SAWASDEE

Tuesday, March 17, 2015

Foreign Markets and Flow
News Digest
Short Sales
Commodities
Director Trade
Calendar

2
3
7
8
10
11

SET Index (16/03/15)

Change
Turnover (Btbn)

1,515.57
-25.98 / -1.69%
45.36

Trading summary by Investor Type

16-Mar WTD
MTD
YTD
Foreign
Buy
9,610 9,610 111,150 487,216
Sell
8,898 8,898 107,369 494,634
Net
712
712
3,780
-7,418
Institution Buy
3,270 3,270 47,345 237,959
Sell
5,239 5,239 52,464 236,822
Net -1,969 -1,969 -5,119
1,138
PropTrade Buy
4,102 4,102 43,084 225,821
Sell
4,658 4,658 51,142 227,250
Net
-556 -556 -8,059
-1,429
Individual Buy 28,376 28,376 308,258 1,615,881
Sell 26,562 26,562 298,861 1,608,172
Net
1,814 1,814
9,397
7,709
Bond trading summary by foreign investors
16-Mar WTD
MTD
YTD
Foreign
Buy
1,681 1,681 27,572 145,225
Sell
3,001 3,001 49,938 155,469
Net -1,320 -1,320 -22,367 -10,244
5 most active stocks
Stocks
Price (Bt) Value (Btmn)
TRUE
12.7
3,726
ADVANC
240.0
2,085
VGI
12.6
1,670
IFEC
13.8
1,441
BBL
181.5
1,370

Chg
-0.60
-1.00
0.50
-1.60
-2.50

Top 5 gainers (%)

Stocks
MATI
GL
TSI
HANA
CCET

Price (Bt)
7.85
12.20
7.85
42.00
4.34

Chg (%)
15.44
10.91
10.56
7.69
5.34

Top 5 losers (%)

Stocks
MFC
GJS
BIG
WIIK
TFD

Price (Bt)
37.00
0.05
1.26
4.24
5.35

Chg (%)
-24.87
-16.67
-16.00
-14.52
-13.01

Investment Theme: Do. Not. Panic.

Support: 1500, 1465 Resistance: 1530, 1550
Market Strategy: The SET sank late yesterday, despite the flows from the
fixed income market, with concerns over Tuesdays FOMC meeting shadowing
sentiment. Supports stay at 1500 and 1465. Although the weakness is
expected to persist, investors should not panic and instead take the chance to
buy with support from trigger fund inflows. Todays picks: EPG, HANA.

Todays Highlights
Foreign fund flows positive. Foreign investors net sold Bt1.3bn from fixed
income and net bought Bt711mn in equities and net long 5.3k ct in SET50
futures. The baht swung in a narrow range of 32.90-33.00.
Cabinet meeting. The cabinet today will discuss water management projects
and road construction (benefits TASCO) with total value of Bt57bn. Good
progress should give a shine to market sentiment going forward. The digital
economy board will also meet tomorrow for the first time on 4G spectrum
auction (benefits ADVANC, DTAC and INTUCH).
EU market closed up (STOXX +1.38%, DAX +2.24%, CAC +1.01%), with
support from the first week of QE money inflows. US markets also closed up
(DJIA +1.29%, S&P +1.35%), with support from a weaker USD. The market
expects the FOMC to remove the word patience from its statement.
This week: 1) 17 Mar Germany Zew Economic Sentiment (est 58.9, prev
53.0); EU CPI (est -0.3%, prev -0.3%); US building permits (est 1.07mn, prev
1.06mn); Housing starts (est 1.05mn, prev 1.07mn); 2) 19 Mar ECB TLTRO
(129.8bn), EU Economic Summit and 3) 20 Mar EU Economic Summit.
Strategy: The SET should do better on opening after the overnight gains in
western markets. Resistance stays at 1530; overall sentiment remains negative.
Supports stay at 1500 and 1465. Investors should accumulate along supports.
We believe trigger funds will kick in below 1500. Todays picks: EPG and HANA.

Todays Reports
Petrochemical Watch Bullish buying continued to support PE/PP prices

Estimated % of foreign ownership (including

NVDR) of top 15 stocks*
SET Index

Foreign ownership

1,650

42.0%

1,600

41.0%

1,550
1,500

SPALI 2015: Another year of growth

What to watch
Date
Event
16 Mar 15 Event: EU ECB announcement
17 Mar 15 Economic release: Germany ZEW Economic Sentiment/ EU CPI/ US building permit,
housing starts
Event: Japan BoJ announcement
18 Mar 15 Economic release: US FOMC meeting, economic projections
19 Mar 15 Event: EU LTRO, Economic Summit
20 Mar 15 Event: EU Economic Summit

40.0%

1,450

39.0%

1,400
1,350

38.0%

1,300

37.0%

SET Index (LHS)

1,250

36.0%
Mar-15

Jan-15

Feb-15

Dec-14

Oct-14

Nov-14

Jul-14

Aug-14

Jul-14

Sep-14

%Foreign Ownership (RHS) - 15 stocks

1,200

* PTT, PTTEP, ADVANC, SCC, BBL, KBANK, SCB, BANPU, BAY,

DTAC, TOP, KTB, CPALL, LH, BEC

Tel. (662) 949-1000

Fax: (662) 949-1030
www.scbs.com

The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein reflect our
judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell or buy any
securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.

SAWASDEE
Tuesday, March 17, 2015

Foreign Markets and Flow

Key Indicators
CCI Index
VIX Index
Europe CDS (bps)
LIBOR OIS Spread (bps)
TED Spread (bps)
Exchange rate
Dollar Index
USD/THB
EUR/USD
USD/JPY
Bond: (Change in basis points)
TH Gov Bond 2Y
TH Gov Bond 10Y
US Gov Bond 2Y
US Gov Bond 10Y
Commodities
CRB Index
Gold (US$/Oz)
Gross Refining Margin (US$/bbl)
Dubai Crude (US$/bbl)
NYMEX Crude (US$/bbl)
Baltic Dry Index (points)

Close

16-Mar

WoW

MoM

YoY

YTD

15.61
49.832
0.13465
0.2402

-2.4%
0.23
-0.45
-1.02

3.7%
0.38
0.00
-2.13

1.8%
-8.16
0.56
-0.78

-0.2%
-23.91
-1.48
5.14

-18.7%
-13.03
0.00
2.01

99.60
32.92
1.06
121.32

-0.7%
0.1%
0.7%
0.0%

2.1%
1.0%
-2.6%
0.1%

5.7%
1.0%
-7.3%
1.9%

25.5%
2.3%
-24.1%
19.2%

10.3%
0.1%
-12.7%
1.4%

1.92%
2.84%
0.65%
2.10%

0.00
1.00
-0.80
-1.95

-13.00
5.00
-4.27
-9.36

-27.00
-6.00
2.07
11.01

-28.00
-85.00
29.04
-59.58

-28.00
-7.00
-1.94
-7.23

210.12
1,153.84
8.99
51.45
43.88
564.00

-0.3%
-0.4%
-1.4%
-0.7%
-2.1%
0.4%

-4.2%
-1.1%
-2.5%
-8.1%
-12.2%
-0.7%

-7.1%
-5.6%
-0.6%
-6.6%
-14.3%
4.4%

-30.2%
-15.6%
56.1%
-50.1%
-55.3%
-61.9%

-8.6%
-2.5%
32.2%
-3.9%
-17.6%
-27.9%

The BDI gained 2 points or 0.36%

to close at 564 yesterday.

