16 January 2018

AOT : T-BUY-71

AIRPORT OF THAILAND

Earnings Preview

Good result & positive outlook but pricey

AOT

4 Reasons for downgrading our recommendation to Trading Buy. 1) Share price has risen 20% since we raised our TP to THB71 in Oct 2017. 2) Current valuation is tight, trading on a PE2018 of 42x (vs regional average of 37x). 3) Although 1Q17/18 norm profit is expected to grow strongly 21% YoY, it will not surprise us. If result is in-line, norm profit will account for 25% of our FY2018 profit forecast. 4) The management of other regional airports and the investment in Airport city plans should not be finalized in this near term.

Share price reflecting positive stories ... Downgrade to Trading Buy

AOT share price has risen 20% since we raised our 2018TP to THB71 on Oct 9th, 2017. A sharp rise in share price should much reflect positive stories, including an adjustment of revenue sharing from the new Duty Free auction in 2Q18 with strong passenger growth after the red flag has been removed and Chinese tourists have returned to the market. Current valuation is considered tight, trading on PE 2018 of 42x, higher than regional peers of 37x. We thus downgrade our recommendation to Trading Buy (from Buy). We technically recommend investors to switch to MINT, our 2018 top pick in tourism sector. We expect MINT’s earnings to impressively expand by 18% YoY, better than peers of 14%.

Impressive growth outlook in 1Q17/18 has already been priced in

No new catalyst in this near term

Upsides will come from the management right in other regional airports (maximum of 29 airpports) and the development of Airport city project (1,600 rai). However, we do not expect both plans will be finalized soon, limiting upside in this near term. We are also beware of a Sell on fact after earnings result is announced in Feb 2018. 2016A 50,962 31,024 19,482 19,571 1.36 23.7 0.68 51.7 8.3 1.0 Net Cash 16.91

2017A 54,901 31,885 21,961 20,684 1.54 12.7 0.72 45.9 7.6 1.0 Net Cash 17.34

2018F 61,037 36,017 24,009 24,009 1.68 9.3 0.84 41.9 6.9 1.2 Net Cash 17.33

(Maintain)

Mayuree Chowvikran Tel.

662 680 2577

Mail

[email protected]

ID

027292

Tus Sa-Nguankijvibul Assistant analyst

Opinion & Key Statistic TARGET PRICE (Baht)

71 (Maintain)

1Q17/18 norm profit (Sep-Dec 2017) is projected at THB6.0bn (+14% QoQ, +21% YoY). Aviation income is expected at THB8.1bn (+4% QoQ, +15% YoY), driven by a 20%YoY growth of tourist numbers to 9.5mn with the low base effect (mourning period). COGS should be at THB6.7bn (-21% QoQ, +16%YoY), up YoY from an increase in rental fee based on its ROA of THB225mn/ quarter. However, COGS will drop QoQ due to an absence of extra expenses (booked radioactive rental payment of THB1.4bn in 1Q16/17). However, the impressive growth outlook is in-line with our yearly forecast. If the result is inline, 1Q17/8 norm profit will account for only 25% of our yearly forecast of THB24bn (+9%YoY).

FYE Dec (THBmn) Revenue EBITDA Core Profit Net Profit Core EPS Core EPS Growth (%) DPS Core P/E (x) P/BV (x) Dividend Yield (%) Net gearing (%) ROE (%)

T-BUY

2019F 67,077 39,663 26,575 26,575 1.86 10.7 0.93 37.9 6.3 1.3 Net Cash 17.41

MARKET PRCE (Baht)

71.25

Upside

-0.4%

Bloomberg code Valuation Method Corporate Gov. Rating Paid-Up Capital (Bt million) Par Value (Bt/shares)

AOT TB DCF 5 14,285.70 1.00

Free Float (%) 52w High/Low (Baht) 3m Avg. turnover (THBmn) Market cap (THBmn)

29.99% 77.75 / 37.25 2,694.95 1,017,856.13

Major Shareholders Ministry of finance THAI NDVR State street bank Europe limited

