Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
EM Frontier - Myanmar Basket
July 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
15129982
2010.579
1116
1116
203
221
221
102.58
110.17
110.17
15.99
15.99
14.89
14.89
18.61
Euro Stoxx 50 Pr
EUR
2560708
5279.664
4548
4548
733
764
764
203.02
296.15
296.15
21.82
17.26
14.96
14.96
20.21
NIKKEI 225
JPY
2702709
192.4604
189
189
18
21
21
5.32
7.81
7.81
0.27
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2644447
11424.18
10089
10089
1399
1645
1645
578.69
803.66
803.66
24.97
21.92
17.98
17.98
21.06
SWISS MARKET INDEX
CHF
1029358
10706.31
4058
4058
850
823
823
411.05
552.23
552.23
20.70
17.15
15.40
15.40
21.86
S&P/TSX COMPOSITE INDEX
CAD
1570670
16391.44
8326
8326
1779
1968
1968
735.25
818.04
818.04
14.92
14.92
13.41
13.41
23.22
S&P/ASX 200 INDEX
AUD
1212809
5828.591
2682
2682
550
684
684
224.81
323.31
323.31
18.23
14.78
12.68
12.68
20.21
HANG SENG INDEX
HKD
1583362
3022.909
1673
1673
355
399
399
278.77
271.53
271.53
1.23
1.40
1.27
1.27
2.91
MSCI EM
USD
6879381
1274.567
971
971
188
179
179
82.64
90.29
90.29
10.96
11.12
10.03
10.03
19.20
YOMA STRATEGIC HLDGS LTD
SGD
836.07
39075
1157
0.02
0.00
0.03
0.08
0.81
47
46
71
99
14
14
29
29
0.01
0.01
0.01
0.01
59.22
60.21
60.21
45.16
42.34
41.07
96.17
23.53
PTT EXPLOR & PROD PUBLIC CO
THB
20554.09
5676
3970
3.69
0.16
0.00
2.24
21.34
6792
6989
7388
8043
4893
5057
1272
1272
0.59
0.53
0.52
0.54
0.31
0.29
0.32
0.30
0.81
0.49
0.85
0.56
2.31
BBB+
17.02.2011
Baa1
28.03.2011
ITALIAN-THAI DEVELOPMENT PCL
THB
560.23
15941
4194
0.94
0.00
0.02
0.08
1.38
1479
1460
1692
1898
126
129
156
156
0.00
0.01
0.01
0.87
0.82
0.57
0.15
-0.02
2.35
0.00
0.28
INTERRA RESOURCES LTD
SGD
169.03
8534
443
0.00
0.00
0.00
0.01
0.12
24
24
27
29
10
10
0.01
0.01
0.01
0.01
36.99
38.00
26.90
21.14
17.57
18.33
71.52
13.39
25.67
EZION HOLDINGS LTD
SGD
1715.93
8725
910
0.44
0.01
0.00
0.10
1.86
124
143
274
427
55
73
0.06
0.10
0.10
0.17
10.99
15.01
10.46
6.38
37.77
14.03
40.13
THAI AIRWAYS INTERNATIONAL
THB
1457.97
8741
2183
5.07
0.00
0.03
0.70
5.76
6683
6748
7064
7562
884
875
119
119
0.16
0.09
0.10
0.13
0.25
0.21
0.30
0.05
1.35
0.01
0.41
THAI UNION FROZEN PROD PUB
THB
2044.69
1597
1148
1.12
0.00
0.10
0.04
3.32
3410
3382
3660
4033
304
255
64
64
0.14
0.11
0.14
0.18
0.50
0.52
0.41
0.32
0.26
0.35
0.05
0.74
0.24
CHAROEN POKPHAND FOODS PUB
THB
6928.81
50915
7743
4.67
0.00
0.52
0.39
12.10
11415
11861
12624
14006
494
391
152
152
0.03
0.05
0.08
0.85
0.53
0.38
2.34
0.72
-0.66
0.78
0.11
AMATA CORP PUBLIC CO LTD
THB
566.07
4498
1067
0.23
0.00
0.07
0.06
0.78
170
177
239
288
61
27
27
0.04
0.05
0.07
0.41
0.32
0.26
1.33
0.53
1.03
0.08
BANGKOK BANK PUBLIC CO LTD
THB
11468.92
4603
1909
7.84
0.00
0.00
12.83
4158
4273
3012
3309
0.57
0.62
0.70
0.34
0.31
0.28
0.41
0.22
BBB+
01.11.2006
KASIKORNBANK PCL
THB
13232.15
12319
2393
8.88
0.00
0.51
9.11
5883
6100
3819
4281
0.49
0.56
0.65
0.36
0.32
0.27
0.60
0.67
BBB+
06.12.2011
(P)A3
13.09.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.29
2.29
2.10
1.91
2.29
1.47
1.47
1.40
1.35
1.47
10.34
10.34
9.65
10.01
10.34
9.10
9.10
8.39
7.84
9.10
14.89
14.89
13.32
12.13
14.89
2.14
2.14
2.30
2.40
2.14
1778.7
8.4%
Euro Stoxx 50 Pr
1.16
1.16
1.10
1.04
1.16
0.76
0.76
0.74
0.72
0.76
5.77
5.77
5.30
4.82
5.77
6.91
6.91
6.53
6.18
6.91
11.62
11.62
10.36
9.34
11.62
4.30
4.30
4.58
4.92
4.30
2970.0
11.1%
NIKKEI 225
1.57
1.57
1.47
1.37
1.57
0.75
0.75
0.73
0.71
0.75
9.28
9.28
8.56
7.84
9.28
8.98
8.98
8.31
7.83
8.98
18.31
18.31
16.25
14.66
18.31
1.59
1.59
1.74
1.88
1.59
14922.4
3.1%
FTSE 100 INDEX
1.70
1.70
1.59
1.48
1.70
0.96
0.96
0.93
0.96
0.96
8.36
8.36
7.68
7.02
8.36
6.94
6.94
6.41
6.04
6.94
12.08
12.08
11.00
10.19
12.08
3.88
3.88
4.18
4.52
3.88
7105.8
9.0%
SWISS MARKET INDEX
2.37
2.37
2.20
2.05
2.37
2.03
2.03
1.93
1.85
2.03
12.17
12.17
11.10
9.90
12.17
13.01
13.01
11.98
11.22
13.01
14.89
14.89
13.41
12.22
14.89
3.26
3.26
3.64
4.17
3.26
8622.8
8.5%
S&P/TSX COMPOSITE INDEX
1.63
1.63
1.52
1.41
1.63
1.39
1.39
1.43
1.48
1.39
8.21
8.21
7.41
6.14
8.21
8.33
8.33
7.37
6.80
8.33
14.15
14.15
12.48
11.35
14.15
3.30
3.30
3.45
3.61
3.30
14134.3
15.8%
S&P/ASX 200 INDEX
1.78
1.78
1.69
1.59
1.78
1.67
1.67
1.58
1.51
1.67
10.08
10.08
9.10
8.68
10.08
8.52
8.52
7.74
7.21
8.52
13.83
13.83
12.55
11.60
13.83
4.82
4.82
5.16
5.51
4.82
5201.8
6.6%
HANG SENG INDEX
1.23
1.23
1.13
1.07
1.23
1.59
1.59
1.47
1.36
1.59
7.38
7.38
7.02
6.52
7.38
7.57
7.57
6.94
6.30
7.57
9.82
9.82
9.03
8.29
9.82
3.92
3.92
4.23
4.64
3.92
24805.7
19.9%
MSCI EM
1.31
1.31
1.20
1.09
1.31
0.93
0.93
0.87
0.81
0.93
6.48
6.48
5.94
5.47
6.48
7.10
7.10
6.46
5.93
7.10
10.03
10.03
9.02
8.26
10.03
3.09
3.09
3.41
3.71
3.09
1120.1
23.6%
YOMA STRATEGIC HLDGS LTD
3.08
2.89
2.72
20.41
11.85
8.46
115.63
30.83
23.13
64.47
27.88
19.46
132.14
77.08
57.81
4.32
0.54
0.54
0.98
5.4%
PTT EXPLOR & PROD PUBLIC CO
2.04
1.77
1.56
1.42
3.12
2.78
2.56
2.56
6.01
5.43
5.30
4.52
4.08
3.70
3.76
3.87
10.07
9.97
9.51
10.18
3.64
3.80
4.06
3.68
179.40
10.7%
ITALIAN-THAI DEVELOPMENT PCL
2.16
1.77
1.68
1.77
0.37
0.33
0.30
0.26
8.60
154.81
25.80
17.94
13.80
0.10
0.57
0.96
1.77
6.91
65.2%
INTERRA RESOURCES LTD
2.37
2.23
2.05
5.38
4.96
4.58
42.09
34.44
27.06
EZION HOLDINGS LTD
3.31
2.46
1.90
1.42
10.53
4.89
3.14
THAI AIRWAYS INTERNATIONAL
0.67
0.61
0.56
0.53
0.22
0.21
0.19
THAI UNION FROZEN PROD PUB
1.71
1.57
1.45
1.36
0.58
0.56
CHAROEN POKPHAND FOODS PUB
2.12
1.86
1.70
1.54
0.62
AMATA CORP PUBLIC CO LTD
2.45
1.66
1.44
1.30
BANGKOK BANK PUBLIC CO LTD
1.34
1.20
1.10
1.01
KASIKORNBANK PCL
2.24
1.89
1.61
1.37
0.93
5.17
8.89
6.63
5.97
25.26
17.22
15.79
2.61
29.68
10.60
7.58
6.75
0.18
1.79
1.58
1.31
1.50
0.51
0.46
9.31
8.30
10.44
0.55
0.49
0.45
16.25
11.48
3.35
2.37
1.96
1.65
9.50
4.08
3.81
3.47
3.14
3.14
3.97
3.46
3.09
2.74
2.49
0.35
10.21
%D to Spot
8.89
8.66
12.14
11.27
28.90
12.23
7.45
5.78
24.07
13.39
8.17
6.38
0.17
0.06
0.06
0.06
2.78
22.1%
6.16
5.57
5.04
4.97
10.73
7.67
6.43
5.97
2.01
3.94
4.16
3.79
32.18
54.0%
9.60
10.27
10.89
8.83
7.68
6.91
11.82
12.97
10.13
8.67
3.85
3.77
4.80
5.69
69.78
25.2%
11.21
12.76
18.20
14.89
11.59
9.93
10.14
26.37
16.44
11.82
9.52
3.69
3.39
4.25
5.37
35.91
28.2%
8.96
5.23
5.46
11.56
8.10
6.64
6.11
14.42
10.05
8.15
8.06
2.81
3.97
4.90
5.23
29.23
76.1%
22.21
10.13
8.64
7.45
10.93
9.66
8.61
7.75
3.61
3.96
4.44
4.89
244.96
30.3%
11.88
10.12
8.54
7.28
11.76
9.86
8.53
7.47
1.98
2.18
2.65
3.15
235.55
36.2%
5.85
09.07.2013
Yoma Strategic Holdings Ltd

