Market Talk Investment Strategy Research Division

English research reports are a rough translation of our Thai-language research products. It is produced primarily with time efficiency in mind, so that English-English research reports are a rough translation of our Thai-language research products. It is produced primarily with time efficiency in mind, so that English-reading clients can see what the main recommendations are from our Thai-language research team. Given that this is a rough-and-ready translation, Asia Plus Securities Company cannot be held responsible for translation inaccuracies.

ASIA PLUS SECURITIES CO.,LTD. Broker#8. Research Protection @Copyright 2015

The Thai language research reports and information contained therein are compiled from public data sources and our analysts' interviews with executives of listed companies. They are presented for informational purposes only and not to be deemed as solicitations to buy or sell any securities. Best attempts have been made to verify information from these vast sources, but we cannot guarantee their accuracy, adequacy, completeness and timeliness. The analyses and comments presented herein are opinions of our analysts and do not necessarily reflect the views of Asia Plus Securities.

SECURITIES CO.,LTD. Broker#8. Research Protection @Copyright 2015"

Investment Strategy

Tuesday, May 7, 2019

Stock markets worldwide went down, while oil price plummeted almost 3%. There are many domestic issues next week: 1) MPC meeting, 2) the EC’s endorsement of the election result, and 3) returning of digital TV license and initial price of 700 MHz band for both digital TV and telecom operators. Amid internal uncertainty and negative external factor, we recommend defensive stocks with great earnings outlook. Top picks are ROBINS(FV@B70), DRT(FV@B6.58), and SEAFCO(FV@B12.40).

SET Index 1,679.05 Change (pts) -0.12 Market Cap (Million B) 43,061

SET Index fluctuates all day long

SET Index fluctuated for the entire day and closed at 1,679.05 pts last Friday, down 0.12 pts (-0.01%) with trading value of B42.9bn. The market was mainly supported by 1) transportation plays, especially AOT (+0.73%), BEM (+2.75%), and BTS (+1.71%), 2) energy plays, led by PTT (+0.51%), PTG (+1.72%), and GUNKUL (+2.86%), and 3) food plays, e.g. OSP (+4.80%), MINT (+0.67%), and OISHI (+13.43%), as well as big-cap RATCH (+4.02%) and SAWAD (+3.52%). Yet, it was weakened by big-cap LH (-2.73%), INTUCH (-1.27%), and PTTEP (-1.87%).

The SET is opened again after a long holiday. There are two important issues.

1. US-China trade talk had been positive sentiment in the financial markets up to present. However, US-China trade talk took a negative turn yesterday as U.S. President Donald Trump was not happy with the conclusion of the latest trade talk and threatened an import tariff hike at the end of this week. Still, we are hopeful US-China trade talk is not hopeless yet and another round of trade negotiation is still likely. This situation would still have negative sentiment on SET Index though.

2. Speaking of Thailand's political situation, the Election Commission (EC) will endorse the constituency MPs today and party-list MPs tomorrow. After that, the first parliamentary session will be held and the new prime minister will be elected. Although the political situation is still unclear, as long as it is making progress and leading to the formation of the new, elected government, it would have a positive sentiment. SET Index today is expected to undergo correction around 1,660-1,680 pts.

US threatens 25% tariff on US$200bn of Chinese goods again

Global stock markets have been depressed by U.S. protectionism policies against China again. The US declared the third import tariff hike, from 10% at present to 25%, on Chinese goods worth US$200bn, effective on May 10 (this Friday). The US also threatened import tariff hike on additional US$325bn of Chinese goods later. After proceeding with trade talks since the beginning of 2019, U.S. President Donald Trump said trade talks with China are proceeding too slowly and China is not complying with the deal.

Net Buy and Sell by Investor Type (Million B) Foreign -1,663.84 Proprietary 810.17 Institutional 519.26 Retail 334.42

Porranee Thongyen License No: 004146

Therdsak Thaveeteeratham License No: 004132

Paradorn Tiaranapramote License No: 075365

Takit Chardcherdsak License No: 087636 Yothin Pukongnin

Quantitative Analyst Assistant Jerdjaras Kaewkua

Analyst Assistant Wanapruk Komonwitayatorn

Economist Assistant Pawat Pattrapong

Quantitative Analyst Assistant

Market Talk Investment Strategy | Research Division

This would adversely affect trading partners of both China and the US as well as their supply chains (including Thailand), causing international trade to slow down. According to the World Bank, every US$50bn worth of protectionism measures would depress international trade war by 4.5%.

