Initiate Coverage: KCEkce.listedcompany.com/misc/analystResearch/20160425-kce... · 2016. 4....

Initiate Coverage: KCE 25 April 2016

1

Please see disclaimer on last page

BUY

TP: Bt95.00

Closing price: Bt72.50

Upside/downside +31%

Sector Electronics

Paid-up shares (shares mn) 576

Market capitalization (Bt bn) 42.31

Free float (%) 56.77

12-mth daily avg. turnover (Bt mn) 1,677.17

12-mth trading range (Bt) 86.00/48.50

Major shareholders (%)

Ongkosit family 33.5

CIMB Securities (Singapore) Pte.Ltd. 7.7

Thai NVDR 6.0

Financial highlights

Source: SET, AWS

Thailand Research Department

Mr. Narudon Rusme, CFA

License, No. 29737

Tel: 02 680 5056

KCE Electronics PCL (KCE)

Advanced products, advanced margins and growth

► High margins from advanced multi-layer PCBs for autos.

► Robust growth this year from full operation of new plant.

► Initiate coverage with a BUY recommendation and 2016 TP

of Bt95.00.

Best automotive PCB producer in the world

We expect KCE’s sales to grow a healthy 16% in 2016 and 15% in

2017 driven by its strong position in advanced printed circuit boards

(PCBs), long-term baht depreciation and utilization of its new plant.

The company is the best global producer of PCBs for the

automotive sector in terms of margins. Its gross margin is expected

to improve to 32.0% this year from around 31.4% in 2015 due to

improvements in efficiency, capacity and technology. Its ability to

produce advanced multi-layer PCBs for the automotive sector

definitely improves its margins. Globally, the value of electronic

contents in cars is growing faster than automotive sales growth

itself. This trend, together with the arrival of electric vehicles (EVs)

and autonomous vehicles, supports the major uptrend in demand

for automotive PCBs. Meanwhile, the price of copper, one of its

major raw materials, has dropped dramatically YoY, which should

help bolster KCE’s gross margin. We expect net profit to post

strong growth of 22% YoY in 2016 and 19% in 2017.

Capacity expansion and promising automotive PCBs are key

drivers

KCE is replacing its old plant with a new one at Latkrabang

industrial estate, which increased its capacity by more than 60%.

Efficiency and cost reduction are achieved by using better

technology and economies of scale. Currently, the utilization rate

at the new plant is around 90%, and it is ramping up quicker than

expected thanks to growth in purchase orders reflecting growing

demand as well. It is set to operate phase 3 of the new plant in July

2016 further boosting its sales growth for this year and next.

Development of car technology would propel demand for auto

electronics parts in the long run. Technology is advancing is rapidly

and currently the most important is the coming of “autonomous

cars” which will require many more PCBs.

Initiate with a BUY recommendation, 2016 TP of Bt95.00

We initiate coverage on KCE with a BUY recommendation and

2016 target price of Bt95.00/share, based on DCF method (WACC

= 9.39%). Estimated 2016 dividend yield is 2.5% p.a. Our 2016

target price offers 31% upside.

2014 2015 2016E 2017E

Revenue (Btmn) 11,654 12,531 14,509 16,669Net profit (Btmn) 2,110 2,240 2,728 3,209EPS (Bt) 3.89 3.93 4.68 5.46 EPS growth (%) 53.7 1.0 18.9 16.9 P/E (x) 18.6 18.4 15.5 13.3 P/BV (x) 6.4 5.2 4.2 3.5 Div. yield (%) 1.5 2.1 2.5 3.0


2 Please see disclaimer on last page

The leading advanced PCB manufacturer

PCBs are a must for electronic devices

KCE Electronics was established in late 1982 and began operations in 1983. Its core

business is the production and distribution of custom printed circuit boards (PCBs),

and related materials for PCB production under the KCE trademark. PCBs are the

foundation component of electronic circuit and electronic products. Almost all

electronic devices used in our everyday lives contain one or more PCBs. The boards

have copper tracks printed onto them and are electrical signal pathways used to

mechanically support electronic components and make the circuit instead of wiring.

