Strategist Team Kimeng: CD TTCL / PSL

14 2554
Strategist Team KimEng

Mayuree Chowvikran, CISA
Analyst
662-6586300 x 1440
Padon Vannarat
Equity Analyst
662-6586300 x 1450
Chaiyachoke Suwisuttangkul
Economist
662-6586300 x 1540
Chatchai Jindarat
Analyst
662-6586300 x 1401
Twitter Channel
http://twitter.com/YipNgenYipTong

Sell into Strength
!" # 3 % 0.89% dod - # 1031.67 0 12345%

67! 20,407 9 !163 BNP 131=251!>%?@ 3!AB>
C!66B3 1=D!! 3!E>6 > !C" # 2
SET INDEX LMN01!3%C !E35%4 !A2%1 0
B3 #6%!4 5 #0E35%4BA37>O>! B1!
B9D#! C3B16%! KimEng E5#%31!3"7!45%BC34
CA292!%3!%1 U#!V %> ECB X IMF 75#% !%%BC34 13A3
[\9!>E35%1 #! ]%6%!A>E C%!%%09%2
!%23B92! !>1C=![313! 4 X %1 X U#!V
=[ [ ^009 =5%">O>[ 1>BE3">>O>V_?>0==%%9 2
7]`71V_?>0]!!6 C3B9# ^B31 PIGS >09
[2!3 100% 6%! GDP V_?>00D!" %3!0 761
"%>BBE]9!> `B91]9!%3!61!
! LMN6%! SET INDEX "]%6%! %! C=5%!>
7 KimEng E5#%3=[40=D!0CB% 1-2 5%
! : KimEng C d6% 20% 6%!7%" # 2e Cd %1e TTCL
/ PSL
!5%: KimEng d-= Long B S50U11 9>[ 718 +/- 75#%92 7%1
! -= Short B S50U11 9>[ 718 0C=5%=61e Stop Loss:
S50U11 > 723 0 - Short C- Long
Portfolio
SELL by 20% of Portfolio: MINT/ BBL/ TCAP/IRPC/ BANPU/ PTT/ TOP/

PTTCH/ RCL/THAI KBS/ STA/ JAS/ SAT/ AJ/ TRUE/ VNT/ TK/ SAMTEL/
ESSO/ TTCL/ PSL/ PYLON
Accumulative Buy: TTCL / PSL
Technical View
C9 1015+/- 0 C 1000+/- 0 3C 1048+/- 0 %

[975#%63%9B13 ! 1040 0
Thailand Equity Research
14 2554
CONTENT
Inside Yip Ngen Yip Tong
1
2
3
4
5
6
7
8
9
10
11
Investment strategy
Fund flow analysis
NVDR Trading Data by Stock
Economic Issues by region
Interest Rate & CDS Movement
Securities Commodities Forex Movement
Economic calendar
Management Transaction
Stock Update
News Update & Analyst Quick Comments
Stock Calendar
Page
3
5
7
8
10
12
14
15
15
16
18
2
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14 2554
Action and Stock of the Day

!"# " # $ BNP #" ()"* ) +!-.) / 0

3 *1 (# 2$ ()") .3 2 3" 4 5.$67/ )28 Financial Times
" $ *" C!4 !D" E6 " /8 ")7 F ! SET INDEX
!"
L#28 3 0.89% dod . 9.16 3 ) R28 1031.67 3 #)-F" 5.$4 6
20,331 2
")* )R#*- *(" ")). " +1.11%, ") Person +0.30% ") ICT +0.09%
*"#")" ")6 -0.77%, ")7 F -1.33%, ")#*"* -0.41% ")RF) 1.96%
`7
)#" C-X ) Y8 Z* ) ."#.5!63 #/[/$* 7 \!$ 2X !
# SET INDEX +,--. */260*8 " DJIA */F _F_\`0" $X ) 2 FX abc# "!F# )d4
/0 1,035/40 78 KimEng .8#" C-X 2$ 2 F#F)*+ \02$ ! / 2 #)+g *+ /
4 2$ 2 2Z "28*+ \03# / F#F)(
80#9:-
:
:"/
9+ 328" *!3"\#/[/$* 7 \!5 3 !/ 4 *-"#/[/!X +( ("
+ 0/0 80% !
1. CDS Spread 5 i4 5 # $ F R6/8)4g$ 800.89bps ) -"28 5622.34bps *- *L
#/ \0 *"# CDS Spread 4 / 5 i# $ 6 d 2.93bps R28
888- KimEng 8

503.07bps *2))) 4 "F# )d4 )) ()"* ) +
#8/
!/
7B
F# ).8)8(
/
"/0 C
2. 4 674 / F C/D22 /28*- 4g$

: +D:/ +

EB/C#F!G/
3. F" /-2 0abc#6 3X # $R28 US$1.3681/euro /-4d F" L#28 2
6 0.2% dod
4. VIX Index #F# ) #" 2! *1 -"!*- # $R28 36.91 3
6/8)4g$3 */$.*.F.28C" ) +g 16.7%
5. ()") " .#" 5 q IMF q EU FX ) .#28 12 ..
28C" ) 3L *" *DD \*8 (#" .()"(4* F# )F. " 28F#3
L("
3 #44 *2))) 4 2"2/Z2 2!*/260 F L(" 3X
F .8#" 5 F ) *C/X $!28*- ".8 .4 C-X 2$ )Y8 Z* 3
L6 F# ).8)88#F #2" $

!""#$ %"#&
%'(" )*+$' 1- 2 / !+* )
*/8 2832X ! 2)8!3#" 536#/[/F$ $(F. .$ 2 +/84 )!). 0/
#28 18 ..$ 6/3 \ C 2! 2 EFSF *_ 1 )#28 29 ..
.$ 2 +/86F ). 4 ) Merkel 6 .$ ) **- ) 28 )*_ 1 3
()"C" " "
F# )d4 KimEng "*+ \05 L tu .8#" *#" 80% 2853C/X $
+-3 ")- 6/3 \ v) EFSF 4 )" 3L .8(4*X FD *4
6F"#) /8)()"d# X /_ w("#.5 L( )F */8 28
)) F.
1. 0 10
&'$$/2: 6 /23 */260!-! " ) 4g$ 5g8
" 3L328 Hedge Fund / Carry Trade 28! / 0*1 L" /- " R
*+ # 4 */260284 ( 2 6.8R*+ /- 0 6 / \0
\5 32X !/ 4 2! 2(
3
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14 2554
2. 0
4&
$ E6 7 F !) 7 F Y8 Z* 6 LC- 2
!6 7 - 5 *- z 2Z) Y8 Z* )F# )6 )"
*+ \0 " #
3. '5 % Safe haven )#2 "= $ )4= *2 3abc
#" F"LF"( 6 {D !-3/8)3X ) /8 4g$
! SET INDEX LMN6D1 >V !%E 9016%!
A2%1CU#!V 9"]%6%!! B7%3%5#%! ]
CB d6% 20% 6%!7% " # 2 C=5%!>
! C d 45%1e !3%
1. PSL : - 17.30 9 11 28.07 9
a. F" # .2 (BDI) # $ +1.3% dod R28 1,901 3 #4g$L#28 4
/" 2X *+//*- *! 9 .".8 3 ) **)"d
*/F w4 3F$ $ " . *.F.28C" ) 3 $ ({33#
3 4 *-"[- 4*" +" /!"# i*" C!F# ) !.2 6.8
4+" +" /6/8)*- 4g$
b. KELIVE F X (*27/!"# 3 i4 4 PSL 3/".8 " )*+_ 6
3 3X #.26/8)4g$3 24 X !i 2554 L 30, 35 41 X #" i 2555 q
2557 )X
c. *" C!X (i 2555 +102% yoy L 1,945 2 i 2556 +50.4% yoy
L 2,926 2
d. KELIVE ! PSL L Top pick *X 2 # )/ F ) *)/
PBV 28 1.5 2" 5g8 )*"# 12% 3 PBV 4 PSL !"# ) ) Upside 62%
2. TTCL : - 11.90 9 11 16.50 9
a. # $ TTCL Z )-!)"F RF)F!2Z )-F"
US$110-130 . ) \ 3,300 q 3,900 2 2 i 3/8)-
($ " 4Q54 L(
b. *" C! Backlog 4 TTCL 6/8)4g$*- +g 20,000 2 L*- *!)"4
/w2 (3)F# )".8 (3+g i 2556 L" KELIVE F #"
(i 2555 4 TTCL 36/8)4g$ +27% yoy L 10,800 2 X (*27/
+44% yoy L 625 2
c. 3 $ $ "i 2556 L( (aa 28 TTCL "#)23/8)R!/ /
6 \/0 *" C! TTCL ) (3X ".8 i 115 2 . 0.24
2 / L # 25 i 81% 4 (aa 28C/(34 ! (aa Y
C/3g )F# ))8F 4 (*d. KELIVE )/#" TTCL )#)( 6/8)/)!"# 28.4 i .8 3 -"
#" )- )-F" #)*- +g 59,000 2 5g8 !*+// )-
4 TTCL 28 1 ! 3 F #" TTCL 3 )-()"8X #" 15,000 2
L{33#" F " ".8
What will DJIA move tonight?
0&
("'> 0+' *? 0& 4 0 @/=@, %$0= 00B 0C#"
4
www.kimeng.co.th
14 2554
Fund Flow Analysis

Fund Flow in Emerging Markets

G-/
E
8
8D. US$640
-/
E US$119

# $
(US$ )
2553
(US$ )
-513.1
Closed
-9,122.3
9577
KOSPI
Closed
Closed
-5,461.3
19657
JSE
-68.3
-31.4
1,670.1
2345
PSE
-1.8
-6.5
564.2
1232
-4.2
-3.2
140.6
617
-52.7
-78.3
-759.8
1919
Short-Selling
Stock
Foreign Investors Action

GC
!

