23 November 2017 Accumulate (Upgraded from Neutral) Closing Price(Bt)

RS (RS) / TP’18: 27.50 (+6.29%)

26.25

COMPANY DATA O/S Shares (mn) :

             1,010

Market Cap. (Btmn) :

                                                                        26,516

Market Cap. (USDmn) :

                                                                               810

52‐WK Hi/Lo (Bt) :

H&B seen as main profit driver in FY18, followed by digital TV 

29/7.7

3M Average Daily T/O (mn) : Par Value (Bt) :

7.96 1.00

MAJOR SHAREHOLDERS (%)

19 April 2017

1. Mr. Surachai Chetchotisak 

33.1

2. Mr. Sorat Vanitvarakit 2. BBL

11.4 6.9



PRICE VS SET INDEX 30 20 10 0 Nov‐14

Nov‐15

Nov‐16

RS TB EQUITY

Nov‐17

SETI (rebased)

Source: Bloomberg, PSR KEY FINANCIALS FYE Dec Sales(Btmn)

Update

FY15

FY16 

FY17E

FY18E

3,729

3,125

3,501

5,301

Net Profit(Btmn)

122

‐102

310

919

EPS (Bt)

0.12

‐0.10

0.31

0.76

P/E (X)

218.8

n.m.

84.7

34.5

BVPS (Bt)

1.71

1.05

1.36

3.76

P/B (X)

15.4

25.0

19.3

7.0

DPS (Bt)

0.10

0.00

0.00

0.40

Dividend Yield (%) ROE  (%)

0.4

0.0

0.0

1.5

7.01

‐7.29

20.09

29.38

Source: Company, PSR Est. **Multiples and yields are based on latest closing price VALUATION METHOD DCF (WACC: 9.09%; terminal g: 4.0%) Siam Tiyanont Securities Investment Analyst #17970



H&B key to profit turnaround in 3QFY17: RS swung back to a profit of Bt124mn in 3QFY17 from a loss of Bt61mn in 3QFY16, largely helped by a stellar showing from H&B business. For the quarter, total revenue leapt 46.8% y‐y to Bt996mn, led by a spectacular revenue growth of 466.1% y‐y from H&B business, which was enough to offset revenue declines of 31.1%, 17.7% and 20.1% y‐y in media, music and event businesses respectively. Costs and SG&A expenses inched up 7.4% and 26.2% y‐y due chiefly to mounting costs from H&B business though costs from other businesses were better contained. 4QFY17 profit seen up sharply y‐y but down q‐q due to mourning effect during royal funeral for late monarch: H&B business would continue to be a main profit driver for RS in 4QFY17. In y‐y terms, we reckon that RS will see another quarter of y‐y profit turnaround from a loss of Bt63mn in 4QFY16 on expectations that H&B business, which yields high gross and net profit margins will continue to keep growing at a strong y‐y clip in 4QFY17. On a q‐q basis, 4QFY17 profit is expected to be lower than the level achieved in 3QFY17 as it has been distorted by the mourning effect felt by both media and event businesses during the royal cremation ceremony for the late monarch. For the whole of FY17, we nudge our profit forecast for RS higher to Bt310mn from Bt226mn to reflect the 9MFY17 sales beat at H&B business. The new forecast is based on assumption that FY17 revenue will rise 12% y‐y to Bt3,501mn. Upward revision to FY18 profit forecast, rating upgrade to ‘ACCUMULATE’ with new FY18 target price of Bt27.50/share: Looking ahead into FY18, H&B business should remain the biggest profit booster for RS as it plans to add at least 30 SKUs of its own and partners’ products to its product portfolio from the planned addition of 37 SKUs in FY17, launch new organic and herb line of products which fetch higher prices and increase its focus on outbound and online sales after placing an emphasis on inbound sales in FY17. More clarity on its overseas expansion plan is also expected by year‐end. For ‘Channel 8’ (27 SD), the focus would be on prime‐time programs during 0600‐0900 hrs. and 1800‐2230 hrs and there is a plan to raise ad rates to reflect higher audience ratings, a key factor that could lift ‘Channel 8’ back to the black. We ratchet up our FY18 profit forecast for RS to Bt919mn to reflect the brighter‐than‐expected outlooks for both H&B and digital TV businesses. We also edge up our FY18 target price for RS to Bt27.50/share on a fully‐ diluted basis following the above profit upgrade. As the new target offers some but limited upside from current trading levels, we therefore upgrade RS shares to ‘ACCUMULATE’ from ‘NEUTRAL.’ Note that there is a possibility that RS will be reclassified into the COMM sector.