Figure 1: Samples of KCE’s PCBs for automotive products

Source: Company

The leading manufacturer with worldwide exposure

KCE's PCB products are used in a wide variety of applications including automotive,

industrial, computer, and telecom systems. Almost all of its products are for export, so

it is not affected by slowdowns in the domestic economy and automotive industry. Its

major export destinations are Europe, the United States and Asia. Its customers

include the world's biggest names in automotive and electronics manufacturing such

as Bosch, Continental, who supplies electronic parts to Mercedes Benz, BMW, etc. It



also commands a significant market shares in the Asia region excluding Japan. The

company has sales offices worldwide (Figure 2).

Multilayer PCBs offer higher margin

KCE originally only manufactured simple double-sided PCBs, for which overall supply

is plentiful. However, the company has been continuously developing its products and

is now capable of manufacturing multilayer PCB configurations which require

sophisticated and specialized technology but offer better margins than the double-

sided boards. Currently, it can produce PCBs from 4 to 24 layers (4-layer PCBs are

the most common). This development not only enhances its margin but also provides

customers with a broader variety of available products.

Figure 2: KCE’s sales offices are located world wide

Source: Company data

Figure 3: KCE’s sales breakdown by region




Automotive segment is an excellent growth driver

Automotive PCBs enhance revenue growth and margins

One reason KCE is able to generate healthy revenue growth and impressive margins

is that most of its products are for the automotive sector. During 2013-2015,

automotive product sales accounted for around 70% of total sales. This segment

provides high margins because the production requires higher manufacturing

technology, precision, customer-product knowledge and capability for mass

production compared to other kinds of electronic parts. KCE has the technology and

systems ready to produce these sophisticated products.

Figure 4: Sales breakdown by sectors


Figure 5: Global car production (below 6-ton)

Source: N.T. Information



Sales of electronic components for cars growing at a higher rate than growth

rate of car sales

As cars increasingly become more advanced, the more electronic parts that are

needed. Automotive parts are now more electronically controlled, such as the engine

and fuel injection systems, transmission, air bags, mirrors, lights, air conditioners,

wipers, seats, etc.

Moreover when electric vehicles (EVs) become more common, demand for

combustion engines and powertrains will drop significantly but demand for electronic

parts and power supplies will increase. As less will be spent on engines, there would

be bigger budgets available for electronic parts to be included in the cars in order to

improve quality (efficiency, precision, etc.). The increased demand for electronic parts

will mean more demand for PCBs.

There are several innovation trends currently going on in the automotive industry. The

two key innovations that will strongly drive demand for PCB are EVs and autonomous

cars. While EVs will give a good boost to demand, the latter will play a more important

role. EVs encourage the use of PCBs related to electricity power functions, but

autonomous cars encourage the use of PCBs in every function, with probably a dozen

PCBs needed in a single car. Figure 6 illustrates the market values for each category

of electronic content. For example, the market value of the safety category of

electronic content (such as advanced driver assistance systems (ADAS) and auto

parking) was US$19bn in 2012 and is expected to grow to US$36bn in 2020.

Figure 6: Growing electronic contents in a car

Source: N.T. Information



Autonomous cars, a real breakthrough

In the long-term, demand for automotive electronic parts will be bolstered considerably

by the coming of self-driving cars, or autonomous cars. Once seen only in science

fiction, prototypes for autonomous cars for commercial sales made their debut in 2014

and nowadays cars with basic autonomous features are available in showrooms in

developed countries. Industry experts believe autonomous cars will become more

common in the foreseeable future, probably 2020-2025. We hear more frequently

about some function-specific automation like parking assist, brake assist, navigation

systems, cruise control, automatic headlights, rain-sensing automatic wipers, etc.

