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28-Aug-2013
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WHAT’S INSIDE
On The Platter
Berli Jucker (BJC TB; FVTHB31-Sell (from Neutral): Struggling to Find Its Footing
Following a visit to BJC’s Vietnam plant, we see headwinds until 2014,
namely: i) glass bottle demand shrinkage, ii) consumer products margin
pressures, iii) profitability issues, and iv) additional Vietnam capex. Only
the company’s aluminium cans business is improving, but it cannot offset
the weaker segments. Thus, we revise downwards BJC’s FY13F/14F
earnings by 16%/28% and cut TP by 40% to THB31.
MEDIA HIGHLIGHTS
Bank of Thailand eyes sovereign wealth fund
ADB poised to cut Thailand growth forecast
TUF postpones shrimp plant
Ceramics sector beats off Chinese rivals
Digital TV bidders 'can deal with network providers'
Egat vows to adopt Japan's coal-use policies
ECONOMIC HIGHLIGHTS
U.S.: Consumer Confidence Index in U.S. Increases to 81.5
Japan: Ito Backs Japan Sales-Tax Plan as Hamada Calls for Gradual Rise
U.S.: U.S. Farm Income for 2013 Seen at Record $120.6 Billion
E.U.: Merkel Blames SPD’s Schroeder for Letting Greece Into the Euro
Hungary: Hungary Cuts Benchmark Interest Rate More Than Forecast
Germany: German Business Confidence Rises to Highest in 16 Months
SET Intra-Day Graph
Source: Bloomberg
Key Market Indices (27 August 2013)
Value Chg % Chg % YTD
SET 1293.97 -35.21 -2.6% -7.0%
SET50 883.90 -19.57 -2.2% -6.5%
SET100 1937.48 -48.35 -2.4% -4.5%
Dow Jones 14776.13 -170.33 -1.1% 14.1%
S&P500 1630.48 -26.30 -1.6% 16.2%
Nasdaq 3578.52 -79.05 -2.2% 21.1%
FTSE 6440.97 -51.13 -0.8% 10.1%
FSSTI 3034.02 -50.39 -1.6% -2.6%
Hang Seng 21874.77 -130.55 -0.6% -3.5%
Nikkei 13259.46 -278.55 -2.1% 27.5%
KLCI 1701.24 -21.25 -1.2% 2.0%
SHANGHAI SE 2103.57 7.09 0.3% -7.6%
JCI 3967.84 -152.83 -3.7% -4.5%
SET 5-yr avg 2012 2013F
PE (x) 13.8 14.2 12.5
P/BV (x) 1.8 2.0 2.0
Yield (%) 4.1 3.4 3.6
Key Statistics
SET Value by investor Type: Daily
Buy (THBm) Sell (THBm) Net (THBm)
Institution 3,237.12 4,251.15 -1,014.03
Proprietary 6,618.16 6,520.15 98.01
Foreign 9,139.12 10,029.13 -890.01
Retail 18,693.44 16,887.42 1,806.03
SET Value by investor Type
MTD (THBm) YTD (THBm) Institution 15,009.27 74,907.23
Proprietary -5,453.29 -10,717.51
Foreign -37,322.58 -113,408.81
Retail 27,766.60 49,219.10
SET50 Index Future
Long Short Net MTD YTD
Institution 9,473 9,804 -331 7,462 19,705
Foreign 5,345 4,209 1,136 -4,612 -19,079
Local 13,534 14,339 -805 -2,850 -626
Foreign Fund Flows (USDm) Last MTD YTD YTD% -27.7 -1,179.0 -3,685.5 -273.1
See important disclosures at the end of this report 2
Media Highlights
Bank of Thailand eyes sovereign wealth fund
The Bank of Thailand is studying a plan to use its surplus foreign reserves to establish what would be called a New Opportunity Fund, aimed at increasing returns as a part of efforts to improve the central bank's balance sheet. Pongpen Ruengvirayudh, the central bank deputy governor overseeing monetary stability, said such a sovereign wealth fund, if established, would be managed by a separate organisation or even the central bank itself. The study will not take long, but the fund's size cannot yet be estimated. The purpose of setting up the fund would be to generate more investment returns in the long run with manageable risk. It would be just one of several measures to improve the Bank of Thailand's balance sheet after accumulating 531 billion baht in losses incurred mainly from foreign exchange stabilisation. Others include a gradual opening of capital accounts, a reduction in foreign reserves and allowing the baht to move more in line with market forces. As of Aug 16, Thailand's foreign reserves totalled US$172 billion with a net forward position of $23.6 billion. (Bangkok Post) ADB poised to cut Thailand growth forecast
The Asian Development Bank (ADB) may revise down its 2013 gross domestic product growth forecast for Thailand on the back of slower first-half economic data. The ADB had pegged Thai economic growth at 4.9% based on an assumption of 8% export growth, but this is expected to be pared down to between 4% and 4.3%. The new rate will be announced in October. The revised GDP growth is in line with the National Economic and Social Development Board's recent readjustment. The government think tank revised down its 2013 GDP growth forecast down to between 3.8% and 4.3% from 4.2% and 5.2% due to sluggish exports and decreasing household spending. Luxmon Attapich, senior country economist at the ADB's Thailand resident mission, said the bank now expects export growth will miss the 8% forecast. However, economic sentiment will improve in the second half supported by the government's 2-trillion-baht infrastructure investment bill, she said. (Bangkok Post) TUF postpones shrimp plant
SET-listed Thai Union Frozen Products Plc (TUF) has slashed this year's capital expenditure and its revenue forecast as its key shrimp business faces challenges in the second half. The world's largest tuna company has downgraded its revenue projection from US$4 billion to $3.8 billion after disappointing second-quarter results. Planned capital expenditure was also cut from 6 billion baht to 4-4.5 billion as an expansion of shrimp capacity has now been stalled, said deputy general manager Wai Yat Paco Lee. The company has decided to allocate partial shrimp production to the underused Samut Sakhon factory of Pakfood Plc, of which TUF owns 75%. A new shrimp factory was planned to be completed by mid-2014 to replace the old one that was damaged by fire last year, Mr Lee told a briefing at the Stock Exchange of Thailand yesterday. (Bangkok Post) Ceramics sector beats off Chinese rivals