70 4.28 2.84

Source : Company, Yuanta

Stock:_________ SET :---------------

1

% % %

16 January 2018

AOT : T-BUY-71

Quarterly incom e statem ent (Btm n) Core Revenue Cost of goods sold (incl. depreciation) Gross profit (incl. depreciation) Other income SG&A EBITDA Depreciation Operating profit Finance cost Pre-tax profit Share of profit Income tax expenses Minority Interest Core profit Core EPS (Bt) Extra Item Net profit EPS (Bt) Margins (%) Gross profit margin Operating margin Net profit margin Source : Company reports and Yuanta

1Q17/18 14,853 (6,729) 8,124 71 (698) 9,012 (1,515) 7,497 (300) 7,457 (1,483) (7) 5,967 0.42 5,967 0.42 1Q17/18 54.7 50.5 40.2

4Q16/17 14,120 (8,550) 5,570 133 (659) 6,488 (1,443) 6,785 (284) 4,923

%QoQ 5.2% -21.3% 45.8% -46.4% 6.0% 38.9% 5.0% 10.5% 5.7% 51.5%

(1,175) 26.2% (16) -56.8% 5,212 14.5% 0.36 14.5% (1,481) NA 3,731 59.9% 0.26 59.9% 4Q16/17 39.4 35.7 26.4

Dif QoQ 15.2 14.7 13.7

1Q16/17 12,613 (5,780) 6,833 61 (591) 7,732 (1,429) 5,603 (319) 6,417

%YoY 17.8% 16.4% 18.9% 16.9% 18.1% 16.5% 6.0% 33.8% -6.0% 16.2%

Com m ent

(1,319) 12.5% (14) -50.8% 4,917 21.3% 0.34 21.3% 167 NA 5,084 17.4% 0.36 17.4% 1Q16/17 54.2 50.0 40.3 -

Dif YoY 0.5 0.5 0.1

2

16 January 2018

AOT : T-BUY-71 Financial Summary (Ended Dec.) Income Statement Revenue Gross Profit EBITDA SG&A Net Interest Income/ (Exp) Associates & JV Normalized Income Extra Items Net Income (Loss)

2016A

2017A

2018F

(THB mn) 2019F

50,962 26,766 31,024 (2,411) (285) 19,482 90 19,571

54,901 28,264 31,885 (2,387) (159) 21,961 (1,277) 20,684

61,037 32,455 36,017 (2,814) 130 24,009 24,009

67,077 36,254 39,663 (3,092) (207) 26,575 26,575

Balance Sheet

2016A

2017A

2018F

2019F

Cash & Short-Term Investment

60,490

67,672

50,973

32,991

2,871

3,069

3,109

3,417

Account Receivable Inventory

261

277

292

314

Current Assets

64,158

71,655

54,614

38,757

Property, Plant & Equip (net)

79,763

80,969

77,604

74,161

Other Assets

28,295

25,786

61,801

95,312

Total Assets

172,216

178,410

194,019

208,229

30

30

30

30

1,370

1,955

1,600

1,725

LT Interest Baring Debt

27,261

19,609

23,485

21,708

Other Liabilities

21,977

25,127

23,548

24,840

Total Liabilities

50,638

46,721

48,662

48,303

Paid-up Capital

26,853

26,853

26,853

26,853

Retained Earnings (Loss)

93,553

103,324

116,991

131,561

Total Shareholder Equity

121,579

131,689

145,356

159,927

Key Cash Flow Statement Data

2016A

2017A

2018F

2019F

Net Income

ST Interest Baring Debt Account Payable

19,571

20,684

24,009

26,575

Depreciation & Amortization

6,404

5,645

6,059

6,153

Change in Working Capital

1,377

952

(792)

351

428

1,603

1,493

(1,279)

Cash Flow From Operation

27,780

28,883

30,770

31,799

Capital Expenditure

(3,249)

(7,294)

(37,521)

(35,924)

