RESULTS

27 กุมภาพั นธ์ 2566

Ananda Development
ANAN TB / ANAN.BK

Sector: Residential Property NEUTRAL

รายงานกาไรสุทธิแต่ขาดทุนหลักมากกว่าคาด คาแนะนาพื้ นฐาน: ถือ

เป้าหมายพื้ นฐาน: 1.30 บาท
ราคา (23/2/66): 1.42 บาท
ขาดทุนหลักมากกว่าเราและตลาดคาด Key statistics
Market cap Bt5.9bn USD0.2bn
ANAN รายงานก าไรสุ ท ธิ ไ ตรมาส 4/65 อยู่ ที่ 48 ล้ า นบาท พลิ ก กลั บ จาก 12-mth price range Bt1.1/Bt1.6
ขาดทุ น สุ ท ธิ 220 ล้ า นบาทในไตรมาส 2464 และ 16 ล้ า นบาทในไตรมาส 12-mth avg daily volume Bt23m USD0.7m

3/65 หากไม่รวมกาไรสุทธิจากภาษี จานวน 457 ล้านบาทจากการขายบริษัท

# of shares (m) 4,166
Est. free float (%) 52.4
ย่ อ ย ขาดทุ น หลั ก ไตรมาส 4/65 จะอยู่ ที่ 409 ล้ านบาท (ขาดทุ น หลั ก ที่ 276 Foreign limit (%) 49.0
ล้ าน บ าท ใน ไต ร ม าส 4/64 แ ล ะ 18 ล้ าน บ าท ใน ไต ร ม าส 3/65) ซึ่ ง ผ ล Share price perf. (%) 1M 3M 12M
ประกอบการรายงานขาดทุนหลักมากกว่าที่เราคาดที่ 30 ล้านบาท และตลาด Relative to SET 2.2 3.6 (2.6)
คาดกาไรหลักที่ 372 ล้านบาท ขาดทุนหลักปี 2565 ที่ 293 ล้านบาท (ANAN Absolute (0.7) 4.4 (5.3)

ไม่มีการจ่ายเงินปันผลสาหรับปี 2565)
Financial summary
ประเด็นสาคัญจากผลประกอบการ FY Ended 31 Dec 2022 2023E 2024E 2025E
Revenues (Btm) 3,065 4,331 4,848 5,442
บริ ษั ทราย งาน ขาด ทุ น ห ลั ก ไตรมาส 4/65 เนื่ อ งจาก ก ารก ลั บ รายก าร Net profit (Btm) (293) (63) 7 29

ค่าธรรมเนี ยมการจัดการโครงการ (ซึ่งติดลบ 85 ล้านบาท) และค่ าใช้จ่ายใน EPS (Bt)

EPS grow th (%)
(0.07)
n.a.
(0.02) 0.00 0.01
n.a. turnaround turnaround
การขายและบริห ารที่ เพิ่ มขึ้ น ยอดขายที่ อ ยู่ อ าศั ย อยู่ ที่ 652 ล้ า นบาท ลดลง Core profit (Btm) (722) (63) 7 29

18% YoY แต่เพิ่ มขึ้น 9% QoQ อัตรากาไรขั้นต้นจากยอดขายที่อยู่อาศัยอยู่ที่

Core EPS (Bt) (0.17) (0.02) 0.00 0.01
Core EPS grow th (%) n.a. n.a. turnaround turnaround
26.6% เพิ่ มขึ้ น จาก 20.8% ในไตรมาส 4/64 และจาก 19.6% ในไตรมาส PER (x) n.m. n.m. 896.9 208.7