/
7B/ + Safe haven
:
2
YTD 2554
(US$ )
TAIEX
# )
SET INDEX
80#8--. 963
888
#"
(US$ )
Total Value
% of trading
Avg.Price
(mn Bt)
Volume
(Bt)
KBANK
140.88
12.2%
119.18
PTTCH
118.54
11.6%
126.71
BANPU
71.83
8.9%
614.48
SCB
69.50
10.4%
113.42
PTT
66.75
4.0%
312.06

( 2)
SET50 Futures (*DD )
SSF (*DD )
* $ ( 2)
# $
#"
-1.593
-2,362
-191
-1,824
-22
+5
-8,665
-1,220
\#/[/528 ()"d#2 28 3 #)+g d*8 !*+ /!Y8 Z*
! 2" / F $X 2!(2".8 # $4 *27/! (2L#28
3 1,593 2 #) 3 #2X 4 *27/ 4,414 2 YTD 4 *27/ 23,439 2
Short *27/! SET50 Futures #28 2 191 *DD #3 #" *" C! S50U11
R8X #" SET50 Index F . 4.37 3 2X ! *4 2X Arbitrage #" 2 /8)
3X F$
4 *27/! * $L#28 2 ) +g 8,665 2 #) 2 #2X 4 *27/ 9,885
2 *2))) 2/Z2 F" / 22 0*1 3 "F"
NVDR 9:/
E "C- 5.$4 C" NVDR # $) 5.$*27/ 80 2 3 #" 4 *27/ 1,517 2 *
7!8 ICT ":
_ 6#)( "($
1. ") ICT F +-5.$*27/*- *L#28 2 385 2 3 #" 5.$*27/ 301
2 )) #")6 5.$*27/ 78 2 3 #" 4 *27/ 233 2
2. ")7 F F +-$X 2*- *L#28 2 " . 289 2 3
#" 4 *27/ 740 2 )) #")#*"* 4 *27/ 148 2
3 #" 4 *27/ 606 2
45% >2!
123 >
(9 )
% 12345%
6
6 >
2!
123 >
(9 )
% 12345%
6
ADVANC
309.52
19.81
KBANK
-157.61
8.94
BANPU
DTAC
TTCL
IVL
225.58
57.24
38.64
34.62
17.02
22.43
14.61
2.93
SCC
PTTAR
KTB
BBL
-154.60
-124.87
-89.30
-38.08
21.84
18.44
11.16
16.78
5
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14 2554
Foreign Brokers and Top Retail Brokers Position
Net Position (mnTHB)
12,000
Yesterday
-12,000
1 Week
1 Month
ASP
BLS
KS
CLSA
CS
DBSV
JPM
KGI
KEST
PHATRA
SCBS
MACQ
UBS
Yesterday
465
-67
-551
-321
-589
-85
23
12
-323
392
413
-370
-221
TOTAL
-1,222
1 Week
418
654
-840
-235
-22
-1,586
94
-54
-480
-555
1,921
-1,295
-941
-2,922
1 Month
1,736
282
340
-1,570
-785
-5,458
1,163
313
-417
1,463
1,904
-4,882
-5,406
-11,316
Source: SET SMART
Regional Foreign Fund Flow
(mnUS$)
500
-4,500
-9,500
India*
Indonesia
Philippines
South Korea
Taiwan
Thailand
Vietnam
Yesterday
-165.96
-68.34
-1.82
-107.02
-513.10
-52.72
-4.21
WTD Net
209.72
-99.78
-8.27
-1177.94
-513.10
-131.06
-7.40
YTD Net
520.37
1670.13
564.17
-5461.34
-9122.28
-759.78
140.58
Source: Bloomberg
*India: Net foreign fund flow updated as of 12 Sep 11.
Yesterday
WORLD EQUITY MARKET MOVEMENT

Stock Market
DJIA
Closed
% DoD
% WTD
WTD Net
YTD Net
THAI STOCK MARKET MOVEMENT

% YTD
INDEX
Closed
% DoD
% WTD
% YTD
SET INDEX
1,031.67
-0.9
-2.9
-0.1
716.87
-0.9
-3.1
-0.5
19,947.24
-0.8
-2.7
-7.0
11,105.85
0.4
1.0
-4.1
8,616.55
0.9
-1.4
-15.8
SET50 INDEX
19,030.54
-4.2
-4.2
-17.4
ENERGY
KOSPI
1,812.93
-1.8
0.0
-11.6
BANK
382.25
-1.3
-4.6
-2.2
SHANGHAI COMP
2,471.31
-1.1
-1.1
-12.0
ICT
114.82
0.1
-0.1
35.0
TAIEX
7,391.37
-2.9
-2.9
-17.6
PROPERTY
16,458.04
-0.3
-2.4
-19.8
CONMAT
JAKARTA COMP
3,874.78
-0.5
-3.1
4.6
TRANSPORT
PSE
4,292.91
-0.1
-1.2
2.2
COMMERCE
HO CHI MINH INDEX
469.40
1.4
2.1
-3.1
MSCI AP EX JAPAN
409.47
-0.5
-3.6
-14.5
NIKKEI
HSKI
BSE SENSEX
154.68
-1.8
-3.5
6.3
7,803.46
-0.4
-2.9
-8.1
89.52
-0.9
-3.0
-22.2
15,742.22
-1.0
-2.3
33.2
MEDIA
56.02
-1.0
-2.5
21.3
PETRO
990.61
-2.0
-6.1
-26.7
Source: Bloomberg
6
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14 2554
NVDR Trading Data by Stock

(As of 13/09/11)
Top 20 Net BUY
Top 20 Net SELL

Value (Btmn)
Buy
ADVANC
BANPU
DTAC
TTCL
IVL
THAI
MINT
AMATA
BTS
PTT
MAJOR
LH
SCB
EGCO
SCCC
STANLY
TRUE
CENTEL
CPN
MBK
441.52
261.51
106.76
49.27
42.35
33.34
30.52
20.10
12.97
76.29
13.73
11.45
28.88
8.42
8.47
8.06
7.60
20.08
5.98
5.23
Sell
132.00
35.92
49.52
10.64
7.72
3.01
8.27
1.32
0.36
64.79
2.69
0.98
19.98
0.71
0.84
0.85
0.47
13.28
0.92
0.49
Total
573.52
297.43
156.28
59.91
50.07
36.35
38.79
21.42
13.33
141.08
16.42
12.43
48.86
9.12
9.32
8.91
8.07
33.36
6.90
5.71
Value (Btmn)
Net
309.52
225.58
57.24
38.64
34.62
30.33
22.26
18.77
12.61
11.50
11.05
10.47
8.90
7.71
7.63
7.21
7.13
6.80
5.06
4.74
Buy
KBANK
SCC
PTTAR
KTB
BBL
PS
SPALI
LPN
PTTCH
PTTEP
BAY
CPALL
AP
TOP
BLA
MCS
BH
KTC
GLOW
LANNA
24.90
17.40
3.95
7.50
163.31
4.32
5.98
23.15
7.52
1.04
33.97
2.31
1.99
11.44
1.11
0.02
0.84
1.19
0.11
Sell
182.50
171.99
128.82
96.80
201.39
37.99
35.11
52.17
35.92
22.58
52.23
18.87
16.22
24.64
9.95
6.97
6.04
3.16
4.32
2.68
Total
207.40
189.39
132.77
104.30
364.70
42.31
41.08
75.32
43.44
23.62
86.19
21.18
18.21
36.08
11.06
6.99
6.88
3.16
5.51
2.78
Net
-157.61
-154.60
-124.87
-89.30
-38.08
-33.66
-29.13
-29.02
-28.40
-21.54
-18.26
-16.56
-14.23
-13.19
-8.85
-6.96
-5.20
-3.16
-3.13
-2.57
Top 20 Most Active

