SECTOR UPDATE | Thailand Industry Focus

September 18, 2018 OVERWEIGHT

Petrochem sector: PX, PTA, & PET

New supply delays support polyester chain
• Delayed new PX plants to push PX market to peak in 2020
• Expect no major PTA capacity addition in 2018-19; returning of
suspended capacity subject to PX availability
• Some PET capacity additions look uncertain and likely come
online lower than announced
• TOP, PTTGC to benefit on tight PX market; IVL benefits from
extended peak PET cycle

Delayed new PX plants pushing PX market to peak in 2020

We revisit polyester chain outlook and now see limited new PX capacity in
2018-19 and expect PX market to peak in 2020. Although the
sustainability of recent spike in PX spread (to 4-year high at US$680/ton)
depends on the ramp-up of recent start-up of PetroRabigh (1.35m tons) Naphat CHANTARASEREKUL
and PetroVietnam (700k tons), both are now operating at 50% and should 662 - 659 7000 ext 5000
reach 80%+ level in 1Q19. There will be 800k tons of PX from Saudi naphat.chantaraserekul@krungsrisecurities.com
Aramco to come online in 2019. The new capacities in 2018/19 represent
4.0% and 2.0% vs. demand growth of 5.1% pa. We believe that this Sector – performance
should ease market concern on weak PX margins this year and next.
No major PTA capacity addition in 2018-19
We expect two new small PTA plants from China and JBF India this year.
But the China’s plant is having a problem to secure PX feedstock while
JBF India is having a problem with debt restructuring. Both will not come
online this year. The spike of PX prices and spreads come from healthy
demand for PTA. Asian PTA spread rose to a 6-year high at US$192/ton
in August, and this may prompt those suspended capacities returning,
including Siam Mitsui PTA line 2 (470k tons) in Thailand, Asia Pacific
Share Price Performance - YTD
Fiber (300k tons) in Indonesia, and Hanwha Chemical (450k tons) in
Korea. Their restart would be subject to PX availability given tight supply.
PTA market looks promising and should push up PET prices further.
PET capacity additions lower than announced
PET has 28m ton capacity globally. The major challenge ahead is the new
PET capacity coming online this year of 2.75m tons (and 775k tons in
2019). Most is in Asia. Based on latest report from Wood Mackenzie
Chemicals, some will be delayed to 2019. Far Eastern and Jiangsu
Sanfangxiang started their new PET plants but running at 50% and they
should ramp up production in 2019. Yisheng Petrochemical started one
Source: Bloomberg, Krungsri Securities
line of 500k tons out of 1m ton capacity. The second line should come in
1Q19, further delayed than planned. Hence, we are optimistic on the
polyester value chain.
TOP, PTTGC benefit on tight PX market; IVL benefits from
extended peak PET cycle
TOP and PTTGC will benefit from new PX supply delay. TOP has 527k
tons of PX and we forecast aromatics to contribute 10% to FY18F
earnings (9% in 1H18). PTTGC has 1.3m tons of PX and we forecast
aromatics to contribute 8% to FY18F earnings (5% in 1H18 due to low
spreads). For IVL, we forecast PTA (incl. all feedstock) and PET to
contribute 42% and 40% earnings in FY18F (45% and 37% in 1H18).

   M Cap Price (Bt) TP  U/D  Rec  EPS G%  ROE (%)  PE (x)  P/BV (x)  Div Yld (%) 

BB Ticker  (US$)  17‐Sep (Bt)  (%)    18F 19F 18F 19F 18F  19F  18F  19F 18F 19F
TOP        5,206   84.8 105.0  23.9   OUTPERFORM  (13.8) 18.2 14.8 16.2 9.2  7.8  1.3  1.2 4.9 5.8
PTTGC     10,894   80.3 110.0  37.1   OUTPERFORM  8.4 6.8 15.4 15.2 8.2  7.7  1.2  1.1 5.8 6.5
IVL        9,679   57.3 73.0  27.5   OUTPERFORM  44.7 7.5 20.6 19.1 11.4  10.6  2.2  1.9 3.0 3.3

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
Sector Update | Thai Refinery September 18, 2018

Asian PX and PTA are getting tight

We revisit polyester chain outlook and now see limited new PX capacity
in 2018-19. PX spot prices was at US$1,060/ton in August and hit a 4-
year high at US$1,340 in September. The recent start-up of PetroRabigh
(1.35m tons) and PetroVietnam (700k tons) are operating at sub optimal
level of 50%, which has caused tight sentiment in PX supply. Market
does not expect these two plants to run full capacity by the end of this
year. This situation will cause some long-idled PTA plants unable to
restart because they would not be able to secure PX feedstock.