3/65 หนุ น โดยยอดโอนโครวการที่ ให้ อั ต ราก าไรขั้ น ต้ น สู ง (32-33%) ได้ แ ก่

PBV (x) 0.4 0.4 0.4 0.4
Dividend (Bt) 0.0 0.0 0.0 0.0
โครงการคอนโด โคโค่ พาร์ค (5.0 พั นล้านบาท) ส่วนแบ่งกาไรจากบริษัทร่วม Dividend yield (%) 0.0 0.0 0.0 0.0
ROE (%) (1.9) (0.4) 0.0 0.2
อยู่ที่ 79 ล้านบาท พลิกกลับ YoY จากส่วนแบ่งขาดทุน 88 ล้านบาทในไตรมาส
4/64 (แต่ ล ดลงจากส่ ว นแบ่ ง ก าไรที่ 313 ล้ า นบาทในไตรมาส 3/65) หนุ น CG / CAC Anti-Corruption Certification
โดยยอดโอนโครงการคอนโดที่เพิ่ มขึ้น โดยเฉพาะโครงการคอนโด ไอดีโอ จรัญ -
70-ริ เ วอร์ วิ ว (มู ล ค่ า โครงการ 3.7 พั นล้ า นบาท) และ ไอดี โอ พระราม 9- /
อโศก (มู ลค่ าโครงการ 6.8 พั นล้านบาท) อั ตราส่วนค่ าใช้จ่ายในการขายและ
บริ ห ารต่ อ ยอดขายอยู่ ที่ 79.4% เพิ่ มขึ้ น จาก 33.7% ในไตรมาส 4/64 และ
50.6% ในไตรมาส 3/65 (เนื่ องจากการกลั บ รายการค่ า ธรรมเนี ย มการ
จัดการโครงการ ซึ่งติดลบ 85 ล้านบาท) อัตราส่วนหนี้สินที่มีภาระดอกเบี้ยต่อ
ทุนสุทธิ ณ สิ้นปี 2565 ลดลงมาอยู่ที่ 0.8 เท่า จาก 1.2 เท่า ณ สิ้นเดือน ก.ย.
แนวโน้ม
เราคาดว่า ANAN จะรายงานขาดทุนหลักในไตรมาส 1/66 (เทียบกับขาดทุน
หลั ก 279 ล้ า นบาทในไตรมาส 1/65 และ 409 ล้ า นบาทในไตรมาส 2465)
รายได้ โครงการที่ อยู่ อ าศั ย จะเพิ่ มขึ้ น YoY และ QoQ เนื่ องจากบริ ษั ทมี
กาหนดการเปิดตัวโครงการมากขึ้นในครึ่งหลังของปี 2565 อัตรากาไรขั้นต้น
จากยอดขายที่ อ ยู่ อ าศั ย จะขยายตั ว YoY จาก 22.9% ในไตรมาส 1/65 และ
26.6% ในไตรมาส 4/65 ส่วนแบ่งกาไรจากบริษัทร่วมจะพลิกกลับมาทากาไร
YoY (จากขาดทุน 59 ล้ านบาทในไตรมาส 1/65) แต่ ลดลง QoQ (โครงจาก
บริษัทร่วมส่วนใหญ่เริม่ โอนในช่วงครึ่งหลังของปี 2565)
ภูวดล ภูสอดเงิน
สิ่งที่เปลี่ยนแปลง นักวิเคราะห์การลงทุนปัจจัยพื้ นฐานด้านหลักทรัพย์
เราคาดบริษัทจะรายงานขาดทุนหลั ก 63 ล้านบาทในปี 2566 (ขาดทุนหลั กที่ Phoowadol.pho@bualuang.co.th
722 ล้านบาทในปี 2565) ANAN จะรายงานกาไรสุทธิในครึ่งหลังของปี 2566 +66 2 618 1338
หลั งจากที่ รายงานขาดทุน ในปี 2565 ต่ อเนื่ องไปจนถึ งครึ่งแรกของปี 2566
ซึ่ ง ด้ ว ยโครงการแนวราบใหม่ ในปี 2566 ได้ แ ก่ โครงการ ARTALE (มู ล ค่ า ปัญจพล แท่นศรีเจริญ
โครงการ 4.0 พั นล้านบาท) และโครงการคอนโด โคโค่ พาร์ค (มูลค่าโครงการ ผู้ช่วยนักวิเคราะห์
5.0 พั นล้านบาท) จะหนุนผลการดาเนินงานของบริษัท

(Please read the next page)

Please see final page for additional important disclosures. Bualuang Securities Public Company
See disclaimer at the end of report Limited (“BLS”) is a foreign broker-dealer unregistered in the USA. BLS research is prepared by
research analysts who are not registered in the USA. BLS research is distributed in the USA
pursuant to Rule 15a-6 of the Securities Exchange Act of 1934.
| RESEARCH

