March 21, 2017 OUTPERFORM

COMPANY RESEARCH | Company Update

Big Camera
(BIG TB)
Share Price: Bt5.3 Target Price: Bt7.0 (+32.1%)

The pursuit of victory

1Q17F core earnings to grow 21% yoy to Bt250m led by pent-up
demand for Fuji XA3, new models, and higher gross margin

Room to grow camera retail business, while mobile and printing
units could be new growth engines in the next 1-2 years

OUTPERFORM, Bt7.0/sh TP is pegged to 22x FY17F PE; currently
trading at 12% discount to peers valuation
Estimate 1Q17F core earnings at Bt250m (-17% qoq, +21% yoy)
The yoy growth would be driven by 15% sales growth following pent-up
demand for the Fuji X-A3, growing popularity of Sony alpha 5100 and Sony
alpha 6000 series, and new models (Fuji X-T20 and Panasonic Lumix GF-
9). Gross margin would be near the record high of 34%, the same as
4Q16, vs. 32% in 1Q16, supported by higher selling prices for new Sunthorn THONGTHIP
models. SG&A/Sales ratio is under control at 13% vs 14% in 4Q16 and 662 - 659 7000 ext 5009
13% in 1Q16, following effective cost-control measures. Meanwhile, the sunthorn.thongthip@krungsrisecurities.com
qoq drop would be due to seasonal factors. We estimate 1Q17F core
earnings to grow 21% yoy to Bt250m. As BIG booked Bt27m tax savings Key Data
on losses carried-forward at Sun Wood Industries in 1Q16, the bottom line 12-mth high/low (Bt) 6.05 / 2.10
would grow 7% yoy. The near-term catalyst would be BIG camera Market capital (Btm/US$m) 18,703.1 / 529.6
festival to be held at Central Ladprao from 30 March to 6 April. 3m avg. turnover (Btm/US$m) 110.2 / 3.1
Free float (%) 19.0
From one to three growth engines: camera, mobile, and printing Issued shares (m shares) 3,529
Sales of mirrorless cameras and accessories in Thailand will remain Major shareholders:
strong this year thanks to (i) solid camera demand with the rising number - TIENKANJANAWONG CHAR 31.6
of domestic and outbound Thai travelers, (ii) rising demand from - TIENKANJANAWONG THAN 10.6
younger generation who enjoys taking and uploading photos on social - TIENKANJANAWONG CHIT 10.6
media, and (iii) users who want to upgrade to high-end products (full-
frame cameras) for better quality pictures. BIG will be the top beneficiary Share Price Performance
as it has over 70% share of the camera market in Thailand. It plans to
diversify into the printing and mobile market by leveraging on its large
customer base and 230 branches nationwide. It will add a printing
corner in every branch by 2H17 to offer graduation and wedding photo
services. The mobile business (c.5% of total revenue) will turnaround
this year led by stronger sales and gross margin following a better
product mix and scale. BIG will double its mobile business network to 50
stores by end 2017, and will negotiate with AIS to open more AIS shops
this year. The partnership with AIS has given BIG access to top
smartphone brands (e.g. iPhone) and promotions.
OUTPERFORM, TP Bt7.0/sh; Thailands top camera retail chain
BIG remains attractive at 17x FY17F PE, which is 12% discount to YTD 1Mth 3Mth 12Mth
peers average valuation, as it offers superior earnings growth in FY17F Absolute (%) 0.0 (6.2) (4.5) 138.7
(+32%). Armed with net cash position (Bt324m at end FY16) and solid Relative to index (%) (1.2) (5.1) (7.8) 125.9
operating cash flow of c.B1bn/year, there is upside from future M&As or
higher dividend payout vs its 50% policy. BIG will pay Bt0.07/sh dividend Krungsri Securities vs Market
for 2H16 (XD on 18 April), implying 1.3% dividend yield. Positive Neutral Negative
Market
Financial Summary (Btm) Recommend 3 1 0
Year to Dec 2015 2016 2017F 2018F 2019F Krungsri Market % +/-
Sales (Btm) 4,768 5,663 7,136 8,053 9,098 Target Price (Bt) 7.0 6.6 6.1
Growth (%) 38.1 18.8 26.0 12.9 13.0 17 Net Profit (Btm) 1,122 1,040 7.9
EBITDA (Btm) 642 1,089 1,470 1,693 1,874 18 Net Profit (Btm) 1,297 1,237 4.8
Growth (%) 107.4 69.6 35.1 15.2 10.7
Net profit (Btm) 459 846 1,122 1,297 1,499 Krungsri's earnings revision
Growth (%) 150.7 84.2 32.5 15.7 15.6 2017F 2018F
FDEPS (Bt) (Core) 0.13 0.24 0.32 0.37 0.42 Earnings revision (%) - -
Growth (%) 150.7 84.2 32.5 15.7 15.6
Source: Bloomberg, Krungsri Securities
PE (x) 11.9 22.1 16.7 14.4 12.5
DPS (Bt) 0.06 0.14 0.19 0.22 0.25
Yield (%) 4.0 2.6 3.6 4.2 4.8
BVPS (Bt) 0.3 0.4 0.5 0.6 0.8
P/BV (x) 6.01 14.63 10.83 8.33 6.57

Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1
Company Update | BIG March 21, 2017

Mirrorless camera market growth value (% yoy, monthly) Mirrorless camera market growth - units (% yoy, monthly)

Source: Company data and GFK Source: Company data and GFK

Thailand Retail Sales (% yoy) Facebook followers of digital camera clubs in Thailand
22 Dec 17 Feb 21 Mar
Fuji X Series Club Thailand 140,683 146,798 148,684
Olympus Club Thailand 67,709 75,081 77,223
Fuji X-A2 Club Thailand 65,810 71,089 71,920
Fuji X-A3 Club Thailand 14,199 26,482 33,804
Fuji X-A10 Club Thailand - 4,735 4,956
Nikon Club Thailand 46,347 52,124 54,717
Sony Alpha Club Thailand 30,096 36,236 38,399
Canon Club Thailand 24,213 26,378 27,371
EOS M Club 8,312 9,270 9,717
Lumix G Series Club 7,354 13,552 14,415
Source: Trading Economics Source: Facebook

1Q17F earnings preview

Unit: (Btm) 1Q17F 4Q16 1Q16 Q-o-Q Y-o-Y
Sales 1,514 1,789 1,396 -15% 8%
Cost of sales 998 1,174 944 -15% 6%
Gross profit 515 615 452 -16% 14%
SG&A 203 243 188 -17% 8%
Operating profit 313 372 264 -16% 18%
Equity income 0 0 0 n.a. n.a
EBIT 313 372 264 -16% 18%
Interest expense 0 0 4 -405% -107%
EBT 313 372 260 -16% 20%
Income tax 63 71 26 -12% 142%
Minority interests 0 0 0 -133% 0%
Core profit 250 301 234 -17% 7%
Extra items 0 0 0 n.a. n.a.
Net income 250 301 234 -17% 7%
EPS (THB) 0.07 0.09 0.07 -17% 7%

Ratio analysis
Gross margin (%) 34% 34% 32%
SGA/Total revenue (%) 13% 14% 13%
Operating profit margin (%) 21% 21% 19%
Core profit margin (%) 17% 17% 17%
Source: Company data, Bloomberg, Krungsri Securities

Krungsri Securities Research 2

Company Update | BIG March 21, 2017

P/E Band P/BV Band

Source: Bloomberg, Krungsri Securities Source: Bloomberg, Krungsri Securities

Peer Comparison
Market PE P/BV EPS Div Yid ROE Share Price
Cap (x) (x) G% (%) (%) Performance
BB Ticker Name US$ 17F 18F 17F 18F 17F 18F 17F 17F 1M 3M 6M YTD
BIG TB BIG CAMERA CORP PCL 539 16.7 14.4 10.8 8.3 32.5 15.7 3.6 65.0 (6.2) (4.5) 19.9 0.0
COM7 TB COM7 PCL 374 22.1 18.8 5.9 5.2 43.5 17.6 2.5 28.4 (9.2) (18.2) 6.9 (17.6)
JMART TB JAYMART PCL 280 18.1 15.4 2.4 2.1 21.9 17.6 2.7 11.9 0.0 7.7 51.5 6.2
Mean 19.0 16.2 6.4 5.2 32.6 17.0 2.9 35.1
Source: Bloomberg, Krungsri Securities

