Please note that due to the interest of timeliness, this product was not edited.

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THAILANDs TOP LOCAL KNOWLEDGE Monday, August 25, 2014

Current Market Net trade SET Index vs MSCI Asia x JP
Market data Close %
SET Index 1,557.0 0.4%
Turnover (Bt m) 45,964 -4.2%
Mkt Cap (Bt bn) 14,003 0.3%
Stock Gainers 396 stocks
Stock Losers 395 stocks

Net trade (Bt bn) Prev. -1M YTD
Foreign +0.7 -1.0 -25.0
Retail -0.9 -1.2 -20.7
Institutes +0.3 +1.2 +35.4
Proprietary -0.1 +1.0 +10.4

450
500
550
600
650
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
J an-13 J ul-13 J an-14 J ul-14
(index) (index)
SET index (LHS)
MSCI Asia x J P (RHS)


TOP STORY
BTS (BUY) | A safer, recurring infra play
Infrastructure is at the top of the coup administrations priority list. We see BTS
as a safer, direct-infrastructure play due to its recurring income and
consistently higher yields than peers. We lift our TP to Bt11.5/sh on project
bids kick-starting. BTS is a country top-10 pick and a Daiwa top ASEAN pick.
Reiterate BUY.


KBS (BUY) KBS - Its cane suppliers face a legal case P.3
KBS's few cane suppliers are alleged of using public land.
KBS is also required to give documentation.
KBS estimates impact as 0.7% of total cane supplies.
There's time to find more supplies as not yet harvest season.




Market Valuation
Market data 2014F 2015F 2016F
PE (x) 16.0 13.9 12.2
Norm EPS growth (%) 7.6 14.1 13.6
EV/EBITDA (x) 10.2 9.1 8.3
P/BV (x) 2.3 2.1 1.9
Yield (%) 3.0 3.5 4.0
ROE (%) 15.4 16.3 17.1
Net D/E (x) 0.7 0.6 0.6
Major Indices
Close %
Dow J ones 17,001 -38.3 -0.2%
NASDAQ 4,539 6.4 0.1%
FTSE 6,775 -2.4 0.0%
SHCOMP (China) 2,241 10.4 0.5%
Hang Seng 25,112 118.1 0.5%
FTSSI (Singapore) 3,326 1.4 0.0%
KOSPI 2,057 12.5 0.6%
J CI (Indonesia) 5,199 -7.2 -0.1%
MSCI Asia 131 0.1 0.1%
MSCI Asia x J P 604 4.1 0.7%
Currency /Bond data
Close %
Dollar index 82.3 0.2 0.2%
Bt/US$ 32.0 0.0 -0.1%
100J PY/US$ 103.7 -0.1 -0.1%
10Y bond yield (TH) 3.6 0.0 0.0%
10Y treasury yield (US) 2.4 0.0 -0.2%
Commodities
Close %
NYMEX (US$/bbl) 93.7 -0.3 -0.3%
BRENT (ICE) (US$/bbl) 102.3 -0.3 -0.3%
DUBAI (US$/bbl) 99.9 0.4 0.4%
Baltic Dry Index 1,088.0 -8.0 -0.7%
GRM (US$/bbl) 6.3 -0.3 -4%
Gold (US$/oz) 1,280.2 4.8 0.4%
Coal (BJ I)* 69.6 -0.3 -0.4%
HDPE-Naphtha 723.0 31.0 4.5%
Ethylene-Naphtha 588.0 31.0 5.6%
PX-Naphtha 478.0 -24.0 -4.8%
BZ-Naphtha 438.0 36.0 9.0%
Steel-HRC 542.5 12.5 2.4%
Rubber SICOM TSR20 1,671 23.0 1.4%
Rubber TOCOM 1,945 5.1 0.3%
Raw Sugar** 15.6 -0.4 -2.2%
White Sugar** 19.3 -0.3 -1.6%
(US$/tonne)* (US$ cent/lb)**

Source: Thanachart , Bloomberg, Datastream, Banpu
Note: * Weekly data
Please see the important notice on the back page

