Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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July 2013

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

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 7 8 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

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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 %D to Spot

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 5.17 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 8.89 6.63 5.97 10.21 8.89 8.66 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 25.26 17.22 15.79 12.14 11.27 42.09 34.44 27.06

EZION HOLDINGS LTD 3.31 2.46 1.90 1.42 10.53 4.89 3.14 2.61 29.68 10.60 7.58 6.75 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%

THAI AIRWAYS INTERNATIONAL 0.67 0.61 0.56 0.53 0.22 0.21 0.19 0.18 1.79 1.58 1.31 1.50 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%

THAI UNION FROZEN PROD PUB 1.71 1.57 1.45 1.36 0.58 0.56 0.51 0.46 9.31 8.30 10.44 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%

CHAROEN POKPHAND FOODS PUB 2.12 1.86 1.70 1.54 0.62 0.55 0.49 0.45 0.35 16.25 11.48 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%

AMATA CORP PUBLIC CO LTD 2.45 1.66 1.44 1.30 3.35 2.37 1.96 1.65 9.50 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%

BANGKOK BANK PUBLIC CO LTD 1.34 1.20 1.10 1.01 0.93 4.08 3.81 3.47 3.14 3.14 22.21 10.13 8.64 7.45 10.93 9.66 8.61 7.75 3.61 3.96 4.44 4.89 5.85 244.96 30.3%

KASIKORNBANK PCL 2.24 1.89 1.61 1.37 3.97 3.46 3.09 2.74 2.49 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%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


09.07.2013

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.

Latest Fiscal Year: 03/2013

LTM as of: 12/yy

52-Week High (10.06.2013) 1.05

52-Week Low (30.07.2012) 0.36

Daily Volume

0.925

52-Week High % Change -11.48% Dividend Yield -

52-Week Low % Change 156.94% Beta 0.91

% 52 Week Price Range High/Low 73.72% Equity Float 667.41

Shares Out 09.07.2013 1'157.1 Short Int -

1'070.33 1 Yr Total Return 150.00%

Total Debt 28.78 YTD Return 30.28%

Preferred Stock 0.0 Adjusted BETA 0.910

Minority Interest 38.7 Analyst Recs 3

Cash and Equivalents 106.18 Consensus Rating 3.000

Enterprise Value 1'031.59

Average Volume 5 Day 9'980'800

YOMA SP EQUITY YTD Change - Average Volume 30 Day 24'002'570

YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 17'058'310

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

15 5 11 39 60 8 31 90 127 - -

5.67x 11.34x 3.42x 6.35x 13.90x 21.79x 6.72x 11.96x 7.30x - -

(0.4) 0.5 (0.0) 8.2 18.4 0.9 4.8 37.0 53.0 - -

- 111.56x - 30.18x 45.70x 48.82x 21.07x 27.88x 19.46x - -

1.5 0.5 2.8 6.0 14.4 1 8 15 21 - -

0.47x 85.26x 13.21x 44.74x 52.41x 87.41x 14.43x 77.08x 57.81x - -

EBITDA 18.39 Long-Term Rating Date -

EBIT 17.55 Long-Term Rating -

Operating Margin 29.02% Long-Term Outlook -

Pretax Margin 26.53% Short-Term Rating Date -

Return on Assets 4.30% Short-Term Rating -

Return on Common Equity 5.33%

Return on Capital 1.54% EBITDA/Interest Exp. 10.38

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 10.00

Net Debt/EBITDA -4.38

Gross Margin 43.3% Total Debt/EBITDA 1.63

EBITDA Margin 30.1%

EBIT Margin 28.7% Total Debt/Equity 8.1%

Net Income Margin 23.9% Total Debt/Capital 6.8%

Asset Turnover 0.19

Current Ratio 3.44 Net Fixed Asset Turnover 0.38

Quick Ratio 2.72 Accounts receivable turnover-days 125.66

Debt to Assets 6.22% Inventory Days 184.55

Tot Debt to Common Equity 8.05% Accounts Payable Turnover Day 134.15

Accounts Receivable Turnover 2.90 Cash Conversion Cycle 169.48

Inventory Turnover 1.98

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yoma Strategic Holdings LtdPrice/Volume

Valuation Analysis

39'075'000.00

Current Price (7/dd/yy) Market Data

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09.07.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

PUN SERGE n/a Co File 263'935'517 50.02 - 17.06.2011 n/a

NOBLE GRAND INVESTME n/a EXCH 26'000'000 4.93 (16'935'950) 06.01.2010 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

#N/A N/A

Holdings By:

Yoma Strategic Holdings Ltd ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (04.02.2013) 173.00

52-Week Low (22.03.2013) 141.00

Daily Volume

162



% 52 Week Price Range High/Low 64.06% Equity Float 1'218.10


643'137.63 1 Yr Total Return -0.32%

Total Debt 115'571.87 YTD Return 0.63%

Preferred Stock 4'981.9 Adjusted BETA 0.884


Cash and Equivalents 70'205.14 Consensus Rating 4.364



PTTEP TB EQUITY YTD Change - Average Volume 30 Day 7'055'410

PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'029'714


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

138'946.9 119'962.0 140'655.7 169'645.8 212'536.7 140'655.7 169'645.8 231'175.3 251'673.0 55'904.2 61'410.0

2.38x 4.16x 4.09x 3.77x 3.28x 14.94x 14.70x 2.97x 2.69x - -

98'153.8 72'289.0 100'172.8 120'864.3 153'116.8 100'172.8 120'864.3 163'606.1 180'295.0 39'804.3 43'831.5

3.38x 6.91x 5.75x 5.29x 4.55x 5.75x 5.29x 4.08x 3.70x - -

41'674.8 22'153.6 43'773.8 44'748.1 57'316.0 43'773.8 44'748.1 64'135.3 67'412.2 15'578.3 16'164.5

8.48x 21.97x 12.72x 12.50x 9.60x 12.72x 12.50x 9.97x 9.51x 10.60x 10.50x

EBITDA 153'116.82 Long-Term Rating Date 17.02.2011

EBIT 106'999.06 Long-Term Rating BBB+

Operating Margin 50.34% Long-Term Outlook STABLE






Net Debt/EBITDA 0.12


EBITDA Margin 72.4%



Asset Turnover 0.41







Fiscal Year Ended

PTT Exploration & Production PCLPrice/Volume

Valuation Analysis

5'676'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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40'000.0

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100'000.0

120'000.0

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160'000.0

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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09.07.2013


PTT PCL n/a EXCH 2'167'500'700 65.29 - 16.08.2011 Government

STATE STREET BANK AN n/a EXCH 70'150'493 2.11 - 16.08.2011 Bank

BNP PARIBAS SEC SERV n/a EXCH 69'183'045 2.08 - 16.08.2011 Investment Advisor

THAI NVDR CO LTD n/a EXCH 66'918'614 2.02 - 16.08.2011 Corporation

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 48'623'245 1.46 (1'724'000) 29.02.2012 Investment Advisor