Figure 7: Long & short range radar systems in autonomous cars


European luxurious cars like Mercedes Benz and BMW often have more automation

features (and KCE has a significant exposure to the European automotive segment).

In Japan, it will be compulsory for every new car after 2018 to include collision

avoidance systems and several leading Japanese automakers such as Nissan, Honda

and Toyota have committed to sell commercial autonomous vehicles by 2020. Going

from driving assistance to full self-driving automation will require more and more

pieces of electronic parts especially PCBs.



As illustrated above, autonomous cars require many sensors and radars (or cameras)

to support the automation and a single radar requires one multi-layer PCB. Because

of the radar’s compact size, its PCB has to have more layers than average automotive

PCBs (12 layers versus 4 layers). Therefore, the PCB’s price per square foot should

be higher, enhancing profits per unit. Moreover, the need for radar devices will

increase the number of PCBs used per one car. There must be 10-12 radars in one

autonomous car. Since the price per PCB is not much less than other automotive

PCBs, this should dramatically boost demand for multilayer PCBs and there is a plenty

of room for growth for PCB manufacturers like KCE.

Meanwhile, the total number of cameras used in cars is expected to grow continuously

from now on. From 2015 to 2022, the number is expected to surge more than double

driven by growth in sensing cameras. This reflects a further increase in demand for

PCBs as they are necessary in the cameras.

Significant oligopoly in automotive electronics segment exists

Other electronic companies we have visited have admitted that it is difficult to

penetrate into the automotive segment because of the high standards required. Even

if a company has signed a contract with an automaker to produce electronic parts for

a given car model, all of the goods may be rejected if the defect rate reaches a certain

level. In that case, the manufacturer will have to bear the burden of reproduction costs.

Meanwhile, an audit process consumes a significant amount of time for newcomers

before they get approved. Therefore, newcomers face barriers to entry and are left far

behind. KCE is well passed that phase and enjoys exclusive margins with many

Figure 8: Total numbers of radars/cameras used in cars




customers in hand. Globally, there are just five major automotive PCB manufacturers

accounting for 40% of the market share indicating a significant level of oligopoly, and

this group includes KCE.

KCE viewed as best among the leading global producers

Best growth, best margin

KCE is in the Top Five in the global automotive PCB market. Among the global leading

producers in the oligopolistic market, KCE is viewed as the best and has achieved the

highest revenue growth and margins. During 2014-2015, revenue growth for its

competitors was low-to-mid single-digit, but KCE achieved double-digit figures thanks

to technological developments, advantages from its production base in Thailand and

capacity expansion. KCE has allocated a significant budget to develop its systems

such as production, IT, and training. The company is confident that its technology and

IT systems for PCB production are some of the most advance in the world. The

systems enable the company to continuously identify areas where costs can be

reduced and then implement cost reduction programs.

Figure 9: Top 5 players in the automotive segment


Note: CMK and Meiko are Japanese firms (CMK is a supplier to Toyota). Viasystems is from United States and has its main production

base in China. Items of these three were quoted in US dollar. Chin-poon is a Taiwanese company and its items quoted in New Taiwan

dollar. Viasystems and Chin-poon are the direct competitors that compete most in the same markets as KCE.

Thailand is advantageous for PCB production. While China had been a favorable

place for electronics production in past as labor costs were cheaper than other

countries including Thailand, wages there have been growing rapidly and now exceed

Thailand. Moreover, China’s government provides fewer tax benefits to the PCB

industry shifting tax privileges to other industries such as software. This has



undermined China’s cost advantages and also electronic producers’ margins. About

70% of PCB production is from production bases in China, implying KCE has a cost

advantage over most of its competitors. It can selectively offer lower product prices to

boost growth or maintain high margins. Practically, it balances both growth and margin

very well and we can see that it has achieved both healthy growth and margins.

There are some possible destinations for Chinese competitors to relocate production

to e.g. Brazil, Russia and India. However, infrastructures in these countries are

currently not supportive enough.