Change in LT Investment

(1,082)

346

-

-

Change in Other LT Asset & Liability

(4,239)

4,043

(945)

(7)

Cash Flow From Investment

(8,570)

(2,905)

(38,466)

(35,931)

Dividend Paid

(7,142)

(9,757)

(10,342)

(12,005)

-

-

-

-

(373)

(8,166)

1,401

(1,777)

305

(872)

(62)

(68)

Cash Flow From Financing

(7,210)

(18,796)

(9,002)

(13,850)

Net Cashflow

12,000

7,182

(16,699)

(17,982)

Change in Other ST Asset & Liability

Equity Raised / (Purchased) Change in Debt Other Financing Cash Flow

Company Profile

AOT is the operator of airport business in Thailand, the core tasks of which are airport management and development of country’s six international airports which serve both international and domestic flights.

Risks

1. Risk from currency fluctuation 2. Risk from political issues 3. Risk from economic slowdown

Source : Company, Yuanta

3

16 January 2018

AOT : T-BUY-71 Financial Summary (Ended Dec.) Key Ratios Growth Ratios (%) Revenue Growth EBITDA Growth Pretax Growth Net Profit Growth Norm.Profit Growth

2016A

2017A

2018F

2019F

15.9 15.4 21.8 4.5 23.7

7.7 2.8 7.8 5.7 12.7

11.2 13.0 15.4 16.1 9.3

9.9 10.1 12.3 10.7 10.7

Profitability Ratios (%)

2016A

2017A

2018F

2019F

Gross Profit Margin

52.5

51.5

53.2

54.0

EBITDA Margin

60.9

58.1

59.0

59.1

Operating Profit Margin

48.3

47.8

49.1

50.0

Net Profit Margin

38.4

37.7

39.3

39.6

Dividend Payout Ratio

50.0

50.0

50.0

50.0

Liquidity & Efficiency

2016A

2017A

2018F

2019F

Cash Conversion Cycle

(6.4)

(12.2)

(16.2)

(11.2)

Collection Days

19.9

20.7

19.6

18.9

Inventory Days

3.7

3.6

3.6

3.5

Payment Days

29.9

36.5

39.4

33.6

3.5

3.5

2.9

2.0

2016A

2017A

2018F

2019F

Current Ratio (x) Leverage & Expense Analysis Asset / Liability (x)

3.4

3.8

4.0

4.3

Net Gearing (x)

(0.2)

(0.3)

(0.2)

(0.1)

Net Interest Cover (x)

17.9

22.0

28.5

32.1

Debt / EBITDA (x)

(0.9)

(1.4)

(0.7)

(0.2)

Source : Company, Yuanta

4

16 January 2018

AOT : T-BUY-71

Corporate Governance Report Rating (CG Score) AMATA AOT BAFS BAY BCP BIGC

BTS BWG CK CPF CPN CSL

DELTA DEMCO DRT DTAC DTC EASTW

EGCO GFPT GPSC GRAMMY HANA HMPRO

2S AAV ACAP ADVANC AGE AH AHC AKP ALUCON AMANAH ANAN AP APCO APCS ARIP ASIA

ASIMAR ASK ASP AUCT AYUD BANPU BBL BDMS BEM BFIT BLS BOL BROOK CEN CENTEL CFRESH

CGH CHG CHO CHOW CI CIMBT CKP CM CNS CNT COL CPI DCC EA ECF EE

ERW FORTH FPI GBX GC GCAP GL GLOBAL GLOW GUNKUL HOTPOT HYDRO ICC ICHI IFEC INET

AEC AEONTS AF AIRA AIT AJ AKR AMARIN AMATAV AMC APURE AQUA ARROW

AS BA BEAUTY BEC BH BIG BJC BJCHI BKD BR BROCK BRR BTNC

CBG CGD CHARAN CITY CMR COLOR COM7 CPL CSC CSP CSR CSS CTW

DCON DIMET DNA EARTH EASON ECL EFORL EPCO EPG ESSO FE FER FOCUS

INTUCH IRPC IVL KBANK KCE KKP IRC JSP K KSL KTIS L&E LANNA LH LHK LIT LOXLET LRH LST M MACO MALEE FSMART FSS FVC GEL GIFT GLAND GOLD GSTEL GYT HPT HTC HTECH IFS