Thailand's ceramics industry is expected to grow by 10% this year, up from 8.7% last year, to more than 40 billion baht as it survives competition from cheaper Chinese imported products. Chinese ceramics are competing in a different market from Thai products, said Somnuk Sirisoonthorn, president of the Thai Ceramics Society. In 2012, the industry grew by 8.7% in value. With growth of 10%, the value of the domestic market will reach 40 billion baht this year, with another 25 million baht coming from exports, he said. The Thai Industrial Standards Institute's standard on ceramic products will next year restrict tile imports pending an approval process. That will give Thai producers a temporary advantage in the market, said Mr Somnuk. However, domestic producers have shouldered higher costs due to the increased minimum wage and the price of liquefied petroleum gas (LPG), while the fluctuating baht threatens exports. (Bangkok Post)
Digital TV bidders 'can deal with network providers'
Qualifying bidders in the auction of 24 licences for commercial digital terrestrial TV will be allowed to deal directly with each network provider before the auction begins, the head of the regulator's broadcasting panel said yesterday. Natee Sukonrat, chairman of the broadcasting committee at the National Broadcasting and Telecommunications Commission (NBTC), said that if the number of qualifying bidders exceeded the number of available multiplexers, the winners paying the highest prices in the auction would have the privilege of choosing multiplexers and channel numbers first. All state-run network providers the Royal -Thai Army, MCOT, the Public Relations Department and Thai Public Broadcasting Service (Thai PBS) - will propose their pricing plans for network-leasing fees for both standard and high-definition services to the NBTC's office by mid-September. The qualifying bidders will be informed about those rates 30 days before the auction begins. (The Nation) Egat vows to adopt Japan's coal-use policies
THE ELECTRICITY Generating Authority of Thailand plans to adopt for its four new coal-fired power plants techniques deployed effectively in Japan, to assure the Thai public of minimum environmental impacts. Each of the four new plants will produce 800 megawatts of power. According to Rangsan Athamanolap, Egat's assistant governor for corporate social affairs, coal will remain a major fuel for generating electricity, given its low price that will translate into affordable power for all. More coal-fired power plants would also ensure energy security, given that natural gas - a depleting resource - now accounts for 70 per cent of the fuel generating the Kingdom's electricity. Tatree Riewcharoen, head of Egat's corporate communications division, said many existing power plants were in |need of replacement. A coal-fuelled plant's life cycle is 30 years, compared with 40 years for nuclear and 25 years for natural gas. (The Nation)
See important disclosures at the end of this report 3
Economic Highlights
U.S.: Consumer Confidence Index in U.S. Increases to 81.5
Consumer confidence unexpectedly improved in August as Americans grew more optimistic about employment opportunities and the outlook for the economy. The Conference Board’s index of sentiment advanced to 81.5 from a revised 81 the prior month that was stronger than initially estimated, the New York-based private research group said today. The median forecast in a Bloomberg survey of economists was 79. Another report showed home prices appreciated in June at the second-fastest pace in seven years. Higher property values and stock-market returns are boosting income expectations that will help sustain consumer spending. Well-to-do households accounted for the pickup in sentiment this month, showing bigger job and wage gains are needed for a broader expansion that benefits all income groups. (Bloomberg) Japan: Ito Backs Japan Sales-Tax Plan as Hamada Calls for Gradual Rise
Tokyo University Professor Takatoshi Ito said Japan’s sales tax should be increased as planned as a panel of economists and financial experts considering the levy split on the issue. “Economic indicators show the economy isn’t in a bad state and raising the sales tax wouldn’t slow the economy or the bid to end deflation,” Ito, a former finance ministry official, told reporters today after the meeting in Tokyo. Not proceeding in line with the plan could lead to falling stocks, a stronger yen and a spike in bond yields, Ito wrote in a statement submitted to the panel. Ito was among five of the nine people on today’s panel to agree with the plan to increase the tax to 8 percent in April from the current 5 percent, Economy Minister Akira Amari told reporters after the meeting. Abe adviser Koichi Hamada was one of three panel members to call for an incremental rise by 1 percentage point a year, according to Amari. (Bloomberg)
