7/28/2019 0926 SVI Initiation
1/17
See important disclosures at the end of this report Powered by Enhanced Datasystems EFATM Platform 1
Initiating Coverage, 25 September 2013
SVI PCL (SVI TB) BuyTechnology - Technology Target Price: THB5.00
Market Cap: USD251m Price: THB3.48
Macro
Risks
Growth
Value
80
84
87
91
94
98
101
105
108
112
115
2.7
2.9
3.1
3.3
3.5
3.7
3.9
4.1
4.3
4.5
4.7
SVI PCL (SVI TB)Price Close Relative to Stock Exchange of Thailand Index (RHS)
10
20
30
40
50
60
70
80
90
Se
p-12
No
v-12
Ja
n-13
Mar-13
Ma
y-13
J
ul-13
Volm
Source: Bloomberg
Avg Turnover (THB/USD) 14.4m/0.46m
Cons. Upside (%) 12.6
Upside (%) 43.7
52-wk Price low/high (THB) 2.94 - 4.55
Free float (%) 44
Shareholders (%)
MFG Solution 28.5
Pongsak Lothongkam 24.9
Thai NVDR 3.7
Sharia compliant
Sittichai Duangrattanachaya+66 2862 9999 ext 2028License No.30565
Forecasts and Valuations Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Total turnover (THBm) 8,079 8,445 7,704 7,943 10,106
Reported net profit (THBm) 735 (1,275) 1,246 1,589 1,692
Recurring net profit (THBm) 751 823 555 442 737
Recurring net profit growth (%) 30.3 9.6 (32.5) (20.3) 66.6
Core EPS (THB) 0.45 0.45 0.29 0.21 0.33
DPS (THB) 0.20 0.00 0.00 0.18 0.19
Dividend Yield (%) 5.7 0.0 0.0 5.1 5.4
Core P/E (x) 7.7 7.8 12.1 16.3 10.5
Return on average equity (%) 30.6 (62.1) 65.5 50.7 38.8
P/B (x) 2.13 5.31 2.64 2.07 1.56
P/CF (x) 16.6 7.0 40.4 10.1 9.3
EV/EBITDA (x) 7.1 6.0 11.5 11.6 7.2
Net debt to equity (%) net cash net cash net cash net cash net cash
Our vs consensus EPS (%) 0.0 0.0
Source: Company data, RHB estimates
SVI 5.00 PE 2557 13.0x upside 44% 5.1% 25% 2555-58 (CAGR) 14% SVI (M&A)
(EMS) 3 7.7% (CAGR) (GDP)
SVI 25% (CAGR 3 ) 14% (i) (ii) (iii)
(M&A)
SVI 1H59 (Vertical Integration)
PE 2556 9x 2557 8x 30% 18%
5.00 SVI 5.00 PE 2557 13.0x 3 +2SD
10% PEG 0.3x 3 25% (CAGR) upside 44% 5.2%
7/28/2019 0926 SVI Initiation
2/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 2
(EMS) 19.5% 2552 2553 2554-58 2558 2.7 3 (CAGR) 7.7% EMS (i) (GDP) 3.8% (ii) 2.2% (iii) (outsource) 2.6% EMS 11-12% 2557 (i)GDP 3.8% (ii) 5.7% (iii) 2.1%
(ElectronicsManufacturing Service EMS) (Original Equipment Manufacturer: OEM) (Design House) (Turnkey Box-Build) (System-Build)
5 4 1 22,472 7,800 2555 2 17,215 12,000
2554 3 70,400 38,000 4 2549 7,787 5,812 5 2554 65,340 30,000
Figure 1: Revenue breakdown
Source: Company data, RHB estimates
Figure 2: Company structure and subsidiaries
Source: Company data
7/28/2019 0926 SVI Initiation
3/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 3
Figure 3: Structure of shareholdings
Source: Stock Exchange of Thailand (SET), Company data
Figure 4: SVIs milestones
Timeline Event
1985 Established SVI1989 Listed on the Stock Exchange of Thailand2000 Started high-tech production processes2004 Set up a second factory (SVI-2)2006 Set up a new factory in Tianjin, China (SVI-4)2008 Acquired a third plant in Thailand (SVI-3)2009 Selected to be included in the SET 100 Index2010 Acquired a new factory (SVI-5)2011 Temporarily production shutdown due to a severe flood in the fourth quarter2012 A production recovery at Bangkadi Plant2013 Paid stock dividend 7:1, leading to new shares outstanding at 2,261m shares
Source: Company data
7/28/2019 0926 SVI Initiation
