.0 2.1 3.3 - - SuS 05-06-2017
The Siam Cement SCC 504.0 620.00 BUY 1,200 604,800 8.1 1.4 10.0 9.8 4.7 1.2 6.8 7.8 7.1 4.2 4.4 1.9 0.8 0.8 ChS 27-04-2017
Siam City Cement SCCC 325.0 338.42 BUY 298 96,850 (3.7) 9.8 19.8 18.1 3.1 n.m. 1.8 9.5 9.2 4.6 4.6 2.0 1.0 1.0 ChS 30-03-2017

Residential 4.1 10.3 9.6 8.7 7.2 2.4 0.8 12.6 11.6 5.9 6.3 1.4
Ananda Development ANAN 5.2 6.20 BUY 3,333 17,165 17.9 15.0 9.7 8.4 16.5 0.5 0.6 14.7 13.7 3.2 3.7 1.3 - - NaE 12-05-2017
AP (Thailand) AP 8.1 9.00 BUY 3,146 25,482 11.3 15.6 8.5 7.3 13.4 0.8 0.5 13.7 13.2 4.1 4.8 1.1 - - NaE 24-05-2017
Land and Houses LH 10.0 10.40 HOLD 11,950 119,497 1.4 0.7 13.8 13.7 1.1 9.9 18.3 19.8 21.0 6.6 6.6 2.4 - - NaE 12-05-2017
L.P.N. Development LPN 11.9 14.60 TRADING BUY 1,476 17,561 (21.1) 34.2 10.2 7.6 6.5 n.m. 0.2 9.6 7.0 6.5 7.5 1.3 - - NaE 21-06-2017
Pruksa Holding PSH 22.3 23.60 TRADING BUY 2,187 48,766 8.4 9.0 7.6 6.9 8.7 0.9 0.8 7.4 6.6 6.7 7.3 1.1 - - NaE 15-05-2017
Quality Houses QH 2.6 2.90 HOLD 10,714 27,643 11.1 15.8 8.1 7.0 13.5 0.7 0.4 17.3 14.9 6.5 7.5 1.0 - - NaE 11-05-2017
SC Asset Corporation SC 3.3 3.70 HOLD 4,179 13,875 (9.1) 15.2 7.9 6.9 3.1 n.m. 0.5 11.5 9.5 5.1 5.9 0.8 - - NaE 25-05-2017
Sansiri SIRI 2.3 2.30 TRADING BUY 14,286 32,285 6.5 13.5 9.0 7.9 10.0 1.4 0.6 14.0 13.2 6.1 7.0 1.0 - - NaE 06-06-2017
Supalai SPALI 26.0 29.00 BUY 1,717 44,630 9.9 9.6 8.3 7.6 9.8 0.8 0.8 9.2 8.4 4.4 4.9 1.4 - - NaE 29-06-2017