STATE STREET BANK EU n/a EXCH 42'840'022 1.29 - 16.08.2011 n/a

BNP PARIBAS SEC SERV n/a EXCH 38'780'300 1.17 - 16.08.2011 Investment Advisor

SOCIAL SECURITY OFFI n/a EXCH 31'938'700 0.96 - 16.08.2011 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'262'641 0.73 398'300 31.12.2011 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 20'491'800 0.62 - 16.08.2011 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 16'895'400 0.51 - 16.08.2011 Government

TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'679'600 0.26 (587'700) 29.02.2012 Unclassified

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'700'950 0.11 - 31.01.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'787'810 0.08 - 31.01.2012 Unclassified

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'526'271 0.08 6'400 31.12.2011 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 1'677'600 0.05 - 31.12.2011 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 837'100 0.03 237'000 31.10.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 800'000 0.02 - 26.01.2012 Mutual Fund Manager

AIG INVESTMENT CORP Multiple Portfolios MF-AGG 800'000 0.02 - 31.12.2010 Investment Advisor

KWANGSUKSTITH CHITRA n/a Co File 382'000 0.01 - 01.01.2011 n/a


Asia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 225 12 month 16.03.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 200 12 month 16.03.2012

DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 172 12 month 14.03.2012

BNP Paribas Equity Research NITHI WANIKPUN buy 5 M 230 12 month 13.03.2012

Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 169 Not Provided 12.03.2012

IV Global KANNIKA SIAMWALLA buy 5 M 212 Not Provided 12.03.2012

Kim Eng Securities SUTTHICHAI KUMWORACHAI hold 3 M 174 Not Provided 09.03.2012

KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 08.03.2012

Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 173 Not Provided 08.03.2012

UOB Kay Hian ATHAPORN ARAYASANTIPARB hold 3 M 165 Not Provided 08.03.2012

JPMorgan SUKIT CHAWALITAKUL overweight 5 M 206 9 month 01.03.2012

CLSA Asia Pacific Markets NARONGPAND LISAHAPANYA outperform 5 M 179 Not Provided 01.03.2012

CIMB SUWAT SINSADOK trading buy 5 M 195 3 month 29.02.2012

Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 170 12 month 27.02.2012

Capital Nomura Securities PATCHARIN KARSEMARNUNTANA neutral 3 M #N/A N/A Not Provided 27.02.2012

KT Zmico Securities JAKAPONG CHAWENGSRI sell on strength 1 M 189 Not Provided 27.02.2012

Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 216 Not Provided 27.02.2012

SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 220 Not Provided 27.02.2012

Bualuang Securities THANATTHEP CHANTARAKARN hold 3 M 170 12 month 27.02.2012

Kasikorn Securities TANAPORN VISARUTHAPHONG neutral 3 M 180 Not Provided 27.02.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012

Goldman Sachs PATRICK TIAH neutral/neutral 3 M 192 12 month 07.02.2012

Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 209 Not Provided 02.02.2012

Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 M 198 Not Provided 01.02.2012

Thanachart Securities PCL YOUSSEF ABBOUD hold 3 M 176 12 month 01.02.2012

Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 190 12 month 25.01.2012

Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 20.01.2012

Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012

Macquarie TREVOR BUCHINSKI outperform 5 U 199 12 month 06.01.2012

Citi JIMMY B WONG sell 1 M 150 Not Provided 13.12.2011

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 196 Not Provided 28.10.2011

Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 200 Not Provided 27.10.2011

Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 200 12 month 12.09.2011

Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011

RBS AVIN SONY hold 3 M 180 12 month 19.07.2011

Holdings By:

PTT Exploration & Production PCL ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (19.03.2013) 9.90

52-Week Low (09.07.2012) 3.04

Daily Volume

4.18





17'529.57 1 Yr Total Return 35.71%

Total Debt 29'446.46 YTD Return -0.48%






ITD TB EQUITY YTD Change - Average Volume 30 Day #########

ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

42'854.5 40'296.8 36'076.3 44'247.3 46'290.9 36'073.4 44'247.3 52'951.9 59'375.0 - -

0.68x 0.84x 1.13x 0.86x 0.98x 4.21x 3.48x 0.89x 0.82x - -

816.6 1'859.8 1'748.1 2'266.7 3'935.3 1'722.8 2'266.7 4'868.6 4'997.9 - -

35.93x 18.12x 23.40x 16.78x 11.55x 23.74x 16.78x 8.89x 8.66x - -

(2'655.9) (1'820.9) 297.9 (1'698.5) 126.2 263.8 (1'698.5) 719.6 1'029.2 - -

- - 66.29x - 140.00x 68.73x 0.00x 25.80x 17.94x - -

EBITDA 3'935.28 Long-Term Rating Date -

EBIT 2'149.46 Long-Term Rating -









EBITDA Margin 8.9%



Asset Turnover 0.78







Fiscal Year Ended

Italian-Thai Development PCLPrice/Volume

Valuation Analysis

15'941'300.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

2 !!

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09.07.2013


KARNASUTA PREMCHAI n/a EXCH 820'484'470 19.56 - 11.04.2011 n/a

CHARANACHITTA NIJAPO n/a EXCH 464'593'640 11.08 - 11.04.2011 n/a



VINICHBUTR DIREK n/a EXCH 54'000'000 1.29 - 11.04.2011 n/a

JURANGKOOL THAVEECHA n/a EXCH 45'500'000 1.08 - 11.04.2011 n/a

ROENGPITHYA CHAYAPOR n/a EXCH 44'088'000 1.05 - 11.04.2011 n/a

TFB FOR MFC-THAI FUN n/a EXCH 43'955'900 1.05 - 11.04.2011 n/a

KARNASUTA PIYACHAI n/a EXCH 41'591'750 0.99 - 11.04.2011 n/a

CPK INTERNATIONAL CO n/a EXCH 34'680'000 0.83 - 11.04.2011 n/a

KARNASUTA CHAMAIMAS n/a EXCH 34'112'150 0.81 - 11.04.2011 n/a

CHARANACHITTA JITRAP n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a

CHARANACHITTA WALAIT n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a

KARNASUTA PEETI n/a EXCH 33'274'790 0.79 - 11.04.2011 n/a

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 32'065'500 0.76 (12'791'300) 31.12.2011 Investment Advisor