COMPANY VALUATION
Y/E Mar (Bt m) 2014A 2015F 2016F 2017F
Sales 8,115 6,389 6,298 6,747
Net profit 12,645 2,282 2,320 2,163
Consensus NP 2,566 2,772 2,918
Diff frm cons (%) (11.1) (16.3) (25.8)
Norm profit 2,013 2,282 2,320 2,163
Prev. Norm profit 2,348 2,401 2,485
Chg frm prev (%) (2.8) (3.4) (12.9)
Norm EPS (Bt) 0.2 0.2 0.2 0.2
Norm EPS grw (%) 18.5 13.4 1.7 (6.7)
Norm PE (x) 56.2 49.6 48.8 52.3
EV/EBITDA (x) 32.8 39.5 39.9 37.0
P/BV (x) 2.0 2.1 2.4 2.7
Div yield (%) 6.3 6.4 7.3 7.6
ROE (%) 3.8 4.1 4.6 4.9
Net D/E (%) (41.4) (39.3) (24.0) (3.5)

PRICE PERFORMANCE
(10)
(5)
0
5
10
15
20
6
7
8
9
10
Aug-13 Dec-13 Apr-14 Aug-14
(%) (Bt/shr) BTS Rel to SET Index


COMPANY INFORMATION
Price as of 22-Aug-14 (Bt) 9.50
Market Cap (US$ m) 3,542.6
Listed Shares (m shares) 11,914.2
Free Float (%) 58.1
Avg Daily Turnover (US$ m) 15.1
12M Price H/L (Bt) 9.75/7.40
Sector Transportation
Major Shareholder Mr. Keeree Kanjanapas 32.6%
Sources: Bloomberg, Company data, Thanachart estimates



BUY (Unchanged) TP: Bt 11.50 (From: Bt 9.50) 25 AUGUST 2014
Change in Numbers Upside : 21.1%

BTS Gr oup Hol di ngs Pc l (BTS TB)

SAKSID PHADTHANANARAK
662 617 4900
saksid.pha@thanachartsec.co.th

A saf er , r ec ur r i ng i nf r a pl ay

Infrastructure is at the top of the coup administrations priority
list. We see BTS as a safer, direct-infrastructure play due to its
recurring income and consistently higher yields than peers. We
lift our TP to Bt11.5/sh on project bids kick-starting. BTS is a
country top-10 pick and a Daiwa top ASEAN pick. Reiterate BUY.



Rai si ng t ar get pr i c e Bt 11.5/shar e
After infrastructure was put at the top of the National Council for
Peace and Orders (NCPO) economic agenda, the bid for
Bangkoks North Green Line extension is now scheduled for next
month. That to us marks the kick-starting of a new infrastructure
cycle or at least NCPO policy execution. We lift our DCF-derived
SOTP-based 12-month target price for BTS to Bt11.5/share from
Bt9.5. First, we assume BTS wins more O&M contracts, ie, the
North Green Line (Morchit-Kukod) and the West Green Line
(Bangwa-Barommaratchachonnani) extensions in 2020 and a
monorail (Bangna-Suvarnabhumi) in 2022. The South Green Line
(Bearing-Samutprakarn) for 2018 is already in our previous
forecasts. We also cut our WACC assumption to 7.3% from 9% to
reflect high gearing in the future from these new investments.
How do w e see BTS?
There are 2 direct segment plays in the infrastructure sector
contractors and project operators. Contractors are more
immediate plays, in our view, as they enjoy the first stage of
spending on civil work, and Sino-Thai Engineering (STEC TB,
Bt24.50, BUY) is our top pick here. BTS is a project operator
which should enjoy the latter bidding stage for the O&M part
which comes after civil construction work. As an operator, we see
BTS as a safer type of infrastructure play earning recurring
income. There are only 2 private mass transit operators in
Thailand, BTS and Bangkok Metro (BMCL TB, Bt1.65, not rated),
and we see a large pool of business awaiting BTS with in-the-
pipeline mass-transit projects. We also view BTS as a high-yield
play at 6.4% and 7.3% in FY15-16F (ending March).
Wer e not c onc er ned over MRTA c ompet i t i on
State-owned Mass Rapid Transit Authority of Thailand (MRTA) is
responsible for some mass-transit investment projects. It awards
civil work contracts to contractors and operating contracts to
operators. The MRTA could choose to run the projects itself but
we see a minimal risk of this as: 1) the NCPO wants more public-
private partnerships to ease the state investment burden. 2) The
MRTA has no experience running such projects and it isnt easy.
3) As an existing operator, BTS can do it at lower cost. 4) It would
create inefficiency as passengers would have to change trains.
Fundi ng f or nex t gr ow t h phase not a w or r y
Despite our forecasts of Bt40bn in total investments and a Bt24bn
dividend payment, we still forecast BTSs net D/E ratio of below
0.8x in the next 5 years. Assuming a 3:1 project D/E ratio, BTS
would need cash for new projects of Bt10bn. it has Bt31bn cash
on hand, Bt3.3-3.5bn in annual EBITDA & interest income (our
forecasts), and warrants to raise Bt48bn (Bt12 exercise price).






















