(1999)

48/5-6 2 . .
10320
0-2693-4555

, .. ,
, .. ,
.. , .. ,
, .. ,
..

.. , .. ,
/
,
.. , ,

.. , .. ,
..

(middle-income trap)

3

2556

3-4

() () .......................................................................................................................... 5-6

....................................................................................................................................................... 7-8

() ................................................................................................................................ 9-10

() ................................................................................................................................. 11-12

................................................................................................................................................................................... 13-14
() () ....................................................................................................

ADVANC ............................... 15-16

AOT...................................... 17-18
BAY ........................... 19-20
BEC ......................................... 21-22
BIGC................................................ 23
BJC.......................................... 24
BTS ................................... 25-26
CCP ........................................ 27
. CENTEL ............................ 28
CK .................................................. 29
CPALL ......................... 30-31
CPN ............................................. 32
DTAC ...................................... 33
ERW .................................. 34
GRAMMY ................................... 35-36
ITD............................................. 37
JMART ......................................... 38
JUBILE ...................................... 39
KTB ................................................. 40

KTC .......................................... 41-42

LPN ......................................... 43-44
MAJOR.................................... 45-46
MINT ............................................... 47
OISHI .................................... 48-49
PS ......................................... 50
PYLON ................................... 51
ROBINS ........................................ 52
RS.................................................... 53-54
SCB ....................................... 55
SCC ................................................. 56
SEAFCO........................................ 57
SINGER ............................................. 58
SIRI ................................................. 59
SPALI.................................................. 60
STEC ................................................. 61
TK .................................................... 62
TRUE ............................................. 63
UNIQ .................................................... 64

1,700

() ()

1,700

QE


---

Super Stock 2



() ()

2556
1,700

MBKET GDP 2556 4.5%
( 1/56 5.3%
)
2556
25% ( 1/56
12.8% )

2556

40%
12

... 2

3/56
... 2

QE
2556

QE

3
1.

QE (
)

1,700
2. QE
2556 ()

1,450 3.
QE
8.5
()

1.
2.
3.

5%

1.

AEC

2.

3.

3G
(Smart Thailand)

2556

() ()

QE

1,780

ITD, STEC, CK, UNIQ,
SCC, SCCC, DCC, GLOBAL,
AOT, MINT, CENTEL,
INTUCH, ADVANC, BEC,
MCOT, GRAMMY, WORK,
JMART

Super Stock 2


()
()

()

Long-end


QE (
)
6

GDP

ITD,

STEC, CK, UNIQ

SCC, SCCC, DCC, GLOBAL

(Gate way)
(MNCs)

600
Warehouse Asia (WHA)

Built-to-Suite
Unilever, Li & Fung,
Chanel

AOT,
MINT, CENTEL THAI
Open Sky ASEAN visa
Schengen visa

Digital TV

3G

INTUCH, ADVANC, BEC, MCOT, GRAMMY,
WORK JMART

1,780

SCC, SCCC,
DCC
GLOBAL

QE

Super Stock 2

QE
QE

()
QE QE

5-6

BIGC, CPALL, HMPRO

BGH, BH, KH ADVANC,
DTAC, THCOM
AP, PS, SIRI


SCB, TISCO, BAY

MINT, ERAWAN
PTT

QE
.
2

1,700

1,650

1/56 (.)

. 2/56

10% 170

1,500-1,550
1,700


1,760

()

1,700



1,760
MCOT, BEC,
NBC, NMG, SPCG,
SOLAR, EA

Super Stock 2



()
2556

(.) 20%

SET
1,760
QE3

QE3

. PE

2


3G-4G

10

CK
1.3

ITD
2

ITD

3-5
3G ADVANC

TRUE

Infrastructure Fund

SAMART
3G TV Digital
2
TV Digital
MCOT, BEC, NBC, NMG

SPCG, SOLAR, EA



3
AI, TRT



SET

up side
TOP
4.5% 86
KTB

28 BBL 240

Domestic

()

1,700
QE

Domestic Play

Super Stock 2

11



()

QE

()

QE

1,700

QE

1,700

2
3.5

QE

12

QE


1,700




QE

QE

Domestic Play

QE

( )

100

-

-

Super Stock 2

13

 ( )