At the Asia Petrochemical Industry Conference last month, it was

confirmed that the promised new Chinese ‘mega’ PX plants scheduled
to come online at the end of 2018 will be delayed without definite date of
the start-up. We expect PX market to be tight for the remainder of this
year.

Asian PX prices and spreads

Source: Krungsri Securities

Three major PX plants to be delayed

First, China’s Hengyi recently pushed back its refinery and aromatics
complex start-up in Brunei from end 2018 to 2Q19. Based on Wood
Mackenzie, Hengyi’s start-up will be delayed to 2021. This project will
also have 1.5m tons of PX and 400k tons of BZ.

Second, Hengli Petrochemical was scheduled to start up 2.25m ton of

PX Phase 1 in October 2018. This plant is 70% completed as of July
2018. Based on Wood Mackenzie, this plant should be delayed to 1H20
for Phase 1 (2.25m ton) and 2021 for Phase 2 (2.25m ton for PX).

Krungsri Securities Research 2

Sector Update | Thai Refinery September 18, 2018

Hengli’s project construction as of July 2018

Source: Company data, Krungsri Securities

Third, Zhejiang Petrochemical (Dragon Aromatics) was scheduled to

start up at the end of 2018. This plant has been suspended for three
years after fires broke out twice in 2013 and 2015. The start-up requires
government approval as there is a safety concern. This plant has total
1.6m tons of PX (two PX lines, 800k tons each).

New PX capacity
Firm Sales
Company Country Capacity (k tons) Start up
PetroRabigh Saudi Arabia 1,350 2018 Outside
PetroVietnam Vietnam 700 2018 Outside
Saudi Aramco Saudi Arabia 800 2019 Outside
Zhejiang Petrochemical China 4,000 2020-21 Captive
Hengli Petrochemical China 4,500 2020-22 Captive
CNOOC-Kings China 960 2021 Outside
Zhejiang Hengyi Brunei 1,500 2021 Captive
Total 13,810

Likely Sales
Company Country Capacity (k tons) Start up
Sinopec Hainan China 800 2020 Outside
IRPC Thailand 1,000 2022 Outside
SOCAR Turkey 600 2023 Outside
ADNOC Abu Dhabi 1,400 2025 Outside
Zhejiang Petrochemical China 3,200 2025 Captive
Total 7,000
Source: Wood Mackenzie Chemicals, Company, Krungsri Securities

Apart from PetroRabigh (1.35m tons) and PetroVietnam (700k tons)

started operations this year, there will be 800k tons of PX from Saudi
Aramco scheduled to come online in 2019. We believe that this should
remove the market concern on weak PX this year and next.

Krungsri Securities Research 3

Sector Update | Thai Refinery September 18, 2018

PX operating rate to soften in 2020 and fall in 2021

PX is the primary feedstock for PTA and Dimethyl Terephthalate (DMT)
and its growth is tied up with the investment In PTA facilities. PTA is
used to produce fibers, packaging, and film. Demand growth has been
resilient through economic cycles at around 5% pa and is forecasted to
grow at 5.1% pa (1.9m tons pa) in 2018-20.

PX capacity by region PX demand forecast by region

Source: Wood Mackenzie Chemicals, Krungsri Securities Source: Wood Mackenzie Chemicals, Krungsri Securities

The medium term outlook of PX is projected to deteriorate post 2020 as

the wave of Chinese investments would exceed demand growth. A
sharp decline in utilization forecast by 2021 as mega PX investments will
start in China. But there is uncertainty on some new PX projects
because most have not started construction or been approved by their
respective boards, including 1m ton PX plant of IRPC.

Global PX capacity by region

Source: Company, Krungsri Securities

No major capacity addition for PTA in 2018-2020

We expect two new small PTA plant from China and JBF India this year.
But the China’s plant is having a problem to secure PX feedstock while
the JBF India is having debt restructuring problem.