Yoma Strategic Holdings Ltd. develops real estate, sells private residential
properties, and designs, constructs and project manages real estate
developments in Myanmar and the People's Republic of China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.06.2013)
52-Week Low (30.07.2012)
Daily Volume
Current Price (7/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 09.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
YOMA SP EQUITY YTD Change
YOMA SP EQUITY YTD % CHANGE
03/2013
12/yy
1.05
0.36
39'075'000.00
0.925
-11.48%
156.94%
73.72%
1'157.1
1'070.33
28.78
0.0
38.7
106.18
1'031.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
m-11
31.03.2010
5
11.34x
0.5
111.56x
0.5
85.26x
Profitability
31.03.2011
11
3.42x
(0.0)
2.8
13.21x
LTM-4Q
31.03.2012
39
6.35x
8.2
30.18x
6.0
44.74x
31.03.2013
60
13.90x
18.4
45.70x
14.4
52.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
18.39
17.55
29.02%
26.53%
4.30%
5.33%
1.54%
0.19%
43.3%
30.1%
28.7%
23.9%
3.44
2.72
6.22%
8.05%
2.90
1.98
Price/ Cash Flow
12/yy
8
21.79x
0.9
48.82x
1
87.41x
j-11
j-11
a-11
LTM
12/yy
31
6.72x
4.8
21.07x
8
14.43x
s-11
o-11
n-11
d-11
j-12
f-12
FY+1
0.91
667.41
150.00%
30.28%
0.910
3
3.000
9'980'800
24'002'570
17'058'310
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1 09/13 Q2
90
127
11.96x
7.30x
37.0
53.0
27.88x
19.46x
15
21
77.08x
57.81x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
10.38
10.00
-4.38
1.63
8.1%
6.8%
0.19
0.38
125.66
184.55
134.15
169.48
Sales/Revenue/Turnover
400.00
18.0
350.00
16.0
300.00
14.0
12.0
250.00
10.0
200.00
8.0
150.00
6.0
100.00
4.0
50.00
2.0
0.00
04.04.2008
.0 M
a-11 m-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.03.2009
15
5.67x
(0.4)
1.5
0.47x
0.0
04.10.2008
04.04.2009
04.10.2009
04.04.2010
04.10.2010
04.04.2011
04.10.2011
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Yoma Strategic Holdings Ltd

Holdings By:
All
Holder Name
PUN SERGE
NOBLE GRAND INVESTME
Firm Name
Portfolio Name
n/a
n/a
Source
Co File
EXCH
Analyst
Recommendation
Amt Held
263'935'517
26'000'000
% Out
50.02
4.93
Weighting
Change
Latest Chg
(16'935'950)
Target Price
#N/A N/A
File Dt
17.06.2011
06.01.2010
Date
Inst Type
n/a
n/a
Date
09.07.2013
PTT Exploration & Production PCL

PTT Exploration and Production Public Company Limited explores for crude oil and
natural gas, develops fields for production, and produces oil and natural gas.
The Company is a subsidiary of the Petroleum Authority of Thailand.
Price/Volume
250
16.0 M
14.0 M
200
12.0 M
10.0 M
150
8.0 M
Valuation Analysis
100
Latest Fiscal Year:

LTM as of:
52-Week High (04.02.2013)
52-Week Low (22.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PTTEP TB EQUITY YTD Change
PTTEP TB EQUITY YTD % CHANGE
12/2012
12/yy
173.00
141.00
5'676'100.00
162
-6.36%
14.89%
64.06%
3'970.0
643'137.63
115'571.87
4'981.9
0.0
70'205.14
667'864.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2.0 M
0
m-11
.0 M
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
138'946.9
2.38x
98'153.8
3.38x
41'674.8
8.48x
6.0 M
50
31.12.2009
31.12.2010
119'962.0
140'655.7
4.16x
4.09x
72'289.0
100'172.8
6.91x
5.75x
22'153.6
43'773.8
21.97x
12.72x
Profitability
LTM-4Q
31.12.2011
169'645.8
3.77x
120'864.3
5.29x
44'748.1
12.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
212'536.7
3.28x
153'116.8
4.55x
57'316.0
9.60x
153'116.82
106'999.06
50.34%
46.79%
11.04%
22.78%
16.60%
0.41%
78.2%
72.4%
50.5%
27.0%
1.70
1.40
19.21%
35.77%
9.66
5.00
Price/ Cash Flow
LTM
FY+1
0.88
1'218.10
-0.32%
0.63%
0.884
33
4.364
7'974'180
7'055'410
6'029'714
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
140'655.7 169'645.8 231'175.3 251'673.0
55'904.2
61'410.0
14.94x
14.70x
2.97x
2.69x
100'172.8 120'864.3 163'606.1 180'295.0
39'804.3
43'831.5
5.75x
5.29x
4.08x
3.70x
43'773.8
44'748.1
64'135.3
67'412.2
15'578.3
16'164.5
12.72x
12.50x
9.97x
9.51x
10.60x
10.50x
S&P Issuer Ratings
17.02.2011
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
26.34
11.34
Net Debt/EBITDA
0.12
Total Debt/EBITDA
0.70
Reference
Total Debt/Equity
35.8%
Total Debt/Capital
26.0%
Asset Turnover
0.41
0.69
37.80
Inventory Days
72.97
30.81
97.39
14.00
180'000.0
12.00
160'000.0
140'000.0
10.00
120'000.0
8.00
100'000.0
6.00
80'000.0
60'000.0
4.00
40'000.0
2.00
0.00
02.01.2009
20'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
PTT Exploration & Production PCL