Nevertheless, we believe U.S. full-blown import tariff hikes is unlikely. Both countries already realized impacts of trade war and their leading economic indicators have been adversely affected by this. Manufacturing PMIs and exports of both the US and China have continuously declined since trade war started in mid-2018. We believe Trump would not like to cause U.S. economy to decelerate; he is probably trying to avoid impact from political issues. They are probably compromising. Notably, U.S. trade representatives are visiting Washington D.C. this Wednesday (May 8).

China's international trade figures will be reported on May 8; China's export is estimated to grow 2.3% in April, decelerating from 12% in March. Reported on May 10, U.S. April inflation rate is expected at 2.1%yoy (close to Fed's target of 2%). At the MPC meeting on May 8, Thailand's key interest rate is projected to be held at 1.75%. The latest inflation rate was 1.23%, still lower than the policy rate. Thailand's economic deceleration is expected in 2019.

Source : ASPS Research

Foreign net sell in Asia due to US-China trade war concern

Yesterday, South Korea and Thailand's stock markets were closed on Children's Day and Coronation Day, respectively. As a result of US-China trade war tension, foreign funds reverted to possess a net selling position in Asia at US$572m (after four days of net buying). All remaining three markets faced net selling: Taiwan at US$513m (after three days of net buying), Indonesia at US$58m (third day), and the Philippines at US$0.4m (second day). Last Friday, foreigners were net sellers in TIP markets and sold B1.66bn net in Thailand (second day).

Amid the aforementioned concern, investors switched to safer assets, e.g. bonds. U.S. ten-year bond yield dropped 6bp to 2.46% yesterday.

US$50bn25% import tariff

Since Jul 6, 2018

US$50bn25% import tariff

Since Jul 6, 2018

US$200bn

10% import tariff

Since Sep 24, 2018

% import tariff

Probably effective on May , 2019

US$60bn5-10 import tariff

Since Sep 24, 2018

US$ bn(no detail yet)

US$20bn(no detail yet)

China’s import tariff hike on US US$110bn6,085 items

U.S. import tariff hike on ChinaUS$250bn6,572 items

Upstream• Organic chemical

• Steam engine

• Power generator

Intermediate• Jet engine

• Electric circuit board

• Rollform machine

• Soldering machine

• Lens & telescope

• Geometric tools

Downstream• Auto

• Alcoholic beverage &

tobacco

• Leatherwear

• Carpet & textile

• Jewelry

• Computer

• Home appliances

• Tech goods

• Sound amplifier & recorder

• TV & radio

• Camera

• Drafting supply

• Clock

• Furniture

Upstream• Meat (beef & pork)

• Dairy products

• Soybean

• Nut

Intermediate• Processed seafood

• Processed fruit

• Tobacco

• Auto part

Downstream• Auto

• Tea & coffee

• Alcoholic beverage

• Book

• Textile

• Clothing

• Jewelry

• Computer

• Home appliances

• Telephone

• Sound Recorder

• TV & radio

• Camera

• Furniture

Round

Round 3

Break

Round

Market Talk Investment Strategy | Research Division

Monthly Foreign Fund Flow in Asia Date Indonesia Philippines S. Korea Taiwan Thailand Total

2017 -2,960 1,095 8,268 5,758 -796 11,343 2018 -3,656 -1,080 -5,676 -12,182 -8,913 -31,508 2019 (YTD) 4,444 821 7,042 6,163 -363 18,106 January 2019 964 356 3,658 1,818 214 7,010 February 2019 -237 178 615 2,599 -106 3,050 March 2019 118 88 262 24 -516 -24 April 2019 3,740 194 2,252 1,676 107 7,968 May 2019 (MTD) -140 4 255 173 -63 229 Unit: Million US$

Official lists of MPs and senators will be announced this week

The Election Commission (EC) will have to endorse at least 95% of the MPS (475 out of 500 MPs) this week. The list of endorsed constituency MPs (expected at 333 from 350 MPs) will be announced today and party-list MPs (expected at 142-143 from 150 MPs) tomorrow, so the total endorsed MP seats will be enough to commence a first parliament session. In addition, the list of 250 senators will be announced within three days after the MP endorsement, which could be Saturday, May 11, and the first parliament session is expected on May 23, 2019.