Tel: 66 2 635 1700 # 483

Ref. No.: CO2017_1055 This report is for information only and should not be construed as an offer or solicitation for the purchase or sale of any securities referred to herein. PST accepts no liability whatsoever for any loss, direct or indirect from the use of this information, and reliance upon the comments, opinions or analyses in the material is at the sole discretion of the user.

1

Corporate Governance - 2016

2

Thai CAC (As of July 31, 2017) Declared

Non-participation

A

AI

AIE

AIRA

AJ

2S

AAV

ABICO

ACAP

ACC

ALUCON

AMATAV

AOT

APCO

AQUA

ADAM

AEC

AEONTS

AF

AFC

ARROW

ASIA

ASK

AU

BCH

AGE

AH

AHC

AIT

AJA

BJCHI

BLAND

BROCK

AKR

BRR

CEN

CGH

CHEWA

CHG

AMATA

AMC

ANAN

APCS

APEX

CHOTI

CHOW

CIG

COL

COM7

APURE

AQ

ARIP

AS

ASAP

BJC

ASEFA

ASIAN

ASIMAR

AMA

ASN

AMARIN

ATP30

CPF FC

FER

FPI

FSMART

AUCT

BA

BAT-3K

BCPG

BDMS

GEL

GFPT

GGC

GIFT

GJS

BEAUTY

BEC

BEM

BFIT

BGRIM

GLOBAL

GOLD

GPSC

GREEN

GSTEL

BGT

BH

BIG

BIZ

BKD

GUNKUL

HARN

IFS

ILINK

INET

BLISS

BM

BOL

BPP

BSBM

IRC

J

JMART

JMT

JUBILE

BSM

BTC

BTNC

BTW

BUI

JUTHA

KASET

KBS

KCAR

KTECH

CBG

CCET

CCP

CGD

CHARAN

KWC

KYE

L&E

LEE

LIT

CHO

CHUO

CI

CITY

CK

LVT

MAKRO

MATCH

MATI

MBAX

CKP

CMO

CMR

CNT

MC

MFEC

MIDA

MILL

ML

COMAN

CPH

CPL

CRANE

CRD

MTLS

NBC

NCL

NEP

NINE

CSP

CSR

CSS

CTW

CWT

DELTA

DIGI

NTV

NUSA

EKH

ALT

EPCO

NNCL

CSC

ALLA

CPALL

NMG

CPR

BR

NWR

D

DCON

DCORP

COLOR

OGC

PACE

PAF

PAP

PATO

DNA

DTCI

EA

EARTH

EASON

PCSGH

PIMO

PK

PL

PLANB

ECF

EE

EFORL

EIC

EMC

POST

PRINC

PRO

PSTC

PYLON

EPG

ERW

ESSO

ESTAR

ETE

QTC

ROH

ROJNA

RWI

SANKO

SAUCE

SC

SCCC

SCN

SEAOIL

FOCUS

FORTH

FTE

FVC

GC

SE-ED

SENA

SIRI

SMART

SPACK

GENCO

EVER

GL

F&D

GLAND

FANCY

GRAMMY

FMT

GRAND

FN

SPPT

SPRC

SR

SRICHA

SST

GTB

GYT

HFT

HOTPOT

HPT

STA

SUPER

SUSCO

SWC

SYMC

HTECH

HYDRO

ICHI

ICN

IEC

TAKUNI

TBSP

TFI

THE

TICON

IHL

III

INGRS

INOX

INSURE

TIP

TKN

TLUXE

TMILL

TMT

IRCP

IT

ITD

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JAS

TNP

TPA

TRUE

TSE

TTI

JCT

JSP

JTS

JWD

KAMART

TU

TVD

TVO

TVT

TWPC

KC

KCM

KDH

KIAT

KKC

U

UPA

UREKA

UWC

VGI

KOOL

KTIS

KWG

LALIN

LDC

VIBHA

VIH

VNT

WAVE

WHA

LH

LOXLEY

LPH

LRH

LST

WICE

WIIK

LTX

M

MACO

MAJOR

MALEE

Certified

MANRIN

MAX

M-CHAI

MCS

MDX

ADVANC

AKP

AMANAH

AP

ASP

MEGA

METCO

MGT

MJD

MK

AYUD

BAFS

BANPU

BAY

BBL

MM

MODERN

MPG

MPIC

BCP

BKI

BLA

BROOK

BTS

NCH

NDR

NETBAY

NEW

NEWS

BWG

CENTEL

CFRESH

CIMBT

CM

NFC

NOBLE