KARNASUTA PRATCHAYA n/a EXCH 32'064'000 0.76 - 11.04.2011 n/a


PANSAICHUE PRAVIT n/a EXCH 28'369'400 0.68 - 11.04.2011 n/a

SAKULCHAIWANICH CHAI n/a EXCH 25'350'000 0.6 - 11.04.2011 n/a

PANRATTANAMONGKOL VI n/a EXCH 24'000'000 0.57 - 11.04.2011 n/a


SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 4 Not Provided 12.03.2012

Capital Nomura Securities RAENOO BHANDASUKDI neutral 3 D #N/A N/A Not Provided 05.03.2012

IV Global RATTANA LEENUTAPHONG sell 1 M 4 Not Provided 05.03.2012

Credit Suisse CHAI TECHAKUMPUCH underperform 1 M 3 Not Provided 02.03.2012

Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT trading buy 5 U 5 Not Provided 02.03.2012

Asia Plus Securities PRASIT RATTANAKIJKAMOL hold 3 M 4 12 month 01.03.2012

DBS Vickers CHANPEN SIRITHANARATTANAKUL fully valued 2 M 3 12 month 01.03.2012

CIMB KASEM PRUNRATANAMALA underperform 1 M 3 12 month 01.03.2012

Bualuang Securities CHAIYATORN SRICHAROEN sell 1 M 3 12 month 01.03.2012

Kasikorn Securities SORAPONG JAKTEERUGKUL underperform 1 M 3 12 month 01.03.2012

TISCO Securities Co., Ltd SANSANEE SRIJAMJUREE hold 3 M 4 Not Provided 29.02.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 4 12 month 25.01.2012

JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 2 9 month 12.01.2012

Phillip Securities DANAI TUNYAPISITCHAI sell 1 M 4 Not Provided 27.12.2011

AIRA SECURITIES CHITRADA LEKHRAPHAN speculative #N/A N/A M 4 Not Provided 27.12.2011

Finansia Syrus Securities PCL WORARAT POWPAKA hold 3 M 4 Not Provided 22.12.2011

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011

UOB Kay Hian KOWIT PONGWINYOO buy 5 M 5 Not Provided 17.11.2011

RBS GIFT SRISOMBURANANONT buy 5 M 5 12 month 01.06.2011

Krungsri Securities CHATREE SRISMAICHAROEN sell 1 U 6 Not Provided 24.12.2010

Globlex Securities Co Ltd ARTIT JANSAWANG trading buy 5 M 4 Not Provided 02.08.2010

Holdings By:

Italian-Thai Development PCL ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (01.02.2013) 0.60

52-Week Low (27.07.2012) 0.31

Daily Volume

0.485




Shares Out 09.07.2013 446.2 Short Int -

216.39 1 Yr Total Return 40.54%




Cash and Equivalents 16.74 Consensus Rating -

Enterprise Value 157.77


ITRR SP EQUITY YTD Change - Average Volume 30 Day 10'920'330

ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 9'714'703


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

17.5 12.6 14.9 24.8 30.4 14.9 24.8 34.1 36.9 - -

0.15x 1.75x 0.67x 0.43x - 3.10x 1.28x 4.84x 4.45x - -

4.7 3.2 4.9 4.9 10.0 9.4 6.3 13.0 14.0 - -

0.57x 6.87x 2.01x 2.16x - 0.99x 0.00x 12.14x 11.27x - -

1.7 1.5 1.7 8.9 3.0 1.7 8.9 4.5 6.0 - -

10.02x 24.76x 16.38x 2.40x 43.51x 16.43x 2.48x 34.44x 27.06x - -







Return on Capital 4.74% EBITDA/Interest Exp. -

Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -1.11


EBITDA Margin 32.9%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Interra Resources LtdPrice/Volume

Valuation Analysis

8'534'000.00


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5.0

10.0

15.0

20.0

25.0

30.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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09.07.2013


FLEUR ENTERPRISES LT n/a EXCH 51'349'000 17.38 12'961'000 22.07.2011 Other

ADRC LTD n/a Co File 38'426'214 13.01 - 23.03.2010 Corporation

SUMODIKORO SUBIANTO n/a EXCH 35'000'000 11.85 5'000'000 22.07.2011 n/a

BUCKLER ALLAN CHARLE n/a EXCH 3'945'600 1.34 - 06.02.2012 n/a

SARATOGA EQUITY PART n/a EXCH 1'560'000 0.53 - 22.07.2011 n/a

TARGETT LUKE CHRISTO n/a Co File 40'000 0.01 - 19.06.2009 n/a

ADM GALLEUS FUND I L n/a EXCH - 0 (17'961'000) 22.07.2011 n/a


#N/A N/A

Holdings By:

Interra Resources Ltd ee


09.07.2013

Ezion Holdings Limited offers provision of offshore marine logistics and support

services, and provides development, ownership, and chartering of strategic

offshore assets.


LTM as of: 12/yy

52-Week High (28.05.2013) 2.45

52-Week Low (24.07.2012) 0.91

Daily Volume

2.28




Shares Out 09.07.2013 963.5 Short Int -

2'196.73 1 Yr Total Return 145.28%




Cash and Equivalents 133.50 Consensus Rating 4.714



EZI SP EQUITY YTD Change - Average Volume 30 Day 9'420'467

EZI SP EQUITY YTD % CHANGE - Average Volume 3 Month 7'549'953


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

22.0 50.7 111.1 107.0 158.7 97.5 102.3 351.2 547.1 - -

3.57x 7.43x 3.88x 4.89x 10.72x 18.21x 16.01x 7.43x 4.99x - -

9.2 19.3 40.9 60.2 74.1 24.7 49.0 194.8 319.8 - -

8.51x 19.51x 10.54x 8.69x 22.97x 17.64x 9.35x 12.23x 7.45x - -

5.7 11.8 38.1 58.1 78.8 33.7 53.2 129.3 211.5 - -

15.20x 30.56x 9.75x 6.25x 14.50x 11.08x 6.83x 13.39x 8.17x - -








Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -76.15



EBITDA Margin 51.4%



Asset Turnover 0.17



Debt to Assets 47.12% Inventory Days -


Accounts Receivable Turnover 3.47 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ezion Holdings LtdPrice/Volume

Valuation Analysis

8'725'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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09.07.2013


THIAM KENG CHEW n/a EXCH 171'020'000 20.57 110'000'000 07.03.2012 n/a

FRANKLIN RESOURCES I n/a EXCH 55'899'000 6.72 12'801'000 23.02.2012 Investment Advisor

HAVENPORT ASSET MANA n/a EXCH 50'625'000 6.09 2'701'000 06.02.2012 n/a

EZRA HOLDINGS LTD n/a EXCH 40'000'000 4.81 (60'000'000) 29.02.2012 Corporation

LEGG MASON INC n/a EXCH 34'838'000 4.19 (3'818'000) 08.02.2011 Investment Advisor