4/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 4
Industry Outlook
Figure 5: Global economic outlook Figure 6: Historical and forecast data for the electronicsindustry
Source: IMF, World Bank Source: RHB estimates, IDC, Prismark
Figure 7: EMS industry revenue trend Figure 8: EMS industry s growth drivers
Source: RHB estimates, IDC, iSuppli Source: RHB estimates, IMF, IDC, iSuppli
2-3 2555 1.65 5 (CAGR) 11% 13% 9%
7/28/2019 0926 SVI Initiation
5/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 5
Figure 9: EMS demand is expected to grow
Source: RHB, Frost & Sullivan
Figure 10: Global semiconductor sales by region
FY12 FY13F %Chg FY14F %Chg FY15F %ChgUSDm USDm y-o-y USDm y-o-y USDm y-o-y
Americas 54,359 55,225 1.6% 57,115 3.4% 58,526 2.5%Europe 33,163 34,905 5.3% 36,304 4.0% 37,393 3.0%Japan 41,056 35,402 -13.8% 36,772 3.9% 37,591 2.2%
Asia Pacific 162,985 172,234 5.7% 182,716 6.1% 191,393 4.7%
Total 291,563 297,766 2.1% 312,907 5.1% 324,903 3.8%Source: RHB estimates, Semiconductor Industry Association (SIA)
Key Financial Metrics
60%
World Bank IMF GDP 54% GDP per capita 22% EMS 60% EMS
Figure 11: Scandinavia is a key market Figure 12: Scandinavias economic statist ics are more robust thanthose of the US and EU
GDPgrowth GDP
Debt toGDP Unemployment
Creditrating
2014
Per
Capita (%) rate S&P
World 3.8% 10,100 64.0% n.a. n.a.
Euro Zone 1.2% 32,518 92.2% 12.1% n.a.
US 2.7% 49,922 73.6% 7.3% AA+
Denmark 1.6% 56,202 45.3% 6.7% AAA
Norway 2.3% 99,462 30.3% 3.5% AAA
Sweden 2.5% 55,158 38.6% 7.3% AAA
Finland 1.7% 46,098 53.5% 7.9% AAA
Source: Company data Source: IMF, World Bank, Standard & Poor
7/28/2019 0926 SVI Initiation
6/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 6
Figure 13: Customer concentration and product mix diversification
Note: Customer concentration is a major issue when more than 10% of revenue comes from one customer or
when more than 25% of revenue comes from the top five customers. Product diversification is an issue whenmore than 30% of revenue comes from one product segment. The number 1 on the X-axis indicates the leastproduct diversification and the number 5 the most. The number 1 on the Y-axis represents the highest level ofcustomer concentration, the number 5 the lowest.
Source: RHB estimates
( / ) SVI 2 9% 15-20% 250bps 2554 7.9%
Figure 14: SVIs cost struc ture Figure 15: SVIs operating prof it is above the average
Source: Company data Source: Respective companies, All data compiled by RHB
7/28/2019 0926 SVI Initiation
7/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 7
Figure 16: SVI is strengthening it s capital structure
Source: RHB estimates, Company data
2554 SVI 1434 531 750 731 2555 121 1H56 852 900 2556 214 1/56 750 1H56
Figure 17: Inflow from insurance claims
Source: RHB estimates, Company data
(M&A)
. 2554 SVI EMS 4/54 900 Partnertech (PART SS, NR) Kitron (KIT NO, NR) 1H57 2558 100-150
(niche market) (Mechatronics) 5 1 300 3 EMS 30
7/28/2019 0926 SVI Initiation
8/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 8
Figure 18: Potential M&A targets
Partner Tech Kitron Scanfil NOTE Incap PKC Group Neways
Market Capitalisation (USDm) 43 56 97 29 5 747 59
Location Sweden Norway Finland Sweden Finland Finland Norway