A boost from external factors

Depreciation of Thai baht will enhance sales growth

As an exporter, KCE has been among the major beneficiaries of the long-term trend

of the baht depreciation against the US dollar. Although the baht has appreciated

somewhat from the beginning of 2016, it has depreciated YoY and we believe it should

return to a depreciation trend when the US Federal Reserve begins to raise its policy

rate. Meanwhile, the short-term baht appreciation even makes the share more

undervalued and provides a chance to accumulate at a cheaper price.

The baht depreciation has helped boost sales growth as sales items in the income

statement are quoted in baht term. The depreciation also makes KCE’s products

cheaper in the view of foreign customers while costs such as labor, utilities, etc. are in

Thai baht.

Figure 10: Thai baht spot rate against US dollar

Source: Biznews



Copper price has been low the past year, and resulted in lower COGS

KCE benefits from the prolonged weakness in global prices of industrial metals,

especially copper, since it uses copper foil and other forms of copper for printing

patterns of electricity conductive tracks on circuit boards. Copper material costs

account for almost 10% of its total costs, so the lower the copper prices, the lower

KCE’s cost of goods will be.

Capacity expansion is another decent growth driver

New plant drives growth

Capacity expansion is the quickest way to drive the company’s top line and bottom

line growth. As such, KCE decided to establish a new plant at the Latkrabang industrial

estate in 2013 as a substitute to its old one. This increases its capacity by more than

60%. Not only that, efficiency will be improved and costs will be reduced by using more

advanced technology (better machines installed) and from economies of scale.

Currently, its utilization rate for the first two phases of the new plant is around 90%,

ramping up quicker than expected thanks to growth in purchase orders reflecting

growing demand. It is set to begin commercial operations of the plant’s phase 3 in July

2016 which will further boost its sales growth and margins from 2016 onward. If the

new plant is fully utilized, KCE would be able to establish its next plant where the old

Latkrabang plant was located, so there is room for capacity expansion 3-5 years from

now.

Figure 11: 3 month LME copper price

Source: Biznews



Figure 12: New plant location and schedule


Figure 13: Investment details for each phase of new plant


Ready to expand production bases overseas

Apart from domestic capacity expansion, KCE has the capability to expand its

production base abroad. There are interesting destinations with cheap wages such as

Brazil, Russia, India, and Vietnam. Although most of the labor forces in these countries

are unskilled, KCE is equipped with well-organized systems, especially its training

system. The company’s CEO confirmed that skill of labor was not a concern. Taking

Thailand as an example, KCE recruits workers no matter what level of education or



years of experience they have. Past experience may not be relevant to PCB

production and it is very hard to find workers with multi-layer PCB production

experience except those who worked in KCE’s plants. There is just a basic screening

process to ensure workers are able to understand and follow orders and instructions.

All workers have to participate in a three-month training course and then they are

ready to work for KCE. It would be able to implement this system wherever it may

decide to establish another production base.

The important factors when considering relocation are infrastructure and supply chain

as well as strength of control systems to remotely manage overseas production bases.

KCE is developing its systems to be strong enough to implement potential overseas

production bases, probably in five years. At that time, the infrastructures in destination

countries might be ready for relocation.

Appealing valuation; initiate coverage with a BUY recommendation

We expect KCE’s net profit to grow a robust 22% in 2016 and 18% YoY in 2017 thanks

to rapid capacity expansion supported by well-organized systems and ongoing cost

reduction as well as its top position in the automotive PCB market with a number of

big-name customers in hand while enjoying tax privileges and a baht depreciation

trend in the long-term. Short-term baht appreciation even makes the share more

undervalued and provides a chance to accumulate at a cheaper price.