LEGG MASON INTERNATI Multiple Portfolios MF-AGG 27'949'000 3.36 - 31.03.2011 Mutual Fund Manager

NYLECT HOLDINGS PTE n/a EXCH 26'072'000 3.14 (10'000'000) 08.06.2009 n/a

APG ALGEMENE PENSIOE n/a EXCH 16'818'000 2.02 (30'000'000) 05.07.2010 Pension Fund (ERISA)

UNIQUE COUNSEL LTD n/a EXCH 11'780'000 1.42 - 18.12.2008 n/a

FIRST STATE INVESTME Multiple Portfolios MF-AGG 10'000'000 1.2 - 31.10.2011 Investment Advisor

ICON ADVISERS INC Multiple Portfolios MF-AGG 6'241'000 0.75 - 31.12.2011 Investment Advisor

ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 6'000'000 0.72 - 31.12.2011 Mutual Fund Manager

LEOK PENG SIM n/a Research 4'000'000 0.48 - 12.02.2009 n/a

FIRST STATE INVESTME Multiple Portfolios MF-AGG 2'424'000 0.29 - 31.10.2011 Mutual Fund Manager

LION GLOBAL INVESTOR Multiple Portfolios MF-AGG 2'127'000 0.26 - 31.12.2010 Mutual Fund Manager


CARRET ASSET MANAGEM CARRET ASSET MANAGEM 13F 2'044'000 0.25 (55'000) 31.12.2011 Investment Advisor

THEAN EE LIM n/a Co File 1'200'000 0.14 - 21.01.2011 n/a

EZION HOLDINGS LTD n/a Co File 570'000 0.07 - 14.03.2011 Corporation

TAN KENG SIN n/a EXCH 500'000 0.06 - 06.02.2012 n/a


DMG & Partners Securities JASON SAW buy 5 M 1 12 month 12.03.2012

OCBC Investment Research LOW PEI HAN buy 5 M 1 12 month 08.03.2012

UOB Kay Hian NANCY WEI buy 5 M 1 Not Provided 08.03.2012

CLSA Asia Pacific Markets CAROLINE MAES buy 5 M 2 Not Provided 08.03.2012

CIMB ZHIBIN YEO outperform 5 M 1 12 month 07.03.2012

DBS Vickers JEREMY THIA buy 5 M 1 12 month 06.03.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 06.03.2012

Standard Chartered LEONG WAI MUN outperform 5 M 1 12 month 05.03.2012

Kim Eng Securities ROHAN SUPPIAH buy 5 M 1 12 month 23.02.2012

DNB Markets KAY LIM buy 5 M 1 Not Provided 23.02.2012

Holdings By:

Ezion Holdings Ltd ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (03.06.2013) 35.00

52-Week Low (25.07.2012) 19.50

Daily Volume

20.9





45'619.93 1 Yr Total Return 2.41%







THAI TB EQUITY YTD Change - Average Volume 30 Day 13'827'650

THAI TB EQUITY YTD % CHANGE - Average Volume 3 Month 13'135'700


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

200'118.0 161'602.7 180'588.7 190'997.2 209'122.5 180'588.7 190'997.2 221'045.9 236'603.7 50'471.5 54'684.0

0.76x 1.07x 1.19x 0.89x 0.89x 4.28x 3.72x 0.90x 0.85x - -

9'301.8 30'214.0 32'314.0 19'446.3 27'650.0 30'571.3 18'543.3 32'395.6 35'813.3 3'717.0 7'309.0

16.33x 5.73x 6.66x 8.70x 6.73x 7.04x 9.12x 5.57x 5.04x - -

(21'379.5) 7'343.6 14'743.6 (10'197.0) 6'229.0 14'743.6 (10'197.0) 5'955.2 7'056.4 (1'463.3) 2'143.0

- 4.31x 6.08x - 7.75x 5.65x 77.52x 7.67x 6.43x - -











EBITDA Margin 13.0%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Thai Airways International PCLPrice/Volume

Valuation Analysis

8'741'200.00


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-! ! B

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1! ! B

2! ! B

3! ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

. !!

1 !!

3 !!

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09.07.2013


FINANCE MINISTRY n/a EXCH 1'113'931'061 51.03 - 16.03.2011 Government

VAYUPAK FUND I n/a EXCH 330'075'164 15.12 - 16.03.2011 Investment Advisor


GOVT SAVINGS BANK FU n/a EXCH 52'114'826 2.39 - 16.03.2011 Unclassified



MORGAN STANLEY Multiple Portfolios MF-AGG 17'259'518 0.79 8'375'100 31.12.2011 Investment Advisor

SOMERS LTD n/a EXCH 13'284'504 0.61 - 16.03.2011 Other


VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'655'557 0.17 (10'943'000) 31.12.2011 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 516'100 0.02 516'100 30.06.2011 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 460'630 0.02 180 31.10.2011 Mutual Fund Manager

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 324'900 0.01 - 30.11.2011 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 302'300 0.01 302'300 30.11.2011 Investment Advisor

MESIROW FIN INV MGMT MESIROW FIN INV MGMT 13F 201'612 0.01 201'612 31.12.2011 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 101'443 0 101'443 30.09.2011 Investment Advisor

MIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG 80'069 0 - 30.11.2011 Investment Advisor

NORTHWESTERN MUTUAL NORTHWESTERN MUTUAL Sch-D 68'900 0 30'700 30.09.2011 Insurance Company

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 38'200 0 (800) 31.12.2011 Investment Advisor

WELLS FARGO BANK NAT Multiple Portfolios MF-AGG 37'858 0 143 31.12.2011 Investment Advisor


Kasikorn Securities SOMKIJ ORANCHATCHAWAN outperform 5 M 30 Not Provided 19.03.2012

HSBC MARK CARMERON ROSS WEBB overweight 5 N 32 Not Provided 12.03.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 12.03.2012

Kim Eng Securities JAROONPAN WATTANAWONG speculative buy 4 M 32 Not Provided 09.03.2012

Phillip Securities SIAM TIYANONT buy 5 M 34 Not Provided 08.03.2012

Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 U 35 Not Provided 08.03.2012

Capital Nomura Securities RAENOO BHANDASUKDI buy 5 M #N/A N/A Not Provided 05.03.2012

CIMB MONCHAI JATURANPINYO neutral 3 M 23 12 month 05.03.2012

UOB Kay Hian K AJITH sell 1 D 23 Not Provided 28.02.2012

Asia Plus Securities KAWEE MANITSUPAWONG hold 3 M 26 12 month 27.02.2012

Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 31 Not Provided 27.02.2012

KGI Securities PHATIPAK NAVAWATANA neutral 3 M 30 Not Provided 27.02.2012

DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 32 12 month 27.02.2012

OSK (Asia) Securities AHMAD MAGHFUR USMAN sell 1 M 21 12 month 27.02.2012

SCB Securities Co. Ltd. SIRIMA DISSARA buy 5 M 29 Not Provided 27.02.2012

Finansia Syrus Securities PCL AMNART NGOSAWANG buy 5 M 31 Not Provided 27.02.2012