คาแนะนา
เรายังคงคาแนะนา ถือ ที่ราคาเป้าหมายที่ 1.30 บาท เราแนะนาให้รอการฟื้ นตัวของการดาเนินงานในไตรมาส
แรกของปีนี้ และจึงค่อยกลับมาพิ จารณาใหม่สาหรับธีมการพลิกกลับเป็นกาไร

••• ANAN 2
 | RESEARCH

ANAN: Financial Tables – Year

Btm 2021 2022 2023E 2024E 2025E Revenue growth and asset turnover
Revenue 3,564 3,065 4,331 4,848 5,442
Cost of sales and services (2,612) (2,423) (3,067) (3,413) (3,804) % Revenue growth (%) (LHS) x
Gross profit 951 642 1,264 1,435 1,637 Asset turnover (x) (RHS)
60 0.2
SG&A (1,388) (1,584) (1,451) (1,596) (1,756)
40
EBIT (437) (942) (187) (161) (119) 0.2
(676) (712) (706) (706) (706) 20
Interest expense
Other income/exp. 459 437 437 437 437 0 0.1
EBT (654) (1,217) (456) (430) (387) (20)
0.1
Corporate tax 106 160 91 86 77 (40)
After-tax net profit (loss) (548) (1,057) (365) (344) (310) (60) 0.0
Minority interest (118) (133) (87) (97) (109) 19 20 21 22 23E 24E 25E
Equity earnings from affiliates 72 468 389 447 447
A/C receivable & A/C payable days
Extra items 137 430 0 0 0
Net profit (loss) (457) (293) (63) 7 29 AR / Sales (days)
Reported EPS (0.11) (0.07) (0.02) 0.00 0.01 AP / Cost of Goods (days)
Fully diluted EPS (0.11) (0.07) (0.02) 0.00 0.01 250
Core net profit (594) (722) (63) 7 29 200
Core EPS (0.14) (0.17) (0.02) 0.00 0.01
150
EBITDA (240) (757) (21) 17 72
100
KEY RATIOS
Revenue grow th (%) (13.2) (14.0) 41.3 11.9 12.2 50
Gross margin (%) 26.7 20.9 29.2 29.6 30.1 0
EBITDA margin (%) (6.7) (24.7) (0.5) 0.4 1.3 19 20 21 22 23E 24E 25E
Operating margin (%) (12.3) (30.7) (4.3) (3.3) (2.2) Profit margins
Net margin (%) (12.8) (9.5) (1.4) 0.1 0.5
Core profit margin (%) (16.7) (23.6) (1.4) 0.1 0.5 % Gross margin (%) EBIT margin (%)
ROA (%) (1.1) (0.7) (0.2) 0.0 0.1 40
ROCE (%) (1.2) (0.8) (0.2) 0.0 0.1
Asset turnover (x) 0.1 0.1 0.1 0.1 0.1 20
Current ratio (x) 1.6 1.9 1.6 1.5 1.5
0
Gearing ratio (x) 1.1 1.4 1.5 1.5 1.6
Interest coverage (x) n.m. n.m. n.m. n.m. n.m. (20)
BALANCE SHEET (Btm ) (40)
Cash & Equivalent 2,440 6,923 1,610 458 (1,561) 19 20 21 22 23E 24E 25E
Accounts receivable 90 43 482 531 584
Inventory 18,455 16,071 16,572 17,388 19,127 Capital expenditure
PP&E-net 603 542 792 826 848 Capex (Bt,bn)
Bt,bn %
Other assets 17,794 18,397 21,748 21,748 21,748 Capex / Net PPE (%)
Total assets 39,382 41,976 41,206 40,951 40,747 6 600
Accounts payable 865 1,278 1,012 1,126 1,255 4 400
12,174 10,294 10,435 10,435 10,435 2 200
ST debts & current portion
0
Long-term debt 6,328 12,073 12,073 12,073 12,073 0
(200)
Other liabilities 2,774 2,547 2,480 2,621 2,775 (2)
(400)
Total liabilities 22,141 26,192 26,001 26,256 26,539 (4) (600)
Paid-up capital 417 417 417 417 417 (6) (800)
Share premium 6,301 6,301 6,301 6,301 6,301 (8) (1,000)
Retained earnings 3,554 2,904 2,326 1,816 1,329 19 20 21 22 23E 24E 25E
Shareholders equity 16,164 14,574 13,995 13,486 12,999
Debt serviceability
Minority interests 1,076.5 1,209.3 1,209.3 1,209.3 1,209.3
Total Liab.&Shareholders' equity 39,382 41,976 41,206 40,951 40,747 x (ST debt + Interest) / EBITDA
(Debt + Interest) / EBITDA
CASH FLOW (Btm ) 1500
Net income (457) (293) (63) 7 29 1000
Depreciation and amortization 197 185 166 178 191 500
Change in w orking capital (1,960) 352 (1,274) (610) (1,508)
0
FX, non-cash adjustment & others 2,267 1,309 0 0 0
-500
Cash flow s from operating activities 47 1,553 (1,170) (425) (1,289)
2,500 1,562 (3,768) (212) (213) -1000
Capex (Invest)/Divest
Others 0 0 0 0 0 -1500
19 20 21 22 23E 24E 25E
Cash flow s from investing activities 2,500 1,562 (3,768) (212) (213)
Debt financing (repayment) (2,947) 3,905 141 0 0 Dividend payout
Equity financing 0 0 0 0 0
Dividend payment (548) (466) (516) (516) (516) Bt/Shr Dividend (Bt)
%
Others 0 0 0 0 0 Payout ratio (%)

