February 24, 2017 OUTPERFORM

COMPANY RESEARCH | Results Review

Banpu
(BANPU TB)
Share Price: Bt19.4 Target Price: Bt23.0 (+18.6%)

Starting to turnaround
 4Q16 earnings came in at Bt1.5bn (EPS Bt0.31), a sharp
increase from Bt70m in 3Q16 and a turnaround from Bt1.5bn
loss in 4Q15, driven by higher coal prices
 Coal price forward curve implies better earnings in subsequent
quarters and should relieve concerns of weak earnings in 2H17
 OUTPERFORM, TP Bt23; declared final dividend of Bt0.25/sh.
with XD on 10 April
Higher coal prices turned FY16 bottom line to Bt1.7bn profit
Recovering coal prices in the last quarter helped turnaround BANPU’s
operations in FY16 and led to Bt1.7bn profit for the year. Sales volume at
Indonesian mines edged down to 7.1mt from 7.2mt in 3Q16, leading to Naphat CHANTARASEREKUL
26.8mt (-5% yoy) for the year. ASP for Indonesian mines jumped to 662 - 659 7000 ext 5000
US$62/ton in 4Q16 from US$51.4 in 3Q16, due to tight supply and naphat.chantaraserekul@krungsrisecurities.com
inventory buildup ahead of winter, leading to US$52.5/ton ASP (-10% yoy)
in FY16. The challenging coal market in 1H16 prompted BANPU to Key Data
successfully cut cost to US$32.2/ton in FY16 (-14% yoy). Sales volume at 12-mth high/low (Bt) 21.0 / 11.5
Australian mines inched up 2% yoy to 13.2mt in FY16 while ASP rose to Market capital (Btm/US$m) 96,768.5 / 2,765.8
A$67.3/ton (vs. A$65.9) after repricing of legacy contracts for domestic 3m avg. turnover (Btm/US$m) 1180.4 / 33.7
Free float (%) 69.6
coal sales. But cost rose to A$51.7/ton (from A$49.4/ton in FY15). The
Issued shares (m shares) 4,937
commercial start-up of Hongsa Unit 3 last year and higher coal prices in Major shareholders:
China boosted equity income to Bt4.2bn compared to Bt1.8bn in FY15. - THAI NVDR CO LTD 7.3
BANPU reported Bt1.7bn net profit (EPS Bt0.45) for FY16. - MITR PHOL SUGAR CORP 5.8
- BBL ASSET MGMT CO LT 4.8
Coal price forward curve implies better earnings this year
As of December, BANPU had contracted only 4% of its coal output for this Share Price Performance
year at estimated US$80-85/ton. The coal price forward curve has
improved by US$3-4/ton wow for 1Q-4Q17 to US$83.5, US$81.8,
US$79.5, and US$78.6/ton, respectively. Buyers were unwilling to fix
prices when coal prices surged in 4Q16 and preferred to buy spot. Media
reports in the past two weeks claim China may limit coal production to
ease the supply glut. It has suspended coal imports from North Korea
effective 19 February until year end. This should help coal prices to stay
high in the near-term and improve earnings in subsequent quarters.
OUTPERFORM, TP Bt23 (SoTP, fully diluted); both coal and power
businesses will support FY17F earnings
Our TP implies 14.0x FY17F PE. We expect BANPU to report solid YTD 1Mth 3Mth 12Mth
earnings for 1Q17 as the NEX is hovering at US$80/ton or higher. BANPU Absolute (%) 1.0 (1.5) 3.7 47.8
Relative to index (%) (1.2) (3.4) (1.2) 25.4
declared a final dividend of Bt0.25/sh with XD on 10 April.