Regional market performance

Index
Philippines
Indonesia
Malaysia
Thailand
Asean 4 - simple avg
China
India
Hong Kong
Singapore
Taiwan
Korea
Rest of Asia x J - simple avg
MSCI Asia x Japan
Japan

7,731
5,435
1,781
1,516
3,449
28,438
23,950
3,376
9,513
1,987
571
19,246

PE (x)
15F
16F
19.6
17.2
16.0
13.6
16.2
15.0
14.8
12.9
16.6 14.7
13.6
11.8
18.6
15.8
11.4
10.2
13.9
12.6
13.2
12.3
10.9
10.0
13.6 12.1
12.4 11.2
20.8
18.1

Regional sectoral movement (%)

Sub-Sector
16-Mar
Wireless Telecoms
1.29
Electronic Equipment
0.80
Banks
0.65
Auto Parts & Equip
0.39
Property
0.36
Integrated Telecoms
0.14
Coal
0.08
Marine
-0.01
Integrated Oil & Gas
-0.11
Refinery
-0.32
Chemicals
-0.35
Electronic Mfg
-0.56
Oil & Gas
-0.94
Homebuilding
-1.58
Entertainment
-1.76

WoW
1.72
1.08
2.33
0.46
-0.01
-0.24
2.39
0.86
-1.03
-2.25
-1.88
-0.57
-3.81
-2.68
0.82

EPS gth (%)

15F
16F
8.7
13.6
54.2
17.4
1.5
8.0
34.2
14.5
24.6 13.4
22.5
15.2
7.4
18.0
-12.7
11.4
-0.7
10.0
15.4
7.4
25.0
9.1
9.5 11.9
-1.4 10.9
5.2
14.6

Performance (%)
1D WTD MTD
-1.0 -1.7
0.0
0.2 -1.4 -0.3
-0.1 -1.5 -2.2
-1.7 -3.4 -4.5
-0.6 -2.0 -1.8
2.3
6.4
4.2
-0.2 -3.4 -2.7
0.5 -0.9 -3.5
0.4 -1.2 -0.8
-0.7 -1.4 -1.1
0.1 -1.3
0.1
0.4 -0.3 -0.6
0.0 -2.4 -2.9
0.0
1.4
2.4

Pt
-78.59
8.80
-1.21
-25.98
76.39
-65.59
126.34
13.27
-66.44
1.54
-0.09
-8.19

YTD
6.9
4.0
1.1
1.2
3.3
6.6
3.4
1.5
0.3
2.2
3.7
3.0
1.3
10.3

Regional sectoral movement (16-Mar)

MoM
-3.11
2.40
1.52
5.05
-1.77
-2.48
-1.64
1.58
-2.38
-1.97
1.79
1.94
-7.91
-1.01
0.02

YoY
42.47
28.49
42.01
70.09
41.64
26.50
24.21
49.33
8.00
30.97
23.67
13.40
-12.03
0.66
12.07

-0.60

Wireless Telecoms

-1.16

Banks

0.65

-0.63

Auto Parts & Equip

0.39

-2.35

Property

0.36

-3.07

Integrated Telecoms

0.14
0.00
0.08

Coal
-2.85

Marine

-0.01

-2.16

Integrated Oil & Gas

-0.11

-1.65

Refinery
Chemicals
Electronic Mfg

-0.32
-0.48
-0.35
7.23

-0.56
-3.74

Oil & Gas

Homebuilding

-3.01

Entertainment
-6.0

4 closed with a net change of

-0.6%. In the rest of Asia, markets
closed with a net change of
+0.4%.

In the region yesterday, gainers

and losers were approximately
equal. Lead gaining sectors were
Wireless Telecoms, Electronic
Equipment and Banks. Lead
losers were Entertainment,
Homebuilding and Oil & Gas.

1.29
0.78
0.80

Electronic Equipment

Yesterday, markets in the ASEAN

-0.94
-1.76
-1.58
-1.76

-4.0

-2.0

0.0

2.0
Thailand

4.0

6.0

The only Thai outperformer was

Electronic Manufacturing. Lead
Thai underperformers were
Integrated Telecoms, Marine and
Oil & Gas.

8.0

Region

Source: Data by Bloomberg, compiled & calculated by SCBS

Most change in foreign holding (Net)

Stock
TRUE
LH
JAS
IRPC
CPALL

% fgn
35.25
52.53
32.87
14.33
34.47

Mn sh
23.30
14.88
14.18
12.29
5.18

Stock
HEMRAJ
KTB
CPF
TUF
BDMS

% fgn
21.72
22.48
29.87
51.35
15.56

Asia Pacific foreign fund flows (US$mn)

Mn sh
-120.62
-12.91
-2.97
-2.82
-2.73

Data as of March 16, 2015 ***million shares

Top-5 NVDR net buy/sell

Up
DTAC
LH
INTUCH
HANA
GL

Btmn
147.19
142.94
114.20
83.47
70.65

Down
KBANK
BBL
SCB
SCC
PTT

Btmn
-455.83
-329.72
-176.81
-139.96
-121.60

Thailand
Indonesia
Philippines
Taiwan
South Korea
Vietnam
Total
India
Japan

16-Mar
21.6
(57.7)
(9.2)
(253.8)
(11.8)
(0.2)
(311.1)
20.9
2,400.9

* India as of March 12, 2015

* Japan as of March 2, 2015

WTD
21.6
(57.7)
(9.2)
(253.8)
(11.8)
(0.2)
(311.1)
160.0
2,400.9

MTD
YTD
116.6
(224.2)
(168.6)
680.4
(3.4)
897.4
(661.8)
4,680.4
963.4
1,096.3
(5.9)
49.0
240.3 7,179.3
1,052.4
5,365.1
2,400.9 (3,242.6)

Foreign fund flows were outward

yesterday, with only Thailand
seeing some inflows.

Director trades ( >Bt5mn)

Buy: AJD, SAMART

Sell: AJD, NWR, PS, TUF

Data as of March 16, 2015

Page 2

SAWASDEE
Tuesday, March 17, 2015

News Digest
SET

The SET plunged 25.98 points or 1.69% to 1515.57 on turnover of Bt45.36bn. Lead sellers
were local retail investors, joined by foreign investors. Major sellers were local institutions.