FY12 Sales (USDm) 331 291 233 152 82 1,194 353
FY12 Net profit (USDm) (1) 8 7 2 (6) 31 (1)
Labour cost to sales (%) 23% 25% 14% 23% 25% 22% 29%
Total debt (USDm) 43 44 30 15 24 190 10
Cash (USDm) 7 4 12 6 3 115 1
Main products Medica l Medical Telecom Component Medical Automotive Industrial
Indus try Indus try Automation PCBA Power Component Auto
Defense Aerospace Consumer Power Medical
Vertical integration Yes Yes Yes Yes Yes Yes Yes
Potential synergies Yes Yes No No No No No
Potential Targets
Source: Respective companies, RHB estimates
Figure 19: SVIs manufacturing plants
Source: Company data
2/56 GDP 0.3% . 2556 2.7-5.0% 4.2-5.5%
3.3 (YTD) / 1.5%(YTD) 8.4% 31 SVI 90% 1% 3.0% ( 31 / 42 /)
Figure 20: Sensitivity analysis of earnings affected by THB movements
Sensitiv ity of operating profit to EUR and USD movement
THB29/USD THB30/USD THB31/USD THB32/USD THB33/USD-6.5% -3.2% Base 3.2% 6.5%
THB40/EUR -4.8% -13% -3% 6% 16% 26%
THB41/EUR -2.4% -17% -7% 3% 13% 23%THB42/EUR Base -20% -10% 671 10% 20%
THB43/EUR 2.4% -23% -13% -3% 7% 16%THB44/EUR 4.8% -26% -16% -6% 3% 13%
Source: RHB estimates
7/28/2019 0926 SVI Initiation
9/17
SVI PCL (SVI TB)25 September 2013
See important disclosures at the end of this report 9
2Q13/1H13 Results Review
Figure 21: 2Q13 and 1H13 results review
2Q13 %Chg %Chg 1H13 %Chg %Chg(THBm) q-o-q y-o-y (THBm) h-o-h y-o-y
Sales 1,875 16% -9% 3,486 -14% -5%Gross profit 195 111% -13% 288 -14% -25%EBIT 105 445% -26% 124 -33% -45%EBITDA 151 132% -16% 216 -22% -27%
Net income 189 -16% 22% 412 -46% -10%Normal ized pro fi t 136 -2% -6% 275 44% 22%
ppt chg ppt chgGross margin (%) 10.4% 4.7% -0.5% 8.3% 0.0% -2.3%EBIT margin (%) 5.6% 4.4% -1.3% 3.6% -1.0% -2.6%EBITDA margin (%) 15.1% 0.0% 0.0% 6.2% -0.6% -1.9%SGA % of sales 4.8% 0.3% 0.8% 4.7% 1.0% 0.3%
Net margin (%) 10.1% -3.8% 2.6% 11.8% -7.1% -0.7%Source: RHB estimates, Company data
Figure 22: Sales breakdown by market sector
2QFY13 %Chg %Chg 1HFY13 %Chg %Chg(THBm) y-o-y q-o-q (THBm) h-o-h y-o-y
Niche 1,163 -5% 22% 2,113 -12% -8%Industrial Control 638 -21% 7% 1,233 -17% -4%Medical 75 81% 16% 139 -12% 90%
Total 1,875 -9% 16% 3,486 -14% -5%Source: RHB estimates, Company data
Figure 23: 2HFY13 sales and earnings projection
2HFY13 %Chg %Chg FY13 %Chg(THBm) h-o-h y-o-y (THBm) y-o-y
Sales 4,457 28% 10% 7,943 3%Gross profit 479 66% 43% 768 7%EBIT 270 118% 47% 394 -4%EBITDA 364 68% 32% 580 1%
Net inc ome 1,179 186% 54% 1,591 30%Normal ized pro fit 285 4% 49% 560 35%
ppt chg ChgGross margin (%) 10.8% 2.5% 2.5% 9.7% 0.3%EBIT margin (%) 6.1% 2.5% 1.5% 5.0% -0.3%
EBITDA margin (%) 8.2% 2.0% 1.3% 7.3% -0.1%SGA % of sales 4.7% 0.0% 1.0% 4.7% 0.7%Net margin (%) 26.5% 14.6% 7.5% 20.0% 4.1%
Source: RHB estimates
7/28/2019 0926 SVI Initiation
10/17
SVI PCL (SVI TB)25 September 2013
See impor tant disc losu res at the end of this report 10
Valuation And Recommendation 5.00
SVI 5.00 PE 2557 13.0x 3 +2SD 10% PEG 0.3x 3 25% (CAGR) upside 44% 5.2%
Figure 24: Forward P/E Figure 25: Histori cal P/BV
Source: Bloomberg, RHB estimates Source: Bloomberg, RHB estimates
P/E P/BV EV/EBITDA Dividend Yield (%) ROE (%)FY13 FY14 FY13 FY14 FY13 FY14 FY13 FY14 FY13 FY14
SVI 8.9 9.3 1.9 1.7 8.8 6.7 3.4 4.8 37.2 19.2
Average Elec tronics sector 13.2 9.4 1.6 1.4 15.1 6.3 4.9 5.5 13.8 15.1
