KSK_061515_7167

09 June 2015 Morning Brief

09 June 2015 Morning Brief

Daily Market Performance SET (08/06/2015): Market Turnover:

1,508.28 (+0.06%) Bt28,643m

Source: SET, KS

Todays highlights Market Wrap-up The SET Index closed almost flat yesterday, up 0.91 point (+0.06 %) at

1,508.28, amid sluggish turnover of Bt28,642.86mn as investors looked ahead to the MPC meeting on Wednesday. Positive sentiment in the Property and ICT sectors was offset by drops in Bank and Petro stocks. Foreign investors were net buyers of Bt53mn of stocks (Inst +Bt217mn, Prop +Bt289mn, Ret Bt559mn). Key event today: EU 1Q GDP

Strategy Monthly Strategy (page 2) We believe the stock market is in a transition

period before we start to see economic figures improve. The bahts 3.89% depreciation following a 2-time policy rate cut could spur exports, while the speeding up of government spending should help consumption. Despite seeing short-term risks from the Greek debt crisis, potential outflows following the BOTs rate cuts and fears related to the looming U.S. rate hike, we think the market downside is limited as investors are well aware of these issues and some sectors have already retreated to reflect them. We recommend investors Accumulate Buy.

Sector & Equities Recommendation Energy Sector (Underweight) (page 3) We are still bearish on oil, but we

feel more comfortable saying the oil price will not seek a new low. This means that significant oil inventory losses are unlikely this year. Therefore, our stock picks for the Energy sector are PTT (Outperform, TP of Bt492), TOP (Outperform, TP of Bt64.9) and BCP (Outperform, TP of Bt40.0). In addition, we are now also less bearish on PTTEP and in the process of reviewing our recommendation.

TTA (Neutral) (page 4) We maintain our Neutral rating on TTA with an unchanged 2015 fair value of Bt15.10.

Sector PER (x) Yr to Dec 13A 14A 15E 16E Agribusiness & Food 23.98 17.26 14.47 12.19Commerce 25.53 30.82 27.68 24.83Commercial 29.06 25.03 22.70 20.19Construction Materials 17.55 18.82 16.09 16.38Contractor 9.19 21.65 29.89 27.26Electronics 19.47 19.06 16.64 15.07Energy 10.46 25.06 12.79 11.90Health Care 49.05 43.24 36.68 30.25Home & Office Products 1.32 11.88 10.40 9.16ICT 21.69 18.84 18.70 18.43Industrial Estate 7.17 8.51 7.43 6.65Petrochemical 11.49 24.07 14.69 10.91Residential 10.14 9.12 9.57 8.46Shipping -5.48 35.10 43.73 27.92Tourism 27.70 33.22 22.71 18.60Transportation 41.11 38.79 24.25 41.44Utilities 15.73 14.06 15.85 14.76

Source: Bloomberg, KS

Inside Page Fund Flows i

Bond Trading i

Top Ten Short Sale ii

Thai NVDR Trading Data by Stock ii

Daily Driver Stats (Market Summary) iii

Daily Driver Stats (Commodity) iv

Director Trade v

Insider Trading vi

Foreign Ownership - top ten gainers and losers vi

Economic Calendar vii

Company's Calendar ix

Kasikorn Securities PCL

Research Department

Contact: 02-696-0031

SET Index 1,508.28 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA -82.91pt/-0.46% Oil - Nymex (USD) 58.14/bbl/-0.99USD Change 0.91pt/0.06% (Btm) SCC 239 BBL -312 S&P -13.55pt/-0.65% Gold - London (USD) 1,173.53/Oz/-0.71USD Turnover (Btm) 28,642.86 Foreign 53 -2,949 SCB 192 PTTEP -140 NASDAX -46.83pt/-0.92% DXYO 95.3/-1.05% PER (x) 20.44 Institution 217 -1,474 KBANK 89 BEC -41 CAC -63.08pt/-1.28% Bt/USD 33.82/0.23% PBV (x) 2.05 Retail -559 4,423 TOP 69 PTT -40 FTSE -14.56pt/-0.21% USD/Euro 1.11/-0.8% Div Yield (%) 2.90 Proprietary 289 - AOT 52 AJP-W1 -31 DAX -132.23pt/-1.18% 10Y US treasury yld 2.38/-1.05%

(Contracts)

Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market

Morning Brief

09 June 2015 2 Morning Brief

Monthly Strategy - The dark before dawn Sumek Chantrasuriyarat

([email protected])

Kitpon Pripisankit

([email protected])

Paniti Jittriphot

([email protected])

Pathompol Laowirayasak

([email protected])

Auayporn Meesiln

([email protected])

Key highlights

Still Overweight on strong external demand plays; Petro upgraded to Overweight from Neutral. We are still focusing on sectors with strong external demand & cyclical upsides, while identifying selective domestic plays to take advantage of the bottoming out of their business cycles. We maintain our Overweight ratings on ICT, CONS, CONMAT, TOURISM and FIN. We also upgrade PETRO to Overweight (from Neutral) due to a longer uptrend in the petrochemical cycle than we had expected. Our top buys: SCC CK TOP ADVANC KTB PS CENTEL KCE CPALL PTT.

We believe the stock market is in a transition period before we start to see economic figures improve. The bahts 3.89% depreciation following a 2-time policy rate cut could spur exports, while the speeding up of government spending should help consumption. Despite seeing short-term risks from the Greek debt crisis, potential outflows following the BOTs rate cuts and fears related to the looming U.S. rate hike, we think the market downside is limited as investors are well aware of these issues and some sectors have already retreated to reflect them. We recommend investors Accumulate Buy.

Positive signals amid market earnings decline. The Thai stock markets earnings have been under pressure and in a downtrend for more than 2 years. Despite the 8.67% downgrade in SET earnings YTD and the lack of support from the economy, we see signs that some sectors such as COMMERCE, CONMAT, HOTEL, ENERGY and PETRO are bottoming out. We also see slow growth momentum in ETRON pointing to a peak after the sector was upgraded in contrast to most other sectors, which were downgraded.

BANK and PROP stand on firm valuations. Despite BANK and PROP being hit by the deteriorating economic conditions, there has been no significant change in their earnings momentum, and they look interesting after their share prices dropped 9.8% and 2.6% YTD compared to SET Index, which has gained 1.6% YTD. Moreover, we believe that the downside for both sectors should be limited given that they are trading toward the low end of their long-term valuation ranges. BANK and PROP are currently trading at 1.3x PBV, near the bottom of their 5-year historical range. For PROP, most of the stocks are trading at 7-9x, which is an attractive level for investment.

No need for further rate cuts. Although there is room for the BOT to cut its policy rate one or two more times, we think that it will hold rates at its next meeting on 10 June. Our rationale is based on the following factors: 1) The BOT would like to see the full results of its recent cuts before acting again; 2) it wants to show it is willing to compromise to the political side following a conflict of views about the direction of interest rates after the previous 2 adjustments; 3) the BOT would like to keep some bullets in reserve for any future uncertainty; and 4) it can still weaken the baht by holding the rate steady while waiting for the U.S. rate hike; a shrinking of the gap between Thai and U.S. interest rates should support the depreciation of the baht.