Dow Jones

The Dow gained 228.11 points, or 1.29%, to 17,977.42, as investors focused on weakness in
the U.S. dollar ahead of Wednesday's key Federal Reserve meeting. (Xinhua, 17/02/15)

Oil
Gold

NYMEX: Light, sweet crude for April delivery lost 96 cents to settle at US$43.88
Brent crude for April delivery moved down US$1.23 to close at US$53.44. (Xinhua, 17/02/15)
Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly
on Monday ahead of the meeting of the U.S. Federal Reserve scheduled to begin on Tuesday. The
most active gold contract for April delivery rose slightly 80 cents, or 0.07%, to settle at
US$1,153.20/oz. (Xinhua, 17/02/15)

Currencies The US dollar declined against most major currencies on Monday ahead of the Federal Reserve

policy meeting as investors were worried that the central bank could be cautious in raising
interest rates. In late New York trading, the euro rose to 1.0583 dollars from 1.0475 dollars in the
previous session. The U.S. dollar bought 121.40 Japanese yen, higher than 121.33 yen of the
previous session. (Xinhua, 17/02/15)

Global Economy U.S. builder confidence drops for 3rd straight month - U.S. builder confidence for newly-

built, single-family homes fell in March for the third straight month, but builders remained
optimistic about the spring buying season, a leading industry report said Monday. The builder
sentiment index fell two points to 53 this month, the lowest level since July, according to the
National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Any
reading over 50 indicates that more builders view sales conditions as good, rather than poor.
(Xinhua, 17/3/15)

U.S. industrial production edges up 0.1% in February - U.S. industrial production, an

indicator of mines, factories and utilities output, edged up 0.1% in February after falling for two
months running, the Federal Reserve reported on Monday. The Fed revised January's growth
down to -0.3% from its previous estimate of a 0.2% increase. (Xinhua, 16/3/15)
New York state manufacturing index falls in March - Manufacturing activity growth in New
York State slowed in March for a second month in a row as the pace of new orders contracted to
its weakest level since November 2013, a New York Federal Reserve survey showed on Monday.
The New York Fed's Empire State general business conditions index fell to 6.90 in March from
February's 7.78. (Reuters, 16/3/15)
ECB spends 10bn in first week of bond-buy plan - The European Central Bank said on
Monday it settled 9.751bn (7bn) of public-sector bond purchases in the first week of a
programme to pump more than 1trn into the euro zone economy. (Reuters, 16/3/15)
Russian Economy Shrank 0.7% in First Quarter, Central Bank Says - Russias economy
shrank 0.7% on the year in the first quarter, Russian news agencies reported Monday, citing the
central banks first deputy chairwoman, Ksenia Yudaeva. However, the Bank of Russia said on its
website that its models paint a more optimistic economic outlook than the majority of official
forecasts. According to its latest economic outlook, growth could reach 0.6% on the year in the
second quarter. (WSJ, 16/3/15)
China fiscal revenue rises 3.2 pct in first two months - Growth in China's fiscal revenue
slowed sharply in the first two months of 2015 while expenditure increased, suggesting that
proactive fiscal policy measures are gaining momentum. Fiscal revenue rose 3.2 percent year on
year to reach 2.57 trillion yuan (417.5 billion U.S. dollars) in the first two months of 2015, the
Ministry of Finance announced on Monday. This was a sharp slowdown from the 8.6 percent gain
seen in 2014, as downward pressure on the economy continued. (Xinhua, 16/3/15)
BOJ starts policy meeting focusing on possible wage hike - the Bank of Japan (BOJ), the
Japanese central bank, on Monday kicked off its two-day policy meeting, with an eye on ongoing
annual wage talks which would impact on consumer prices. The Policy Board meeting comes as
many major Japanese companies are expected to raise pay scales for their employees during the
ongoing spring wage talks, although it remains to be seen whether such a move would spread to
small and medium-sized firms. (Xinhua, 16/3/15)
Page 3

SAWASDEE
Tuesday, March 17, 2015

News Digest (continued)

Thai Economy Baht weaker but stable after rate cut The Bank of Thailand's 25-basis-point cut in the

policy interest rate last week has depreciated the value of the baht by 0.5 per cent and taken the
government bond yield curve to the lowest point in six years. (The Nation, 17/3/15)

13 industries tabbed to get maximum SEZ privileges Thirteen industrial categories to be

located at special economic zones (SEZs) will be entitled to the highest promotional privileges
from the Board of Investment (BoI). They comprise agriculture, fishery and related industries;
ceramics; textiles, clothes and leather; furniture; jewellery and ornaments; medical appliances;
automotive, machinery and parts; electrical appliances and electronics; plastics; pharmaceuticals;
logistics; industrial estates; and tourism-supporting industries, said Arkhom Termpitayapaisith,
secretary-general of the National Economic and Social Development Board, after a special
economic development policy committee meeting chaired by Prime Minister Prayut Chan-o-cha.
(Bangkok Post, 17/3/15)
Sommai vows to push new tax, slams 'selfish' Thais - Finance Minister Sommai Phasee has
issued a stern warning that Thailand will become mired in fiscal woe if tax reform, particularly
the land and buildings tax, fails to materialise. (Bangkok Post, 17/3/15)
Overseas trade counsellors see challenges to export growth target Thailand has trade
counsellors in 61 overseas posts in 44 countries, and many foresee challenges for the country's
export sector this year due to uncontrollable external factors such as weakening economic
growth in many emerging markets, despite recovery in some major markets. (The Nation, 17/3/15)
Development fund for four state financial institutions approved The National Legislative
Assembly has passed a bill establishing a development fund for the state's special financial
institutions. (The Nation, 17/3/15)z

Markets AFET, TFEX merger on track for July The merger between the Thailand Futures Exchange

(TFEX) and the Agricultural Futures Exchange of Thailand (AFET) will be completed in July, with
trading expected to be ready by September. (Bangkok Post, 17/3/15)

Auto Market concerned on Eco-car phase 2 after General Motors Thailand pulled out its eco-car.
Sources say that automakers will negotiate with the government to ease up on the condition of
production 100,000 units per year. However, automakers are still confident and expect recovery
of Thai domestic auto market. For pickup truck production, Thailand is at risk as Turkeys pickup
production is increasing from 0% tax to Europe. (Krungthep Turakij, 17/03/15)

Energy Energy Regulatory Commission to pay compensation to Gulf group for the postponement
of its IPP, which was scheduled to commence operations during 2021-25, for 2-3 years. This is
aimed at reducing the reserve margin, which could rise to 40% in 2023-25. (Krungthep Thurakij,
17/03/15)

BANPU BANPU plans to invest in renewable power plant in China, solar and wind, after the

government revealed its incentive plan. In addition, the company will invest in a power plant in
Indonesia with a partner to be announced soon. These investments will boost its revenue and
profit in the longer term. (Thun Hoon, 17/03/15)

CCP Management says it is negotiating with Chinese contractors to supply railway ties for the

double-track railway project. The Thai and Chinese governments are discussing this cooperative
project, with conclusion possible by 3Q15. (Kao Hoon, 17/03/15)

CHO CHO expects to be awarded Bt1.0bn railway project which will finalize this year. The
company expects to see strong 1Q15 earnings and targets 10% revenue growth this year. It plans
to issue and offer Bt500mn debenture for capacity expansion. (Thun Hoon, 17/03/15)