KTB KTC LHBANK LPN MBK MCOT MBKET MC MEGA MFC MOONG MSC MTI MTLS NCH NOBLE NSI NTV OCC OGC OISHI ORI IHL ILINK INSURE IRCP IT ITD J JMART JMT JUBILE JWD KASET KBS

MINT MONO NKI NYT OTO PHOL PACE PAP PB PCSGH PDI PE PG PJW PLANB PM PPP PR PRANDA PREB PRG PRINC KCAR KGI KKC KOOL KWC KYE LALIN LPH MAJOR MAKRO MATCH MATI M-CHAI

PPS PSL PTT PTTEP PTTGC QH PT PTG PYLON Q-CON RICHY ROBINS RS RWI S S&J SABINA SALEE SAMCO SCG SEAFCO SFP MDX MFEC MJD MK MODERN MPG NC NCL NDR NEP NOK NUSA PATO

QTC RATCH SAMART SAMTEL SAT SC SIAM SINGER SIS SMK SMPC SMT SNP SPI SPPT SPRC SR SSF SST STA SUSCO SUTHA PCA PDG PF PICO PIMO PL PLAT PLE PMTA PPM PRIN PSTC QLT

SCB SCC SCCC SE-ED SIM SITHAI SWC SYMC SYNEX SYNTEC TAE TAKUNI TASCO TBSP TCC TF TFI TGCI THAI THANA THANI THIP RCI RCL RICH RML RPC SANKO SAPPE SAWAD SCI SCN SCP SEAOIL SENA

SNC SPALI SSSC STEC SVI TCAP THRE THREL TICON TIPCO TK TKS TMC TMI TMILL TMT TNITY TNL TOG TPCORP TRC TRU SIRI SKR SLP SMIT SORKON SPA SPC SPCG SPVI SSC STANLY STPI SUC

THCOM TISCO TKT TMB TNDT TOP TRUE TSE TSR TSTE TSTH TTS TTW TVD TVO TWPC UAC UP UPF VIH VNT WINNER TACC TCCC TCMC TEAM TFD TFG TIC TWI TKN TLUXE TMD TNP TOPP

TSC TTCL TU VU VGI WACOAL

WAVE

YUASA ZMICO

TPA TPAC TPCH TPIPL TPOLY TRITN TRT TTI TVI TWP U UBIS UMI

UPOIC UT UWC VIBHA VPO VTW WICE WIIK WIN XO

Corporate Governance Report - 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 ( SET) and the market for Alternative Investment ( MAI) 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 may be changed after that date, Yuanta Securities (Thailand) Co., Ltd does not confirm nor certify the accuracy of such survey results.