Holdings By:
All
Holder Name
PTT PCL
STATE STREET BANK AN
BNP PARIBAS SEC SERV
THAI NVDR CO LTD
ABERDEEN ASSET MANAG
STATE STREET BANK EU
BNP PARIBAS SEC SERV
SOCIAL SECURITY OFFI
VANGUARD GROUP INC
BANK OF NEW YORK MEL
GOVT OF SINGAPORE IN
TMB ASSET MANAGEMENT
LAZARD ASSET MANAGEM
DANSKE INVEST A/S
INVESTEC ASSET MANAG
MORGAN STANLEY
THRIVENT FINANCIAL F
CREDIT SUISSE ASSET
AIG INVESTMENT CORP
KWANGSUKSTITH CHITRA
Firm Name
Asia Plus Securities
Sanford C. Bernstein & Co
DBS Vickers
BNP Paribas Equity Research
Credit Suisse
IV Global
Kim Eng Securities
KGI Securities
Krungsri Securities
UOB Kay Hian
JPMorgan
CLSA Asia Pacific Markets
CIMB
Morgan Stanley
Capital Nomura Securities
KT Zmico Securities
Daiwa Securities Capital Markets Co.
SCB Securities Co. Ltd.
Bualuang Securities
Kasikorn Securities
EVA Dimensions
Goldman Sachs
Trinity Securities Co Ltd
Phillip Securities
Thanachart Securities PCL
Country Group Securities PCL
Deutsche Bank
Globlex Securities Co Ltd
Macquarie
Citi
KTB Securities Thailand Co Ltd
Finansia Syrus Securities PCL
Standard Chartered
Nomura
RBS
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Source
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Recommendation
NALINRAT KITTIKUMPOLRAT
buy
NEIL BEVERIDGE
market perform
NAPHAT CHANTARASEREKUL
hold
NITHI WANIKPUN
buy
PAWORAMON SUVARNATEMEE
underperform
KANNIKA SIAMWALLA
buy
SUTTHICHAI KUMWORACHAI
hold
PIYATHIDA VONGVIVATHCHAI
outperform
CHARNVUT TAECHA-AMORNTANAKIJ
trading
ATHAPORN ARAYASANTIPARB
hold
SUKIT CHAWALITAKUL
overweight
NARONGPAND LISAHAPANYA
outperform
SUWAT SINSADOK
trading buy
MAYANK MAHESHWARI
Equalwt/In-Line
PATCHARIN KARSEMARNUNTANA
neutral
JAKAPONG CHAWENGSRI
sell on strength
ADRIAN LOH
buy
CHAIPAT THANAWATTANO
buy
THANATTHEP CHANTARAKARN
hold
TANAPORN VISARUTHAPHONG
neutral
TEAM COVERAGE
buy
PATRICK TIAH
neutral/neutral
VAJIRALUX SANGLERDSILLAPACHAI
buy
RUTSADA TWEESAENGSAKULTHAI
buy
YOUSSEF ABBOUD
hold
MONGKOL PUANGPETRA
buy
THAPANA PHANICH
hold
ARTIT JANSAWANG
buy
TREVOR BUCHINSKI
outperform
JIMMY B WONG
sell
PARIN KITCHATORNPITAK
buy
SONGKLOD WONGCHAI
buy
YOSSAVEE SUTTIKULPANICH
outperform
STEWART CALLAGHAN
suspended coverage
AVIN SONY
hold
Amt Held
2'167'500'700
70'150'493
69'183'045
66'918'614
48'623'245
42'840'022
38'780'300
31'938'700
24'262'641
20'491'800
16'895'400
8'679'600
3'700'950
2'787'810
2'526'271
1'677'600
837'100
800'000
800'000
382'000
% Out
65.29
2.11
2.08
2.02
1.46
1.29
1.17
0.96
0.73
0.62
0.51
0.26
0.11
0.08
0.08
0.05
0.03
0.02
0.02
0.01
Weighting
Change
5
3
3
5
1
5
3
5
2
3
5
5
5
3
3
1
5
5
3
3
5
3
5
5
3
5
3
5
5
1
5
5
5
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(1'724'000)
398'300
(587'700)
6'400
237'000
-
Target Price
225
200
172
230
169
212
174
212
173
165
206
179
195
170
#N/A N/A
189
216
220
170
180
#N/A N/A
192
209
198
176
190
190
192
199
150
196
200
200
#N/A N/A
180
File Dt
Inst Type
16.08.2011
Government
16.08.2011
Bank
16.08.2011
Investment Advisor
16.08.2011
Corporation
29.02.2012
Investment Advisor
16.08.2011
n/a
16.08.2011
Investment Advisor
16.08.2011
Unclassified
31.12.2011
Investment Advisor
16.08.2011
Investment Advisor
16.08.2011
Government
29.02.2012
Unclassified
31.01.2012
Investment Advisor
31.01.2012
Unclassified
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.10.2011
Investment Advisor
26.01.2012 Mutual Fund Manager
31.12.2010
Investment Advisor
01.01.2011
n/a
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
16.03.2012
16.03.2012
14.03.2012
13.03.2012
12.03.2012
12.03.2012
09.03.2012
08.03.2012
08.03.2012
08.03.2012
01.03.2012
01.03.2012
29.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
22.02.2012
07.02.2012
02.02.2012
01.02.2012
01.02.2012
25.01.2012
20.01.2012
10.01.2012
06.01.2012
13.12.2011
28.10.2011
27.10.2011
12.09.2011
11.09.2011
19.07.2011
09.07.2013
Italian-Thai Development PCL

Italian-Thai Development Public Company Limited involves in construction,
project management, and engineering and design of large-scale civil works and
infrastructure projects in Thailand and Southeast Asia. The Company's projects
include industrial plants, building, pipelines, transportation, airport work,
dams, tunnels, steel structures and telecommunications.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITD TB EQUITY YTD Change
ITD TB EQUITY YTD % CHANGE
12/2012
12/yy
9.90
3.04
15'941'300.00
4.18
-57.78%
37.50%
16.03%
4'193.7
17'529.57
29'446.46
0.0
778.6
2'401.71
43'272.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
700.0 M
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
.0 M
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
42'854.5
0.68x
816.6
35.93x
(2'655.9)
-
5
5
4
4
3
3
2
2
1
1
0
m-11
31.12.2009
31.12.2010
40'296.8
36'076.3
0.84x
1.13x
1'859.8
1'748.1
18.12x
23.40x
(1'820.9)
297.9
66.29x
Profitability
LTM-4Q
31.12.2011
44'247.3
0.86x
2'266.7
16.78x
(1'698.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
46'290.9
0.98x
3'935.3
11.55x
126.2
140.00x
3'935.28
2'149.46
4.64%
0.69%
1.09%
7.40%
6.01%
0.78%
11.1%
8.9%
4.9%
0.3%
1.06
0.37
50.32%
337.03%
3.92
9.58
Price/ Cash Flow
LTM
12/yy
36'073.4
4.21x
1'722.8
23.74x
263.8
68.73x
12/yy
44'247.3
3.48x
2'266.7
16.78x
(1'698.5)
0.00x
FY+1
1.46
1'999.85
35.71%
-0.48%
1.460
14
3.571
52'904'580
#########
#########
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
52'951.9
59'375.0
0.89x
0.82x
4'868.6
4'997.9
8.89x
8.66x
719.6
1'029.2
25.80x
17.94x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.72
0.64
6.16
6.77
337.0%
75.6%
0.78
2.52
93.12
38.09
80.13
35.59
35.00
50'000.0
45'000.0
30.00
40'000.0
25.00
35'000.0
30'000.0
20.00
25'000.0
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
0.00
02.01.2009
5'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Italian-Thai Development PCL

Holdings By:
All
Holder Name
KARNASUTA PREMCHAI
CHARANACHITTA NIJAPO
THAI NVDR CO LTD
VINICHBUTR DIREK
JURANGKOOL THAVEECHA
ROENGPITHYA CHAYAPOR
TFB FOR MFC-THAI FUN
KARNASUTA PIYACHAI
CPK INTERNATIONAL CO
KARNASUTA CHAMAIMAS
CHARANACHITTA JITRAP
CHARANACHITTA WALAIT
KARNASUTA PEETI
NORTHERN TRUST CORPO
KARNASUTA PRATCHAYA
PANSAICHUE PRAVIT
SAKULCHAIWANICH CHAI
PANRATTANAMONGKOL VI
Firm Name
IV Global
Credit Suisse
DBS Vickers
CIMB
Bualuang Securities
Kasikorn Securities
TISCO Securities Co., Ltd
JPMorgan
Phillip Securities
AIRA SECURITIES
EVA Dimensions
UOB Kay Hian
RBS
Krungsri Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
KANCHAN KHANIJOU
RAENOO BHANDASUKDI
RATTANA LEENUTAPHONG
CHAI TECHAKUMPUCH
SURACHAI PRAMUALCHAROENKIT
PRASIT RATTANAKIJKAMOL
CHANPEN SIRITHANARATTANAKUL
KASEM PRUNRATANAMALA
CHAIYATORN SRICHAROEN
SORAPONG JAKTEERUGKUL
SANSANEE SRIJAMJUREE
DOME KUNPRAYOONSAWAD
MARIA BRENDA SANCHEZ LAPIZ
DANAI TUNYAPISITCHAI
CHITRADA LEKHRAPHAN
WORARAT POWPAKA
TEAM COVERAGE
KOWIT PONGWINYOO
GIFT SRISOMBURANANONT
CHATREE SRISMAICHAROEN
ARTIT JANSAWANG
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
Recommendation
neutral
neutral
sell
underperform
trading buy
hold
fully valued
underperform
sell
underperform
hold
trading buy
underweight
sell
speculative
hold
sell
buy
buy
sell
trading buy
Amt Held
820'484'470
464'593'640
193'803'532
107'152'509
54'000'000
45'500'000
44'088'000
43'955'900
41'591'750
34'680'000
34'112'150
33'400'000
33'400'000
33'274'790
32'065'500
32'064'000
28'824'400
28'369'400
25'350'000
24'000'000
% Out
19.56
11.08
4.62
2.56
1.29
1.08
1.05
1.05
0.99
0.83
0.81
0.8
0.8
0.79
0.76
0.76
0.69
0.68
0.6
0.57
Weighting
Change
3
3
1
1
5
3
2
1
1
1
3
5
1
1
#N/A N/A
3
1
5
5
1
5
M
D
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(12'791'300)
-
Target Price
4
#N/A N/A
4
3
5
4
3
3
3
3
4
4
2
4
4
4
#N/A N/A
5
5
6
4
File Dt
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
31.12.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
11.04.2011
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
n/a
Bank
Corporation
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Government
n/a
n/a
n/a
Date
12.03.2012
05.03.2012
05.03.2012
02.03.2012
02.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
01.03.2012
29.02.2012
25.01.2012
12.01.2012
27.12.2011
27.12.2011
22.12.2011
30.11.2011
17.11.2011
01.06.2011
24.12.2010
02.08.2010
09.07.2013
Interra Resources Ltd

