June 5, 2017 OUTPERFORM

COMPANY RESEARCH | Company Update

Carabao Group
(CBG TB)
Share Price: Bt74.0 Target Price: Bt85.00 (+14.8%)

Going big in China

Earnings should turnaround in 2Q17 led by rising export
volumes to Chinese JVs, easing supply bottleneck with new
canning lines, and new products offered through cash vans
Raised FY17F/18F earnings by 0.4%/10% after revising up China
sales volumes and cash van sales; cut contribution from ICUK
due to delayed product launch on modern trade platform
OUTPERFORM, raised TP to Bt85 (from Bt80) based on DCF
valuation (8% WACC, 1.0x beta, and 3% terminal growth)
Expect 2Q17F earnings to come in at Bt405m (+83% qoq, +3% yoy)
CBGs earnings have bottomed out in 1Q17. Operations should
turnaround in 2Q17, with profit surging 83% qoq to Bt405m supported
by i) Bt400-500m export sales to China vs Bt44m in 1Q17, ii) 10% qoq
Sunthorn THONGTHIP
increase in energy drink sales in CLMV markets as new canning lines
would ease supply bottleneck, and iii) 100% qoq increase in van sales to 662 - 659 7000 ext 5009
sunthorn.thongthip@krungsrisecurities.com
Bt350m led by new products (rice whisky and 3rd-party products).
However, Intercarabao UK would contribute c.Bt154m loss in 2Q17F vs.
Key Data
Bt102m loss in 1Q17, due to additional EFL sponsorship fees of
12-mth high/low (Bt) 80.75 / 42.25
c.Bt270m p.a. from June 2017 onwards, higher marketing expenses to Market capital (Btm/US$m) 74,000 / 2167.2
boost sales, and slow recovery of UK sales. But, UK sales should surge 3m avg. turnover (Btm/US$m) 389.4 / 11.4
in 2H17 as CBG is negotiating to launch products in Sainsburys in Free float (%) 25.7
3Q17 and TESCO in 4Q17. Issued shares (m shares) 1,000
Major shareholders:
Raised FY17F/18F earnings by 0.4%/10% - SATHIENTHUM HOLDINGS 25.0
We revised up China sales volumes by 18% to 200m/400m cans - THANOMBOONCHAROE NUT 21.0
following good response. But we pushed up loss contribution from ICUK - OPAKUL YUENYONG 7.1
from -Bt222m/-Bt115m to -Bt564m/-Bt549m after imputing weaker UK
Share Price Performance
sales volumes and higher SG&A expenses. We conservatively expect
ICUK to turnaround in FY21F after UK sales volumes hit breakeven
level of 80-90m cans/year. CBG has revised up FY17 China sales target
to 250m-300m cans (from 200m) following strong orders from the JV,
and may order new canning lines in 2H17 and place orders through
Chinese OEM partners to ease supply bottleneck in FY18. We also
raised sales of 3rd party products through cash vans by 40%/90% to
Bt1.3bn/Bt2.2bn for FY17F/18F after including rice whisky and Bacardi
products effective 2Q17. CBG is targeting to sell Bt1bn worth of rice
whisky this year.
OUTPERFORM, TP Bt85; see repeat customers in China market YTD 1Mth 3Mth 12Mth
We raised TP to Bt85 (from Bt80) based on DCF valuation (8% WACC, Absolute (%) (3.0) 12.1 23.3 74.1
1.0x beta, 3% terminal growth) given better outlook for the Chinese JVs. Relative to index (%) (4.5) 11.9 23.5 64.0
We are positive on CBG given strong regional sales, global expansion,
and new product offerings through cash vans. Krungsri Securities vs Market
Positive Neutral Negative
Financial Summary (Btm)
Market
Year to Dec 2015 2016 2017F 2018F 2019F Recommend 6 2 4
Sales (Btm) 7,753 9,965 14,775 19,522 24,486 Krungsri Market % +/-
Growth (%) 4.1 28.5 48.3 32.1 25.4
Target Price (Bt) 85.0 68.5 24.1
EBITDA (Btm) 1,702 1,913 1,752 2,984 4,640
17 Net Profit (Btm) 1,649 1,554 6.1
Growth (%) 10.9 12.4 -8.4 70.3 55.5
18 Net Profit (Btm) 2,468 1,946 26.8
Recurring profit (Btm) 1,286 1,525 1,649 2,468 3,536
Growth (%) 40.8 18.6 8.1 49.7 43.3
Krungsri's earnings revision
Net profit (Btm) 1,256 1,490 1,649 2,468 3,536
EPS (Bt) (Core) 1.29 1.52 1.65 2.47 3.54 2017F 2018F
Growth (%) 40.8 18.6 8.1 49.7 43.3 Earnings revision (%) 0.4 10.4
PE (x) 26.8 50.0 44.9 30.0 20.9 Source: Bloomberg, Krungsri Securities
DPS (Bt) 0.89 1.00 0.99 1.48 2.12
Yield (%) 2.6% 1.3% 1.3% 2.0% 2.9%
BVPS (Bt) 6.3 6.9 7.5 8.5 9.9
P/BV (x) 5.45 11.09 9.82 8.69 7.45
Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1
Company Update | CBG June 5, 2017