Resource
Energy 10.6 4.7 11.3 10.8 7.7 1.1 2.3 5.3 5.0 4.5 4.6 1.2
BANPU BANPU 16.6 20.00 HOLD 5,162 85,688 312.6 (15.7) 11.8 14.1 148.5 0.0 n.m. 8.2 8.0 4.2 3.6 1.0 - - PaS 29-06-2017
Bangchak Corporation BCP 33.5 42.00 BUY 1,377 46,127 8.6 0.7 8.9 8.8 4.7 1.0 12.1 4.8 4.6 4.5 4.5 0.9 - - SuS 09-05-2017
CK Power CKP 3.3 2.20 SELL 7,370 24,321 (3.4) 69.7 68.4 40.3 33.1 n.m. 0.6 8.8 6.7 0.7 1.2 1.3 - - ThC 05-11-2015
Electricity Generating EGCO 214.0 241.00 HOLD 526 112,664 19.7 16.0 11.3 9.8 17.8 0.6 0.6 27.0 23.4 3.0 3.2 1.2 0.9 0.9 PaS 11-05-2017
Glow Energy GLOW 78.8 93.00 HOLD 1,463 115,201 (1.7) (10.5) 13.1 14.6 (6.1) n.m. n.m. 7.3 7.4 4.9 5.1 1.9 0.8 0.8 ThC 28-04-2017
Global Power Synergy GPSC 36.3 38.00 BUY 1,498 54,313 14.7 15.7 17.5 15.2 15.2 1.2 1.0 15.1 12.0 3.4 4.0 1.4 1.0 1.0 PaS 04-05-2017
IRPC IRPC 5.4 5.40 HOLD 20,434 109,324 (10.5) 2.1 12.6 12.3 (4.2) n.m. 5.9 10.0 8.9 4.3 4.1 1.2 1.0 1.0 ThC 15-05-2017
PTT PTT 370.0 445.00 BUY 2,856 1,056,831 9.2 3.1 10.2 9.9 6.1 1.1 3.2 5.6 5.4 4.7 4.8 1.2 - - ThC 23-05-2017
PTT Exploration and Production PTTEP 86.3 111.00 BUY 3,970 342,411 85.4 20.0 14.4 12.0 52.7 0.2 0.6 1.9 1.6 4.2 4.2 0.8 0.8 0.8 ThC 06-06-2017
Ratchaburi Electricity Generating Holding RATCH 52.0 54.00 HOLD 1,450 75,400 3.1 20.2 11.9 9.9 11.7 3.8 0.5 15.1 15.2 4.5 4.5 1.1 1.0 1.0 PaS 15-05-2017
Star Petroleum Refining SPRC 14.6 14.40 HOLD 4,336 63,304 (7.1) (23.3) 7.8 10.2 (15.2) n.m. n.m. 4.9 5 6.4 4.9 1.3 1.0 1.0 SuS 05-05-2017
Thai Solar Energy TSE 5.1 5.10 BUY 1,815 9,257 9.5 - 14.3 14.3 4.8 1.5 n.m. 4,631.8 4,632 2.8 2.8 2.3 - - WiT, ThP 02-03-2017
Thai Oil TOP 79.0 82.00 HOLD 2,040 161,162 (29.6) 5.6 10.8 10.2 (12.0) n.m. 1.8 2.4 2.2 4.2 4.4 1.3 - - ThC 16-05-2017
Thai Tap Water Supply TTW 10.6 11.00 HOLD 3,990 42,294 0.4 8.5 13.2 12.2 4.5 33.9 1.4 11.1 10.2 6.8 7.4 2.8 1.0 1.0 ThC 30-01-2014
BLS Valuation Comparables Table (Cont’d) Bualuang Securities
Price as of: 30 Jun 2017 Market EV/EBITDA Div.
Closing Price No. cap (m) EPS Gr % PER 2yrs PEG (P/PPOP) Yields % P/BV P/FCF P/DCF Analysts Date
Price Target (Bt) Rating Shares (m) Local curr 17e 18e 17e 18e Gr % 17e 18e 17e 18e 17e 18e 17e 17e 17e
Services
Health Care 17.0 (6.8) 31.3 33.0 5.1 1.8 n.m. 25.4 23.0 1.6 1.6 5.1
Bangkok Dusit Medical Services BDMS 19.2 20.50 HOLD 15,491 297,426 21.5 (13.3) 29.2 33.7 4.1 1.4 n.m. 27.7 25.1 1.6 1.6 4.4 n.m. n.m. NaE 19-05-2017
Bumrungrad Hospital BH 171.5 212.00 BUY 729 124,970 6.8 10.6 32.3 29.2 8.7 4.7 2.8 21.0 19.1 1.5 1.7 6.5 0.8 0.8 NaE 02-05-2017
Chularat Hospital CHG 2.4 3.00 BUY 11,000 26,840 18.2 20.5 40.2 33.4 19.4 2.2 1.6 26.1 22.4 1.7 2.1 7.3 0.8 0.8 NaE 15-05-2017
Ratchaphruek Hospital RPH 4.9 4.60 SELL 546 2,686 (48.4) 3.2 53.7 52.0 (22.6) n.m. 16.2 39.2 30.0 0.8 0.8 2.1 1.1 1.1 NaE, PiK 17-05-2017
Rajthanee Hospital RJH 22.5 33.00 BUY 300 6,750 26.2 16.9 34.6 29.6 21.5 1.3 1.8 18.0 15.4 1.2 1.4 3.9 0.7 0.7 NaE, PiK 07-06-2017