U.S.: U.S. Farm Income for 2013 Seen at Record $120.6 Billion
Record harvests for U.S. corn and soybeans will reduce 2013 farm income from a previous estimate as the bumper crops lower prices, the U.S. Agriculture Department said today. While the agency projected less farm income than it forecast earlier this year, it still expects the figure to top the previous record of $118 billion in 2011. Net farm income in 2013 will be $120.6 billion, down 5.9 percent from a February forecast of $128.2 billion. The new forecast is up 6 percent from a revised estimate of $113.8 billion for 2012, the USDA said in a report on its website. The USDA figures released today tell a “very, very good story, and a very positive story for much of U.S. agriculture,” Patrick Westhoff, director of the Food and Agricultural Policy Research Institute at the University of Missouri, said in a telephone interview. (Bloomberg) E.U.: Merkel Blames SPD’s Schroeder for Letting Greece Into the Euro
German Chancellor Angela Merkel sought to pin the blame for the euro-region’s debt turmoil on her Social Democratic predecessor, Gerhard Schroeder, saying he should never have let Greece into the single currency area. Merkel, addressing a campaign rally in the northern German town of Rendsburg yesterday, said the debt crisis that emerged in Greece in late 2009 and dominated her second term had been “brewing for many years” going back to the euro’s inception. “For example, Greece shouldn’t have been allowed into the euro” at the time of its admission in 2001, Merkel told a crowd of about 1,000 supporters. “Chancellor Schroeder accepted Greece in and weakened the Stability Pact and both decisions were fundamentally wrong, and one of the starting points for our current troubles.” Merkel, by apportioning blame for the havoc caused across the 17-nation euro region on her SPD predecessor, may be seeking to deflect attacks on her crisis policy leveled by Peer Steinbrueck, her Social Democratic challenger in the Sept. 22 federal elections. (Bloomberg)
Hungary: Hungary Cuts Benchmark Interest Rate More Than Forecast
Hungary’s central bank cut interest rates more than economists forecast as policy makers took advantage of the resilience of local assets before the U.S. Federal Reserve scales back bond buying. The forint weakened. The Magyar Nemzeti Bank lowered the two-week deposit rate to a record-low 3.8 percent from 4 percent after 12 months of quarter-point cuts. Sixteen of 22 economists in a Bloomberg survey forecast a reduction to 3.9 percent, while none forecast a cut of 20 basis points. Policy makers are fine-tuning monetary policy with rates at a record low, seeking to fortify a recovery from last year’s recession while safeguarding financial stability and the attractiveness of local assets as the Fed considers when to start paring stimulus. Hungary’s growth and inflation outlook justify further monetary easing while global risks warrant policy caution, rate-setters said in today’s statement. (Bloomberg)
Germany: German Business Confidence Rises to Highest in 16 Months
German business confidence rose to the highest level in 16 months in August, beating forecasts and indicating that the recovery in Europe’s largest economy is gathering pace. A measure of construction activity fell. The Ifo business climate index, based on a survey of 7,000 executives, climbed to 107.5 from 106.2 in July, the Munich-based institute said today. That’s the highest since April 2012. Economists predicted an increase to 107, according to the median of 42 forecasts in a Bloomberg News survey. German gross domestic product expanded 0.7 percent in the second quarter, rebounding from a colder-than-usual winter that curbed output and helping the 17-nation euro area emerge from its longest-ever recession. The nation’s growth was led by private consumption and included the first increase in plant and machinery investment since 2011, signaling the recovery may be sustained. (Bloomberg)
See important disclosures at the end of this report 4
Outperform
Current Target Upside/
Rec. Price Price Downside PE (x) Yield (%) Remarks
(Bt) (Bt) (%) 2013F 2013F
ADVANC Buy 244.00 319.00 30.7 19.2 5.2
AOT Buy 164.50 222.00 35.0 21.8 1.8
BTS Trading Buy 7.90 10.20 29.1 36.4 6.8
INTUCH Trading Buy 77.00 104.00 35.1 16.3 5.6 .
PTT Buy 318.00 388.00 22.0 8.1 4.3
PTTGC Buy 67.75 82.10 21.2 9.1 5.0
Underperform
Current Target Upside/
Rec. Price Price Downside PE (x) Yield (%) Remarks
(Bt) (Bt) (%) 2013F 2013F
AP Neutral 5.40 6.30 14.0 6.2 3.5
KTB Buy 17.50 28.30 61.7 8.1 4.3
TCAP Neutral 31.50 41.00 30.2 4.1 4.2
TISCO Sell 36.00 41.00 13.9 6.7 7.1
Rank Symbol Rank Symbol27-Aug 26-Aug 23-Aug 22-Aug 21-Aug 27-Aug 26-Aug 23-Aug 22-Aug 21-Aug
1 KBANK 283.0 80.7 161.8 (714.5) (1,192.1) 1 BAY (440.0) 98.9 (319.7) 551.0 (131.9)
2 BANPU 64.1 (31.0) 138.1 126.4 113.3 2 SCC (321.3) (303.1) (516.9) (49.3) (160.5)
3 BBL 42.1 (166.6) (12.1) (412.4) (169.9) 3 CPALL (173.8) (72.7) (143.8) (91.8) 174.4
4 BTS 27.2 27.4 23.1 15.6 113.7 4 PTT (151.6) 47.7 27.5 68.3 (400.4)
5 CPN 22.0 (12.0) 4.2 (3.7) (65.5) 5 PTTGC (141.0) (16.0) (76.9) 150.6 (106.5)
6 LPN 21.5 (0.1) 62.7 (79.1) (48.2) 6 SCB (106.9) (24.2) (58.8) (377.6) (388.5)
7 SCP 16.9 10.2 2.3 0.9 (1.5) 7 KTB (98.2) (27.6) (67.0) (23.2) (62.2)