The voting for the prime minister could happen in the last week of May. Looking at the latest situation, the number of MP seats of each side to run for the government is not different but it will become clearer after the EC announced the official endorsed MPs. One important variable is the not-yet-endorsed 25 MPs, which could affect the final seat number of each side. Another important variable is 250 senators, which will also participate in the voting for the prime minister; this is important because the senators account for one-third of the total votes. Overall, although Thailand’s political situations are still confusing at present, they are just the process to obtaining an elected government under new rules, so we are still positive if the major situations have not changed and fund flows could return to Thailand in the second half of the year.

1Q19 earning season

Last Friday, IRPC(FV@B6.7) posted 1Q19 net profit of B153m (as expected), mainly owing to stock gain of B719m, reversing from massive 4Q18 net loss of B4.7bn. Yet, IRPC faced 1Q19 normalized loss of B558n due to lower market GIM and a planned shutdown of RDCC unit. 2Q19 normal profit is expected to revert to profit because its facilities would resume working as usual while GRM and petrochemical spreads would rise from 4Q18. Look for a good entry point and buy.

Market Talk Investment Strategy | Research Division

Earnings results of real sectors will be reported in the next two weeks as shown below:

Source : ASPS Research

We recommend the following stocks:

MTC(FV@B57) – 1Q19 net profit is estimated to make another new high at B1.04bn, growing 3.9%qoq and 24.8%yoy. Net loan growth would be driven by branch expansion. Spreads would drop slightly from 4Q18 since funding cost would continue to increase due to bond issuances. Asset quality is not worrying. NPL is expected to increase from 1.12% at end-4Q18 to 1.15% of total loans, which is usual after NPL write-off season. We reiterate BUY.

IVL(FV@B52) – 1Q19 net profit is estimated at B2.7bn, growing 15.2%qoq as extraordinary expense would decrease significantly. Yet, 1Q19 normalized profit is projected to fall 23.4%qoq to B2.9bn as MEG plant in the US underwent an unplanned shutdown (resuming working in mid-May 2019) while Ethane Cracker plant in the US has not started its commercial operation yet. We cut IVL's 2019 earnings forecast by 18.5% to B20bn to reflect lower sales volume due to the unplanned shutdown; under the new forecast, 2019 normalized profit is estimated to fall 15.2%yoy. 2Q19 profit is expected to rebound qoq thanks to high season. As the price already absorbed negative factors, we upgrade our recommendation to BUY.

PYLON(FV@B8.5) – 1Q19 net profit is estimated to make a new high at B72m, growing 19%qoq, mainly driven by Yellow Line project. Gross margin is estimated at 25.3%, even higher than 4Q18 (even though many sets of machinery were moved to new facilities). 2Q19 profit may slow down as there are many long holidays while many sets of machinery were moved to new facilities. In 3Q19, almost 70% of capacity utilization rate is already occupied, while foundation pile contractors would have new projects and start working on mega projects. We reiterate BUY.

LPN(FV@B8.20) – 1Q19 net profit is estimated at B329m, growing 10%yoy. 1Q19 presales were B1.67bn, only 10% of 2019 target, because there is no new project and sales of inventories are low. Still, revenue from sales is expected to grow 12%yoy thanks to transfers of outstanding backlog from. 2Q19 profit is expected to drop qoq and make a year's low as there would be no transfer of new condominiums. Yet, 2H19 profit would rebound, driven by the launching of five new condominiums; four of which will be opened in 4Q19, so 4Q19 profit is expected to make a year's high. We reiterate BUY.

7 8 9

SNC, TU, GFPT, PYLON,

THCOM, IVL, MTC ADVANC, LPN

14 15 16

ERW, OSP, BR, TFG, SAPPE, AH,

STA, BCH, CHG, PR9,

NWR,

TRUE , SIRI

SEAFCO, MINT, AP,

SPALI, ANAN

PTTGC, TOP, ASK,

CHAYO, BGRIM

CENTEL, BDMS, RJH,

S11, TK, SINGER,

GULF

PSH, LH, ORI, SC,

106

13 17

Friday

SAT, CPF, INTUCH,

AAV, QH, BANPU,

BPP,

Monday Tuesday Wednesday Thursday

Market Talk Investment Strategy | Research Division

Trade war hurts SET Index. Defensive domestic plays with good earnings: ROBINS, DRT

US-China trade war has re-emerged, causing 84% or 79 out of 94 of stock markets worldwide to plummet again in May, especially China (-5.58%mtd). 28 SET-listed stocks (including big-cap CPF, BEM, and M) are going XD today, weakening SET Index by 0.89 pts. Moreover, investors have to keep an eye on the official endorsement of the election result on May 9, 2019. SET Index today is expected to swing around 1,660-1,683 pts.