Quarterly earnings
Unit: (Btm) 4Q15 1Q16 2Q16 3Q16 4Q16
Sales 1,621 1,377 1,288 1,190 1,789
Cost of sales 1,187 944 871 843 1,174
Gross profit 434 432 417 347 615
SG&A 206 188 186 191 243
Operating profit 228 245 231 156 372
Equity income 0 0 0 0 0
EBIT 228 245 231 156 372
Interest expense 3 4 0 0 0
EBT 225 241 231 156 372
Income tax 36 26 46 30 71
Minority interests 0 0 0 0 0
Core profit 190 215 186 126 301
Extra items 9 19 0 0 0
Net income 199 234 186 126 301
EPS (THB) 0.06 0.07 0.05 0.04 0.09

Ratio analysis
Gross margin (%) 27% 31% 32% 29% 34%
SGA/Total revenue (%) 13% 14% 14% 16% 14%
Operating profit margin (%) 14% 18% 18% 13% 21%
Core profit margin (%) 12% 16% 14% 11% 17%
Source: Company data, Bloomberg, Krungsri Securities

Krungsri Securities Research 3

Company Update | BIG March 21, 2017

INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F

Sales 4,768 5,663 7,136 8,053 9,098
Cost of sales (COGS) (3,393) (3,767) (4,826) (5,462) (6,187)
Depreciation & amortization (62) (65) (68) (72) (75)
Gross profit 1,313 1,831 2,241 2,520 2,835
S&A expenses (733) (808) (839) (898) (961)
Operating profit 580 1,024 1,402 1,622 1,874
Other operating income 0 0 0 0 0
EBIT 580 1,024 1,402 1,622 1,874
Interest expense (16) (4) 0 0 0
Interest income 0 0 0 0 0
Goodwill amortization 0 0 0 0 0
Pre-tax profit 564 1,020 1,402 1,622 1,874
Income tax on company & subsidiaries (105) (173) (280) (324) (375)
Profit after tax 460 846 1,122 1,297 1,499
Minority interests (0) 0 0 0 0
Share of associate net income 0 0 0 0 0
Preferred dividends 0 0 0 0 0
Recurring attributable net profit 459 846 1,122 1,297 1,499
Extraordinary items 0 0 0 0 0
Reported net profit 459 846 1,122 1,297 1,499

Shares in issue (Y/E, m) 3,529 3,529 3,529 3,529 3,529

Shares in issue (weighted avg, m) 3,529 3,529 3,529 3,529 3,529
EPS (before extraordinary items, Bt) 0.13 0.24 0.32 0.37 0.42
DPS (Bt) 0.06 0.14 0.19 0.22 0.25
DPS/EPS (%) 48 58 60 60 60

CASHFLOW (Btm) 2015 2016 2017F 2018F 2019F

Profits before tax 580 1,024 1,402 1,622 1,874
Depreciation & amortization 62 65 68 72 75
EBITDA 642 1,089 1,470 1,693 1,950
Notional cash taxes on ungeared operations (105) (173) (280) (324) (375)
Interest payment (16) (4) 0 0 0
Net change in working capital 110 (117) (138) (78) (102)
Cash flow from Operations 632 795 1,052 1,291 1,472
Capex (61) (61) (61) (61) (61)
Other (60) (44) (32) (19) (22)
Cash flow from Investment (122) (105) (93) (80) (83)
Net borrowings (322) (121) 1 0 0
Equity capital raised (98) 0 0 0 0
Dividends paid 0 (494) (673) (778) (900)
Others 95 12 0 0 0
Cashflow from financing (325) (603) (672) (778) (900)
Net change in cash 185 86 287 433 490

Krungsri Securities Research 4

Company Update | BIG March 21, 2017

BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F

Cash & equivalents 262 324 611 1,043 1,533
A/C receivable 242 312 399 451 511
Inventory 1,051 1,251 1,580 1,769 2,003
Others 4 5 6 6 7
Total Current Assets 1,559 1,891 2,595 3,270 4,054
Property and equipment 161 186 179 169 155
Investments & associates 185 195 197 199 201
Other assets 104 116 149 168 190
Goodwill 37 58 55 52 50
Total Assets 2,046 2,447 3,176 3,858 4,650