The spike of the PX prices and spreads come from healthy demand of
PTA. Although we have seen the recovery in PTA spreads this year, the
overcapacity remains an ongoing concern. The PTA has been through
rationalization and capacity closure in the past few years. We estimate

Krungsri Securities Research 4

Sector Update | Thai Refinery September 18, 2018

total 3.2m tons of PTA capacity that were closed down, shut down or
mothballed in 2016 and 2017, or 4% of global capacity.

PTA margins in Asia PTA margins in the west

Source: Company data, Krungsri Securities Source: Company data, Krungsri Securities

Given Asian PTA spread rose to a 6-year high of US$192/ton in August,

we may see those suspended capacities returning, including Siam Mitsui
PTA line 2 (470k tons) in Thailand, Asia Pacific Fiber (300k tons) in
Indonesia, and Hanwha Chemical (450k tons) in Korea. Their restart
would be subject to the PX availability given current tight PX market.

PTA capacity closure or mothball in 2016-17

Capacity Startup
Company Country City (k tons)
Luoyang Chemical Fibre China Henan, Luoyang (350) 2Q16
2016 Total (350)

Tianjin Petrochemical China Tianjin (350) 1Q17

Yangzi Petrochemical 3 China Jiangsu, Nanjing (600) 1Q17
Yizheng Chemical 1 China Jiangsu, Jiangsu (350) 1Q17
Reliance Industries India Patalganga (275) 1Q17
Asia Pacific Fibres Indonesia Karawang, Java (340) 1Q17
OPTC (T9) Taiwan Kuanyin (450) 2Q17
OPTC (T10) [OPTC(T9)] Taiwan Kuanyin (530) 4Q17
2017 Total (2,895)
Source: Company, Krungsri Securities

However, global operating rates are expected to increase from 78% this
year to 84% in 2020.

Global PTA supply, demand, and operating rate

Source: Wood Mackenzie Chemicals, Krungsri Securities

Krungsri Securities Research 5

Sector Update | Thai Refinery September 18, 2018

PET capacity additions lower than announced

Traditionally, September sees temperature falling and marks the end of
the peak season for beverage consumption. This is reflected in softer
PET spreads, especially in Asia, but less affected in the west. Supply
and demand for PET is currently balanced.

PET margins in Asia PET margins in the west

Source: Company data, Krungsri Securities Source: Company data, Krungsri Securities

PET has 28m ton capacity globally. The major challenge ahead is the
new PET capacity coming online this year of 2.75m tons, but this will
drop to 775k tons in 2019. Most of the new capacity is in Asia. Based on
our channel check and report from Wood Mackenzie Chemicals, some
will be delayed to 2019. Far Eastern and Jiangsu Sanfangxiang started
their PET plants but running at 50% and they should ramp up production
in 2019. Yisheng Petrochemical started one line of 500k tons out of
1,000k ton capacity. The second line should come in 1Q19. These are
further delayed than planned in the table below.

The total capacity addition in 2018-19 is 3.5m tons or 6.5% supply

growth pa. This may be high compared to demand growth of 4-5% pa.
But we believe that some will not come online and may come in 2020 or
2021.

The sharp increase in PX and PTA prices have pressured the PET
margin in August. This caused some produces like Sanfangxiang and
China Resources to reduce their run rates at high-cost plants. The
industry dynamics may affect those old plants and some also took the
opportunity to shut down for maintenance.

Despite volatile PX, PTA and PET market, we still see global PET
demand growth of 5% pa in 2018-2022. Demand grew 14% in China
and India, 10% in Thailand, 5% in Europe last year.