Financial Summary (Btm) Krungsri Securities vs Market
Year to Dec 2015 2016 2017F 2018F 2019F Positive Neutral Negative
Sales (Btm) 84,650 79,737 99,046 100,832 106,398 Market
Recommend 13 3 2
Growth (%) (17.1) (5.8) 24.2 1.8 5.5 Krungsri Market % +/-
EBITDA (Btm) 12,940 13,861 26,550 26,072 30,828 Target Price (Bt) 23.0 22.2 3.4
Growth (%) (16) 7 92 (2) 18 ’17 Net Profit (Btm) 8,452 8,343 1.3
Recurring profit (Btm) (933) 2,307 8,452 9,406 11,100 ’18 Net Profit (Btm) 9,406 8,235 14.2
Growth (%) (158) na 266 11 18
Krungsri's earnings revision
Net profit (Btm) (1,534) 1,677 8,452 9,406 11,100
FDEPS (Bt) (Core) (0.36) 0.47 1.64 1.82 2.15 2017F 2018F

Growth (%) (158) na 250 11 18 Earnings revision (%) 2.2 (0.7)
Source: Bloomberg, Krungsri Securities
PE (x) (53.7) 41.5 11.9 10.7 9.0
DPS (Bt) 1.00 0.50 0.75 0.75 0.70
Yield (%) 5.2 2.6 3.9 3.9 3.6
BVPS (Bt) 24.5 16.0 16.6 17.7 19.1
P/BV (x) 0.8 1.2 1.2 1.1 1.0
Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1

9 2.094) (14.2 1.562 20. Krungsri Securities Quarterly P&L (Btm) 4Q15 1Q16 2Q16 3Q16 4Q16 Sales 21. GW & FX 75 (762) (257) (573) 961 Reported net profit (1.8 3.626) (14.5) 4.7 26.8 2.366 4.7 N/A N/A 67.1 12.6 2.2 1.325) (11.1 1.6) 4.956 15.2 Average (simple) 18.710) (4.8 1. 2017 P/E Band P/BV Band Source: Bloomberg.809 2.5 1.1 16.5 429.691 16.600) (13.5 11.0) 1088 HK CHINA SHENHUA ENERGY CO-H 48.274 Minority interest 206 (322) (184) (370) (879) Profit after tax (pre-ex) (1.8 31.7 Source: Bloomberg.854) Associates 490 396 904 606 2.477) (184) 282 70 1.3 1.456 6.73 0.5 2.7 8.3 4.5 BUMI IJ BUMI RESOURCES TBK PT 991 N/A N/A N/A N/A N/A N/A N/A N/A (25.1 (22.190) (4.102) (1.7 0.135 11.8 (1.152) (1.6 N/A 85.0 1.8 11.6 11.509 Shares out (end Q.4 10.279) Gross Profit 6.459 Net other income/expense (262) 226 255 2 (457) Net interest (1.421 13.552) 578 539 643 548 Extraordinaries.5 1.417 14.121 16.0 11.14 3.24 1.4 29.315 8.7 73.3 8.4 3.006 Income Tax (980) (282) (30) (276) (1.8 0.656 746 1.6 2.0 RIO AU RIO TINTO LTD 80.056 19.1 11.06 Krungsri Securities Research 2 .3 12.5) 3.336) Operating Profit 96 1.5 1898 HK CHINA COAL ENERGY CO-H 10.9 2. Krungsri Securities Peer Comparison Market PE P/BV EPS Div Yield ROE Share Price Cap (x) (x) G% (%) (%) Performance BB Ticker Name US$ 16F 17F 16F 17F 16F 17F 16F 16F 1M 3M 6M YTD BANPU TB BANPU PUBLIC CO LTD 2.3 22.9) 63.3 61.39 1.1) 15.6 N/A N/A 46.7 52.456 N/A N/A 0.936 6.11 EPS (5.1 (23.9 12.2 na 250.4 (0.3 46.6 0.410 23.0 2.0) 29.8 N/A 97. Krungsri Securities Source: Bloomberg. m) 258 258 387 487 494 Adjusted shares (m) 258 258 387 487 494 Pre-ex EPS (6.2 (1.5 PTBA IJ TAMBANG BATUBARA BUKIT ASAM 1.433 N/A N/A 0.6 7.7 37.507) (6.2 2.9 5.074 COGS (inc dep'n) (14.9 16.0 (1.796 SG&A (6.3 8.6) ITMG IJ INDO TAMBANGRAYA MEGAH TBK P 1.9 1171 HK YANZHOU COAL MINING CO-H 6.9 1.3 ADRO IJ ADARO ENERGY TBK PT 4.Results Review | BANPU February 24.6 17.096) (1.0 10.2 3.71) 0.6 9.7 20.7 65.8 1.4 37.0 16.7 9.1 0.360) (4.269) 786 (152) 684 1.5 1.2 8.01) 2.739 41.127) (996) Pretax profit (1.2 1.3 (9.9 15.5 2.6 3.2 1.0 44.32 1.1 50.72) (0.