Buy
ADVANC
BBL
BANPU
KBANK
SCC
DTAC
PTT
PTTAR
BEC
KTB
BAY
LPN
TTCL
IVL
SCB
CPF
PTTCH
PS
SPALI
MINT
441.52
163.31
261.51
24.90
17.40
106.76
76.29
3.95
60.53
7.50
33.97
23.15
49.27
42.35
28.88
23.31
7.52
4.32
5.98
30.52
Value (Btmn)
Sell
Total
132.00
201.39
35.92
182.50
171.99
49.52
64.79
128.82
56.99
96.80
52.23
52.17
10.64
7.72
19.98
23.26
35.92
37.99
35.11
8.27
573.52
364.70
297.43
207.40
189.39
156.28
141.08
132.77
117.53
104.30
86.19
75.32
59.91
50.07
48.86
46.57
43.44
42.31
41.08
38.79
Net
309.52
-38.08
225.58
-157.61
-154.60
57.24
11.50
-124.87
3.54
-89.30
-18.26
-29.02
38.64
34.62
8.90
0.05
-28.40
-33.66
-29.13
22.26
7
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14 2554
V_?>0 - !>`21>`
?%1>
Obama 53!}13%`%! # 12 ..: #C 3
US$4.47 * #)+g *4g$_ w /(FF7) *X C-) (*- #)+g X # /
$3 Municipal Bond ! "_ w /(1 #) 7 7/ ) 6/8)
( US$1.8 ).8 C" _ w$, C23 X (4 C-3 2*"#FF,
2_ F* 1 Venture Capitalist
6V_?>06%!?@ 3![E%3%5#%!
1. 4 0 0= > = & .0. $ 0.4% mom: "#" F 28 -0.8% mom
3 ." 286/8)4g$ 0.3% mom X F $X ) 28# 2.1%
0.8% mom )X 2"# #4 i" " ## 3 +13.8%
yoy *-" +13% yoy
2. 0
" (Poverty Rate) *? '> /#)$&$ 20 Q: *X *))
*1 #" **"# *1 28) (8X #" *F# ) 3 (Poverty
Lines) 6/8)4g$3 14.3% !i 2552 L 15.1% !i 2553 3X # 36/8)4g$
3 43.6 F L 46.2 F 5g8 L*+//*- *! 52 i
3. #$ %
& .0.*? &: 28 US$1.342 *
2"# #4 i"28 qUS$9.05 ).8 X !3" 4 _ F286/8)4g$
+g 19% yoy 4\28 6/8)4g$6 3.2% yoy *2*DD \"d$* 7 \!
*1
4. 40
4&
@/= %$ C#" 1'> > #)$ 13 &: # 3 89.9
3 *-" 88.1 3 !. *.F. * ) 3 28C- SME )F# ) #"
#) 4 #4 Zw/34 !*1
3 {D #" !
*- F# ).8)8C-/_F28"
#8!/ U 7 8 -.

14.3% 15.1% !W 9.
/DC/!: 20 W /+

X+
99
US : Import Prices (% MoM)
Source: Bloomberg
US : Small Business Optimism
Source: Bloomberg
]
8Y0C8+8 #8
G:8/DZB! 9
0
8:+ 8!
/+
CDS Spread - 9

78-. 800bps
A2%15%20 E35%4B%7A>E: 6)!

). 4 ) **C "#. 6 C/6 32X !/#/[/! /
$-3 2X 2#/+2 ! "#. 6.8()"!/ Domino Effect
% #D_ BoE 1>340A>E: Mario Blejer )/#" C
"#.4 IMF q EU $32X !5 $28*- 4g$24 Zw/328()"*)0 )#" 5
34 */260!#/* /3 F * ( q 3" 4 )C28 (
53 )$* 7 \" GDP /#" 100% \ */$i 2555 " 5C/X $# *
(00 3X / !2 #
Fitch Rating 1>#!3%%913E5#%=5%: 6 Zw/328/!
8X X / )C$1 )F# )" \ {33 Fitch !F# )" .8+. AA+
#)L tu
6796%!%> %%92!6D%: 67 5 i $ 5.6%
2 $F$ " 4.93% # / 6.9 6 - *"# Bid-to-Offer 28 1.28x 4
67 2.6 6 - 7 i 9 i#" #)2$ */$ 6.5 6 - 8X #" 28$ 4
7.0 6 -
8
www.kimeng.co.th
14 2554
1#!6%!4 =>>2!B13%3!3%5#%!: CDS Spread 5 i5L 5622.335bps

3 #" 4821.48bps CDS Spread 5 i4 / R28 503.07bps 3 #"
506.00bps
ITALY : CDS Spread 5Yr Bond
GREECE : CDS Spread 5Yr Bond
Source: Bloomberg
%!>L%5% ..6%!U#!V =>>2!B%95%9 3 : " #4g$3 +2.1% yoy
L +2.4% yoy ) #" F 28 +2.2% yoy * ) 3 F */F _F/_F28

6/8)4g$ E6 *.$C 2 286/8)4g$3 ."+g 9.8% mom )"# Summer
Sales !Y8 Z* 4\28 F 6 2 #* 6V_?>06%!%!O_!!3![E>!9
1. STU(V: 3 4.4% yoy !. .F. *-" 4.5% yoy !. *.F.
2" F * ) 3 F *.$C 286/8)4g$+g 3.7% yoy )"# [-
)8*/F ! [w 4\28 F F.8 .8) F 6/8)4g$".8 +6.2% yoy 2$ $
()"#)6 /a6.$ . *.F.2 #28 3.1% yoy
2. 4 0 0= 5
V 0 : +5.2% yoy !. *.F. 2." 28 +5%
yoy 4\28 F 28 5.1% yoy
3. # 0= & .0. 5
V: 3 8.87 6 0 L 8.92 6 0
(US$1.41 ).8 ) X X 4 284 # ".8 +3.8% mom 2X *+//*- *L
#/ \0 4\28*" 6/8)4g$ 2% mom
UK : Inflation (% YoY)
Source: Bloomberg
UK : Trade Balance
Source: Bloomberg
0
AA> %!C!5% .. 6%!07>#16D2!">[: +29% yoy *-" 5.18 *
3 4.78 *!. .F. .8 3 3X #). 28)L3X #) d X (#" * F0
36/8)4g$! F
%EC4>L-
%3!%%5% .. 6%!L->-!"5% # 3 >3%: -1.7% yoy *-"

US$4.43 6 3 28 -9.4% yoy !. )/.. "#" 28 F #" 3#+g 6.8% yoy
.8 3 * F0*/F /d2/F*028# )2/Z2 Zw/328#

131
9
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14 2554
5#% 6%!%%9 C CDS #
%%9 LIBOR3M 7>#16D" # 3
#:
8G
1.
2.
LIBOR 3M = R28 0.3471% 6/8)4g$ 0.42bps 3 #" +0.49bps

HIBOR 3M = R2X
Ted Spread 7>#16D" # 4: # $ Ted Spread R28 0.3471% 6/8)4g$ 0.93bps 3 #"
6/8)4g$ 0.50bps 6/8)4g$! " ).82 LIBOR3M 6/8)4g$ 0.42 bps 2X !C2
3 67*1 3 . 0.01bps 3 #" 28 Ted Spread 6/8)4g$!
" ).82 LIBOR3M *2 F.8 /2#" */260*8 */260 Safe
Haven 2 #
LIBOR Rate: 3M
US TED Spread
0.80
0.60
0.70
0.50
0.60
0.40
(%)
(%)
0.50
0.40
0.30
0.30
0.20
0.20
0.10
30-Jul-11
29-Aug-11
30-Jun-11
31-May-11
01-Apr-11
01-May-11
31-Jan-11
02-Mar-11
01-Jan-11
02-Dec-10
03-Oct-10
02-Nov-10
05-Jul-10
03-Sep-10
04-Aug-10
05-Jun-10
06-Apr-10
06-May-10
07-Mar-10
06-Jan-10
05-Feb-10
07-Dec-09
08-Oct-09
07-Nov-09
08-Sep-09
4-Aug-11
15-Sep-11
25-Aug-11
2-Jun-11
14-Jul-11
23-Jun-11
21-Apr-11
31-Mar-11
12-May-11
10-Mar-11
6-Jan-11
27-Jan-11
17-Feb-11
4-Nov-10
16-Dec-10
25-Nov-10
2-Sep-10
14-Oct-10
23-Sep-10
1-Jul-10
22-Jul-10
12-Aug-10
10-Jun-10
8-Apr-10
29-Apr-10
20-May-10
4-Feb-10
18-Mar-10
25-Feb-10
1-Dec-09
14-Jan-10
22-Dec-09
10-Nov-09
8-Sep-09
20-Oct-09
29-Sep-09
0.10
Source: Bloomberg
Y
7E