Valuation

OUTPERFORM, TP Bt85/sh
TP is intact at Bt85 based on DCF valuation (8% WACC, 1.0x beta, 3% terminal
growth). Our TP implies 43x FY17F PE. The stock offers 1.3% dividend yield
(FY17F). We like CBG for their strong growth prospects in the global energy drink
market, especially in China.

2017F 2018F 2019F 2020F 2021F 2022F

Effective tax rate 15% 15% 15% 15% 15% 15%
Operating EBIT 1,430 2,456 4,002 5,646 7,390 9,501
Less: Tax on EBIT -215 -368 -600 -847 -1,108 -1,425
Operating EBIT after tax 1,216 2,088 3,401 4,799 6,281 8,076
Add: Depreciation 321 527 639 745 905 1,080
Less: Changes in Operating Working Capital 318 246 176 295 292 341
Less: Capex -5,371 -3,012 -3,012 -4,314 -4,814 -3,016
Operating FCF -3,516 -151 1,203 1,525 2,664 6,482
Discounted factor 1.0 0.9 0.9 0.8 0.7 0.7
Discounted Value (3,516) (139) 1,029 1,206 1,948 4,383

DCF ASSUMPTIONS
Risk-free rate 3.0%
Equity risk premium 8.5%
Beta 1.0
Interest rate 4.0%
CAPM Required Return 11.2%
Debt financing (%) 38%
WACC 8.1%
Debt financing 4,750
Equity 7,759
Firm value 4,910
Present value of terminal value 87,865
Total project value 92,775
Intercarabao value 6,210
Minority in Intercarabao 49%
Net cash 0
shares outstanding 1,000
CBG value (Bt) 84.98

Krungsri Securities Research 2

Company Update | CBG June 5, 2017

2Q17F Earnings preview

2Q17F 1Q17 2Q16 q-o-q y-o-y
Sales 3,602 2,688 2,316 34.0% 55.5%
Cost of sales 2,413 1,805 1,454 33.7% 66.0%
Gross profit 1,189 883 862 34.6% 37.9%
SG&A 882 738 435 19.5% 102.8%
Operating profit 307 145 427 111.2% -28.2%
Other income 36 36 35 0.0% 2.9%
Other expense - - - n.a. n.a.
Equity income
Quarterly P&L (Btm) - - - n.a. n.a.
EBIT 342 181 462 89.2% -25.8%
Interest expense 21 5 1 324.6% 2635.1%
EBT 322 176 461 82.7% -30.2%
Income tax 64 53 68 21.4% -5.5%
Minority interests (148) (98) - n.a. n.a.
Net profit 405 221 393 83.0% 3.2%
EPS (THB) 0.41 0.22 0.39 83.0% 3.2%
Recurring profit 405 221 393 83.0% 3.2%
Normalized EPS (THB) 0.41 0.22 0.39 83.0% 3.2%