Figure 14: Earnings forecast

Source: Company data, AWS estimate

1,174

2,1102,240

2,728

3,208

26.4%

31.6% 31.4%32.0%

32.1%

25%

26%

27%

28%

29%

30%

31%

32%

33%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2013 2014 2015 2016E 2017E

Net profit Gross profit margin

Btmn



We derived a 2016F fair value for KCE based on the discounted cash flow approach.

We initiate coverage with a BUY recommendation and a target price of Bt95.00 under

the following assumption:

Long-term WACC of 9.39% (calculated from KCE’s 5-year historical daily beta

of 0.924)

Terminal growth of 5%

KCE’s current share price offers 31% upside to our target price. The expected dividend

yield is 2.5% in 2016 and 3.0% in 2017.

Possible risks and concerns

Possible risks and concerns that might affect KCE are:

1. Slower-than-expected global economic growth with the timing of recovery

uncertain.

2. Tax changes: KCE’s net profit margin is highly supported by a low effective tax

rate (currently 4%) thanks to tax privileges from the Board of Investment (BOI). If there

are changes in tax policy for PCB products, it may increase KCE’s effective tax rate

and deteriorate its bottom line. We believe that the government will continue to support

the PCB market as a good driver to boost exports and the Thai economy.

3. Thai baht appreciation will negatively affect the company’s revenue which is

quoted in baht term. We believe the baht would appreciate only in the short-term.

4. Natural disasters e.g. flood can damage and disrupt a plant in a risk area i.e.

KCE Technology’s plant in Ayudhya. We should monitor the La Niña phenomenon

which should be seen in 2H16. Nonetheless, KCE has already shifted major capacity

to the Latkrabang area which is less susceptible to flooding.

5. An increase in prices of raw materials such as copper when the global economy

recovers.



Appendix

Figure 1: Company Structure


Figure 2: KCE’s milestones




Financial Summary

Statement of Financial Position

Unit: Btmn 2013 2014 2015 2016E 2017E

Cash and equivalents 402 463 673 658 756

Trade and other receivables 3,216 3,632 4,540 4,723 5,431

Inventories 1,345 1,470 1,684 1,808 2,076

Other current assets 505 58 39 74 85

Total non-current assets 5,816 9,537 9,894 10,569 11,109

Total assets 11,284 15,160 16,830 17,832 19,458

Trade and other payables 2,173 2,669 2,215 2,838 3,259 Bank overdrafts and short-term loan 3,220 2,652 2,139 1,594 1,224