5

16 January 2018

AOT : T-BUY-71

Anti-Corruption Progress Indicator

Companies that have declared their intention to join CAC 2S

AP

BRR

CSS

GLOBAL

J

KYE

MPG

PAF

PSTC

SEAOIL

SR

TICON

TSE

VGI

A

APCS

BSBM

EE

GPSC

JMART

L&E

MTLS

PCSGH

PYLON

SE-ED

SRICHA

TIP

TU

VIBHA

ABC

AQUA

BTNC

EPCO

GREEN

JMT

LPN

NBC

PDG

QH

SENA

STA

TKT

TVD

VNT

AEC

ASIAN

CGH

FC

GUNKUL

JUBILE

LVT

NINE

PDI

RML

SGP

SUSCO

TLUXE

TVO

WAVE

AF

ASK

CHOTI

FER

HMPRO

JUTHA

M

NMG

PIMO

ROBINS

SITHAI

SYNTEC

TMILL

TVT

WHA

AI

BCH

CHOW

FNS

ICHI

K

MBAX

NNCL

PK

ROH

SMIT

TAE

TMT

U

WICE

AIRA

BEAUTY

CM

FPI

IEC

KASET

MC

NTV

PLANB

SANKO

SMK

TAKUNI

TPA

UBIS

WIIK

ALUCON

BFIT

COL

FSMART

IFS

KBS

MCOT

NUSA

PLAT

SAUCE

SORKON

TASCO

TPP

UKEM

XO

AMATA

BJCHI

CPALL

GEL

ILINK

KCAR

MIDA

OCC

PRANDA

SC

SPACK

TBSP

TRT

UOBKH

ANAN

BROCK

CPF

GFPT

INET

KSL

MILL

OGC

PRG

SCCC

SPPT

TFG

TRU

UREKA

AOT

BROOK

CSC

GIFT

IRC

KTECH

ML

PACE

PRINC

SCN

SPRC

TFI

TRUE

UWC

Companies certified by CAC ADVANC AKP

BBL BCP

CIMBT CNS

DRT DTAC

FSS GBX

INTUCH IRPC

KTC LANNA

MONO MOONG

PE PG

PT PTG

S&J SABINA

SMPC SNC

SVI TCAP

THREL TIPCO

TOP TPCORP

AMANAH ASP

BKI BLA

CPI CPN

DTC EASTW

GCAP GLOW

IVL KBANK

LHBANK LHK

MSC MTI

PHOL PM

PTT PTTEP

SAT SCB

SNP SPC

TCMC TF

TISCO TMB

TSC TSTH

AYUD BAFS

BTS BWG

CSL DCC

ECL EGCO

HANA HTC

KCE KGI

MBK MBKET

NKI NSI

PPP PPS

PTTGC Q-CON

SCC SCG

SPI SSF

TGCI THANI

TMD TNITY

TTCL TVI

BANPU

CENTEL

DEMCO

ERW

ICC

KKP

MFC

OCEAN

PR

QLT

SINGER

SSI

THCOM

TNL

WACOAL

BAY

CFRESH

DIMET

FE

IFEC

KTB

MINT

PB

PSL

RATCH

SIS

SSSC

THRE

TOG

N/A AAV

ARROW

BOL

CNT

EMC

HFT

KWG

MJD

PAP

RICHY

SFP

STPI

THL

TSF

UVAN

ABICO ACAP

AS ASAP

BPP BR

COLOR COM7

EPG ESSO

HOTPOT HPT

LALIN LDC

MK MM

PATO PCA

RJH ROCK

SGF SHANG

SUC SUPER

TIC TIW

TSI TSR

VARO VI

ACC ADAM

ASEFA ASIA

BRC BSM

COMAN CPH

ESTAR ETE

HTECH HYDRO

LEE LH

MODERN MPIC

PERM PF

ROJNA RP

SIAM SIM

SUTHA SVH

TK TKN

TSTE TTA

VIH VNG

AEONTS

ASIMAR

BTC

CPL

EVER

IHL

LIT

NC

PICO

RPC

SIMAT

SVOA

TKS

TTI

VPO

AFC

ASN

BTW

CPR

F&D

INOX

LOXLEY

NCH

PJW

RPH

SIRI

SWC

TM

TTL

VTE

AGE

ATP30

BUI

CRANE

FANCY

INSURE

LPH

NCL

PL

RS

SKR

SYMC

TMC

TTTM

WG

AH

AU

CBG

CSP

FMT

IRCP

LRH

NDR

PLE

RWI

SLP

SYNEX

TMI

TTW

WHAUP

AHC

AUCT

CCET

CSR

FN

IT

LST

NEP

PMTA

S

SMART

T

TMW

TUCC

WIN

AIE

BA

CCN

CTW

FOCUS

ITD

LTX

NETBAY

POLAR

S11

SMM

TACC

TNDT