Macquarie DAVID GAMBRILL neutral 3 D 27 12 month 14.02.2012

Morgan Stanley SOPHIE LOH Equalwt/In-Line 3 M 18 12 month 02.02.2012

Country Group Securities PCL VARAYU WATTANASIRI buy 5 U 27 12 month 25.01.2012

Thanachart Securities PCL SAKSID PHADTHANANARAK sell 1 M 18 12 month 20.01.2012

Standard Chartered TAN WEI LING underperform 1 M 16 12 month 05.01.2012

KT Zmico Securities TERAPATR MATHANUKRAW buy 5 M 31 12 month 25.11.2011

Goldman Sachs HINO LAM neutral/neutral 3 M 21 12 month 13.11.2011

Citi RIGAN WONG neutral 3 M 19 Not Provided 27.10.2011

KTB Securities Thailand Co Ltd PHONTEP WONGNAK buy 5 U 34 Not Provided 15.08.2011

Deutsche Bank MONCHAI MOKARANURAKSA buy 5 M 45 12 month 18.04.2011

Holdings By:

Thai Airways International PCL ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (04.10.2012) 77.75

52-Week Low (25.04.2013) 55.00

Daily Volume

55.75





63'978.36 1 Yr Total Return -22.79%



Minority Interest 3'128.2 Analyst Recs 28




TUF TB EQUITY YTD Change - Average Volume 30 Day 2'630'397

TUF TB EQUITY YTD % CHANGE - Average Volume 3 Month 3'033'681


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

69'048.1 68'994.5 71'507.4 98'670.4 106'697.6 71'507.4 98'670.4 114'523.9 126'199.9 27'294.0 29'568.0

0.50x 0.58x 1.24x 0.99x 1.12x 3.56x 3.62x 0.86x 0.77x - -

3'910.5 5'242.8 4'754.2 9'378.1 9'519.2 4'649.3 9'266.9 9'530.7 11'751.1 2'015.0 2'699.0

8.91x 7.69x 18.70x 10.39x 12.54x 19.12x 10.52x 10.89x 8.83x - -

2'200.5 3'343.8 2'873.7 5'117.2 4'693.7 2'873.7 5'074.5 5'111.2 6'498.6 757.5 1'694.0

7.69x 7.98x 16.41x 10.93x 16.40x 16.48x 11.04x 12.97x 10.13x - -











EBITDA Margin 7.5%



Asset Turnover 1.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Thai Union Frozen Products PCLPrice/Volume

Valuation Analysis

1'597'300.00


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0!

1!

2!

3!

4!

5!

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3 ! B

5 ! B

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-. ! B

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-3 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

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1! !!

3! !!

5! !!

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09.07.2013


CHANSIRI KRAISORN n/a EXCH 85'872'509 8.98 - 25.03.2011 n/a

MITSUBISHI CORP n/a Co File 72'446'900 7.58 - 31.03.2011 Corporation

CHANSIRI THIRAPHONG n/a EXCH 55'416'482 5.79 - 25.03.2011 n/a

NIRUTTINANON CHENG n/a EXCH 47'123'265 4.93 - 25.03.2011 n/a

CHANSIRI BUSAKORN n/a EXCH 36'409'507 3.81 - 25.03.2011 n/a


MERRILL LYNCH INTERN n/a EXCH 31'340'000 3.28 - 25.03.2011 Bank


CHANSIRI DISPHOL n/a EXCH 24'778'142 2.59 - 25.03.2011 n/a

CHANSIRI PORNAPA n/a EXCH 22'574'760 2.36 - 25.03.2011 n/a

HAGOROMO FOODS CORP n/a Co File 18'900'000 1.98 - 31.03.2011 Corporation

TIN KING CHAN n/a EXCH 18'553'327 1.94 - 25.03.2011 n/a

CHOY YUEN CHU n/a EXCH 18'316'664 1.92 - 25.03.2011 n/a

AMERICAN INTERNATION n/a EXCH 15'000'142 1.57 - 25.03.2011 Insurance Company

NIRUTTINANON CHINTAN n/a EXCH 14'000'007 1.46 - 25.03.2011 n/a

BOONMECHOTE RITTIRON n/a EXCH 13'100'000 1.37 - 25.03.2011 n/a


BOONMECHOTE PRASERT n/a EXCH 12'053'000 1.26 - 25.03.2011 n/a




Deutsche Bank CHALINEE CONGMUANG buy 5 M 73 12 month 09.03.2012

Kim Eng Securities SUTTATIP PEERASUB buy 5 M 80 Not Provided 09.03.2012

Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 82 12 month 09.03.2012

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 80 12 month 08.03.2012


CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 86 12 month 08.03.2012

Phillip Securities NAREE APISAWAITTKAN buy 5 U 80 Not Provided 08.03.2012


UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 74 Not Provided 08.03.2012

IV Global RATTANA LEENUTAPHONG buy 5 M 76 Not Provided 08.03.2012

Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 75 Not Provided 08.03.2012

Kasikorn Securities JITIMA RATANATAM buy 5 M 80 Not Provided 08.03.2012

Credit Suisse KARIM SALAMATIAN outperform 5 M 85 Not Provided 07.03.2012

Standard Chartered NIRGUNAN TIRUCHELVAM outperform 5 M 81 12 month 06.03.2012

Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012

Macquarie BUNLUNG WAIYANONT neutral 3 M 60 12 month 22.02.2012

Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 M 77 12 month 10.02.2012

AIRA SECURITIES NUTTAPON KUMNOUNPHON buy 5 M 81 Not Provided 09.02.2012

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 88 Not Provided 08.02.2012

Thanachart Securities PCL AUNGKANA TUNGWIKROMKRAI buy 5 M 80 12 month 31.01.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD long-term buy 5 M 64 12 month 25.01.2012

JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 53 9 month 23.01.2012

BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 65 12 month 16.12.2011

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Thai Union Frozen Products PCL ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (07.11.2012) 37.00

52-Week Low (25.06.2013) 21.60

Daily Volume

28





216'802.38 1 Yr Total Return -17.20%







CPF TB EQUITY YTD Change - Average Volume 30 Day 24'826'130

CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 23'910'550


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 189'048.5 206'099.5 395'004.1 438'243.2 98'881.7 97'711.0

0.42x 0.70x 1.09x 1.36x 1.11x 3.94x 4.69x 0.92x 0.84x - -

8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 16'863.9 19'442.1 25'415.9 32'664.8 4'741.5 4'253.0