2-3

20



QE

14

ADVANC

7 3

3
2556-2558

70,000

ADVANC

...
3 2.1
(.)
2.1 2555
AWN
() ADVANC 1 3
2.1 AIS 3G 2100
5.25%
20-30%
ADVANC
2556 6-8%
2-3%

Super Stock 2

15

 25-30%


3 2556-2558
70,000
90%
3 2.1
10%
900 1800
2558
2556
2.5%


3 2.1
2556
77
70%
.
80% 4
90%
2557

5,000 20

16

800
11,000
2556 3
2.1 20,000
2558
2556
10 3
2.1
36

15 12
2555
10
40% 3

60% 3

1 3

2
900 1800
3
2.1

100%

2

3
70,000
3 2.1

2555 50,000

AOT

AOT 2

6
AEC

AOT

() AOT
2 AOT

... 2 AOT

Super Stock 2

17

AOT 3-5

(AEC) AOT

AOT


4

6
76
50

18

6 5


AOT

AEC

AOT
2 62,000

60 2560
3

5-6

Full Service 10,000

30
16

2 3
2

87.5
4
AOT
AEC



2556
(..55-..56)

BAY

BAY

6.22

BAY

1/2556
4.05 18% 1/2555
0.9% 7.23
55 3.8%
4/55 20.4%

Super Stock 2

19



1/2556 1.91
16%
4.74 23%
1.65 18%
1

6.13


1%
2%



.. ..

20

6.22
8 2.84
16% 1.1
9%
2556
12%
(ROE)
15% 2555
13%

(ROE)
15%
13%
1 3

BAY

BAY

BEC

BEC

() BEC

120,000
BEC
2556
1,381
2/2556
2/2556

Super Stock 2

21

2/2556

2555
2012

BEC

22

3,885
1,381
2 2555 1,244

BEC




(.)

2556

BEC

BIGC

BIGC

300

() BIGC





2

() BIGC


300

2559
300
( 2556) 150
950
276 6 13
150

300 500

(D/E) 1.6
1

BIGC

3G
2556

1/56

6.6%

1/56 2555


1/56 2555

10.8%

Super Stock 2

23

BJC

15%

BJC

15%

50%
50%

24

()
BJC

-

BJC
1.
4



2.
()
3.



() BJC

15%
15%

Thai An
65% 4,000

2,000
( 2557)
10,000
5
15%
5
50% 50%

10,000
2/56

Thai An 65%
20%

()

4,000-5,000


5-10
5
10,000


6,000
3

12
9
3

BTS
2
56 14%

BTS 2

BTS

() BTS 2

Super Stock 2

25

BTS

BTS
(BTSGIF)
60,000

30,000

2556 (..56..57)
8-10% 2555 12%

26

2555
2555
2554

2556
2555 14% BTS
7%
1
2550 10%


1
BTS

8-10% 55 55
54

14%
7%

3-5


10.9%
2

4-5
BTS

BTS

() BMCL

CCP

CCP

2-3

10-15%
15-20%

() CCP
2

100
60-70

CCP

()
2556
2555
12%

()

17%
3-4

(Backlog) 2,100
50%
50%
2/2557


Backlog 2,000




2-3

10-15% 15-20%

15-20%
3,000


(Precast)

Super Stock 2

27

CENTEL
2

CENTEL

(AEC) 2558

28

() CENTEL







..


.
CENTEL
2


2563

(
)

15%
2% 13%

24.69-25
10% 22.30 4
19%

(GDP) 4-5%

3.5
2

.
17,000 15-16%
14,000
9,600

8,000
55%
45%


13 47
15 32
35
12 34

1
13
753 12
677
2560

80

30
16
1,000

CK
2
7

CK

2
20-30%
7

6
4.2

.
() CK

() TTW
3,000 2,200
1/2556
.. 2556
() BMCL
8%
1,000
2/2556

3,000-4,000

5%

7 ( 2556-2563)

2
3
20-30%
6 7
4.2

- 5.4
1.9
-
1.3

3-4
(Backlog) 2
1.65
5-6

2555
568
2556 2.5-2.8
8-10%

5 700

(IRR) 1015

( 2557)

2558

Super Stock 2

29

CPALL

550

7,300 2561
10,000

CPALL

... 24
() CPALL
2,000

() CPALL 2


()