Morning Brief


Energy Sector - OPEC maintains quota as expected Underweight Jakapong Chawengsri

([email protected])

What's going on?

OPEC decided to hold its production quota at 30.0m barrels/day at its latest official meeting on Friday. This was in line with the markets expectations. The price of Brent oil rose 2.1%, or USD1.3, to USD63.3 following the meeting.

Impact

The markets positive response to the cartels decision was due to the rejection of a proposal by some OPEC members for further production increases. In addition, the current production quota is still below actual output.

In our view, OPEC is searching for a price equilibrium that maximizes its revenues while protecting market share on a long-term basis. The crude oil price is thus unlikely to decline to a new low as OPEC now knows that an oil price below USD50 will restrain the growth of the US shale oil industry and deter capital expenditures in E&P work across the globe. The cartel is seeking to identify the price point at which drilling activities for shale oil would start again, which would prompt the cartel to further boost output. Our belief is based on OPECs decision to increase the premium on its crude, which implies that it has been comfortable during the downward trend in US drilling activities.

According to comments by many US shale oil company CEOs, the industry can survive at a Brent price of USD60 a barrel and will regain its growth momentum at USD65-USD70. Up to 500 KBD of extra output can be recovered at this price range. However, we believe that shale oil producers will continue to surprise the global oil market with their flexibility, cost cutting ability and improved efficiency.

At a WTI price of USD58-USD60, the US rig count decreased marginally by 13 units to 646 units last week. When the US rig count stops declining and starts to increase again, it will indicate that the oil price is too high. Given this, it is difficult to see additional upward pressure on the oil price and we expect the price will automatically soften in the next few months due to off-demand season.

The factors to keep an eye on that could lead to an oil price correction earlier than we expect are: i) crude oil production from Iraq as the country plans to boost crude exports by about 0.8m barrels/day, or 26%, to a record 3.75 million barrels a day next month; ii) Iran has also claimed the country would double its oil exports (about 1.0m barrels/day) within six months once the sanctions are lifted; and iii) speculators sitting on positive positions who may take profit for any reason, such as the strengthening of the U.S. dollar or an unexpected increase in the US rig count number.

Recommendation

We are still bearish on oil, but we feel more comfortable saying the oil price will not seek a new low. This means that significant oil inventory losses are unlikely this year. Therefore, our stock picks for the Energy sector are PTT (Outperform, TP of Bt492), TOP (Outperform, TP of Bt64.9) and BCP (Outperform, TP of Bt40.0). In addition, we are now also less bearish on PTTEP and in the process of reviewing our recommendation.

Morning Brief


Thoresen Thai Agencies PCL - China trade data remains subdued, weighing on BSI (TTA TB, Bt13.20, Neutral, Fair price Bt15.10) Pathompol Laowirayasak

([email protected])

What's going on?

Chinas General Administration of Customs reported Chinese May-15 trade data yesterday. Chinas exports declined 2.8% YoY, better than the median estimate of a Bloomberg survey of -

4.4% YoY and up from April-15s figure of -6.4% YoY.

Chinas imports shrank 18.1% YoY, weaker than the Bloomberg survey estimate of -10.0% YoY and the April-15 figure of -16.2% YoY.

Chinas total trade (imports+exports) in May-15 came in at USD322bn, down 9.3% YoY. Impact

Chinese trade data is a key indicator of bulk shipping demand. YTD Chinese trade shrank 7.9% YoY to its lowest level in 3 years, causing the BSI, TTAs freight rate benchmark, to retreat 25.9% over the same period.

Looking closer at specific imported goods, which normally are transported by Supramax ships, coal, mineral and iron ore shipments dropped 38.2%, 0.3% and 1.1%, respectively, in May-15. We are concerned that this data may cap the BSIs upside in the short term.

However, we believe Chinas trade data and the BSI have already passed their bottoms for the year as the first quarter is low season for shipping. Meanwhile, TTAs energy business should have bottomed out as its key subsea vessels returned to normal operation after a 3-month maintenance in 1Q15.

Recommendation

We maintain our Neutral rating on TTA with an unchanged 2015 fair value of Bt15.10.

Morning Brief


Daily News Economic & Industry News

PM backpedals on extended stay. Prime Minister Gen. Prayut Chan-o-cha yesterday backtracked on his readiness to remain in power for another two years to complete his governments national reform program due to the negative public sentiment over the last few days. (Nation)

Minimum wage could only rise: govt. The government yesterday said any change to the Bt300 daily minimum wage would see it increase, but suggested a more flexible wage policy could be introduced in the future. (Nation)

Ministry mulls hiking excise tax on LPG in transport sector. The Energy Ministry has considered raising the excise tax on liquefied petroleum gas (LPG) used in the transport industry as part of the energy pricing reform approved by the National Energy Policy Council. (Nation)

Higher NPL cap rejected. A request by the Thai Bankers Association (TBA) to raise the cap for bad-loan coverage under the portfolio guarantee scheme (PGS) of the state-owned Thai Credit Guarantee Corporation (TCG) to 30% is too much, says Finance Minister Sommai Phasee. (Bangkok Post)

Daily Stats

9 June 2015 i Morning Brief

Fund Flows

Foreign net Buy/Sell in regional markets (USDmn)

04-Jun-15 05-Jun-15 08-Jun-15 5 Days 30 Days YTD 2014

Thailand -50.08 -23.18 1.56 -146.19 -35.26 -302.03 -1,091.32

Indonesia -29.00 -29.41 -21.37 -119.21 -320.32 498.86 3,766.10

Philippine -22.65 -14.05 -11.77 -119.80 -309.07 542.87 1,256.05

India 93.88 -74.99 0.00 -198.87 361.63 6,967.41 16,161.87

Taiwan -407.22 -306.34 -273.18 -1,158.25 -623.96 7,457.19 13,190.34

S. Korea 360.65 79.27 -34.93 576.67 2,289.65 8,987.56 5,683.85

Vietnam -1.18 -4.62 -2.63 -6.32 27.43 139.56 135.56

Total -55.61 -373.32 -342.31 -1,171.97 1,390.11 24,291.42 39,102.45

Source : Bloomberg

Trading Activities

SET Buy Sell Net 5 Days 30 Days YTD 2014

Institutions 2,304 2,087 217 5,045 7,188 29,447 71,424

Foreign Investors 6,410 6,358 53 -4,932 -1,214 -10,112 -36,584

Local Investors 16,930 17,490 -559 1,248 3,174 -11,718 -38,421

Proprietary Trading 2,998 2,709 289 -1,360 -9,148 -7,617 3,582

Index Future Long Short Net 5 Days 30 Days YTD 2014

Institutions 18,281 19,755 -1,474 17,498 68,168 46,228 24,123

Foreign Investors 13,432 16,381 -2,949 -4,049 -63,636 -48,928 9,728

Local Investors 44,713 40,290 4,423 -13,449 -4,532 2,700 -33,851

Metal Futures Long Short Net 5 Days 30 Days YTD 2014

Institutions 3,496 2,877 619 575 -910 -2,636 3,214

Foreign Investors 81 430 -349 -3,233 -1,990 -7,490 -3,058

Local Investors 2,227 2,497 -270 2,658 2,900 10,126 -156

Bond Trading Bond Trading

4-Jun-15 5-Jun-15 8-Jun-15 5 Days 30 Days YTD 2014

Net Foreign -4,829 -4,364 -924 19,534 57,743 -21,876 207,033

Short term -3,893 -3,491 41 19,812 69,931 -2,194 137,173

Long term (TTM > 1Y) -936 -873 -965 -278 -12,188 -19,682 69,861

Net Asset Management 9,463 21,630 20,786 90,454 238,033 1,306,331 2,134,558

Short term 9,689 21,625 23,371 86,228 228,897 1,183,134 2,026,203

Long term (TTM > 1Y) -226 5 -2,586 4,227 9,136 123,197 108,355

Total Outright Trading 95,086 90,078 79,419 432,717 1,722,588 8,975,878 18,867,218