Amid SET fluctuation and external tension, we recommend staying away from global plays and investing in defensive domestic plays with good earnings outlook under the following themes:

1. Domestic plays benefiting from the government's economic stimulus measures:

2. Stocks with possibly strong earnings growth (both qoq and yoy) in 1Q19, BUY recommendation, and high upside:

Top picks are still ROBINS(FV@B70) and DRT(FV@B6.58).

SET vs Sector Return 2018 SET vs Sector Return 2019 YTD

Source: ASPS Research Source: ASPS Research

5.7%

3.2%

-5.4%

-6.3%

-10.4%

-10.6%

-10.8%

-13.1%

-14.2%

-14.8%

-15.6%

-17.2%

-17.2%

-18.0%

-20.3%

-22.1%

-22.8%

-26.6%

-29.3%

-30.8%

-40% -30% -20% -10% 0% 10%

HELTH

FIN

TRANS

ENERG

PETRO

BANK

SET

COMM

ICT

CONMAT

PROP

AGRI

INSUR

ETRON

AUTO

TOURISM

FOOD

CONS

MEDIA

STEELS

22.0%

14.5%

14.1%

13.5%

11.8%

10.8%

9.8%

7.4%

7.1%

6.9%

6.2%

5.2%

4.9%

4.7%

4.4%

2.4%

2.2%

0.6%

-4.2%

-7.1%

-10

%

-5%

0% 5%

10%

15%

20%

25%

MEDIA

FIN

FOOD

CONS

ENERG

ICT

TRANS

SET

COMM

TOURISM

AGRI

PROP

INSUR

CONMAT

AUTO

ETRON

HELTH

BANK

STEELS

PETRO

Company SectorLast Price

(06/05/2019)FairValue Upside PER 19F Div Yield 19F (%) YTD Return Beta

BJC COMM 52.50 61.00 16.2% 29.53 1.69 3.45% 1.38

ROBINS COMM 59.25 70.00 18.1% 20.72 2.17 -6.69% 1.37

ERW TOURISM 6.95 9.00 29.5% 27.32 1.65 10.32% 1.77

CENTEL TOURISM 42.50 52.00 22.4% 24.66 1.62 6.25% 0.83

Company SectorLast Price

(06/05/2019)FairValue Upside PER 19F Div Yield 19F (%) YTD Return Beta

SAT AUTO 19.1 29.00 51.8% 8.04 7.09 24.84% 1.23

SEAFCO CONS 8.20 12.40 51.2% 16.62 3.33 -11.35% 1.22

QH PROP 2.92 4.10 40.3% 7.86 7.89 11.45% 0.97

PYLON CONS 6.25 8.50 36.0% 17.65 5.20 -11.35% 0.95

RJH HELTH 24.2 32.00 32.2% 20.80 2.71 30.11% 0.73

SCCC CONMAT 218.00 269.00 23.4% 17.02 4.13 6.34% 0.62

TPIPP ENERG 6.2 7.35 18.5% 9.76 6.66 9.73% 1.10

EASTW ENERG 11.40 13.50 18.4% 16.29 4.05 6.54% 0.53

BDMS HELTH 25.75 30.00 16.5% 24.72 1.34 3.83% 0.83

M FOOD 72.25 84.00 16.3% 23.61 3.81 -3.34% 0.62

DRT CONMAT 5.65 6.58 16.4% 11.66 7.08 6.60% 0.45

Market Talk Investment Strategy | Research Division

Market Talk Top Picks

Source: ASPS Research

StartDate Avg. Cost Last

Accumulated contribution returns since beginning of the year

DRT 10%

2.80

5.55

Last Friday we sold PTTEP to take profit and switched to SEAFCO instead.

6.58

ROBINS

KBANK 11-Apr-19

DCC 2.06

18-Apr-19

21-Mar-19

STEC 11-Apr-19 29.25 10% 24.60 25.75 4.67% 3.29 1.55SET100 contractor stock with strong fundamentals. The purchase of Mo

Chit Land will also create recurring income for STEC. 22.40

2019 profit to grow 12%yoy from a plan to open additional ceramic kilns

and develop outlets to support growing demands.

246.00 20%

Big-cap stock with strong fundamentals. KBANK also has correlation with

foreign buying by 0.98. Loan growth could compensate for decreasing

income.