` -9: -

! +
a / D ZB !
+
aG -Z+

G - /
E
2 8.7
7
Term
1 Month
3 Month
6 Month
3 Year
5 Year
7 Year
10 Year
Yield
3.40427
3.43898
3.50151
3.37970
3.41233
3.49599
3.57405
Change (bps)
-0.14
+0.14
-1.69
-1.32
-0.28
-0.34
79B V: C267 (2# d 3 *+ \0

2!" 2Z28L/ E6 F# )..$4 #/[/$* 7 \! *" C!
2*+ !2Z 4 6 /! Safe Haven ".8 *X 2" /4 *27/
".8 L#28 2 F/L)-F" "+g 8,665 2 2#" 28 -1,220 2
*" C!*+ 5.$*27/ YTD *-" 6.71 * 2
Thailand : Government Bond Yield Curve
Source: ThaiBMA
Thai Baht Implied Interest Rate Movement
Term
12/09/11
2 Day
3.25
1 Week
3.09
1 Month
2.99
2 Month
2.99
3 Month
2.99
6 Month
2.98
9 Month
3.07
12 Month
3.19
Source: BOT
09/09/11
3.26
3.1
3.12
3.15
3.15
3.07
3.18
3.32
08/09/11
3.34
3.28
3.27
3.28
3.18
3.13
3.25
3.35
07/09/11
3.36
3.28
3.25
3.28
3.23
3.15
3.26
3.37
06/09/11
3.37
3.29
3.1
3.24
3.09
3.08
3.17
3.3
05/09/11
3.37
3.2
3.04
3.09
3.05
3.1
3.19
3.37
10
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14 2554
#8/
" `
8 :G: 9 7:
#8/
8 +
a
:c !"
/+
8
`
1#!6%! V !"CB%9 4 : CDS Spread 4 2Z(2

5 i R28 155.68bps 3 #" 28 156.85bps CDS Spread 5 i 4 3
" # $R28 131.13bps 3 #" 132.32bps
Thailand : CDS Spread 5Yr Bond
#8/ !

Source: Bloomberg
+#8/ /U `
CDS Spread 6%!?@ C 9 13#C!: CDS Spread 5 i4 *1 R28 52.50bps
3 #" 52.56bps LF# )*8 28 6 d
*+ \0 Zw/3!*1 #"
*2 F"4 #"
USA : CDS Spread 5Yr Bond
Source: Bloomberg
11
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14 2554
` X #

"/B -.
2 3! V:
defG/ 7:`C
DJIA 96D # 2 >3% : #3*0#4g$ 44.73 3 . 0.40% R28 11,105.85
+G88+ 9 g 8 g
3 #4g$L#28 2 /" 3 d X ( )#" C-X 5 ) Y8 Z* "
h a/! -Z+
8
#2 (4{D $*/* 7 \!5 23)4g$!#$"# d )# 2Z(2 " (d
# 8 Y Y # 8
) F #" 3L abc#"# *$2" $ 4\28#4Zw/3 F " *) 6707/3/*
ai"
" /4 * F# ).8)8_ F7/34 d 8X *! 13 .
4\28 2)/(+ 2! *. *.F.#)+g US$3.6 ).8 3
F# )()""4 *"# VIX Index -4.3% dod . 36.91 3
A%9C 79?@ 96D%: 3 F F# ) #"
*+ \0$* 7 \! 1 Angela Merkel 4 )) F# ).8)8"
{D $* 7 \! 4\28 Yield 67*1 282 #8X 2X !F# )" *!3
! 267*1 C267 10 i 6/8)4g$".8 L#28 2
4.3bps R28 1.991% 4\28 C267*1 2 i ) 0.4bps
R28 0.201% R)-67*1 10 i # / US$2.1 ).8 !F."
F ( F"4 ! Yield 2% 5g8 L8X *L#/ \0 2
)-F$ " 28 2.14% !F.$ 3) R)-67*1 30 i # / US$1.3
).8 F/L# /#)2$ */$!* 0$28 US$6.6 ).8
VIX Index
Fed Fund Rate Futures

70%
90
64.80%
64.80%
64.80%
63.00%
80
0.00%
0.25%
0.50%
0.75%
60%
70
50%
50
(Probability)
(VIX Index)
60
40
30
40%
33.50%
34.30%
33.50%
33.50%
30%
20
20%
10
09/09/2008
24/09/2008
09/10/2008
24/10/2008
08/11/2008
23/11/2008
08/12/2008
23/12/2008
07/01/2009
22/01/2009
06/02/2009
21/02/2009
08/03/2009
23/03/2009
07/04/2009
22/04/2009
07/05/2009
22/05/2009
06/06/2009
21/06/2009
06/07/2009
21/07/2009
05/08/2009
20/08/2009
04/09/2009
19/09/2009
04/10/2009
19/10/2009
03/11/2009
18/11/2009
03/12/2009
18/12/2009
02/01/2010
17/01/2010
01/02/2010
16/02/2010
03/03/2010
18/03/2010
02/04/2010
17/04/2010
02/05/2010
17/05/2010
01/06/2010
16/06/2010
01/07/2010
16/07/2010
31/07/2010
15/08/2010
30/08/2010
14/09/2010
29/09/2010
14/10/2010
29/10/2010
13/11/2010
28/11/2010
13/12/2010
28/12/2010
12/01/2011
27/01/2011
11/02/2011
26/02/2011
13/03/2011
28/03/2011
12/04/2011
27/04/2011
12/05/2011
27/05/2011
11/06/2011
26/06/2011
11/07/2011
26/07/2011
10/08/2011
25/08/2011
10%
1.70%
0.00%
Sep 8
Source: Bloomberg
2.70%
0.00%
1.70%
0.00%
1.70%
0.00%
0%
Sep 9
Sep 12
Sep 13
Source: Bloomberg
Asians Equity Market Wrap
Light Volume
NIKKEI
World Stock Market Movement

1.85%
DAX
1.41%
CAC
1.35%
STAITS TIMES
0.93%
NIKKEI
0.87%
FTSE
0.40%
DJIA
0.38%
JAKARTA
-0.09%
PHILIPPINE SE
MSCI ASIA
-0.39%
SET
-0.90%
-1.13%
SHANGHAI
-1.83%
KOSPI
-2.88%
TAIWAN TAIEX
HSKI -4.21%
Update: Sep 14 @ 7.30 Source: Bloomberg Note: HSKI and Kospi close.
8,616.55
+1.0%
Key Factors
abc#3 8X *! 2.5 i .8 3
1. 7 ECB #" *_ 6)F.8 ).6 6! 2833
{D #/[/$*/()"! )(( * F# ).8)8 2
2. 2 / #" 3*!3283 2!67 4 / *
F# ).8)8 2
3. " ) *+ / *" abc # 3 d " #
Mitsubishi UFJ Financial Group Inc. +2.5%, Fanuc +2.3%, Kyocera
+3.4%, Elpida +13%
HANG SENG
19,030.54
Key Factors
- 5#%!B After Mid-Autumn
12
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14 2554

ASIA PACIFIC VS THAILAND SECTORAL MOVEMENT
COAL
0.23%
-2.40%
0.21%
TELECOM
-0.14%
CONSTRUCTION
-1.28%
BUILDING MTRLS
-0.33%
-1.71%
-0.63%
ENERGY
TRANS
-1.41%
FARMING & FISHING