Ratio analysis
Gross margin (%) 33.0 32.8 37.2
SGA/Total revenue (%) 24.5 27.4 18.8
Operating profit margin (%) 8.5 5.4 18.4
Core profit margin (%) 11.2 8.2 17.0
Source: Company data and Krungsri estimates

ICUKs plan to launch energy drinks in modern trade stores Leading retailers of soft drinks in the UK

Source: Company data Source: Company data

PRC energy drink market Top 5 brands market share in PRC

Source: CBG and Bloomberg Source: CBG and Bloomberg

Krungsri Securities Research 3

Company Update | CBG June 5, 2017

New assumptions
Bt mn 2015 2016 2017F 2018F 2019F 2020F
Total sales (Bt m) 7,753 9,965 14,775 19,522 24,486 30,711
Domestic (Bt m) 5,477 6,603 8,792 10,681 12,112 13,766
Oversea (Bt m) 2,276 3,362 5,983 8,841 12,374 16,945
Domestic (m bottles) 732 820 902 993 1,092 1,201
Start plus (m cans) 13 28 8 8 9 9
CBGs branded products (Bt m) 238 840 1,176 1,443 1,773
3rd party products (Bt m) 206 1,276 2,165 2,598 3,117
Oversea (m cans) 283 413 482 579 695 834
Oversea (m bottles) 16 23 28 34 40 48
China (m cans) 200 400 600 840
UK (m cans) 3 10 20 40 60
Brazil and others (m cans) 20 40 80 160
ICUK profit to CBG (Bt m) -89 -564 -549 -306 -119
China JVs profit to CBG (Bt m) - - - -
Gross margin (%) 36.9% 35.9% 32.3% 31.9% 33.2% 33.1%
SG&A/Sales (%) 19.1% 20.0% 23.5% 20.0% 17.4% 15.1%
Interest rate (%) 3.0% 3.3% 3.8% 4.3%
Tax rate (%) 14.3% 16.5% 15.0% 15.0% 15.0% 15.0%
Source: Company data and Krungsri estimates

Previous assumptions
Bt mn 2015 2016 2017F 2018F 2019F 2020F
Total sales (Bt m) 7,753 9,965 15,222 19,688 24,928 31,860
Domestic (Bt m) 5,477 6,603 8,815 9,882 11,092 12,468
Oversea (Bt m) 2,276 3,362 6,407 9,807 13,836 19,392
Domestic (m bottles) 732 820 902 993 1,092 1,201
Start plus (m cans) 13 28 31 34 37 41
CBGs branded products (Bt m) 238 1,040 1,236 1,470 1,749
3rd party products (Bt m) 206 932 1,118 1,342 1,610
Oversea (m cans) 283 413 534 696 908 1,185
Oversea (m bottles) 16 23 28 34 40 48
China (m cans) 170 340 510 714
UK (m cans) 3 25 50 74 111
Brazil and others (m cans) 20 40 80 160
ICUK profit to CBG (Bt m) -89 -222 -115 31 250
China JVs profit to CBG (Bt m) - - - -
Gross margin (%) 36.9% 35.9% 32.8% 33.5% 34.7% 34.7%
SG&A/Sales (%) 19.1% 20.0% 21.6% 20.5% 19.4% 18.2%
Interest rate (%) 3.0% 3.3% 3.8% 4.3%
Tax rate (%) 14.3% 16.5% 15.0% 15.0% 15.0% 15.0%
Source: Company data and Krungsri estimates