659) (59.925) Gross profit 19.856 (Increase)/decrease in debt (13. m) 2.761 4.602) Increase/(decrease) in cash & equivalents 2.398 Cost of sales (COGS) (58.017) (15.016 1.164 5.332) (4.761 6.855) (9.458) (84.068 6.406 11.910 11.549 11.870 6.444) Net change in working capital 1.687 34.886) (57.510) (8.075 (20.459 Normalised OpFCF (est maint CAPEX) 10.298) (5.525) (3.837) (13.016 1.00 0.825) (117) 8.163 Dividends (1.15 DPS (Bt) 1.375) (97.47 1.937 5.319 18.313 416 11.352) (16.180 3.591 8.516 EBIT 5.598 5.775) (9.832 106.388 Other operating income 14 26 516 1.340 14.372) (4.452 9.557 2.927 38.893) (1.516 EBIT 5.695 19.133) (17.234) (2.269) 0 0 0 Residual cashflow (RCF) (10.794 21.657) 7.406 11.502 4.388 Other operating income 14 26 516 1.641 2.917) (3.861 26.133 0 0 Other items 470 10.502 4.911) 6.307 8.587) Operating free cashflow (OpFCF) 4.372 11.50 0.207) Profit after tax (1.164 Shares in issue (weighted avg.164 5.263) (7.176) Cashflow from financing (821) 20.452 9.798) (2.493) (11.860) (10.450 33.677 8.024) Operating profit 5.340) 9.292) (89.856 Net cash/(debt) at YS (92.027) (2.839 (410) 1.164 5.684) (3.096 9.582 4.459) (4.015 (5.534) 1.403 Non-operating income (net of tax) 0 0 0 0 0 Equity income from associates 1.809 22.666) (2.614 18.776 1.165 6.397 (1.441) (6.873) (4.937 5.164 EPS (before extraordinary items.75 0.775 6.642) (60.165) (6.956 0 NOPLAT (net op profit less adjusted tax) 1.160) 0 0 0 Other items (4.718) (104.605 (1.692 Minority interests (869) (1.166) (53.062) Depreciation & amoritisation (7.761 Investments (4.672 4.761 6.046 100.899 Income tax on company & subsidiaries (3.319 (3.668 9.292) (89.940 (3.072 30.458) Ending net cash /(debt) (104.517 17.767) Net free cashflow (NetFCF) 1.236 (913) 8.737 99.775 6.786) (8.092 2.165) (7.761 4.655 14.254 599 6.123) 4.100 Shares in issue (Y/E.Results Review | BANPU February 24.307) (91.313 7.788 FCFE (free cashflow to equity) 3.170 Net interest income adjusted for tax impact (2.812) (3.078) (627) CAPEX (5.098 17.353) Share of associate net income 1.098 17.833 4.382) (2.828 Notional cash taxes on ungeared operations (4.746 18.756) (3.937 7.165 7.551) (11.582 4.872) 9.065) (7.539) (6.558) (12.940) 5.501) (4.940 13. Bt) (0.903 Depreciation & amortisation 7.672 4.578) (11.291) (1.695 19.590) (4.164 5.163 Krungsri Securities Research 3 .937) (7.324 15.761 Preferred dividends 0 0 0 0 0 Recurring attributable net profit (933) 2.375) (97. m) 2.469 0 6.958) (2.670 19.180 3.614 18.82 2.263 7.665 17.034 13. 2017 INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F Turnover 84.794 21.75 0.903 Interest expense (4.411 S&A expenses (13.550 26.64 1.683) 0 0 0 Net change in other assets/liabilities (4.307) Net change in cash (11.925 EBITDA 12.131) Equity capital raised 0 11.70 DPS/EPS (%) (168) 147 46 41 33 CASH FLOW (Btm) 2015 2016 2017F 2018F 2019F Operating profit 5.906) (1.36) 0.169) (3.236 10.748) (6.244) Interest income 240 219 227 309 239 Other income 0 0 0 0 0 Goodwill amortisation 0 0 0 0 0 Pre-tax profit 1.670 19.809 22.307) (91.650 79.100 Extraordinary items (601) (630) 0 0 0 Reported net profit (1.015 1.