-1.21%
BANK
-1.89%
SHIPPING
-1.96%
-2.04%
-2.16%
REAL ESTATE
0.12%
-0.68%
-0.52%
-0.87%
FOOD
CHEMICAL
0.21%
-0.87%
-0.76%
-0.58%
-1.35%
-1.59%
Update: Sep 13 @ 17.00 Source: Bloomberg
Asia Pac
Thailand
SHANGHAI
2,471.31
-1.1%
Key Factors
abc#3 8X *! 2.5 i .8 3
1. 2 ##" 33 F X / 2 /284) #
"( #4 X 4 6/8)4g$*- *L#/ \0 */.8
!)"* /# 6/8)4g$ *" C! ICBC -1%, Construction Bank 0.9%, Agricultural Bank of China Ltd -0.4%
2. 3 $F# ) #") 2 /* F# ) # 2"
/) \ /_F*/F _F_\`028 3# 3 !)
" #*" C! Jiangxi Copper -1.9%, Aluminum Corp -1.7%
3. BYD -6.3% R288X *$ "4 2X 5.$4 ! 260
C-+.)/!4 -)-F" 6 6 #!3
4. 4\285)0#4g$ Citic Securities #" F 5)0!
* 028C" ) #4g$ 0.2% wow *" C! Anhui Conch +1.3%,
Huaxin Cement Co +3.5%
B V
SET INDEX 9!" # 3 >3% : !2/Z2 # 28#
3
F# ) #{D $*/!28 3 )".8 ) 4" ##" BNP 7 F !D"4
Y8 Z*#" ()"* ) + -.) / 0*1 ( /8)/{D 4 *_ 6F" 4\28)-F"
5.$4 2X !# R -"28 1,031.67 3 9.16 3 . 0.9% )-F" 5.$4 28*!#" 2 .F/L)-F" 6 2.05 ).8.
! 3!E>6 >" # 3 >3% : F/L)-F" 1.6 6. 3 #" 284
*27/F/L)-F" 2.4 6. *" C!)-F" YTD L4 *27/6/8)4g$L 2.37 ).8.
! =9B V6 >" # 2 >3% : F/L)-F" 904 . 3 #"
284 *27/F/L)-F" 1.5 6. *" C!)-F" YTD L4 *27/6/8)4g$L 2.72 ).8.
2/w2260(Prop Trade) 4 *27/L#28 3 /" F/L)-F" 584 .
31-]1!!9!C!3%5#%!: -2%, VNT -2.6%, IVL -2.1%, PTTCH -2%,
TPC -2% ) L")* 1 -1.8%, AMATA -3.6%, CPN -3.2%, PS -3.1%, SPALI -2.8%,
AP -2.6%, QH -2.3%, RAIMON -1.7% ")7 F -1.3%, KBANK -2.1%, TISCO -1.9%, TCAP 1.7%, BBL -1.3% ")F -1%, BIGC -2.3%, BJC -1.3%, CPALL -1% ")*.8*" 6/)60 -1%,
WORK -4.7%, BEC -1.2%, GRAMMY -1.1% ")4*" -0.9%, RCL -2.1%, PSL -1.7%, AOT 1.6%, THAI -0.4%
C! 3!E>!! Short >" # 2: "6 191 *DD 3 #" Short
*27/) +g 1,824 *DD # 4 *27/! (2L#28 3 "# *2
4 (2/8)3X ) /8 4g$ YTD 4 2" /4 *27/! (2) +g
23,429 2# "28" *!3F. 4 *27/! * $L#28 2 ) +g 8,665
2 *2))) "2/Z2 F" / 22 0"F" ".8
SET+MAI
Latest
Institute
Prop
Foreigner
Retail
Prior date
YTD
-904.19
-1,523.96
-27,153.48
-583.74
-1,591.80
-1,388.44
-2,361.31
24.10
-23,715.49
3,079.73
5,273.72
50,844.89
Customer Type Breakdown in SET&MAI
Foreign Net Position in TFEX

850
150,000
116,147
810
100,000
2553
2554
1Q54
-19,307
-50,000
-37,027
2Q54
-711
3Q54
-1,592
Sep 13
-14,092
-65,516
-100,000
(SE T50)
(mn THB)
3,080
0
2552
690
Prop Trade
Foreign
8,000
4,000
-
570
-4,000
530
-8,000
490
-12,000
450
-16,000
29-Jan-10
26-Feb-10
31-M ar-10
30-A pr-10
31-M ay-10
30-Jun-10
30-Jul-10
31-A ug-10
30-S ep-10
29-O ct-10
30-N ov-10
30-D ec-10
31-Jan-11
28-Feb-11
31-M ar-11
29-A pr-11
31-M ay-11
30-Jun-11
29-Jul-11
31-A ug-11
1-S ep-11
2-S ep-11
5-S ep-11
6-S ep-11
7-S ep-11
8-S ep-11
9-S ep-11
12-S ep-11
13-S ep-11
Y TD
Institutions
12,000
5,236
610
Retail
-200,000
Source: SET SMART
16,000
650
-150,000
-162,357
20,000
730
41,813
38,013
2551
24,000
SET50
770
81,415
50,000
Monthly Acc. Positions
(no.of contracts)
SET Index

3
1040 BNP E#ha/+
8/8D0 US$
a
7 880 #
9:-
/! 2 :
Source: TFEX
13
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14 2554
`>]``[\
1>9
# C 8 -. :
US$90.00/barrel # #ZB
/` C 8 -/
EIA
+a#: +D. 3 B
NYMEX 96D : F $X )/ NYMEX *" ). .F. 2554 R28
US$90.21/barrel 6/8)4g$ +2.29% dod . US$2.02/barrel 3 #" 28 US$88.91/barrel "
$. US$89.97/barrel {33*X FD28)C2("
1. EIA 3 #4*d$X )/!#$ F #" *d$X )/3 +g 3 0
4\28*d$X )5/3 4 * 0
2. d X ( #2 ( 4{ D $ */ ! # $ 3) ) #" C- X
) q Y8 Z* 5
%! COMEX 96D : F 2 FX COMEX *" ). 7.F.2554 R28
US$1,830.10/ounce 6/8 ) 4g$ +0.9% dod . US$16.80/ounce 3 # " 28
US$1,813.30/ounce 3 /228(4 *-"2 FX F$ # . 3% !#"
6 /6.8 F# )*8 3 {D $*/* 7 \!5
BDI 96D # 4 >3% : R28 1,901 3 6/8)4g$ 25 3 3 #" 28 1,876 3
! Future 96D%B%9 3 : F D8 R28 351.00 /
/) +0.26% dod 3 #" 28 350.10 / /) #4g$d! 3 # 3
/ Technical Rebound F # ".8 !"# 2 * 028C" )
WTI Crack ! : R28 US$27.68/barrel 6/8)4g$ -6.93% dod
U 96D% # 2 >3% : F Y "# /#0F R28 US$1.11/
0 6/8)4g$ +0.76% dod 3 #" 28 US$1.10/0 #4g$d#28 2 /"
* Y F F */$*#28 31 .F. 28 51.91 3 F \0 " 28
52.66
=#5%! CBOT 9! # 2 >3% : F +8#. CBOT *" )
. 6..R28 US$13.91/bushel -0.30% dod 3 #" 28 US$13.96/bushel #
#28 2 /" F #" 6.$286 -+8#. ! 03/" 36/8)4g$3 /) 1.23 F0
*" C!/) \CC/+8#. 6/8)4g$
NYMEX 9!B%9 5 : F $X NYMEX *" ). .F. 2554
R28 29.41 50 / 0 -0.54% dod 3 #" 28 29.57 50 / 0 3 4 2X
X ( F #4g$/" 4 #"
=3>C=3>3!9!
1. Bloomberg Asia Pacific Coal Index R28 798.23 3 . -0.70% dod 3 #" 28
803.86 3 $. 797.78 3
2. F +" /"# ! Rotterdam *" ). .. 2554 R28 US$123.50/
-0.68% dod 3 #" 28 US$124.35/
3. F +" /"# ! Richard Bay *" ). .. 2554 R28 US$116.80/
-0.26% dod 3 #" 28 US$117.10/
4. F +" /"# ! Newcastle *" ). .. 2554 R28 US$124.10/
-0.32% dod 3 #" 28 US$124.50/
BDI 7 8 -.

4 -Z+

#hv:: US$1.00/B
:
NYMEX Crude Futures
COMEX Gold Future
150
140
1,900
130
120
1,700
100
1,500
(US$/ounce)
(US$/barrel)
110
90
80
1,300
70
60
1,100
50
40
900
30
20
8/29/11
7/28/11
6/28/11
5/27/11
4/26/11
3/25/11
2/23/11
1/24/11
12/23/10
9/21/10
11/22/10
8/20/10
10/21/10
7/21/10
6/21/10
5/19/10
4/19/10
3/18/10
2/16/10
1/15/10
12/14/09
9/10/09
11/12/09
10/12/09
6/9/09
8/11/09
5/7/09
7/10/09
4/6/09
3/5/09
2/3/09
1/2/09
6/3/11
8/26/11
7/15/11
4/21/11
3/10/11
1/27/11
11/3/10
9/22/10
12/16/10
8/11/10
4/6/10
6/30/10
5/18/10
2/23/10
1/12/10
9/3/09
11/27/09
10/15/09
7/23/09
6/10/09
4/28/09
2/2/09
Source: Bloomberg
3/16/09
11/7/08
9/26/08
12/19/08
8/15/08
7/3/08
700
Source: Bloomberg
14
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14 2554
5#% 6%!%C# #
3!>2]C6!3 99%?@ " # 2: ).8 )) ."#.
0"-`#
2 #+
7 def++/

