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March 20, 2017 OUTPERFORM

COMPANY RESEARCH | Company Update

Bangkok Chain Hospital
(BCH TB)
Share Price: Bt13.1 Target Price: Bt16.5 (+26.0%)

A new lease of life
 WMC to turn positive EBITDA in FY17F driven by higher number
of Thai patients after launching a marketing campaign
 Expect earnings to grow 20% yoy to Bt902m in FY17F thanks to
larger SS member base and smaller losses at WMC
 Maintain OUTPERFORM rating with lower DCF-based TP of
Bt16.5/sh (from Bt18/sh), implying 22x FY17F EV/EBITDA
Attracting more Thai patients to offset slower growth of
international patient volume at WMC
The management team led by Chairman and CEO Dr. Chalerm hosted
the analyst briefing last Friday. World Medical Center (WMC) has
changed its name to World Medical Hospital and will focus more on Thai Teerapol UDOMVEJ
patients. Management expect Thai patient revenue to double this year
662 - 659 7000 ext 5012
driven by the new marketing campaign, The best job in Thailand. BCH
teerapol.udomvej@krungsrisecurities.com
will recruit a surveyor of patient happiness at WMC for a salary of
Bt1.0m/month for 6-month periods. This is a viral marketing strategy
aimed at building brand awareness among Thais. WMC will also offer Key Data
free service consultation to Thai patients on first visit. More importantly, 12-mth high/low (Bt) 16.10 / 9.95
this new strategy is meant to offset the falling international patient Market capital (Btm/US$m) 32,668.1 / 925.1
3m avg. turnover (Btm/US$m) 158.7 / 4.5
revenue in 4Q16 and 1Q17. We forecast WMC will turn positive EBITDA
Free float (%) 37.7
and book a smaller loss of Bt131m in FY17F (vs Bt172m loss in FY16).
Issued shares (m shares) 2,494
Additional SS revenues from health check services Major shareholders:
Hospitals under Kasemrad (KH) and Karunvej (KV) should continue to - HARNPHANICH CHALERM 32.6
deliver strong earnings this year. Its Social Security (SS) quota has - HARNPHANICH SOMPORN 7.4
- THAI NVDR CO LTD 5.1
been increased by 14% to 1.16m this year. The Social Security Office
has also said SS members would get free health checks starting 2017.
Share Price Performance
Participating hospitals would be paid c.Bt500/patient. This will boost
both revenues and margins because health checks command higher
margins than other treatments. Further, KH Ratthanathibeth will be
upgraded to KH International Hospital by 3Q17 to attract premium
patients. It will transfer all SS services to KV Rathanathibeth in 2018 to
allow space for more cash patients.
Trading at lowest EV/EBITDA multiple in our Healthcare coverage
We revised down FY17-19F earnings by 9% to reflect lower-than-
expected EBITDA margin and soft trends in international patients at
WMC in 4Q16. We maintain OUTPERFORM but lower TP to Bt16.5/sh
from Bt18/sh. BCH offers 18% earnings growth (CAGR) over FY16-19F
while trading at only 18x FY17F EV/EBITDA vs peers’ average of 21x. YTD 1Mth 3Mth 12Mth
Upside risks include higher fixed payment and compensation rates for Absolute (%) (11.5) (7.7) (8.4) 22.4
SS patients, which SSO may announce this year. Relative to index (%) (11.3) (4.9) (9.0) 11.9