NOK

NPK

NPP

CPN

CSL

NYT

OHTL

OISHI

ORI

CNS

CPI

DCC

NVD

NC

DEMCO

DIMET

DRT

DTAC

DTC

OTO

PAE

PDG

PERM

PF

EASTW

ECL

EGCO

FE

FNS

PICO

PJW

PLANET

PLE

PMTA

FSS

GBX

GCAP

GLOW

HANA

POLAR

POMPUI

PPM

PRAKIT

PRECHA

HMPRO

HTC

ICC

IFEC

INTUCH

PRIN

PRM

PTL

RAM

RCI

IRPC

IVL

K

KBANK

KCE

RCL

RICH

RICHY

RJH

ROCK

KGI

KKP

KSL

KTB

KTC

RP

RPC

RPH

RS

S

LANNA

LHBANK

LHK

LPN

MBK

S11

SAFARI

SALEE

SAM

SAMART

MBKET

MCOT

MFC

MONO

SAMCO

SAMTEL

SAPPE

SAWAD

SAWANG

MOONG

MSC

MTI

NKI

NSI

SCI

SCP

SDC

SE

SEAFCO

OCC

OCEAN

PB

PDI

PE

PG

PHOL

PLAT

PM

PPP

SELIC

SFP

SGF

SHANG

PPS

PRANDA

PREB

PRG

PSH

SIAM

SIMAT

SKN

SKR

SKY

PSL

PT

PTG

PTT

PTTEP

SLP

SMK

SMM

SMT

SOLAR

PTTGC

Q-CON

QH

QLT

RATCH

SPA

SPALI

SPCG

SPG

RML

ROBINS

S&J

SABINA

SAT

SPVI

SQ

SSC

SSP

STANLY

SCB

SCC

SCG

SGP

SINGER

STAR

STEC

STHAI

STPI

SUC

SMPC

T

MINT

SF

SPORT

SIS

SITHAI

SMIT

SNC

SUTHA

SVH

SVOA

SYNEX

SNP

SORKON

SPC

SPI

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TAPAC

TASCO

TC

SSI

SSSC

SVI

SYNTEC

TAE

TCC

TCCC

TCJ

TCOAT

TEAM

TCAP

TCMC

TFG

TGCI

THANI

TFD

TFMAMA

TGPRO

TH

THAI

THCOM

THRE

THREL

TIPCO

TISCO

THANA

THIP

THL

TIC

TIW

TKT

TMB

TMD

TCB

TNITY

TNL

TK

TKS

TM

TMC

TMI

TOG

TOP

TPCORP

TRU

TSC

TMW

TNDT

TNH

TNPC

TNR

TSTH

TTCL

TVI

UOBKH

WACOAL

TOA

TOPP

TPAC

TPBI

TPCH

TPIPL

TPIPP

TPOLY

TPP

TR

TRC

TRITN

TRT

TRUBB

TSF

TSR

TSTE

TTA

TTL

TSI TTTM

TTW

TUCC

TWP

TWZ

TYCN

UAC

UBIS

UEC

UKEM

UMI

UMS

UNIQ

UP

UPF

UPOIC

UT

UTP

UV

UVAN

VARO

VI

VNG

VPO

VTE

WG

WHAUP

WIN

WINNER

WORK

WORLD

WP

WPH

WR

XO

YCI

YNP

YUASA

ZIGA

ZMICO

3

Industry Group  Name Agro & Food Indus try[AGRO]  Cons umer Products [CONSUMP]

Fi na nci a l s  [FINCIAL]

Indus tri a l s  [INDUS]

Property & Cons tructi on[PROPCON]

Res ources  [RESOURC] Servi ces  [SERVICE]

Technol ogy [TECH]

Sector Name Agri bus i ne s s Food & Bevera ge Fa s hi on Home & Offi ce Products Pers ona l  Products  & Pha rma ceuti ca l s Ba nki ng Fi na nce  & Securi ti es Ins ura nce Automoti ve Indus tri a l  Ma teri a l s  & Ma chi ne ry Pa cka gi ng Pa pe r & Pri nti ng Ma teri a l s Petrochemi ca l s  & Chemi ca l s Steel Cons tructi on Ma teri a l s Cons tructi on Servi ces Property Devel opment Property Fund & REITs Energy & Uti l i ti es Mi ni ng Commerce Medi a  & Publ i s hi ng Hea l th Ca re Servi ces Touri s m & Lei s ure Profes s i ona l  Servi ces Tra ns porta ti on & Logi s ti cs El ectroni c Compone nts Informa ti on & Communi ca ti on Technol ogy