Interra Resources Limited's principal activities are mainly the exploration and
extraction of petroleum in Myanmar. The company owns the rights to operate two
oil fields in Myanmar.
Price/Volume
0
90.0 M
80.0 M
70.0 M
60.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (27.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITRR SP EQUITY YTD Change
ITRR SP EQUITY YTD % CHANGE
12/2012
12/yy
0.60
0.31
8'534'000.00
0.485
-18.49%
56.55%
59.68%
446.2
216.39
0.00
0.0
0.0
16.74
157.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
30.0 M
20.0 M
10.0 M
0
m-11
.0 M
a-11
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
17.5
0.15x
4.7
0.57x
1.7
10.02x
50.0 M
31.12.2009
31.12.2010
12.6
14.9
1.75x
0.67x
3.2
4.9
6.87x
2.01x
1.5
1.7
24.76x
16.38x
Profitability
LTM-4Q
31.12.2011
24.8
0.43x
4.9
2.16x
8.9
2.40x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
30.4
10.0
3.0
43.51x
9.39
4.72
15.53%
17.56%
3.72%
4.74%
4.74%
0.39%
34.4%
32.9%
16.6%
10.0%
2.06
1.31
0.00%
0.00%
5.18
4.09
Price/ Cash Flow
12/yy
14.9
3.10x
9.4
0.99x
1.7
16.43x
LTM
12/yy
24.8
1.28x
6.3
0.00x
8.9
2.48x
FY+1
1.40
308.39
40.54%
19.75%
1.397
0
6'649'400
10'920'330
9'714'703
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
34.1
36.9
4.84x
4.45x
13.0
14.0
12.14x
11.27x
4.5
6.0
34.44x
27.06x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1.11
0.00
0.0%
0.0%
0.39
1.15
70.45
89.25
93.85
104.38
18.00
30.0
16.00
25.0
14.00
20.0
12.00
10.00
15.0
8.00
10.0
6.00
4.00
5.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Interra Resources Ltd

Holdings By:
All
Holder Name
FLEUR ENTERPRISES LT
ADRC LTD
SUMODIKORO SUBIANTO
BUCKLER ALLAN CHARLE
SARATOGA EQUITY PART
TARGETT LUKE CHRISTO
ADM GALLEUS FUND I L
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
EXCH
Co File
EXCH
EXCH
EXCH
Co File
EXCH
Analyst
Recommendation
Amt Held
51'349'000
38'426'214
35'000'000
3'945'600
1'560'000
40'000
-
% Out
17.38
13.01
11.85
1.34
0.53
0.01
0
Weighting
Change
Latest Chg
12'961'000
5'000'000
(17'961'000)
Target Price
#N/A N/A
File Dt
22.07.2011
23.03.2010
22.07.2011
06.02.2012
22.07.2011
19.06.2009
22.07.2011
Date
Inst Type
Other
Corporation
n/a
n/a
n/a
n/a
n/a
Date
09.07.2013
Ezion Holdings Ltd

Ezion Holdings Limited offers provision of offshore marine logistics and support
services, and provides development, ownership, and chartering of strategic
offshore assets.
Price/Volume
1
180.0 M
160.0 M
140.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EZI SP EQUITY YTD Change
EZI SP EQUITY YTD % CHANGE
12/2012
12/yy
2.45
0.91
8'725'000.00
2.28
-6.94%
151.93%
87.06%
963.5
2'196.73
564.50
11.1
0.0
133.50
2'382.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
m-11
.0 M
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
22.0
3.57x
9.2
8.51x
5.7
15.20x
120.0 M
31.12.2009
31.12.2010
50.7
111.1
7.43x
3.88x
19.3
40.9
19.51x
10.54x
11.8
38.1
30.56x
9.75x
Profitability
LTM-4Q
31.12.2011
107.0
4.89x
60.2
8.69x
58.1
6.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
158.7
10.72x
74.1
22.97x
78.8
14.50x
70.97
54.38
34.27%
52.16%
10.41%
24.04%
12.43%
0.17%
44.6%
51.4%
37.4%
49.7%
1.72
1.21
47.12%
104.21%
3.47
-
Price/ Cash Flow
12/yy
97.5
18.21x
24.7
17.64x
33.7
11.08x
LTM
12/yy
102.3
16.01x
49.0
9.35x
53.2
6.83x
FY+1
1.36
802.99
145.28%
34.98%
1.358
14
4.714
6'372'600
9'420'467
7'549'953
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
351.2
547.1
7.43x
4.99x
194.8
319.8
12.23x
7.45x
129.3
211.5
13.39x
8.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.12
-76.15
5.93
7.51
104.2%
50.5%
0.17
0.27
105.29
145.59
-
70.00
120.0
60.00
100.0
50.00
80.0
40.00
60.0
30.00
40.0
20.00
20.0
10.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Ezion Holdings Ltd

Holdings By:
All
Holder Name
THIAM KENG CHEW
FRANKLIN RESOURCES I
HAVENPORT ASSET MANA
EZRA HOLDINGS LTD
LEGG MASON INC
LEGG MASON INTERNATI
NYLECT HOLDINGS PTE
APG ALGEMENE PENSIOE
UNIQUE COUNSEL LTD
FIRST STATE INVESTME
ICON ADVISERS INC
ECCLESIASTICAL INSUR
LEOK PENG SIM
FIRST STATE INVESTME
LION GLOBAL INVESTOR
VANGUARD GROUP INC
CARRET ASSET MANAGEM
THEAN EE LIM
EZION HOLDINGS LTD
TAN KENG SIN
Firm Name
DMG & Partners Securities
OCBC Investment Research
UOB Kay Hian
CIMB
DBS Vickers
EVA Dimensions
Standard Chartered
Kim Eng Securities
DNB Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
CARRET ASSET MANAGEM
n/a
n/a
n/a
Analyst
JASON SAW
LOW PEI HAN
NANCY WEI
CAROLINE MAES
ZHIBIN YEO
JEREMY THIA
TEAM COVERAGE
LEONG WAI MUN
ROHAN SUPPIAH
KAY LIM
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
13F
Co File
Co File
EXCH
Recommendation
buy
buy
buy
buy
outperform
buy
hold
outperform
buy
buy
Amt Held
171'020'000
55'899'000
50'625'000
40'000'000
34'838'000
27'949'000
26'072'000
16'818'000
11'780'000
10'000'000
6'241'000
6'000'000
4'000'000
2'424'000
2'127'000
2'101'330
2'044'000
1'200'000
570'000
500'000
% Out
20.57
6.72
6.09
4.81
4.19
3.36
3.14
2.02
1.42
1.2
0.75
0.72
0.48
0.29
0.26
0.25
0.25
0.14
0.07
0.06
Weighting
Change
5
5
5
5
5
5
3
5
5
5
M
M
M
M
M
M
D
M
M
M
Latest Chg
110'000'000
12'801'000
2'701'000
(60'000'000)
(3'818'000)
(10'000'000)
(30'000'000)
177'000
(55'000)
-
Target Price
1
1
1
2
1
1
#N/A N/A
1
1
1
File Dt
07.03.2012
23.02.2012
06.02.2012
29.02.2012
08.02.2011
31.03.2011
08.06.2009
05.07.2010
18.12.2008
31.10.2011
31.12.2011
31.12.2011
12.02.2009
31.10.2011
31.12.2010
31.12.2011
31.12.2011
21.01.2011
14.03.2011
06.02.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
n/a
Investment Advisor
n/a
Corporation
Investment Advisor
Mutual Fund Manager
n/a
Pension Fund (ERISA)
n/a
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Corporation
n/a
Date
12.03.2012
08.03.2012
08.03.2012
08.03.2012
07.03.2012
06.03.2012
06.03.2012
05.03.2012
23.02.2012
23.02.2012
09.07.2013
Thai Airways International PCL

Thai Airways International Public Company Limited is Thailand's national
airline providing air transportation, freight and mail services on domestic
and international routes including Asia, Europe, North America, Africa and
South West Pacific. The Company is a state enterprise which is controlled by
the government and partly owned by the public.
Price/Volume
45
60.0 M
40
50.0 M
35
30
40.0 M
25
12/2012
12/yy
35.00
19.50
8'741'200.00
20.9
-40.29%
7.18%
6.45%
2'182.8
45'619.93
158'685.38
0.0
898.5
21'758.11
180'381.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
20.0 M
10
10.0 M
5
0
m-11
.0 M
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
200'118.0
0.76x
9'301.8
16.33x
(21'379.5)
-
30.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.06.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
THAI TB EQUITY YTD Change
THAI TB EQUITY YTD % CHANGE
31.12.2009
31.12.2010
161'602.7
180'588.7
1.07x
1.19x
30'214.0
32'314.0
5.73x
6.66x
7'343.6
14'743.6
4.31x
6.08x
Profitability
LTM-4Q
31.12.2011
190'997.2
0.89x
19'446.3
8.70x
(10'197.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
209'122.5
0.89x
27'650.0
6.73x
6'229.0
7.75x
27'649.98
7'115.15
3.40%
3.40%
3.69%
15.08%
8.50%
0.72%
51.5%
13.0%
3.4%
3.0%
0.87
0.45
52.18%
230.25%
12.67
12.78
Price/ Cash Flow
LTM
FY+1
1.26
941.26
2.41%
-3.61%
1.260
24
3.875
9'935'560
13'827'650
13'135'700
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
180'588.7 190'997.2 221'045.9 236'603.7
50'471.5
54'684.0
4.28x
3.72x
0.90x
0.85x
30'571.3
18'543.3
32'395.6
35'813.3
3'717.0
7'309.0
7.04x
9.12x
5.57x
5.04x
14'743.6 (10'197.0)
5'955.2
7'056.4
(1'463.3)
2'143.0
5.65x
77.52x
7.67x
6.43x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.74
1.59
4.91
5.60
230.2%
69.4%
0.72
0.98
28.82
28.55
25.22
34.26
12.00
250'000.0
10.00
200'000.0
8.00
150'000.0
6.00
100'000.0
4.00
50'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Thai Airways International PCL