Short term 57,958 64,493 63,852 283,201 1,146,625 5,567,554 12,869,159

Long term (TTM > 1Y) 37,128 25,585 15,567 149,516 575,963 3,408,324 5,998,059

Source : Thai BMA

Daily Stats

9 June 2015 ii Morning Brief

Top Ten Short Sale Acc % Short Sale Volume Comparing with Main Board

-1 Day -1 Week -1 Month -3 Month

BJC 19.96 15.79 15.53 10.98

PTT 16.29 9.59 9.77 6.81

KBANK 9.76 8.59 7.67 6.32

DTAC 7.73 15.81 6.41 3.69

TICON 7.57 1.38 0.63 5.40

ESSO 6.49 2.37 1.80 1.25

TRUE 6.40 5.62 6.64 4.37

AOT 6.16 4.22 4.51 4.71

TUF 5.59 4.52 4.67 3.25

PSL 5.48 7.53 1.51 1.66

Source : SET Smart

Thai NVDR Trading Data by Stock

Stock 2-Jun-15 3-Jun-15 4-Jun-15 5-Jun-15 8-Jun-15

SCC -187.42 237.99 -83.34 156.48 238.69

SCB -116.35 41.13 -68.74 -35.66 191.61

KBANK 31.77 19.97 184.13 444.32 89.11

TOP -72.30 43.49 3.61 -5.67 69.19

AOT 118.65 85.35 -6.62 673.33 51.94

CK 3.78 -0.80 10.91 6.52 42.05

TISCO 51.15 11.70 107.27 -14.87 36.23

TCAP -12.23 0.96 28.32 4.23 34.20

AJP 1.07 -0.06 0.02 -4.33 28.31

SCCC 10.79 30.20 28.75 37.30 26.20

UNIQ -1.30 1.20 1.39 1.17 25.03

KTB -21.71 -62.78 10.47 -74.34 23.87

CPN -15.78 2.06 -0.97 42.88 22.14

EGCO 3.48 12.58 7.17 1.71 22.03

DELTA -6.66 -5.10 -5.50 40.89 19.35

PTTGC 20.05 114.43 22.08 503.42 18.09

JAS 73.59 200.04 -1.74 228.66 14.77

PTG 5.18 3.07 -1.54 -2.03 14.04

MINT -15.24 -27.73 -14.51 -12.92 13.16

INTUCH -7.43437 32.23 114.39 12.29 13.07

Source: SET

Top Net Buy (Btmn)

Stock 2-Jun-15 3-Jun-15 4-Jun-15 5-Jun-15 8-Jun-15

BBL 515.00 132.87 -129.88 -479.84 -312.48

PTTEP -197.17 -59.57 -39.50 -88.07 -139.86

BEC -20.57 -16.18 1.58 -5.62 -40.57

PTT -159.61 -37.81 -287.75 -14.04 -39.76

ADVANC -146.84 -154.97 -19.20 92.82 -30.29

TUF 6.56 35.97 12.60 13.70 -26.49

MK -2.14 -1.71 10.24 -36.84 -24.05

JMART -0.17 -0.07 -0.29 0.13 -23.58

TASCO 434.74 -109.26 -10.84 -37.23 -21.65

LH 33.44 18.35 87.84 -14.05 -20.90

AP -14.45 -6.91 4.89 -13.50 -15.55

BTS 86.65 18.56 41.71 49.16 -14.54

HANA 2.31 10.10 -10.20 -8.23 -12.30

BLAND -8.40 -1.98 1.96 -11.60 -11.36

DTAC 15.57 51.66 -42.88 22.97 -11.07

MAJOR 21.91 0.06 -2.35 4.97 -10.94

BH -106.73 1.82 33.92 -1.18 -9.57

PS -62.99 -44.73 -0.00 2.28 -9.01

STAR 0.09 -1.34 0.10 0.28 -7.52

GUNKUL 2.78 0.53 0.74 -2.65 -6.15

Source: SET

Top Net Sell (Btmn)

Top Buy Top Sell

SINGER 4.68% PAE -1.37%

WIIK 3.07% SEAFCO -1.31%

JAS 1.57% MK -1.17%

TASCO 1.35% BTC -0.82%

TISCO 0.94% SPALI -0.79%

MAJOR 0.74% JMART -0.71%

BTS 0.73% SMPC -0.70%

TWFP 0.62% LOXLEY -0.60%

TIPCO 0.59% AIT -0.56%

TRUBB 0.51% NPP -0.51%

LIT 0.50% UPA -0.45%

LH 0.41% PRECHA -0.39%

SMT 0.41% CI -0.38%

CWT 0.39% STAR -0.37%

CK 0.38% PT -0.37%

WORK 0.37% ESTAR -0.32%

UNIQ 0.35% MC -0.28%

LIVE 0.33% AMATA -0.26%

SNC 0.33% TPIPL -0.26%

NWR 0.33% PLE -0.25%

Source: SET

Net Buy/Sell 10 Days

Value (% of Mkt Cap.)

08-Jun-15 5 Days

Buy Sell Total (%) (%)

-- Banking 983.69 928.70 1,912.39 53.08% 58.33%

-- Energy & Utilities 399.81 462.77 862.58 29.30% 25.21%

-- Information & Communication Technology306.75 340.76 647.51 18.25% 32.65%

-- Construction Materials 394.91 135.80 530.71 18.38% 22.49%

-- Property Development 268.54 252.55 521.10 13.35% 13.83%

-- Transportation & Logistics 269.40 224.79 494.20 21.29% 29.98%

-- Food and Beverage 92.19 91.05 183.24 12.65% 12.12%

-- Commerce 83.92 73.54 157.45 13.77% 30.61%

-- Health Care Services 52.74 57.90 110.64 34.86% 28.57%

-- Media & Publishing 34.91 69.11 104.03 15.73% 17.29%

-- Electronic Components 51.86 46.46 98.32 38.75% 36.38%

-- Petrochemicals & Chemicals 59.92 36.42 96.35 19.34% 36.63%

-- Finance and Securities 34.72 8.41 43.12 12.45% 7.64%

-- Tourism & Leisure 11.69 2.50 14.19 15.12% 25.37%

-- Agribusiness 6.08 7.17 13.25 0.27% 0.85%

-- Packaging 0.68 6.59 7.27 15.84% 13.54%

-- Industrial Materials & Machinery 4.35 0.20 4.55 8.93% 12.16%

-- Fashion 1.50 1.25 2.75 0.84% 2.61%

-- Steel 0.85 1.62 2.47 1.69% 4.14%

-- Automotive 2.12 0.24 2.35 3.32% 4.23%

*% of Trading Volumn in Underlying Securities traded in each sector

Source: SET, KS

NVDR Trading by Sector

Value (Btmn)