CPALL/LOXLEY CPALL inviting on-line lottery machines into its stores CPALL is inviting LOXLEY to set up
700-800 of its 6,000 on-line lottery machines in its 7-Eleven convenience stores after the
government revoked the quota of 48mn lottery tickets, effective March 20, 2015. (Thun Hoon,
17/03/15)

CPI CPI conservatively expects revenue growth at 10% this year backed by more orders for palm

oil from local and overseas clients. It expects to sign more power agreements after recently
signing with EGAT to produce 3MW which offers a high 50% margin. It will book revenue this year.
(Thun Hoon, 17/03/15)
Page 4

SAWASDEE
Tuesday, March 17, 2015

News Digest (continued)

CYBER Board approves acquiring 100% of APU, which has invested in the energy business and is
generating power for Myanmars government. It expects to book revenue and profit in April. It
plans to acquire land in Pang-nga province to develop land for sale. It plans to change its
company name to United Power of Asia, or UPA. (Thun Hoon, 17/03/15)

ECG ECF expects 1Q15 to improve YoY from more exports and weaker Thai baht. Management is

confident that 2015 revenue will grow 12%. The company plans to expand to AEC market and
denies news it will invest in Index Living Mall. (Kao Hoon, 17/03/15)

LPN LPN is confident 1Q15 sales revenue will reach Bt3bn after booking Bt2bn in the first two

months, mainly from Park Beach Cha-am condominium. The company will join with SF for a
shopping mall project in Rangsit, named Market Place. (Kao Hoon, 17/03/15)

MODERN MODERN expects revenue to rise 15% to Bt5bn with backlog of Bt300mn (60% to be
recognized in 2015). It plans to invest in a joint venture with Itoki to build a new plant in
Myanmar. The new plant could start up in 2016. (Kao Hoon, 17/03/15)

SCN SCN accelerating investment in new business, including production, distribution and
transportation of compressed natural gas to boost overall revenue. This new business will be
vital for revenue growth and account for 70-80% of recurring income. It will double 2014s
revenue by 2017. (Post Today, 17/03/15)

SPALI SPALIs share hit by the revised dividend payout policy which was lowered from 45% to 35%.
Management claims the revision is to increase its investment capability for future projects. (Kao
Hoon, 17/13/15)

TAE TAE expects to boost sales volume for 1H15 to exceed 55mn liters after demand jumped. The

company will also maximize operations of its power plant to pump up EBITDA to rise 16% YoY.
More investment in an ethanol plant in the Philippines is under study. (Thun Hoon, 17/03/15)

THAI Board approves Bt15bn funding in 2015. THAI president Mr. Charamporn Jotikasthira said the
board has approved funding Bt15bn in 2015 via issuing and offering debenture or B/E to refinance
debt and to increase liquidity. Next year, it plans to raise funds of not more than Bt20bn. The
fleet expansion this year will continue as planned. (Krungthep Thurakij, 17/03/15)

TICON TICON negotiating with Chinese customers for warehouse rental with the total space of
nearly 100,000 sqm. This could be concluded soon. The company will inject Bt6bn to expand its
asset base, both factories and warehouses. (Thun Hoon, 17/03/15)

TTCL TTCL expects stable 1Q15 YoY with revenue recognition from the current backlog of Bt27bn.
Management expects additional backlog in 2Q15 from overseas projects worth Bt13bn. It expects
revenue to rise 15-20% as targeted. (Thun Hoon, 17/13/15)

TSR TSR targets revenue growth of 25-30% to reach Bt1.5bn. It will spend Bt100mn to double

capacity and add five more outlets. The company will emphasize cost management to increase
net margin from 8% in 2014 to 10% in 2015 via online and telemarketing. (Kao Hoon, 17/03/15)

VNG VNG plans to break profit records for the next three years. The company plans to

accelerate investment to upgrade its production line to catch higher demand by 4Q15.
Management revealed that several foreign investors are interested in partnering it for
investment in Myanmar. (Thun Hoon, 17/03/15)

WHA/HEMRAJ WHA studying the pros and cons of delisting HEMRAJ if its holding exceeds 80% after the

tender offer. The company will nominate four directors to HEMRAJs Board. Management expects
revenue to triple after the merger and plans to lead the industry in a decade. To date the
company has purchased 59% of HEMRAJ shares. (Krungthep Thurakij, 17/03/15)

Page 5

SAWASDEE
Tuesday, March 17, 2015

Short Sale as of March 16, 2015

BIGC
QH
IVL
PTT
MAKRO
BEC
ADVANC
SCC
KBANK
BJC
TOP
TUF
RATCH
PS
SPALI
BCP
AOT
AP
TMB
GLOW
TTW
M
MINT
HMPRO
BH
PTTEP
IRPC
CPN
EGCO
ROBINS
TRUE
BDMS
SCB
BTS
PTTGC
LPN
DTAC
INTUCH
CPALL
ESSO
BECL
TICON
EARTH
KTB
TCAP
LH
TTCL
DELTA
CPF
BANPU
STEC
ITD
CK
AIT
CENTEL
BBL
ICHI
UV
GLOBAL
JAS
TTA
MAJOR
SIRI

Volume

Turnover

Average Price

Last Price

Gap between last

(Shares)

(Baht)

(Baht)

16-Mar-15

close and short

37,600
5,168,100
565,000
497,400
1,700
194,100
1,069,000
120,000
437,700
46,500
241,800
800,200
56,700
373,200
1,181,900
230,800
78,000
500,000
3,364,500
57,400
137,400
19,400
159,300
450,400
18,000
211,400
4,435,100
112,700
16,500
25,000
8,160,900
402,800
108,600
1,330,400
121,200
130,000
95,800
248,600
235,000
140,100
52,000
20,700
50,000
364,300
33,100
280,100
10,000
17,600
470,400
68,400
114,200
947,000
289,400
3,100
14,000
41,300
15,000
11,800
14,000
259,400
12,300
3,400
100,000

8,321,100
20,192,636
13,656,600
158,992,600
61,400
7,520,175
257,558,800
62,238,600
97,074,700
1,686,475
12,446,700
16,007,460
3,482,200
11,074,525
24,168,050
7,736,575
22,988,300
3,600,000
9,922,836
4,684,000
1,600,430
1,153,475
5,340,650
3,586,595
2,581,200
21,945,600
18,806,294
4,709,700
2,459,300
1,173,225
104,440,640
8,131,960
18,778,900
12,363,360
6,415,675
2,297,510
8,175,150
19,653,800
9,092,750
870,505
2,147,500
340,940
224,000
8,280,280
1,133,675
2,690,460
239,000
1,310,275
10,335,850
1,898,100
2,699,250
8,296,025
7,386,150
123,925
418,275
7,498,550
337,500
99,120
142,800
1,816,875
172,170
99,450
186,000

221.31
3.91
24.17
319.65
36.12
38.74
240.93
518.66
221.78
36.27
51.48
20.00
61.41
29.67
20.45
33.52
294.72
7.20
2.95
81.60
11.65
59.46
33.53
7.96
143.40
103.81
4.24
41.79
149.05
46.93
12.80
20.19
172.92
9.29
52.93
17.67
85.34
79.06
38.69
6.21
41.30
16.47
4.48
22.73
34.25
9.61
23.90
74.45
21.97
27.75
23.64
8.76
25.52
39.98
29.88
181.56
22.50
8.40
10.20
7.00
14.00
29.25
1.86