Sector Index AGRI FOOD FASHION HOME PERSON BANK FIN INSUR AUTO IMM PKG PAPER PETRO STEEL CONMAT CONS  PROP PF&REIT  ENERG MINE COMM MEDIA HELTH TOURISM PROF TRANS ETRON ICT

PSR Rating System Capital Gain > 15% > 5% ‐ 15% > 0% ‐ 5% 0 <=

Recommendation BUY ACCUMULATE / TRADING BUY NEUTRAL SELL

Remarks We do not ba s e our recommenda ti ons  enti re l y on the  a bove qua nti ta ti ve return ba nds .  We  cons i der qua l i ta ti ve fa ctors  l i ke (but  not l i mi ted to) a  s tock's  ri s k rewa rd profi l e, ma rket s e nti me nt, recent ra te of s ha re pri ce a ppreci a ti on, pres ence or a bs ence of  s tock pri ce ca ta l ys ts , a nd s pecul a ti ve undertones  s urroundi ng the s tock, before ma ki ng our fi na l  recommenda ti on 

4

Research Team Fundamental Sa s i korn Cha roe ns uwa n, CFA, CAIA  Da na i  Tunya phi s i tcha i , CFA

Analyst Reg No. Ca pi ta l  Ma rke t Inve s tme nt Ana l ys t #9744 Ca pi ta l  Ma rke t Inve s tme nt Ana l ys t #2375

Tel  662 635 1700 Ext 480 662 635 1700 Ext 481

Na re e   Api s a wa i tta ka n

Se curi ti e s  Inve s tme nt Ana l ys t #17971

662 635 1700 Ext 484

Si a m Ti ya nont Adi s orn Mua ngpa rnchon Ha tha i cha noke   Moonwong Tha na tpha t Suks ri cha va l i t  Pa ttra porn Boonma l e rt Athi d  Si ri pha nd Pa cha ra  Ye npa i s a rn

Se curi ti e s  Inve s tme nt Ana l ys t #17970 Se curi ti e s  Inve s tme nt Ana l ys t #18577 Se curi ti e s  Inve s tme nt Ana l ys t #64324 Se curi ti e s  Inve s tme nt Ana l ys t #84741 Se curi ti e s  Inve s tme nt Ana l ys t #95008 As s i s ta nt Ana l ys t As s i s ta nt Ana l ys t

662 635 1700 Ext 483 662 635 1700 Ext 497 662 635 1700 Ext 530 662 635 1700 Ext 532 662 635 1700 Ext 525

Strategy Te e ra da  Cha rnyi ngyong Chuti ka rn Sa nti me tvi rul Ra tta wi t  Wa tcha ra s ut Kl a na rong Mongkol s i ri cha i kul Ki tti   Bua bue ng Ta na pon Ni mi tta non 

Se curi ti e s  Inve s tme nt Ana l ys t #9501 De ri va ti ve s  Inve s tme nt Ana l ys t #37928 Se curi ti e s  Inve s tme nt Ana l ys t #88285 As s i s ta nt Ana l ys t As s i s ta nt Ana l ys t As s i s ta nt Ana l ys t

662 635 1700 Ext 487 662 635 1700 Ext 491 662 635 1700 Ext 498

Technical Sa s i ma  Ha tta ki tni korn              Kri tti na t Pa ntuwi chi t

Se curi ti e s  Inve s tme nt Ana l ys t #18328 As s i s ta nt Ana l ys t

662 635 1700 Ext 490

Sector Fi na nce &Se curi ti e s , Comme rce Cons tructi on Ma te ri a l s ,  Prope rty De ve l opme nt Agri bus i ne s s , El e ctroni c  Compone nts , Ene rgy,  Tra ns porta ti on, Me di a  & Publ i s hi ng Ba nki ng, Se curi ti e s  & Fi na nce ,  Automoti ve , He a l th Ca re Ene rgy, Touri s m Food&be ve ra ge , ICT

Database & Production Ma nunpa t Yue nyongwa ta na korn Suti porn Oupka e w Ka ni ttha  Sri wong Translation Cha i yot Ingkha s ora ra t Cha l oe mpong Pha ntupo