(AEC)
2558

100% 70-80%
SME

30


60
600
SME

AEC

CPALL

2/56

550
5%

15%
550
3
5-6
200


5,000-6,000
5
550
7,300
2561 10,000
5,000-6,000

15%


(GDP) 5%
3%

()

CPALL

() MAKRO

188,880

MAKRO
2
CPALL

2558 CPALL

12 .. 56

..-.. 56
(Tender offer price)
787

Super Stock 2

31

CPN

15%

CPN

GDP

32

()
CPN

30
CPN
21 7
2 2
2

CPN
2


GDP



10,000

15% 2555

2-3
15%

10,000

CPN
10

60

3-5

5-6%
300
2



(AEC)

5
2-3

I-City Properties Sdn Bhd

ICP I-Berhad


CPN
580 5,800


CPN
2

(GDP)

DTAC
34,000
3 3

DTAC

2556-2558

34,000

25%

20%

() DTAC

2

2556

EBITDA margin
30-31% 3
2556-2558 34,000

25%
20%
15-20%
10%
2556
12,500

3G 2.1GHz
30%
3/2556 50%

3G 850MHz
60-65%
2.1GHz
3/2556 30%

50%

3G 2.1GHz 5,000

1,000 3G 850
MHz 5,200
3G 2.1GHz
850 MHz 10,000
3 3G 2.1GHz
11,000
2556
3G 2.1GHz
10
3G 850MHz DTAC
3.5
1800MHz DTAC 3
3.5

() 80-90%
DTAC
30-40%

(cash flow)


() BBL
EBITDA
2

80% 2555
108%

Super Stock 2

33

ERW

58 20

ERW

AEC

34

() ERW

ERW
2

2558

2


AEC

2556

15% 4.3
4

1,305
148 2
5%
1,004
953
()


860

3-4 ERW
(
)

ERW

, ,

, , ,
,


2558 20
5,000
ERW

14
2

3 (2556-2558) 6,500
2,500
2557-2558 2,000

ERW


1

(...) 2556

GRAMMY

4,000

2556

10%
2555

GRAMMY

() GRAMMY

GRAMMY

Super Stock 2

35


1
2,500
225
151
GRAMMY

371
9
9

HD

8

2



8 5
3
3 (Break Even
Point) 2556

6

36

2/2556

550

40-50
2556

10% 2555

4,000

3
SD HD
3
4

24 1.5

SD 3
140
1 SD
7 220
2
SD 7 380
5
HD 7
1,510
10




GRAMMY
1,000


(D/E)
1.9

3
SD HD

4,000

ITD
2
6

ITD

ITD

50%

() ITD
50%

2
1.7


(Backlog)
2.3
25-30%
84.4%



53.7% 43.6%




6
4.6

ITD
2556

2556

224
2557
435

3.5

... 2
2556
3
2556 3.46

5.33

SPV

ITD

Early Industrial
Estate 2559
2557
Shell LNG

SPC
8


SPC
..
SPV

2556 1,677.47

50%
..

Super Stock 2

37

JMART
2556
- 40%

JMART

38

()
JMART




2




productivity

2556

40% 2555 7,943
348.76

60 2555
220 280

20
250

3G 2.1GHz

7,000
4,000

1.5
64% 26% 10%
2555 1.1
2/2556
3

100
2556

J&P Thailand

J&P
Thailand
40% 20%

30%

10% J&P Thailand

1

4 16
20

2555
0.56 /

JUBILE
12
1,500

JUBILE

2556

5-10%

120,000

30%
2555

8,000

() JUBILE



2556
1,500
20% 2555
1,226

40%
1/2556
46%
2555
41%
13-15% 2555
165.87

250-300
2555 100-150

2556
12
98
108
200

7-10 1

Flagship Store
1,000 .. 100
3/2556
B+


3-5

5-7%
3-5%



2556
5-10%
120,000
30% 2555
8,000

2

2

Super Stock 2

39

KTB

KTB

...