Short-term debt 3 0 1 1 1
A/C payable 890 1,014 1,298 1,469 1,663
Other current liabilities 110 135 126 116 110
Total Current Liabilities 1,002 1,150 1,425 1,586 1,774
Long-term debt 118 0 0 0 0
Other liabilities 16 19 24 27 31
Total Liabilities 1,137 1,169 1,449 1,613 1,805

Share capital 353 353 353 353 353

Share premium 0 0 0 0 0
Revaluation/Warrants/Treasury 0 0 0 0 0
Translation adjustment (12) 0 0 0 0
Retained earnings 568 925 1,374 1,893 2,492
Total ordinary equity 909 1,278 1,727 2,246 2,845
Preferred equity 0 0 0 0 0
Minorities 0 0 0 0 0
Total equity & minorities 909 1,278 1,727 2,246 2,845
0 0 0 0 0
BV per ordinary share (Y/E, Bt) 0.26 0.36 0.49 0.64 0.81
Adjusted book value ps (Y/E, Bt) 0.26 0.36 0.49 0.64 0.81
RATIOS (%) 2015 2016 2017F 2018F 2019F
Growth
Turnover 34.6 19.8 24.2 13.1 13.2
EBITDA 107.4 69.6 35.1 15.2 15.1
EBIT 134.3 76.6 37.0 15.7 15.6
Net profit 235.4 84.2 32.5 15.7 15.6
EPS pre extraordinary items 150.7 84.2 32.5 15.7 15.6
EPS (diluted) 150.7 84.2 32.5 15.7 15.6
DPS n.a. 126.5 36.1 15.7 15.6
Accounting ratios
Gross profit margin 27.5 32.3 31.4 31.3 31.2
Operating profit margin 13.6 20.1 22.2 22.7 23.2
EBITDA margin 15.1 21.4 23.3 23.7 23.2
EBIT margin 13.6 20.1 22.2 22.7 23.2
Net profit margin 10.8 16.6 17.7 18.1 18.5
ROA 22.9 35.0 35.6 33.8 32.4
ROE 50.5 66.2 65.0 57.8 52.7
Stability
D/E (x) 1.2 0.9 0.8 0.7 0.6
Net D/E (x) 0.1 0.0 0.0 0.0 0.0
Interest Coverage Ratio 37.4 260.0 n.a. n.a. n.a.
Current ratio (x) 1.6 1.6 1.8 2.1 2.3
Quick ratio (x) 0.5 0.6 0.7 0.9 1.2
Valuation (x)
PER 11.9 22.1 18.9 16.3 14.1
Normalized PER 11.9 22.1 18.9 16.3 14.1
P/BV 6.0 14.6 12.3 9.4 7.4
EV/EBTDA 8.3 16.9 14.2 12.2 10.8
Dividend yield (%) 4.0 2.6 3.2 3.7 4.2

Krungsri Securities Research 5

CG Rating 2015 Companies with CG Rating

ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMY HANA
HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINT MONO NKI
PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMART SAMTEL SAT SC
SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMB TOP VGI WACOAL

AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP ASIMAR ASK ASP BANPU
BAY BBL BDMS BKI BLA BOL BROOK BWG CENTEL CFRESH CHO CIMBT CM CNT
COL CPF CPI CSL DCC DELTA DEMCO ECF EE ERW GBX GC GFPT GLOBAL
GUNKUL HOTPOT HYDRO ICC ICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO
MBK MC MEGA MFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP
PDI PE PG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS
S&J SABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNP
SPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSP TCAP
TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TK TKS TMI
TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUE TSC TSTE TSTH
TTA TTCL TTW TU TVD TVO UAC UT UV VNT WAVE WINNER YUASA ZMICO