Financial Summary (Btm)
Krungsri Securities vs Market
Year to Dec 2015 2016 2017F 2018F 2019F
Positive Neutral Negative
Sales (Btm) 5,766 6,511 7,218 8,124 9,097 Market
Growth (%) 9 13 11 13 12 Recommend 13 2 1
EBITDA (Btm) 1,459 1,805 2,042 2,311 2,600 Krungsri Market % +/-
Growth (%) 3 24 13 13 12 Target Price (Bt) 16.5 16.1 2.2
’17 Net Profit (Btm) 902 919 (1.9)
Recurring profit (Btm) 527 753 902 1,059 1,242
’18 Net Profit (Btm) 1,059 1,081 (2.0)
Growth (%) 1 43 20 17 17
Net profit (Btm) 527 753 902 1,059 1,242 Krungsri's earnings revision
FDEPS (Bt) (Core) 0.21 0.30 0.36 0.42 0.50 2017F 2018F
Growth (%) 1 43 20 17 17 Earnings revision (%) (8.9) (8.9)
PE (x) 61.9 43.4 36.2 30.8 26.3 Source: Bloomberg, Krungsri Securities
DPS (Bt) 0.12 0.17 0.22 0.25 0.30
Yield (%) 0.9 1.3 1.7 1.9 2.3
BVPS (Bt) 1.75 1.91 2.11 2.31 2.56
P/BV (x) 7.5 6.9 6.2 5.7 5.1
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.
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1 16.9 30.0m/month for 2017 6-month periods Source: Company Data.theworldmedicalcenter.3 28.0 10.EBITDA margin (%) 29.6 20.2 25.9 17.3 20.Revenue (Btm) 7.0 20.2 26.273 8.th.7 20.8% 9.2 20.162 1.0% 28.0 21.0 CHG LPH VIBHA BH BDMS BCH BH BCH VIBHA CHG BDMS LPH 2017 2018 2017 2018 Source: Krungsri Securities Source: Krungsri Securities BCH: Revised assumptions FY17F Chg FY18F Chg FY19F Chg old new old new old new BCH .5% Source: Krungsri Securities Krungsri Securities Research 2 .0 10.6% -1.7% 28.316 7.4% 29.4 20.matichon.6 21.0 31.2% 30.6% 28.5% BCH .3% -1.9 18.7 27.240 9.Company Update | BCH March 20.218 -1.242 -8.3% 8.0 18.9% 1.1 28.7 15.0 25.6 18.124 -1.0 24.3 21. SSO Healthcare: EV/EBITDA Healthcare: EBITDA margin x % 26.0 14.0 20.com Source: www.8 26.0 15.9% 1. www.0 17.0 22.7 17.0 24.4% -1.co.4 31.0 21.358 1.0 12.059 -8.4% BCH .8 35.Earnings (Btm) 991 902 -8.097 -1. 2017 The best job in Thailand campaign: recruiting a surveyor of Social Security: Free health checks for members starting patient happiness at WMC for a salary of Bt1.

Mammogram Upgrade Kasemrad Rattanathibeth 50 2Q17 +ENT and renovation Upgrade Kasemrad Sriburin 130 2Q17 + OPD.310 500 beds Source: Company data BCH: Expansion and renovation projects in the pipeline Hospital Capex (Btm) Expected opening Capacity Upgrade Kasemrad Chachoengsao 60 2Q17 +OPD. ER.000 2020 100 beds Total 2.178 Source: Company data BCH: Greenfield projects in the pipeline Hospital Capex (Btm) Expected opening Capacity Kasemrad Ramkhamhaeng 550 2Q18 139 beds Kasemrad Chiang Khong 60 2Q18 30 beds Kasemrad Aranyaprathet 350 4Q18 116 beds Kasemrad Prachinburi 350 2019 115 beds Kasemrad International Hospital Vientiane (BCH has 76% Stake) 1.100 860 460 GPM 31% 32% 33% 33% SG&A/Sale 13% 13% 13% 13% Source: Krungsri Securities Krungsri Securities Research 3 . MRI. 2017 BCH: Hospitals Opening/ No Hospitals Target customers OPD-rooms License beds Acquiring year 1 World Medical Center Hospital high-end 2013 84 150 2 Kasemrad Bangkae 1984 54 311 3 Kasemrad Prachachuen 1997 55 373 4 Kasemrad Rattanatibeth middle-income / 1993 41 400 5 Kasemrad Saraburi social security 1996 14 200 6 Kasemrad Sriburin 1993 36 120 7 Kasemrad Chaseongsao 2015 16 100 8 Karunvej Sukhapibal 3 2000 16 100 9 Karunvej Pathum Thani Hospital 2013 17 200 social security 10 Karunvej Ayudhaya Hospital 2013 9 105 11 Karunvej Rattanatibeth 2015 18 119 Total 360 2. Heart Center Upgrade Kasemrad Saraburi 50 3Q17 +Hemodialysis Upgrade Maesai Clinic to Kasemrad Maesai Hospital 20 2Q17 +30 beds Total 310 Source: Company data BCH: Key assumptions FY16A FY17F FY18F FY19F SS Volume growth 14% 6% 7% 7% SS revenue / patient growth 7% 3% 3% 3% OPD Volume growth 6% 6% 10% 10% OPD revenue / patient growth 1% 5% 4% 4% IPD Volume growth 11% 8% 8% 6% IPD revenue / patient growth 5% 5% 5% 5% Capex (Btm) 780 1.Company Update | BCH March 20. ICU.