Cash flow s from financing activities (3,294) 3,439 (2,149) (516) (516) 0.14 0.12 60.0
Net change in cash (747) 6,555 (7,087) (1,153) (2,018) 0.12 50.0
0.10 40.0
Free cash flow (Btm ) 2,547 3,116 (4,938) (637) (1,502) 0.08
FCF per share (Bt) 0.61 0.75 (1.19) (0.15) (0.36) 30.0
0.06
0.04 20.0
KEY ASSUMPTIONS 2021 2022 2023E 2024E 2025E
Residential sales, revenue (Btm) 2,678 2,428 3,445 3,790 4,169 0.02 0.00 0.00 0.00 0.00 0.00 0.00 10.0
Residential sales grow th -1% -9% 42% 10% 10% 0.00 0.0
22.3% 22.9% 26.0% 26.0% 26.0% 19 20 21 22 23E 24E 25E
Residential GM (%)

••• ANAN 3
 | RESEARCH

ANAN: Financial Tables – Quarter

QUARTERLY PROFIT & LOSS (Btm ) 4Q21 1Q22 2Q22 3Q22 4Q22 Revenue trend
Revenue 988 676 921 807 661 Bt,bn Revenue (Bt,bn) (LHS) %
Cost of sales and services (763) (497) (680) (619) (627)
Revenue growth (% YoY)
Gross profit 225 179 240 188 34 1.2 30.0
SG&A (333) (322) (328) (409) (525) 1.0 20.0
EBIT (108) (143) (88) (220) (491) 0.8 10.0
0.0
Interest expense (162) (181) (163) (184) (184) 0.6
-10.0
Other income/exp. 87 103 109 107 119 0.4 -20.0
EBT (184) (222) (142) (297) (556) 0.2 -30.0
Corporate tax 5 39 27 (3) 97
0.0 -40.0
After-tax net profit (loss) (179) (183) (115) (300) (459) 2Q21 4Q21 2Q22 4Q22
Minority interest (10) (37) (36.06) (31) (29)
Revenue trend (accumulated)
Equity earnings from affiliates (88) (59) 134 313 79
Accum. Revenue (Bt,bn) %
Extra items 56 (3) (26) 1 457
% of FY Revenue
Net profit (loss) (220) (281) (43) (16) 48 4.0 100 120
Reported EPS (0.07) (0.08) (0.01) (0.00) 0.01 3.5 100
3.0 78 100
Fully diluted EPS (0.07) (0.08) (0.01) (0.00) 0.01 72
2.5 54 80
Core net profit (276) (279) (17) (18) (409) 52
2.0 60
Core EPS (0.08) (0.08) (0.01) (0.01) (0.12) 1.5
EBITDA (90) 18 36 (80) (441) 22 40
1.0
0.5 20
KEY RATIOS 0.0 0
Gross margin (%) 22.8 26.5 26.1 23.4 5.1 2Q21 4Q21 2Q22 4Q22
EBITDA margin (%) (9.2) 2.6 3.9 (9.9) (66.7)
Net profit trend (accumulated)
Operating margin (%) (10.9) (21.2) (9.6) (27.3) (74.2)
Bt,m Accum. Profit (Bt,m)
Net margin (%) (22.3) (41.6) (4.7) (2.0) 7.3 % of FY Profit %
Core profit margin (%) (28.0) (41.2) (1.9) (2.2) (61.8) 100 111 116
100 100 120
BV (Bt) 5.2 4.8 4.8 4.7 4.7 0 96
100
ROE (%) (5.4) (7.6) (1.2) (0.4) 1.3 (100)
