EARNINGS RESULTS

22 2556

TCAP TB / TCAP.BK

1/56

Sector: Bank Overweight

:
: 57.00
(19/04/13): 42.50
Price chart

39.5%
TCAP 1/56 1.95 468%
QoQ 64% YoY
39.5% ( 2.2%)
1) 210 2)
313
3)
312 1/56 350

4.7 67% YoY
33% QoQ 1/56 18%
2556

2.3% QoQ 20.6% YoY 8.32

. .
HP
(NIM) 2.75% 1/56 4
bps QoQ 1 bps YoY (NII)
13% YoY 2% QoQ 6.3
TCAP 229% YoY 51% QoQ
1.37 ( 1/56
1 )
4.22% .. 4.32% 2555

75.4% 73.2% 2555

2/56
TCAP 4.5
TBANK

75.4% .. 90% 2556
TCAP

2556 1.1
100% YoY

(
13% 14%)

See disclaimer at the end of report

Price
Rel. to SET
Bt
Rel. Idx
50
150
40
100
30
20
50
10
0
0
04/12 06/12 08/12 10/12 12/12 02/13 04/13

Share price perf. (%)

Relative to SET
Absolute

1M
(8.7)
(8.6)

3M
5.3
12.6

12M
4.5
33.9

Key statistics
Market cap
12-mth price range
12-mth avg daily volume
# of shares (m)
Est. free float (%)
Foreign limit (%)

Consensus
rating
%
100
80
60
40
20
0

56

15

USD1.9bn
USD13.3m

BLS Target price BLS earnings

vs. Consensus
vs. Consensus

Buy

30

Bt54.3bn
Bt26.0/Bt47.8
Bt379m
1,278
84.7
49.0

Hold

Bt
60

Bt,m
15000

40

10000

20

5000

Sell

BLS

Cons.

BLS Cons.

BLS

Cons.

0
13E

14E

Financial summary
FY Ended 31 Dec
Revenues (Btm)
Net profit (Btm)
EPS (Bt)
EPS grow th (%)
Core profit (Btm)
Core EPS (Bt)
Core EPS grow th (%)
PER (x)
PABV (x)
Dividend (Bt)
Dividend yield (%)
ROE (%)

CG rating

+662 618 1000

2012
49,999
5,482
4.29
+14.3%
10,746
8.41
+16.0%
9.9
1.3
1.5
3.5
12.8

2013E
2014E
2015E
61,989 70,317 78,376
11,000
7,700
9,000
8.25
5.78
6.75
+92.4% -30.0% +16.9%
8,626 16,380 18,182
6.75
12.82
14.23
-19.7% +89.9% +11.0%
5.2
7.4
6.3
1.0
0.9
0.8
1.8
2.0
2.3
4.1
4.7
5.3
21.2
13.0
13.7


TCAP PBV 2556 1.0
1.7
TCAP

- 2

TCAP : Financial Tables Year

PROFIT & LOSS (Btm )
Interest income
Interest expense
Net interest incom e
Fee & service income
Total non-interest incom e
Operating income
Operating expenses
Operating profit before provision
Provisioning charges
Operating profit after provision
Exceptional items
Tax
Minority interest
Net profit (loss)
Reported EPS
Fully diluted EPS
Core profit
Core EPS
PPOP
KEY RATIOS
Revenue Grow th (%)
PPOP Grow th (%)
EPS Grow th (%)
Net Loan Grow th (%)
Cum. LLRs to Net loans (%)
Provision charge to loans (%)
Yield on Average Assets (%)
Cost of Funds (%)
Interest Spread (%)
Net Interest Margin: NIM (%)
Effective tax rate (%)
Asset grow th (%)
BALANCE SHEET (Btm )
Cash & Equivalent
Interbank & securities
Investment in securities
Net Loan & accrued interests
Other assets
Total assets
Deposits
ST debts, REPO & current portion
Long-term debt
Other liabilities
Total liabilities
Paid-up capital
Share premium
Retained earnings
Shareholders equity
Minority interests
Total Liab.&Shareholders' equity

2011
44,419
(20,104)
24,315
5,499
10,244
34,559
(21,760)
12,799
(2,077)
10,722
1,186
(3,136)
(3,770)
5,002
3.75
3.75
9,663
7.25
12,799