9 33.0) IHH SP IHH HEALTHCARE BHD 11.2 1.164 44.1) (11.8 (6.4 8.5 (3.4) (1.2 11.6 11.0 (7.0 (11.1) VIBHA TB VIBHAVADI MEDICAL CENTER PCL 1.3 4.7 (4.4 11.4) (10.4 (1.0 2.0) 3.9 28.2 (0.8 (4.1 4.6) 0.1 KPJ MK KPJ HEALTHCARE BERHAD 950 28.3) (3.2 1.6 5.2 0.0) (2.5) (2.3 24.8 2.3) BDMS TB BANGKOK DUSIT MED SERVICE 9.8) RHC AU RAMSAY HEALTH CARE LTD 10.5 51.3 15.9) (14.6) (16.3 1.4) (4.2 4.8 0.3 14.7 (7. 2017 P/E Band P/BV Band Source: Bloomberg.7 0.8 (10.8 22.4 17.2 0.4 16.6 31.9 9.9 7.8 RFMD SP RAFFLES MEDICAL GROUP LTD 1.6 30.1 1.4 3.1 34.1 3.2 9.0 0.1 24.3 1.5) 3.2 0.8 6.8 22.5 0.7) CHG TB CHULARAT HOSPITAL PCL 776 40.1 (4.Company Update | BCH March 20.125 47.9 3.954 25.7 0.0 0.5 7.2 (0.5) BH TB BUMRUNGRAD HOSPITAL PCL 3.6 2. Krungsri Securities Source: Bloomberg.3 12.6 39.1 0.3 2.8 2.5) APHS IN APOLLO HOSPITALS ENTERPRISE 2.133 24.2 0.2 0.7 5.0 5.1) (1.7 0.8) 3.1 0.4 17.7 0.4 4.0) EKH TB EKACHAI MEDICAL CARE PCL 108 46.7 (9.0 41. Krungsri Securities Peer table Market PE P/BV EPS Div Yld ROE Share Price Cap (x) (x) Growth% (%) (%) Performance BB Ticker Name US$ 17F 18F 17F 18F 17F 18F 17F 17F 1M 3M 6M YTD BCH TB BANGKOK CHAIN HOSPITAL PCL 937 36.3 7.7 9.8) (11.9) (14.2) Average (Simple) 37.773 32.8 0.5 4.2 20.5 4.0 (1.9) (9.1 0.9 29.5 37.5 12.2 (3.5 5.5 30.2 N/A 2.5) (7.3 12.0) (3.0 1. Krungsri Securities Krungsri Securities Research 4 .3) (4.2 (8.0 0.6 (10.1 2.4) 4.8) RYM NZ RYMAN HEALTHCARE LTD 2.8) (10.3) 0.0 0.1 (6.5 1.9 85.583 59.4 13.6) (12.9 5.4) 43.4 11.7) (8.7 4.7 18.2 30.4 4.3 14.1 6.9 36.2 5.6) N/A (11.767 32.066 36.2 17.1 1.1 1.3 6.6 4.8 4.4) 11.3 (12.3 7.6 4.8 6.7) LPH TB LADPRAO GENERAL HOSPITAL PCL 201 36.0 (10.2 1.3) (10.1 RJH TB RAJTHANEE HOSPITAL PCL 194 34.0 0.0 4.6 1.6 25.9 Source: Bloomberg.7) (8.1) 6.2 0.