5

Head Office and Branches Domestics Offices Bangkok Offices H e a d  Offi ce Sri n a ka ri n d r Vi p h a va d e e Ya o w a ra j Ba n gka p i  1 Ba n gka p i  2 Hua l umphong Ra n gs i t Si a m  D i s co ve ry Ce n tra l  W o rl d Si n d h o rn Em Qu a rti e r Am a ri n

849 Vo ra w a t Bl d g., 11s t Fl ., Un i t 1101,1102,1104, 14th  Fl ., Un i t 1403, 1404 a n d  15th  Fl ., 22n d  Fl ., Un i t 2202  Si l o m  Rd . Si l o m ,Ba n gra k, Ba n gko k 10500 699 Mo d e rn fo rm  To we r, 17th  Fl ., Sri n a ka ri n d r Rd ., Su a n  Lu a n g, Su a n  Lu a n g, Ba n gko k 10250 333 La o  Pe n g Ngu a n  To w e r 1, 15th   Fl ., So i  Ch u a yp u a n g, Vi p h a va d i ‐Ra n gs i t Rd ., Jo m p h o n , Ch a tu ch a k, Ba n gko k 10900 308 Ka n ch a n a d h a t Bl d g., 19th  Fl ., Ya o w a ra t Rd ., Ja ka wa t, Sa m p a n ta wo n g, Ba n gko k 10100 3522 Th e  Ma l l  Offi ce  To w e r‐Ba n gka p , 8th  Fl ., La d  Pra o  Rd ., Kl o n gch a n , Ba n gka p i , Ba n gko k 10240 3522 Th e  Ma l l  Offi ce  To w e r‐Ba n gka p , 8th  Fl ., La d  Pra o  Rd ., Kl o n gch a n , Ba n gka p i , Ba n gko k 10240 320 Ta n g H u a  Pa k Bl d g., 4th  Fl ., Ra ma  4 Rd ., Ma h a p ru th a ra m , Ba n gra k, Ba n gko k 10500 94 Fu tu re  Pa rk Ra n gs i t, G Fl ., Ro o m #PLZ.G.SHP065A, Pa h o l yo th i n  Rd ., Pra ch a th i p a t, Th u n ya b u ri , Pa th u m th a n i  12130 989 Si a m  To w e r Bu i l d i n g, 11th  Fl ., Un i t A2, Ra m a  I  Rd ., Pa th u m wa n , Pa th u m wa n , Ba n gko k 10330 999/9 Th e  Offi ce s  a t Ce n tra l W o rl d , 17 FL. Un i t ML 1707, Ra m a  I  Rd , Pa th u m wa n , Pa th u m w a n , Ba n gko k 10330 130‐132  Si n d h o rn  To w e r 3 Bu i l d i n g, 19 Fl o o r, W i re l e s s  Rd ., Lu m p i n i , Pa th u m w a n , Ba n gko k 10330 689 Bh i ra j To w e r a t Em Qu a rti e r, 39th  fl o o r, Un i t 3909‐10, Su kh u m vi t Rd ., Kl o n gto n  Nu e a , Va d h a n a , Ba n gko k 10110 496‐502 Am a ri n  To w e r, 8 Fl o o r, Un i t 6‐7 Pl o e n ch i t Rd ., Lu m p h i n i , Pa th u m w a n , Ba n gko k 10330

Provincial Offices Ch i a n gm a i H a d  Ya i H a d  Ya i  ‐ Pe tka s e a m Kh o n Ka e n Ph i ts a n u l o k Ch u m p o rn Le a m ch a b a n g I n ve s to r Ce n te r Kh o n Ka e n

111/51 Mo o  2 Ma h i d o l  Rd ., No n g H o i , Mu a n g Ch i a n g Ma i , Ch i a n g Ma i  50000 55 So u th l a n d  Ru b b e r Bl d g., 4th  Fl ., Ra tyi n d e e  Rd ., H a d  Ya i , Ha d  Ya i , So n gkl a   90110 607  Re d a r Gro u p  Bl d g., 3rd  Fl ., Un i t 3D , Pe tka s e a m Rd ., Ha d  Ya i , H a d  Ya i ,  So n gkl a   90110 359/2 Ko w Yo o  H a h  Bl d g., 4th  Fl ., Mi tta p a p  Rd ., Na i m u a n g, Mu a n g Kh o n  Ka e n , Kh o n  Ka e n  40000 59/15  Th a i  Si va ra t Bl d g., 2n d  Fl .,  Ba ro m tri l o ka n a d  2 Rd ., Na i m u a n g, Mu a n g Pi ts a n u l o k,  Ph i ts a n u l o k  65000 25/45  Kro m  Lu a n g Ch u m p o rn  Rd ., Ta ta p a o , Mu a n g Ch u m p o rn ,  Ch u m p o rn   86000 53/112, 53/114 Mo o  9, Tu n gs u kl a , Sri ra ch a , Ch o n b u ri  20230 252 Mo o  11, Mu a n g Ka o , Mu a n g Kh o n  Ka e n , Kh o n  Ka e n  40000