Krungsri Securities Research 6

Sector Update | Thai Refinery September 18, 2018

New PET capacity

Country Location Company Nameplate Caacity or Actual or
Expansion/ closure Proposed
Startup/Closure
India Ahmedabad Chiripal Petrochem 50 1Q18
South Africa Durban Hosaf 140 1Q18
China Jiangsu, Jiangyin Jiangsu Sanfangxiang 500 3Q18
Lithuania Klaipeda Neo Group 165 3Q18
Vietnam Ho Chi Minh City Far Eastern New Century 400 3Q18
China Liaoning, Dalian Yisheng Petrochemical 1,000 4Q18
China Hainan Zhejiang Hengyi Polymer 500 4Q18
Total 2018 2,755
China Henan, Anyang Henan Tongjin Coal Chemical 500 1Q19
Tunisia Gabes Crystal Industries 60 2Q19
Turkey Gaziantep Koksan PET Packaging 215 3Q19
Total 2019 775
China Resources Co (CRC)
China Guangding, Zhuhai Packaging Ma 400 1Q20
China Fujian DragonSpecial Resin 500 1Q20
China Jiangsu,Jiangyin Jiangsu Sanfangxiang 500 1Q20
Taiwan New Taipei (Xinbei) Hualon (73) 1Q20
Turkey Adana Sasa Polyester Sanayi A.S. 380 1Q20
Turkey Adana Sasa Polyester Sanayi A.S. 216 1Q20
USA Corpus Christi Corpus Christie Polymers (M&G) 500 1Q20
Vietnam Ho Chi Minh City Fujian Baihong (Billion) 180 1Q20
2020 Total 2,603
Source: Wood Mackenzie Chemicals, Krungsri Securities

TOP, PTTGC benefits on tight PX market; IVL

benefits from extended peak PET cycle
TOP and PTTGC will benefit from delays in new PX capacities. TOP has
527k tons of PX (838k tons aromatics) and we forecast aromatics will
contribute 10% of FY18F earnings (9% in 1H18). PTTGC has 1.3m tons
of PX facility (2.4m tons aromatics) and we forecast aromatics will
contribute 8% of FY18F earnings (5% in 1H18). For IVL, we forecast
PTA (incl. all feedstock) and PET would contribute 42% and 40%
earnings in FY18F (45% and 37% in 1H18).

Krungsri Securities Research 7

 Sector Update | Thai Refinery September 18, 2018

Peer Comparison
Market PE P/BV EPS Div Yield ROE Share Price
Cap (x) (x) G% (%) (%) Performance
BB Ticker Name US$ 18F 19F 18F 19F 18F 19F 18F 18F 1M 3M 6M YTD
PTTGC TB PTT GLOBAL CHEMICAL PCL 11,085 8.2 7.7 1.2 1.1 8.4 6.8 5.8 15.4 (1.8) (3.9) (20.1) (5.6)
PTT TB PTT PCL 44,632 10.7 10.4 1.6 1.5 2.1 3.2 4.1 15.7 (1.0) 2.0 (6.9) 15.9
PTTEP TB PTT EXPLOR & PROD PUBLIC CO 18,489 14.5 13.0 1.5 1.4 131.8 11.2 3.4 10.7 13.0 13.4 29.9 52.0
SCC TB SIAM CEMENT PCL/THE 16,251 10.7 10.3 1.8 1.6 (9.5) 3.2 4.2 17.8 (1.8) 1.8 (12.3) (8.7)
IRPC TB IRPC PCL 4,289 11.6 10.9 1.5 1.4 5.2 6.5 4.2 13.5 4.6 7.0 (10.5) (2.8)
BCP TB BANGCHAK CORP PCL 1,508 9.3 8.3 1.0 1.0 (8.3) 11.5 5.3 11.0 0.0 0.7 (9.5) (12.3)
ESSO TB ESSO THAILAND PCL 1,760 9.2 9.4 1.9 1.7 (14.2) (2.6) 5.6 20.5 6.4 22.1 (4.6) (5.7)
IVL TB INDORAMA VENTURES PCL 9,848 13.2 11.8 2.3 2.0 8.9 12.2 2.3 18.6 0.0 (2.1) 3.6 7.5
TOP TB THAI OIL PCL 5,297 9.7 9.9 1.3 1.2 (28.2) (2.0) 4.8 14.3 1.5 3.4 (14.6) (18.1)
1301 TT FORMOSA PLASTICS CORP 23,254 13.2 13.3 2.0 1.9 10.1 -1.0 5.5 15.0 3.2 6.1 10.3 14.0
6505 TT FORMOSA PETROCHEMICAL CORP 40,056 16.3 18.0 3.4 3.4 (5.6) (9.4) 4.6 20.7 7.0 7.0 11.6 12.1
1402 TT FAR EASTERN NEW CENTURY CORP 6,214 14.9 13.7 1.0 1.0 49.0 8.5 4.8 6.2 10.2 20.8 33.6 33.4
1326 TT FORMOSA CHEMICALS & FIBRE 23,028 13.1 13.9 1.9 1.9 (0.7) (5.8) 5.4 13.7 2.5 7.6 10.0 17.5
363 HK SHANGHAI INDUSTRIAL HLDG LTD 2,397 5.5 5.2 N/A N/A 9.1 4.8 5.8 N/A (1.1) (13.9) (19.3) (22.8)
338 HK SINOPEC SHANGHAI PETROCHEM-H 7,993 6.9 7.2 1.5 1.4 (1.6) (4.5) 6.9 19.6 0.9 (21.4) (9.3) (0.9)
386 HK CHINA PETROLEUM & CHEMICAL-H 117,931 10.1 10.0 1.2 1.2 55.3 0.8 7.8 11.0 4.9 5.0 17.0 31.9
051910 KS LG CHEM LTD 22,176 13.6 12.3 1.5 1.4 2.3 10.9 1.7 11.4 (3.1) (5.2) (14.4) (12.6)
009830 KS HANWHA CHEMICAL CORP 2,728 4.0 4.1 0.5 0.4 (5.8) (3.1) 2.1 11.8 (7.6) (22.7) (38.7) (40.3)
011170 KS LOTTE CHEMICAL CORP 8,714 4.8 4.6 0.7 0.7 (8.9) 5.2 3.9 16.6 (14.7) (21.6) (32.7) (22.1)
010950 KS S-OIL CORP 12,638 14.3 9.7 2.1 1.9 (17.2) 47.4 4.2 15.1 1.2 13.5 5.9 8.1
PCHEM MK PETRONAS CHEMICALS GROUP BHD 18,293 17.7 17.1 2.5 2.3 2.5 3.6 2.8 14.6 3.5 13.4 16.1 22.9
RIL IN RELIANCE INDUSTRIES LTD 107,324 17.2 14.6 2.2 2.0 17.1 17.4 0.6 13.5 1.8 20.9 36.2 33.1
Average (simple) 11.3 10.7 1.7 1.5 9.2 5.7 4.4 14.6
Source: Bloomberg, Krungsri Securities