969 67.619 22.850 48.749 114.231 Total Current Assets 37.386 15.012 49.8 Net profit (156.7 ROCE (NOPLAT/avg Op assets) 0.7 ROCE inc capitalised goodwill 0.170 263.369 8.529 98.3) 250.3 8.748 61.468 98.936 4.0 6.3 0.4) 0.8 40.896 73.8 18.7) (229.102 107.706 7.7 10.238 18.4 Turnover/avg total assets (x) 0.5 9.3 17.8) 24.6 11.000 A/C payable 1.645 33.432 41.1 91.749 114.393 Inventory 5.7) (229.6 11.068 114.553 A/C receivable 6.7) (50.6 20.1 15.608 150.413 Accumulated depreciation 47.3 10.98 16.787 18.6 36.8 33.8) 18.956 151.5 16.485 249.0 Operating performance EBITDA margin 15.323 1.787 Total Assets 236.253 9.3 103.1) (5.64 17.8 23.71 19.222 Other current liabilities 19.3 18.976 Total equity & minorities 74.962 33.207 78.9 12.994 2.4 19.876 274.3) 250. 2017 BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F Cash & equivalents 16.0) 15.511) Retained earnings 62.7 0.4 26.155 92.1) 21.805 22.6 Asset turnover (Turnover/avg Op assets) 0.956 21.5 7.001 50.695 10.009 23.4 19.0 0.511) (2.564 Property and equipment 42.645 33.5 NOPLAT margin (NOPLAT/Turnover) 1.155 92.3) 404.0 EPS pre extraordinary items (157. Bt) 24.8 5.645 33.155 Other liabilities 20.1 Net profit margin (1.697 22.7 1.3 3.4 ROA (0.252 Short-term debt 17.674 8.1 ROE (1.708 39.9 7.000 15.511) (2.557 54.947 18.5 Gross profit margin 22.845 58.133 22.0 11.164 5.446 Long-term debt 103.Results Review | BANPU February 24.8 8.3 3.588 46.878 41.3 10.749 114.9 (4.479 15.747 156.9 40.524 9.0 16.0 EBIT margin 6.645 Other assets 113.238 Total Liabilities 161.101 11.787 18.212 4.181) (2.357 4.4) 3.322 19.593 18.0 40.71 19.095 21.133 2.9 192.7 0.0 40.9 29.9 3.058 14.205 16.399 Total ordinary equity 63.2 11.944 114.0 (6.0 15.8 2.48 15.261 61.8) 2.044 36.3 18.207 2.386 Revaluation/Warrants/Treasury 0 0 0 0 0 Translation adjustment (7.102 149.386 15.437 Preferred equity 0 0 0 0 0 Minorities 11.603 BV per ordinary share (Y/E.155 92.7 S&A/turnover 16.763 3.9) (209.839 Share capital 2.8 25.2 11.582 4.8 8. Bt) 24.2 1.06 RATIOS (%) 2015 2016 2017F 2018F 2019F Growth Turnover (17.8 43.485 92.875 85.877 10.64 17.749 Goodwill 18.8 7.2 EBIT (30.48 15.511) (2.7 21.0 Effective tax rate 215.215 40.4 0.164 5.850 263.6 4.223 Total Current Liabilities 37.6 0.937 5.387 Others 8.1 Operating profit margin 6.799 24.5 EBITDA (16.4 0.1 7.507 Investments & associates 23.164 Share premium 5.668 45.0 DPS (16.6 0.460 17.956 15.4 0.0) 50.4 34.268 123.238 18.820 17.7 Krungsri Securities Research 4 .1) 7.7) Accounting ratios Cash profit margin 31.171 55.354 45.3 17.227 21.3 32.619 68.404 21.6 (1.0 EPS (diluted) (157.787 18.3 18.98 16.06 Adjusted book value ps (Y/E.238 18.935 91.430 80.1 8.4 41.2 10.