223.00
3.84
24.30
317.00
36.00
38.25
240.00
512.00
221.00
35.75
51.25
20.00
62.00
29.75
20.10
33.75
294.00
7.05
2.98
80.50
11.60
59.50
33.50
7.95
143.00
103.00
4.20
42.00
148.50
46.50
12.70
20.10
172.50
9.20
53.00
17.50
85.00
78.75
38.50
6.25
42.00
16.20
4.50
22.70
34.25
9.55
23.30
74.75
21.70
28.00
22.80
8.40
25.00
39.50
29.75
181.50
22.60
8.45
10.20
6.90
13.80
29.50
1.81

-0.8%
1.7%
-0.5%
0.8%
0.3%
1.3%
0.4%
1.3%
0.4%
1.4%
0.4%
0.0%
-0.9%
-0.3%
1.7%
-0.7%
0.2%
2.1%
-1.0%
1.4%
0.4%
-0.1%
0.1%
0.2%
0.3%
0.8%
1.0%
-0.5%
0.4%
0.9%
0.8%
0.4%
0.2%
1.0%
-0.1%
1.0%
0.4%
0.4%
0.5%
-0.6%
-1.7%
1.7%
-0.4%
0.1%
0.0%
0.6%
2.6%
-0.4%
1.3%
-0.9%
3.7%
4.3%
2.1%
1.2%
0.4%
0.0%
-0.4%
-0.6%
0.0%
1.5%
1.4%
-0.8%
2.8%

%Short Sale Volume

Comparing with Main
Board
25.03%
19.42%
17.19%
14.08%
13.18%
12.71%
12.37%
10.90%
10.11%
8.29%
8.04%
6.97%
6.68%
5.67%
5.53%
4.99%
4.75%
4.70%
4.44%
4.10%
4.05%
3.97%
3.95%
3.87%
3.70%
3.26%
3.19%
2.95%
2.88%
2.84%
2.83%
2.67%
2.53%
2.41%
2.38%
2.21%
2.06%
1.99%
1.89%
1.72%
1.69%
1.45%
1.43%
1.34%
1.32%
1.31%
1.11%
1.11%
1.09%
1.06%
1.04%
0.98%
0.69%
0.62%
0.56%
0.55%
0.39%
0.31%
0.31%
0.22%
0.15%
0.12%
0.09%

Source: SET, SCBS Investment Research

Page 6

SAWASDEE
Tuesday, March 17, 2015

SCBS: Commodities Daily Price Update

GRM
GRM-Reuters (SINREF)

As of

-1W

Avg. Price

16-Mar-15

QTD in 1Q15

% QoQ % YoY

Avg. Price

% YoY

in '14

Avg. Price % YoY Our Projection

in '15

Update

in 2015

Daily

8.99

36.6

8.32

32.8

33.7

5.77

-7.1

8.35

44.8

4.7

Crude Prices
Crude Oil - Arab Gulf Dubai FOB (US$/BBL)
Brent Crude - Current Month, FOB (US$/BBL)
West Texas Int. Cushing (US$/BBL)
Crude Oil - Malaysia Tapis FOB (US$/BBL)

54.11
55.24
43.88
58.21

-4.5
-6.6
-12.2
-4.4

47.20
49.86
48.10
51.95

-53.5
-51.4
-50.7
-50.8

-54.8
-53.9
-51.2
-54.3

96.57
99.21
92.99
102.70

-8.5
-8.9
-5.1
-10.3

52.00
54.42
49.01
56.65

-46.2
-45.1
-47.3
-44.8

105
109
99
109

Oil Product Prices

Gas Oil 0.5% Sulphur FOB SG (U$/BBL)
Gasoline, 97 RON SG Spot (US$/BBL)
Fuel Oil 180 FOB Singapore U$/MT (US$/BBL)

69.42
75.50
49.66

-3.7
-3.6
-4.4

62.79
60.79
44.03

-45.6
-47.4
-51.6

-48.4
-49.5
-53.1

111.94
111.90
86.19

-7.8
-7.9
-9.4

67.45
68.71
49.02

-39.7
-38.6
-43.1

121
119
94

TOP BCP -

Daily
Daily
Daily

Jet Oil Price

Jet Kerosene - FOB Singapore (US$/BBL)

68.85

-4.1

64.82

-44.1

-46.7

112.39

-8.6

69.27

-38.4

123

THAI +

Daily

Olefins Product Prices and Spread

Ethylene, Far East CFR SE Asia (US$/MT)
Ethylene Spread (US$/MT)
Propylene (C), Spot CFR SE Asia (US$/MT)
Propylene Spread (US$/MT)
Naphtha - Singapore Spot FOB (US$/MT)

1,150
633
983
466
517

4.1
8.0
-1.8
-3.2
-0.4

932
512
703
283
419

-36.9
-11.3
-46.0
-29.9
-53.3

-35.3
-0.4
-48.9
-37.0
-54.7

1,400
554
1,252
406
846

3.6
25.8
-5.5
-2.0
-7.1

966
493
783
310
473

-31.0
-11.0
-37.5
-23.6
-44.1

1,352
520
1398
566
832

PTTGC +, SCC +

Tuesday
Daily
Tuesday
Daily
Daily

Polyolefins Prices and Spread

Polye HDPE Inj,South East Asia (US$/MT)
HDPE-Naphtha Spread (US$/MT)
Polye LDPE-Film,Spot S.E Asia (US$/MT)
LDPE-Naphtha Spread (US$/MT)
PP Film, Spot South East Asia (US$/MT)
PP Spread (US$/MT)

1,275
758
1,285
768
1,245
728

2.4
4.4
3.2
5.8
2.0
3.8

1,149
730
1,150
731
1,103
684

-28.4
3.2
-28.2
3.7
-31.6
-4.3

-25.8
17.1
-30.0
1.6
-29.4
7.3

1,546
700
1,577
731
1,556
710

4.7
23.6
3.0
17.6
2.8
17.7

1,162
689
1,163
690
1,112
639

-24.8
-1.6
-26.2
-5.5
-28.5
-9.9

1,478
646
1,534
702
1515
683

PTTGC +, SCC +

Tuesday
Daily
Tuesday
Daily
Tuesday
Daily

MEG Prices and Spread

MEG,Far East Spot CFR F/E US$/MT
MEG Spread (US$/MT)

826
136

-1.5
-22.6

736
177

-24.7
92.1

-24.1
66.4

928
88

-91.6
-64.0

771
-17.0
191 -100.0

1,054
216

IVL +, PTTGC -

Tuesday
Tuesday

Aromatics Product Prices and Spread

Paraxylene, N.E Asia Spot CFR (US$/MT)
Paraxylene Spread (US$/MT)
Paraxylene - 95 ULG Spread (US$/MT)
Toluene,Spot CFR NE Asia(US$/MT)
Benzene, Far East CFR Spot F/E (US$/MT)
Benzene Spread (US$/MT)
Benzene - 95 ULG Spread (US$/MT)
Condensate (US$/MT)