Krungsri Securities Research 8

CG Rating 2017 Companies with CG Rating
ADVANC AKP ANAN AOT AP BAFS BANPU BAY BCP BTS BWG CFRESH CHO CK
CNT CPF CPN CSL DELTA DEMCO DRT DTAC DTC EASTW EGCO GC GCAP GFPT
GOLD GPSC GRAMMY GUNKUL HANA HMPRO ICC ICHI INTUCH IRPC IVL JSP KBANK KCE
KKP KTB KTC LHFG LPN MBK MCOT MINT MONO NCH NKI NYT OTO PDJ
PHOL PLANB PPS PRG PSH PSL PTG PTT PTTEP PTTGC PYLON Q-CON QH QTC
RATCH ROBINS SAMART SAMTEL SAT SC SCB SCC SCCC SDC SE-ED SIS SITHAI SNC
SPALI SPRC SSSC STEC SVI SYNTEC TCAP THANA THCOM THREL TISCO TKT TMB TNDT
TOP TRC TRUE TSC TTCL TU TVD UV VGI WACOAL WAVE

2S AAV ACAP AGE AH AHC AIRA AIT ALT AMANAH AMATA AMATAV APCO ARIP
ASIA ASIMAR ASK ASP AUCT AYUD BBL BCPG BDMS BEC BEM BFIT BJC BJCHI
BLA BOL BROOK BRR BTW CEN CENTEL CGH CHARAN CHEWA CHG CHOW CI CIG
CIMBT CKP CM CNS COL COM7 CPI CSC CSP CSS DCC EA EASON ECF
ECL EE EPG ERW FN FNS FORTH FPI FSMART FVC GBX GEL GLOBAL GLOW
HARN HYDRO ILINK INET IRC IT ITD JCKH JWD K KGI KKC KOOL KSL
KTIS L&E LALIN LANNA LH LHK LIT LOXLEY LRH LST M MACO MAJOR MAKRO
MALEE MBKET MC MEGA MFC MFEC MOONG MSC MTC MTI NOBLE NOK NSI NTV
NWR OCC OGC OISHI ORI PAP PATO PB PCSGH PDI PE PG PJW PLANET
PLAT PM PPP PREB PRINC PT RICHY RML RS RWI S S&J SABINA SALEE
SAMCO SAWAD SCG SCI SCN SEAFCO SEAOIL SENA SFP SIAM SINGER SIRI SMK SMPC
SMT SNP SORKON SPC SPI SPPT SR SSF SST STA STPI SUC SUSCO SUTHA
SWC SYMC SYNEX TAE TAKUNI TASCO TBSP TCC TEAM TFG TGCI THAI THANI THIP
THRE TICON TIPCO TIW TK TKN TKS TMC TMI TMILL TMT TNITY TNL TOG
TPAC TPCORP TRT TRU TSE TSR TSTE TSTH TTA TTW TVI TVO TWP TWPC
U UAC UMI UP UPF UPOIC UWC VIH VNT WICE WINNER XO YUASA ZMICO