10 0.494 2.Quarterly (Btm) 4Q15 1Q16 2Q16 3Q16 4Q16 Sales 1.494 2.Company Update | BCH March 20.06 0.531 1.053) (1. GW & FX 0 0 0 0 0 Reported net profit 192 156 156 243 198 Shares out (end Q.06 0.606 1.494 2.494 2. m) 2.693 COGS (inc dep'n) (1. 2017 Financial statement .494 2.163) (1.082) (1.08 Depreciation 127 124 126 134 132 EBITDA 449 418 415 520 463 Key ratios Gross margin (%) 34% 31% 29% 33% 31% SG&A/Revenue (%) 16% 13% 12% 13% 13% EBITDA margin (%) 28% 27% 27% 30% 27% Net profit margin (%) 12% 10% 10% 14% 12% Krungsri Securities Research 5 .494 2.06 0.06 0.494 2.062) (1.08 0.494 2.494 Adjusted shares (m) 2.747 1.166) Gross Profit 553 480 449 583 527 SG&A (257) (205) (189) (219) (222) Operating Profit 296 274 260 364 305 Net other income 26 20 29 23 26 Net interest (41) (46) (48) (28) (39) Pretax profit 281 248 241 358 292 Income Tax (51) (50) (44) (65) (49) Associates 0 0 0 0 0 Minority interest (38) (43) (41) (50) (45) Profit after tax (pre-ex) 192 156 156 243 198 Extraordinaries.08 EPS 0.10 0.08 0.541 1.494 Pre-ex EPS 0.

409 1.337) (4.528) (3.059 1.284) Ending net cash /(debt) (3.958) (4.494 EPS (before extraordinary items.496) (856) (456) Operating free cashflow (OpFCF) 470 944 317 1.494 2.905 FCFE (free cashflow to equity) 752 545 206 609 1.039 2.721) (3.494 2.459 1.600 Notional cash taxes on ungeared operations (222) (255) (308) (359) (407) Net change in working capital (10) 86 80 105 113 CAPEX (757) (692) (1.340 2.204 1.109 1.107 1.042 2.040) (1.494 2.494 2.124 9.097 Cost of sales (COGS) (3.413 1.972 Interest expense (163) (162) (145) (136) (127) Interest income 9 11 10 5 4 Other income 0 0 0 0 0 Goodwill amortization 0 0 0 0 0 Pre-tax profit 844 1.724 1.035 1.777 2.201 1.511 7.409 1.500 1.30 0.869) (5.50 DPS (Bt) 0.593 1.762 Dividends (440) (504) (424) (541) (635) Equity capital raised (0) (0) (0) (0) (0) Other items (119) (166) (105) (130) (143) Cashflow from financing (558) (671) (529) (672) (779) Net change in cash (153) 334 (307) 437 983 Net cash/(debt) at YS (3.594) (3.494 Shares in issue (weighted avg.724 1.25 0.12 0.500 1.628 1.22 0. Bt) 0.17 0. 2017 INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F Turnover 5.204 1.364 1.004 221 1.668 3.762 Krungsri Securities Research 6 .628 1.365 1.871 Other operating income 76 87 91 96 101 EBIT 998 1.414) (3. m) 2.871 Other operating income 76 87 91 96 101 EBIT 998 1.434) Depreciation & amortization (461) (514) (542) (587) (628) Gross profit 1.291 1.192 1.494 2.291 1.242 Extraordinary items 0 0 0 0 0 Reported net profit 527 753 902 1.849 Income tax on company & subsidiaries (174) (208) (266) (319) (370) Profit after tax 670 932 1.805 2.21 0.747) (3.494 2.164) Operating profit 922 1.098 1. m) 2.301) Increase/(decrease) in cash & equivalents 194 (126) (322) (63) 983 (Increase)/decrease in debt (347) 460 16 500 0 NOPLAT (net op profit less adjusted tax) 776 1.035 S&A expense (855) (835) (931) (1.218 8.972 Depreciation & amortization 461 514 542 587 628 EBITDA 1.760 Non-operating income (net of tax) 0 0 0 0 0 Equity income from associates 3 1 2 2 2 Investments 20 20 0 (0) (0) Net change in other assets/liabilities 46 13 0 0 0 Other items (22) 132 0 0 0 Residual cashflow (RCF) 405 1.42 0.849 Net interest income adjusted for tax impact (112) (107) (97) (95) (89) Net free cashflow (NetFCF) 358 837 219 1.311 2.494 2.242 Shares in issue (Y/E.059 1.479 Minority interests (145) (180) (198) (217) (239) Share of associate net income 3 1 2 2 2 Preferred dividends 0 0 0 0 0 Recurring attributable net profit 527 753 902 1.494 2.766 6.36 0.564 Normalized OpFCF (Est maint CAPEX) 522 886 1.721) (3.658 1.Company Update | BCH March 20.284) (2.30 DPS/EPS (%) 57 56 60 60 60 CASH FLOW (Btm) 2015 2016 2017F 2018F 2019F Operating profit 922 1.747) (3.414) (3.275 1.140 1.