2012
49,999
(25,764)
24,234
8,105
11,546
35,780
(22,571)
13,209
(2,906)
10,303
1,911
(2,463)
(4,270)
5,482
4.29
4.29
10,746
8.41
13,209

2013E
61,989
(33,264)
28,726
6,496
9,606
38,332
(24,225)
14,107
(4,500)
9,607
17,800
(5,481)
(10,926)
11,000
8.61
8.61
8,626
6.75
14,107

2014E
70,317
(33,999)
36,318
7,240
10,827
47,146
(27,068)
20,078
(3,500)
16,578
1,911
(3,698)
(7,091)
7,700
6.03
6.03
16,380
12.82
20,078

2015E
78,376
(38,277)
40,099
8,273
12,245
52,344
(29,841)
22,503
(3,000)
19,503
2,105
(4,322)
(8,287)
9,000
7.04
7.04
18,182
14.23
22,503

19.7
(20.2)
(0.1)
4.8
11.0
0.3
5.0
2.3
2.7
2.8
26.3
1.5

12.6
3.2
0.1
19.8
11.4
0.4
5.0
2.6
2.4
2.8
20.2
14.4

16.3
6.8
0.9
16.1
3.7
0.5
5.4
2.9
2.5
2.7
20.0
22.8

13.3
42.3
(0.3)
7.7
3.6
0.4
5.4
2.6
2.8
3.0
20.0
7.0

11.7
12.1
0.2
8.2
3.5
0.3
5.6
2.8
2.9
3.1
20.0
6.8

Loan and asset growth

Gross loan growth (%) (LHS)
Asset growth (%) (RHS)

%
160
120
80
40
0
(40)
09

10

11

12

13E

14E

15E

LDR and loans to deposit+debt

%

LDR (%)
Loan / (Deposit + Debt)
Loan / (Deposit + Debt - RR)

160
140
120

16,006
1,502
17,000
17,000
17,500
45,000
45,002 120,000 135,000 140,000
154,184 152,438 218,000 225,550 236,000
610,798 731,512 849,128 914,681 990,085
68,835
93,649
53,439
53,641
53,852
894,822 1,024,102 1,257,567 1,345,872 1,437,437
435,865 693,421 675,121 717,411 761,032
60,151
87,972 287,000 311,500 330,000
6,824
41
85,000
90,000
95,000
316,301 158,877 111,000 112,800 122,750
819,141 940,312 1,158,121 1,231,711 1,308,782
13,332
12,778
12,778
12,778
12,778
2,066
2,066
2,066
2,066
2,066
20,096
24,359
33,359
41,059
47,267
38,259
42,772
51,772
59,396
65,604
37,422
41,018
47,674
54,765
63,052
894,822 1,024,102 1,257,567 1,345,872 1,437,437

100
80
60
09

10

11

12

13E

14E

15E

Net interest margin and interest spread

%

NIM (%)

Interest spread (%)

4.0
3.5
3.0
2.5
2.0
09

10

11

12

13E

14E

15E

Loan loss provisioning

Provision charge / Loans (bp)
LLR / Net loans (%)

bp

120

12

100

10

80

60

40

20

0
09

10

11

12

13E

14E

15E

Asset quality
Loan loss reserve
Average interest earnings assets
Average interest bearing liabilities
BV per share
ABV per share
Consolidated NPL amounts
NPL (%)
Equity/loans
Equity/NPLs

27,479
842,215
729,956

28,932
31,182
32,932
34,432
925,916 1,071,626 1,231,179 1,320,658
760,315 1,033,451 1,083,016 1,152,472

28.70
32.39

33.47
35.48

40.52
42.23

46.48
46.26

51.34
51.01

40,188
5.90
11.18
95.20

34,000
4.18
11.45
125.80

29,000
3.10
10.91
178.52

29,001
4.10
11.66
204.81

29,002
5.10
12.16
226.21

NPLs and reserve against NPLs

%

NPL (%) (LHS)

LLR / NPL (%)

7
6
5
4
3
2
1
0

%
200
150
100
50
0

09

10

11

12

13E 14E 15E

Dividend payout
Dividend (Bt)

Bt/Shr

KEY ASSUMPTIONS (%)

GDP Grow th
Avg Lending Rate/Loan
Avg Funding Cost/Total Funding Mix
Net Fee Income Grow th
OPEX Grow th
1 Day REPO rate