TWP

WINNER

AIT AJ

BAT-3K BCPG

CCP CEN

CWT D

FORTH FVC

ITEL JAS

MACO MAJOR

NEW NEWS

POMPUI POST

SAFARI SALEE

SMT SOLAR

TAPAC TC

TNH TNP

TWPC TWZ

WORK WORLD

AJA AKR

BDMS BEC

CGD CHARAN

DCON DCORP

GC GENCO

JCT JSP

MAKRO MALEE

NFC NOBLE

PPM PRAKIT

SAM SAMART

SPA SPALI

TCB TCC

TNPC TNR

TYCN UAC

WP WR

ALLA ALT

BEM BGT

CHEWA CHG

DELTA DNA

GGC GJS

JTS JWD

MANRIN MATCH

NOK NPK

PREB PRECHA

SAMCO SAMTEL

SPCG SPG

TCCC TCJ

TOPP TPAC

UEC UMI

YCI YNP

AMA AMARIN

BH BIG

CHO CHUO

DSGT DTCI

GL GLAND

KAMART KC

MATI MAX

NPP NVD

PRIN PRO

SAPPE SAWAD

SPORT SPVI

TCOAT TEAM

TPBI TPCH

UMS UNIQ

YUASA ZMICO

AMATAV AMC

BIGC BIZ

CI CIG

EA EARTH

GOLD GRAMMY

KCM KDH

M-CHAI MCS

NWR NYT

PSH PTL

SAWANG SCI

SQ SSC

TFD TGPRO

TPIPL TPIPP

UP UPA

APCO APURE

BJC BKD

CITY CK

EASON ECF

GRAND GSTEL

KIAT KKC

MDX MEGA

OHTL OISHI

QTC RAM

SCP SE

SST STANLY

TH THAI

TPOLY TR

UPF UPOIC

APX AQ

BLAND BLISS

CKP CMO

EFORL EIC

GTB GYT

KOOL KTIS

METCO MFEC

ORI OTO

RCI RCL

SEAFCO SELIC

STAR STEC

THANA THE

TRC TRITN

UT UTP

ARIP

BM

CMR

EKH

HARN

KWC

MGT

PAE

RICH

SF

STHAI

THIP

TRUBB

UV

Disclosure: List of companies that intend to join Thailand’s Private Sector Collective Action Coalition Against Corruption programfrom Thaipat Institute (last update: 27 January 2017)which have 2 groups; - Companies that have declared their intention to join CAC - Companies certified by CA Anti – Corruption Progress Indicator - 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. Thai Institute of Directors 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 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, Yuanta Securities ( Thailand) Co. , Ltd does not confirm, verify, or certify the accuracy and completeness of the assessment result.

6

16 January 2018

AOT : T-BUY-71

Headquarters – Amarin Tower

AMARIN

RUAMCHOK MALL

ASOKE

BANGKAPI

SRINAKARINDRA

BANGNA

ARI

HAT YAI

VACHARAPOL

SAMUT SAKHON

NANA

RAYONG

127 Gaysorn Tower, 14-16fl. Ratchadamri Rd., Lumpini, Pathumwan, Bangkok, 10330 Tel. 0 2009 8888 Fax. 0 2009 8889 50 GMM Grammy Place, 18th Floor, Sukhumvit Road, Klongtoey Nua, Wattana, Bangkok 10110 Tel. 0 2120 3050 Fax. 0-2258 0374-5 10393/56 Central City Bangna Tower 11fl., Bangna-Trad Rd., Bangna, Pra-kanong, Bangkok, 10260 Tel. 0 2745 6458 66 Fax. 0 2745 6467 78/26, SoiVacharaphol 2, ThaRaeng, Bangkhen, Bangkok 10230 Tel. 0 2120 3170 Fax. 0 2363 6629 142 Two Pacific Place 15fl., Sukhumvit Rd., North Klongtoey, Klongtoey, Bangkok, 10110 Tel. 0 2120 3200 Fax. 0 2254 9954