8 EGCO 16.5 (1.1) 12.3 2.6 3.9 8 ADVANC (83.8) 24.1 (63.6) (145.9) (193.3)
9 JAS 16.0 (128.1) 33.2 24.4 9.3 9 CPF (79.4) (9.1) 6.9 108.9 (88.7)
10 MAJOR 14.2 17.8 12.3 4.6 (7.9) 10 AOT (55.6) (85.3) 31.5 (163.9) (39.0)
11 PTTEP 13.6 (95.9) 427.5 (3.7) (108.7) 11 BEC (41.9) (20.3) (10.7) 20.0 (50.9)
12 TOP 13.5 (12.6) (12.2) 114.0 (80.9) 12 HMPRO (35.0) (7.5) (23.1) (4.5) (6.3)
13 IVL 13.2 21.5 (21.1) (14.9) (7.9) 13 DTAC (30.0) (34.5) (137.7) (60.4) (74.7)
14 TCAP 10.7 12.9 (44.7) 28.0 2.2 14 STEC (28.6) (10.3) 0.1 43.7 20.2
15 CENTEL 10.0 (7.3) 0.4 (5.2) (2.6) 15 GLOW (20.8) 4.5 (17.1) (40.6) (23.6)
16 BIGC 9.7 12.0 28.9 13.8 35.5 16 BGH (18.9) 12.8 (17.6) 61.4 (76.0)
17 TTCL 8.0 2.6 5.8 0.6 5.2 17 TRUE (18.5) (154.2) 351.2 (6.0) (15.1)
18 BCP 7.3 8.9 9.6 (3.0) (1.7) 18 MINT (18.2) (5.0) 0.5 58.8 (76.6)
19 TUF 7.2 (2.6) (5.1) (8.5) (54.3) 19 NOBLE (16.1) (4.9) (2.1) 7.4 (4.4)
20 AEONTS 7.1 (0.2) (1.5) (0.8) (0.4) 20 BLA (15.7) (1.8) (8.0) (6.8) (1.0)
% No.of Shars
Symbol BUY SELL Total NET Turnover Symbol In Hand
1 BAY 347.7 787.6 1,135.3 (440.0) 46.1 1 TISCO-P 0.02 0.03 66.2
2 KBANK 427.7 144.7 572.4 283.0 22.1 2 BBL 576.3 1,908.8 30.2
3 SCC 59.1 380.4 439.5 (321.3) 32.4 3 KBANK 630.4 2,393.3 26.3
4 BBL 231.1 189.1 420.2 42.1 40.9 4 INTUCH 735.7 3,206.4 23.0
5 INTUCH 206.9 204.0 410.9 2.9 8.7 5 SPALI 380.7 1,716.6 22.2
6 TRUE 137.8 156.3 294.0 (18.5) 8.1 6 E-W1 74.6 347.0 21.5
7 PTTEP 153.3 139.7 293.1 13.6 13.3 7 GOLD-W1 74.2 392.1 18.9
8 PTT 65.5 217.1 282.6 (151.6) 14.5 8 NMG-W3 302.0 1,647.7 18.3
9 AOT 95.2 150.8 246.1 (55.6) 18.0 9 LH 1,823.0 10,025.9 18.2
10 ADVANC 76.4 160.2 236.7 (83.8) 8.4 10 THRE 637.5 3,512.5 0.0
11 SCB 64.1 171.1 235.2 (106.9) 8.4 11 LPN 249.0 1,475.7 16.9
12 PTTGC 41.7 182.7 224.4 (141.0) 24.4 12 TWFP 1.6 9.5 16.7
13 KTB 53.7 152.0 205.7 (98.2) 7.6 13 DTAC 370.3 2,367.8 15.6
14 CPALL 15.8 189.5 205.3 (173.8) 6.9 14 TCAP 198.2 1,277.8 15.5
15 BANPU 122.5 58.4 180.9 64.1 9.7 15 AP 424.4 2,859.9 14.8
16 CPN 86.2 64.2 150.5 22.0 10.7 16 THIP 1.2 8.0 14.5
17 LH 71.1 72.7 143.8 (1.7) 31.4 17 BAY 863.7 6,074.1 14.2
18 BGH 60.4 79.2 139.6 (18.9) 20.4 18 LALIN 114.1 825.0 13.8
19 CPF 29.6 109.0 138.7 (79.4) 22.6 19 PRANDA 54.6 406.7 13.4
20 DTAC 36.7 66.6 103.3 (30.0) 16.0 20 GBX 139.2 1,089.1 12.8
Source: SET,RHB OSK
Top 20 Net SellNVDR Net Sell Value (Bt mn)
NVDR Daily Trading by Stock
Top 20 Net BuyNVDR Net Buy Value (Bt mn)
Capital Shares
Paid Up Capital % of Paid Up
--------------NVDR Most Active Values (Bt m)--------------- -----------NVDR Outstanding Share (m shares)-----------
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 1
Berli Jucker (BJC TB) Sell (from Neutral) Consumer Cyclical - Distribution & Wholesale Target Price: THB31.0
Market Cap: USD1,992m Price: THB40.0
Struggling to Find Its Footing
Macro
3.00
Risks
3.00
Growth
1.00
Value
1.00
Source: Bloomberg
Avg Turnover (THB/USD) 172m/5.57m
Cons. Upside (%) 23.8
Upside (%) -15.0
52-wk Price low/high (THB) 40.0 - 91.0
Free float (%) 25
Shareholders (%)
TCC Holding 70.1
DBS Vickers (Singapore) 4.9
Thai NVDR 2.5
Shariah compliant
Chalie Kueyen 66 2862 9745
License No.4975
Source: Company data, RHB estimates
Following a visit to BJC’s Vietnam plant, we see headwinds until 2014,
namely: i) glass bottle demand shrinkage, ii) consumer products margin
pressures, iii) profitability issues, and iv) additional Vietnam capex.
Only the company’s aluminium cans business is improving, but it
cannot offset the weaker segments. Thus, we revise downwards BJC’s
FY13F/14F earnings by 16%/28% and cut TP by 40% to THB31.
Shrinking demand for glass bottles from related companies. BJC’s
core glass bottle business (~30% of revenue) is under pressure,
following shrinking demand shrinkage from related companies Thai
Beverage (THBEV SP, NR), Sermsuk (SSC TB, NR) and Oishi (OISHI
TB, NEUTRAL, TP: THB130) on rising competition & lower volume and
from outsider customer; Thai Theparos (SAUCE TB, NR). SSC’s Est
Cola’s market share has been falling with the aggressive return of Pepsi
(after a 6-month lull), which has hurt glass bottle demand, while Oishi’s
Green Tea has been unable to gain popularity, contributing zero volume
to BJC in since June. Thus, capacity utilisation (CAPU) has fallen
continuously to 80-85% in 2Q13 (<80% in July) from 95% in 1Q13.
Potentially losing a key customer. After gaining a 20% market share in
the energy drink segment, Carabao Daeng (BJC’s key customer is
building its own glass bottle plant for internal use and for OEM purposes.
The plant, whose capacity is equal to BJC’s, is set to begin operations in
2014, which could result in BJC losing a key client and seeing a glass
bottle oversupply in the market going forward.
Negligible earnings contribution from Vietnam. BJC has invested
~THB2-3bn to expand aggressively its Vietnam businesses on: i) an
aluminium can plant (BJC holds 27%), and ii) acquiring two distributors
and a convenience store (CVS) chain. Only the plant has broken even
(vs. loss THB60m in FY12), while two distributors report negligible profits
at the current and going forward on sluggish consumer demand and high
interest expense, and CVS will breakeven in FY15 after it expands to
>200 stores (from 40 currently) and increase daily sales per store by
40% to THB22,000.