40

1/2556
() KTB 2.34

2
2556
8-10% 1.5

4.5-5.5% 1/56

1.5

4.58%
1.6%


1/56

12,081
2,208 22.36%
1/55

8,511
2,174
34.31% 1/55

()
1,596,526 71,285
4.67% 31 2555

1,711,800
44,839 2.69%
31 55

203,021
11,010 5.73%

... 2

capital market

4
... 2

KTC

27-28%

outsource

KTC

. KTC
2556

2555 255 2554
1,621.22
1/2556 421 200
221

2555
2556
2555
2 2 600
1 422 1,000
1,000

2556 10%
1

Super Stock 2

41

 KTC
1.5

1.5
1.2
( 2/56)
6
17%
15%

27-28%
outsource

Forever
Rewards

42

( 2/2556)

56
2
55



.. 7.5



(KTB) 1.8
..

7.5

0.25% (29 .. 56)
2.50%

30%
(B/E) (P/N)
1

70%

5%

1/56 4.9%

71% 56%
29%
26%
18%

.
. 0.25%
2.5%
1/56
4.9%

7.5
998
290%




4.9% 5%

LPN

LPN

... ()
LPN 2
2558 (AEC)

2
...
()

LPN
2556
()
AEC

Super Stock 2

43

2556
13
20,000

1/2556
3 1.
-
3 14
1,400 2,000
17 2.
- 2
32 1 747
3.
- 2 3

44

100%

2/56
3


500

70%

9
2,500

-
2,800

50,00068,000

8 2556


9
100
-
200
3/2556
5,000
3 24

4/2556
1
(township) 1 6,000
8 50
10,000 100
600,000 /
2556
()
23 2556
8,000
1/2556 6,700
2

5,000
2/2556

12,000-13,000
2556
20,000

(Backlog) 20,000
2556 11,000
2557
2556
15,000

4,000
2556 2557

50%
50%

MAJOR

MAJOR

2-3

MAJOR

() MAJOR

MAJOR
15-20% 2555
7,555
100
100

MAJOR
500 410
MAJOR
2-3

100

Super Stock 2

45




40-45% 35%

145

1,671
1,286
384
300
27%
235

VCD DVD

46

1,000
150-200

40
200 74

600 2558

1


AEC

AEON MALL


100,000
MAJOR

. . .
() ICC

() S&P
()
MAJOR

5 7
14
6,000

2 3
100-145

AEON MALL

MINT

5 4

MINT

MINT
5

40%
5 (25562560)
15-20%

() MINT
5 4
2-2.5

5
40%
29%

3
1.
2.


3.
1

0.72 1/2556
2555 1.06

3,000
5

5 (2556-2560)
15-20% 2556

9,636.38 1,409.06
1/2556

5
2560
15-20% 4




50% 40%
10% 3-5

12-15%
4-5%
8-10%



2556
3
14
1 2

2 13
5
15
4
39

Super Stock 2

47

OISHI

OISHI

() OISHI




OISHI
2

48


154
5
275
2559
570

- 2556

15%
20,000
17,000
35-36%
2559 50%

OISHI 32%
15,300

33%

380 (.)
15
350 . 12
400 . 12

2556


1,100

15
15
1,400

9.6% 2556

30%

50






4/56

2556

Super Stock 2

49

PS

PS

25%

50

()
PS

3

real
demand
2 10-15
2 /
2556
4
4/2556
5

3.5

20

3.4
25%

7-8%

3.3-3.5

3

78

PYLON

2

PYLON

PYLON

60

20%

() PYLON
2

2540

40

PYLON

80%

PYLON

PYLON
60
20%

20% 60

... 2


3

2556

PYLON

2-3 2
PYLON

PYLON
PYLON

Super Stock 2

51

ROBINS

ROBINS

4,000
2559

50
40

52

() ROBINS

2523

...

ROBINS
2

5
2559
50

2556
3


5
4,000
2559 50

40

(AEC)
2/56
1/56
6,000
4.5-5%

18%

0.2-0.3%
24.6%

4,000 5
3,700


500
2/56
200

3 5
600-800

RS
!!
4,000

2556

40% 2555
4,000

RS

() RS

RS RS

719 68
20%
2/56


RS Meeting Concert Return 2013 2

Super Stock 2

53



205
73%

5

8, , You Channel, Star
Max Channel Sun Channel

2556

17%
100%

103
45%
2
88.5 Cool Celsius 91.5
1
Cool Fahrenheit 93

RS

Cool Outing 8 Cool Music
Alive

315

54

53%

254 16%


2 ()
VIEW YouTube
ITunes

streaming DEEZER

3G

2556
40%
2555 4,000

1,900 840
780


RS


(.)