Media 125.6 32.6 42.8 32.3 79.1 0.3 1.0 14.1 12.3 1.8 2.1 5.8
BEC World BEC 21.0 16.00 SELL 2,000 42,000 8.1 8.4 31.9 29.4 8.2 3.9 3.5 9.1 8.4 2.8 3.1 5.5 1.3 1.3 PrS 17-05-2017
GMM Grammy GRAMMY 11.0 11.30 BUY 820 9,019 n.m. 376.3 148.6 31.2 n.m. n.m. 0.1 8.9 7.8 - - 5.0 - - Naj 16-05-2017
Major Cineplex Group MAJOR 33.8 37.00 BUY 895 30,195 25.2 8.0 20.3 18.8 16.6 0.8 2.4 13.1 12.3 4.5 4.8 4.1 - - Naj 16-06-2017
MCOT MCOT 14.0 7.25 SELL 687 9,619 n.m. n.m. n.m. n.m. n.m. n.m. n.m. 14.6 10.3 - - 1.6 1.9 1.9 PrS, Naj 03-03-2017
Mono Technology MONO 3.5 4.20 TRADING BUY 3,344 11,838 n.m. 114.2 53.5 25.0 n.m. n.m. 0.2 10.0 7.5 - - 3.7 0.8 0.8 Naj 20-06-2017
Plan B Media PLANB 5.7 8.20 BUY 3,516 20,042 62.8 27.8 35.1 27.4 45.3 0.6 1.0 18.8 15.3 1.4 1.8 5.4 0.7 0.7 SuS 16-05-2017
RS RS 12.7 11.83 BUY 1,010 12,826 n.m. 67.2 70.7 42.3 n.m. n.m. 0.6 14.1 11.4 0.8 1.4 8.9 1.1 1.1 Naj 01-06-2017
VGI Global Media VGI 5.7 5.70 HOLD 6,864 39,127 9.2 28.3 54.2 42.3 18.7 5.9 1.5 28.5 24.0 1.1 1.5 12.6 1.0 1.0 SuS 17-05-2017
Workpoint Entertainment WORK 62.5 66.00 BUY 421 26,283 193.5 25.4 44.6 35.6 109.4 0.2 1.4 20.4 17.8 1.3 1.7 7.1 - - PrS, Naj 26-05-2017
Consumer 13.4 19.0 29.9 25.2 16.2 2.2 1.3 16.1 14.0 1.8 2.2 4.4
Beauty Community BEAUTY 10.8 12.80 BUY 3,001 32,410 43.1 25.6 34.5 27.5 34.3 0.8 1.1 25.6 20.5 2.9 3.6 18.8 0.8 0.8 ChS 08-06-2017
Big C Supercenter BIGC 223.0 212.00 HOLD 825 183,975 10.1 15.6 26.1 22.6 12.8 2.6 1.5 13.9 12.2 1.2 1.8 3.0 1.1 1.1 ChS 10-05-2016
Berli Jucker BJC 47.8 47.25 HOLD 3,992 190,613 31.8 22.7 36.5 29.8 27.3 1.1 1.3 16.2 14.4 0.9 1.1 1.6 1.0 1.0 ChS 22-05-2017
CP All CPALL 62.8 75.00 BUY 8,983 563,690 13.8 15.9 29.7 25.6 14.8 2.2 1.6 17.7 15.7 2.0 2.3 7.2 0.8 0.8 ChS 02-06-2017
Central Pattana CPN 69.3 67.25 HOLD 4,488 310,794 10.7 27.1 30.4 23.9 18.9 2.8 0.9 17.1 13.9 1.3 1.7 4.5 1.0 1.0 ChS 17-05-2017
FN Factory Outlet FN 5.4 6.60 HOLD 1,000 5,350 (21.1) 15.9 46.3 40.0 (2.6) n.m. 2.5 29.6 25.0 0.9 1.0 3.3 0.8 0.8 Chs, RaP 19-05-2017
Siam Global House GLOBAL 14.5 15.00 SELL 3,841 55,701 10.1 18.5 33.8 28.6 14.3 3.4 1.5 21.9 19.5 1.2 1.4 3.8 1.0 1.0 ChS 11-05-2017
Home Product Center HMPRO 9.6 11.40 BUY 13,151 126,252 13.8 21.1 26.9 22.2 17.4 1.9 1.1 10.1 8.9 3.2 3.9 6.4 0.8 0.8 ChS 02-05-2017
Siam Makro MAKRO 36.8 39.50 BUY 4,800 176,400 11.2 14.8 29.3 25.5 13.0 2.6 1.7 17.5 15.5 3.0 3.5 9.8 - - ChS 22-02-2017
Mega Lifesciences MEGA 28.0 35.50 BUY 865 24,227 27.2 15.8 24.0 20.7 21.5 0.9 1.3 17.9 15.0 2.1 2.5 4.1 - - Chs, RaP 19-06-2017
The Platinum Group PLAT 7.1 6.65 SELL 2,800 19,740 7.1 8.2 26.2 24.2 7.7 3.7 2.9 15.5 15.3 2.7 2.9 2.2 - - ChS 15-02-2017
Robinson Department Store ROBINS 58.3 68.50 BUY 1,111 64,696 0.2 20.3 22.9 19.1 10.2 139.2 0.9 12.1 10.5 2.2 2.6 3.2 0.9 0.9 ChS 26-06-2017