65
85
105
125
145
165
185
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44
54
64
74
84
94
Berli Jucker (BJC TB)Price Close Relative to Stock Exchange of Thailand Index (RHS)
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Forecasts and Valuations Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Total turnover (THBm) 26,082 31,235 37,429 42,195 48,015
Reported net profit (THBm) 1,905 2,178 2,415 2,438 2,861
Recurring net profit (THBm) 1,905 2,178 2,415 2,438 2,861
Recurring net profit growth (%) 51.0 14.3 10.9 1.0 17.3
Core EPS (THB) 1.20 1.37 1.52 1.54 1.80
Core P/E (x) 33.3 29.2 26.3 26.1 22.2
Return on average equity (%) 17.5 18.2 18.4 16.9 17.9
P/B (x) 5.57 5.06 4.63 4.20 3.77
P/CF (x) 11.3 14.7 15.2 9.6 11.3
EV/EBITDA (x) 18.6 17.4 19.0 17.4 15.6
Net debt to equity (%) 53.0 63.9 68.5 67.1 65.0
Our vs consensus EPS (%) (19.6) (19.9)
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 2
BJC’s Headwinds
Shrinking demand for glass bottles from related companies
BJC’s glass bottle core business (~30% of revenue) is under pressure on shrinking
demand from related companies and external customers. In terms of the former, the
company provides glass bottles for THBEV’s alcohol business, will fully supply glass
bottles for SSC’s Est Cola and provides returnable bottles for Oishi’s Green Tea. Due
to a highly competitive market and some market share loss in 2Q13, orders from
SSC and Oishi have declined dramatically, and are expected to continue declining in
3Q13. However, declining orders from THBEV was due to seasonality.
Lower orders from external customers: SAUCE and Carabao Daeng
In terms of BJC’s external customers, SAUCE has reduced orders, following its
decision to change its food containers to plastic bottles from glass ones. As SAUCE
is one of BJC’s key customers, an order reduction will affect the outlook of the latter’s
operations. Furthermore, Carabao Daeng is now setting up its own glass bottle plant
that will have a capacity of 300 tons per day. The latter’s capacity expansion turns us
more cautious on the industry’s outlook, given that this new plant’s capacity is equal
to that of BJC’s. Thus, the company’s CAPU has now been falling continuously to 80-
85% in 2Q13 (<80% in July) from 95% in 1Q13.
Negligible contribution from Vietnam for the next two years
BJC has expanded its Vietnam consumer supply chain and CVS aggressively.
However, given the tough market conditions there, net profit contributions from the
consumer supply chain (BJC holds 65%) and its aluminium can plant (BJC holds a
27% stake) will be negligible, at around 3-4% of BJC’s combined net profit, while the
convenience store chain will run at a loss until 2015. Downgrade earnings
Regarding BJC’s THB1.2bn 1H13 earnings, this included forex gains of around
THB100m. If you strip out this item, the company would have posted a net profit of
THB1.1bn, or flat growth. In anticipation of better sales value for the healthcare
business, but lower sales growth for the packaging business and flat sales growth for
the consumer sector in 2H, we are lowering our FY13 sales forecast to 14% (from
20%) and applying 14%/22% growth for FY14F-15F, while cutting gross profit margin
(GPM) by 40bps to 24.1% from FY13-15. Thus, we revise downwards BJC’s net
profit by 16%/28% in FY13/14.
Figure 1: Net profit forecast change and TP revised downwards
Previous Current
2013F 2014F 2015F 2013F 2014F 2015F
Assumption
Sales growth 20% 20% 24.5% 13.6% 13.8% 21.6%
- Packaging 20% 20% 20% 12% 12% 20%
- Consumer 20% 20% 20% 15% 15% 20%
- Health care 20% 20% 25% 15% 15% 20%
- International 20% 20% 40% 20% 20% 30%
Gross profit margin 24.45% 24.6% 24.7% 24.1% 24.1% 24.1%
SG&A to sales 10.6% 10.8% 10.8% 10.6% 10.8% 10.8%
Net profit (THB m) 3,112 4,034 5,040 2,483 2,861 3,838
EPS (THB) 1.96 2.5 3.2 1.68 1.93 2.42
Fair price (THB) 57 31
Source: Company data, RHB estimates
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 3
De-rating PE, cutting TP by 45% to THB31
Our view is that BJC is facing headwinds in the short- to medium-term and that a
turnaround may take some time, as several of its businesses, ie glass bottles and
Vietnam operation, are being challenged by factors beyond its control. To cope with
declining orders from key clients, BJC needs to find new orders and new clients to
offset the slower sections. Thus, we will wait and see what the company’s strategy
will be to counter such a challenge. As we view that BJC’s core business turnaround
has to wait until 2014 or 2015 and that unexciting earnings are expected in the near-
term, we are reducing the company’s valuation premium. We are assigning a P/E of
16.0x (from 25.0x) to revalue BJC’s TP to THB31 (from THB57.00).
Heavy Vietnam Investments
BJC has invested a lot of resources and effort to expand its business in Indochina,
ahead of the Asean Economic Community (AEC) integration, which will become
effective in 2016. In Vietnam in particular, the company has expanded aggressively in
three business lines: i) an aluminium can plant, ii) a consumer product distribution
network, and iii) a CVS chain. Currently, international sales account for 17% of BJC’s
1H13 sales revenue (FY12: 12%), but, as yet, no profit contribution. Of that sales
revenue total, Vietnam accounts for 70% of BJC’s overseas business.
TBC-Ball turns a profit, but bottomline contribution insignificant
TBC-Ball (an aluminium can manufacturer that services the likes of Carlsberg and
Coca Cola) is BJC’s first business in Vietnam and only started its commercial run in
2Q12. Currently, this plant runs at a breakeven point (vs a net loss of around
THB60mn in FY12) and the company expects it to turn profitable in 2H13. However,
we do not expect a significant net profit contribution, as BJC’s equity interest in this
plant is only 26.8%. Given that its aluminium can plant in Thailand (which is twice the
size of the Vietnam one) contributes net profits of around THB500-550m annually,
the Vietnam aluminium plant should contribute annual earnings of around THB70m,
or about 3% of BJC’s average net profit.
Figure 2: International sales and percentage of total sales Figure 3: International sales breakdown by country (1H13)
Source: RHB estimates Source: RHB estimates
Focused consumer business
After acquiring Thai-An in Hanoi, its second distribution network business (after Thai
Corp), BJC is able to fulfil its distribution network strategy of being in two major cities
and/or areas (one each in Northern and Southern Vietnam). Currently, the company
is moving into the CVS chain segment, by setting its own brand B’Smart brand in Ho
Chi Minh City.