5 !63 #/[/F$ $ 6.8L F# )*8 28 36"( 2Z*) /.8z
*" C!/ d X (" /-
1. Yen/US$: F" /).82 0*1 4d F" L#28 2 0.31% dod R28 76.92
/US$ $ /2 # 5.$4 28 Yen76.92 /US$
2. US$/Euro: /-2 0*1 4d F" L#28 2 6 0.08% dod R28
US$1.3681/euro " * $ F" /-abc#d 5.$4 28 US$1.3689/euro
3. US$/GBP: /0 [w2 0*1 R28 US$1.5783/GBP "F" L#28 4
0.49% dod #$ /0 [wabc#4g$d 5.$4 28 US$1.5793/GBP
4. THB/US$: F" / 2 on shore # $"F" L#28 6 0.17% dod R28 30.18 2/
US$ )#" F" / 0"F" 2-d ) "# /228(3 /
(2".8 F" / 2(22 ) " * #F$ " / 22 # 5.$4 28
30.18 2/US$
Thai Baht - US Dollar
US Dollar Index
95
35.00
34.50
90
34.00
33.50
85
(THB/US$)
33.00
32.50
80
32.00
31.50
75
31.00
30.50
70
30.00
Source: Bloomberg
22-Jul-11
20-Jun-11
25-Aug-11
9-Mar-11
3-Feb-11
12-Apr-11
17-May-11
25-Oct-10
31-Dec-10
26-Nov-10
15-Jul-10
21-Sep-10
18-Aug-10
6-Apr-10
11-Jun-10
3-Mar-10
10-May-10
29-Jan-10
19-Oct-09
24-Dec-09
20-Nov-09
9-Jul-09
15-Sep-09
12-Aug-09
4-May-09
5-Jun-09
21-Jan-09
30-Mar-09
24-Feb-09
9-Oct-08
16-Dec-08
12-Nov-08
1-Jul-08
5-Sep-08
65
4-Aug-08
9/1/11
8/3/11
7/5/11
6/6/11
5/4/11
3/3/11
2/2/11
3/31/11
1/5/11
12/2/10
9/9/10
11/4/10
10/7/10
8/10/10
7/12/10
6/14/10
5/17/10
4/16/10
3/16/10
2/16/10
1/19/10
12/18/09
11/18/09
9/22/09
8/25/09
10/20/09
7/27/09
6/24/09
29.00
5/27/09
29.50
Source: Bloomberg
15
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14 2554
^00 #% !>1B

#V
3%
Consensus
60>!
^00`%
/a. *.F. 4 3
F C-C /. *.F. 4 3
CC/* ). *.F. 4 3
#4 GDP ! 2Q54 4 D8
#28 9 ..
F# ).8)8C-/_F. *.F. 4 D8

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F . *.F. 4 3
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#28 10 ..
#28 11 - 15 ..
#28 12 ..
#28 13 ..
#28 14 ..
#28 15 ..
D/*6. .F. 4 /
/a. *.F. 4 *1
D/*6! 2Q54 4 *1
Empire Manufacturing . .. 4 *1
4*#*/ #" F$ * 04 *1
CC/_ F* ). *.F. 4 *1
!X C/. *.F. 4 *1
D/*6. .F. 4 -
#28 16 ..
6.5% yoy
7.5% yoy
14% yoy
-0.3% qoq
6.2% yoy
7.2% yoy
13.7% yoy
-0.5% qoq
6.2% yoy
7.3% yoy
13.5% yoy
-0.5% qoq
37.0
2.3% yoy
0.3% qoq
2.3% yoy
0.3% qoq
37.0
2.4% yoy
0.3% qoq
US$31.48 bn
20.4% yoy
22.9% yoy
CHY492.6 bn
US$25.40 bn
21.7% yoy
20.9% yoy
CHY500.0 bn
+US$17.76bn
24.5% yoy
30.2% yoy
CHY548.5bn
1.8% mom
-0.8% mom
-GBP4496 mn
+0.2% mom
+0.1% mom
-GBP4200mn
-0.1% mom
-0.7% mom
-GBP4450mn
4.4% yoy
-2.8% yoy
7.9%
-0.7% mom
4.5% yoy
-
4.5% yoy
7.2% yoy
0.3% mom
2.8% yoy
-
6.4% yoy
0.5% mom
-
-EUR4252 mn
3.6% yoy
-US$119.3 bn
-7.72
414K
0.9% mom
-US$121.0 bn
-2.95
0.1% mom
77.5%
-EUR3.3 bn
77.5%
-
^00`B V
#1 : Bloomberg, ., SET
16
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14 2554
6%12C99!#C!=5% 76%!A29> (C99 59-2)

0 # 13 .. 2554
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CPF
CK
SUSCO
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AYUD
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12/9/2554
9/9/2554
9/9/2554
9/9/2554
6/9/2554
8/9/2554
8/9/2554
20,000
500,000
1,000,000
2,600
13,986,090
233,400
25,000
30
0
1.13
77
25
5.5
47.5
> 1/
03
5.$

5.$
4
4
4
4
9 >0
TTCL
Company Update
BUY
TTCL Z !)" *X " * F R F) F !2Z )- F" US$ 110-130
. ) \ 3,300 - 3,900 2 5g8 3L _2 EPC F 2X X (4$
4 F $ ) \ 10 q 12% 2 i (/8 ) .F. 2554 q */$ i 2556) F * *" # ) \
10% 4 )- F" F . ) \ 300 23* ) + 2g (! 4Q54 *"#28.32
- ! i 2555 q 2556
).8 #) !)" 28 )- # TTCL 3) Backlog !). *- L # / \0 +g 20,000 2
3* ( ! / " .8 " " ! 2H54 2555 q 2556 F ( 4 i 2554 28 2"
8,520 2 (+62% yoy) 5g8 #)*)) / 4 ( !)" ( # # F X (* 2 7/ 2" 485
2 (+44% yoy) *X i 2555 F #" !). 28 ) -" 3 2X ! TTCL / " .8 F (
/ 27% yoy 2" 10,800 2X (* 27/ / 29% yoy 2" 625 2
!i 2556 C 4 TTCL 3( d #3 (aa 28 X -" ! " # " * F #"
3R 4 (a( " # 1Q56 5g8 TTCL ( 0 2 " F. ( " * (aa )- F" #" 4,000
25g8 { 3 3 -" Backlog / w 23( / { CL )- F" 115 2" i (0.24 2/ /i) $ "i
2556 L (#)# 25 i 81% 4 (aa 28 C/ ( 3 +- 4 ! EGAT 5g8 )/#" *"#
" X (2 8 / 4g $ 3L { 3 3 " # / " . 8 ! F6 )2 $ 6/ 8 ) F# )4d "
/
{ 3 3 TTCL ) .8 F# )3X 44 " #))- (Proposals) #))-F" ) \ 59,000 2 5g8
! * +/ / 4 TTCL 28 1 ! 3 2X ! F #" ! F TTCL 3( 6/8 ) 4g$ ()" 8X #"
15,000 2 5g8 F #" 3- C !i $ ) \ 3 F 28 TTCL 4 .8 " # ))- ) )- F"
E8 ) \ 4,000 - 5,000 22$ !" 2Z
3 )/ )- F" 28 ) *)*))/ 4 Forward PER 28 12 ( F ) 4 i255 5 2"
16.50 2/ ! C d45 %e
17
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14 2554
630
AP D#!!915# ]%9-%]79 (63 14 .. 54)
AP 3")! dd2 2.8 ).8 2 3"FFg8 i *- 1.03 ).8 2 4\28 8 .#04 1.06 ).8
2 82$ i ) 2 ).8 2 4\28() * 4 d R6/8) 7 F )-F" 9.2 6 2
1>CC0> : AP ) Backlog !). \ */$ 2Q54 #" 26,883 23-! 2H54
) \ 9,400 2 $ F (4 i 2554 2" 16,010 2 (+15.7% yoy) X (*27/F 282"
2,093 2 (-5.2% yoy) 3 $ AP # C3RF !)"! 2H54 28 8 F )-F" 10,220 2 L
F 2 #0 *0 4 " )-F" 2,570 2F F)/) 4 " )-F" 10,220 25g8 F 28))-F" *28*F.F)/) Life@Ratchadapisek )-F" 3,200 2R4 ! 3Q54 ).8#)F 28R4 (#!
1H54 #" 9 F )-F" 10,570 232X !!i 2554 AP )F R4 !)"#)#" 20,790 2 5g8 .8
#" F 28R!)"32X ! AP ) Presale !i$+g 28# (#28 20,000 2 ( 8M54 2" 10,600 2)
*))/ 4 )/)-F" 28) *)##/7 Forward PE 28 10 2" 3( F ) 2" 7.40 2/ +g )i$
AP 3) EPS 3 dilution 4 {C"#F# )4d " 4 C 4 2H54 283/".8 0D!!
C d45%e
92!CA 5 123>0] 13% (! 7>0 14 .. 54)
- # C)-F" /3 /i 13% 5 i ()"#)5.$/3 ! F ) ) * 2). +" /!
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F# )*!3! 4 2 .8 3 BANPU .8)8#" F +" /! #3) *#*- ) /8 4g$( " (d
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3 /) \ C/28 F -"!"# 6/8)4g$2$ !/5 * 3" *!) C 45% 9
! 11 880 9 6[ #!!11#!01AA6%!`]
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2.F)/F )* )6 */#_ 6F\_ 6*- 2") 3 6 5.$/3 C/)d6 */!* +.
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1>CC0> : 4 2!F$ $4 PTTCH ))-F" 3,000 2 )4" #4
+.#" L( )28 (!F# )d## $ #" 4 +.**"#!/w2C/(6 */ Polylactic Acid /4g$3/
)-F" 3+.#" d).82*/2604 PTTCH !{33 28) \ 1.8 * 2 $!.$
)/#" 4 5.$!F$ $3 131A 93% PTTCH %3!1
. 500 -^1713-%>] 94>-4!%40-60! ( ]7 14 .. 54)
2.d 4 2{)$X )!2Z6.8 F ! / 2 400-500 2 /4 6) Z
F $X )5/-5 40-60 * F0"/ C2") 100 D* 2#0/3 )d6 */!)/ #
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2 31 L7.3! E. 30 (]7 2 14 .. 54)
Z_ 3#20 ) C-3 !D"7 F\C-/ /w2 2-F08 " ##" (! 2 1,000
2 4 !/ 2F(* (#-(a (Ultra Wi-Fi by TrueMove H) F# )d# 100 )/"#/ 2
SGP ^1% Q3 > 9 7. 1#B0 6 50% ( 14 .. 54)
SGP *" 5/4 Q3/2554 2 9.57 6 2 d*DD \abc#6))8!3 (i$ 4 50% 6" 4
).8 2 3 i" 2.19 ).8 2 ) 0!*Fg8 i 6" 6# a --F X (Fg8 i " 7/3"
d)6/ 6)*" 2F/F) 15 2
GRAMMY 31!9 1 79. % 1 ( 14 .. 54)
GRAMMY 6)#*X 2# #2) 2") 1 6 2 C/ F 2R2$ ) 6-8 " _ !i
2556 F 4 ))8*06d3(!. ) F) 2555 F 300 2". )8!37/3 286/8 R#i$3*
(!22 6 )*50
18
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14 2554
PAO ># C93!%] B6B3 (63 14 .. 54)