7UP AEC AEONTS AF AJ AKR ALLA ALUCON AMA AMARIN AMC APURE AQUA ARROW
AS ASEFA ASIAN ASN ATP30 AU B BA BCH BEAUTY BH BIG BIZ BLAND
BPP BR BROCK BTNC CBG CCET CCP CGD CITY CMR COLOR COMAN CPL CSR
CTW CWT DCON DIGI DNA EFORL EKH EPCO ESSO ETE FE FOCUS FSS GENCO
GIFT GJS GLAND GSTEL GTB GYT HPT HTC HTECH IFS IHL INSURE IRCP J
JCK JMART JMT JUBILE KASET KBS KCAR KIAT KWC KYE LDC LEE LPH MATCH
MATI M-CHAI MDX META METCO MGT MILL MJD MK MODERN MPG NC NCL NDR
NEP NETBAY NPK NPP NUSA OCEAN PDG PF PICO PIMO PK PL PLE PMTA
PRECHA PRIN PSTC QLT RCI RCL RJH ROJNA RPC S11 SANKO SAPPE SCP SE
SGP SKR SKY SLP SMIT SOLAR SPA SPCG SPG SPVI SQ SRICHA SSC STANLY
SUPER SVOA T TACC TCCC TCMC TIC TLUXE TM TMD TNP TNR TOPP TPA
TPBI TPCH TPIPL TPOLY TPP TRITN TTI TVT TYCN UOBKH UPA UREKA UT VIBHA
VPO WIIK WIN

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. 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 result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the
survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities
Public Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.
Anti-corruption Progress Indicator 2018

Companies that have declared their intention to join CAC

A ABICO AIE AJ AMATA AMATAV ANAN AOT APCO APCS ARROW ASIAN B BGRIM
BJC BJCHI BLAND BLISS BM BPP BR BSBM BUI CEN CGH CHEWA CHG CHO
CI COL COM7 CPR DDD EFORL EKH ESTAR FLOYD FN FPI FTE GJS GPI
GSTEL GYT HARN ICHI ILINK ITEL JAS JTS KWC KWG LDC LEE LIT LRH
MATCH MATI MBAX MFEC MILL MTC NCL NEP NNCL NWR PAP PK PL PLANB
POST PRM PRO PYLON QTC ROJNA RWI SAPPE SCI SELIC SHANG SST STA STANLY
SUPER SWC SYMC SYNEX THE THIP TKN TMC TNP TNR TOPP TRITN TTI TVO
TWPC UEC UKEM UPA UWC VIH XO YUASA