861
399
236
705
770
308
146
462

-2.8
-0.8
0.1
-4.7
-1.9
2.0
7.2
-4.4

790
-42.0
386
20.3
-265
98.8
609
-47.8
638
-51.1
233 -47.8
-822 -431.9
404
-52.8

-70.2
-6.6
-211.8
-45.7
-51.3
-45.6
-424
-54.1

1,228
414
173
1,063
1,217
403
161
814

-72.4
-32.3
-62.5
-10.5
-7.8
-62.6
-84.5
-8.4

826
-32.8
382 -155.5
-230 -233.1
644
-39.4
674
-44.6
230 -43.0
-382 -57.6
444
-45.4

1,498
666
485
1,186
1,318
486
305
896

PTTGC -

Tuesday
Tuesday
Daily
Tuesday
Tuesday
Daily
Daily
Daily

PTA Prices and Spread

PTA Contract Price (US$/MT)
PTA Spread (US$/MT)

625
48

0.0
51.2

677
148

-33.4
41.5

-33.1
1.4

955
132

-14.1
24.3

653
99

-31.7
-24.7

1076
72

SCC +, IVL -

Tuesday
Tuesday

PVC Prices and Spread

PVC, Spot South East Asia (US$/MT)
VNT's PVC-Ethylene Spread (US$/MT)
Ethylene Dichloride USG FOB (US$/MT)
TPC's PVC - EDC Spread (US$/MT)

840
265
283
272

0.6
-6.2
0.0
-3.2

790
325
311
268

-24.7
4.2
-22.3
-8.0

-24.0
1.5
-16.8
-14.3

1,013
313
386
290

-61.9
-7.0
26.5
-20.5

813
330
296
292

-19.7
5.5
-23.4
0.8

1013
107
261
577

TPC -, VNT -

Tuesday
Tuesday
Tuesday
Tuesday

SCC +

Monthly

Construction Material
Mixed Cement - retail price (Bt/MT)

PTTEP -, PTT -

SCC +, TPIPL +

TOP -

Daily
Daily
Daily
Daily

2,780

0*

2,780

0.2

-0.3

2,772

10.3

n.a.

n.a.

Forest Product
NBSK Pulp (Canada) CIF Korea (US$/MT)

755

0.0

805

-2.4

-5.5

836

6.2

794

-5.1

Steel Price
Steel Index
Steel HR Coil CIS (US$/MT)
Steel CIS Slabs (US$/MT)
CIS HRC Spread (US$/MT)
Steel - CIS Wire rod (US$/MT)
Steel - Billet (US$/MT)
CIS Wire rod Spread (US$/MT)

859
378
330
48
443
399
44

-3.8
-1.3
0.0
-9.5
0.0
0.0
0.0

928
439
377
62
443
398
45

-30.3
-16.6
-22.8
26.8
-18.6
-20.9
10.0

-27.2
-17.5
-26.5
229.7
-20.1
-19.8
-29.7

1,243
522
489
33
538
483
56

1.1
-3.8
1.3
-44.6
-8.1
-5.6
-24.8

929
415
355
59
443
398
44

-25.3
10.7
-27.4
78.7
-17.8
-17.5
-20.3

Freight Rate
Baltic Freight Index: BDIY
Baltic Supramax Index: BSI

564
611

-32.0
-28.4

622
616

-34.6
-27.6

-55.1
-44.9

1,102
940

-9.7
-5.1

622
616

-43.6
-34.5

TTA -, PSL -

Daily
Daily

66.50

-3.3

62.56

-9.0

-20.7

71.1

0.0

66.3

-6.8

BANPU -

Friday

BJI Coal price

Daily
Daily
Tuesday
Tuesday
Tuesday
Tuesday
Tuesday
Tuesday

* Change MoM
Source: Datastream, Bloomberg, Reuters, BANPU and SCBS Investment Research

Page 7

Construction material - Mixed Cement (retail price)

BT/MT

3,000

2,800

2,600

2,400

2,200

2,000

1,800

US$/MT
600

100

Mar-15

200

Steel - Billet
Steel - CIS Wire rod
Spread

Feb-15
Mar-15

Mar-15

Propylene Spread

PVC Spread

VNT's product Spread

TPC's product spread

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

900
800
700
600
500
400
300
200
100
0

Mar-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

Ethylene Spread

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

Apr-14
May-14

US$/MT

Feb-15

Jan-15

Dec-14

Nov-14

US$/MT
EDC 450
400
350
300
250
200
150
100
50
0

Oct-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Mar-14

Update :

Feb-15

US$/MT
80
70
60
50
40
30
20
10
0
-10
-20

US$/MT
1,000
900
800
700
600
500
400
300
200

Jan-15

Steel HR Coil , Slabs

Mar-14

US$/MT
900
800
700
600
500
400
300
200
100
0

Dec-14

300

Mar-15

Olefins Spreads

Nov-14

100

Sep-14

300

Aug-14

500

Oct-14

700

Sep-14

900

Aug-14

PVC Price

Jul-14

PP

Jul-14

1,400

May-14

1,600

Jun-14

1,800

Apr-14

US$/MT

May-14

Polyolefins Prices

Mar-14

Benzene

Apr-14

Paraxylene

Mar-14

1,100

Mar-15

Aromatics Prices

Jun-14

400

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

Propylene

May-14

Steel CIS Slabs

Steel HR Coil
Spread

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

May-14

Apr-14

Mar-14

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Olefins Prices

Apr-14

PVC

Mar-14

800

Feb-15

HDPE

Mar-15

GRM -Reuters

Feb-15

LDPE

1,000

Mar-15

Jan-15

1,200

Mar-15

Jan-15

US$/MT
1,300

Feb-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

Apr-14

1,800
1,600
1,400
1,200
1,000
800
600
400

Mar-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Mar-14

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Mar-14

Ethylene

Feb-15

Jan-15

1,500

Dec-14

500

Nov-14

BSI Index

Oct-14

2,000

Sep-14

BDIY Index

US$/MT
600

Aug-14

3,000

NBSK Pulp

US$/MT
880

860

840

820

800

780

760

740

720

700

Jul-14

Baltic Freight Index

Jun-14

40

Jul-14

60

Jun-14

80

May-14

US$

May-14

Coal Price

May-14

Apr-14

Mar-14

Apr-14

Mar-14

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

10

Apr-14

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

US$/bbl
12

Mar-14

Mar-15

Jan-15

Nov-14

2,500
Steel
Index

Sep-14

Jul-14

May-14

Oct-14

Sep-14

Aug-14

US$/MT

Jan-15

Jan-14

Aug-14

GRM

Dec-14

Mar-14

Aug-14

Jet Oil
Gas Oil
Gasoline
Fuel Oil

US$/MT
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600

Nov-14

100

Nov-13

Jul-14

Jun-14

US$/BBL

Oct-14

500

Sep-13

Jul-14

Jun-14

May-14

140
130
120
110
100
90
80
70
60
50
40

Jul-14

Jun-14

May-14

Jul-13

May-14

Apr-14

Mar-14

Oil Product Prices

Sep-14

200

May-13

Apr-14

Mar-14

130
120
110
100
90
80
70
60
50
West Texus Int
Brent
Dubai

Aug-14

1,000

Mar-13

Apr-14

Mar-14

US$/BBL

Apr-14

Jan-13

Crude Prices

Mar-14

May-09
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14

SAWASDEE

SCBS: Commodities Daily Chart Update

Tuesday, March 17, 2015
16-Mar-15

Aromatics Spreads
Paraxylene Spread

Benzene Spread

Polyolefins-Naphtha Spreads
LDPE spread
HDPE Spread
PP Spread

Steel Wire rod, Billet

US$/MT
120

500
100

400
80

300
60

40

20

Page 8

SAWASDEE
Tuesday, March 17, 2015

Director Trade
1.