2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCO AQUA

AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHI BKD BTNC
CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSC CSP CSS CTW
DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTH FPI FSMART FSS FVC
GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECH IEC IFEC IFS IHL IRCP
ITD JSP JTS JUBILE KASET KBS KCAR KGI KKC KTIS KWC KYE L&E LALIN
LHK LIT LST M MAJOR MAKRO MATCH MATI MBKET M-CHAI MFC MILL MJD MK
MODERN MOONG MPG MSC MTI MTLS NC NOK NUSA NWR NYT OCEAN PACE PATO
PB PCA PCSGH PDG PF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL
PYLON QLT RCI RCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP
SEAOIL SIRI SKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY
STPI SUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TIC
TIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR TT UMI UP UPF
UPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO

Disclaimer
The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to
the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on
the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public
investor. The result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the
survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public
Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.
Anti-corruption Progress Indicator 2015
Level 5: Extended
BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP

Level 4: Certified
ADVANC AMANAH ASP AYUD BAFS BANPU BAY BBL BKI BLA BTS CFRESH CIMBT CNS
CSL DCC DRT DTC EASTW ECL EGCO ERW FSS GCAP HANA HTC IFEC INTUCH
IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MBKET MFC MINT MTI NKI
PPS PSL PTG PTTEP SABINA SCB SINGER SIS SNC SNP SSF SSI SSSC SVI
TCAP THCOM THRE THREL TISCO TMB TMD TNITY TOG TSTH

Level 3B: Established by Commitment and Policy

AAV AHC AIT AKR ARROW ASK BA BDMS BEC BJCHI CGH CHG CHOW CIG
CITY CK CKP COLOR CWT EARTH EASON EPG F&D FANCY FIRE FMT FORTH GENCO
GL GOLD GPSC GRAMMY HYDRO IRCP IT JCT KCM KWC LH LIT LOXLEY MACO
MANRIN MATI MODERN MSC NOBLE NOK NPK NUSA OISHI OTO PAF PAP PATO PF
PJW PLANB PLE POLAR PRG PTL Q-CON QTC RCI S11 SALEE SAM SAMART SAMTEL
SAPPE SC SCP SFP SIM SLP SMT SPA SPORT SSC SST STEC STPI SUC
SUTHA T TAE TBSP TCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT
TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT
UV VPO WAVE WINNER YUASA

Level 3A: Established by declaration of intent

ABC ACAP AGE AH ANAN AP APCS APURE AS ASIA ASIAN ASIMAR BIGC BROOK
BWG CEN CENTEL CHARAN CHO CHOTI CM CNT COL CPF CPI CPL DELTA DEMCO
DIMET DNA DTAC EA ECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT
ICC ICHI INOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH
MAKRO MC MCOT MFEC MJD MONO MOONG NBC NDR NINE NMG NSI NTV OGC
PACE PCSGH PDI PG PHOL PLAT PR PRANDA PREB PS QLT RATCH RML ROBINS
ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SITHAI SMK SMPC SPALI SPC SPCG
SPI SRICHA STANLY SUPER SYMC SYNEX SYNTEC TASCO TCMC TFI THAI TICON TKT TLUXE
TMILL TMT TNL TPCORP TSTE TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHA
ZMICO

Level 2: Declared
2S ABICO AF AIRA AKP ALUCON AMARIN AMATA AOT APCO BEAUTY BFIT BH BKD
BLAND BROCK BRR BSBM BTNC CCP CI CSC CSR CSS EFORL EPCO ESTAR FE
FER FNS FVC GEL GLOBAL GUNKUL IEC IFS ILINK INET J JMT JUTHA K
KASET KBS KCAR KKC KSL KTECH L&E LALIN LTX M MALEE MBAX MBK MEGA
MILL MK MPG MTLS NCH NCL NNCL NPP OCC OCEAN PB PCA PDG PRINC
PSTC PYLON QH ROCK ROH RP RPC S&J SGP SIAM SKR SMG SMIT SORKON
SPACK SPPT SR SUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPA TPP
TRT TRU TRUE TSC TSI TTW TVD TVO TVT U UKEM UNIQ UWC VIBHA
VNG WIIK WIN XO