2011
0.1
5.3
2.8
(24.7)
23.4
3.3

2012
5.5
5.4
3.4
47.4
3.7
2.8

2013E
4.5
5.8
3.5
(19.9)
7.3
2.5

2014E
4.5
5.7
3.5
11.5
11.7
3.0

2015E
5.0
5.9
3.7
14.3
10.2
3.3

2.0
1.5
1.0

Payout ratio (%)

2.5

1.50
0.95

1.75

2.00

2.25

1.20 1.20

0.5
0.0
09

10

11

12

40
35
30
25
20
15
10
5
0

13E 14E 15E

- 3

TCAP : Financial Tables Quarter

QUARTERLY PROFIT & LOSS (Btm )
Interest Income
Interest Expense
Net interest income
Fee & service income
Other incom e & MI
Total non-interest income
Operating inc
Operating expenses
Operating profit before provision
Provisioning charges
Operating profit after provision
Exceptional items
Profit before tax
Tax
Minority Interest
Net profit (loss)
EPS
Core profit
Core EPS

1Q12
11,837
6,230
5,607
2,172
861
3,033
8,640
5,808
2,831
415
2,416
408
2,823
712
(918)
1,193
0.90
1,201
0.90

2Q12
12,324
6,160
6,164
2,191
572
2,763
8,927
5,539
3,388
488
2,900
636
3,535
748
(1,077)
1,709
1.28
1,562
1.22

3Q12
12,726
6,683
6,043
2,059
864
2,924
8,966
5,523
3,443
1,100
2,343
571
2,914
580
(1,093)
1,241
0.93
1,770
1.39

4Q12
13,113
6,691
6,421
2,345
481
2,826
9,247
5,701
3,546
903
2,644
298
2,941
422
(1,182)
1,338
1.00
1,942
1.52

1Q13
13,126
6,815
6,311
2,850
722
3,572
9,882
5,164
4,718
1,365
3,353
835
4,188
710
(1,525)
1,953
1.53
2,483
1.94

KEY RATIOS
Asset Yield/Avg Assets (%)
Funding Cost (%)
Interest Spread (%)
Net Interest Margin (%)
Fee income/total operating income (%)
BV (Bt)
ROE (%)
ROA (%)
Assets to Equities (X)
Cost to Income (%)
Est CAR (%)

5.3
2.8
2.5
2.7
25.1
29.5
6.2
0.5
11.7
67.2
13.9

5.5
2.7
2.7
2.9
24.5
31.6
8.7
0.7
11.8
62.0
13.3

5.6
3.0
2.7
2.9
23.0
32.3
12.1
0.5
11.8
61.6
14.7

5.3
2.7
2.6
2.8
25.4
33.5
12.7
0.6
12.2
61.6
14.0

5.1
2.6
2.5
2.8
28.8
35.8
17.7
0.7
11.6
52.3
13.0

QUARTERLY BALANCE SHEET (Btm )

Cash & Equivalent
Interbank & securities
Investment in securities
Net Loan & accrued interests
Other assets
Total assets
Deposits
ST debts, REPO & current portion
Long-term debt
Other liabilities
Total liabilities
Paid-up capital
Share premium
Retained earnings
Shareholders equity
Minority interests
Total Liab.&Shareholders' equity
BANK DATA
Total Income Grow th (%)
NII/Total Income (%)
Non-NII/Total Income (%)
Net Interest Income Grow th (%)
Net Fee Income Grow th (%)
OPEX Grow th (%)

Net loan growth trend

%

YTD Loan growth (%)

FY Loan growth (%)

25
20
15
10
5
0
3Q11

1Q12

11,819
64,804
150,538
650,140
51,642
928,942
570,287
217,554
0
62,252
850,092
12,778
2,066
22,493
40,427
38,423
928,942

1Q12
(4)
65
35
(11)
21
15

2Q12
0
69
31
(2)
26
8

10,786
15,181
12,006
73,910
72,174
45,660
140,701 152,438 141,630
678,964 731,512 747,499
52,848
52,797
86,910
957,209 1,024,102 1,033,705
650,268 693,421 688,315
160,835 177,478 182,165
0
1
0
65,110
69,412
74,316
876,213 940,312 944,796
12,778
12,778
12,778
2,066
2,067
2,068
23,095
24,359
27,350
41,317
42,772
45,684
39,680
41,018
43,224
957,209 1,024,102 1,033,705
3Q12
0
67
33
(2)
26
(7)