8 Net debt/equity & MI 1.8) 18.64 1.0 1.9 10.9 3.580 114.0 1.71 19.4 0.775 6.422 67.6 7.50 0.034 13.5 11.4 3.85 0.155 Enterprise value 163.582 4. 2017 EQUITY VALUATIONS (Bt) 2015 2016 2017F 2018F 2019F EPS (0.111 114.4 EV/OpFCF normalised (x) 10.737 99.2 5.5 NOPLAT/interest paid 0.5 Yield (%) 5.9 3.021 121.64 17.832 106.9 1.2 26.36) 0.9 28.10 19.3 24.10 1.6 17.3 (4.3 (0.072 30.7 A/C payable.7) 41.17 1.1 6.9 1.517 17.8 0.82 2.7) 10.0 0.0 ENTERPRISE VALUATIONS (Btm) 2015 2016 2017F 2018F 2019F Ordinary shares (m) 2.133 22.3 8.5 13.131 232.910 11.1 1.310 122.0 1.0 EV/avg capital employed (x) 0.976 Equity MV (adjusted ord) 42.64 17.6 6.310 157.40 Ordinary equity MV 31.0 EV/capital employed (YE.0 (175.00 0.5 3.177 MI & deferred taxes 11.71 19.02 P/ABV (x) 0.6 1.809 22.8 55.7 26.177 100.2 2.861 26.7 26.240 150.687 144.451 Turnover 84.08 2. days COGS 36.164 Share price (Bt) 12.130 146.398 EBITDA 12.98 16.650 79.47 1.5 EV/EBITDA (x) 8.8 240.572 147.350 141.0 PE/FDEPS growth (x) 0.046 100.794 100.976 125.79 1.47 1.99 0.7) 41.10 1.903 NOPLAT 1.06 Adjusted BVPS 24.422 230.241 94.665 17. x) 0.2 Current assets less inventory/current liabilities 0.48 15. days Turnover 28.1 1.1 A/C receivable.6 3.695 19.668 9.164 5.19 (4.1 32.3 1.092 2.511 Core EV multiples EV/Turnover (x) 1.3 13.549 11.0 EV/NOPLAT (x) 96.490 162.02 P/FCFE (x) 16.Results Review | BANPU February 24.16 Share price (Bt) PE (x) (53. days COGS 8.48 15.550 26.21 1.1 1.75 0.4 4.563 114.8 9.6 2.614 18.78 0.80 0.152 Preferred equity 0 0 0 0 0 Debt 120.236 -913 8.5 13.7 11.2 11.8 1.322 19.36) 0.21 1.5 13.6 39.0 8.15 FDEPS (0.20 19.155 107.0 14.6 9.06 Free cashflow to equity (FCFE) per share 1.70 BVPS 24.5 11.79 1.1 1.788 Op (core) capital employed (CE) 137.940 13.75 0.6 1.6 2.2 Debt service (OpFCF/net interest paid) 1 (0) 2 1 2 Short term ratios (x) Current assets/current liabilities 1.019 159.857 Core enterprise value (EV) 105.1 1.2 0.7 26.111 107.937 5.177 100.12) 1.2) 0.82 2.308 Net non core assets 57.4 5.271 68.0 PE (fully diluted.5 Krungsri Securities Research 5 .9 0.1 1.2 9.0 RISK MEASURES 2015 2016 2017F 2018F 2019F Equity multiplier (avg total assets/avg equity) 3.459 OpFCF 4.98 16.642 73.598 5.1 3.15 FDEPS growth (%) (158) (229) 250 11 18 DPS 1.8 0.133 235.69 Interest cover (x) Interest cover (EBIT & int inc/int expense) 1.17 1.7 36.909 153.170 OpFCF (normalised) 10.2 EV/EBIT (x) 18.112 72.8 1.164 5.6 3.799 24.655 14.711 Avg core capital employed 137.9 10.151 162.828 EBIT 5.40 19.610 155.5 16.0 2.0 0.64 1.143 228.2 11.40 19.7 9.7 9.6 P/BV (x) 0.096 9.1 1.8 EV/OpFCF (x) 25.2 14.5 4.1 Inventory.2 2.227 21.9 35.721 160. x) (53.