1,039
2,147
3,913
4,452
3,513
4.8%8.4%
12.8% 11.9%
16.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2009 2010 2011 2012 1H13
International sales (THBm)
% of total sales
THBm
Vietnam, 69%Malaysia , 14%
Myanmar, 4%
Singapore , 3%Others ,
10%
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 4
Figure 4: Investments in Vietnam
Year of
investment
Company name % holding Investment cost
(THBm)
Type of business
2009 TBC-Ball
26.8% na Aluminium can plant with capacity 850m cans/yr (half that of
Thailand’s capacity)
2010 Thai Corp 75% ~1,000 Consumer distributor and dealers - covering Ho Chi Minh City
2013 Thai An 65% 990 Consumer distributor and dealers - covering Hanoi
2013 Ichiban 75% 140 Manufacturing and distribution of tofu/bean curd and related products
Source: Company data, RHB estimates
90% of its consumer business relies on traditional trade
The consumer supply chain and retail business in Vietnam is still underdeveloped, as
regulations are not yet open to foreign-ownership. For all retailer types, foreign entities
can open only one store and are not allowed to undertake any expansion.
Furthermore, non-Vietnamese citizens are only allowed to set-up a business with a
maximum stake of 50%. Thus, the consumer business is still heavily reliant on
traditional trade distribution channels, which account for 90% of the country’s total
trade volume, according to BJC.
Figure 5: Target growth for consumer supply chain nationwide in Vietnam
Unit: THBm 2012 2013 2014 2015 2016 2017
Food 484 1,422 1,776 2,323 3,128 4,172
Non-food 2,439 3,174 3,744 5,050 5,960 7,414
Total 2,923 4,597 5,520 7,373 9,087 11,586
Distribution outlet 125,000 165,000 190,000 215,000 230,000 250,000
ROE 15% 12% 15% 18% 20% 25%
Source: Company data, RHB estimates
Remark : Sales are converedt from VND to THB at a rate of VND10,000:THB14.5
Aggressively expanding CVS
Vietnam’s retail sector is currently alike to Thailand’s around 10-15 years ago, in
terms of regulations and consumption behaviour. Given that the regulatory
environment has yet to be liberalised in Vietnam, BJC has formed joint-ventures
(JVs) with local partners and expanded its distribution network aggressively ahead of
anticipated market liberalisation in 2016 after the AEC comes into place. Currently,
both Thai-An and Thai Corp have a combined distribution network of around 130,000
outlets nationwide, with total sales contributions of around THB3.0bn. BJC expects
this distribution network to reach 230,000 outlets, with sales value of around
THB9.0bn in 2016, implying CAGR of around 28%.
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 5
Figure 6: Number of CVS and target growth
Source: Company data, RHB estimates
Aggressively expanding its convenience store chain
BJC targets its consumer supply chain to grow in tandem with the expansion of its
CVS chain, which it intends to expand under the B’Smart brand. B’Smart is currently
running at 2,500 stock keeping units (sku) per store. Under a 3-year plan, the number
of stores will expand to 150 stores in FY14, and 300 stores in FY15, servicing around
3,500 sku per store.
Risk And Opportunity In Vietnam
Tough time in Vietnam
In our view, although the consumer product penetration in Vietnam remains low, it is
not an easy market to operate in and there are a lot of challenges going forward.
Currently, the consumer business is facing heavy pressure from the country’s
economic slowdown, which has seen rising high inflation of around 7-7.5% in 1H13,
high interest rates (the policy rate is around 7%) and financial issues. Thus, BJC’s
consumer supply chain posted negative sales growth in FY13 and bottomline losses
due to rising interest costs.
CVS are expected to breakeven in FY15
B’Smart is operating 41 stores, with daily sales of THB18,000 per store. To run at
breakeven, the chain needs to expand to more than 200 stores and increase daily
sales by 40%.
Figure 7: B’Smart current performance and target in 2015
Present Target in 2015
No. of store 41 300
Daily sales/store (THB) 18,000 22,000
Sales/ticket 34 40
Gross margin 14.8% 20.5%
Assortment 2,500sku >3,500sku
Source: Company data, RHB estimates
CVS business is not easy in Vietnam
Although there are only a few players in the market, the competition among the
existing players is still tough. Basically, most of the convenience store players focus
their business in Ho Chi Minh City only. Market leader Shop & Go operates 77 stores
and has been in this sector for more than eight years, while Circle K from Japan is the
second largest with 50 stores.
40
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700
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2012 2013 2014 2015 2016 2017
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 6
Figure 8: Key players in CVS in Vietnam
No. of branch No. of year experience
Shop & Go 77 8
Circle K 50 5
B’Smart (BJC) 41 0.1
Ministop 17 3
Source: Company data
Cash flow needs
Another key factor that challenges B’Smart and BJC’s consumer supply chain is cash
flow management. During the start-up period, we believe that internal cash flow from
these business units will not be enough to fund expansion strategies. Hence, at this
level, BJC needs to provide financial support before the businesses can breakeven.