2
8 24

100

SCB


SCB

2.06%

( 2540)

() SCB


2556
2556 .
()
5.03
2555 4.02
30%
1/2556
1.31 27%
1/2555
New
High

1
3
2.36

2556
18%

12-14%


1

21.6%
17,200
18.2%

(SME) 24.2%

22.4%
40.5%
21.7%
12,300

2/56



2.06%
( 2540)

1

3.1-3.2%
(NPL)
2%
2%
(ROE)19-22%

.

2556 15.4% 22%

Super Stock 2

55

SCC
2
!

SCC

56

()
SCC
2

10%

10%
9 10%

5
1,500
4.5
900

400
2 180

3
600

2

4.5 2558

24
2

5 2
4.5
4
5

200
300
130-140

4.35


1-2%

4/2556 45
3

SEAFCO

AEC

SEAFCO

() SEAFCO

2 3.5

10-20% 1,600-1,800
1,541.83
(Backlog) 1,400

2-3
500-600
1,000

10-20%

700-800

40

5 100

95% 5%

2557




10-15%

(AEC) 2558

Super Stock 2

57

SINGER

20

SINGER

58

()
SINGER

2


SINGER



SINGER

SINGER

4

95% 5% 211

10-20
2

2556

SINGER 20
1/2556 (..-..) 89
2553 SINGER





SINGER


100,000
10,000

SINGER

(AEC) 2558

44



SINGER

SIRI
2


SIRI

10-15%

()
SIRI 2






(2557)

3
()
10-15%

2556
48,000
34,00035,000

(Backlog) 58,872


4

3


2/56
84



14
14,400
5
5,550
5
8,100
4 750

2 10,000
17
(Presale) 21,000

45
61,000
3



2

Super Stock 2

59

SPALI

2.6 .

SPALI

2556

60

() SPALI
2


()



10

SPALI

2556
25 2.5

16
9
2556
2.6
1.35
2556

2
1.5
2556

2556
3








2

STEC
15-20%
7.47

STEC

60%
1.2

-
() STEC
(Backlog) 7.47

2-3



2.02

2 3

15-20%
7
3

5
2

60% 1.2




3-4
1
30%

(Backlog)
60-70%
30-40%

1,000

2556

7,000-8,000
2,000

8-9%
5-6%


5-10%


7,190
414

Super Stock 2

61

TK

TK

TK

40

62

()

20% 1
30

()
...,


2555
: :
72 : 2 : 26
1/2556 TK
204
2555 136
49.5%

TK
2556 10%

10%

2 /2556
TK
1/56 TK
2.6%

3 10

2
3-5
1/56

TK 3.9%
3.6% 2555 2/56

TK

5-6%
TK

40

80% 20%

TK
70%

TK



TK
2 8
TK
94 49

TRUE
26,500

TRUE

2556

26,500

HSPA

4G
TRUE
3G 2.1GHz

4G LTE 2.1GHz

3-5
3G
850 MHz 2100MHz


() TRUE
2556


2.1GHz
.. 2555
DOCSIS 3.0
ADSL
2556
26,500

HSPA




15,000
(
3G+ )
95%

4G LTE
2,000
500 3G

2.1GHz 5,000
500
3G 850MHz 14,000
13,000
21,000

4G

15
2556 2557

4G LTE 4,000
3G 2.1GHz
10,000
3G
850MHz, 3G 2.1GHz
4G 4
3G 850MHz 3.2
2555 2.89
2556
6
1800MHz
.. 2556

4G 5G


()
90%
4G LTE

Super Stock 2

63

UNIQ
3
2

UNIQ

2556
UNIQ

4,000
8,000

64

() UNIQ
2

UNIQ

1,000
UNIQ

UNIQ



1

100%

2556 UNIQ
4,000
8,000 UNIQ
1(
)
29,828 UINQ
- () STEC
SU
UNIQ

...
5 105,686.72
1. 187
29,341 2. -
132
21,309
3. -
148 16,291
4. - -
165 20,940
5. -
167 17,803
1

2






UNIQ

3
2
UNIQ



UNIQ