CG Rating 2015 Companies with CG Rating ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMY HANA HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINT MONO NKI PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMART SAMTEL SAT SC SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMB TOP VGI WACOAL AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP ASIMAR ASK ASP BANPU BAY BBL BDMS BKI BLA BOL BROOK BWG CENTEL CFRESH CHO CIMBT CM CNT COL CPF CPI CSL DCC DELTA DEMCO ECF EE ERW GBX GC GFPT GLOBAL GUNKUL HOTPOT HYDRO ICC ICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO MBK MC MEGA MFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP PDI PE PG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS S&J SABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNP SPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSP TCAP TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TK TKS TMI TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUE TSC TSTE TSTH TTA TTCL TTW TU TVD TVO UAC UT UV VNT WAVE WINNER YUASA ZMICO 2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCO AQUA AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHI BKD BTNC CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSC CSP CSS CTW DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTH FPI FSMART FSS FVC GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECH IEC IFEC IFS IHL IRCP ITD JSP JTS JUBILE KASET KBS KCAR KGI KKC KTIS KWC KYE L&E LALIN LHK LIT LST M MAJOR MAKRO MATCH MATI MBKET M-CHAI MFC MILL MJD MK MODERN MOONG MPG MSC MTI MTLS NC NOK NUSA NWR NYT OCEAN PACE PATO PB PCA PCSGH PDG PF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL PYLON QLT RCI RCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP SEAOIL SIRI SKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY STPI SUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TIC TIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR TT UMI UP UPF UPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO Disclaimer The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. Nevertheless. The result. Krungsri Securities Public Company Limited does not confirm. As a result. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. therefore. . verify. the survey result may be changed after that date or when there is any change to the relevant information. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. or certify the accuracy and completeness of such survey result. is from the perspective of a third party. It is not an assessment of operation and is not based on inside information.