Krungsri Securities Research 4

Company Update | CBG June 5, 2017

P/E Band P/BV Band

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

Peer Comparison
Market PE P/BV EPS Div ROE Share Price
Cap (x) (x) G% Yield
(%) (%) Performance
BB Ticker Name US$ 17F 18F 17F 18F 17F 18F 17F 17F 1M 3M 6M YTD
Thailand
CBG TB CARABAO GROUP PCL 2,167 44.9 30.0 9.8 8.7 8.1 49.7 0.0 21.2 12.1 23.3 (1.0) (3.0)
MALEE TB MALEE GROUP PCL 435 21.0 16.7 6.9 5.6 32.9 26.2 2.7 38.5 2.4 8.4 (6.6) (7.8)
TIPCO TB TIPCO FOODS PCL 220 24.5 22.5 1.5 1.3 (62.3) 8.8 1.8 12.9 2.6 0.6 17.3 13.0
OISHI TB OISHI GROUP PCL 785 23.5 21.7 5.2 4.7 1.6 8.1 2.3 23.4 9.2 13.5 8.3 10.0
ICHI TB ICHITAN GROUP PCL 341 25.6 23.1 2.0 1.9 25.0 10.9 3.0 6.9 (7.3) (11.4) (10.5) (12.3)
SSC TB SERMSUK PCL 448 NA NA NA NA NA NA NA NA 8.5 1.8 5.5 6.0
SAPPE TB SAPPE PCL 220 19.6 17.6 3.4 3.1 -7.0 11.5 2.1 17.7 (1.8) (9.8) (20.6) (21.9)
Average (Simple) 26.5 21.9 4.8 4.2 (0.3) 19.2 2.0 20.1
Regional
PIP PM PEPSI-COLA PRODUCTS PHILIPPI 249 11.9 11.1 NA NA 21.7 7.1 2.1 10.7 (10.0) (4.6) 0.9 2.8
2587 JP SUNTORY BEVERAGE & FOOD LTD 15,139 34.4 27.4 2.9 2.7 6.6 25.2 1.4 10.3 7.7 14.6 15.1 12.5
FNN SP FRASER AND NEAVE LTD 2,484 30.9 32.2 1.2 1.2 2.7 (3.9) 1.8 3.9 0.0 13.9 12.3 13.9
FNH MK FRASER & NEAVE HOLDINGS BHD 2,085 22.0 19.8 4.0 3.7 5.2 11.2 2.7 19.0 (2.0) 1.8 8.0 3.7
PWRT MK POWER ROOT BHD 194 14.7 14.3 NA NA 23.2 2.9 5.1 20.5 3.2 11.7 25.4 25.4
MNST US MONSTER BEVERAGE CORP 28,941 34.3 29.9 7.8 7.0 22.6 14.8 0.0 25.4 14.1 7.6 14.7 15.0
Average (simple) 24.7 22.4 4.0 3.6 13.7 9.5 2.2 15.0
Source: Bloomberg, Krungsri Securities

Krungsri Securities Research 5

Company Update | CBG June 5, 2017

Quarterly P&L (Btm) 1Q16 2Q16 3Q16 4Q16 1Q17

Sales 2,102 2,316 2,689 2,859 2,688
Cost of sales 1,318 1,454 1,727 1,889 1,805
Gross profit 784 862 962 969 883
SG&A 373 435 494 692 738
Operating profit 411 427 467 277 145
Other income 34 35 52 27 36
Other expense - - - 42 -
Equity income - - - - -
EBIT 445 462 519 262 181
Interest expense 1 1 1 1 5
EBT 444 461 518 260 176
Income tax 68 68 78 64 53
Minority interests - - - (85) (98)
Net profit 376 393 439 282 221
EPS (THB) 0.38 0.39 0.44 0.28 0.22
Recurring profit 376 393 439 324 221
Normalized EPS (THB) 0.38 0.39 0.44 0.32 0.22

Ratio analysis
Gross margin (%) 37.3 37.2 35.8 33.9 32.8
SGA/Total revenue (%) 17.8 18.8 18.4 24.2 27.4
Operating profit margin (%) 19.6 18.4 17.4 9.7 5.4
Core profit margin (%) 17.9 17.0 16.3 9.8 8.2