Level 1: Committed
AEONTS AFC AJ AMC AQUA ARIP AUCT BAT-3K BIG BJC BOL CBG CCET CCN
CGD CMR CPH CSP CTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART
GIFT GLAND GRAND GREEN HFT HTECH IHL ITD JSP KDH KTIS KTP LEE LST
MAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NWR OHTL PICO PK
PL PPM PRAKIT PRECHA PRIN RAM RICH RS SANKO SAUCE SAWAD SAWANG SCN SEAFCO
SF SHANG SIRI SMART SMM SOLAR SPG SPVI STA STAR SVH SVOA SWC TAPAC
TC TCCC TCJ TCOAT TH TKS TNH TNPC TPAC TPOLY TRC TRUBB TSE TTA
TTI TTL TTTM TWP TWZ UMS UPA UPOIC UTP UVAN VARO VI VIH VTE
WG

Disclaimer
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by
Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the
Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as
stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report
(Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspective of
Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is
only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change
to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and
completeness of the assessment result."

Reference
Level 5: Extended Extension of the anti-corruption policy to business partners in the supply chain, and disclosure of any current
investigations, prosecutions or closed cases
Level 4: Certified Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance
by independent external assurance providers (CAC etc.)
Level 3: Established Carrying out preventive measures, risk assessment, communication and training for all employees, including
consistent monitoring and review processes
Level 3A: Established by declaration of intent, Level 3B: Established by Commitment and Policy
Level 2: Declared Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption
(CAC) or equivalent initiatives
Level 1: Committed Organizations statement or board's resolution to work against corruption and to be in compliance with all relevant laws
 Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium Nakhon Pathom
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Klongton, Klongtoey, Bangkok 10110 Amphur Muang, Nakhon Pathom 73000
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Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3550-1234 Fax: 0-3552-2449
Rama II Nakhon Ratchasima
111/917-919 Rama II Road, Smaedum, 168 Chomphon Road, Tambol Nai Muang,
Bangkhuntien, Bangkok 10150 Amphur Muang Nakhon Ratchasima,
Tel: 0-2895-9575 Fax: 0-2895-9557 Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited Khon Kaen
123 Suntowers (B) Building, Vibhavadirangsit Road, 114 Sri Chan Road, Tambol Nai Muang,
Jompol, Jatujak, Bangkok 10900 Amphur Muang, Khon Kaen 40000
Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4322-6120 Fax: 0-4322-6180
Chonburi Chiang Mai
64/17 Sukhumvit Road, Tambol Bang Plasoi, 70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chonburi 20000 Amphur Muang, Chiang Mai 50200
Tel: 0-3879-0430 Fax: 0-3879-0425 Tel: 0-5321-9234-6 Fax: 0-5321-9247
Hat Yai Branch Chiang Rai
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, 231-232 Thamalai Road, Tambol Wiang,
Amphur Hat Yai, Songkhla 90110 Amphur Muang, Chiang Rai 57000
Tel: 0-7422-1229 Fax: 0-7422-1411 Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Central line:
Analyst Team Sector Coverage 662-659-7000 E-mail

Naphat Chantaraserekul, Head of Research Energy, Petrochemical, Strategy ext. 5000 naphat.chantaraserekul@krungsrisecurities.com
Kittisorn Pruitipat, CFA, FRM Construction
Property, ICT,Materials
Contractor ext. 5019 kittisorn.pruitipat@krungsrisecurities.com
Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance ext. 5004 jesada.techahusdin@krungsrisecurities.com
Sunthorn Thongthip Insurance
Food, Insurance Strategy
Transportation, ext. 5009 sunthorn.thongthip@Krungsrisecurities.com
Worrapong Tuntiwutthipong Electronic, Automotive, Commerce ext. 5016 worrapong.tuntiwutthipong@krungsrisecurities.com
Karun Intrachai Media
Renewable Energy ext. 5010 karun.intrachai@krungsrisecurities.com
Teerapol Udomvej Healthcare, Tourism ext. 5012 teerapol.udomvej@krungsrisecurities.com
Kitti Pitakteerabandit, Assistant Analyst
Artit Jansawang Mid - Small cap, MAI ext. 5005 artit.jansawang@krungsrisecurities.com
Nalinee Praman, Assistant Analyst Mid - Small cap, MAI

Fax 662-658-5643
Definition of Ratings
OUTPERFORM - Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps
NEUTRAL - Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps
UNDERPERFORM - Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps
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