) Level 3: Established – Carrying out preventive measures. communication and training for all employees. and disclosure of any current investigations. Nevertheless. Annual Report (Form 56-2). including consistent monitoring and review processes Level 3A: Established by declaration of intent. prosecutions or closed cases Level 4: Certified – Audit engagement by audit committee or auditors approved by the office of SEC. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. risk assessment. Since this assessment is only the assessment result as of the date appearing in the assessment result. and receiving certification or assurance by independent external assurance providers (CAC etc. as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1). Thaipat Institute made this assessment based on the information received from the listed company. it may be changed after that date or when there is any change to the relevant information. Krungsri Securities Public Company Limited does not confirm." Reference Level 5: Extended – Extension of the anti-corruption policy to business partners in the supply chain. It is not an assessment of operation and is not based on any inside information. verify. or certify the accuracy and completeness of the assessment result. Level 3B: Established by Commitment and Policy Level 2: Declared – Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 1: Committed – Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws . or other relevant documents or reports of such listed company .Anti-corruption Progress Indicator 2015 Level 5: Extended BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP Level 4: Certified ADVANC AMANAH ASP AYUD BAFS BANPU BAY BBL BKI BLA BTS CFRESH CIMBT CNS CSL DCC DRT DTC EASTW ECL EGCO ERW FSS GCAP HANA HTC IFEC INTUCH IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MBKET MFC MINT MTI NKI PPS PSL PTG PTTEP SABINA SCB SINGER SIS SNC SNP SSF SSI SSSC SVI TCAP THCOM THRE THREL TISCO TMB TMD TNITY TOG TSTH Level 3B: Established by Commitment and Policy AAV AHC AIT AKR ARROW ASK BA BDMS BEC BJCHI CGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON EPG F&D FANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRCP IT JCT KCM KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE NOK NPK NUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTL Q-CON QTC RCI S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIM SLP SMT SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSP TCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT UV VPO WAVE WINNER YUASA Level 3A: Established by declaration of intent ABC ACAP AGE AH ANAN AP APCS APURE AS ASIA ASIAN ASIMAR BIGC BROOK BWG CEN CENTEL CHARAN CHO CHOTI CM CNT COL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EA ECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC ICHI INOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKRO MC MCOT MFEC MJD MONO MOONG NBC NDR NINE NMG NSI NTV OGC PACE PCSGH PDI PG PHOL PLAT PR PRANDA PREB PS QLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA STANLY SUPER SYMC SYNEX SYNTEC TASCO TCMC TFI THAI TICON TKT TLUXE TMILL TMT TNL TPCORP TSTE TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHA ZMICO Level 2: Declared 2S ABICO AF AIRA AKP ALUCON AMARIN AMATA AOT APCO BEAUTY BFIT BH BKD BLAND BROCK BRR BSBM BTNC CCP CI CSC CSR CSS EFORL EPCO ESTAR FE FER FNS FVC GEL GLOBAL GUNKUL IEC IFS ILINK INET J JMT JUTHA K KASET KBS KCAR KKC KSL KTECH L&E LALIN LTX M MALEE MBAX MBK MEGA MILL MK MPG MTLS NCH NCL NNCL NPP OCC OCEAN PB PCA PDG PRINC PSTC PYLON QH ROCK ROH RP RPC S&J SGP SIAM SKR SMG SMIT SORKON SPACK SPPT SR SUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPA TPP TRT TRU TRUE TSC TSI TTW TVD TVO TVT U UKEM UNIQ UWC VIBHA VNG WIIK WIN XO Level 1: Committed AEONTS AFC AJ AMC AQUA ARIP AUCT BAT-3K BIG BJC BOL CBG CCET CCN CGD CMR CPH CSP CTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART GIFT GLAND GRAND GREEN HFT HTECH IHL ITD JSP KDH KTIS KTP LEE LST MAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NWR OHTL PICO PK PL PPM PRAKIT PRECHA PRIN RAM RICH RS SANKO SAUCE SAWAD SAWANG SCN SEAFCO SF SHANG SIRI SMART SMM SOLAR SPG SPVI STA STAR SVH SVOA SWC TAPAC TC TCCC TCJ TCOAT TH TKS TNH TNPC TPAC TPOLY TRC TRUBB TSE TTA TTI TTL TTTM TWP TWZ UMS UPA UPOIC UTP UVAN VARO VI VIH VTE WG Disclaimer The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand. is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. which is assessed by Thaipat Institute.