8.20x 7.17x 12.24x 14.44x 25.67x 12.24x 13.77x 14.89x 11.59x - -

3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 13'562.6 15'837.0 13'205.6 17'919.0 2'507.0 3'317.0

7.23x 7.50x 12.11x 13.64x 13.03x 12.11x 13.87x 16.44x 11.82x 12.87x 11.27x








Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -0.74



EBITDA Margin 3.3%



Asset Turnover 1.23







Fiscal Year Ended

Charoen Pokphand Foods PCLPrice/Volume

Valuation Analysis

50'915'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

i--- E--- i--- e--- e--- E--- n--- k--- j--- F--- e--. a--. ! B-! ! B.! ! B0! ! B1! ! B2! ! B3! ! B4! ! B5! ! B6! ! B-!! ! B

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



09.07.2013


CHAROEN POKPHAND GRO n/a EXCH 3'246'891'295 41.93 - 25.08.2011 Holding Company


UBS AG/LONDON n/a EXCH 288'490'080 3.73 - 25.08.2011 Investment Advisor

BANGKOK AGRO-INDL PR n/a EXCH 145'684'000 1.88 - 25.08.2011 Other

JIRAPUMMIN WALAIPORN n/a EXCH 128'100'000 1.65 - 25.08.2011 n/a


TIEANWORN PRIN n/a EXCH 95'400'000 1.23 - 25.08.2011 n/a


BANGKOK PRODUCES PCL n/a EXCH 82'885'000 1.07 - 25.08.2011 Corporation

BANGKOK FOOD PRODUCT n/a EXCH 69'110'720 0.89 - 25.08.2011 Other


VANGUARD GROUP INC Multiple Portfolios MF-AGG 64'889'500 0.84 2'599'400 31.12.2011 Investment Advisor

UBS AG/HONG KONG n/a EXCH 57'250'000 0.74 - 25.08.2011 Bank

UOB-KAY HIAN PTE LTD n/a EXCH 50'295'200 0.65 - 25.08.2011 Corporation


TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 19'153'800 0.25 (1'313'700) 29.02.2012 Unclassified

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 18'784'400 0.24 402'600 31.01.2012 Investment Advisor

KANCHANADUL VEERAVAT n/a Co File 16'915'170 0.22 - 31.12.2009 n/a

ARUNANONDCHAI SUNTHO n/a Co File 14'748'299 0.19 - 31.12.2009 n/a

WATCHARANANAN ARUNEE n/a Co File 7'639'999 0.1 - 31.12.2009 n/a


Morgan Stanley DIVYA GANGAHAR KOTHIYAL Underwt/In-Line 1 N 34 12 month 19.03.2012

Phillip Securities NAREE APISAWAITTKAN accumulate 4 U 39 Not Provided 15.03.2012

CLSA Asia Pacific Markets PATTAWAN PHANUSSOPAKUL buy 5 M 42 Not Provided 12.03.2012

Kim Eng Securities SUTTATIP PEERASUB buy 5 M 39 Not Provided 09.03.2012

Bualuang Securities PRASIT SUJIRAVORAKUL trading buy 5 M 38 3 month 09.03.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012

CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 48 12 month 02.03.2012


Krungsri Securities SITTIDATH PRASERTRUNGRUANG trading 2 M 37 Not Provided 27.02.2012

Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 24.02.2012

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 47 12 month 23.02.2012

Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 48 Not Provided 23.02.2012


SCB Securities Co. Ltd. KANCHAN KHANIJOU buy 5 M 45 Not Provided 23.02.2012

IV Global RATTANA LEENUTAPHONG buy 5 M 42 Not Provided 23.02.2012

Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 U 42 Not Provided 23.02.2012

Kasikorn Securities JITIMA RATANATAM buy 5 M 42 Not Provided 23.02.2012

Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012

Macquarie BUNLUNG WAIYANONT outperform 5 M 43 12 month 22.02.2012

Deutsche Bank CHALINEE CONGMUANG buy 5 M 41 12 month 09.02.2012

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 37 Not Provided 02.02.2012

UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 40 Not Provided 01.02.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 37 12 month 25.01.2012

JPMorgan MARIA BRENDA SANCHEZ LAPIZ overweight 5 M 39 9 month 17.01.2012

KT Zmico Securities POLASIT TANPOONKIAT buy 5 M 40 12 month 28.12.2011

AIRA SECURITIES NATTAPON KUMNUALPHON buy on weakness 5 N 38 Not Provided 29.11.2011

Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 40 12 month 28.11.2011

Holdings By:

Charoen Pokphand Foods PCL ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (13.03.2013) 28.00

52-Week Low (15.11.2012) 15.00

Daily Volume

16.6





17'712.20 1 Yr Total Return 1.12%

Total Debt 7'082.33 YTD Return 3.79%






AMATA TB EQUITY YTD Change - Average Volume 30 Day 6'103'417

AMATA TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'791'288


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'858.8 2'035.1 3'096.3 3'747.9 5'307.6 3'096.3 3'747.9 7'487.7 9'024.9 2'182.0 2'182.0

2.52x 6.57x 6.54x 5.62x 4.65x 23.08x 20.74x 3.41x 2.79x - -

1'804.8 494.5 1'183.2 1'441.7 1'907.6 1'183.2 1'441.7 2'996.6 3'653.7 851.0 851.0

5.39x 27.04x 17.10x 14.61x 12.94x 17.10x 13.77x 8.10x 6.64x - -

1'192.3 372.3 695.9 900.5 1'444.5 695.9 932.2 1'769.2 2'177.4 471.0 491.0

3.64x 21.00x 22.15x 15.00x 12.00x 22.15x 14.48x 10.05x 8.15x - -









Net Debt/EBITDA -

Gross Margin 50.9% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.27







Fiscal Year Ended

Amata Corp PCLPrice/Volume

Valuation Analysis

4'498'200.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5.!