Companies certified by CAC

ADVANC AKP AMANAH AP ASK ASP AYUD BAFS BANPU BAY BBL BCH BCP BCPG
BKI BLA BROOK BRR BTS BWG CENTEL CFRESH CIG CIMBT CM CNS CPALL CPF
CPI CPN CSC CSL DCC DEMCO DIMET DRT DTAC DTC EASTW ECL EGCO EPCO
FE FNS FSS GBX GC GCAP GEL GFPT GGC GLOW GOLD GPSC GUNKUL HANA
HMPRO HTC ICC IFEC IFS INET INTUCH IRPC IVL K KASET KBANK KBS KCE
KGI KKP KSL KTB KTC L&E LANNA LHFG LHK LPN M MAKRO MALEE MBK
MBKET MC MCOT MFC MINT MONO MOONG MSC MTI NBC NINE NKI NMG NSI
OCC OCEAN OGC PATO PB PCSGH PDG PDI PDJ PE PG PHOL PLANET PLAT
PM PPP PPS PREB PRG PRINC PSH PSL PSTC PT PTG PTT PTTEP PTTGC
Q-CON QH QLT RATCH RML ROBINS S&J SABINA SAT SC SCB SCC SCCC SCG
SCN SE-ED SENA SGP SINGER SIRI SIS SITHAI SMIT SMK SMPC SNC SNP SORKON
SPACK SPC SPI SPRC SRICHA SSF SSI SSSC SUSCO SVI SYNTEC TAE TASCO TCAP
TCMC TFG TFI TFMAMA TGCI THANI THCOM THRE THREL TICON TIP TIPCO TISCO TKT
TLUXE TMB TMD TMILL TMT TNITY TNL TOG TOP TPA TPCORP TRU TRUE TSC
TSTH TTCL TU TVD TVI U UBIS UOBKH VGI VNT WACOAL WHA WICE

N/A
2S 7UP AAV ABM ACAP ACC ADAM ADB AEC AEONTS AF AFC AGE AH
AHC AI AIRA AIT AJA AKR ALLA ALT ALUCON AMA AMARIN AMC APEX APURE
AQ AQUA ARIP AS ASAP ASEFA ASIA ASIMAR ASN ATP30 AU AUCT BA BAT-3K
BDMS BEAUTY BEC BEM BFIT BGT BH BIG BIZ BKD BOL BROCK BSM BTNC
BTW CBG CCET CCP CGD CHARAN CHAYO CHOTI CHOW CHUO CITY CK CKP CMAN
CMO CMR CNT COLOR COMAN CPH CPL CPT CRANE CRD CSP CSR CSS CTW
CWT D DCON DCORP DELTA DIGI DNA DOD DTCI EA EARTH EASON ECF EE
EIC EMC EPG ERW ESSO ETE EVER F&D FANCY FC FMT FOCUS FORTH FSMART
FVC GENCO GIFT GL GLAND GLOBAL GRAMMY GRAND GREEN GTB GULF HFT HPT HTECH
HUMAN HYDRO ICN IEC IHL III INGRS INOX INSURE IRC IRCP IT ITD J
JCK JCKH JCT JKN JMART JMT JSP JUBILE JUTHA JWD KAMART KC KCAR KCM
KDH KIAT KKC KOOL KTECH KTIS KYE LALIN LH LOXLEY LPH LST LTX LVT
MACO MAJOR MANRIN MAX M-CHAI MCS MDX MEGA META METCO MGT MIDA MJD MK
ML MM MODERN MPG MPIC NC NCH NDR NETBAY NEW NEWS NFC NOBLE NOK
NPK NPP NTV NUSA NVD NYT OHTL OISHI ORI OTO PACE PAE PAF PERM
PF PICO PIMO PJW PLE PMTA POLAR POMPUI PORT PPM PRAKIT PRECHA PRIN PTL
RAM RCI RCL RICH RICHY RJH ROCK ROH RP RPC RPH RS RSP S
S11 SAFARI SALEE SAM SAMART SAMCO SAMTEL SANKO SAUCE SAWAD SAWANG SCP SDC SE
SEAFCO SEAOIL SF SFP SGF SIAM SIMAT SKE SKN SKR SKY SLP SMART SMM
SMT SOLAR SPA SPALI SPCG SPG SPORT SPPT SPVI SQ SR SSC SSP STAR
STEC STHAI STPI SUC SUN SUTHA SVH SVOA T TACC TAKUNI TAPAC TBSP TC
TCB TCC TCCC TCJ TCOAT TEAM TGPRO TH THAI THANA THG THL THMUI TIC
TITLE TIW TK TKS TM TMI TMW TNDT TNH TNPC TOA TPAC TPBI TPCH
TPIPL TPIPP TPOLY TPP TR TRC TRT TRUBB TSE TSF TSI TSR TSTE TTA
TTL TTTM TTW TUCC TVT TWP TWZ TYCN UAC UMI UMS UNIQ UP UPF
UPOIC UREKA UT UTP UV UVAN VARO VCOM VI VIBHA VNG VPO WAVE WG
WHAUP WIIK WIN WINNER WORK WORLD WP WPH WR YCI YNP ZIGA ZMICO
Disclaimer
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by
Thaipat Institute, 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. Thaipat Institute made this assessment based on the information received from the listed company,
as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report
(Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspectiv e
of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this
assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when
there is any change to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify
the accuracy and completeness of the assessment result."
Reference
Disclosure: Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under
Thai Institute of Directors (as of July 31, 2017) are categorised into:
• Companies that have declared their intention to join CAC
• Companies certified by CAC.
 Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road
Klongton, Klongtoey, Bangkok 10110
Tel: 0-2695-4500 Fax: 0-2695-4599
Central Bangna
589/151 Central City Tower 1 Office, Fl. 27
Debaratana Road, Bangna, Bangkok 10260
Tel: 0-2763-2000 Fax: 0-2399-1448
Rama II
111/917-919 Rama II Road, Smaedum,
Bangkhuntien, Bangkok 10150
Tel: 0-2013-7145 Fax: 0-2895-9557
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited
123 Suntowers (B) Building, Vibhavadirangsit Road,
Jompol, Jatujak, Bangkok 10900
Tel: 0-2273-8388 Fax: 0-2273-8399
Chonburi
64/17 Sukhumvit Road, Tambol Bang Plasoi,
Amphur Muang, Chonburi 20000
Tel: 0-3312-6580 Fax: 0-3312-6588
Hat Yai Branch
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai,
Amphur Hat Yai, Songkhla 90110
Tel: 0-7422-1229 Fax: 0-7422-1411
Analyst Team Sector Coverage
Nakhon Pathom
67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Amphur Muang, Nakhon Pathom 73000
Tel: 0-3427-5500-7 Fax: 0-3421-8989
Suphanburi
249/171-172 Moo 5 Tambol Ta Rahad,
Amphur Muang, Suphanburi, 72000
Tel: 0-3596-7981 Fax: 0-3552-2449
Nakhon Ratchasima
168 Chomphon Road, Tambol Nai Muang,
Amphur Muang Nakhon Ratchasima,
Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Khon Kaen
114 Sri Chan Road, Tambol Nai Muang,
Amphur Muang, Khon Kaen 40000
Tel: 0-4322-6120 Fax: 0-4322-6180
Chiang Mai
70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chiang Mai 50200
Tel: 0-5321-9234-6 Fax: 0-5321-9247
Chiang Rai
231-232 Thamalai Road, Tambol Wiang,
Amphur Muang, Chiang Rai 57000
Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Central line:
662-659-7000 E-mail