2 39.633 3.039 8.0 EBITDA 2.4 ROE 12.8 0.3 28.5 20.8 19.761 5.4 17.080 A/C payable 409 456 500 562 627 Other current liabilities 605 569 631 710 795 Total Current Liabilities 3.042 2.9 14.4 16.9 14.0 20.56 Adjusted book value ps (Y/E.377 Preferred equity 0 0 0 0 0 Minorities 563 576 655 742 837 Total equity & minorities 4.7 Turnover/avg total assets (x) 0.6 14.3 Accounting ratios Cash profit margin 38.3 EPS (diluted) 1.3 DPS (29.7 28.3 10.5 13.2 20.8 39.1 8.908 6.137 1.5 13.3 32.771 6.8 0. Bt) 1.676 5.4 28.215 Accumulated depreciation 3.239 Total ordinary equity 4.11 2.56 RATIOS (%) 2015 2016 2017F 2018F 2019F Growth Turnover 8.5 23.6 0. Bt) 1.999 3.0 18.75 1.077 997 997 997 997 Inventory 189 195 214 240 268 Others 64 65 72 81 90 Total Current Assets 2.5 EBIT 0.3 EPS pre extraordinary items 1.632 Property and equipment 7.998 9.5 16.612 2.499 2.233 5.9 12.91 2.3 19.8 12.0 ROCE (NOPLAT/avg Op assets) 9.0 Operating performance EBITDA margin 25.7 0.494 2.494 2.012 5.7 0.9 40.114 Share capital 2.115 2.323 4.8 12.337 5.922 5.9 10.4 Operating profit margin 16.8 31.0 42.9 16.640 1.569 11.3 27.881 3.640 BV per ordinary share (Y/E.7 13.8 17.6 0.498 2.103 Investments & associates 69 49 49 49 49 Other assets 82 73 73 73 73 Goodwill 451 471 471 471 471 Total Assets 10.4 32.31 2.859 8.7 12.8 17.476 12.5 12.8 ROA 5.231 11.526 2.6 18.4 Net profit 1.596 1.8 19.963 5.513 7.3 19.1 Krungsri Securities Research 7 .8 29.7 17.499 Other liabilities 108 113 113 113 113 Total Liabilities 5.11 2.636 2.Company Update | BCH March 20.1 7.494 2.6 12.2 21.2 11.31 2.4 17.494 2.4 S&A/turnover 14.494 Share premium 645 645 645 645 645 Revaluation surplus (15) (14) 0 0 0 Translation adjustment 0 0 0 0 0 Retained earnings 1.1 11.5 20.937 1.8 19.9 12.8 17. 2017 BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F Cash & equivalents 806 680 358 295 1.883 4.8 21.2 Asset turnover (Turnover/avg Op assets) 0.271 9.1 13.352 2.3 Gross profit margin 30.253 5.3 9.598 10.4 17.4) 41.8 12.8 Effective tax rate 20.75 1.080 80 1.211 1.502 Long-term debt 2.7 NOPLAT margin (NOPLAT/Turnover) 13.329 Short-term debt 2.277 A/C receivable 1.7 17.3 16.7 0.0 ROCE inc capitalised goodwill 9.9 12.7 27.6 Net profit margin 9.425 5.8 20.8 33.5 15.1 40.028 1.4 17.8 12.0 16.9 1.5 18.6 EBIT margin 17.8 17.5 19.0 42.0 19.91 2.2 12.0 20.359 4.621 2.2 14.235 1.0 42.0 13.