Krungsri Securities Research 6

Company Update | CBG June 5, 2017

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

Turnover 7,753 9,965 14,775 19,522 24,486
Cost of sales (COGS) (5,129) (6,615) (10,320) (13,813) (16,990)
Depreciation & amoritisation 236 226 321 527 639
Gross profit 2,860 3,577 4,777 6,237 8,135
S&A expenses (1,480) (1,995) (3,465) (3,900) (4,252)
Operating profit 1,380 1,582 1,311 2,337 3,882
Other operating income 35 28 0 0 0
EBIT 1,415 1,610 1,311 2,337 3,882
Interest expense (2) (4) (128) (173) (188)
Interest income 0 0 0 0 0
Other income 86 119 119 119 119
Goodwill amortisation 0 0 0 0 0
Pre-tax profit 1,500 1,725 1,302 2,284 3,814
Income tax on company & subsidiaries (209) (278) (195) (343) (572)
Profit after tax 1,291 1,447 1,107 1,941 3,242
Minority interests 0 85 542 527 294
Share of associate net income 0 0 0 0 0
Preferred dividends 0 0 0 0 0
Recurring attributable net profit 1,291 1,532 1,649 2,468 3,536
Extraordinary items (35) (42) 0 0 0
Reported net profit 1,256 1,490 1,649 2,468 3,536

Shares in issue (Y/E, m) 1,000 1,000 1,000 1,000 1,000

Shares in issue (weighted avg, m) 1,000 1,000 1,000 1,000 1,000
EPS (before extraordinary items, Bt) 1.29 1.52 1.65 2.47 3.54
DPS (Bt) 0.89 1.00 0.99 1.48 2.12
DPS/EPS (%) 71 67 60 60 60

CASH FLOW (Btm) 2015 2016 2017F 2018F 2019F

Cash flows from operations before WC 1,490 1,706 1,970 2,996 4,175
Net change in working capital 1 143 318 246 176
Cash flow from Operations 1,491 1,849 2,288 3,241 4,351
Capex 306 (2,849) (5,368) (3,008) (3,008)
Other 9 (4) (4) (4) (4)
Cash flow from Investment 315 (2,853) (5,371) (3,012) (3,012)
Net borrowings (7) 1,085 3,838 1,087 591
Equity capital raised 0 0 0 0 0
Others 0 227 0 0 0
Dividends paid (950) (940) (989) (1,481) (2,122)
Cash flow from financing (957) 372 2,849 (394) (1,531)
Net change in cash 849 (632) (234) (164) (192)

Krungsri Securities Research 7

Company Update | CBG June 5, 2017

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

Cash & equivalents 1,377 745 511 347 154
A/C receivable 425 562 821 1,085 1,361
Inventory 249 434 643 849 1,065
Others 490 715 164 216 271
Total Current Assets 2,542 2,455 2,139 2,497 2,852
Property and equipment 4,667 6,627 11,722 14,194 16,556
Investments & associates 108 104 657 662 668
Goodwill 0 536 539 541 544
Other assets 45 57 57 58 59
Total Assets 7,361 9,778 15,113 17,953 20,679
Short-term debt 0 750 750 750 750
A/C payable 802 1,302 2,038 2,708 3,332
Other current liabilities 150 273 413 546 681
Total Current Liabilities 951 2,325 3,200 4,004 4,763
Long-term debt 0 250 4,000 5,000 5,500
Other liabilities 77 104 154 203 255
Total Liabilities 1,028 2,679 7,354 9,207 10,518
Share capital 1,000 1,000 1,000 1,000 1,000
Share premium 3,963 3,963 3,963 3,963 3,963
Treasury 0 0 0 0 0
Translation adjustment 432 433 433 433 433
Retained earnings 938 1,478 2,137 3,124 4,539
Total ordinary equity 6,333 6,873 7,533 8,520 9,934
Preferred equity 0 0 0 0 0
Minorities 0 227 227 227 227
Total equity & minorities 6,333 7,100 7,759 8,746 10,161
BV per ordinary share (Y/E, Bt) 0
6.33 0
6.87 0
7.53 0
8.52 0
9.93
Adjusted book value ps (Y/E, Bt) 6.33 6.87 7.53 8.52 9.93