Global EMS PeersVenture Corporation 14.1 12.6 1.1 1.1 9.2 8.4 6.8 7.0 8.0 8.9Flextronics 11.1 10.9 2.6 2.5 5.8 5.7 0.0 0.0 23.2 21.2Foxconn Technology Group 12.4 11.9 1.1 n.a. n.a. n.a. 1.2 1.4 n.a. n.a.Hon Hai Precision Industry 10.7 9.8 n.a. n.a. 6.3 5.3 2.0 2.1 n.a. n.a.Celestica 13.5 11.6 1.5 1.3 6.2 5.4 0.0 0.0 9.9 10.1Jabil Circuit 10.6 9.0 2.2 1.9 4.6 4.2 1.4 1.4 19.8 21.4Sanmina 13.0 10.6 1.4 1.3 6.6 6.3 0.0 0.0 10.4 10.0Benchmark Electronics 19.5 16.3 1.1 1.0 7.2 6.6 0.0 0.0 5.2 6.0Plexus 15.8 14.3 1.8 1.6 8.3 7.8 0.0 0.0 11.4 11.6
Average EMS peers 13.4 11.9 1.6 1.5 6.8 6.2 1.3 1.3 12.6 12.7
Premium/(dis count) to Thai peers -32.5 -1.3 20.6 17.1 -41.9 6.1 -1.5 -0.7 23.4 4.1Premiu m/(discount) to EMS peers -33.4 -21.5 17.8 10.0 29.2 8.5 2.1 3.5 24.6 6.5
Source: Bloomberg, RHB estimates
7/28/2019 0926 SVI Initiation
11/17
SVI PCL (SVI TB)25 September 2013
See impor tant disc losu res at the end of this report 11
Financial Exhibits
Profit & Loss (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Total turnover 8,079 8,445 7,704 7,943 10,106
Cost of sales (7,188) (7,363) (6,985) (7,175) (8,960)
Gross profi t 891 1,083 720 768 1,146
Gen & admin expenses (132) (187) (192) (259) (323)
Selling expenses (98) (117) (119) (115) (152)
Other operating costs (55) - - (18) (6)
Operating profit 605 778 409 376 665
Operating EBITDA 760 978 573 558 855
Depreciation of fixed assets (155) (199) (164) (182) (190)
Operating EBIT 605 778 409 376 665
Other recurring income 91 50 51 65 84
Interest expense (22) (23) (38) (23) (14)
Exchange gains 84 11 135 28 10
Exceptional income - net (16) (2,080) (38) 134 -
Other non-recurring income - - 730 1,022 964
Pre-tax profit 744 (1,264) 1,248 1,602 1,709
Taxation (9) (11) (2) (13) (17)Profit after tax & minori ties 735 (1,275) 1,246 1,589 1,692
Reported net profit 735 (1,275) 1,246 1,589 1,692
Recurring net profit 751 823 555 442 737
Source: Company data, RHB estimates
Cash flow (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Operating profit 605 778 409 376 665
Depreciation & amortisation 155 199 164 182 190
Change in working capital (526) 119 (1,258) (423) (387)
Other operating cash flow 103 (179) 830 591 388
Operating cash flow 337 917 145 726 856
Interest received (4) (10) (10) - -
Interest paid 18 19 34 - -
Tax paid (5) (10) (3) (13) (17)
Cash flow from operations 347 917 166 713 839
Capex (271) (526) (600) (313) (320)
Other new investments 200 (360) 500 - -
Other investing cash flow (399) 123 109 (151) 3
Cash fl ow from i nvesti ng acti vi ti es (469) (763) 9 (465) (318)
Dividends paid (159) (204) - (397) (423)
Proceeds from issue of shares 292 24 21 - -
Increase in debt 366 (275) (3) (82) (443)
Other financing cash flow - - - (0) -
Cash flow from financing activities 499 (455) 18 (479) (866)
Cash at beginning of period 300 676 374 567 1,018
Total cash generated 376 (301) 193 (230) (344)
Implied cash at end of period 676 375 568 337 673
Source: Company data, RHB estimates
7/28/2019 0926 SVI Initiation
12/17
SVI PCL (SVI TB)25 September 2013
See impor tant disc losu res at the end of this report 12
Financial Exhibits
Balance Sheet (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Total cash and equivalents 1,216 1,169 777 1,375 1,706