Holdings By:
All
Holder Name
FINANCE MINISTRY
VAYUPAK FUND I
THAI NVDR CO LTD
GOVT SAVINGS BANK FU
MORGAN STANLEY
SOMERS LTD
VANGUARD GROUP INC
TD ASSET MANAGEMENT
JULIUS BAER MULTICOO
PRUDENTIAL FINANCIAL
VALIC CO I
MESIROW FIN INV MGMT
SHINHAN BNP PARIBAS
MIGDAL ASSET MANAGEM
NORTHWESTERN MUTUAL
ING INVESTMENT MANAG
WELLS FARGO BANK NAT
Firm Name
Kasikorn Securities
HSBC
EVA Dimensions
Kim Eng Securities
Phillip Securities
Krungsri Securities
CIMB
UOB Kay Hian
Credit Suisse
KGI Securities
DBS Vickers
OSK (Asia) Securities
Macquarie
Morgan Stanley
Standard Chartered
KT Zmico Securities
Goldman Sachs
Citi
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
MESIROW FIN INV MGMT
Multiple Portfolios
Multiple Portfolios
NORTHWESTERN MUTUAL
Multiple Portfolios
Multiple Portfolios
Analyst
SOMKIJ ORANCHATCHAWAN
MARK CARMERON ROSS WEBB
TEAM COVERAGE
JAROONPAN WATTANAWONG
SIAM TIYANONT
SITTIDATH PRASERTRUNGRUANG
RAENOO BHANDASUKDI
MONCHAI JATURANPINYO
K AJITH
KAWEE MANITSUPAWONG
CHAI TECHAKUMPUCH
PHATIPAK NAVAWATANA
NALYNE VIRIYASATHIEN
AHMAD MAGHFUR USMAN
SIRIMA DISSARA
AMNART NGOSAWANG
DAVID GAMBRILL
SOPHIE LOH
VARAYU WATTANASIRI
SAKSID PHADTHANANARAK
TAN WEI LING
TERAPATR MATHANUKRAW
HINO LAM
RIGAN WONG
PHONTEP WONGNAK
MONCHAI MOKARANURAKSA
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
Recommendation
outperform
overweight
underweight
speculative buy
buy
buy
buy
neutral
sell
hold
outperform
neutral
buy
sell
buy
buy
neutral
Equalwt/In-Line
buy
sell
underperform
buy
neutral/neutral
neutral
buy
buy
Amt Held
1'113'931'061
330'075'164
99'706'482
52'114'826
44'160'124
29'056'370
17'259'518
13'284'504
5'559'563
3'655'557
516'100
460'630
324'900
302'300
201'612
101'443
80'069
68'900
38'200
37'858
% Out
51.03
15.12
4.57
2.39
2.02
1.33
0.79
0.61
0.25
0.17
0.02
0.02
0.01
0.01
0.01
0
0
0
0
0
Weighting
Change
5
5
1
4
5
5
5
3
1
3
5
3
5
1
5
5
3
3
5
1
1
5
3
3
5
5
M
N
U
M
M
U
M
M
D
M
M
M
M
M
M
M
D
M
U
M
M
M
M
M
U
M
Latest Chg
8'375'100
(381'500)
(10'943'000)
516'100
180
302'300
201'612
101'443
30'700
(800)
143
Target Price
30
32
#N/A N/A
32
34
35
#N/A N/A
23
23
26
31
30
32
21
29
31
27
18
27
18
16
31
21
19
34
45
File Dt
Inst Type
16.03.2011
Government
16.03.2011
Investment Advisor
16.03.2011
Corporation
16.03.2011
Unclassified
16.03.2011
Bank
16.03.2011
Investment Advisor
31.12.2011
Investment Advisor
16.03.2011
Other
29.02.2012
Unclassified
31.12.2011
Investment Advisor
30.06.2011
Investment Advisor
31.10.2011 Mutual Fund Manager
30.11.2011
Investment Advisor
30.11.2011
Investment Advisor
31.12.2011
Investment Advisor
30.09.2011
Investment Advisor
30.11.2011
Investment Advisor
30.09.2011
Insurance Company
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Date
19.03.2012
12.03.2012
12.03.2012
09.03.2012
08.03.2012
08.03.2012
05.03.2012
05.03.2012
28.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
27.02.2012
14.02.2012
02.02.2012
25.01.2012
20.01.2012
05.01.2012
25.11.2011
13.11.2011
27.10.2011
15.08.2011
18.04.2011
09.07.2013
Thai Union Frozen Products PCL

Thai Union Frozen Products Public Company Limited produces and exports frozen
and canned seafood products including frozen tuna loin, shrimp and cephalopod.
The Company also produces canned pet foods from by products of its seafood
process. Additionally, the Company produces fish snack and canned tuna which
are marketed locally.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (25.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TUF TB EQUITY YTD Change
TUF TB EQUITY YTD % CHANGE
12/2012
12/yy
77.75
55.00
1'597'300.00
55.75
-28.30%
1.36%
6.59%
1'147.6
63'978.36
35'008.44
0.0
3'128.2
1'400.04
103'774.61
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
70
14.0 M
60
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-11
.0 M
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
69'048.1
0.50x
3'910.5
8.91x
2'200.5
7.69x
80
31.12.2009
31.12.2010
68'994.5
71'507.4
0.58x
1.24x
5'242.8
4'754.2
7.69x
18.70x
3'343.8
2'873.7
7.98x
16.41x
Profitability
LTM-4Q
31.12.2011
98'670.4
0.99x
9'378.1
10.39x
5'117.2
10.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
106'697.6
1.12x
9'519.2
12.54x
4'693.7
16.40x
9'519.21
6'869.19
6.44%
5.24%
4.25%
12.39%
9.14%
1.15%
15.3%
7.5%
5.0%
4.4%
1.36
0.37
36.94%
94.07%
8.96
2.99
Price/ Cash Flow
LTM
FY+1
0.70
506.94
-22.79%
-21.35%
0.695
28
4.429
1'614'920
2'630'397
3'033'681
FY+2
FQ+1
FQ+2
12/yy
71'507.4
3.56x
4'649.3
19.12x
2'873.7
16.48x
12/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
98'670.4 114'523.9 126'199.9
27'294.0
29'568.0
3.62x
0.86x
0.77x
9'266.9
9'530.7
11'751.1
2'015.0
2'699.0
10.52x
10.89x
8.83x
5'074.5
5'111.2
6'498.6
757.5
1'694.0
11.04x
12.97x
10.13x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.09
2.53
4.51
4.74
94.1%
46.5%
1.15
5.68
40.76
122.21
30.23
130.50
140.00
120'000.0
120.00
100'000.0
100.00
80'000.0
80.00
60'000.0
60.00
40'000.0
40.00
20'000.0
20.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Thai Union Frozen Products PCL