i--- E--- i--- e--- e--- E--- n--- k--- j--- F--- e--. a--. ! B

-! ! B

.! ! B

0! ! B

1! ! B

2! ! B

3! ! B

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



09.07.2013


KROMADIT VIKROM n/a EXCH 263'710'000 24.72 - 06.05.2011 n/a

KROMADIT VITOON n/a EXCH 62'069'270 5.82 - 06.05.2011 n/a


ITOCHU MANAGEMENT TH n/a EXCH 50'000'000 4.69 - 06.05.2011 Corporation


YODMANI CHAVALIT n/a EXCH 38'061'170 3.57 - 06.05.2011 n/a


AMERICAN INTERNATION n/a EXCH 16'500'000 1.55 - 06.05.2011 Insurance Company

BANGKOK INSURANCE PC n/a EXCH 13'025'600 1.22 - 06.05.2011 Insurance Company


CACEIS n/a EXCH 9'436'600 0.88 - 06.05.2011 Investment Advisor

KOOHRATTANAPISAL SOR n/a EXCH 9'250'000 0.87 - 06.05.2011 n/a

SIHANATKATHAKUL MONT n/a EXCH 8'584'300 0.8 - 06.05.2011 n/a

EGAT EMPLOYEE RETIRE n/a EXCH 7'229'600 0.68 - 06.05.2011 n/a

BOONPRASERT ARICH n/a EXCH 6'628'020 0.62 - 06.05.2011 n/a

KOOHRATTANAPISAL SOO n/a EXCH 6'520'000 0.61 - 06.05.2011 n/a

SRICHAROENLAMSAM SIR n/a EXCH 6'350'000 0.6 - 06.05.2011 n/a

PANUPONG CHALIYA n/a EXCH 6'275'000 0.59 - 06.05.2011 n/a

SIHANATKATHAKUL ANUC n/a EXCH 5'534'000 0.52 - 06.05.2011 n/a



Kasikorn Securities SORAPONG JAKTEERUGKUL buy 5 M 22 Not Provided 19.03.2012

DBS Vickers CHANPEN SIRITHANARATTANAKUL buy 5 M 20 12 month 16.03.2012

Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT buy 5 M 21 Not Provided 14.03.2012

Kim Eng Securities TERMPORN TANTIVIVAT buy 5 M 21 Not Provided 09.03.2012

Capital Nomura Securities PIYACHAT RATANASUVAN buy 5 M #N/A N/A Not Provided 24.02.2012

Asia Plus Securities THERDSAK THAVEETEERATHAM buy 5 M 24 12 month 22.02.2012

Phillip Securities DANAI TUNYAPISITCHAI trading buy 5 M 18 Not Provided 22.02.2012

Finansia Syrus Securities PCL WORARAT POWPAKA buy 5 M 22 Not Provided 22.02.2012

AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 23 Not Provided 22.02.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD speculative buy 4 M 17 Not Provided 21.02.2012

CIMB WATTAIPUN EKATAKSIN outperform 5 M 25 12 month 21.02.2012

Bualuang Securities CHAIYATORN SRICHAROEN buy 5 U 20 12 month 21.02.2012

KGI Securities TAREETIP WONGSAENGPAIBOON outperform 5 M 18 Not Provided 20.02.2012

Macquarie PATTI TOMAITRICHITR outperform 5 M 21 12 month 20.02.2012

Thanachart Securities PCL PHANNARAI TIYAPITTAYARUT buy 5 M 25 12 month 14.02.2012

Krungsri Securities CHATREE SRISMAICHAROEN trading 2 M 17 12 month 10.02.2012

EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012

SCB Securities Co. Ltd. YUPHARET LIKITSANSUK buy 5 M 23 Not Provided 27.01.2012

Citi SUCHART TECHAPOSAI buy 5 M 19 Not Provided 19.01.2012

Deutsche Bank NATHAVUT SHIVARUCHIWONG buy 5 M 18 12 month 06.01.2012

UOB Kay Hian WANIDA GEISLER sell 1 M 9 Not Provided 15.12.2011

RBS DAVID BELLER buy 5 M 21 12 month 09.11.2011

KTB Securities Thailand Co Ltd NARONGSAK SONPUAK long-term buy 5 M 20 Not Provided 10.01.2011

Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 20 Not Provided 28.10.2010

Holdings By:

Amata Corp PCL ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (17.04.2013) 237.00

52-Week Low (15.11.2012) 172.50

Daily Volume

188





358'862.47 1 Yr Total Return 3.59%





Enterprise Value -


BBL TB EQUITY YTD Change - Average Volume 30 Day 7'297'170

BBL TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'103'244


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

100'765.2 90'690.6 96'966.4 115'269.8 130'118.8 96'506.3 108'228.1 94'246.2 103'530.9 22'985.1 23'406.8

- - - - - 4.35x 8.05x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

20'243.0 20'562.0 24'593.4 27'337.6 33'021.5 24'458.0 27'337.6 37'229.2 41'734.3 9'245.0 8'786.7

6.51x 10.77x 11.41x 10.72x 11.30x 11.48x 10.71x 9.66x 8.61x 9.73x 9.39x

EBITDA - Long-Term Rating Date 01.11.2006

EBIT - Long-Term Rating BBB+


Pretax Margin 44.87% Short-Term Rating Date 01.11.2006

Return on Assets 1.46% Short-Term Rating A-2




Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 89.6%


Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover 3.95

Quick Ratio - Accounts receivable turnover-days -


Tot Debt to Common Equity 89.63% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bangkok Bank PCLPrice/Volume

Valuation Analysis

4'603'200.00


!.!1!3!5!

-!!-.!-1!-3!-5!.!!

i--- E--- i--- e--- e--- E--- n--- k--- j--- F--- e--. a--. ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.



09.07.2013




THAILAND SECURITIES n/a EXCH 78'378'582 4.11 - 12.09.2011 Investment Advisor

STATE STREET BANK EU n/a EXCH 38'158'772 2 - 12.09.2011 n/a


MORGAN STANLEY & CO n/a EXCH 37'846'675 1.98 - 12.09.2011 Investment Advisor

BANGKOK INSURANCE PC n/a EXCH 35'412'030 1.86 - 12.09.2011 Insurance Company

ABU DHABI INVESTMENT n/a EXCH 34'684'100 1.82 - 12.09.2011 Investment Advisor

UOB-KAY HIAN PTE LTD n/a EXCH 32'931'250 1.73 - 12.09.2011 Corporation




HSBC BANK PLC n/a EXCH 15'094'859 0.79 - 12.09.2011 Bank

SOPHONPANICH CHATRI n/a EXCH 13'562'778 0.71 - 12.09.2011 n/a

GOVT SAVINGS BANK FU n/a EXCH 13'332'200 0.7 - 12.09.2011 Unclassified

SAWAIPRAPAS & SON CO n/a EXCH 11'409'700 0.6 - 12.09.2011 n/a

RBC DEXIA INVESTOR S n/a EXCH 10'511'281 0.55 - 12.09.2011 Investment Advisor

CHATRIEN HOLDING LTD n/a EXCH 10'483'110 0.55 - 12.09.2011 Other

SELANGOR HOLDINGS IN n/a EXCH 10'002'847 0.52 - 12.09.2011 n/a

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'026'300 0.32 357'100 31.12.2011 Investment Advisor


KT Zmico Securities CHALIE KUEYEN buy 5 M 210 12 month 16.03.2012

Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 196 12 month 16.03.2012


KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 220 Not Provided 13.03.2012

Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 190 Not Provided 12.03.2012