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THANACHART SECURITIES 3


Khonbur i Sugar Pc l (KBS TB) - BUY News Update
Kalvalee Thongsomaung | Email: kalvalee.tho@thanachartsec.co.th


KBS - Its cane suppliers face a legal case
KBS's few cane suppliers are alleged of using public land.
KBS is also required to give documentation.

KBS estimates impact as 0.7% of total cane supplies.
There's time to find more supplies as not yet harvest season.

Last Friday the Anti-Money Laundering Office (AMLO) raided the allegedly illegal
properties of three businessmen in Northeastern Thailand including 1,195 rai (191
hectares) sugar cane farms. Those sugar canes are sold to KBS while KBS has
registered them as contract farming by supporting them with harvest equipment.
The impact to KBS in terms of sugar cane supplies is minimal as those contribute
0.7% of total KBSs sugar cane contract farming of 170,000 rai (27,200 hectares).
However, legal risks remain as its under the officials investigation process.
AMLO chief Seehanat Prayoonrat said to the local press that last Friday was
the first encroachment case in which the official has pressed charges to the
suspects who allegedly act against the Anti-Money Laundering Act. We
believe this is to strictly follow the National Council for Peace and Order
(NCPO)s plan to action against the money laundering financiers. The law
can also be used against those suspected of damaging natural resources for
commercial purposes.
Officials stated three men for farming sugarcane are accused of trespass on
the land for more than 20 years. Their assets including houses, hotel, land
(including sugar cane fields), harvesting equipment and bank accounts were
seized for the investigations for the money laundering and the alleged
encroachment.
Based on our discussion with management, KBS has seen the land
documents and they look legal so the company was unaware of the land
issue. These contract farmers have been in business for years. And it's
typical business practice of sugar processing operator that will help support
its contract farming by offering loans, fertilizers, harvest equipment and
technological knowledge to help farmers growing sugar cane. However, the
company is now acquiring documents to declare to the official regarding this
case.
We are not concerned on the missing sugar cane supplies for KBS given it
accounts for only 0.7% of KBSs total contract farming while KBS still has
time to seek for new supplies before the next crushing season in December
2014 to April 2015.
Despite the legal risk remains, due to KBS's clean track record and good
corporate governance, we believe the company can manage this situation
well. This news shouldn't have an impact to KBS's structural expansion
stories over the next few years. We maintain BUY.



Key valuation
Y/E Dec (Bt m) 2013 2014F 2015F 2016F
Revenue 5,904 5,416 6,038 9,166
Net profit 502 572 652 933
Norm net profit 553 572 652 933
Norm EPS (Bt) 1.0 1.0 1.2 1.7
Norm EPS gr (%) 6.6 3.5 14.0 43.0
Norm PE (x) 11.2 10.9 9.5 6.7
EV/EBITDA (x) 8.1 8.0 7.6 6.0
P/BV (x) 1.8 1.7 1.5 1.4
Div. yield (%) 4.4 4.6 5.2 7.5
ROE (%) 17.8 16.1 17.0 21.8
Net D/E (%) 10.2 34.7 60.6 69.2
Source: Thanachart estimates

Stock Data
Closing price (Bt)
11.30
Target price (Bt)
16.50
Market Cap (US$ m)
195
Avg daily turnover (US$ m)
0.5
12M H/L price (Bt)
12.20/8.80

Price Performance
(15)
(10)
(5)
0
5
10
15
20
8
9
10
11
12
13
Aug-13 Dec-13 Apr-14 Aug-14
(%) (Bt)
Khonburi Sugar
Rel to SET Index
Sources: Thanachart estimate, Bloomberg