Shipping n.m. 5.8 51.9 40.9 n.m. n.m. 7.1 8.0 8.6 0.7 0.7 0.9
Precious Shipping PSL 10.4 12.20 TRADING BUY 1,559 16,217 n.m. n.m. n.m. 186.5 n.m. n.m. n.m. 14.3 12.5 - 0.3 1.2 - - SuS 02-05-2017
Thoresen Thai Agencies TTA 9.1 11.90 TRADING BUY 1,822 16,493 n.m. 36.0 36.6 26.9 n.m. n.m. 0.7 6.4 5.8 0.8 1.1 0.6 - - SuS 16-05-2017

Transport 19.8 10.7 29.4 26.6 15.3 1.5 2.5 15.1 13.4 1.3 1.5 3.1
Asia Aviation AAV 6.3 7.20 BUY 4,850 30,313 (6.5) 23.8 17.4 14.0 8.6 n.m. 0.6 7.0 5.5 2.6 3.2 0.9 0.9 0.9 SuS 09-05-2017
Airports of Thailand AOT 47.3 48.00 BUY 14,286 674,999 6.1 9.3 32.5 29.7 7.7 5.3 3.2 19.7 18.1 1.2 1.3 4.6 1.0 1.0 SuS 16-05-2017
Bangkok Airways BA 18.4 20.30 HOLD 2,100 38,640 3.7 20.7 21.1 17.5 12.2 5.7 0.8 23.8 20.1 2.4 2.9 1.1 0.9 0.9 SuS 16-05-2017
Bangkok Expressway and Metro BEM 7.5 8.50 BUY 15,285 113,873 35.6 17.4 32.2 27.5 26.5 0.9 1.6 16.6 14.4 1.2 1.5 3.3 - - SuS 12-05-2017
BTS Group Holdings BTS 8.5 10.50 BUY 11,935 101,447 (5.8) 7.3 71.7 66.8 0.8 n.m. 9.1 77.0 68.1 0.9 1.0 2.1 - - SuS 30-05-2017
Thai Airways International THAI 19.4 20.00 HOLD 2,183 42,346 28,059 3.9 12.3 11.8 14,032 0.0 3.0 6.8 5.7 2.0 2.1 1.0 - - SuS 16-05-2017
BLS Valuation Comparables Table (Cont’d) Bualuang Securities
Price as of: 30 Jun 2017 Market EV/EBITDA Div.
Closing Price No. cap (m) EPS Gr % PER 2yrs PEG (P/PPOP) Yields % P/BV P/FCF P/DCF Analysts Date
Price Target (Bt) Rating Shares (m) Local curr 17e 18e 17e 18e Gr % 17e 18e 17e 18e 17e 18e 17e 17e 17e
Tourism (10.0) 14.1 30.5 26.7 2.1 n.m. 1.9 16.5 15.1 1.3 1.5 3.8
Central Plaza Hotel CENTEL 38.0 40.00 HOLD 1,350 51,300 5.1 12.9 25.9 23.0 9.0 5.1 1.8 11.8 10.9 1.5 1.7 3.7 1.0 1.0 NaE 16-05-2017
The Erawan Group ERW 5.3 5.60 BUY 2,500 13,251 13.2 13.9 33.9 29.8 13.5 2.6 2.1 13.2 12.2 1.5 1.7 2.4 0.9 0.9 NaE 12-05-2017
Minor International MINT 40.3 44.00 BUY 4,411 177,523 (15.5) 14.6 31.9 27.8 (0.5) n.m. 1.9 18.8 17.1 1.2 1.3 3.6 0.9 0.9 NaE 27-06-2017