500 Amarin Tower 8fl. ploenchit Rd., Lumpini, Pathumwan, Bangkok, 10330 Tel. 0 2120 3241Fax. 0 2256 9596 3522 The Mall Bangkapi 8fl. Lat Phrao Rd., Klong Chan, Bangkapi, Bangkok, 10240 Tel. 0 2120 3000 Fax. 0 2363 3075 388 S.P. Basement fl. PaholyothinRd.,SamsenNai, Phayathai, Bangkok, 10400 Tel. 0 2120 3350 Fax. 0 2278 1247 237/351, Ekkachai Road, TambonMahachai, Amphoe Muang, SamutSakhon74000 Tel. 0 3442 1112 Fax. 0 3442 1127 125/1 Chan Udom Rd., Tambonchoengnoen ,Amphoe Muang, Rayong, 21000 Tel. 0 3867 3000-12 Fax. 0 3861 7490

189 Ruamchok Mall 2fl. Zone C, Unit No. 104, Moo 6, TambonFaham, Chiang Mai, 50000 Tel. 0 5208 1430 Fax. 0 5323 0138 399 S4U Office Building's 1fl., Moo 5, Srinakarindra Rd., Tambon Bang Mueang, Amphoe Mueang, SamutPrakan 10270 Tel. 0 2181 4750 Fax.0 2386 0252 Asian city resort Building 2nd Floor 1468/126-128 Karnchanavanit Rd. Hat yai, Amphoe Hat YaiSongkhla90110 Tel. 0 7455 9200, 0 7455 9440

HAT YAI 2

The Rise Residence Unit No.11/103, Prachayindee Rd., Amphoe Hat Yai, Songkhla 90110 Tel. 0 7420 6190, 0 7420 6199

KHON KAEN

561/27-28 Na Muang Road, TambonNai Muang, Amphoe Muang, KhonKaen40000 Tel. 0 4322 6944 Fax. 0 4322 5344

PARADISEPARK

CHONBURI

NAKHON SI THAMMARAT

RATTANATHIBET

PITSANULOK

SURIN 1

Crystal Park

CHIANG MAI

NGAMWONGWAN

CHAENGWATTANA

BONMARCHE

Silom Road

SURIN SOI TONKOON

HUA HIN

THA PHRA

UBON RATCHATHANI

CENTRAL CHONBURI

61Paradise Park 4fl. Srinakarin Rd.,Nongbon, Prawet, Bangkok, 10250 Tel. 0 2120 3300 Fax. 0 2787 1443 145 TiwanondRd., TambonBangkrasor, Amphoe Muang Nonthaburi, Nonthaburi, 11000 Tel. 0 2120 3270 Fax. 0 2580 7765 199, Building D, 1st Floor, Room No.106-107 Praditmanutham Road, Lat Phrao, Ladprao, Bangkok10230 Tel. 0 2120 3510 Fax. 0 2515 0875 99/9 Central Chaengwattana Unit No. 1106 11 fl. Bangtalard, Pakkret, Nontaburi 11120 Tel. 0 2120 3660 Fax. 0 2193 8149 574 / 6-7 Moo 19, Nong Muang, Surin 32000 Tel. 0 4406 9040 Fax. 0 4451 2447 941, 1st Floor, Chayangkul Road, Naimueang Sub-District, Mueang District, Ubon Ratchathani 34000 Tel. 0 4595 9456 Fax. 0 4531 2132

Central Ladprao

No. 1693 Office Building Central Ladprao 11th Floor, Room 1101, Phaholyothin Road, Chatuchak, Bangkok 10900 Tel. 0 2120 3700 Fax. 0 2541 1505

98/16 Moo5, TambonHuaykapi, Amphoe Muang, Chonburi 20130 Tel. 0 3838 4931-37 Fax. 0 8338 4794 169/2-3-4 Baromtrailokanart Road, TambonNai Muang, Amphoe Muang, Pitsanulok, 65000 Tel. 0 5524 3060 Fax. 0 5525 9455 179/43 Mahidol Road, TambonHayya, Amphoe Muang, Chiang Mai 50000 Tel. 0 5328 2233-35, Fax. 0 5327 1068