Long-term loans 1,632 3,258 4,173 3,109 2,387

Other liabilities 149 193 202 218 246

Total liabilities 7,174 8,772 8,730 7,759 7,116

Issued and paid-up 480 566 575 584 587

Share premium 1,120 1,686 1,810 1,846 1,861

Retained earnings 2,537 4,149 5,706 7,655 9,895

Equity attributable to owners 4,091 6,362 8,073 10,040 12,301

Total equity 4,110 6,388 8,100 10,074 12,342

Income Statement

Unit: Btmn 2013 2014 2015 2016E 2017E

Sales and service revenue 9,294 11,284 12,449 14,390 16,549

Cost of sales and services 6,843 7,718 8,535 9,785 11,237

Gross profit 2,451 3,567 3,914 4,605 5,312

Total revenues 9,473 11,654 12,531 14,509 16,669

SG&A expense 1,275 1,683 1,520 1,731 1,973

Total expenses 8,117 9,400 10,055 11,517 13,209

Operating profit 1,368 2,289 2,497 3,015 3,486

Financial cost 171 119 153 158 130

Pre-tax profit 1,198 2,169 2,344 2,856 3,357

tax expense 16 46 91 111 130

Net profit 1,182 2,123 2,253 2,745 3,226

Net profit for the company 1,174 2,110 2,240 2,728 3,209



Key Financial Ratios

2013 2014 2015 2016E 2017E

Growth

Sales growth (%) 33.3 21.4 10.3 15.6 15.0

Gross profit growth (%) 96.8 45.5 9.7 17.7 15.4

Operating profit growth (%) 52.8 67.2 9.1 20.7 15.6

Net profit growth (%) 82.4 79.8 6.2 21.8 17.6

Profitability

Gross profit margin (%) 26.4 31.6 31.4 32.0 32.1

Operating profit margin (%) 14.4 19.6 19.9 20.8 20.9

Net profit margin (%) 12.5 18.2 18.0 18.9 19.4

ROA (%) 11.0 16.1 14.1 15.8 17.3

ROE (%) 32.8 40.4 31.0 30.1 28.7

EPS (Bt) 2.53 3.89 3.93 4.68 5.46

BVPS (Bt) 8.51 11.25 14.05 17.21 20.94

DPS (Bt) 0.75 1.10 1.50 1.78 2.19

Activity

Asset turnover ratio (x) 0.9 0.9 0.8 0.8 0.9

Receivables turnover ratio (x) 3.6 3.3 3.0 3.1 3.3

Inventory turnover ratio (x) 5.3 5.5 5.4 5.6 5.8

Payables turnover ratio (x) 3.7 3.2 3.5 3.9 3.7

Current ratio (x) 0.9 1.0 1.4 1.5 1.7

Market

P/E (x) 28.6 18.6 18.4 15.5 13.3

P/BV (x) 8.5 6.4 5.2 4.2 3.5

Dividend yield (%) 1.0 1.5 2.1 2.5 3.0


CG Report

Corporate Governance Report 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 evaluation 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, Asia wealth Securities Company

Limited does not conform nor certify the accuracy of such survey result.

Score Range Number of Logo Description

90 – 100

80 – 89

70 – 79

60 – 69

50 – 59

Below 50

No logo given

Excellent

Very Good

Good

Satisfactory

Pass

N/A

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2015.

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Source: Thai Institute of Directors (IOD)


CG Report

ระดบ 1ACD AEONTS AFC AIRA AJ ALUCON AMC AQUA ARIP AUCT BAT-3K BIG BJCBLISS BMCL BOL BRR BSBM CBG CCET CCN CGD CMR CPH CSC CSPCTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART GIFT GLANDGRAND GUNKUL HFT HTECH IHL ILINK ITD JSP KDH KTIS KTP LEE LSTMAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NNCL NWR OHTLPICO PK PL PPM PRAKIT PRECHA PRIN PSTC PYLON RAM RICH RS SANKOSAUCE SAWAD SAWANG SCN SEAFCO SF SHANG SIRI SMART SMM SOLAR SPACK SPGSPPT SPVI STA STAR SVH SVOA SWC TAPAC TC TCCC TCJ TCOAT THTKS TNH TNPC TPA TPAC TPOLY TRC TRUBB TSE TTA TTI TTL TTTMTWP TWZ U UMS UPA UPOIC UTP UVAN VARO VI VIBHA VIH VTEWG

ระดบ 22S ABICO AF AKP AMARIN AMATA AOT APCO AYUD BEAUTY BFIT BH BKDBLAND BTNC CCP CI CSR CSS EFORL EPCO FE FNS FVC GEL GLOBALHEMRAJ IEC IFS INET JUTHA KASET KCAR KKC KSL L&E LALIN LTX MMALEE MBK MBKET MEGA MK MPG MTLS NCH NCL NPP OCC OCEAN PBPCA PRINC QH ROCK RPC S&J SGP SIAM SIS SKR SMG SMIT SORKONSUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPP TRT TRU TRUETSC TSI TTW TVD TVO UKEM UNIQ UWC VNG WIIK WIN XO