Daily Stats

9 June 2015 iii Morning Brief

Daily Driver Stats (Market Summary)

1D 1W 1M 1Y YTD High Low

World Stock Index

Dow Jones 17,766.55 -0.46% -1.52% -2.33% 5.91% -0.32% 18,312.39 16,117.24

S&P 500 2,079.28 -0.65% -1.54% -1.74% 7.39% 0.99% 2,130.82 1,862.49

Nasdaq 5,021.63 -0.92% -1.21% 0.36% 16.49% 6.03% 5,106.59 4,213.66

FTSE 100 6,790.04 -0.21% -2.35% -3.64% 0.18% 3.41% 7,103.98 6,182.72

DAX 11,064.92 -1.18% -3.25% -5.51% 11.62% 12.84% 12,374.73 8,571.95

CAC 4,857.66 -1.28% -3.34% -4.57% 6.92% 13.69% 5,268.91 3,918.62

NIKKEI 20,457.19 -0.02% -0.55% 5.56% 35.50% 17.23% 20,569.87 14,532.51

Hang Seng 27,316.28 0.21% -1.02% -0.95% 17.14% 15.72% 28,442.75 22,585.84

MSCI Ex. JP 396.29 -0.70% -2.51% -3.20% 6.16% 6.84% 424.12 357.13

S&P Volatility (VIX Index) 15.29 7.60% 9.45% 18.90% 25.53% -20.36% 26.25 10.32

Dow Jones Real Estate 286.42 -0.22% -3.56% -4.14% 3.40% -4.72% 325.45 269.75

Dow Jones Financial Sector 448.70 -0.56% -0.30% -0.71% 9.32% 0.03% 456.46 399.00

Dow Jones Construction Material 543.31 -1.13% -1.70% -0.51% 3.64% 8.76% 559.53 450.45

Dow Jones Energy 647.43 -0.54% -1.15% -5.72% -22.00% -3.00% 855.72 612.64

Dow Jones Technology 1,310.94 -1.27% -2.38% -0.81% 14.10% 3.40% 1,349.31 1,129.71

Dow Jones Health Care 788.47 -0.45% -1.56% 0.87% 25.31% 8.71% 800.94 629.23

Dow Jones Consumer Services 720.52 -0.96% -1.36% -1.59% 17.23% 3.51% 745.23 597.32

SET Indices

SET Index 1,508.28 0.06% 0.82% -0.15% 3.59% 0.71% 1,615.89 1,451.36

SET 100 Index 2,210.32 -0.06% 0.89% -0.49% 2.47% -0.10% 2,382.15 2,147.40

SET 50 Index 993.57 -0.08% 0.83% -0.75% 1.60% -0.74% 1,074.80 971.70

MAI Index 659.10 0.16% 0.45% 0.30% 33.32% -5.85% 801.35 474.93

Energy 19,618.23 -0.03% -0.34% -3.73% 0.76% 4.92% 22,190.44 17,617.57

Bank 518.59 -0.47% 0.78% -4.27% -6.49% -12.73% 688.00 506.86

Property 281.29 0.81% 2.13% 2.78% -1.61% -2.51% 326.12 267.36

Transportat ion 233.08 0.31% 1.88% 5.31% 24.54% 4.39% 244.71 185.10

Construct ion Materials 14,171.56 0.06% 1.60% 0.77% 24.00% 19.26% 14,388.91 11,140.20

ICT 222.87 0.39% 1.11% 1.82% 5.41% -3.65% 243.57 202.35

Electronic 1,922.94 -0.57% 2.46% -0.90% 37.00% 26.39% 1,990.13 1,382.47

Commerce 28,753.21 0.50% 0.83% 3.52% -3.82% 0.59% 32,041.97 26,953.26

Hospitality & Leisure 588.03 1.45% 3.28% 9.85% 7.85% 12.16% 608.67 513.15

Fixed Income and FX

US 2-Y yield 0.68 -3.94% 5.60% 19.04% 51.52% 2.45% 0.74 0.31

US 5-Y yield 1.71 -1.99% 10.34% 14.62% 0.74% 3.19% 1.83 1.15

US 10-Y yield 2.38 -1.05% 9.31% 10.92% -8.49% 9.73% 2.65 1.64

US Ted Spread 0.27 1.92% -4.07% -1.36% 34.36% 23.13% 0.28 0.19

Thai 2-Y yield 1.60 0.32% 6.11% -1.74% -29.48% -24.36% 2.42 1.50

Thai 5-Y yield 2.42 0.69% 7.77% 6.27% -23.12% -2.43% 3.22 2.12

Thai 10-Y yield 3.01 1.61% 8.62% 8.72% -20.40% 6.27% 3.81 2.49

Thai TED Spread 0.17 0.77% -1.64% 6.90% 22.97% 27.93% 0.34 0.12

Dollar Index 95.30 -1.05% -2.15% 0.53% 18.27% 5.56% 100.33 79.78

French CDS USD SR 5Y 30.76 -5.15% -2.25% -15.34% -14.65% -34.99% 55.31 30.57

Greece 5Yr USD CDS 451.61 0.00% 0.00% 0.00% -3.57% 0.00% 496.09 432.65

Portugal 5Yr USD CDS 174.91 2.97% 1.61% 22.89% 22.32% -13.59% 225.07 117.90

Ireland 5Yr USD CDS 51.99 0.50% 1.13% 4.95% 25.78% 3.62% 65.03 40.21

Spain 5Yr USD CDS 85.15 2.66% -6.60% -2.50% 36.24% -11.76% 112.74 55.99

Italy 5Yr USD CDS 111.33 2.75% -5.53% -6.70% 32.76% -18.51% 155.77 81.84

German 5Yr USD CDS 14.51 -1.01% -9.35% -20.83% -25.47% 7.99% 23.41 13.44

US 5Yr CDS 16.51 2.03% 0.00% 2.04% -2.57% -3.92% 19.44 15.50

Thailand 5Yr CDS 102.83 0.00% 0.00% -0.67% -10.62% -3.89% 119.51 80.84

Indonesia 5Yr CDS 176.94 1.68% 5.23% 6.62% 22.40% -0.59% 178.00 127.99

Philippines 5Yr CDS 89.01 0.93% 2.35% -0.52% 3.37% -12.31% 105.34 78.51

USD : EURO 1.11 -0.80% 1.90% -0.74% -17.80% -8.00% 1.37 1.05

USD : POUND 0.66 0.41% -0.21% 1.23% 11.24% 2.24% 0.69 0.58

USD : Yen 125.33 0.42% 1.02% 4.38% 22.84% 4.71% 125.33 101.29

USD : Yuan 6.20 -0.04% 0.08% -0.08% -0.13% -0.07% 6.28 6.11

Current Index%Change 52 week

Source: Bloomberg

Daily Stats

9 June 2015 iv Morning Brief

Daily Driver Stats (Commodity)