71 Share price (Bt) – 13.442 36.7 0.56 Free cashflow to equity (FCFE) per share 0.295 9.255 35.0 1.201 1.8 40.595 36.5 31.554 4.9 18.0 Inventory.1 P/FCFE (x) 43.7 0.0 9.6 0.4 60.494 2.42 0.5 6.11 2.0 Net debt/equity & MI 0.849 OpFCF (normalized) 522 886 1.402 36.1 22. days COGS 42.81 19.079 3.1 42.269 1.11 2.1 PE (x) 61. days COGS 19.7 1.9 43.131 37.6 22.6 45.1 30.22 0.3 24.2 2.0 A/C payable.2 4.3 4.6 NOPLAT/interest paid 4.5 ENTERPRISE VALUATIONS (Btm) 2015 2016 2017F 2018F 2019F Ordinary shares (m) 2.31 2.035 1.094 4.9 6.21 0.685 41.5 6.3 42.3 P/BV (x) 7.4 44.269 9.6 0.8 0.1 EV/OpFCFnormalised (x) 50.045 8.2 55.600 EBIT 998 1.1 2.0 39.097 EBITDA 1.0 17.1 Current assets less inventory/current liabilities 0.4 17.6 6.7 13.0 18.8 26.12 0.5 0.1 4.9 15.3 2.4 12.Company Update | BCH March 20.1 42.6 0.2 42.9 43.568 36.5 30.251 8.207 8.2 1.36 0.500 1.75 1.50 FDEPS growth (%) 1.9 6.2 5.579 3.1 P/ABV (x) 7.30 0.417 40.91 2.7 18.30 0.410 33.31 2.9 EV/NOPLAT (x) 34. x) 61.087 Avg.36 17.0 10.494 2.8 26.7 5.8 1.905 Op (core) capital employed (CE) 8.3 8.724 1.6 6.658 1.24 0.042 2.1 42.8 115.511 7.4 36.218 8.1 Krungsri Securities Research 8 .30 0.9 3.579 Enterprise Value 27.7 5.8 RISK MEASURES 2015 2016 2017F 2018F 2019F Equity multiplier (avg.3 PE/FDEPS growth (x) 59. x) 3.9 14. total assets/avg.22 0.75 1. days turnover 68.483 33.291 1.2 19. expense) 6.222 Core EV Multiples EV/Turnover (x) 4.3 8.2 5.181 9.08 0.9 A/C receivable.9 4.988 37.0 3.1 2.4 36.9 EV/EBITDA (x) 18.0 18.17 0.9 3.7 1.907 32.5 Yield (%) 0.7 26.incl/int.9 2.0 18.413 1.2 30.577 37.6 1.6 18.6 EV/OpFCF (x) 56.707 Core Enterprise Value (EV) 26.2 1.738 9. equity) 2.494 2.972 NOPLAT 776 1.192 1.9 EV/avg capital employed (x) 3.6 EV/capital employed (YE.9 1.50 FDEPS 0.377 Turnover 5.494 Share price (Bt) 9 15 13 13 13 Ordinary equity MV 22.564 OpFCF 470 944 317 1.3 1.365 1.4 21.25 0.506 Preferred equity 0 0 0 0 0 Debt 4.36 0.21 0.358 9.7 15.83 17.2 30.668 MI & deferred taxes 563 576 655 742 837 Equity MV (adjusted ord) 23.56 Adjusted BVPS 1.0 0.91 2.805 2.7 53. core capital employed 8.2 5.6 Short-Term Ratios (x) Current assets/current liabilities 0.7 0. 2017 EQUITY VALUATIONS (Bt) 2015 2016 2017F 2018F 2019F EPS 0.8 12.124 9.2 3.9 21.766 6.668 32.8 1.9 6.0 Debt service (OpFCF/net interest paid) 2.323 33.6 25.311 2.9 50.30 BVPS 1.136 806 734 1.459 1.0 158.6 EV/EBIT (x) 26.2 8.084 Net noncore assets 1.494 2.3 PE (fully diluted.42 0.9 4.5 3.26 DPS 0.05 42.668 32.3 Interest cover (x) Interest cover (EBIT & int.4 2.