ระดบ 3AABC ACAP ADVANC AEC AGE AH AIE AMANAH ANAN AP APCS APURE ASASIA ASIAN ASIMAR BIGC BROOK BTS BWG CEN CENTEL CFRESH CHARAN CHO CHOTICM CNT COL CPALL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EAECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC ICHI IFECINOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKROMC MCOT MFC MFEC MINT MJD MONO MOONG NBC NDR NINE NMG NSINTV OGC PACE PCSGH PDI PG PHOL PLAT PPS PR PRANDA PREB PSQLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SINGERSITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA SSI STANLY SUPER SVI SYMCSYNEX SYNTEC TASCO TCMC TFI THAI THRE THREL TICON TKT TLUXE TNL TPCORPTMILL TMT TSTE TSTH TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHAZMICO

ระดบ 3BAAV AHC AI AIT AKR ARROW ASK BA BDMS BEC BECL BJCHI BUICGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON EPG F&DFANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRCP IT JCTKCM KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE NOK NPKNUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTLQ-CON QTC RCI S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIMSLP SMT SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSPTCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT TOPP TPC TPCHTPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT UV VPOWAVE WINNER YUASA

ระดบ 4ASP BAFS BANPU BAY BBL BKI BLA CIMBT CNS CSL DCC DRT DTCEASTW ECL EGCO ERW FSS GCAP HANA HTC INTUCH IRPC IVL KBANK KCEKGI KKP KTB LANNA LHBANK MTI NKI PSL PTG PTTEP SABINA SCB SNCSNP SSF SSSC TCAP THCOM TISCO TIMB TMD TNITY TOG

ระดบ 5BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP

ไมเปดเผยหรอไมมนโยบายA ACC AJD AQ BCH BGT BROCK BSM BTC CHUO CPR CRANE EICFER JMART JMT KAMART KBS KIAT LDC MBAX MCS METCO NEW NEWS NYTPAE PDG PERM PMTA POST RCL RICHY ROH S SIMAT TCB TR TSFTVT WORKหมายเหตระดบ 1 : มนโยบายระดบ 2 : ประกาศเจตนารมณระดบ 3 : มมาตรการปองกน ซงทง 2 กรณ ถอเปนผลการประเมนในระดบเดยวกน

3A : บรษทมการประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค3B : บรษทมค ามน และนโยบายของบรษท แตมไดประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค

ระดบ 4 : ไดรบการรบรองระดบ 5 : ขยายผลสผท เกยวของ

ขอมล Anti-Corruption Progress Indicator ของบรษทจดทะเบยน

Contact


Branch Address Phone Fax

Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,

Pathumwan Bangkok 10330

02-680-5000 02-680-5111

Silom 191 Silom Complex Building,21st Floor Room 2,3-1 Silom Rd.,

Silom, Bangrak, Bangkok, 10500 Thailand

02-630-3500 02-630-3530-1

Asok 159 Sermmitr Tower, 17th FL. Room No.1703, Sukhumvit 21

Road, Klong Toey Nua, Wattana, Bangkok 10110

02-261-1314-21 02-261-1328

Pinklao

7/3 Central Plaza Pinklao Office Building Tower B, 16th Flr., Room

No.1605-1606 Baromrajachonnanee Road, Arunamarin,

Bangkoknoi, Bangkok 10700

02-884-7333 02-884-7357,

02-884-7367

Chaengwattana

99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2204 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2300 02-8353014

Chaengwattana 2

9/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2203 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2388 02-119-2399

Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-Trad Road,

Bangkaew Bangplee, Samutprakarn 10540

02-106-7345 02-105-2070

Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District, Muang District,

Rayong Province 21000

038-808200 038-807200

Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen

40000

043-334-700 043-334-799

Chonburi 44 Vachiraprakarn Road, Bangplasoi, Muang Chonburi, Chonburi

20000

038-274-533 038-275-168

Chaseongsao 233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung Sub-

District, Meung District, Chachoengsao 24000

038-981-587 038-981-591

Initiate Coverage: KCEkce.listedcompany.com/misc/analystResearch/20160425-kce... · 2016. 4....

Documents

Transcript of Initiate Coverage: KCEkce.listedcompany.com/misc/analystResearch/20160425-kce... · 2016. 4....