1D 1W 1M 1Y YTD High Low

Current Price Related Stocks

Nymex Futures 1 M (USD/bbl) 58.14 -1.67% -3.42% -2.10% -45.62% 9.14% 107.26 43.46 PTT, PTTEP

GRM (USD/bbl) 7.73 0.00% -8.74% -6.19% 86.27% 10.59% 10.10 2.50 PTTGC,TOP,IRPC,ESSO

Newcastle Coal Price (USD/tonne) 61.80 0.00% 0.00% 0.00% -13.99% -1.98% 72.25 61.80 BANPU,LANNA,UMS

Baltic Dry Index (BDI) 610.00 0.00% 3.57% 6.27% -32.67% -21.99% 1,484.00 509.00 TTA, PSL

Gold (USD/ounce) 1,173.53 -0.06% -1.03% -1.06% -7.83% -0.71% 1,342.94 1,144.82

Thai Gold Bar (Bath/15.244 g) 18,910.00 0.21% -1.05% -0.21% -3.57% -0.16% 20,580.00 17,920.00

Near Month Gold Future (Baht) 18,750.00 0.00% -0.79% 0.00% -3.85% 1.63% 20,350.00 17,750.00

Silver (USD/ounce) 1,606.00 -0.56% -3.31% -1.53% -17.98% 0.56% 2,150.00 1,528.00

Near Month Silver Future (Baht) n.a. n.a. n.a. n.a. n.a. n.a. 0.00 0.00

Copper Spot (USD/MT) 5,938.75 0.20% -1.26% -7.08% -11.09% -6.74% 7,186.00 5,433.00

CRB Index 223.03 0.23% -0.20% -2.67% -28.05% -3.01% 312.93 209.00

Zinc (USD/tonne) 2,139.00 0.42% -0.74% -9.17% 2.44% -1.79% 2,410.00 1,988.00 PDI

Malaysian Palm Oil (MYR/tonne) 2,297.50 0.00% 2.57% 6.96% -5.72% 0.02% 2,510.00 1,942.50 TVO, UVAN, UPOIC

Sugar Price (US cent/lb) 12.16 0.91% -0.73% -9.39% -35.59% -20.26% 19.73 11.87 KBS,KSL

Soybeans (USD/lb) 9.40 0.70% 1.98% -3.54% -34.49% -7.30% 14.72 8.98

Soybean Oil (USD/pound) 34.35 -1.94% -1.18% 4.22% -14.25% 6.61% 41.35 29.54 TVO, UVAN, UPOIC

Soybean Meal (USD/short ton) 316.20 0.00% -0.50% -2.83% -36.60% -24.37% 593.20 313.70

Rubber (JPY/kg) 238.00 -1.00% -2.38% 6.87% 18.35% 11.58% 243.80 175.40 STA, TRUBB

Chicken - (Bt/kg) 38.50 0.00% 0.00% 1.32% -14.44% -6.10% 47.50 32.50 CPF,GFPT

Pork (Bt/kg) 57.00 0.71% 2.91% 4.43% 4.43% -13.93% 81.50 49.88 CPF

Ethylene (USD/tonne) 1,375.00 0.00% 0.00% 3.38% 0.73% 52.78% 1,490.00 820.00

Propyene (USD/tonne) 925.00 0.00% 0.00% -8.87% -31.48% 72.90% 1,390.00 535.00

HDPE (USD/tonne) 1,350.00 0.00% 0.00% -2.88% -15.63% 15.38% 1,610.00 1,090.00

PVC CFR Far East (USD/tonne) 870.00 0.0% 0.0% -3.9% -16.7% 9.4% 1,060.00 795.00

Naptha (USD/tonne) 557.13 2.01% -0.78% -2.94% -42.98% 19.68% 993.50 398.25

Ethylene Spread (Olefin) 817.87 -1.33% 0.54% 8.18% 110.79% 88.23% 831.50 301.50 PTTGC

Propylene Spread (Olefin) 367.87 -2.90% 1.20% -16.58% -1.38% 429.31% 566.75 21.75 PTTGC

HDPE Spread (Olefin) 792.87 -1.37% 0.55% -2.83% 27.27% 12.54% 848.25 571.50 PTTGC, SCC

Hot Rolled Coil (USD/tonne) 370.00 0.00% 0.00% 2.07% -31.16% -17.78% 545.00 362.50 SSI, GSTEL, GJS

Rebar (USD/tonne) 432.50 0.00% 0.00% 0.00% -19.53% 0.00% 537.50 432.50 TSTH, BSBM

Slab (USD/tonne) 302.50 0.00% 0.00% -0.82% -39.50% -22.93% 500.00 302.50 SSI

Scrap (USD/tonne) 274.00 0.00% 0.00% 0.92% -22.93% -10.75% 373.50 228.50 TSTH, GSTEL, GJS

Billet (USD/tonne) 358.50 -2.45% -2.45% -3.11% -27.21% -9.58% 516.00 355.00 BSBM

Spread Rebar-Billet (USD/tonne) 74.00 13.85% 13.85% 18.40% 64.44% 105.56% 87.50 21.50 BSBM

Spread HRC-Slab (USD/tonne) 67.50 0.00% 0.00% 17.39% 80.00% 17.39% 75.00 10.00 SSI

Current Index%Change 52 week

Source : Bloomberg, SET Smart

Daily Stats

9 June 2015 v Morning Brief

Director Trade

Director Trade

Transaction Stock Types of Name of Management Transaction Avg Price Amount Total Remark

Date Securities (Bt) (shares) (Bt)