PAO ()"(4 !4 !D"3X # 1.56 6 28 F 0.35 2 6 ()"(3* #/F 0)/
F * 1 7 F 1 ).8 2 X (i$ 100 2 *"#i Net Margin -"28 10%
'PAE' 9=%!9!_3!15%!6 1! ( 14 .. 54)
PAE /i ).#/ "_/*/27/ 3//X 3" 8 1-2 # w0F {)C () * 3/2554 */8
(2$ i 2554 2a # !Ci2 4 PAE {) Backlog 3 6 2 a{7 X (i 2554 /8)z 80 2
+)i 2555 )6" 87.5% (()"8X #" 20% )4 *-"# 4 2 600 2# *" 2.60 2
6(50. 80%
TRC %2L24>!]%1 100 . %L-1 54 1U^ ( 14 .. 54)
TRC )/F# d!)"!) 100 2 F 5d*DD ()"/7# F)$ 6)3 * 6/8) 2-3 F
)-F" #) 1 6 2 */) F +)FaR0)i 2554 (6" )Y{ 2 6 2 /* *0 !).-
6 *" 3.64 2
'CMO' !%!% ]93%!% 2.06 9 ( 14 .. 54)
CMO / 4 )- !)" 100 2 dd!).6/8)3 $28) # 600 2 / #+g 7# F)$
6) i 2554 (#/8 ) 1 6 2 !).3".$ +)R" 6.$28F Urban Space d
!D""# i$ #/F 02F/F$)#/8 #+g 2.06 2
Key Market's Holiday

Sep
Mon
Tue
12
CH: Mid-Autumn Festival
SK: Harvest Moon Day
TA: Mid-Autumn Festival

SK: Harvest Moon Day
HK: Day After Mid-Autum
19
Wed
Thu
Fri
13
14
15
20
21
22
JP: Respect-For-The-A
16
23
JP: Autumnal Equinox D
Note
US =
United State of America
HK =
Hong Kong
TH =
CH =
Thailand
China
JP =
JA =
Japan
Jakarta
SK =
TA =
South Korea
Taiwan
PH =
IN =
Philippines
India
SP =
Singapore
19
www.kimeng.co.th
14 2554
Stock Calendar ( 14 September 2011)

Monday
Tuesday
Wednesday
Thursday
12
13
14
15
IRPC : XD @ 0.08
TOP : XD @ 1.30
TLOGIS : XD @ 0.17
HMPRO -6/8)2 3,524,256 3
* _ 6 Warrant (ESOP#4)
(1:2.65@1.502)
MINT -6/8)2 524,200 3
*_ 6 MINT ESOP 5 (1:1@ 7.65)
Friday
16
BLAND-W2 : 3 !*/27/ 16-29 .. 54
(1:1@1.70)
BLAND-W3 : 3 !*/27/ 16-29 .. 54
(1:1@1.10)
ESSO : XD @ 0.20
ESTAR-W1 3 !*/27/ 16-29 .. 54
(1:1@0.424)
ESTAR-W2 3 !*2/ 7/ 16-29 .. 54
(1:1@1)
19
GL-W1 : 3 !*2/ 7/ 19-23 .. 54
(1:1@23)
20
UAC : XD @ 0.0167 (20:3 {C)
CGD : XR 3X # 3,909,747,803
1:1.6 @ 1.00
21
SMM-W1 : 3 !*/27/ 21-29 .. 54
(1:1@1.25)
BLISS-W1 : 3 !*/27/ 21-29 .. 54
(1:1@0.80)
22
MBK : XD @ 2.50
23
BLA : XD @ 0.38, TDEX : XD @ 0.107
CEN-W2 : 3 !*/27/ 23-29 .. 54
(1:1.05@2.096)
EARTH : XW 3X # 444,542,535