THAILANDs TOP LOCAL KNOWLEDGE Monday, August 25, 2014



THANACHART SECURITIES 4



NEWS CLIPPING


Prayuth faces tough choices for Cabinet : Many of NCPO chief's deputies expected to be named deputy
PMs with key ministries. Prime Minister-elect General Prayuth Chan-ocha will today receive royal
endorsement and officially become the head of the government while his deputies, military officers and
technocrats are vying for positions in his Cabinet.
The Nation
Police arrest 7 energy reform marchers : Seven activists, including Veera Somkwamkid, coordinator of
the Thai Patriots Network, were arrested in Bangkok yesterday during an energy reform march for violating
the martial law's prohibition on political gatherings.
Bangkok Post
NCPO, govt to split work, Prayuth says : Rumours of amnesty for Thaksin quashed. National Council for
Peace and Order (NCPO) chief and prime minister-designate Prayuth Chan-ocha has said the running of
the country will be divided between the interim government and junta, based on which issues require
"special" military intervention.
Bangkok Post
NCPO members set for cabinet posts : Prajin leaves board of oil conglomerate. After coup leader Gen
Prayuth Chan-ocha was nominated to become Thailand's 29th prime minister, National Council for Peace
and Order (NCPO) members and advisers are expected to work alongside him in the interim cabinet.
Bangkok Post
Transport gets high priority : Budget focus on sustainable development to prepare for AEC. The
Transport Ministry has been allocated a budget of Bt112.38 billion for fiscal 2015, up 11.7 per cent from the
previous fiscal year, making it the second-biggest spender among ministries with economic impact, leading
the way to connectivity with Asean.
The Nation
BOT watching US jobs picture, happy with Thai policy rate : The Bank of Thailand will monitor the US
Federal Reserve's imminent announcement on the state of the US labour market, while the Kingdom's
current policy interest rate is still considered adequate to support the recovery of the economy - and the
rate's comparatively low level is not creating pressure on the business sector or household debt.
The Nation
TDRI details apparent costs of rice pledging programme, including Bt111 billion in corruption : The
Thailand Development Research Institute found that the country spent up to Bt985 billion buying 54.4 million
tonnes of paddy in two and a half years under the scrapped rice-pledging scheme but most of the Bt560-
billion producer surplus went to medium-to-large-scale farmers.
The Nation
ATTA wants visa-fee waiver for Chinese, Taiwanese extended : The Association of Thai Travel Agents
(ATTA) is planning to ask junta chief General Prayuth Chan-ocha to extend the waiver of visa fees for
visitors from China and Taiwan in a move to boost arrivals.
The Nation
AEC integration to boost Thai export growth, study finds : Thailand's annual export growth should be
enhanced by 1.32 percentage points after full implementation of the Asean Economic Community next year,
while some products will face tougher competition under the seamless market, according to a study.
The Nation
Laos-China rail link prospects increase : The Laotian and Chinese governments are negotiating the form
of future cooperation to realise the US$7-billion (Bt223-billion) Boten-Vientiane rail link, with Laos seeking
finance from China to fund the massive undertaking.
The Nation
Broadcasting panel may allow analog shows after deadline : Satellite, cable operators may be able to
air Ch3 shows. The Broadcasting Committee is today expected to consider allowing satellite and cable TV
operators to continue carrying analog TV 3 programmes after the deadline to drop the channel on
September 1.
The Nation
PTT boss throws weight behind fuel subsidy chop : PTT Plc, the SET-listed national oil and gas firm,
has reiterated its support for cutting fuel subsidies of all types amid falling global crude prices.
Bangkok Post




THAILANDs TOP LOCAL KNOWLEDGE Monday, August 25, 2014



THANACHART SECURITIES 5


Market data Close %
SET Index 1,557.0 5.6 0.4%
SET50 Index 1,043.6 2.8 0.3%
SET100 Index 2,308.4 6.6 0.3%
MAI Index 621.0 5.7 0.9%
Economic data Current -1M -3M
Saving Rate (%) 0.50 0.50 0.50
Fixed Deposit - 3M (%) 1.13 1.13 1.13
Fixed Deposit - 1Y (%) 1.75 1.75 1.75
Govt Bond Yield 1Y (%) 2.11 2.10 2.06
Govt Bond Yield 10Y (%) 3.58 3.64 3.74
Treasury Yield 10Y (%) 2.40 2.49 2.46
Policy Rate (%) 2.00 2.00 2.00
VIX Index 11.47 12.56 11.57
TED Spread (%) 0.22 0.21 0.20