Holdings By:
All
Holder Name
CHANSIRI KRAISORN
MITSUBISHI CORP
CHANSIRI THIRAPHONG
NIRUTTINANON CHENG
CHANSIRI BUSAKORN
THAI NVDR CO LTD
MERRILL LYNCH INTERN
CHANSIRI DISPHOL
CHANSIRI PORNAPA
HAGOROMO FOODS CORP
TIN KING CHAN
CHOY YUEN CHU
AMERICAN INTERNATION
NIRUTTINANON CHINTAN
BOONMECHOTE RITTIRON
BOONMECHOTE PRASERT
SOMERS LTD
Firm Name
Deutsche Bank
Kim Eng Securities
Bualuang Securities
DBS Vickers
CIMB
Phillip Securities
UOB Kay Hian
IV Global
Kasikorn Securities
Credit Suisse
Standard Chartered
Macquarie
Krungsri Securities
AIRA SECURITIES
JPMorgan
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
EXCH
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Analyst
CHALINEE CONGMUANG
SUTTATIP PEERASUB
PRASIT SUJIRAVORAKUL
THIPTAWAT SUWANTAMARONG
JAKKAPUN PORNPUNNARATH
NAREE APISAWAITTKAN
SUREEPORN TEEWASUWET
JITIMA RATANATAM
KARIM SALAMATIAN
NIRGUNAN TIRUCHELVAM
PLOENJAI JIRAJARUS
BUNLUNG WAIYANONT
NUTTAPON KUMNOUNPHON
AUNGKANA TUNGWIKROMKRAI
WANNAPPA ASAVATEVAVITH
TEAM COVERAGE
Recommendation
buy
buy
buy
buy
buy
outperform
buy
buy
buy
buy
buy
buy
outperform
outperform
neutral
neutral
buy
buy
strong buy
buy
long-term buy
underweight
buy
sell
Amt Held
85'872'509
72'446'900
55'416'482
47'123'265
36'409'507
31'598'015
31'340'000
27'226'619
24'778'142
22'574'760
18'900'000
18'553'327
18'316'664
15'000'142
14'000'007
13'100'000
12'958'436
12'053'000
10'787'800
10'344'715
% Out
8.98
7.58
5.79
4.93
3.81
3.3
3.28
2.85
2.59
2.36
1.98
1.94
1.92
1.57
1.46
1.37
1.36
1.26
1.13
1.08
Latest Chg
-
Weighting
Change
Target Price
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
3
5
5
5
5
5
1
5
1
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
73
80
82
80
81
86
80
75
74
76
75
80
85
81
#N/A N/A
60
77
81
88
80
64
53
65
#N/A N/A
File Dt
25.03.2011
31.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
31.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
25.03.2011
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
Not Provided
Inst Type
n/a
Corporation
n/a
n/a
n/a
Corporation
Bank
Unclassified
n/a
n/a
Corporation
n/a
n/a
Insurance Company
n/a
n/a
Bank
n/a
Investment Advisor
Other
Date
09.03.2012
09.03.2012
09.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
07.03.2012
06.03.2012
22.02.2012
22.02.2012
10.02.2012
09.02.2012
08.02.2012
31.01.2012
25.01.2012
23.01.2012
16.12.2011
30.11.2011
09.07.2013
Charoen Pokphand Foods PCL

Charoen Pokphand Foods Public Company Limited produces a wide range of food
products. The Company's products include chicken, pork, shrimp, fish, eggs.
and duck.
Price/Volume
40
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.11.2012)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CPF TB EQUITY YTD Change
CPF TB EQUITY YTD % CHANGE
12/2012
12/yy
37.00
21.60
50'915'400.00
28
-24.32%
29.63%
33.44%
7'742.9
216'802.38
146'202.65
0.0
16'259.0
12'258.40
378'525.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-11
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
156'237.6
0.42x
8'067.5
8.20x
3'128.4
7.23x
15
31.12.2009
31.12.2010
165'063.0
189'048.5
0.70x
1.09x
16'147.8
16'863.9
7.17x
12.24x
10'190.2
13'562.6
7.50x
12.11x
Profitability
LTM-4Q
31.12.2011
206'099.5
1.36x
19'442.1
14.44x
16'116.9
13.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
357'175.2
1.11x
15'453.8
25.67x
18'789.9
13.03x
15'453.78
8'077.37
2.26%
6.63%
2.56%
7.55%
5.93%
1.23%
11.6%
3.3%
1.2%
5.3%
1.15
0.37
47.08%
139.88%
17.86
7.13
Price/ Cash Flow
LTM
FY+1
0.92
3'678.34
-17.20%
-15.68%
0.924
29
4.414
19'955'720
24'826'130
23'910'550
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
189'048.5 206'099.5 395'004.1 438'243.2
98'881.7
97'711.0
3.94x
4.69x
0.92x
0.84x
16'863.9
19'442.1
25'415.9
32'664.8
4'741.5
4'253.0
12.24x
13.77x
14.89x
11.59x
13'562.6
15'837.0
13'205.6
17'919.0
2'507.0
3'317.0
12.11x
13.87x
16.44x
11.82x
12.87x
11.27x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.42
-0.74
11.89
13.24
139.9%
54.8%
1.23
4.38
20.44
51.20
19.56
43.01
18.00
250'000.0
16.00
200'000.0
14.00
12.00
150'000.0
10.00
8.00
100'000.0
6.00
50'000.0
4.00
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Charoen Pokphand Foods PCL

Holdings By:
All
Holder Name
CHAROEN POKPHAND GRO
THAI NVDR CO LTD
UBS AG/LONDON
BANGKOK AGRO-INDL PR
JIRAPUMMIN WALAIPORN
TIEANWORN PRIN
BANGKOK PRODUCES PCL
BANGKOK FOOD PRODUCT
VANGUARD GROUP INC
UBS AG/HONG KONG
UOB-KAY HIAN PTE LTD
SOMERS LTD
PRINCIPAL FINANCIAL
KANCHANADUL VEERAVAT
ARUNANONDCHAI SUNTHO
WATCHARANANAN ARUNEE
Firm Name
Morgan Stanley
Phillip Securities
Kim Eng Securities
Bualuang Securities
EVA Dimensions
CIMB
Krungsri Securities
Standard Chartered
Credit Suisse
DBS Vickers
IV Global
Kasikorn Securities
Macquarie
Deutsche Bank
UOB Kay Hian
JPMorgan
KT Zmico Securities
AIRA SECURITIES
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
DIVYA GANGAHAR KOTHIYAL
NAREE APISAWAITTKAN
PATTAWAN PHANUSSOPAKUL
SUTTATIP PEERASUB
PRASIT SUJIRAVORAKUL
TEAM COVERAGE
JAKKAPUN PORNPUNNARATH
NIRGUNAN TIRUCHELVAM
THIPTAWAT SUWANTAMARONG
CHAI TECHAKUMPUCH
KANCHAN KHANIJOU
SUREEPORN TEEWASUWET
JITIMA RATANATAM
PLOENJAI JIRAJARUS
BUNLUNG WAIYANONT
CHALINEE CONGMUANG
POLASIT TANPOONKIAT
NATTAPON KUMNUALPHON
SARACHADA SORNSONG
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
Co File
Co File
Co File
Recommendation
Underwt/In-Line
accumulate
buy
buy
trading buy
hold
outperform
buy
trading
underperform
buy
outperform
buy
buy
buy
buy
buy
neutral
outperform
buy
strong buy
buy
trading buy
overweight
buy
buy on weakness
buy
Amt Held
3'246'891'295
391'234'737
288'490'080
145'684'000
128'100'000
109'275'580
95'400'000
90'827'900
82'885'000
69'110'720
67'736'744
64'889'500
57'250'000
50'295'200
37'823'300
19'153'800
18'784'400
16'915'170
14'748'299
7'639'999
% Out
41.93
5.05
3.73
1.88
1.65
1.41
1.23
1.17
1.07
0.89
0.87
0.84
0.74
0.65
0.49
0.25
0.24
0.22
0.19
0.1
Weighting
Change
1
4
5
5
5
3
5
5
2
1
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
N
U
M
M
M
U
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
2'599'400
(1'313'700)
402'600
-
Target Price
34
39
42
39
38
#N/A N/A
48
45
37
29
47
48
42
45
42
42
42
#N/A N/A
43
41
37
40
37
39
40
38
40
File Dt
25.08.2011
25.08.2011
25.08.2011
25.08.2011
25.08.2011
25.08.2011
25.08.2011
25.08.2011
25.08.2011
25.08.2011
25.08.2011
31.12.2011
25.08.2011
25.08.2011
25.08.2011
29.02.2012
31.01.2012
31.12.2009
31.12.2009
31.12.2009
Date
12 month
Not Provided
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
12 month
Inst Type
Holding Company
Corporation
Investment Advisor
Other
n/a
Bank
n/a
Unclassified
Corporation
Other
n/a
Investment Advisor
Bank
Corporation
Other
Unclassified
Investment Advisor
n/a
n/a
n/a
Date
19.03.2012
15.03.2012
12.03.2012
09.03.2012
09.03.2012
05.03.2012
02.03.2012
02.03.2012
27.02.2012
24.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
22.02.2012
22.02.2012
09.02.2012
02.02.2012
01.02.2012
25.01.2012
17.01.2012
28.12.2011
29.11.2011
28.11.2011
09.07.2013
Amata Corp PCL