3-Jun-15 AEC Common share APICHAI TAECHAUBOL Sell 0.86 7,600,000 6,536,000

4-Jun-15 AEC Common share APICHAI TAECHAUBOL Sell 0.85 2,794,000 2,374,900

5-Jun-15 BA Common share PUTTIPONG PRASARTTONG-OSOTH Buy 21.55 200,000 4,310,000

5-Jun-15 BA Common share PUTTIPONG PRASARTTONG-OSOTH Buy 21.50 100,000 2,150,000

4-Jun-15 CIG Warrant THEERA POOMSANOH Sell 0.25 1,500,000 375,000

3-Jun-15 FIRE Common share PRACHA PHROMPHORNCHAI Buy 3.26 30,000 97,800

4-Jun-15 FSMART Common share PICHIT NIMKUL Sell 12.05 200,000 2,410,000

2-Jun-15 NOK Common share PATEE SARASIN Sell 10.65 40,000 426,000

4-Jun-15 NOK Common share PATEE SARASIN Sell 10.50 150,000 1,575,000

3-Jun-15 PTG Common share SAKANAN WIJITTHANARAK Sell 13.26 5,000,000 66,300,000

5-Jun-15 PTG Common share SAKANAN WIJITTHANARAK Sell 13.76 800,000 11,008,000

4-Jun-15 SNP Common share KAMTORN SILA-ON Buy 26.50 200,000 5,300,000

4-Jun-15 SNP Common share PATARA SILA-ON Buy 26.50 600,000 15,900,000

4-Jun-15 SNP Common share VITOON SILA-ON Buy 26.50 200,000 5,300,000

4-Jun-15 SMIT Common share THANA SENAVATTANAGUL Buy 4.40 15,000 66,000

4-Jun-15 SMIT Common share THANA SENAVATTANAGUL Buy 4.42 10,000 44,200

4-Jun-15 SMPC Common share YAUN RIYATANON Buy 5.20 20,000 104,000

5-Jun-15 SRICHA Common share SOMBOON YINGYONGKITMONGKOL Sell 27.50 1,400 38,500

4-Jun-15 STAR Warrant SATHAPORN KOTHEERANURAK Sell 5.25 2,500 13,125

3-Jun-15 TFD Common share APICHAI TAECHAUBOL Buy 4.23 2,170,000 9,179,100

4-Jun-15 TFD Common share APICHAI TAECHAUBOL Buy 4.22 590,000 2,489,800

4-Jun-15 TPOLY Common share SURACHA TANSATAPORNCHAI Sell 4.90 82,600 404,740

3-Jun-15 TICON Common share SIRIPORN SOMBATWATTHANA Sell 16.11 578,400 9,318,024

3-Jun-15 TICON Common share THREEKWAN BUNNAG Sell 16.20 50,000 810,000

4-Jun-15 TRT Warrant SUMPAN VONGPHAN Sell 0.70 154,925 108,448

3-Jun-15 TVD Warrant WIRASACK WIROJWATTANAKUL Sell 0.88 41,000 36,080

Source : www.sec.or.th

Daily Stats

9 June 2015 vi Morning Brief

Insider Trading

Gainers Gainers Gainers Gainers Gainers

BA 109.64 BA 335.25 PACE 940.00 PACE 940.00 PACE 940.00

IEC 33.50 BDMS 134.95 BA 335.31 BA 362.65 BA 352.80

MINT 25.69 LPN 41.78 TH 89.18 NMG 311.76 RS 345.84

MCS 4.68 MTLS 35.93 SYNTEC 82.44 TH 261.77 NMG 311.76

SMPC 4.00 MINT 34.21 AJD 74.40 SYNTEC 133.01 TH 227.28

MONO 3.62 IEC 33.50 ACD 45.24 EARTH 120.64 SYNTEC 133.01

SAMTEL 3.39 JUBILE 25.20 SAMART 43.60 ACD 115.64 EARTH 120.64

RS 2.48 VIBHA 22.94 LPN 43.47 IFEC 104.41 ACD 115.64

ADVANC 2.30 SPALI 17.95 MTLS 39.69 CPF 103.64 IFEC 104.41

VIBHA 1.92 CGH 17.52 CPF 36.51 SIRI 90.60 CPF 103.08

Losers Losers Losers Losers Losers

MAJOR -175.00 TUF -2400.00 TUF -4816.07 TUF -4830.38 TUF -4830.88

PSL -100.50 MAJOR -175.00 WORK -1229.20 WHA -3164.46 WHA -3164.46

TICON -16.00 PSL -99.50 PSL -447.27 AAV -1486.31 WORK -1230.27

PJW -5.46 TICON -17.59 BEAUTY -389.66 WORK -1230.27 EA -1112.75

PSTC -4.20 SCC -10.40 UBIS -380.12 EA -1112.75 SAWAD -1050.00

TASCO -2.22 BLA -8.78 MAJOR -312.61 SAWAD -1050.00 BEAUTY -915.88

TPOLY -1.47 TSI -8.77 FANCY -227.24 BEAUTY -915.88 MAJOR -738.38

GL -0.80 TTCL -6.35 HEMRAJ -143.66 AP -840.50 CGD -660.00

MEGA -0.39 HANA -6.06 SPI -93.27 MAJOR -738.38 JMART -639.53

TSTE -0.36 PJW -5.46 PTG -88.25 CGD -660.00 KC -612.75

Source: KS Research, as of 5 June 2015

Change 1W (Btmn) Change 1M (Btmn) Change 3M (Btmn) Change 6M (Btmn) Change YTD (Btmn)