2.210.52%191.50 192.50

4.73

Net profit to make new high at B121.8m, growing 157%yoy and 4%qoq, mostly from existing project One Bangkok and a new project

Bangkok Mall.

BDMS 1.34

Dividend

Yield

3.33

PER

2019F-5 Day Chart

3.63

30.00

SEAFCO

Stocks Fair Value Weight

03-May-19 12.40 10%

Price

25.75BDMS is a big-cap stock with strong fundamental factors. Selling of RAM

will also boost 1Q19 profit to an all-time high. 10%

16.628.25 -0.61%8.20

25.25 24.72

7.08

1Q19 profit to make a new high thanks to expanding sales and

extraordinary gain from land selling. DRT is also a good dividend play,

with expected yield of 7%p.a.

Accumulated

Return

1.98%

Strategist CommentPBV 2019F

11.33 1.13

02-May-19

3.57

1.80%

-5.50% 13.742.18

11.66 2.46

1.652.93

10%

6.90 6.95

5.65

5.46

20.72 3.22 2.17

Tax incentive to boost tourism and money injection via E-payment for

people aged over 18 with low income will be good for the tourism-hotel

stocks, especially ERW.

Accumulated returns

ERW 24-Apr-19 9.00 15% 0.72% 27.32

Accumulated returns since our recommendation

Tax incentive to boost spending is positive sentiment for a commerce

stock like ROBINS. 2019 P/E ratio is the lowest among peers at 20.4x.22-Apr-19 70.00 15% 58.92 59.25 0.57%

4.67%

1.98%

1.80%

0.72%

0.57%

0.52%

-0.61%

-5.50%

-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

STEC

BDMS

DRT

ERW

ROBINS

KBANK

SEAFCO

DCC

9.96%

0.77%0.07%

7.36%

0.33%

-0.01%-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

YTD MTD -1D

Portfolio SET Index

1.53%1.32%

1.28%1.05%

0.88%0.87%0.87%

0.81%0.78%

0.64%0.60%0.58%0.57%

0.32%0.20%0.17%0.16%0.16%

0.12%0.10%0.07%0.06%0.05%0.04%

-0.07%-0.13%-0.15%-0.16%-0.17%

-0.21%-0.47%

-0.74%-1.16%

-2.00% -1.00% 0.00% 1.00% 2.00%

MAJORPTTEP

MTCQH

STPISTEC

LHSCCBCH

TUCPALLKBANKEASTWPTTGC

DRTTHANI

CPFTFG

ERWROBINS

POPFADVANC

CKDTAC

SEAFCOBJCJMT

QHPFBBLPTT

BDMSDCC

SCCC

Monthly contribution returns

Equity Calendar

Research DivisionMay 7, 2019

Monday Tuesday Wednesday Thursday Friday6 7 8 9 10

XD XD XD XDAKP @B0.072 2S @B0.07 AMATA @B0.17 AMARIN @B0.07

AMATAV @B0.09 AP @B0.40 AU @B0.19 EMGY @B0.13

BEM @B0.09 ARROW @B0.35 BCH @B0.12 KAMART @B0.07

BIG @B0.08 BAY @B0.45 BWG @B0.023 KCM @B0.0034

BLA @B0.40 CK @B0.30 ESTAR @B0.02 SIAM @B0.01

BRR @B0.15 DEMCO @B0.05 HPT 16 existing :1STD @free SOKON @B2.50

BSM @B0.015 EASON @B0.07 ILINK @B0.14 TRITN @B0.0034

COLOR @B0.04 GYT @B5.00 JUBILE @B0.34

COM7 @B0.50 IVL @B0.35 NPK @B0.40 ConversionCPF @B0.30 PL @B0.19 OHTL @B9.00 META-W2 1.28171:1w @B6.242 (final)

CSR @B1.70 RML @B0.015 PF @B0.066

CSS @B0.06 RP @B0.0522 PLANB @B0.091

FE @B10.00 SMIT @B0.22 PREB @B0.80

HTECH @B0.12 SSSC @B0.165 STA @B0.40

HUMAN @B0.06 SYMC @B0.03 SYNTEC @B0.09

PUBLIC HOLIDAY IHL @B0.30 TRU @B0.25 TITLE 0.0277777778 + 2 existing :1STD @free

(Special Holiday) ITEL @B0.057 VIBHA @B0.04 WHA @B0.0833

JSP @B0.01

JWD @B0.21 XE XRK @B0.10 MIDA-W2 1:1w @B2.50 (final, "SP") PERM 2:1n @B1.00

LRH @B0.41 ML-W2 1.10:1w @B3.182 (final, "SP")