Technology
ICT (8.0) 3.2 23.6 22.8 (2.4) n.m. 7.2 9.0 8.7 3.4 3.3 4.1
Advanced Info Services ADVANC 177.5 173.00 HOLD 2,973 527,724 (0.4) 5.5 17.3 16.4 2.5 n.m. 3.0 9.3 8.8 4.0 4.3 8.6 1.0 1.0 PrS 28-04-2017
Total Access Communication DTAC 52.5 72.00 BUY 2,368 124,310 (15.6) n.m. 70.6 n.m. n.m. n.m. n.m. 6.0 6.5 0.8 (0.3) 4.7 0.7 0.7 PrS 29-06-2017
Intouch Holdings INTUCH 57.0 69.75 BUY 3,206 182,766 (22.4) 5.9 14.4 13.6 (8.2) n.m. 2.3 34.1 31.8 5.4 5.1 3.8 - - PrS 15-05-2017
Jasmine Broadband Internet Infrastructure Fund JASIF 11.2 13.00 BUY 5,500 61,600 38.4 (25.6) 8.2 11.0 6.4 0.2 n.m. - - 8.8 8.8 1.0 - - PrS 05-05-2017
One to One Contacts OTO 7.2 7.50 BUY 280 2,002 6.6 6.7 24.8 23.2 6.7 3.8 3.5 6.2 5.9 2.6 2.8 2.2 1.0 1.0 PrS 14-09-2015
Samart Corporation SAMART 14.5 17.00 HOLD 1,007 14,594 318.5 69.2 49.0 28.9 193.9 0.2 0.4 10.8 9.3 1.2 2.1 1.8 0.9 0.9 PrS 12-05-2017
Samart Telcoms SAMTEL 12.8 17.50 BUY 618 7,910 131.2 13.5 18.6 16.4 72.3 0.1 1.2 6.5 6.0 3.6 4.1 2.1 0.7 0.7 PrS 31-05-2017
Samart I-Mobile SIM 1.0 0.60 SELL 4,400 4,356 n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. 832.1 - - 2.5 1.7 1.7 PrS 23-02-2017
Thaicom THCOM 16.1 30.00 BUY 1,096 17,647 7.6 7.4 10.2 9.5 7.5 1.3 1.3 4.2 3.6 4.4 4.8 0.8 0.5 0.5 PrS 12-05-2017
True Corporation TRUE 6.2 5.60 SELL 33,368 206,883 n.m. n.m. n.m. n.m. n.m. n.m. n.m. 9.7 8.8 - - 1.7 1.1 1.1 PrS 17-05-2017

Electronic 7.7 10.9 14.1 12.7 9.3 1.8 1.2 7.9 7.0 3.6 3.9 2.6
Delta Electronics (Thailand) DELTA 86.8 63.70 HOLD 1,247 108,210 9.4 7.4 13.2 12.3 8.4 1.4 1.7 6.2 5.6 4.7 5.0 2.7 - - Naj 24-07-2014
HANA Microelectronics HANA 50.3 34.20 HOLD 805 40,445 20.0 4.4 12.3 11.8 12.2 0.6 2.7 4.7 4.3 4.1 4.3 1.7 - - Naj 02-06-2014
KCE Electronics KCE 108.5 120.50 BUY 586 63,624 21.6 18.0 17.2 14.6 19.8 0.8 0.8 14.3 12.2 1.8 2.1 4.0 - - Naj 11-05-2017
SVI SVI 6.1 6.70 BUY 2,266 13,708 (47.5) 39.0 16.3 11.7 (4.2) n.m. 0.3 9.7 7.3 1.9 2.6 1.6 - - Naj 15-05-2017