Source: Bloomberg, Datastream, Thai BMA

SET Forward PE Band
0
500
1,000
1,500
2,000
2,500
1
9
9
0
1
9
9
2
1
9
9
4
1
9
9
6
1
9
9
8
2
0
0
0
2
0
0
2
2
0
0
4
2
0
0
6
2
0
0
8
2
0
1
0
2
0
1
2
2
0
1
4
F
2
0
1
6
F
(index)
7x
10x
13x
17x
21x
25x

SET PE Discount to MSCI Asia x JP
(8)
(6)
(4)
(2)
0
2
4
6
8
10
J an-03 Sep-06 May-10 J an-14
(x)
+2 STD =5.9x
+1 STD =3x
Average =0.1x
-1 STD =-2.9x
-2 STD =-5.8x

Source: Bloomberg




PRICE CHANGE - MOST ACTIVE
Change 1 Day (%) Change 1 Week (%)
(5) 0 5 10 15
BTS
KBANK
CPALL
TMB
J AS
KTB
TRUE
AOT
DEMCO
UV

(4) (2) 0 2 4 6 8
INTUCH
KBANK
ADVANC
CPF
CK
KTB
AOT
TMB
J AS
TRUE

Change 1Month (%) Change Year-To-Date (%)
(20) (10) 0 10 20
J AS
INTUCH
BLAND
ADVANC
KBANK
CPF
KTB
TMB
TRUE
CK

0 20 40 60 80
J AS
INTUCH
ADVANC
BBL
PTT
SCB
KBANK
KTB
AOT
TRUE

SECTOR CHANGE
Change 1 Day (%) Change 1 Week (%)
(1) (1) 0 1 1 2 2
CONMAT
BANK
ICT
ETRON
FOOD
ENERG
MEDIA
SET
AUTO
HELTH
COMM
PETRO
TRANS
PROP

(2) (1) 0 1 2 3 4
ETRON
MEDIA
CONMAT
COMM
PETRO
ENERG
BANK
AUTO
SET
FOOD
HELTH
ICT
TRANS
PROP

Change 1 Month (%) Change Year-To-Date (%)
(5) 0 5 10
CONMAT
MEDIA
PETRO
COMM
AUTO
ETRON
ENERG
SET
FOOD
PROP
ICT
BANK
TRANS
HELTH

(20) 0 20 40 60
PETRO
MEDIA
ICT
ENERG
FOOD
CONMAT
AUTO
COMM
SET
ETRON
TRANS
BANK
PROP
HELTH

Source: Bloomberg





















































THAILANDs TOP LOCAL KNOWLEDGE Monday, August 25, 2014



THANACHART SECURITIES 6


REGIONAL MARKET PERFORMANCE
Change 1 Day (%) Change 1 Week (%)
(1) 0 1 1 2
Nikkei
Dow J ones
Malaysia
S&P500
Indonesia
Singapore
Nasdaq
India
Thailand
China
Hang Seng
Philippines
S.Korea
MSCI Asia x J P
Taiwan

0 1 1 2 2 3
S.Korea
Singapore
Malaysia
Hang Seng
China
Thailand
MSCI Asia x J P
Indonesia
Philippines
India
Nikkei
Nasdaq
S&P500
Taiwan
Dow J ones

Change 1 Month (%) Change Year-To-Date (%)
(2) 0 2 4 6
Singapore
Taiwan
Malaysia
Dow J ones
S&P500
Nikkei
Thailand
India
S.Korea
MSCI Asia xJ P
Nasdaq
Indonesia
Philippines
Hang Seng
China

(10) 0 10 20 30
Nikkei
Malaysia
S.Korea
Dow J ones
Singapore
China
S&P500
Hang Seng
Nasdaq
Taiwan
MSCI Asia xJ P
Thailand
Philippines
Indonesia
India

Source: Bloomberg
REGIONAL FUND FLOWS
Change 1 Day (-1D)
603
479
103
21
6
0
(7)
(100)
0
100
200
300
400
500
600
700
Asia-6 Taiwan Korea Thailand Indonesia India Philip.
(US$ m)

Change 1 Week (-1W)
2,025
963
706
353
94
(0)
(90)
(500)
0
500
1,000
1,500
2,000
2,500
Asia-6 Taiwan Korea India Philip. Thailand Indonesia
(US$ m)

Change 1 Month (-1M)
7,179
4,290
1,253
1,152
251
172
62
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Asia-6 Korea India Taiwan Indonesia Thailand Philip.
(US$ m)