ROA (%) (2.2) (2.9) (0.4) (0.2) 0.5 80
(200) 52
Current ratio (x) 1.6 2.1 1.8 1.5 1.9 60
(300) 40
Gearing ratio (x) 1.1 1.3 1.4 1.4 1.2
Interest coverage (x) n.m. n.m. n.m. n.m. n.m. (400) 20
(500) 0
QUARTERLY BALANCE SHEET (Btm ) 2Q21 4Q21 2Q22 4Q22
Cash & Equivalent 2,440 2,474 4,388 3,409 6,923
Accounts receivable 90 72 79 54 43 Gross profit margin
Inventory 18,455 18,357 18,170 1,725 16,071 % FY GPM (%)
PP&E-net 151 140 141 105 105 35 Gross margin (%)
Other assets 18,246 18,340 18,658 35,323 18,834 30
Total assets 39,382 39,383 41,435 40,615 41,976 25
Accounts payable 865 904 970 877 1,278 20
ST debts & current portion 12,174 8,764 11,201 12,981 10,294 15
Long-term debt 6,328 11,142 10,883 8,513 8,513 10
Other liabilities 2,774 2,682 2,527 2,433 6,108 5
Total liabilities 22,141 23,492 25,582 24,804 26,192 0
2Q21 4Q21 2Q22 4Q22
Paid-up capital 417 417 417 417 417
Share premium 6,301 6,301 6,301 6,301 6,301
EBIT margin
Retained earnings 3,414 3,168 3,036 2,930 2,904
Shareholders equity 16,164 14,777 14,704 14,631 14,574 % FY EBIT margin (%)
EBIT margin (%)
Minority interests 1,076.5 1,113.3 1,149.4 1,180.0 1,209.3 0
Total Liab.&Shareholders' equity 39,382 39,383 41,435 40,615 41,976 (10)
(20)
KEY STATS 4Q21 1Q22 2Q22 3Q22 4Q22 (30)
Presales (Btm) 2,854 2,191 3,837 4,102 7,421 (40)
(50)
Resi revenue (Btm) 797 2,678 480 697 599
(60)
Resi revenue grow th (YoY) -23% 297% -30% 33% -25% (70)
Housing GM 21% 22% 23% 22% 20% (80)
2Q21 4Q21 2Q22 4Q22
Company profile

Ananda Development Plc (ANAN) was founded in 1999 by Chanond Ruangkritya. It has continued to develop its brands and its “Urban Living Solutions” to make it
a leading developer of residential projects in close proximity to mass transit stations in Bangkok. Ananda’s branded condos, such as IDEO, launched in 2007, and
IDEO MOBI, launched in the first quarter of 2012, are stylish and employ modern designs. The top high-end condo brand is ASHTON. The low end of the market is
served by the UNIO brand. The firm’s products have a strong competitive advantage due to affordable prices and prime locations. Its low-rise business
(approximately 20% of ANAN’s portfolio) is in an early stage of development under the brands ATOLL, ARDEN, ARTALE, and AIRI.