Small Cap
Bangkok Dec-Con BKD 3.5 4.20 BUY 986 3,412 62.0 18.1 26.7 22.6 40.1 0.4 1.2 17.9 15.4 3.0 3.5 2.8 - - Thp, PaS 09-01-2017
COM7 COM7 11.5 14.50 BUY 1,200 13,800 45.5 17.5 23.3 19.9 31.5 0.5 1.1 14.9 12.3 2.1 2.5 5.2 - - WiT, ThP 05-06-2017
Dental Corporation D 8.3 9.50 BUY 200 1,660 (4.2) 30.1 30.6 23.5 12.9 n.m. 0.8 13.7 11.0 1.3 1.7 3.7 - - WiT, ThP 15-05-2017
Eastern Commercial Leasing ECL 3.6 4.50 BUY 798 2,906 418.8 84.6 30.6 16.6 251.7 0.1 0.2 42.9 44.1 - - 2.1 - - WiT, ThP 15-06-2017
Gratitude Infinite GIFT 6.3 7.52 BUY 320 2,017 2.4 20.8 21.5 17.8 11.6 8.8 0.9 12.9 10.5 1.9 2.3 2.8 - - WiT, ThP 21-06-2017
Interlink Communication ILINK 15.4 17.30 BUY 362 5,581 12.5 32.3 22.4 17.0 22.4 1.8 0.5 11.9 9.6 1.8 2.4 1.8 - - WiT, ThP 31-05-2017
Interlink Telecom ITEL 5.2 7.50 BUY 1,000 5,150 3.9 44.3 36.9 25.6 24.1 9.5 0.6 19.0 15.2 1.1 1.6 2.4 - - WiT, ThP 12-05-2017
Jay Mart JMART 12.5 16.00 BUY 734 9,178 (16.8) 33.3 21.6 16.2 8.3 n.m. 0.5 19.9 13.2 2.8 3.8 2.1 - - WiT, ThP 09-06-2017
Pylon PYLON 14.4 12.60 SELL 375 5,399 27.4 11.6 24.6 22.1 19.5 0.9 1.9 14.8 13.5 4.0 4.5 6.8 - - WiT, ThP 07-12-2016
Sappe SAPPE 24.5 34.50 BUY 302 7,407 (4.5) 16.6 19.1 16.4 6.1 n.m. 1.0 12.4 10.7 2.1 2.4 3.0 - - WiT, ThP 29-03-2017
Seafco SEAFCO 15.0 13.50 BUY 306 4,585 37.8 10.6 21.3 19.3 24.2 0.6 1.8 12.1 10.8 2.0 2.2 3.4 - - WiT, ThP 29-05-2017
Siam Future Development SF 6.0 8.00 BUY 1,777 10,660 0.1 10.9 11.1 10.0 5.5 153.8 0.9 21.2 18.8 3.3 3.3 1.1 - - WiT 09-05-2017
Sahakol Equipment SQ 5.6 6.99 BUY 1,130 6,328 (26.8) 36.6 17.0 12.5 4.9 n.m. 0.3 7.3 6.4 - - 2.0 - - WiT, Naj 07-06-2017
T.A.C. Consumer TACC 6.4 7.12 BUY 608 3,861 32.8 30.4 28.5 21.9 31.6 0.9 0.7 19.4 14.7 2.6 3.4 5.3 - - WiT, Naj 12-05-2017
TPC Power Holding TPCH 18.4 27.50 BUY 401 7,382 85.0 17.3 16.0 13.7 51.2 0.2 0.8 12.5 9.7 2.5 2.9 2.1 - - WiT, ThP 11-05-2017
Thai Solar Energy TSE 5.1 5.10 BUY 1,815 9,257 9.5 - 14.3 14.3 4.8 1.5 n.m. 4,631.8 4,632 2.8 2.8 2.3 - - WiT, ThP 02-03-2017
United Paper UTP 7.4 9.00 BUY 650 4,778 46.0 35.9 17.1 12.6 40.9 0.4 0.4 10.9 8.9 2.9 4.0 2.1 - - WiT, ThP 24-05-2017
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CG Rating

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Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
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BUALUANG RESEARCH – RECOMMENDATION FRAMEWORK

STOCK RECOMMENDATIONS SECTOR RECOMMENDATIONS

BUY: Expected positive total returns of 15% or more over the next 12
months.
HOLD: Expected total returns of between -15% and +15% over the next 12
months.
SELL: Expected negative total returns of 15% or more over the next 12
months.
TRADING BUY: Expected positive total returns of 15% or more over the next
3 months.
OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to outperform the relevant primary market index over the next 12 months.
NEUTRAL: The industry, as defined by the analyst's coverage universe, is
expected to perform in line with the relevant primary market index over the next 12
months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to underperform the relevant primary market index over the next 12
months.