Small cap.udomvej@krungsrisecurities. Sukhumvit 24 Road 67/1 Ratchadamnoen Road. Bangna-Trad Road. Jatujak. Bangkok 10900 Amphur Muang. Tambol Phra Pathom Jaedee. Tambol Nai Muang. Petrochemical. below 5% for big-caps www. Tambol Wiang. 5010 karun.com Worrapong Tuntiwutthipong Electronic.jansawang@krungsrisecurities. 5009 sunthorn. 72000 Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3550-1234 Fax: 0-3552-2449 Rama II Nakhon Ratchasima 111/917-919 Rama II Road. Nakhon Pathom 73000 Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3427-5500-7 Fax: 0-3421-8989 Central Bangna Suphanburi 589/151 Central City Tower 1 Office. Jompol. Suphanburi. Phitsanulok 65000 Tel: 0-5530-3360 Fax: 0-5530-2580 Central line: Analyst Team Sector Coverage 662-659-7000 E-mail Naphat Chantaraserekul. Strategy ext. 114 Sri Chan Road.com Jesada Techahusdin. Tel: 0-2895-9575 Fax: 0-2895-9557 Nakhon Ratchasima 30000 Tel: 0-4425-1211-4 Fax: 0-4425-1215 Vibhavadi-rangsit Bank of Ayudhya Public Company Limited Khon Kaen 123 Suntowers (B) Building. Fl. Bangkok 10330 Tel: 0-2659-7000 Fax: 0-2658-5699 Internet Trading: 0-2659-7777 Branches Emporium Nakhon Pathom 662 Emporium Tower. 27 249/171-172 Moo 5 Tambol Ta Rahad. MAI ext. -5% to +5% for big-caps UNDERPERFORM .com Nalinee Praman. Chonburi 20000 Amphur Muang. Klongton. Assistant Analyst Mid . Bangkok 10260 Amphur Muang. Khon Kaen 40000 Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4322-6120 Fax: 0-4322-6180 Chonburi Chiang Mai 64/17 Sukhumvit Road. 5004 jesada. 10.com Karun Intrachai Media Renewable Energy ext. Consumer Finance. Tambol Bang Plasoi. 70 Chang Phuak Road. Bangkhuntien. 168 Chomphon Road. Klongtoey. Amphur Hat Yai.Tambol Hat Yai. Ploenchit Road. CFA. 231-232 Thamalai Road. Tambol Sri Phum Amphur Muang. 5012 teerapol.com Kittisorn Pruitipat. ext. Bangkok 10150 Amphur Muang Nakhon Ratchasima. 5016 worrapong.com Kitti Pitakteerabandit. Tambol Nai Muang. Fl.techahusdin@krungsrisecurities.com Teerapol Udomvej Healthcare.com Sunthorn Thongthip Insurance Food. Automotive. above 5% for big-caps NEUTRAL .com . Commerce ext. ICT. Chiang Rai 57000 Tel: 0-7422-1229 Fax: 0-7422-1411 Tel: 0-5371-6489 Fax: 0-5371-6490 Phitsanulok 275/1 Phichaisongkram Road.tuntiwutthipong@krungsrisecurities. Head of Research Energy. CFA Banking.thongthip@Krungsrisecurities.chantaraserekul@krungsrisecurities. Assistant Analyst Artit Jansawang Mid . Vibhavadirangsit Road. Tourism ext. 5005 artit. 3rd Floor. Smaedum.Stocks with an expected capital gain below 10% in the next 12 months for small-caps. Insurance Strategy Transportation. 5000 naphat.krungsrisecurities. Chiang Mai 50200 Tel: 0-3879-0430 Fax: 0-3879-0425 Tel: 0-5321-9234-6 Fax: 0-5321-9247 Hat Yai Branch Chiang Rai 90-92-94 Nipat U Tit Nueng Road.Small cap. Songkhla 90110 Amphur Muang.Stocks with an expected capital gain above 10% in the next 12 months for small-caps.pruitipat@krungsrisecurities. Lumpini Pathumwan. FRM Construction Property. MAI Fax 662-658-5643 Definition of Ratings OUTPERFORM . Krungsri Securities Public Company Limited Headquarters 898 Ploenchit Tower. Tambol Nai Muang. 5019 kittisorn. Bangkok 10110 Amphur Muang. Insurance ext. Amphur Muang.Materials Contractor ext.intrachai@krungsrisecurities.Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps. Bangna.