Director trade as reported on March 16, 2015.

Company
AJD
AJD
AJD
AJD
AKR
AQ
BLAND
CHG
HYDRO
IVL
MINT
NWR
NWR
PS
PS
PSL
SAMART
SIRI
SMM
SMM
SUSCO
SVI
TUF
VIBHA

Name of Director
Pipat Patiwatephinyo
Pipat Patiwatephinyo
Pipat Patiwatephinyo
Pipat Patiwatephinyo
Prinya Nakchudtree
Wirat Aiew-Aksorn
Ausakoon Srisanyanon
Apirum Panyaphol
Pichai Klongpitak
William Ellwood Heinecke
William Ellwood Heinecke
Polpat Karnasuta
Polpat Karnasuta
Prasert Taedullayasatit
Prasert Taedullayasatit
Stephen Korah
Watchai Vilailuck
Supol Sombathwichathon
Prajaya Chaikam
Prajaya Chaikam
Mongkol Simaroj
Threekwan Bunnag
Kraisorn Chansiri
Chaisith Viriyamettakul

Product
Common share
Warrant
Warrant 2
Common share
Common share
Common share
Warrant 4
Common share
Common share
Warrant
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share

Transaction
date
13/03/2015
11/03/2015
12/03/2015
13/03/2015
13/03/2015
13/03/2015
10/03/2015
12/03/2015
12/03/2015
10/03/2015
11/03/2015
12/03/2015
13/03/2015
12/03/2015
13/03/2015
13/03/2015
11/03/2015
13/03/2015
11/03/2015
12/03/2015
12/03/2015
11/03/2015
13/03/2015
13/03/2015

Amount
(Shares)
14,420,000
20,000,000
14,000,000
8,000,000
50,000
100,000
100,000
64,900
410,300
213
15,000
2,000,000
1,000,000
133,400
385,300
2,000
200,000
500,000
79,800
36,800
100,000
300,000
80,000,000
40,000
Total

Price
Amount Buy/Sell
(Bt)
(Bt)
2.88
41,529,600 Buy
0.50
10,000,000 Sell
1.50
21,000,000 Sell
2.89
23,120,000 Buy
2.90
145,000 Buy
0.39
39,000 Buy
0.47
47,000 Sell
19.30
1,252,570 Sell
3.61
1,481,183 Sell
2.60
554 Sell
33.58
503,700 Buy
2.14
4,280,000 Sell
2.15
2,150,000 Sell
31.25
4,168,750 Sell
30.75
11,847,975 Sell
14.95
29,900 Buy
33.88
6,776,000 Buy
1.92
960,000 Sell
2.20
175,560 Buy
2.26
83,168 Buy
3.74
374,000 Buy
4.54
1,362,000 Buy
20.00 1,600,000,000 Sell
15.80
632,000 Buy
Buy
74,769,928
Sell 1,657,188,032
Net -1,582,418,104

25

-200

Cumulative Net Buy(+)/Sell(-)

29

-600

Cumulative Net Buy (+)/ Sell (-)

Avg. Price

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

19

Aug-14

-1,000

Jul-14

17

24

Jun-14

-800

Apr-14

19

Avg. Price

PS

Avj. Price

20

Bt/Share

25
15

Cumulative Net Buy(+)/Sell(-)

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

10

Oct-14

Mar-15

Jan-15

Feb-15

Dec-14

Oct-14

Cumulative Net Buy/Sell

Nov-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

1.5

Apr-14

-5,000

30

Sep-14

1.7

35

Aug-14

40

Jul-14

1.9

'000 Shares

2.1
5,000

Bt/Share

2.3

10,000

0
(1,000)
(2,000)
(3,000)
(4,000)
(5,000)
(6,000)
(7,000)

Jun-14

2.5

May-14

15,000

Apr-14

NWR

'000 Shares

-400

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Jul-14

Aug-14

Jun-14

May-14

Apr-14

Feb-14

21

34

May-14

23

39

Bt/Share

200

27

'000 Shares

29

Bt/Share

1,400
1,200
1,000
800
600
400
200
0

Mar-14

'000 Shares

2. 12-month cumulative net buy/sell for SCBS-covered stocks with activity as of last close
IVL
MINT

Avg. Price

Page 9

SAWASDEE
Tuesday, March 17, 2015
10000

'000 Shares

Bt/Share

6000
4000
2000

Cumulative Net Buy (+)/ Sell (-)

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

May-14

Apr-14

Avg. Price

Jun-14

Avg. Price

5.5

4.5

Avg. Price

Bt/Share

5.0

4.0

Cumulative Net Buy/Sell

Mar-15

Jan-15

Feb-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

3.5

May-14

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Cumulative Net Buy (+)/Sell (-)

0
-1,000
-2,000
-3,000
-4,000
-5,000
-6,000
-7,000

Apr-14

2.4
2.3
2.2
2.1
2.0
1.9
1.8
1.7
1.6
1.5

15,000
10,000
5,000
0
-5,000
-10,000
-15,000
-20,000
-25,000
-30,000

'000 Shares

SVI

Bt/Share

SIRI

'000 Shares

49
44
39
34
29
24
19
14

8000

Mar-15

Jan-15

Cumulative Net Buy(+)/Sell(-)

Feb-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

May-14

Jul-14

29
27
25
23
21
19
17
15
13

Jun-14

200
0
-200
-400
-600
-800
-1,000
-1,200

Bt/Share

SAMART

Apr-14

'000 Shares

PSL

Avg. Price

20,000

24
23
22
21
20
19
18
17
16
15

'000 Shares

0
-20,000
-40,000
-60,000
-80,000

Cumulative Net Buy (+)/Sell (-)

Mar-15

Feb-15

Jan-15

Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

Jun-14

May-14

Apr-14

-100,000

Bt/Share

TUF

Avg. Price

Page 10

SAWASDEE
Tuesday, March 17, 2015

Corporate Calendar
Monday
16
XD
PATO Bt0.92
PD
CPTGF Bt0.186
MNIT Bt0.0399
MNRF Bt0.185
TTLPF Bt0.33
DTCPF Bt0.335
THIF Bt0.336
TRIF Bt0.375
XW
MFC 2 : 1
PD
CPTGF Bt0.186
MNIT Bt0.0399
MNRF Bt0.185
TTLPF Bt0.33
DTCPF Bt0.335
THIF Bt0.336
TRIF Bt0.375
Share listing
FPI 9,328,358 Shares