RATIOS (%) 2015 2016 2017F 2018F 2019F

Growth
Turnover 4.1 28.5 48.3 32.1 25.4
EBITDA 10.9 12.4 (8.4) 70.3 55.5
EBIT 7.7 15.0 (15.2) 71.7 62.9
Net profit 37.5 18.7 10.7 49.7 43.3
EPS pre extraordinary items 40.8 18.6 8.1 49.7 43.3
EPS (diluted) 40.8 18.6 8.1 49.7 43.3
DPS 48.3 12.4 (1.1) 49.7 43.3
Accounting ratios
Gross profit margin 36.9 35.9 32.3 31.9 33.2
Operating profit margin 16.6 15.3 11.2 12.6 14.4
EBITDA margin 22.0 19.2 11.9 15.3 19.0
EBIT margin 18.9 16.9 9.7 12.6 16.3
Net profit margin 16.2 14.9 11.2 12.6 14.4
ROA 17.1 15.2 10.9 13.7 17.1
ROE 19.8 21.0 21.2 28.2 34.8
Stability
D/E (x) 0.2 0.4 0.9 1.1 1.0
Net D/E (x) (0.3) (0.0) 0.5 0.6 0.6
Interest Coverage Ratio n.a. n.a. n.a. n.a. n.a.
Current ratio (x) 2.7 1.1 0.7 0.6 0.6
Quick ratio (x) 2.4 0.9 0.5 0.4 0.4
Valuation (x)
PER 27.5 51.2 44.9 30.0 20.9
Normalized PER 26.8 50.0 44.9 30.0 20.9
P/BV 5.4 11.1 9.8 8.7 7.4
EV/EBTDA 19.2 39.8 44.8 26.7 17.3
Dividend yield (%) 2.6 1.3 1.3 2.0 2.9

Krungsri Securities Research 8

CG Rating 2015 Companies with CG Rating

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

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

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

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

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

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

Level 3B: Established by Commitment and Policy

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

Level 3A: Established by declaration of intent

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

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

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

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

Reference
Level 5: Extended Extension of the anti-corruption policy to business partners in the supply chain, and disclosure of any current
investigations, prosecutions or closed cases
Level 4: Certified Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance
by independent external assurance providers (CAC etc.)
Level 3: Established Carrying out preventive measures, risk assessment, communication and training for all employees, including
consistent monitoring and review processes
Level 3A: Established by declaration of intent, Level 3B: Established by Commitment and Policy
Level 2: Declared Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption
(CAC) or equivalent initiatives
Level 1: Committed Organizations statement or board's resolution to work against corruption and to be in compliance with all relevant laws
 Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium Nakhon Pathom
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Klongton, Klongtoey, Bangkok 10110 Amphur Muang, Nakhon Pathom 73000
Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3427-5500-7 Fax: 0-3421-8989
Central Bangna Suphanburi
589/151 Central City Tower 1 Office, Fl. 27 249/171-172 Moo 5 Tambol Ta Rahad,
Bangna-Trad Road, Bangna, Bangkok 10260 Amphur Muang, Suphanburi, 72000
Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3550-1234 Fax: 0-3552-2449
Rama II Nakhon Ratchasima
111/917-919 Rama II Road, Smaedum, 168 Chomphon Road, Tambol Nai Muang,
Bangkhuntien, Bangkok 10150 Amphur Muang Nakhon Ratchasima,
Tel: 0-2895-9575 Fax: 0-2895-9557 Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited Khon Kaen
123 Suntowers (B) Building, Vibhavadirangsit Road, 114 Sri Chan Road, Tambol Nai Muang,
Jompol, Jatujak, Bangkok 10900 Amphur Muang, Khon Kaen 40000
Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4322-6120 Fax: 0-4322-6180
Chonburi Chiang Mai
64/17 Sukhumvit Road, Tambol Bang Plasoi, 70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chonburi 20000 Amphur Muang, Chiang Mai 50200
Tel: 0-3879-0430 Fax: 0-3879-0425 Tel: 0-5321-9234-6 Fax: 0-5321-9247
Hat Yai Branch Chiang Rai
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, 231-232 Thamalai Road, Tambol Wiang,
Amphur Hat Yai, Songkhla 90110 Amphur Muang, Chiang Rai 57000
Tel: 0-7422-1229 Fax: 0-7422-1411 Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Central line:
Analyst Team Sector Coverage 662-659-7000 E-mail

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

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