5:1
CEN-W3 : 3 !*/27/ 23-29 .. 54

(1:1@2)
TVO : XD @ 0.60
GOLD-W1 : 3 !*/27/ 23-29 .. 54

(1:1@3)
LIVE-W1 : 3 !*/27/ 23-29 .. 54
(1:1@0.20)
L&E-W2 : 3 !*2/ 7/ 23-29 .. 54
(1:1@7.40)
AIT-W1 : 3 !*/27/ 23-29 .. 54
(1:1@16.50)
LVT-W2 : 3 !*/27/ 23-29 .. 54
(1:1@1.50)
IEC-W1: 3 !*2/ 7/ 23-29 .. 54
(1:1@0.018)
MJD-W1 : 3 !*/27/ 23-29 .. 54
(1:1@2)
NNCL-W2 : 3 !*/27/ 23-29 .. 54
(1:1@1)
STAR-W : 3 !*2/ 7/ 23-29 .. 54
(1:1@2.30)
TIES-W1 : 3 !*/27/ 23-29 .. 54
(1:1@1.20)
TVO-W2 : 3 !*/27/ 23-29 .. 54
(1:1@8.90)
TVO-W3 : 3 !*/27/ 23-29 .. 54
(1:1@8.90)
UNIQ-W1 : 3 !*2/ 7/ 23-29 .. 54
(1:1@1)
26
CCP : XW 3X # 155,000,000
2:1
THANI: XR 3X # 904,853,240
1:1 @ 1.52
27
LL : XW 3X # 780,000,000
LL : XR 3X # 780,000,000 1:1
@ 0.25
SSI : XR 3X # 2,250,000,000
11,000 : 1
28
29
30
CGD-W1 (SP 30 .. - 26 .F. 54) 6
*_ 6 27 .F. 54
GRAND : XR 3X # 500,266,667 9:2
@1
SUPER : XR 3X # 157,277,223 3:1
20
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14 2554
Disclaimer
9 1>99 0 6D ] 1 ! `BU>0 9!
B V (KELIVE RESEARCH) ! >!B99"16%! #
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BC C/5% 1%011C3! ] KELIVE Research 1=! #
0 9 >75#%96%12! C3! B V ( 31=2%
0 http://kelive.kimeng.co.th B6[ # KimEng Research 9! =93! V ( 3
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21
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14 2554
THAI INS TITUTE O F DIR ECT O RS ASSO C IATIO N (IO D) C O RPO RATE G O V ERN ANC E REP O RT RATING 2010
AC L
AD VANC
ASIM AR
BAFS
BAN PU
BAY
BC P
BEC L
BKI
BLS
CPN
DRT
EG CO
ERAW AN
G BX
GC
G STEEL
HEM RAJ
ICC
IRP
IRPC
KBANK
KEST
KK
KSL
KTB
NC H
NK I
PTT
PTT AR
PTT CH
PTT EP
RA TCH
SAM ART
SAM TEL
SAT
SC
SC B
SC C
SC IB
SE-ED
SIM
SIS
SN C
SSI
T HC O M
T HR E
T IPCO
T ISCO
T MB
TOP
T TA
Score Range
90-100
80-89
70-79
60-69
50-59
Lower than 50
Num ber of Logo
D escription
Excellent
Very G ood
G ood
Satisfactory
Pass
N/A
AC AP
AH C
AKR
AM ATA
AO T
AP
ASK
ASP
AYUD
BBL
BEC
BG H
BH
BIG C
BM CL
BR O O K
BW G
CCET
CENT EL
CG S
CIM BT
CK
CM
CNS
CPALL
CPF
CSC
CSL
DELTA
EASTW
ECL
EE
EIC
G ENC O
G FPT
GL
G LO W
G RAM M Y
HAN A
HM PRO
IFEC
INET
KASET
KCE
KDH
KG I
KTC
KW C
L&E
LANN A
LH
LPN
LST
LVT
M ACO
M AKRO
M BK
M CO T
M FEC
M INO R
M INT
MK
M O DER N
M SC
N MG
NWR
OCC
OGC
O ISHI
PF
PG
PH ATRA
PO ST
PR AND A
PS
PSAAP
PSL
PYLO N
QH
R ASA
R CI
R CL
R O BIN S
R O JANA
RS
S &J
S &P
S AMC O
S CSM G
S HIN
S ICC O
S IMAT
S ING ER
S IRI
S ITHAI
S MK
SPALI
SPSU
SSC
SSEC
SSF
STANLY
STEC
STEEL
STPI
SUSC O
SVI
SW C
SYN TEC
TASCO
TCAP
TCP
TF
TFD
TH AI
TIC
TIP
TK
TN ITY
TN L
TPC
TR C
TR U
TR UE
TST E
TST H
TVO
TYM
U MI
U MS
UP
U PO IC
UV
VN T
W ACO AL
W AVE
YUASA
ZM IC O
AFC
AH
AIT
APR INT
APU RE
ASIA
BAT-3K
BG T
BLAN D
BLISS
Source: IO D
BRO C K
BSBM
CCP
CHU O
CM R
CPL
CTW
DCC
DM
DSG T
DTA C
EASO N
EPCO
ESTAR
ETG
FNS
FO C US
G FM
G YT
IHL
ILIN K
ITD
JCT
JUTH A
KH
KW H
KYE
LEE
LRH
M AJO R
M BAX
M ETR O
M ILL
N EP
N IPPO N
O H TL
PIC O
PL
PLE
PPM
P RG
P RIN
P RO
Q -C O N
ROCK
S CCC
S CP
S EAFCO
S FP
S HANG
SMIT
SPACK
SSSC
SST
SVH
TAPAC
TCB
TCJ
THAN I
TIC O N
TIW
TKS
TLU XE
TM T
TN DT
TN H
TPP
TU F
TW FP
UBIS
U EC
U NIQ
U PF
UT
U TP
W O RK
No logo given
EC0!
RCC *X #34 *) F)*" */)*+ ) /w2(2 (IOD) !.8 X -/3 (Corporate Governance) $ L
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22
www.kimeng.co.th
14 2554

20-21
999/9 ! 1
"#!
$"#! #
% 10330
& 0-2658-6300 & 0-2658-6301

125 &'!. 3 (#

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% 10200
& 0-2225-0242 & 0-2225-0523
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& 0-2664-9800 & 0-2664-9811
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14  2554

Strategist Team KimEng

Sell into Strength

     !" # 3 % 0.89% dod - # 1031.67 0  12 345%

SELL by 20% of Portfolio: MINT/ BBL/ TCAP/IRPC/ BANPU/ PTT/ TOP/

C9 1015+/- 0  C  1000+/- 0  3C 1048+/- 0  %

Thailand Equity Research

Thailand Equity Research

Inside Yip Ngen Yip Tong

Thailand Equity Research

Action and Stock of the Day

Thailand Equity Research

Thailand Equity Research

Fund Flow Analysis

Foreign Investors Action 

80# 8- -. 963 

  888 

Thailand Equity Research

Foreign Brokers and Top Retail Brokers Position

Net Position (mnTHB)

Source: SET SMART

Regional Foreign Fund Flow

WORLD EQUITY MARKET MOVEMENT

THAI STOCK MARKET MOVEMENT

HO CHI MINH INDEX

Thailand Equity Research

NVDR Trading Data by Stock

Top 20 Net SELL

Top 20 Most Active

Thailand Equity Research

 # 8 !/  U 7 8 -. 

US : Import Prices (% MoM)

US : Small Business Optimism

A2%15%20 E3 5%4B%7A>E: 6) !

Thailand Equity Research

1#!6%!4 =>>2! B13%3!3%5#%!: CDS Spread   5 i5L 5622.335bps

ITALY : CDS Spread 5Yr Bond

GREECE : CDS Spread 5Yr Bond

%!>L%5% ..6%!U#!V =>>2! B%95%9 3 : " #4g$3 +2.1% yoy

L +2.4% yoy ) #" F 28 +2.2% yoy *   ) 3  F */F _F/_F28

%3!%%5% .. 6%!L- >- !"5% # 3 >3%: -1.7% yoy *-"

Thailand Equity Research

 5#% 6%!%%9 C  CDS #

%%9 LIBOR3M 7>#16D" # 3

LIBOR 3M = R28 0.3471% 6/8)4g$ 0.42bps 3 #" +0.49bps

 79B V: C 267  (2 #  d 3 *+  \0 

Thailand Equity Research

1#!6%! V   !"CB%9 4  : CDS Spread 4 2Z(2

+# 8/  /U `

*2 F"4  # "

USA : CDS Spread 5Yr Bond

Thailand Equity Research

`   X   #

Fed Fund Rate Futures

Asians Equity Market Wrap

World Stock Market Movement

- 5#%!B After Mid-Autumn

Thailand Equity Research

FARMING & FISHING

Update: Sep 13 @ 17.00 Source: Bloomberg

SET INDEX 9 !" # 3 >3% : !2/Z2 # 28 # 

Customer Type Breakdown in SET&MAI

14 2554

!" # 3 % 0.89% dod - # 1031.67 0 12345%

C9 1015+/- 0 C 1000+/- 0 3C 1048+/- 0 %

Foreign Investors Action

80#8--. 963

888

#8!/ U 7 8 -.

A2%15%20 E35%4B%7A>E: 6)!

1#!6%!4 =>>2!B13%3!3%5#%!: CDS Spread 5 i5L 5622.335bps

%!>L%5% ..6%!U#!V =>>2!B%95%9 3 : " #4g$3 +2.1% yoy

L +2.4% yoy ) #" F 28 +2.2% yoy * ) 3 F */F _F/_F28

%3!%%5% .. 6%!L->-!"5% # 3 >3%: -1.7% yoy *-"

5#% 6%!%%9 C CDS #

%%9 LIBOR3M 7>#16D" # 3

LIBOR 3M = R28 0.3471% 6/8)4g$ 0.42bps 3 #" +0.49bps

79B V: C267 (2# d 3 *+ \0

1#!6%! V !"CB%9 4 : CDS Spread 4 2Z(2

+#8/ /U `

*2 F"4 #"

` X #

- 5#%!B After Mid-Autumn

SET INDEX 9!" # 3 >3% : !2/Z2 # 28#

SET Index

BDI 7 8 -.

5#% 6%!%C# #

3!>2]C6!3 99%?@ " # 2: ).8 )) ."#.

^00 #% !>1B

F# ).8)8C-/_F. *.F. 4 D8

#1 : Bloomberg, ., SET

6%12C99!#C!=5% 76%!A29> (C99 59-2)

PAO ># C93!%] B6B3 (63 14 .. 54)

EARTH : XW 3X # 444,542,535

CEN-W3 : 3 !*/27/ 23-29 .. 54

GOLD-W1 : 3 !*/27/ 23-29 .. 54

SUPER : XR 3X # 157,277,223 3:1

##3(( *