Overseas Offices SI NGAPORE   H ONG KONG   MALAYSI A   JAPAN   I ND ONESI A  CH I NA  FRANCE  UNI TED  KI NGD OM  UNI TED  STATES AUSTRALI A  SRI  LANKA  TURKEY  I ND I A  D UBAI   CAMBOD I A

Ph i l l i p  Se cu ri ti e s  Pte  Ltd  Ra ffl e s  Ci ty To we r Te l  : (65) 6533 6001 w ww .p o e m s .co m .s g Ph i l l i p  Se cu ri ti e s  (H K) Ltd  11/F Un i te d  Ce n tre  95 Qu e e n s wa y, Te l  (852) 22776600  w ww.p h i l l i p .co m .h k Ph i l l i p  Ca p i ta l  Ma n a ge m e n t Sd n  Bh d , Bl o ck B Le ve l  3 Me ga n  Ave n u e  Te l  (603) 21628841 w ww .p o e m s .co m .m y Ph i l l i p  Se cu ri ti e s  Ja p a n , Ltd  4‐2 Ni h o n b a s h i  Ka b u to ‐ch o , Ch u o ‐ku , To kyo  Te l  (81‐3) 36662101 PT Ph i l l i p  Se cu ri ti e s  I n d o n e s i a  ANZ To we r Le ve l  23B, Te l  (62‐21) 57900800 ww w.p h i l l i p .co .i d Ph i l l i p  Fi n a n ci a l  Ad vi s o ry (Sh a n gh a i ) Co . Ltd  Oce a n  To we r Un i t 2318 Te l  (86‐21) 51699200 w ww.p h i l l i p .co m .cn Ki n g & Sh a xs o n  Ca p i ta l  Li m i te d  3rd  Fl r, 35 Ru e  d e  l a  Bi e n fa i s a n ce  Te l  (33‐1) 45633100 ww w.ki n ga n d s h a xs o n .co m Ki n g & Sh a xs o n  Ca p i ta l  Li m i te d  6th  Fl r, Ca n d l e w i ck Ho u s e , Te l  (44‐20) 7426 5950 w ww .ki n ga n d s h a xs o n .co m Ph i l l i p  Fu tu re s  I n c Th e  Ch i ca go  Bo a rd  o f Tra d e  Bu i l d i n g Te l  +1.312.356.9000 Ph i l l i p Ca p i ta l  Au s tra l i a  Le ve l  37, Co l l i n s  Stre e t, Me l b o u rn e , Te l  (613) 96298380 Fww w.p h i l l i p ca p i ta l .co m .a u As h a  Ph i l l i p  Se cu ri ti e s  Ltd  Le ve l  4, Mi l l e n n i u m  H o u s e , Te l : (+94) 11 2429 100  a p s l @a s h a p h i l l i p .n e t H a k Me n ku l  Ki ym e tl e r A.Ş D r.Ce m i l  Be n gü  Ca d . Te l : (+90) (212) 296 84 84 (p b x) a km e n ku l @h a km e n ku l .co m .tr Ph i l l i p Ca p i ta l  (I n d i a ) Pri va te  Li m i te d  No . 1, C‐ Bl o ck, 2n d  Fl o o r,Mo d e rn  Ce n te r , Ja co b  Ci rcl e , K. K. Ma rg, Ma h a l a xm i  Mu m b a i  400011 Te l : (9122) 2300 2999 We b s i te : w ww .p h i l l i p ca p i ta l .i n Ph i l l i p Ca p i ta l  (I n d i a ) Pvt Ltd .601, W h i te  Cro wn  Bu i l d i n g D u b a i  UAE. Ma h a l a xm i  Mu m b a i  400011 Te l : (9122) 2300 2999 We b s i te : w ww .p h i l l i p ca p i ta l .i n Bu i l d i n g No 71, St 163, Sa n gka t To u l  Sva y Pre y I , Kh a n  Ch a m ka rm o rn , Ph n o m  Pe n h , Ki n gd o m  o f Ca m b o d i a Te l : (855) 23 217 942 W e b s i te : www .kre d i t.co m .kh

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