LST @B0.25 SKY-W1 1.09:1w @B1.376 (final, "SP") XWM @B1.30 DOD 2.25 existing: 1DOD-W1 @B0.10

MATI @B0.10 XW PERM 1 existing: 1w @free

MK @B0.01111 + 10 existing: 1STD @free HYDRO 8 existing: 1HYDRO-W1 @free

NCL @B0.0067

NER @B0.13 ConversionNEW @B0.70 DCC-W1 1:1w @B1.15

PB @B0.85 DCON-W1 15.757:1w @B0.317 (final)

PG @B0.25

PR9 @B0.14

RPH @B0.0292

SABINA @B0.54

SEAFCO @B0.10 + 10 existing : 1STD @free

SENA @B0.160553

SSP @B0.217

TNPC @B0.04

TPCH @B0.0623

TWPC @B0.32

UKEM @B0.01

UPOIC @B0.08

XE2S-W1 1.125:1w @B6.667 (final, "SP")

STHAI-W2 1:1w @B1.00 (final, "SP")

XR, XWPACE 3 : 2n @0.25 + 1PACE-W3 @free

New listing - Derivatives WarrantBCP13C1910A 120m units @B1.00

CPF13C1910A 120m units @B1.00

EA13C1910A 120m units @B1.00

EA13P1910A 120m units @B1.00

ESSO13C1910A 120m units @B1.00

PTTG16C2001A 40m units @B1.00

TKN24C1908A 50m units @B1.00

ESSO27C1912A 50m units @B1.00

BANP41C1909A 45m units @B1.00

BTS41P1910AA 50m units @B1.00

CKP41C1909A 40m units @B1.00

IRPC41P1909A 50m units @B1.00

GLOB41C1910A 25m units @B1.00

INTU41P1910A 30m units @B1.00

KBAN41C1910A 70m units @B1.00

KTB41C1910A 50m units @B1.00

KTC41C1910A 70m units @B1.00

SCB41C1910A 80m units @B1.00 MPC meeting

13 14 15 16 17

XD XD Conversion XD

AEONTS @B2.35 ITD @B0.0144 PDI-W1 1:1w @B33.00 DCC @B0.10

NWR @B0.04 PIMO-W1 1:1w @B1.20 (final) SHREIT @B0.0959

TVI @B0.20 XW

AKR 2 existing : 1AKR-W1 @free XN

Conversion SHREIT @B0.0941

ITD-W1 1.002:1w @B13.971 (final)

Conversion

SAMART-W2 1.014:1w @B14.80

TFG-W1 1:1w @B2.50 (final)

TSF-W4 1:1w @B0.70 (final)

TSF-W5 1:1w @B0.05 (final)

20 21 22 23 24

Conversion XW Conversion

PUBLIC HOLIDAY IEC-W2 1:1w @B0.045 (final) PPPM 3 existing: 1PPPM-W4 @free BWG-W4 1:1w @B3.00 (final)

(Wisakha Bucha Day) XO-W1 1.024:1w @B3.907 (final) ECF-W3 1:1w @B5.00

Conversion

NESDB - GDP 1Q/19 ATP30-W1 1:1w @B0.85 (final)

27 28 29 30 31

Conversion Conversion XW Conversion

WORK-W1 1:1w @B38.10 ACAP-W2 1:1w @B6.00 (final) HPT 5 existing: 1HPT-W1 @free CGH-W3 1:1w @B2.00

MIDA-W2 1:1w @B2.50 (final)

Conversion ML-W2 1.10:1w @B3.182 (final)

2S-W1 1.125:1w @B6.667 (final) NUSA-W3 1:1w @B1.00

SKY-W1 1.09:1w @B1.376 (final)

TNPC-W1 1.02:1w @B2.21

BOT : Apr-19 Trade

Monday Tuesday Wednesday Thursday Friday3 4 5 6 7

Conversion XW

JMART-W2 1:1w @B15.00 7UP 5 existing : 17UP-W4 @0.05

Conversion

STHAI-W2 1:1w @B1.00 (final)

TNPC-W1

MOC : May-19 CPI

10 11 12 13 14

XR

PPPM 2:1n @B2.00

Jun 2019

May 2019

C = conversion, CB = convertible bonds, PP = private placement, p = preferred shares, w = warrants, n = new, STD = stock dividend, NPG = Non-Performing Group Provided by Amika (ext 1229)