••• ANAN 4
 | RESEARCH

Figure 1 : 4Q22 results

FY Ended 31 Dec (Btm ) 4Q22 4Q21 YoY % 3Q22 QoQ % 2022 2021 YoY %

Incom e Statem ent

Revenue 661 988 (33) 807 (18) 3,065 3,564 (14)
Cost of sales and services (627) (763) (18) (619) 1 (2,423) (2,612) (7)
EBITDA (441) (90) nm (80) nm (468) 59 (894)
• Residential sales slid 18% YoY
EBIT (491) (108) nm (220) nm (942) (437) nm but rose 9% QoQ
Interest expense (184) (162) 13 (184) 0 (712) (676) 5
Other income/exp. 119 87 37 107 11 437 459 (5) • Residential GM fattened by
Equity earnings from affiliates 79 (88) nm 313 (75) 468 72 549 570bps YoY and 690bps QoQ
Extra items 457 56 0 1 nm 430 137 214
EBT (556) (184) nm (297) nm (1,217) (654) nm
Corporate tax 97 5 nm (3) nm 160 106 nm • Profit-sharing from JV condos was
Minority interest (29) (10) - (31) nm (133) (118) - Bt79m, a YoY turnaround from
Net profit (loss) 48 (220) nm (16) nm (293) (457) nm loss-sharing for 4Q21 but down
Reported EPS 0.01 (0.07) nm (0.00) nm (0.09) (0.14) nm 75% QoQ
Core net profit (409) (276) nm (18) nm (722) (594) nm

Key ratios • Net gearing eased to 0.8x at YE22

Gross margin (%) 5.1 22.8 23.4 20.9 26.7
EBITDA margin (%) (66.7) (9.2) (9.9) n.a. 1.7 • The 4Q22 core loss was much
EBIT margin (%) (74.2) n.a. (27.3) (30.7) (12.3) deeper than our estimate and the
Tax rate (%) 17.5 n.a. (1.1) 13.1 16.2
street number
Net margin (%) 7.3 (22.3) (2.0) (9.5) (12.8)
Current ratio (x) 1.9 1.6 1.5 1.9 1.6
Gearing ratio (x) 1.2 1.1 1.4 1.2 1.1
Interest coverage (x) n.m. n.m. n.m. (1.3) (0.6)

Balance Sheet
Cash & Equivalent 6,923 2,440 184 3,409 103
Total assets 41,976 39,382 7 40,615 3
ST debts & current portion 10,294 12,174 100 12,981 100
Long-term debt 8,513 6,328 35 8,513 0
Total liabilities 26,192 22,141 18 24,804 6
Retained earnings 2,904 3,414 (15) 2,930 (1)
Shareholders equity 14,574 16,164 (10) 14,631 (0)
Minority interests 1,209 1,076 0 1,180 100
BV (Bt) 4.4 4.9 (10) 1.5 188

Source: Bualuang Research estimates

••• ANAN 5
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ESG Total Score = 2.0/3

Environmental Score 2.0

ANAN is committed to managing environmental

impact and welcomes opportunities to reduce
costs, increase returns for shareholders, and
ensure that the environment is preserved for
future generations. The company also engages
with the communities where it operates by
conducting business with honesty and in
compliance with relevant rules and regulations, in
accordance with the principles of good corporate
governance. In addition, the company's
operations comply with safety, occupational
health, and environment policies.

Social Score 2.0 Governance

Governance Score 2.0

ANAN aims to help develop a sustainable
society with the following key practices: 1) all
employees are treated with regard to the
principle of human rights as a priority, 2)
employee engagement with the organization
and regular evaluations, 3) creating a good
relationship with the community and sharing
knowledge on technology and business, which
are the cornerstones for the effective growth of
society, and 4) serving the community through
CSR projects.
ANAN has effective management, good
corporate governance, and excellent adminis-
tration. It operates responsibly, ethically, fairly,
transparently, and accountably and strives to
maximize shareholder benefits and take into
account the interests of all other stakeholders.
The company has established Good Corporate
Governance policies in writing and reviews the
policies on a regular basis. The good corporate
governance policies are based on the Securities
& Exchange Commission’s Code of Good
Corporate Governance for Listed Companies
2017 (CG Code).