Nevertheless. As a result. . or certify the accuracy and completeness of such survey result. therefore. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. 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. the survey result may be changed after that date or when there is any change to the relevant information. Krungsri Securities Public Company Limited does not confirm. is from the perspective of a third party. The result. verify.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. It is not an assessment of operation and is not based on inside information.

it may be changed after that date or when there is any change to the relevant information. prosecutions or closed cases Level 4: Certified – Audit engagement by audit committee or auditors approved by the office of SEC. communication and training for all employees. verify. Annual Report (Form 56-2). including consistent monitoring and review processes Level 3A: Established by declaration of intent. or other relevant documents or reports of such listed company .) Level 3: Established – Carrying out preventive measures. and receiving certification or assurance by independent external assurance providers (CAC etc." Reference Level 5: Extended – Extension of the anti-corruption policy to business partners in the supply chain. 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 . risk assessment. which is assessed by Thaipat Institute. It is not an assessment of operation and is not based on any inside information. Krungsri Securities Public Company Limited does not confirm. as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1). 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.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. Since this assessment is only the assessment result as of the date appearing in the assessment result. Thaipat Institute made this assessment based on the information received from the listed company. Nevertheless. or certify the accuracy and completeness of the assessment result. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. and disclosure of any current investigations.

Assistant Analyst Artit Jansawang Mid . Insurance ext. Strategy ext.Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps.com Worrapong Tuntiwutthipong Electronic. Phitsanulok 65000 Tel: 0-5530-3360 Fax: 0-5530-2580 Central line: Analyst Team Sector Coverage 662-659-7000 E-mail Naphat Chantaraserekul. Bangkok 10900 Amphur Muang. 5004 jesada. 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. Consumer Finance. Bangkok 10110 Amphur Muang. CFA. Insurance Strategy Transportation. Jatujak.udomvej@krungsrisecurities. 231-232 Thamalai Road.Small cap. Lumpini Pathumwan. 5005 artit. Vibhavadirangsit Road. Tambol Wiang. Bangkok 10150 Amphur Muang Nakhon Ratchasima. below 5% for big-caps www.jansawang@krungsrisecurities. Tambol Bang Plasoi. above 5% for big-caps NEUTRAL . Krungsri Securities Public Company Limited Headquarters 898 Ploenchit Tower. Klongton. Suphanburi. 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.com . Bangna-Trad Road. ext. Chiang Rai 57000 Tel: 0-7422-1229 Fax: 0-7422-1411 Tel: 0-5371-6489 Fax: 0-5371-6490 Phitsanulok 275/1 Phichaisongkram Road. 168 Chomphon Road.thongthip@Krungsrisecurities. 3rd Floor. FRM Construction Property. Songkhla 90110 Amphur Muang. Tambol Nai Muang. Bangkok 10260 Amphur Muang. Klongtoey. 5000 naphat. Bangna. 114 Sri Chan 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. 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. 10.com Kittisorn Pruitipat. Tourism ext. Head of Research Energy. Ploenchit Road. 5019 kittisorn. Amphur Muang. 70 Chang Phuak Road.intrachai@krungsrisecurities. Amphur Hat Yai. ICT.com Nalinee Praman. Tambol Nai Muang. Tambol Sri Phum Amphur Muang. Commerce ext.pruitipat@krungsrisecurities.Stocks with an expected capital gain below 10% in the next 12 months for small-caps. Bangkhuntien. -5% to +5% for big-caps UNDERPERFORM . Tambol Phra Pathom Jaedee.techahusdin@krungsrisecurities. 5016 worrapong. 5012 teerapol. CFA Banking.tuntiwutthipong@krungsrisecurities.com Teerapol Udomvej Healthcare. Chonburi 20000 Amphur Muang. Automotive. 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.krungsrisecurities. Jompol. 5009 sunthorn. MAI Fax 662-658-5643 Definition of Ratings OUTPERFORM .Stocks with an expected capital gain above 10% in the next 12 months for small-caps.com Jesada Techahusdin.chantaraserekul@krungsrisecurities. Petrochemical. Fl. Sukhumvit 24 Road 67/1 Ratchadamnoen Road. MAI ext. Assistant Analyst Mid . Fl.Materials Contractor ext.com Karun Intrachai Media Renewable Energy ext. Tambol Nai Muang.Tambol Hat Yai. 27 249/171-172 Moo 5 Tambol Ta Rahad.com Sunthorn Thongthip Insurance Food.com Kitti Pitakteerabandit. Bangkok 10330 Tel: 0-2659-7000 Fax: 0-2658-5699 Internet Trading: 0-2659-7777 Branches Emporium Nakhon Pathom 662 Emporium Tower. 5010 karun. Smaedum.Small cap.