Isara Ordeedolchest, Head of Research Strategy ext. 5001 isara.ordeedolchest@krungsrisecurities.com

Naphat Chantaraserekul Energy, Petrochemical ext. 5000 naphat.chantaraserekul@krungsrisecurities.com
Kittisorn Pruitipat, CFA, FRM Property, ICT, Contractor ext. 5019 kittisorn.pruitipat@krungsrisecurities.com
Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance ext. 5004 jesada.techahusdin@krungsrisecurities.com
Sunthorn Thongthip Food, Transportation
Insurance Insurance ext. 5009 sunthorn.thongthip@Krungsrisecurities.com
Worrapong Tuntiwutthipong Electronic, Automotive, Commerce ext. 5016 worrapong.tuntiwutthipong@krungsrisecurities.com
Karun Intrachai Utilities
Media Energy, Food ext. 5010 karun.intrachai@krungsrisecurities.com
Teerapol Udomvej, CFA Healthcare, Tourism ext. 5012 teerapol.udomvej@krungsrisecurities.com
Kitti Pitakteerabandit Transportation, Media ext. 5008 kitti.pitakteerabandit@krungsrisecurities.com
Artit Jansawang Mid - Small cap, MAI ext. 5005 artit.jansawang@krungsrisecurities.com
Kaushal Ladha, CFA, Assistant Analyst Strategy
Nalinee Praman, Assistant Analyst Mid - Small cap, MAI
Chaiyot Jiwagkul Technical ext. 5006 chaiyot.jiwagkul@krungsrisecurities.com
Definition of Ratings Fax 662-658-5643
OUTPERFORM - Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps
NEUTRAL - Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps
UNDERPERFORM - Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps

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