Inventories 1,480 1,117 1,216 1,259 1,573
Accounts receivable 1,745 587 1,511 1,561 1,986
Other current assets 71 41 30 122 155
Total current assets 4,512 2,915 3,535 4,316 5,420
Tangible fixed assets 1,012 1,023 1,387 1,466 1,567
Intangible assets 12 10 8 11 17
Total other assets 77 6 2 12 15
Total non-current assets 1,101 1,039 1,396 1,489 1,599
Total assets 5,613 3,954 4,932 5,805 7,019
Short-term debt 348 284 545 464 123
Accounts payable 1,629 1,881 1,618 1,377 1,763
Other current liabilities 265 160 93 93 93
Total current l iabil ities 2,242 2,325 2,255 1,935 1,979
Total long-term debt 525 346 105 104 2
Other liabilities - 33 54 57 60
Total non-current l iabi li ties 525 379 159 161 62Total l iabil ities 2,767 2,704 2,415 2,096 2,041
Share capital 1,939 1,950 1,961 1,961 1,961
Retained earnings reserve 896 (696) 550 1,742 3,011
Other reserves 4 16 26 26 26
Shareholders' equity 2,839 1,270 2,538 3,730 4,999
Other equity 7 (20) (21) (21) (21)
Total equity 2,846 1,250 2,517 3,709 4,978
Total l iabil ities & equity 5,613 3,954 4,932 5,805 7,019
Source: Company data, RHB estimates
Key Ratios (THB) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F
Revenue growth (%) 24.6 4.5 (8.8) 3.1 27.2
Operating profit growth (%) 13.8 28.5 (47.5) (8.0) 76.8
Net profit growth (%) 26.3 (273.4) 0.0 27.5 6.4
EPS growth (%) 20.1 (256.2) 0.0 18.7 (1.2)
Bv per share growth (%) 30.5 (59.9) 101.0 27.4 32.6
Operating margin (%) 7.5 9.2 5.3 4.7 6.6
Net profit margin (%) 9.1 (15.1) 16.2 20.0 16.7
Return on average assets (%) 15.3 (26.7) 28.1 29.6 26.4
Return on average equity (%) 30.6 (62.1) 65.5 50.7 38.8
Net debt to equity (%) (12.0) (43.2) (5.1) (21.7) (31.8)
DPS 0.20 0.00 0.00 0.18 0.19
Recurrent cash flow per share 0.21 0.50 0.09 0.34 0.38
Source: Company data, RHB estimates
7/28/2019 0926 SVI Initiation
13/17
SVI PCL (SVI TB)25 September 2013
See impor tant disc losu res at the end of this report 13
SWOT Analysis
Diversified customer base
Flexible manufacturing capability
Geographically-dispersed production bases inThailand and China. SVI has international purchasing
offices in Asia and Europe
Weaker-than-expected globaleconomicgrowth
Increasing wagelevels inThailand andChina
Risks of naturaldisasters
Absolute controlby management
Economicrecovery in theUS and EU
Restockingcycle fortechnologycompanies
Potential M&As
in Scandinavia Traditional
electronics andhealthcareproducts areexpected topost the fastestgrowth
Fluctuations in the exchange rate may affectoperations
Shortage of skilled labour
Low research and development expenses
-600%
-333%
-67%
200%
467%
733%
1,000%
0
10
20
30
40
50
60
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
P/E (x) vs EPS growth
P/E (x) (lhs) EPS growth (rhs)
-80%
-53%
-27%
0%
27%
53%
80%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
P/BV (x) vs ROAE
P/B (x) (lhs) Return on average equity (rhs)
Source: Company data, RHB estimates Source: Company data, RHB estimates
Company Profi leSVI provides electronics manufacturing services to original equipment manufacturers (OEM) and design houses, focusing on box-buildand system-build product manufacturing. It is a total solutions provider of turnkey box-build assembly. The majority of SVI's customersare global players based in Europe and the US.