4Q12
19
69
31
15
85
1

1Q13
14
64
36
13
31
(11)

1Q13

Privisoining charge (accumulated)

Accum. Provisioning (Bt,m)

Bt,m
3,500
3,000
2,500
2,000
1,500
1,000
500
0

% of FY Provision

100

120
100
80
60
40
20
0

100

80

69
31

30

14
3Q11

1Q12

3Q12

1Q13

Net profit trend (accumulated)

Accum. Profit (Bt,m)
% of FY Profit

Bt,m
6,000
5,000

81

%
120
100
80
60
40
20

100

100
76

4,000
53

3,000
2,000

22

18

1,000
0

0
3Q11

10,518
57,552
160,283
623,517
51,776
903,647
485,042
281,252
0
59,853
826,147
13,332
2,066
21,289
39,311
38,188
903,647

3Q12

1Q12

3Q12

1Q13

Net interest margin

%

FY NIM (%)

NIM (%)

3.0
2.8
2.6
2.4
2.2
2.0
3Q11

1Q12

3Q12

1Q13

Interest spread
FY Interest spread (%)

Interest spread (%)

2.9
2.8
2.7
2.6
2.5
2.4
2.3
2.2
2.1
2.0
3Q11

1Q12

3Q12

1Q13

Company profile
On March 31, 2006 TCAP returned its finance business license to the Ministry of Finance, effective April 1, 2006. The Companys status
changed from a finance company to a holding company, or the parent company of the Thanachart Group. It holds not less than 50% of the
registered and paid-up share capital in each of the group companies. On April 3, 2006 the firm registered a name change to Thanachart
Capital Plc. In 2006, Scotiabank agreed to become TCAPs strategic partner. Scotiabank now holds 49% of TBANK, the main subsidiary of
TCAP. TBANK had 670 branches with 16,000 staff at end-June 2010 with the acquisition of 99.24% of SCIB during 2Q10.

- 4

Figure 1 : 1Q13 results

FY Ended 31 Dec (Btm)
Income Statement
Interest Income
Interest Expense
Net interest income
Fee & service income
Total non-interest income
Operating expenses
Operating profit before provisio
Provisioning charges
Operating profit after provis
Exceptional items
Profit before tax
Tax
Minority Interest
Net profit (loss)
EPS
Key ratios
Asset Yield/Avg Assets (%)
Funding Cost (%)
Interest Spread (%)
Tax rate (%)
Net Interest Margin (%)
Assets to Equities (X)
Cost to Income (%)
Est CAR (%)

1Q13

13,126
6,815
6,311
2,850
3,572
5,164
4,718
1,365
3,353
835
4,188
710
(1,525)
1,953
1.53

5.10
2.65
2.45
17.0
2.75
11.6
52.3
13.0

Balance Sheet
Cash & Equivalent
12,006
Net Loan & accrued interests 747,499
ST debts, REPO & current po 182,165
Long-term debt
0
944,796
Total liabilities
Retained earnings
27,350
45,684
Shareholders equity
Minority interests
43,224
BV (Bt)
35.8

1Q12 YoY %

11,837
6,230
5,607
2,172
3,033
5,808
2,831
415
2,416
408
2,823
712
(918)
1,193
0.90

11
9
13
31
18
(11)
67
229
39
105
48
(0)
nm
64
71

5.27 - 0.16
2.77 - 0.12
2.49 -0.04
25.2
2.74 0.01
11.7
67.2
13.9

10,518
623,517
281,252
0
826,147
21,289
39,311
38,188
29.5

14
20
(35)
0
14
28
16
13
21

4Q12

QoQ
%

3M13

13,113
6,691
6,421
2,345
2,826
5,701
3,546
903
2,644
298
2,941
422
(1,182)
1,338
1.00

0
2
(2)
22
26
(9)
33
51
27
180
42
68
nm
46
52

13,126
6,815
6,311
2,850
3,572
5,164
4,718
1,365
3,353
835
4,188
710
(1,525)
1,953
1.53