91 Unit No. 105/1 Room E204 Tessabarnsongkroa Rd, Ladyao, Jatujak, Bangkok 10900 Tel. 0 2120 3630 Fax. 0 2002 5551 No. 8/89 Blueport Shopping Center Soi Nong Ka Village, Nong Ka District, Hua Hin, Prachuabkirikhan 77110 Tel. 0 3252 3270 No. 55 / 35-36 Moo 1, Samet, Muang, Chonburi, Chonburi 20000 Tel. 0 3313 5119 Fax. 0 3805 3839

Mahachai

155/8 PhatthanakanKhuKhwang Rd., Nai-Muamg, Muang, Nakhon Si Thammarat, 80000 Tel. 0 7534 4955 Fax. 0 7534 4956 91SoiTadok, KrungsriNai Road, TambonNai Muang,AmphoeMuangsurin, Surin, 32000 Tel. 0 4406 9070 Fax. 0 4451 2442 30/39-50 The Mall Ngamwongwan 11fl. Ngamwongwan Rd., Nontaburi, Nontaburi, 11000 Tel. 0 2120 3100 Fax. 0 2550 0499

62 Thaniya Building, Room 407, 410 4th Floor, Silom Road, Suriyawong, Bangrak, Bangkok 10500 Tel. 0 2120 3380 Fax. 0 2120 3380 99 The Mall Thapra Mall Building, 9th Floor, Ratchadapisek Road, Bukkalo, Thonburi, Bangkok 10600 Tel. 0 2120 3560 Fax. 0 2477 7217

Phuket

No. 1 / 6-7 Tungka Road, Talad Yai, Mueang Phuket 83000 Tel 0 7668 1700 Fax 0 7635 4020

67/518 Moo 4, Ekachai Road, Khokham, Muang, Samutsakhon 74000 Tel. 0 3411 9719 Fax. 0 3442 9202

7

16 January 2018

AOT : T-BUY-71

Disclaimer:

This report is prepared by Yuanta Securities (Thailand) Co., Ltd for information purposes only. Information contained herein has been obtained from sources believed to be reliable. However, Yuanta Securities (Thailand) Co., Ltd makes no warranties and gives no assurance as to its accuracy and completeness, so future results or events will not be responsible. Investors should carefully use discretion before making an investment. No part of this report can be reproduced, altered, copied or distributed without the prior written consent of Yuanta Securities (Thailand) Co., Ltd. Ratings Definitions (1) (BUY) Return may exceed 15% over the next 12 months (including dividends) (2) (TRADING BUY ) Return may range between -10% to +15% over the next 3 months (including dividends) (3) (SELL) Return may be lower than -10% over the next 12 months (including dividends) (4) (Not Rated) Stock is not within research coverage Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Fundamental ratings may differ from technical ratings. Investors are advised to review the information in this report carefully before making investment decisions

Research Department Fundamental Analyst

Mayuree Chowvikran, CISA Wichuda Plangmanee

Head of Research Fundamental Analyst

Thakol Banjongruck Theethanat Jindarat Vorapoj Hongpinyo Supachai Wattanavitheskul Chattra Chaipunuiriyaporn Bunya Wikaisuksakul Tus Sanguankijvibul Kansiri Kara Veena Naidu Atithep Ittivikul Strategist Padon Vannarat Piyapat Patarapuvadol Nutt Treepoonsuk

Fundamental Analyst Fundamental Analyst Fundamental Analyst Fundamental Analyst Fundamental Analyst Fundamental Analyst Assistant Fundamental Analyst Assistant Fundamental Analyst Institution Analyst Assistant Institution Analyst

Technical Analyst Apisit Limthumrongkul Charnwit Teekawatthanathikul Data Support Somjit Viroontanee Angsumalin Kumvong Peeraya Wiangphoem

Senior Strategist Strategist Strategist

Technical Analyst Assistant Technical Analyst

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