7/28/2019 0926 SVI Initiation
14/17
SVI PCL (SVI TB)25 September 2013
See impor tant disc losu res at the end of this report 14
Recommendation Chart
0.3
0.8
1.3
1.8
2.3
2.8
3.3
3.8
4.3
4.8
Sep-08 Jan-10 Apr-11 Jul-12
Price Close
Source: RHB estimates, Bloomberg
Date Recommendation Target Price Price
2013-09-25
Source : RHB estimates, Bloomberg
7/28/2019 0926 SVI Initiation
15/17
15
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 monthsTrading Bu y: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertainNeutral: Share price may fall within the range of +/- 10% over the next 12 monthsTake Profi t: Target price has been attained. Look to accumulate at lower levelsSell: Share price may fall by more than 10% over the next 12 monthsNot Rated: Stock is not within regular research coverage
Disclosure & Disclaimer
All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation orwarranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offerto transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared forinformation purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report doesnot have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for theinformation of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal orfinancial advice to independently evaluate the particular investments and strategies.
RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions insecurities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may bematerially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) coveredin this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies),may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or
underwriting services for or relating to such company(ies), as well as solici t such investment, advisory or other services from any entity mentioned in thisresearch report.
RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arisefrom any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damagesare alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature.
The term RHB shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein belowand shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies.
All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without priorconsent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect.
Malaysia
This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd (233327-M), Level 11, Tower One, RHB Centre, Jalan Tun Razak,50400 Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB CapitalBerhad.
Singapore
This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No. 200808705N), a wholly-owned subsidiary of DMG &Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK InvestmentBank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as RHBIB, which in turn is a wholly-owned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG &Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; thisreport is therefore classified as a non-independent report.
As of 24 September 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietarypositions in the securities covered in this report, except for:a) -
As of 24 September 2013, none of the analysts who covered the securities in this report has an interest in such securities, except for:a) SVI PCL
Special Distribution by RHB
Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributedto "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securi ties and Futures Act, CAP. 289 of Singapore. If you are notan "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this researchreport in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG &Partners Securities Pte Ltd.
Hong Kong
This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (RHBSHK) (formerly known as OSK Securities HongKong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity isreferred to as RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital Berhad.
RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company.RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtaincompensation for investment banking services from the subject company.
7/28/2019 0926 SVI Initiation
16/17
16
Risk Disclosure Statements
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely thatlosses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHKdoes not maintain a predetermined schedule for publication of research and will not necessarily update this report
Indonesia
This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-ownedsubsidiary of RHB Capital Berhad.
Thailand
This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), asubsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-ownedsubsidiary of RHB Capital Berhad.
Other Jurisdicti ons
In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law andregulations of the jurisdictions.
Kuala Lumpur Hong Kong Singapore
Malaysia Research OfficeRHB Research Institute Sdn Bhd
Level 11, Tower One, RHB CentreJalan Tun Razak
Kuala LumpurMalaysia
Tel : +(60) 3 9280 2185Fax : +(60) 3 9284 8693
RHB OSK Securities Hong Kong Ltd.(formerly known as OSK Securities Hong Kong Ltd.)
12th FloorWorld-Wide House19 Des Voeux RoadCentral, Hong Kong
Tel : +(852) 2525 1118Fax : +(852) 2810 0908
DMG & PartnersSecurities Pte. Ltd.
