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Country Group Securities Plc.

2
nd
-3
rd
, 9
th
Fl., Sindhorn Tower 1, 132 Wireless Road, Pathumwan, Bangkok 10330 Tel.0-2205-7000


This research is aimed to provide information and analysis based on data received from public sources and interviews with company executives. The information is carefully examined but their completeness and accuracy are not guaranteed. The
analysis, conclusions and recommendations in this research are mainly based on the fundamental analysis without the intention to influence or lead the users of this report. The recommendations in this research belong solely to the analyst(s).
CGS may not agree with the opinions in this research. Investors and users of this research should rely on their personal judgment.




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SET Performance

10/09/14
Chg
SET
1,582.13 -1.05
SET50
1,057.77 -0.70
Daily turnover (Bt mn)
59,272

Market cap (Bt bn)
14,341

Market P/E (x)
18.37

Market P/BV (x)
2.27

Market yield (%) 2.84
Turnover by Investor Type
(Bt mn) SET Buy Sell Net
Local Ins
4,842.70 5,458.55 -615.85
ProprietaryTradi 5,197.65 5,884.67 -687.02
Foreign Investor 10,508.16 10,731.98 -223.82
Local Investor 38,523.33 36,996.63 +1,526.70
Foreign Market
10/09/14
Closed Chg (%)
Dow Jones (USA)
17,068.71 +54.84 +0.32
Nasdaq (USA) 4,586.52 +34.23 +0.75
Financial Times(UK) 6,830.11 +1.11 +0.02
Nikkei (JP) 15,788.78 +39.63 +0.25
Hang Seng (HK) 24,705.36 -485.09 -1.96
StraitsTimes(SG) 3,338.63 -4.33 -0.13
KLSE(Malaysia) 1,870.85 -3.27 -0.17

Exchange Rate
10/09/14 9/09/14
THB/USD 32.20 32.07
JPY/USD

106.84 106.23
USD/EUR

1.29 1.29
JPY/EUR

138.02 137.43

Money Market
10/09/14
RP 1 day (%) 2.00
US bond yield 10 year (%) 2.541

Commodity Price

10/09/14 Chg
Gold (US$/ounce)

1,245.30 -3.20
Crude Oil (US$/barrel) 91.67 -1.08
Coal(Richards bay) (US$) 68.30 +0.15
Baltic Dry Index 1,197.00 -

NVDR
Net Buy
(shares)

Net Sell
(shares)
N-PARK 48,083,726 TRUE (35,847,471)
TMB 19,763,500 BGH (18,724,682)
KTB 13,683,800 BTS (10,730,185)


Equity Research Department
Daily Report
► Deknaew: BTC
► Technical Wiz: Short-Term Consolidation
► Favorite Technical Stocks: FVC, MPG
► Company Update: J AS
Market Buzz Take Profit
The SET Index ended lower 1.05 points to 1,582.13 points in trade worth
THB59bn. The decrease was due to sell to take profit on concern over the
September 16-17 Federal Reserve (FED) meeting’s interest rate hike and
the market’s overbought condition.
Factors Affecting Today’s Market
(+) Expectations of the Thai government’s economic stimulus
implementation which will create a positive sign for the 2014 and 2015
economic growth trends.
(+) Thailand’s Permanent Secretary, Ministry of Tourism and Sports said
that tourism has started recovering – six countries have cancelled their
warnings their citizens to visit Thailand. Expect Thailand to cancel the
martial law within this week.
(-) The U.S. economic recovery trend may raise concerns that the FED
may hike its interest rate earlier than expected from a schedule in mid-
2015.
(-) Concern over the European Central Bank (ECB)’s latest monetary
easing measures that may be insufficient for stimulating the economy.
(-) WTI crude oil prices fell after the lower-than-expected drop in U.S.
crude oil inventories and OPEC’s downward revision of global crude oil
consumption forecast.
(+/-) Foreign investors were net sellers of equities worth THB223m after
the continuous buy of THB7bn.
(+/-) The Monetary Policy Committee (MPC) meeting next week is
expected to keep its policy interest rate unchanged at 2%.
Relevant Factors
• Progress of the cancellation of martial laws in some provinces and
economic stimulus plan and the government’s policy declaration on
September 12.
• World Economic Forum on September 10-12.
• The MPC meeting and Federal Open Market Committee (FOMC)
meeting next week.
Investment Strategy Pick Undervalued Stocks
The SET Index is expected to remain volatile on the possibility of earlier-
than-expected FED’s interest rate increase and the baht’s depreciation
depressing risky assets, but the market lacks new positive factors.
However, expectations of a declaration of the government policy
statement to the National Legislative Assembly (NLA) on September 12
would build up confidence in the economic recovery trend. Recommend
undervalued stocks.
Stock Picks - Hot Issues
ADVANC Closing price THB209 per share TP THB300
• Target a proportion of new 3G subscribers to 75% in 2014 from 40%
in 2013 and 3G network expansion to cover 95% of population.
• Expect 2014 revenue to rise 3%YoY and net profit of THB37bn
(+3.4%YoY).
• Expect a 2014 dividend of THB13.3 per share or a 6.5% yield.
GUNKUL Closing price THB21.50 per share
• 2014 revenue target of THB3bn and gradually realize backlog of
THB1.2bn within this year.
• Expect recognition of revenue from the 1
st
phase of gas engine
project (25 MW) in 3Q14.
• Target generating power from 180MW to 300MW for 2015-2016
under the 2
nd
phase of wind power project (260MW). Start to
distribute electricity (a THB3.5 per unit adder), giving rise to stable
revenue and profit.
• Solar rooftop project to boost revenue and net profit in the future.