Change Year-To-Date (YTD)
36,645
12,641
11,073
7,655
4,903
1,122
(749) (5,000)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Asia-6 India Taiwan Korea Indonesia Philip. Thailand
(US$ m)

Source: Bloomberg



















































THAILANDs TOP LOCAL KNOWLEDGE Monday, August 25, 2014



THANACHART SECURITIES 7



General Disclaimers And Disclosures:

This report is prepared and issued by Thanachart Securities Public Company Limited (TNS) as a resource only for clients of TNS,
Thanachart Capital Public Company Limited (TCAP) and its group companies. Copyright Thanachart Securities Public Company
Limited. All rights reserved. The report may not be reproduced in whole or in part or delivered to other persons without our written
consent.

This report is prepared by analysts who are employed by the research department of TNS. While the information is from sources
believed to be reliable, neither the information nor the forecasts shall be taken as a representation or warranty for which TNS or
TCAP or its group companies or any of their employees incur any responsibility. This report is provided to you for informational
purposes only and it is not, and is not to be construed as, an offer or an invitation to make an offer to sell or buy any securities.
Neither TNS, TCAP nor its group companies accept any liability whatsoever for any direct or consequential loss arising from any use
of this report or its contents.

The information and opinions contained herein have been compiled or arrived at from sources believed reliable. However, TNS,
TCAP and its group companies make no representation or warranty, express or implied, as to their accuracy or completeness.
Expressions of opinion herein are subject to change without notice. The use of any information, forecasts and opinions contained in
this report shall be at the sole discretion and risk of the user.

TNS, TCAP and its group companies perform and seek to perform business with companies covered in this report. TNS, TCAP, its
group companies, their employees and directors may have positions and financial interest in securities mentioned in this report. TNS,
TCAP or its group companies may from time to time perform investment banking or other services for, or solicit investment banking or
other business from, any entity mentioned in this report. Therefore, investors should be aware of conflict of interest that may affect the
objectivity of this report.





















THAILANDs TOP LOCAL KNOWLEDGE Monday, August 25, 2014



THANACHART SECURITIES 8



Recommendation Structure:

Recommendations are based on absolute upside or downside, which is the difference between the target price and the current
market price. If the upside is 10% or more, the recommendation is BUY. If the downside is 10% or more, the recommendation is
SELL. For stocks where the upside or downside is less than 10%, the recommendation is HOLD. Unless otherwise specified, these
recommendations are set with a 12-month horizon. Thus, it is possible that future price volatility may cause a temporary mismatch
between upside/downside for a stock based on the market price and the formal recommendation.

For sectors, we look at two areas, ie, the sector outlook and the sector weighting. For the sector outlook, an arrow pointing up, or the
word Positive, is used when we see the industry trend improving. An arrow pointing down, or the word Negative, is used when we
see the industry trend deteriorating. A double-tipped horizontal arrow, or the word Unchanged, is used when the industry trend does
not look as if it will alter. The industry trend view is our top-down perspective on the industry rather than a bottom-up interpretation
from the stocks we cover. An Overweight sector weighting is used when we have BUYs on majority of the stocks under our
coverage by market cap. Underweight is used when we have SELLs on majority of the stocks we cover by market cap. Neutral is
used when there are relatively equal weightings of BUYs and SELLs.

















Thanachart Securities Pcl.
Research Team
28 Floor, Siam Tower Unit A1
989 Rama 1, Pathumwan Road, Bangkok 10330
Tel: 662 - 617 4900

Pimpaka Nichgaroon, CFA
Head of Research
Economics & Strategy
pimpaka.nic@thanachartsec.co.th

Supanna Suwankird
Energy, Utilities
supanna.suw@thanachartsec.co.th

Siriporn Arunothai
Ad Hoc Research, Healthcare
siriporn.aru@thanachartsec.co.th
Sarachada Sornsong
Banks, Telecom
sarachada.sor@thanachartsec.co.th

Saksid Phadthananarak
Construction, Transportation
saksid.pha@thanachartsec.co.th
Noppadol Pririyawut
Senior Technical Analyst
noppadol.pri@thanachartsec.co.th
Phannarai Tiyapittayarut
Property, Retail
phannarai.von@thanachartsec.co.th

Kalvalee Thongsomaung
Food, Media, Hotel
kalvalee.tho@thanachartsec.co.th
Adisak Phupiphathirungul, CFA
Retail Market Strategy
adisak.phu@thanachartsec.co.th