Amata Corporation Public Company Limited develops industrial estates primarily
served for manufacturing plants and factories. The Company acquires land and
develops essential infrastructure and facilities ready for industrialized
operations. Ameta also has overseas investments in Vietnam.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.03.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMATA TB EQUITY YTD Change
AMATA TB EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
28.00
15.00
4'498'200.00
16.6
-40.71%
10.67%
11.54%
1'067.0
17'712.20
7'082.33
0.0
2'339.7
2'032.53
24'258.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
2'035.1
3'096.3
6.57x
6.54x
494.5
1'183.2
27.04x
17.10x
372.3
695.9
21.00x
22.15x
Profitability
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
a-11 m-11
LTM-4Q
31.12.2011
3'747.9
5.62x
1'441.7
14.61x
900.5
15.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'307.6
4.65x
1'907.6
12.94x
1'444.5
12.00x
1'907.59
1'797.10
33.86%
42.58%
6.71%
20.16%
12.81%
0.27%
50.9%
30.7%
27.2%
1.42
0.35
29.70%
79.99%
31.36
0.45
Price/ Cash Flow
12/yy
3'096.3
23.08x
1'183.2
17.10x
695.9
22.15x
j-11
j-11
a-11
LTM
12/yy
3'747.9
20.74x
1'441.7
13.77x
932.2
14.48x
s-11
o-11
n-11
d-11
j-12
f-12
FY+1
1.35
551.27
1.12%
3.79%
1.353
22
4.591
5'134'120
6'103'417
6'791'288
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
7'487.7
9'024.9
2'182.0
2'182.0
3.41x
2.79x
2'996.6
3'653.7
851.0
851.0
8.10x
6.64x
1'769.2
2'177.4
471.0
491.0
10.05x
8.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.81
3.82
80.0%
38.8%
0.27
0.72
11.64
805.94
31.09
801.99
16.00
5'000.0
14.00
4'500.0
4'000.0
12.00
3'500.0
10.00
3'000.0
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
02.01.2009
60.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'858.8
2.52x
1'804.8
5.39x
1'192.3
3.64x
20
18
16
14
12
10
8
6
4
2
0
m-11
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Amata Corp PCL

Holdings By:
All
Holder Name
KROMADIT VIKROM
KROMADIT VITOON
THAI NVDR CO LTD
ITOCHU MANAGEMENT TH
YODMANI CHAVALIT
AMERICAN INTERNATION
BANGKOK INSURANCE PC
SOMERS LTD
CACEIS
KOOHRATTANAPISAL SOR
SIHANATKATHAKUL MONT
EGAT EMPLOYEE RETIRE
BOONPRASERT ARICH
KOOHRATTANAPISAL SOO
SRICHAROENLAMSAM SIR
PANUPONG CHALIYA
SIHANATKATHAKUL ANUC
VANGUARD GROUP INC
Firm Name
Kasikorn Securities
DBS Vickers
Kim Eng Securities
Phillip Securities
AIRA SECURITIES
CIMB
Bualuang Securities
KGI Securities
Macquarie
Krungsri Securities
EVA Dimensions
Citi
Deutsche Bank
UOB Kay Hian
RBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
SORAPONG JAKTEERUGKUL
CHANPEN SIRITHANARATTANAKUL
SURACHAI PRAMUALCHAROENKIT
TERMPORN TANTIVIVAT
PIYACHAT RATANASUVAN
THERDSAK THAVEETEERATHAM
DANAI TUNYAPISITCHAI
WORARAT POWPAKA
CHITRADA LEKHRAPHAN
WATTAIPUN EKATAKSIN
CHAIYATORN SRICHAROEN
TAREETIP WONGSAENGPAIBOON
PATTI TOMAITRICHITR
PHANNARAI TIYAPITTAYARUT
CHATREE SRISMAICHAROEN
TEAM COVERAGE
YUPHARET LIKITSANSUK
SUCHART TECHAPOSAI
NATHAVUT SHIVARUCHIWONG
WANIDA GEISLER
DAVID BELLER
NARONGSAK SONPUAK
ARTIT JANSAWANG
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
Recommendation
buy
buy
buy
buy
buy
buy
trading buy
buy
buy
speculative buy
outperform
buy
outperform
outperform
buy
trading
underweight
buy
buy
buy
sell
buy
long-term buy
buy
Amt Held
263'710'000
62'069'270
59'421'450
50'000'000
45'867'254
38'061'170
21'498'500
16'500'000
13'025'600
11'530'900
9'436'600
9'250'000
8'584'300
7'229'600
6'628'020
6'520'000
6'350'000
6'275'000
5'534'000
2'928'170
% Out
24.72
5.82
5.57
4.69
4.3
3.57
2.01
1.55
1.22
1.08
0.88
0.87
0.8
0.68
0.62
0.61
0.6
0.59
0.52
0.27
Weighting
Change
5
5
5
5
5
5
5
5
5
4
5
5
5
5
5
2
1
5
5
5
1
5
5
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
345'300
Target Price
22
20
21
21
#N/A N/A
24
18
22
23
17
25
20
18
21
25
17
#N/A N/A
23
19
18
9
21
20
20
File Dt
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
06.05.2011
31.12.2011
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
n/a
Corporation
Corporation
Bank
n/a
n/a
Insurance Company
Insurance Company
Other
Investment Advisor
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Date
19.03.2012
16.03.2012
14.03.2012
09.03.2012
24.02.2012
22.02.2012
22.02.2012
22.02.2012
22.02.2012
21.02.2012
21.02.2012
21.02.2012
20.02.2012
20.02.2012
14.02.2012
10.02.2012
31.01.2012
27.01.2012
19.01.2012
06.01.2012
15.12.2011
09.11.2011
10.01.2011
28.10.2010
09.07.2013
Bangkok Bank PCL

Bangkok Bank Public Company Limited provides various banking and financial
services including commercial, consumer, credit card, and mortgage lending,
international trade financing, investment banking, and securities services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.04.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BBL TB EQUITY YTD Change
BBL TB EQUITY YTD % CHANGE
12/2012
12/yy
237.00
172.50
4'603'200.00
188
-20.68%
8.99%
25.58%
1'908.8
358'862.47
245'179.15
0.0
70.8
401'419.83
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
90'690.6
96'966.4
20'562.0
24'593.4
10.77x
11.41x
Profitability
LTM-4Q
31.12.2011
115'269.8
27'337.6
10.72x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
130'118.8
33'021.5
11.30x
42.53%
44.87%
1.46%
12.62%
6.61%
0.06%
36.8%
10.14%
89.63%
-
Price/ Cash Flow
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
a-11 m-11
j-11
j-11
LTM
12/yy
12/yy
96'506.3 108'228.1
4.35x
8.05x
0.0
0.0
0.00x
0.00x
24'458.0
27'337.6
11.48x
10.71x
a-11
s-11
o-11
n-11
d-11
j-12
f-12
FY+1
1.07
1'198.56
3.59%
-1.94%
1.069
34
4.324
6'687'900
7'297'170
6'103'244
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
94'246.2 103'530.9
22'985.1
23'406.8
37'229.2
41'734.3
9'245.0
8'786.7
9.66x
8.61x
9.73x
9.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.11.2006
BBB+
STABLE
01.11.2006
A-2
89.6%
47.3%
0.06
3.95
-
60.00
120'000.0
50.00
100'000.0
40.00
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
20'000.0
0.00
02.01.2009
35.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
100'765.2
20'243.0
6.51x
200
180
160
140
120
100
80
60
40
20
0
m-11
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Bangkok Bank PCL