11,837
6,230
5,607
2,172
3,033
5,808
2,831
415
2,416
408
2,823
712
(918)
1,193
0.90

5.10
2.65
2.45
16.95
2.75
11.63
52.26
13.0

5.27
2.77
2.49
25.22
2.74
11.66
67.23
13.9

5.29 - 0.19
2.70 - 0.05
2.59 -0.14
14.36
2.79 -0.04
12.2
61.6
14.0

15,181
731,512
177,478
1
940,312
24,359
42,772
41,018
33.5

3M12 YoY %

11
9
13
31
18
(11)
67
229
39
105
48
(0)
66
64
71

NII rose both YoY and QoQ

Better YoY and QoQ fee income
growth
Well-managed OPEX
Bigger LLPs than we modeled

(21)
2
3
0
0
12
7
5
7

Sources: Company data, Bualuang Research estimates

- 5

Regional Comparisons
Bloomberg
Code
11HK
2388 HK
302 HK
DBS SP
UOB SP
MAY MK
CIMB MK
601998 CH
601939 CH
BBRI IJ
BMRI IJ
BBCA IJ
BPI PM
ICICIBC IN
AXSB IN
BAY TB
BBL TB
KBANK TB
KK TB
KTB TB
SCB TB
TCAP TB
TISCO TB
TMB TB

Hang Seng Bank

BOC Hong Kong
Wing Hang Bank
DBS group Holding
UOB
Malayan Bank
CIMB Group Holding Bhd
China Citic Bank
China Construction Bank
Bank Rakyat
Bank Mandiri Tbk PT
Bank Central Asia Tbk PT
Bank of Philippines
ICICI Bank Ltd
Axis Bank Ltd
Bank of Ayudhya
Bangkok Bank
KASIKORNBANK
Kiatnakin Bank
Krung Thai Bank
Siam Commercial Bank
Thanachart Capital
TISCO Financial Group
TMB Bank
Simple average

P rice M arket Cap

P BV (x)
ROE (%)
Div Yield (%)
P ER (x)
EP S Growth (%)
(US$
2014E 2013E 2014E 2013E 2014E 2013E 2014E
(local curr.) equivalent) 2013E 2014E 2013E
HKD124.8
30,732
11.3
14.4
15.0
-26.5
2.3
2.2
21.8
16.0
4.3
4.5
HKD25.7
34,930
12.5
11.5
4.6
8.8
1.7
1.6
14.3
14.8
5.1
5.5
HKD80.7
3,141
13.5
12.3
2.7
8.1
1.2
1.1
9.4
9.6
2.7
3.1
SGD15.7
30,953
11.2
10.4
-10.0
7.1
1.2
1.1
10.6
10.8
3.7
3.8
SGD20.9
26,583
12.2
11.4
-1.5
7.7
1.3
1.2
11.1
11.1
3.3
3.5
MYR9.7
26,983
13.3
12.5
0.6
6.7
1.8
1.7
14.2
14.3
5.3
5.5
MYR7.8
19,023
12.2
11.0
9.8
11.2
1.8
1.7
16.0
16.1
3.5
3.8
CNY4.5
30,987
5.7
5.1
18.0
12.1
0.9
0.8
16.0
15.8
4.4
4.8
CNY4.7
200,651
5.7
5.2
6.2
9.4
1.1
0.9
19.7
18.7
6.0
6.6
IDR8,750.0
22,226
10.9
9.6
2.8
14.1
2.7
2.3
27.5
25.5
1.9
2.1
IDR10,600.0
25,467
13.9
11.8
14.6
17.6
2.8
2.4
21.6
21.5
1.7
2.0
IDR11,000.0
27,925
19.9
16.8
14.8
18.6
4.5
3.7
23.9
23.8
1.3
1.5
PHP104.0
8,995
21.5
18.7
5.8
15.4
3.4
3.1
16.7
17.1
1.8
1.9
INR1,122.7
24,012
14.3
12.3
18.6
24.9
1.9
1.8
13.8
14.4
1.8
2.0
INR1,429.4
12,402
12.0
9.2
16.2
30.4
2.3
1.9
20.1
21.2
n.a.
n.a.
THB33.00
7,006
10.8
8.7
27.2
23.7
1.6
1.4
15.5
17.2
3.2
3.9
THB228.00
15,212
10.9
9.3
21.1
17.5
1.5
1.3
13.8
14.0
3.5
3.9
THB199.50
16,688
11.1
9.8
21.1
14.1
1.9
1.6
20.3
19.0
1.6
1.8
THB68.25
1,992
12.9
10.2
29.7
27.3
1.7
1.5
13.0
15.5
3.7
4.0
THB24.70
12,066
10.8
9.6
35.8
12.5
1.7
1.5
15.8
16.8
3.7
4.2
THB177.00
20,997
11.9
9.7
26.1
21.9
2.3
2.0
19.6
20.2
2.1
2.4
THB42.50
1,898
4.9
7.1
100.7
-30.0
1.0
0.9
21.2
13.0
4.1
4.7
THB56.00
1,425
9.3
7.5
17.3
25.0
1.9
1.6
20.6
22.0
4.0
4.9
THB2.74
4,176
17.0
13.0
336.1
31.4
2.0
1.8
11.6
13.7
2.0
2.4
12.1
10.7
30.5
12.9
1.9
1.7
17.0
16.7
3.3
3.6