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Bualuang Securities Public Company Limited DISCLAIMER

BUALUANG SECURITIES PUBLIC COMPANY LIMITED (BLS) is a subsidiary of BANGKOK BANK PUBLIC COMPANY LIMITED (BBL). This document
is produced based upon sources believed to be reliable but their accuracy, completeness or correctness is not guaranteed. The statements or
expressions of opinion herein were arrived at after due and careful consideration to use as information for investment. Expressions of opinion contained
herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitati on of an offer to buy or sell
any securities. The use of any information shall be at the sole discretion and risk of the user.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY BE IN RELATIONSHIP WITH THE SECURITIES IN THIS REPORT. “Opinions,
projections and other information contained in this report are based upon sources believed to be accurate including the draft prospectus, but no
responsibility is accepted for any loss occasioned by reliance placed upon the contents hereof. Bualuang Securities Public Company Limited may from
time to time perform investment, advisory or other services for companies mentioned in this report, as well as dealing (as principal or otherwise) in, or
otherwise being interested in, any securities mentioned herein, This report does not constitute a solicitation to buy or sell any securities”. Investors
should carefully read details in the prospectus before making investment decision.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY ACT AS MARKET MAKER AND ISSUER OF DWs, AND ISSUER OF STRUCTURED
NOTES ON THESE SECURITIES. The company may prepare the research reports on those underlying securities. Investors should carefully read the
details of the derivative warrants and structured notes in the prospectus before making investment decisions.

ADVANC AMATA AOT BDMS BH CBG CENTEL CPALL GLOBAL GPSC IRPC KBANK KCE KTC MINT
PTG PTT PTTEP PTTGC SCB SPRC TOP WHA ESSO STA BGRIM GULF MTC AWC CRC
CPF CPN HANA HMPRO IVL OSP SAWAD BANPU BCH BTS CK SCC STEC TISCO TU
INTUCH RATCH VGI SCGP TQM COM7 DOHOME JMT CHG TMB BAM BCP AP KTB KKP
OR BEM GUNKUL EA SPALI RBF STGT MEGA JMART BEC SYNEX BLA KEX RCL SINGER
STARK TIDLOR FORTH TIPH AAV DELTA BCPG SABUY THG CKP

BUALUANG SECURITIES PUBLIC COMPANY LIMITED IS OR MAY BE AN UNDERWRITER/CO-UNDERWRITER/JOINT LEAD IN RESPECT OF

THE INITIAL PUBLIC OFFERING (IPO) OF SECURITIES.

Lead underwriter/
Financial Advisor Underwriter/
Co-underwriter
MEB

CG Rating

Score Range Score Range Description

90 – 100 Excellent
80 – 89 Very Good
70 – 79 Good
60 – 69 Satisfactory
50 – 59 Pass
Below 50 No logo given N/A

Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
under Thai Institute of Directors
• companies that have declared their intention to join CAC, and
• companies certified by CAC.

••• ANAN 7
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CORPORATE GOVERNANCE REPORT DISCLAIMER

This research report was prepared by Bualuang Securities Public Company Limited and refers to research prepared by Morgan Stanley. Morgan Stanley
does not warrant or guarantee the accuracy or completeness of its research reports. Morgan Stanley reserves copyright and other proprietary rights in
the material reproduced in this report. Morgan Stanley is under no obligation to inform Bualuang Securities or you if the views or information referred to
or reproduced in this research report change.

Corporate Governance Report 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 IOD survey 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 evaluation 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. Bualuang Securities Public Company Limited neither confirms nor certifies the accuracy of such survey results.

“Disclaimer: The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by the
relevant institution as disclosed by the Office of the Securities and Exchange Commission, is made in order to comply with the policy and sustainable
development plan for the listed companies. The relevant institution 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 perspective of 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, Bualuang Securities Public
Company Limited neither confirms, verifies, nor certifies the accuracy and completeness of the assessment result.”

BUALUANG RESEARCH – RECOMMENDATION FRAMEWORK

STOCK RECOMMENDATIONS SECTOR RECOMMENDATIONS

BUY: Expected positive total returns of 15% or more over the next 12
months.
HOLD: Expected total returns of between -15% and +15% over the next 12
months.
SELL: Expected negative total returns of 15% or more over the next 12
months.
TRADING BUY: Expected positive total returns of 15% or more over the next
3 months.
OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to outperform the relevant primary market index over the next 12 months.
NEUTRAL: The industry, as defined by the analyst's coverage universe, is
expected to perform in line with the relevant primary market index over the next 12
months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to underperform the relevant primary market index over the next 12
months.

••• ANAN 8
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••• ANAN 9