CLSA Asia Pacific Markets JAMES MOSS buy 5 M 210 Not Provided 12.03.2012

Kim Eng Securities WORAPHON WIROONSRI hold 3 M 164 Not Provided 09.03.2012

DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 208 12 month 08.03.2012

Goldman Sachs MELISSA KUANG Buy/Neutral 5 U 220 12 month 28.02.2012

Nomura ANAND PATHMAKANTHAN buy 5 M 210 Not Provided 27.02.2012

Standard Chartered KRISHNA GUHA in-line 3 M 166 12 month 24.02.2012

Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 196 Not Provided 24.02.2012

Asia Plus Securities USANEE LIURUT buy 5 M 221 12 month 23.02.2012

HSBC XIUSHI CAI overweight 5 M 193 Not Provided 23.02.2012

Phillip Securities SASIKORN CHAROENSUWAN trading buy 5 M 201 Not Provided 23.02.2012

SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 194 Not Provided 23.02.2012

UOB Kay Hian THANANCHAI JITTANOON buy 5 M 222 Not Provided 23.02.2012

Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 202 Not Provided 23.02.2012

Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 175 Not Provided 23.02.2012

KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT hold 3 D 180 Not Provided 23.02.2012


Deutsche Bank PEACH PATHARAVANAKUL buy 5 M 195 12 month 22.02.2012


IV Global SIRIANONT SRIKUREJA buy 5 M 197 Not Provided 14.02.2012

OSK (Asia) Securities KEITH WEE buy 5 M 172 12 month 13.02.2012

JPMorgan ANNE JIRAJARIYAVECH neutral 3 M 190 9 month 07.02.2012

Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 177 12 month 06.02.2012

RBS MARCIN SPIEWAK buy 5 M 190 12 month 01.02.2012

Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 211 Not Provided 30.01.2012

Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 184 12 month 25.01.2012

CIMB MONCHAI JATURANPINYO neutral 3 M 162 12 month 23.01.2012

Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI outperform 5 M 183 Not Provided 20.01.2012

Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M 189 Not Provided 11.01.2012

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Bangkok Bank PCL ee


09.07.2013

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.


LTM as of: 12/yy

52-Week High (22.05.2013) 225.00

52-Week Low (23.07.2012) 159.50

Daily Volume

173





414'034.00 1 Yr Total Return 8.49%





Enterprise Value -


KBANK TB EQUITY YTD Change - Average Volume 30 Day 15'282'180

KBANK TB EQUITY YTD % CHANGE - Average Volume 3 Month 10'668'660


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

82'740.9 83'687.3 120'574.4 154'892.9 184'075.6 120'106.7 154'874.8 119'511.1 133'938.2 31'321.4 30'170.0

- - - - - 8.95x 7.16x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

15'333.3 14'732.4 20'046.7 24'225.6 35'259.8 20'598.5 24'225.6 41'732.1 48'215.1 10'535.4 11'009.5

7.02x 13.80x 14.98x 12.06x 13.14x 14.58x 12.06x 9.86x 8.53x 9.76x 9.46x

EBITDA - Long-Term Rating Date 06.12.2011

EBIT - Long-Term Rating BBB+


Pretax Margin 32.33% Short-Term Rating Date 28.09.2005

Return on Assets 1.83% Short-Term Rating A-2




Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 150.2%


Asset Turnover 0.10

Current Ratio - Net Fixed Asset Turnover 4.71

Quick Ratio - Accounts receivable turnover-days -


Tot Debt to Common Equity 150.18% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kasikornbank PCLPrice/Volume

Valuation Analysis

12'318'900.00


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09.07.2013






THAILAND SECURITIES n/a EXCH 36'917'854 1.54 - 09.09.2011 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 22'600'400 0.94 5'692'100 31.12.2011 Investment Advisor


CREDIT SUISSE FIRST n/a EXCH 12'670'578 0.53 - 09.09.2011 Investment Advisor


LAMSAM BANTHOON n/a Co File 4'580'000 0.19 - 31.12.2009 n/a

LAMSAM BANYONG n/a Co File 3'364'420 0.14 - 31.12.2009 n/a

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 3'006'800 0.13 (1'029'600) 31.01.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'987'000 0.12 (508'500) 31.01.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 2'618'300 0.11 33'700 31.12.2011 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios MF-AGG 1'647'100 0.07 (1'519'200) 31.12.2011 Investment Advisor

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 1'536'600 0.06 1'523'100 31.01.2012 Insurance Company

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'189'000 0.05 - 31.07.2011 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 813'900 0.03 (67'000) 31.12.2011 Investment Advisor


KT Zmico Securities CHALIE KUEYEN buy 5 M 167 12 month 16.03.2012

Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 157 12 month 16.03.2012


Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 164 Not Provided 12.03.2012

Kim Eng Securities WORAPHON WIROONSRI hold 3 M 135 Not Provided 09.03.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 09.03.2012

DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 167 12 month 29.02.2012

Goldman Sachs MELISSA KUANG Buy/Neutral 5 M 178 12 month 28.02.2012

Standard Chartered KRISHNA GUHA outperform 5 M 156 12 month 24.02.2012

Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 143 Not Provided 24.02.2012

HSBC XIUSHI CAI overweight 5 M 178 Not Provided 23.02.2012

Asia Plus Securities USANEE LIURUT buy 5 M 159 12 month 22.02.2012

Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 150 Not Provided 22.02.2012

CLSA Asia Pacific Markets TIM TAYLOR outperform 5 M 149 Not Provided 22.02.2012

Deutsche Bank PEACH PATHARAVANAKUL buy 5 U 165 12 month 21.02.2012

KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 176 Not Provided 21.02.2012

Nomura ANAND PATHMAKANTHAN neutral 3 M 157 Not Provided 21.02.2012


SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 157 Not Provided 14.02.2012

IV Global SIRIANONT SRIKUREJA buy 5 M 171 Not Provided 14.02.2012

CIMB MONCHAI JATURANPINYO outperform 5 M 161 12 month 13.02.2012

OSK (Asia) Securities KEITH WEE buy 5 M 177 12 month 13.02.2012

JPMorgan ANNE JIRAJARIYAVECH overweight 5 M 170 9 month 07.02.2012

Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 166 12 month 06.02.2012

RBS MARCIN SPIEWAK buy 5 M 163 12 month 01.02.2012


Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 155 Not Provided 30.01.2012

Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 141 12 month 25.01.2012

Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M #N/A N/A Not Provided 11.01.2012

Phillip Securities SASIKORN CHAROENSUWAN overweight 5 D 164 Not Provided 11.01.2012

Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI buy 5 U 165 Not Provided 05.12.2011

UOB Kay Hian THANANCHAI JITTANOON buy 5 M 169 Not Provided 30.11.2011

KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT buy 5 M 137 Not Provided 01.11.2011

Holdings By:

Kasikornbank PCL ee


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Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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