10 Collyer Quay#09-08 Ocean Financial Centre
Singapore 049315Tel : +(65) 6533 1818Fax : +(65) 6532 6211
Jakarta Shanghai Phnom Penh
PT RHB OSK Securities Indonesia(formerly know n as PT OSK Nusadana Securities
Indonesia)Plaza CIMB Niaga
14th Floor
Jl. Jend. Sudirman Kav.25Jakarta Selatan 12920, Indonesia
Tel : +(6221) 2598 6888Fax : +(6221) 2598 6777
RHB OSK (China) Investment Advi sory Co. Ltd.(formerly know n as OSK (China) Investment
Adv isory Co. L td.)Suite 4005, CITIC Square1168 Nanjing West Road
Shanghai 20041China
Tel : +(8621) 6288 9611Fax : +(8621) 6288 9633
RHB OSK Indochina Securities Limited(formerly known as OSK Indochina Securities Limited)
No. 1-3, Street 271Sangkat Toeuk Thla, Khan Sen Sok
Phnom Penh
CambodiaTel: +(855) 23 969 161Fax: +(855) 23 969 171
Bangkok
RHB OSK Securities (Thailand) PCL(formerly known as OSK Securities (Thailand) PCL)
10th Floor, Sathorn Square Office Tower98, North Sathorn Road,Silom
Bangrak, Bangkok 10500Thailand
Tel: +(66) 862 9999Fax : +(66) 108 0999
7/28/2019 0926 SVI Initiation
17/17
Thai Institute of Directors Association (IOD) Corporate Governance Report Rating 2012
ADVANC BCP DRT IRPC NOBLE QH SC SYMC TOPAOT BECL EASTW KBANK PHOL RATCH SCB THAI TSTEASIMAR BKI EGCO KK PS ROBINS SCC TIP TTABAFS BMCL ERW KTB PSL RS SE-ED TIPCO
BANPU BTS GRAMMY LPN PTT SAMART SIM TISCOBAY CPN HEMRAJ MCOT PTTEP SAMTEL SIS TKTBBL CSL ICC NKI PTTGC SAT SNC TMB
2S BROOK DTAC HMPRO MACO OFM S&J SSSC THRE TSCACAP BWG DTC HTC MAKRO OGC S&P STANLY TIC TSTHAF CENTEL ECL IFEC MBK OSIHI SABINA STEC TICON TTWAIT CFRESH EE INTUCH MBKET PAP SAMCO SUC TIW TUFAKR CGS EIC ITD MFC PDI SCCC SUSCO TK TVOAMATA CHOW ESSO IVL MFEC PE SCG SVI TLUXE UACAP CIMBT FE JAS MINT PG SCSMG SYNTEC TMT UMIASK CK FORTH KCE MODERN PHATRA*** SFP TASCO TNITY UPASP CM GBX KGI MTI PJW SITHAI TCAP TNL UPOICAYUD CPALL GC KSL NBC PM SMT TCP TOG UV
BEC CPF GFPT L&E NCH PR SPALI TFD TPC VIBHABFIT CSC GL LANNA NINE PRANDA SPCG TFI TRC VNTBH DCC GLOW LH NMG PRG SPI THANA TRT WACOALBIGC DELTA GUNKUL LRH NSI PT SPPT THCOM TRU YUASABJC DEMCO HANA LST OCC PYLON SSF THIP TRUE ZMICO
*** PHATRA was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.
AEONTS BGT CMO GENCO JTS LHBANK NC PTL SGP SWC TPAC UTAFC BLA CNS GFM JUBILE LHK NNCL Q-CON SIAM SYNEX TPCORP VAROAGE BNC CNT GLOBAL JUTHA LIVE NTV QLT SIMAT TBSP TPIPL WAVEAH BOL CPL GOLD KASET LOXLEY OSK QTC SINGER TCB TPP WGAHC BROCK CRANE HFT KBS MAJOR PAE RASA SIRI TEAM TR WIN
AI BSBM CSP HTECH KC MATCH PATO RCL SKR TF TTCL WORKAJ BTNC CSR HYDRO KDH MATI PB RICH SMIT TGCI TWFPALUCON BUI CTW IFS KIAT MBAX PICO ROJNA SMK THANI TYCNAMANAH CCET DRACO IHL KKC M-CHAI PL RPC SOLAR TKS UBISAPCO CEN EASON ILINK KTC MDX POST SAM SPC TMD UECAPCS CHUO EMC INET KWC MJD PPM SCBLIF SPG TMI UICAPRINT CI EPCO IRC KWH MK PREB SCP SSC TNH UMSARIP CIG FNS IRCP KYE MOONG PRECHA SEAFCO SST TNPC UOBKHAS CIMBI*** FOCUS IT LALIN MPIC PRIN SENA STA TOPP UPFASIA CITY FSS JMART LEE MSC PSAAP SF SVOA TPA US
*** CIMBI was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.
IOD (IOD Disclaimer)
(IOD) (Corporate Governance) IOD
()
Top Related