Foreign Ownership - top ten gainers and losers

Gainers Gainers Gainers Gainers Gainers

JAS 0.49 JAS 0.85 MINT 1.99 AP 6.75 AP 9.09

BCP 0.14 BCP 0.68 THCOM 1.98 SIRI 5.04 STEC 8.77

THCOM 0.13 THCOM 0.51 TISCO 1.59 STEC 3.95 EARTH 5.27

CENTEL 0.10 IFEC 0.51 AP 1.55 MINT 2.89 SIRI 4.97

MEGA 0.09 MAJOR 0.47 TICON 1.15 CENTEL 2.60 AAV 4.77

BANPU 0.08 SAWAD 0.45 KCE 1.10 LPN 2.59 BAY 4.70

TUF 0.07 BTS 0.41 INTUCH 0.95 TISCO 2.58 MINT 4.58

TICON 0.06 MEGA 0.36 PTTGC 0.93 THCOM 2.44 SAWAD 4.27

PTTGC 0.05 CK 0.35 MEGA 0.92 TRUE 2.42 TICON 4.21

ANAN 0.05 STEC 0.31 BTS 0.91 MAJOR 2.26 AMATA 4.02

Losers Losers Losers Losers Losers

AMATA -0.13 EARTH -0.91 PSL -4.87 JAS -10.61 JAS -8.44

TTCL -0.11 AMATA -0.73 VGI -2.47 PSL -6.94 PSL -7.41

BCH -0.09 VGI -0.58 TCAP -2.02 SAMART -4.69 GFPT -7.21

SPALI -0.09 KTB -0.44 SPALI -1.56 TMB -2.84 BECL -6.91

KTB -0.08 SAMART -0.37 EARTH -1.45 BECL -2.63 SAMART -6.33

LOXLEY -0.07 LOXLEY -0.34 TTCL -1.36 TCAP -2.61 TTA -3.89

MINT -0.06 HANA -0.30 BECL -1.25 EARTH -2.49 DEMCO -3.82

PTTEP -0.05 TPIPL -0.28 GUNKUL -1.06 VGI -2.35 TCAP -2.93

SAWAD -0.04 QH -0.27 HANA -0.99 GFPT -1.79 HANA -2.62

TTW -0.04 MINT -0.25 QH -0.96 QH -1.72 VGI -2.57

Source: SET100, Setsmart

Change 1D Change 1W Change 1M Change 3M Change YTD

Daily Stats

9 June 2015 vii Morning Brief

Economic Calendar

Date Time Country Event Period Survey Actual Prior Revised

06/10/2015 14:30 Thailand BoT Benchmark Interest Rate Jun-15 1.50% -- 1.50% --

06/12/2015 14:30 Thailand Foreign Reserves Jun-15 -- -- $158.5B --

06/12/2015 14:30 Thailand Forward Contracts Jun-15 -- -- $19.1B --

06/09/2015 06:50 Japan Money Stock M2 YoY May 3.60% 4.00% 3.60% --

06/09/2015 06:50 Japan Money Stock M3 YoY May 3.00% 3.30% 3.00% --

06/09/2015 07:00 Japan Manpower Survey 3Q -- 23 19 21

06/09/2015 07:01 China Manpower Survey 3Q -- 13.00% 9.00% --

06/09/2015 08:30 China CPI YoY May 1.30% -- 1.50% --

06/09/2015 08:30 China PPI YoY May -4.50% -- -4.60% --

06/09/2015 12:00 Japan Consumer Confidence Index May 41.9 -- 41.5 --

06/09/2015 13:00 Japan Machine Tool Orders YoY May P -- -- 10.50% --

06/09/2015 16:00 Eurozone Gross Fix Cap QoQ 1Q 0.60% -- 0.40% --

06/09/2015 16:00 Eurozone Govt Expend QoQ 1Q 0.40% -- 0.20% --

06/09/2015 16:00 Eurozone Household Cons QoQ 1Q 0.60% -- 0.40% --

06/09/2015 16:00 Eurozone GDP SA QoQ 1Q P 0.40% -- 0.40% --

06/09/2015 16:00 Eurozone GDP SA YoY 1Q P 1.00% -- 1.00% --

06/09/2015 17:00 United States NFIB Small Business Optimism May 97.2 -- 96.9 --

06/09/2015 21:00 United States Wholesale Inventories MoM Apr 0.20% -- 0.10% --

06/09/2015 21:00 United States Wholesale Trade Sales MoM Apr 0.60% -- -0.20% --

06/09/2015 21:00 United States JOLTS Job Openings Apr 5044 -- 4994 --

06/10/2015 06:50 Japan Machine Orders MoM Apr -2.10% -- 2.90% --

06/10/2015 06:50 Japan Machine Orders YoY Apr -1.40% -- 2.60% --

06/10/2015 06:50 Japan PPI MoM May 0.20% -- 0.10% --

06/10/2015 06:50 Japan PPI YoY May -2.20% -- -2.10% --

06/10/2015 18:00 United States MBA Mortgage Applications Jun-15 -- -- -7.60% --

06/10/2015 06/15 China Aggregate Financing CNY May 1132.5B -- 1050.0B 1050.4B

06/10/2015 06/15 China Money Supply M1 YoY May 4.00% -- 3.70% --


06/10/2015 06/15 China New Yuan Loans CNY May 850.0B -- 707.9B --


06/11/2015 01:00 United States Monthly Budget Statement May -$97.5B -- -$130.0B --

06/11/2015 06:50 Japan BSI Large All Industry QoQ 2Q -- -- 1.9 --

06/11/2015 06:50 Japan BSI Large Manufacturing QoQ 2Q -- -- 2.4 --

06/11/2015 06:50 Japan Japan Buying Foreign Bonds Jun-15 -- -- -348.4B --

06/11/2015 06:50 Japan Japan Buying Foreign Stocks Jun-15 -- -- 168.7B --

06/11/2015 06:50 Japan Foreign Buying Japan Bonds Jun-15 -- -- -6.2B --

06/11/2015 06:50 Japan Foreign Buying Japan Stocks Jun-15 -- -- 574.2B --

06/11/2015 08:00 Japan Bloomberg June Japan Economic Survey Jan-00 0 0 0 0

06/11/2015 09:00 Japan Tokyo Avg Office Vacancies May -- -- 5.34 --

06/11/2015 12:30 China Retail Sales YoY May 10.10% -- 10.00% --

06/11/2015 12:30 China Retail Sales YTD YoY May 10.40% -- 10.40% --

06/11/2015 12:30 China Industrial Production YoY May 6.00% -- 5.90% --

06/11/2015 12:30 China Industrial Production YTD YoY May 6.20% -- 6.20% --

06/11/2015 12:30 China Fixed Assets Ex Rural YTD YoY May 11.90% -- 12.00% --

06/11/2015 13:00 China Bloomberg GDP Monthly Estimate YoY May -- -- 6.40% --

06/11/2015 19:30 United States Retail Sales Advance MoM May 1.20% -- 0.00% --

06/11/2015 19:30 United States Retail Sales Ex Auto MoM May 0.80% -- 0.10% --

06/11/2015 19:30 United States Retail Sales Ex Auto and Gas May 0.50% -- 0.20% --

06/11/2015 19:30 United States Retail Sales Control Group May 0.50% -- 0.00% --

06/11/2015 19:30 United States Import Price Index MoM May 0.80% -- -0.30% --

Source : Bloomberg

Daily Stats

9 June 2015 viii Morning Brief

Economic Calendar

06/11/2015 19:30 United States Import Price Index YoY May -10.00% -- -10.70% --

06/11/2015 19:30 United States Init ial Jobless Claims Jun-15 275K -- 276K --

06/11/2015 19:30 United States Continuing Claims May-15 2200K -- 2196K --

06/11/2015 19:45 United States Bloomberg June United States Economic Survey Jan-00 0 0 0 0

06/11/2015 20:45 United States Bloomberg Consumer Comfort Jun-15 -- -- 40.5 --

06/11/2015 21:00 United States Business Inventories Apr 0.20% -- 0.10% --

06/11/2015 23:00 United States Household Change in Net Worth 1Q -- -- $1517B --

06/12/2015 11:30 Japan Industrial Production MoM Apr F -- -- 1.00% --

06/12/2015 11:30 Japan Industrial Production YoY Apr F -- -- -0.10% --

06/12/2015 11:30 Japan Capacity Utilization MoM Apr -- -- -1.20% --

06/12/2015 11:30 Japan Tertiary Industry Index MoM Apr 0.40% -- -1.00% --

06/12/2015 16:00 Eurozone Industrial Production SA MoM Apr 0.40% -- -0.30% --

06/12/2015 16:00 Eurozone Industrial Production WDA YoY Apr 1.10% -- 1.80% --

06/12/2015 19:30 United States PPI Final Demand MoM May 0.40% -- -0.40% --

06/12/2015 19:30 United States PPI Ex Food and Energy MoM May 0.10% -- -0.20% --

06/12/2015 19:30 United States PPI Ex Food, Energy, Trade MoM May 0.10% -- 0.10% --

06/12/2015 19:30 United States PPI Final Demand YoY May -1.10% -- -1.30% --

06/12/2015 19:30 United States PPI Ex Food and Energy YoY May 0.70% -- 0.80% --

06/12/2015 19:30 United States PPI Ex Food, Energy, Trade YoY May 0.90% -- 0.70% --

06/12/2015 21:00 United States U. of Mich. Sentiment Jun P 91.2 -- 90.7 --

06/12/2015 21:00 United States U. of Mich. Current Condit ions Jun P -- -- 100.8 --

06/12/2015 21:00 United States U. of Mich. Expectations Jun P -- -- 84.2 --

06/12/2015 21:00 United States U. of Mich. 1 Yr Inflat ion Jun P -- -- 2.80% --

06/12/2015 21:00 United States U. of Mich. 5-10 Yr Inflation Jun P -- -- 2.80% --

06/14/2015 06/18 China Foreign Direct Investment YoY CNY May 8.00% -- 10.50% --

06/15/2015 13:30 Eurozone Bloomberg June Eurozone Economic Survey Jan-00 0 0 0 0

Source : Bloomberg

Date Time Country Event Period Survey Actual Prior Revised

Daily Stats

9 June 2015 ix Morning Brief

Company's Calendar

Mon Tue Wed Thu Fri Sat8-Jun-15 9-Jun-15 10-Jun-15 11-Jun-15 12-Jun-15 13-Jun-15

WIIK-XW@3(O):1(N)

New Listing: ITD-W1

New Listing: SMM-W3

New Listing: CKP-W1

0 0 0 0

15-Jun-15 16-Jun-15 17-Jun-15 18-Jun-15 19-Jun-15 20-Jun-15

[email protected] [email protected]