Holdings By:
All
Holder Name
THAI NVDR CO LTD
THAILAND SECURITIES
MORGAN STANLEY & CO
BANGKOK INSURANCE PC
ABU DHABI INVESTMENT
UOB-KAY HIAN PTE LTD
VANGUARD GROUP INC
HSBC BANK PLC
SOPHONPANICH CHATRI
GOVT SAVINGS BANK FU
SAWAIPRAPAS & SON CO
RBC DEXIA INVESTOR S
CHATRIEN HOLDING LTD
SELANGOR HOLDINGS IN
T ROWE PRICE ASSOCIA
Firm Name
KT Zmico Securities
Bualuang Securities
KGI Securities
Kim Eng Securities
DBS Vickers
Goldman Sachs
Nomura
Standard Chartered
Krungsri Securities
HSBC
Phillip Securities
UOB Kay Hian
Kasikorn Securities
AIRA SECURITIES
Deutsche Bank
IV Global
JPMorgan
Macquarie
RBS
CIMB
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
CHALIE KUEYEN
SUWAT BUMRUNGCHARTUDOM
THANINEE SATIRAREUNGCHAI
NUTTACHART MEKMASIN
JAMES MOSS
WORAPHON WIROONSRI
SUGITTRA KONGKHAJORNKIDSUK
MELISSA KUANG
ANAND PATHMAKANTHAN
KRISHNA GUHA
TANADECH RUNGSRITHANANON
USANEE LIURUT
XIUSHI CAI
SASIKORN CHAROENSUWAN
KITTIMA SATTAYAPAN
THANANCHAI JITTANOON
SUNANTA VASAPINYOKUL
SIRINATTHA TECHASIRIWAN
SARANRAT PANTHACHOTIRAT
CHITRADA LEKHRAPHAN
PEACH PATHARAVANAKUL
SARACHADA SORNSONG
SIRIANONT SRIKUREJA
KEITH WEE
ANNE JIRAJARIYAVECH
PASSAKORN LINMANEECHOTE
MARCIN SPIEWAK
WILASINEE BOONMASUNGSONG
CHAIYOT JIWANGKUL
SRIKANTH VADLAMANI
PRAPHARAS NONTHAPIBOON
TEAM COVERAGE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
Recommendation
buy
buy
buy
outperform
buy
buy
hold
buy
Buy/Neutral
buy
in-line
buy
buy
overweight
trading buy
buy
buy
buy
outperform
hold
buy
buy
buy
buy
buy
neutral
outperform
buy
buy
long-term buy
neutral
outperform
buy
buy
Amt Held
464'434'206
97'219'656
78'378'582
38'158'772
38'064'646
37'846'675
35'412'030
34'684'100
32'931'250
29'918'800
25'489'300
18'108'238
15'094'859
13'562'778
13'332'200
11'409'700
10'511'281
10'483'110
10'002'847
6'026'300
% Out
24.33
5.09
4.11
2
1.99
1.98
1.86
1.82
1.73
1.57
1.34
0.95
0.79
0.71
0.7
0.6
0.55
0.55
0.52
0.32
Weighting
Change
5
5
5
5
5
5
3
5
5
5
3
5
5
5
5
5
5
5
5
3
5
5
5
5
5
3
5
5
5
5
3
5
5
5
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
359'600
357'100
Target Price
210
196
190
220
190
210
164
208
220
210
166
196
221
193
201
194
222
202
175
180
189
195
200
197
172
190
177
190
211
184
162
183
189
#N/A N/A
File Dt
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
31.12.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
12.09.2011
31.12.2011
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Bank
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Corporation
Unclassified
Government
Investment Advisor
Bank
n/a
Unclassified
n/a
Investment Advisor
Other
n/a
Investment Advisor
Date
16.03.2012
16.03.2012
14.03.2012
13.03.2012
12.03.2012
12.03.2012
09.03.2012
08.03.2012
28.02.2012
27.02.2012
24.02.2012
24.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
22.02.2012
21.02.2012
14.02.2012
13.02.2012
07.02.2012
06.02.2012
01.02.2012
30.01.2012
25.01.2012
23.01.2012
20.01.2012
11.01.2012
30.11.2011
09.07.2013
Kasikornbank PCL
Kasikornbank Public Company Limited provides commercial banking services
including personal and commercial banking, international trade, as well as
investment banking services, to its customers throughout Thailand. The Bank
has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen,
and representative offices in Shanghai, Beijing, and Kunmin.
Price/Volume
180
40.0 M
160
35.0 M
140
30.0 M
120
25.0 M
100
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KBANK TB EQUITY YTD Change
KBANK TB EQUITY YTD % CHANGE
12/2012
12/yy
225.00
159.50
12'318'900.00
173
-23.11%
8.46%
23.66%
2'393.3
414'034.00
277'745.63
0.0
15'875.7
285'105.77
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
60
40
10.0 M
20
5.0 M
0
m-11
31.12.2009
31.12.2010
83'687.3
120'574.4
14'732.4
20'046.7
13.80x
14.98x
Profitability
LTM-4Q
31.12.2011
154'892.9
24'225.6
12.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
184'075.6
35'259.8
13.14x
32.32%
32.33%
1.83%
20.12%
9.52%
0.10%
23.3%
13.37%
150.18%
-
Price/ Cash Flow
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
LTM
FY+1
1.00
1'646.14
8.49%
-9.44%
1.003
33
4.697
11'404'080
15'282'180
10'668'660
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
120'106.7 154'874.8 119'511.1 133'938.2
31'321.4
30'170.0
8.95x
7.16x
0.0
0.0
0.00x
0.00x
20'598.5
24'225.6
41'732.1
48'215.1
10'535.4
11'009.5
14.58x
12.06x
9.86x
8.53x
9.76x
9.46x
S&P Issuer Ratings
06.12.2011
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
28.09.2005
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
150.2%
Total Debt/Capital
58.0%
Asset Turnover
0.10
4.71
Inventory Days
80.00
180'000.0
70.00
160'000.0
60.00
140'000.0
120'000.0
50.00
100'000.0
40.00
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
20'000.0
0.00
02.01.2009
.0 M
a-11 m-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
82'740.9
15'333.3
7.02x
20.0 M
80
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
09.07.2013
Kasikornbank PCL
Holdings By:
All
Holder Name
THAI NVDR CO LTD
THAILAND SECURITIES
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
CREDIT SUISSE FIRST
LAMSAM BANTHOON
LAMSAM BANYONG
PRINCIPAL FINANCIAL
MACKAY SHIELDS LLC
MORGAN STANLEY
WILLIAM BLAIR & COMP
PACIFIC LIFE INSURAN
DIMENSIONAL FUND ADV
TRANSAMERICA INVESTM
Firm Name
KT Zmico Securities
Bualuang Securities
Kim Eng Securities
EVA Dimensions
DBS Vickers
Goldman Sachs
Standard Chartered
Krungsri Securities
HSBC
Deutsche Bank
KGI Securities
Nomura
IV Global
CIMB
JPMorgan
Macquarie
RBS
AIRA SECURITIES
Phillip Securities
UOB Kay Hian
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHALIE KUEYEN
SUWAT BUMRUNGCHARTUDOM
NUTTACHART MEKMASIN
WORAPHON WIROONSRI
TEAM COVERAGE
SUGITTRA KONGKHAJORNKIDSUK
MELISSA KUANG
KRISHNA GUHA
TANADECH RUNGSRITHANANON
XIUSHI CAI
USANEE LIURUT
SUNANTA VASAPINYOKUL
TIM TAYLOR
PEACH PATHARAVANAKUL
THANINEE SATIRAREUNGCHAI
ANAND PATHMAKANTHAN
SARACHADA SORNSONG
KITTIMA SATTAYAPAN
SIRIANONT SRIKUREJA
KEITH WEE
ANNE JIRAJARIYAVECH
PASSAKORN LINMANEECHOTE
MARCIN SPIEWAK
CHITRADA LEKHRAPHAN
WILASINEE BOONMASUNGSONG
CHAIYOT JIWANGKUL
PRAPHARAS NONTHAPIBOON
SASIKORN CHAROENSUWAN
SRIKANTH VADLAMANI
THANANCHAI JITTANOON
SARANRAT PANTHACHOTIRAT
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
hold
buy
buy
Buy/Neutral
outperform
buy
overweight
buy
buy
outperform
buy
outperform
neutral
buy
buy
buy
outperform
buy
overweight
outperform
buy
buy
buy
long-term buy
buy
overweight
buy
buy
buy
Amt Held
596'569'130
246'931'467
113'429'867
55'485'809
36'917'854
29'492'850
23'356'100
22'600'400
21'159'108
12'670'578
6'095'700
4'580'000
3'364'420
3'006'800
2'987'000
2'618'300
1'647'100
1'536'600
1'189'000
813'900
% Out
24.93
10.32
4.74
2.32
1.54
1.23
0.98
0.94
0.88
0.53
0.25
0.19
0.14
0.13
0.12
0.11
0.07
0.06
0.05
0.03
Weighting
Change
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
Latest Chg
5'692'100
898'200
(418'000)
(1'029'600)
(508'500)
33'700
(1'519'200)
1'523'100
(67'000)
Target Price
167
157
155
164
135
#N/A N/A
167
178
156
143
178
159
150
149
165
176
157
165
157
171
161
177
170
166
163
140
155
141
#N/A N/A
164
165
169
137
File Dt
09.09.2011
09.09.2011
09.09.2011
09.09.2011
09.09.2011
09.09.2011
09.09.2011
31.12.2011
31.12.2011
09.09.2011
29.02.2012
31.12.2009
31.12.2009
31.01.2012
31.01.2012
31.12.2011
31.12.2011
31.01.2012
31.07.2011
31.12.2011
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Bank
n/a
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Date
16.03.2012
16.03.2012
14.03.2012
12.03.2012
09.03.2012
09.03.2012
29.02.2012
28.02.2012
24.02.2012
24.02.2012
23.02.2012
22.02.2012
22.02.2012
22.02.2012
21.02.2012
21.02.2012
21.02.2012
21.02.2012
14.02.2012
14.02.2012
13.02.2012
13.02.2012
07.02.2012
06.02.2012
01.02.2012
01.02.2012
30.01.2012
25.01.2012
11.01.2012
11.01.2012
05.12.2011
30.11.2011
01.11.2011

Fundamental Analysis &amp; Analyst Recommendations - EM Frontier Myanmar Basket

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Fundamental Analysis &amp; Analyst Recommendations - EM Frontier Myanmar Basket

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

YOMA STRATEGIC HLDGS LTD

PTT EXPLOR & PROD PUBLIC CO

ITALIAN-THAI DEVELOPMENT PCL

INTERRA RESOURCES LTD

EZION HOLDINGS LTD

THAI AIRWAYS INTERNATIONAL

THAI UNION FROZEN PROD PUB

CHAROEN POKPHAND FOODS PUB

AMATA CORP PUBLIC CO LTD

BANGKOK BANK PUBLIC CO LTD

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

YOMA STRATEGIC HLDGS LTD

PTT EXPLOR & PROD PUBLIC CO

ITALIAN-THAI DEVELOPMENT PCL

INTERRA RESOURCES LTD

EZION HOLDINGS LTD

THAI AIRWAYS INTERNATIONAL

THAI UNION FROZEN PROD PUB

CHAROEN POKPHAND FOODS PUB

AMATA CORP PUBLIC CO LTD

BANGKOK BANK PUBLIC CO LTD

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Yoma Strategic Holdings Ltd

Price/ Cash Flow

Long-Term Rating Date

Fiscal Year Ended

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Yoma Strategic Holdings Ltd

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

PTT Exploration & Production PCL

Latest Fiscal Year:

Fiscal Year Ended

Price/ Cash Flow

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

PTT Exploration & Production PCL

Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket