1

Market and Financial Performance of

Thailand Securities Industry

(as at 31 December 2010)

Source : SEC / SET

2

Market Performance – SET & MAI

Index Series 2009 2010 % change

SET Index 734.54 1,032.76 40.60%

SET50 Index 520.69 720.19 38.31%

SET100 Index 1,120.26 1,573.02 40.41%

FTSE SET All-share 889.17 1,247.64 40.31%

FTSE SET Large Cap 892.74 1,232.28 38.03%

FTSE SET Mid Cap 867.97 1,267.42 46.02%

FTSE SET Mid/Small Cap 871.02 1,307.58 50.12%

FTSE SET Small Cap 883.43 1,464.42 65.76%

FTSE SET Fledging 1,002.46 1,317.91 31.47%

MAI 215.30 272.79% 26.70%

3

Market Performance – SET & MAI (cont.)

2009 2010

Market Capitalization (mil. baht)

- SET

- MAI

5,912,230

5,873,100

39,130

8,389,812

8,334,684

55,128

Turnover Ratio

- SET

- MAI

93.21%

91.90%

295.35%

98.36%

97.66%

203.82%

Total Turnover (mil. baht)

- SET

- MAI

4,428,979

4,338,479

90,500

7,033,946

6,937,890

96,057

Avg. Daily Trading Value (mil. baht)

- SET

- MAI

18,226

17,854

372

29,066

28,669

397

No. of Listed Companies

- SET

- MAI

535

475

60

534

474

60

No. of Listed Securities

- SET

- MAI

663

588

75

707

623

84

No. of SET’s Members 39 39

4

Market Performance – TFEX

2009 2010

Total Trading Volume (contracts) 3,075,318 4,519,436

- Gold Futures 311,591 971,423

- Interest Rate Futures - 41

- Single Stock Futures 145,758 969,353

- SET50 Index Futures 2,522,465 2,471,302

- SET50 Index Options 95,504 107,317

Average Daily Volume (contracts) 12,771 18,676

- Gold Futures 1,397 4,014

- Interest Rate Futures - 1

- Single Stock Futures 600 4,006

- SET50 Index Futures 10,381 10,212

- SET50 Index Options 393 443

5

Market Performance – TFEX (cont.)

2009 2010

Total Trading Value (mil. baht) 1,344,318 1,665,911

- Gold Futures 264,429 561,867

- Interest Rate Futures - -

- Single Stock Futures 7,134 11,403

- SET50 Index Futures 1,062,509 1,092,368

- SET50 Index Options 245 272

Open Interest (contracts) 28,281 77,955

- Gold Futures 5,681 16,246

- Interest Rate Futures - -

- Single Stock Futures 3,337 35,356

- SET50 Index Futures 18,961 25,553

- SET50 Index Options 302 797

6

Aggregate Balance Sheet of Securities Companies

(unit : mil. baht) 2009 2010 % change

Asset 159,229 189,008 18.70%

Liabilities 95,347 120,021 25.88%

Equity 63,882 68,987 7.99%

7

Assets Structure of Securities Companies

2010

Premises & Equipment

1%

Others13%

TCH Receivable 7%

Investment in subsidiary

2%

Investment in Debt & Equity

14%

L/T Deposits4%

Cash29%

Securities Business

Receivable30%

Premises & Equipment

1%

Others18%

Securities Business

Receivable22%

Cash31%

L/T Deposits4%

Investment in Debt & Equity

16%

Investment in subsidiary

2%

TCH Receivable 6%

2009

8

Liabilities Structure of Securities Companies

Others26%

Securities Business Payables

58%

TCH Payables9%

Borrowings7%

2009 2010

Others33%

Securities Business Payables

52%

TCH Payables7%

Borrowings8%

9

Aggregate Income Statement of Securities Companies(unit : mil. baht) 2009 2010 % change

Brokerage - Securities 17,463 22,147 26.82%

Brokerage - Derivatives 1,403 1,521 8.45%

Underwriting 279 522 87.04%

Financial Advisory 782 1,113 42.35%

Gains on Trading - Securities 599 4,076 580.69%

Gains on Trading – Derivatives 676 250 -63.07%

Interest and Dividend 1,222 1,441 17.91%

Others 2,062 2,359 14.43%

Total Revenue 24,486 33,430 36.53%

Expenses on Borrowing 317 519 63.78%

Fee & Service Expenses 1,554 1,975 27.05%

Provision for Bad Debt / Doubtful Account 49 77 56.13%

Personnel Expenses 10,830 13,127 21.21%

Premises & Equipment 3,105 2,957 -4.76%

Other Expenses 2,564 2,988 16.51%

Total Expenses 18,420 21,643 17.50%

Net Profit 4,503 8,601 91.00%

Corporate Tax 1,563 3,213 105.57%

10

Revenue Structure of Securities Companies

20102009

Others7%

Interest and Dividend

4%

Brokerage - Securities

66%

Brokerage - Derivatives

5%

Underwriting2%

FA3%

Proprietary Trading

13%Others

8%

Interest and Dividend

5%

Brokerage - Equity72%

Brokerage - Derivatives

6%

Underwriting1%

FA3%

Proprietary Trading

5%

11

Expenses Structure of Securities Companies

Others14%

Expenses on Borrowing

2%

Fees & Services Expenses

9%

Provision for Bad Debt

0.36%

Personnel Expenses

61%

Premises & Equipment

14%

2009 2010

Other 14%

Expenses on Borrowing

2%

Fees & Services Expenses

8%

Provision for Bad Debts

0.27%

Personel Expenses

59%

Premises & Equipment

17%

12

Cost to Income Ratio of Securities Companies

0.64

0.750.83

0.65

0.690.70

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2005 2006 2007 2008 2009 2010

tim

e

13

Net Profit and ROE of Securities Companies

5,391 5,247

6,568

2,456

4,503

8,601

9.49%7.86%

5.45%

7.11%8.56%8.13%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2005 2006 2007 2008 2009 2010

Btm

.

0%

5%

10%

15%

20%

Net Profit ROE

14

Appendix 1

No. of Branches 2009 2010

Bangkok & Surrounding Area 180 201

Provincial Area 214 225

Investor Contact – Equity 2009 2010

Type ก (Analyst) 360 353

Type ข (Marketing) 5,858 6,241

Investor Contact – Derivatives 2009 2010

Type ก (Analyst) 68 72

Type ข (Marketing) 3,655 3,951

15

Appendix 2

No. of Accounts – Equity 2009 2010

Total Accounts 561,318 626,441

Active Accounts 120,668 161,470

% Active Accounts 21.50% 25.77%

No. of Internet Accounts – Equity 2009 2010

Total Internet Accounts 202,819 266,283

Active Internet Accounts 45,143 69.137

% Active Accounts 22.26% 25.96%

No. of Accounts – Derivatives 2009 2010

Total Accounts 29,514 41,880

16

Appendix 3

2009 2010

Type of Investor

Trading Volume

(Mil. Baht)

Brokerage Fee

(Mil. Baht)

Avg. Commission

Rate

Trading Volume

(Mil. Baht)

Brokerage Fee

(Mil. Baht)

Avg. Commission

Rate

Local Institution 602,341 1,483 0.25% 1,081,821 2,119 0.20%

Proprietary Port 1,167,479 - - 1,713,469 - -

Foreign 1,753,876 3,800 0.22% 2,619,442 4,316 0.16%

Retail 5,334,262 12,180 0.23% 8,653,162 15,713 0.18%

Total 8,857,958 17,463 0.20% 14,067,894 22,148 0.16%

Total (x-prop) 7,690,479 17,463 0.23% 12,354,425 22,148 0.18%

Average Commission Rate - Equity

2009 2010

Trading Volume

(Contract)

Brokerage Fee

(Mil. Baht)

Avg. Commission

(Baht/Contract)

Trading Volume

(Contract)

Brokerage Fee

(Mil. Baht)

Avg. Commission

(Baht/Contract)

3,075,318 1,403 456.21 4,519,436 1,521 336.55

Average Commission Rate - Derivatives