BJC’s Vietnam CVS – B’Smart
Figure 9: B’Smart – flagship store Figure 10: BJC’s CVS head Figure 11: Key B’Smart competitor
Source: RHBRI Source: RHBRI Source: RHBRI
Figure 12: B’Smart store layout Figure 13: B’Smart store layout Figure 14: B’Smart store layout
Source: RHBRI Source: RHBRI Source: RHB estimates
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 7
Figure 15: B’Smart store layout Figure 16: B’Smart store layout Figure 17: B’Smart store layout
Source: RHBRI Source: RHBRI Source: RHBRI
Figure 18: B’Smart store layout Figure 19: B’Smart store layout Figure 20: B’Smart store layout Figure 21: B’Smart store layout
Source: RHBRI Source: RHBRI Source: RHBRI Source: RHBRI
Figure 22: B’Smart store layout Figure 23: B’Smart store layout Figure 24: B’Smart store layout
Source: RHBRI Source: RHBRI Source: RHBRI
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 8
Financial Exhibits
Source: Company data, RHB estimates
Source: Company data, RHB estimates
Profit & Loss (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Total turnover 26,082 31,235 37,429 42,195 48,015
Cost of sales (18,940) (23,454) (28,402) (32,019) (36,435)
Gross profit 7,142 7,781 9,027 10,177 11,580
Gen & admin expenses (4,392) (4,826) (6,116) (6,830) (7,645)
Operating profit 2,750 2,954 2,911 3,346 3,935
Operating EBITDA 4,166 4,735 4,554 5,121 5,851
Depreciation of fixed assets (1,416) (1,781) (1,643) (1,774) (1,916)
Operating EBIT 2,750 2,954 2,911 3,346 3,935
Net income from investments 62 46 66 85 120
Other recurring income 234 444 539 450 504
Interest expense (227) (366) (503) (584) (658)
Exchange gains 43 30 87 50 50
Pre-tax profit 2,863 3,108 3,100 3,348 3,951
Taxation (668) (693) (605) (670) (790)
Minority interests (289) (238) (80) (240) (300)
Profit after tax & minorities 1,905 2,178 2,415 2,438 2,861
Reported net profit 1,905 2,178 2,415 2,438 2,861
Recurring net profit 1,905 2,178 2,415 2,438 2,861
Cash flow (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Operating profit 2,750 2,954 2,911 3,346 3,935
Depreciation & amortisation 1,416 1,781 1,643 1,774 1,916
Change in working capital 728 (192) 421 1,411 (353)
Other operating cash flow 302 913 378 (25) (29)
Operating cash flow 5,196 5,456 5,353 6,506 5,469
Interest paid (227) (366) (503) (584) (658)
Tax paid 668 (762) (660) 670 790
Cash flow from operations 5,637 4,328 4,190 6,592 5,602
Capex (3,923) (3,841) (3,808) (4,000) (3,500)
Other investing cash flow (64) 468 (84) - -
Cash flow from investing activities (3,987) (3,373) (3,892) (4,000) (3,500)
Dividends paid (809) (1,000) (1,223) (1,087) (1,097)
Increase in debt 1,021 2,321 2,080 25 1,000
Other financing cash flow (255) (432) (352) (584) (658)
Cash flow from financing activities (43) 889 505 (1,645) (755)
Cash at beginning of period 841 1,224 1,828 2,015 1,707
Total cash generated 1,607 1,844 804 947 1,347
Forex effects (87) (66) (85) (84) (83)
Implied cash at end of period 2,361 3,001 2,547 2,879 2,971
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 9
Financial Exhibits
Source: Company data, RHB estimates
Source: Company data, RHB estimates
Balance Sheet (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Total cash and equivalents 1,224 1,828 2,015 1,707 1,757
Inventories 4,466 5,124 6,864 7,173 8,163
Accounts receivable 5,769 7,126 7,998 8,017 9,123
Other current assets 234 232 95 185 275
Total current assets 11,692 14,310 16,972 17,082 19,318
Total investments 412 416 432 420 420
Tangible fixed assets 12,460 14,143 16,583 18,708 20,833
Total other assets 3,113 4,110 4,273 4,506 5,080
Total non-current assets 15,985 18,669 21,288 23,634 26,333
Total assets 27,677 32,979 38,260 40,717 45,650
Short-term debt 4,111 3,198 4,828 4,075 3,457
Accounts payable 4,179 5,638 7,052 5,123 5,830
Other current liabilities 1,279 338 347 1,899 2,961
Total current liabilities 9,568 9,174 12,227 11,097 12,247
Total long-term debt 3,965 7,912 8,344 9,844 11,644
Other liabilities 1,210 1,363 1,406 1,585 1,238
Total non-current liabilities 5,175 9,275 9,750 11,429 12,882
Total liabilities 14,743 18,449 21,976 22,526 25,130
Share capital 1,588 1,588 1,588 1,588 1,588
Retained earnings reserve 6,653 7,673 8,810 10,362 12,079
Other reserves 3,174 3,282 3,330 3,174 3,174
Shareholders' equity 11,415 12,543 13,728 15,124 16,840
Minority interests 1,520 1,987 2,556 3,067 3,680
Total equity 12,934 14,530 16,284 18,191 20,521
Total liabilities & equity 27,677 32,979 38,260 40,717 45,650
Key Ratios (THB) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Revenue growth (%) 14.4 19.8 19.8 12.7 13.8
Operating profit growth (%) 69.5 7.4 (1.5) 14.9 17.6
Net profit growth (%) 51.0 14.3 10.9 1.0 17.3
EPS growth (%) 51.0 14.3 10.9 1.0 17.3
Bv per share growth (%) 10.3 9.9 9.4 10.2 11.4
Operating margin (%) 10.5 9.5 7.8 7.9 8.2
Net profit margin (%) 7.3 7.0 6.5 5.8 6.0
Return on average assets (%) 7.5 7.2 6.8 6.2 6.6
Return on average equity (%) 17.5 18.2 18.4 16.9 17.9
Net debt to equity (%) 53.0 63.9 68.5 67.1 65.0
Recurrent cash flow per share 3.55 2.73 2.64 4.15 3.53
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 10
SWOT Analysis
Market leader in glass bottling and aluminium cans
Has its own distribution and logistics network nationwide
Largest market share in several consumer products, eg tissue paper, snacks.
Highly volatile economic situation in Vietnam could result in operational fluctuations
Owns the largest distribution network and logistic network in Vietnam, where consumer production remain low
Has an aluminium can and grass bottle plant in Vietnam
Business in Vietnam is in the early stage; hence, business volume remains low with negligible net profit contribution currently
.
Source: Company data, RHB estimates Source: Company data, RHB estimates
Company Profile Berli Jucker (BJC)’s three business lines are packaging products (glass bottles and aluminium cans), consumer products (tissue paper and snacks), and technical and healthcare products. It is an integral part of Thai Beverage’s operations.
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P/B (x) (lhs) Return on average equity (rhs)
Berli Jucker (BJC TB) 27 August 2013
See important disclosures at the end of this report 11
Recommendation Chart
Source: RHB estimates, Bloomberg
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Aug-08 Dec-09 Mar-11 Jun-12
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Recommendations & Target Price
Buy Neutral Sell Trading Buy Take Profit Not Rated
Source: RHB estimates, Bloomberg
Date Recommendation Target Price Price
2013-05-20 Neutral 57.0 65.0
2013-04-02 Buy 57.0 72.8
2012-08-01 Buy 50.0 40.0
12
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13
Risk Disclosure Statements The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK does not maintain a predetermined schedule for publication of research and will not necessarily update this report Indonesia This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Thailand This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Other Jurisdictions In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and regulations of the jurisdictions. DMG & Partners Research Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage DISCLAIMERS This research is issued by DMG & Partners Research Pte Ltd and it is for general distribution only. It does not have any regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this research report. You should independently evaluate particular investments and consult an independent financial adviser before making any investments or entering into any transaction in relation to any securities or investment instruments mentioned in this report. The information contained herein has been obtained from sources we believed to be reliable but we do not make any representation or warranty nor accept any responsibility or liability as to its accuracy, completeness or correctness. Opinions and views expressed in this report are subject to change without notice. This report does not constitute or form part of any offer or solicitation of any offer to buy or sell any securities. DMG & Partners Research Pte Ltd is a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB” which in turn is a wholly-owned subsidiary of RHB Capital Berhad) and Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG & Partners Securities Pte Ltd and their associates, directors, and/or employees may have positions in, and may effect transactions in the securities covered in the report, and may also perform or seek to perform broking and other corporate finance related services for the corporations whose securities are covered in the report. This report is therefore classified as a non-independent report. As of 26 August 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietary positions in the subject companies, except for: a) - As of 26 August 2013, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except for: a) - DMG & Partners Research Pte. Ltd. (Reg. No. 200808705N)
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ADVANC BCP DRT IRPC NOBLE QH SC SYMC TOP AOT BECL EASTW KBANK PHOL RATCH SCB THAI TSTE ASIMAR BKI EGCO KK PS ROBINS SCC TIP TTA BAFS BMCL ERW KTB PSL RS SE-ED TIPCO
BANPU BTS GRAMMY LPN PTT SAMART SIM TISCO BAY CPN HEMRAJ MCOT PTTEP SAMTEL SIS TKT BBL CSL ICC NKI PTTGC SAT SNC TMB
2S BROOK DTAC HMPRO MACO OFM S&J SSSC THRE TSC ACAP BWG DTC HTC MAKRO OGC S&P STANLY TIC TSTH AF CENTEL ECL IFEC MBK OSIHI SABINA STEC TICON TTW AIT CFRESH EE INTUCH MBKET PAP SAMCO SUC TIW TUF AKR CGS EIC ITD MFC PDI SCCC SUSCO TK TVO AMATA CHOW ESSO IVL MFEC PE SCG SVI TLUXE UAC AP CIMBT FE JAS MINT PG SCSMG SYNTEC TMT UMI ASK CK FORTH KCE MODERN PHATRA*** SFP TASCO TNITY UP ASP CM GBX KGI MTI PJW SITHAI TCAP TNL UPOIC AYUD CPALL GC KSL NBC PM SMT TCP TOG UV BEC CPF GFPT L&E NCH PR SPALI TFD TPC VIBHA BFIT CSC GL LANNA NINE PRANDA SPCG TFI TRC VNT BH DCC GLOW LH NMG PRG SPI THANA TRT WACOAL BIGC DELTA GUNKUL LRH NSI PT SPPT THCOM TRU YUASA BJC DEMCO HANA LST OCC PYLON SSF THIP TRUE ZMICO *** PHATRA was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.
AEONTS BGT CMO GENCO JTS LHBANK NC PTL SGP SWC TPAC UT AFC BLA CNS GFM JUBILE LHK NNCL Q-CON SIAM SYNEX TPCORP VARO AGE BNC CNT GLOBAL JUTHA LIVE NTV QLT SIMAT TBSP TPIPL WAVE AH BOL CPL GOLD KASET LOXLEY OSK QTC SINGER TCB TPP WG AHC BROCK CRANE HFT KBS MAJOR PAE RASA SIRI TEAM TR WIN AI BSBM CSP HTECH KC MATCH PATO RCL SKR TF TTCL WORK AJ BTNC CSR HYDRO KDH MATI PB RICH SMIT TGCI TWFP
ALUCON BUI CTW IFS KIAT MBAX PICO ROJNA SMK THANI TYCN AMANAH CCET DRACO IHL KKC M-CHAI PL RPC SOLAR TKS UBIS APCO CEN EASON ILINK KTC MDX POST SAM SPC TMD UEC APCS CHUO EMC INET KWC MJD PPM SCBLIF SPG TMI UIC APRINT CI EPCO IRC KWH MK PREB SCP SSC TNH UMS ARIP CIG FNS IRCP KYE MOONG PRECHA SEAFCO SST TNPC UOBKH AS CIMBI*** FOCUS IT LALIN MPIC PRIN SENA STA TOPP UPF ASIA CITY FSS JMART LEE MSC PSAAP SF SVOA TPA US
*** CIMBI was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.
IOD (IOD Disclaimer)
การเปิดเผลผลการส ารวจของสมาคมส่งเสริมสถาบันกรรมการบรษิัทไทย (IOD) ในเรื่องการก ากับดูแลกิจการ (Corporate Governance) นี้เป็นการด าเนินการตามนโยบายของส านักงานคณะกรรมการก ากับหลักทรัพย์และตลาดหลักทรัพย์ โดยการส ารวจของ IOD เป็นการส ารวจและประเมินจากข้อมูลของบรษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยและตลาดหลกัทรัพย์เอ็มเอไอ ที่มีการเปิดเผยต่อสาธารณะและเป็นข้อมูลที่ผูล้งทุนทั่วไปสามารถเข้าถงึได้ ดังนั้นผลส ารวจดังกล่าวจึงเป็นการน าเสนอในมุมมองของบุคคลภายนอกโดยไม่ได้เป็นการประเมินการปฏิบัติและมิได้มีการใช้ข้อมูลภายในในการประเมิน
อนึ่ง ผลการส ารวจดังกล่าว เป็นผลการส ารวจ ณ วนัที่ปรากฎในรายงานการก ากับดแูละกิจการบริษัทจดทะเบียนไทยเท่านั้น ดังนั้นผลการส ารวจจึงอาจเปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จ ากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการส ารวจดงักล่าวแต่อย่างใด