23
XD
M-CHAI Bt3
STPI 10 : 1 XD(ST)
STPI Bt0.5
TCIF Bt0.3

30
XD
CSL Bt0.16
SYNEX Bt0.13
THCOM Bt0.65
TKS 10 : 1 XD(ST)
TKS Bt0.4
TMD Bt1
PD
LHSC Bt0.022

XD - Cash Dividend
XD(ST) - Stock Dividend
PD Payment Date

March
Wednesday
18

Tuesday
17
XD
BAT-3K Bt3
CMR Bt3.6
CPI Bt0.06
LALIN Bt0.135
OTO Bt0.05
PDG Bt0.1
PYLON Bt0.5
SAMART Bt0.43
SAMTEL Bt0.4
SIM Bt0.03
SMK Bt17.03
TPP Bt0.4
VGI 1 : 1 XD(ST)
VGI Bt0.011111111111
VIH Bt0.02
WHAPF Bt0.185
PD
MNIT2 Bt0.1557
M-STOR Bt0.184
Share listing
BH 25,000 Shares
IFEC 172,660,769 Shares
KTECH 30,300,000 Shares
SGF 770,700,126 Shares
TSF 175,808,936 Shares
24
XD
BDMS Bt0.23
BUI Bt0.4
DCON 25 : 1 XD(ST)
DCON Bt0.15
GLAND Bt0.07
PERM Bt0.05
SKR Bt0.85
WG Bt5.5
XW
UREKA 2 : 1
31
XD
CNS Bt0.18
INTUCH Bt2.23
SCC Bt7
TPC Bt0.35
XE
PYLON-W1 1 : 1.25 @Bt1.76
PD
JSP Bt0.1
VGI 1 : 1 XD(ST)
VGI Bt0.011111111111
WHAPF Bt0.185

Thursday
19

Friday
20

XD
ABPIF Bt0.3036
GCAP Bt0.1
LIT Bt0.12
MIDA 10 : 1 XD(ST)
MIDA Bt0.00556
ML 10 : 1 XD(ST)
ML Bt0.00556
SINGER Bt0.53
SNP Bt0.7
PD
HPF Bt0.169
M-PAT Bt0.185
UOB8TF Bt0.111
JAS Bt1.5
XW
UWC 2.3 : 1

XD
GLOBAL 7 : 1 XD(ST)
GLOBAL Bt0.015873015857
NTV Bt1
PLE Bt0.046
VNG Bt0.25
PD
KPNPF Bt0.162
MJLF Bt0.272

XD
EARTH Bt0.05
KCE Bt0.7
TNITY 8 : 1 XD(ST)
TNITY Bt0.07
TPIPL Bt0.02
TTI Bt1
PD
LHPF Bt0.3529
QHHR Bt0.373
QHPF Bt0.182

25
XD
AH Bt0.1
HTC Bt0.3
TBSP Bt8.5
TMILL Bt0.08
TSTE Bt0.5
PD
TAPAC Bt0.08
LUXF Bt0.151
MONTRI Bt0.35

26
XD
ADVANC Bt5.96
LEE Bt0.17
ZMICO Bt0.05
PD
M-II Bt0.187
JCP Bt0.19
SSTPF Bt0.3529

27
XD
Q-CON Bt0.14
TGCI Bt0.08
TIC Bt0.8
TIC-P Bt0.8
XR
TLUXE 2 : 1 @Bt1.00
PD
KSL 5 : 1 XD(ST)
KSL Bt0.0811111111

XR - Rights for Common

XW - Rights for Warrant
XT - Rights for Transferable Subscription Righ

XE - Warrant Exercise
CW - Capital write-down
SP - Suspension

Page 11

SAWASDEE
Tuesday, March 17, 2015
Disclaimer:
The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not
guaranteed. Any opinions expressed herein reflect our judgment at this date and are subject to change without notice. This report is for
information only. It is not to be construed as an offer, or solicitation of an offer to sell or buy any securities. We accept no liability for any
loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.
SCB Securities Company Limited (SCBS) is a wholly-owned subsidiary of The Siam Commercial Bank Public Company Limited (SCB). Any
information related to SCB is for sector comparison purposes.
This document is prepared by SCB Securities Company Limited (SCBS) which is wholly-owned by The Siam Commercial Bank Public Company
Limited (SCB). SCB has acted as a joint financial advisor of Amata VN Public Company Limited. SCBS has acted as joint-lead underwriter of
Amata VN Public Company Limited. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other
information contained in this document (the Information) is provided as general information purposes only, and shall not be construed as
individualized recommendation of an offer to buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or its directors,
officers and employees shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use
of or reliance on the Information, including without limitation to, damages for loss of profits. The investors shall use the Information in
association with other information and opinion, including their own judgment in making investment decision. The Information is obtained
from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to
intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially
exploit the Information in any manner without the prior written consent of SCBS
This document is prepared by SCB Securities Company Limited (SCBS) which is wholly-owned by The Siam Commercial Bank Public Company
Limited (SCB). SCB has acted as financial advisor of WHA Corporation Public Company Limited. Any opinions, news, research, analyses,
prices, statements, forecasts, projections and/or other information contained in this document (the Information) is provided as general
information purposes only, and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an
offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental,
special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages
for loss of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in
making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy,
completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to
intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially
exploit the Information in any manner without the prior written consent of SCBS
SCB SECURITIES COMPANY LIMITED (SCBS) ACTS AS MARKET MAKER AND ISSUER OF DERIVATIVE WARRANTS on the ordinary shares AAV,
ADVANC, AOT, BANPU, BBL, BCH, BCP, BDMS, BJCHI, BLAND, BMCL, BTS, CENTEL, CK, DTAC, EGCO, INTUCH, IRPC, ITD, IVL, KBANK, KCE, KKP, KTB,
LPN, MINT, PS, PSL, PTT, PTTEP, PTTGC, QH, SCC, SGP, SIRI, SRICHA, STEC, STPI, THAI, TICON, TISCO, TMB, TOP, TPIPL, TRUE, TTA, UV.
Before making an investment decision over a derivative warrant, an investor should carefully read the prospectus for the details of the said
derivative warrants. Any opinion, news, research, analyse, price, statement, forecast, projection and/or other information contained in this
document (the Information) is provided as general purpose information only, and shall not be construed as a recommendation to any
person of an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities. SCBS and/or its directors, officers, employees, and
agents shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of, or reliance on,
the Information, including without limitation, damages for loss of profits. The investor should use the Information in association with other
information and opinion, including his/her own judgment in making investment decision. The Information is obtained from sources believed
to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time at its sole discretion without giving any notice. This document is
delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or
commercially exploit the Information in any manner without the prior written consent of SCBS.

Page 12