JMT-XW@5(O):1(N)


IFEC-XW@4(O):1(N)

[email protected](O):1(N)

AIRA-XW@0(O):0(N)

AIRA-XW@0(O):0(N)

AIRA-XR5(O):2(N)@1

29-Jun-15 30-Jun-15 1-Jul-15 2-Jul-15 3-Jul-15 4-Jul-15

Remark

Source : SET as of previous trading day

XD - Cash Dividend XR - Rights for Common

XD(ST) - Stock Dividend XW - Rights for Warrant

As of 8 June 2015

Daily Stats

9 June 2015 x Morning Brief

Company's Calendar

Mon Tue Wed Thu Fri Sat8-Jun-15 9-Jun-15 10-Jun-15 11-Jun-15 12-Jun-15 13-Jun-15

Delisted share: KKP28C1506A

Delisted share: TPIP28C1506A

Delisted share: THCO28C1506A

Delisted share: BBL28C1506A

Delisted share: SPCG28C1506A

Delisted share: AOT28C1506A

Delisted share: EART28C1506A

Delisted share: INTU28C1506A

Delisted share: ITD28C1506A

Delisted share: KTB28C1506A

Delisted share: PS28C1506A

Delisted share: SCB28C1506A

Delisted share: WHA28C1506A

Delisted share: INTU28P1506A

Delisted share: PTT28P1506A

Delisted share: SCB28P1506A

Delisted share: BDMS13C1506A



Delisted share: THAI13C1506A

Delisted share: INTU13P1506A

Delisted share: CEN-W3

Delisted share: ITD13C1506A Delisted share: AOT16C1506A

Delisted share: BJC16C1506A

Delisted share: DTAC16C1506A

Delisted share: IVL16C1506A

Delisted share: JAS16C1506A

Delisted share: BMCL28C1506A

Delisted share: TTA28C1506A


Delisted share: PTTG13C1506A


Delisted share: BMCL13C1506A Delisted share: AQ-W2


Delisted share: BANP16C1506A

Delisted share: HMPR16C1506A

Delisted share: IRPC16C1506A

Delisted share: LH16C1506A

Delisted share: PTTG16C1506A




Delisted share: BJC08C1506A

Delisted share: CK08C1506A


Delisted share: KBAN08C1506A

Delisted share: KKP08C1506A



Delisted share: BLAN27C1506A

Delisted share: BTS27C1506A

Delisted share: MC27C1506A

Delisted share: PTT27C1506A


Delisted share: SIRI27C1506A

Delisted share: THCO27C1506A

Delisted share: VGI27C1506A

Delisted share: AOT07C1506A

Delisted share: CK07C1506A



29-Jun-15 30-Jun-15 1-Jul-15 2-Jul-15 3-Jul-15 4-Jul-15

Delisted share: ADVA42C1506A

Delisted share: AMAT42C1506A


Delisted share: BLA42C1506A

Delisted share: DELT42C1506A

Delisted share: DTAC42C1506A

Delisted share: EGCO42C1506A

Delisted share: GFPT42C1506A

Delisted share: INTU42C1506A

Delisted share: JAS42C1506A


Delisted share: MAJO42C1506A

Delisted share: MC42C1506A

Delisted share: MEGA42C1506A

Delisted share: MINT42C1506A


Delisted share: PTTE42C1506A


Delisted share: STPI42C1506A

Delisted share: TICO42C1506A

Delisted share: TISC42C1506A

Delisted share: TOP42C1506A

Delisted share: WHA42C1506A

Delisted share: CPI-W1 Delisted share: KBAN13P1506A

Delisted share: KTB13C1506A


Delisted share: TRUE13C1506A


Source : SET as of previous trading day

As of 8 June 2015

Daily Stats

9 June 2015 xi Morning Brief

General Disclaimer

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return e-mail and delete the document. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to

them by any other person.

This document, including information, data, statements, forecasts, analysis and projections contained herein, including any expression of opinion, is based

on public available information or information obtained from sources believed to be reliable, but KS does not make any representation or warranty on,

assumes no responsibilities for nor guarantees the accuracy, completeness, correctness or timeliness of such information. KS accepts no obligation to

correct or update the information or opinions in it. The statements or expressions of opinion herein were arrived at after due and careful consideration and

they were based upon such information or sources then, and in our opinion are fair and reasonable in the circumstances prevailing at the time. The

information or expressions of opinion contained herein are subject to change without notice.

Nothing in this document shall be construed as an offer or a solicitation of an offer to buy or sell any securities or products, or to engage in or refrain from

engaging in any transaction. In preparing this document, KS did not take into account your specific investment objectives, financial situation or particular

needs. This document is for your information only and is not to be taken in substitution for the exercise of your judgment. KS salespeople, traders and

other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions which are contrary to the

opinions expressed in this document. Before making an investment decision on the basis of this document, you should obtain independent financial, legal

or other advice and consider the appropriateness of investment in light of your particular investment needs, objectives and financial circumstances. There

are risks involved in the investment in securities. KS accepts no liability whatsoever for any direct, indirect, consequential or other loss (including claim for

loss of profit) arising from any use of or reliance upon this document and/or further communication given in relation to this document.

Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments herein constitute a judgment as of the date of this document, and

there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, projections, ratings or

risk assessments. Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described in this document were based upon a

number of estimates and assumptions and are inherently subject to significant uncertainties or contingencies. It can be expected that one or more of the

estimates on which the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments were based will not materialize or will vary

significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described

herein is not to be relied upon as a representation and/or warranty by KS (i) that such valuations, opinions, estimates, forecasts, projections, ratings or risk

assessments or their underlying assumptions will be achieved, or (ii) that there is an assurance that future results or events will be consistent with any

such valuations, opinions, estimates, forecasts, projections, ratings or risk assessments stated therein.

KS along with its affiliates and/or persons associated with it may from time to time have interests in the securities mentioned in this document. KS and its

associates, their directors and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or

seek to perform broking, investment banking, advisory and other securities services for companies mentioned in this document.

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 companies listed on the Stock Exchange of

Thailand and the Market of Alternative Investment disclosed to the public and able to be accessed by a general public investor at http://www.thai-

iod.com/en/publications-detail.asp?id=170 . 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 data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed

after that date. KS does not confirm nor certify the accuracy of such survey result.

Structured Notes and Derivative Warrants Disclaimer

KS may be the issuer of structured notes on these securities.

KS acts as market maker and issuer of Derivative Warrants (DWs) on the underlying stocks listed below. Investors should carefully read the details of the

DWs in the prospectus before making any investment decisions.

DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, AP, BANPU, BBL, BCP, BDMS, BH, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DTAC, EARTH,

GLOBAL, GUNKUL, HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KCE, KTB, LH, LPN, MAJOR, MINT, PS, PTT, PTTEP, PTTGC, QH, RATCH, ROBINS, SAMART,

SAWAD, SCB, SCC, SIRI, SPALI, SPCG, STEC, STPI, TCAP, THAI, THCOM, TICON, TMB, TOP, TPIPL, TRUE, TTA, TTCL TUF and VGI

KSK_061515_7167

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