PER band versus SD (next 12 months)

PBV band versus SD (next 12 months)

x
1.9

x
16

+2.5 SD = 12.39x

14

1.5

12

+1.5 SD = 10.18x

10

+0.75 SD = 8.52x

LT-average = 6.87x

-0.5 SD = 5.77x

-1.0 SD = 4.66x

2
0
YE01

1.7

YE03

YE05

YE07

YE09

YE11

+3.0 SD = 1.46x

1.3
1.1

+2.0 SD = 1.24x

0.9

+1.0 SD = 1.02x

0.7

LT-average = 0.80x

0.5

-1.0 SD = 0.58x
-2.0 SD = 0.35x

0.3
0.1
YE01

YE13

PER band and share price

YE05

YE07

YE09

YE11

YE13

PBV band and share price

80

14x

Bt/share
55

70

12x

45

60

10x

50

8x

40
30

6x

20

4x

1.5x 1.3x
1
1.1x
0.9x

35

0.7x

25

0.5x

15
5

10

-5YE01

YE03

YE05

YE07

YE09

YE11

Foreign holding
%
60

Bank

50.4
40
20
0
12/12

YE05

YE07

YE09

YE11

YE13

Short selling activities during past four weeks

TCAP

11/12

YE03

YE13

1/13

2/13

3/13

4/13

Bt,m
20
15
10
5
0

14/3/13
16/3/13
18/3/13
20/3/13
22/3/13
24/3/13
26/3/13
28/3/13
30/3/13
1/4/13
3/4/13
5/4/13
7/4/13
9/4/13
11/4/13
13/4/13
15/4/13
17/4/13
19/4/13

0
YE01

YE03

- 6

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DWs Underlying Stocks

Financial Advisor

Underwriter/
Co-underwriter

ADVANC, AOT, BANPU, BAY, BCP, BEC, BGH, BH, BIGC, BJC, BLA, BTS, CPALL,
CPF, CPN, DTAC, EGCO, ESSO, GLOW, HMPRO, HEMRAJ, INTUCH, IRPC, IVL,
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Score Range

Score Range

Description

90 100

Excellent

80 89

Very Good

70 79

Good

60 69

Satisfactory

50 59
Below 50

Pass
No logo given

N/A

CORPORATE GOVERMANCE REPORT DISCLAIMER

This research report was prepared by Bualuang Securities Public Company Limited and refers to research prepared by Morgan Stanley. Morgan Stanley
does not warrant or guarantee the accuracy or completeness of its research reports. Morgan Stanley reserves copyright and other proprietary rights in
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BUALUANG RESEARCH RECOMMENDATION FRAMEWORK

STOCK RECOMMENDATIONS

SECTOR RECOMMENDATIONS

BUY: Expected positive total returns of 15% or more over the next 12
months.
HOLD: Expected total returns of between -15% and +15% over the next 12
months.
SELL: Expected negative total returns of 15% or more over the next 12
months.
TRADING BUY: Expected positive total returns of 15% or more over the next
3 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is

expected to outperform the relevant primary market index over the next 12 months.
NEUTRAL: The industry, as defined by the analyst's coverage universe, is
expected to perform in line with the relevant primary market index over the next 12
months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to underperform the relevant primary market index over the next 12
months.

- 7