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Revenue (Btmn) Net Profit (Btmn) Normalized Profit (Btmn) EPS (Bt) Normalized EPS (Bt) DPS (Bt) EPS Growth (%) Normalized EPS Growth (%) P/E (X) P/B (X) EV/EBITDA (X) Net Debt to Equity (%) Dividend Yield (%) Return on Average Equity (%)

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Dec - 15A 8,119 2,030 697 0.90 0.31 0.00 519.7 (4.9) 5.5 2.0 3.8 (52.3) 0.0 35.7

Dec - 16F 10,279 2,220 920 0.98 0.41 0.12 9.3 31.9 5.1 1.5 3.2 (43.1) 2.5 29.1

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1Q15 1,397 118 79 70 95 232 268 8 276 77 0.12 0.03 1Q15 8.5 5.0

YoY (%) 32.6 27.2 33.1 1.3 (25.0) (100.0) (74.0) (95.5) (74.6) (8.6) (74.6) (8.6) YoY (ppts) (0.3) (1.2)

4Q15 2,041 172 88 112 161 404 488 (16) 472 96 0.21 0.04 4Q15 8.4 5.5

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Sep-13A

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Mar-14A

Jun-14A

Sep-14A

Dec-14A

Mar-15A

Jun-15A

Sep-15A

Dec-15A

Cost of Goods Sold

(1,518)

(1,680)

(1,893)

(2,142)

(1,857)

(2,022)

(2,328)

(1,059)

(1,279)

(2,013)

(2,032)

(1,869)

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(74) 9

(91) 20

(92) 18

(90) 21

(84) 31

(86) 56

(79) 1

(139) 21

(79) 31

(93) 23

(79) 19

(88) 29

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(46)

(47)

(48)

(156)

(44)

(53)

(51)

(25)

(25)

(48)

(52)

(48)

' ( #) * Interest Income Other Non-op Income

0 73

0 40

0 52

0 884

0 141

0 72

0 258

0 734

0 216

0 950

0 (65)

0 390

' ( !+ Interest Expenses Other Non-op Expenses

(5) 88

(5) (3)

(5) (0)

(4) (85)

(1) 0

(1) 0

(1) 0

(1) (2,266)

(1) (16)

(3) (51)

(1) (78)

(1) (14)

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(1) 0

0 0

(3) 0

17 0

(2) 0

0 0

(18) 0

6 0

8 0

6 0

17 0

(16) 0

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0

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0

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0

0

0

0

0

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0.08 0.01

0.07 0.05

0.09 0.07

0.44 0.09

0.14 0.08

0.12 0.09

0.21 0.10

(0.62) 0.05

0.12 0.03

0.50 0.10

0.06 0.13

0.21 0.04

Margins Gross profit margin Operating EBIT margin

5.8 1.7

10.4 6.6

11.0 7.6

10.5 7.6

11.6 9.1

10.4 9.0

12.1 9.2

17.9 8.7

8.5 5.0

13.1 10.1

14.1 11.5

8.4 5.5

Operating EBITDA margin Net profit margin

4.6 11.4

9.1 8.3

9.8 9.6

14.1 41.5

11.2 15.6

11.4 12.2

11.1 18.2

10.7 (109.6)

6.8 19.7

12.1 49.1

13.7 6.1

7.9 23.1

Growth Revenue growth Operating EBIT growth Operating EBITDA growth

(15.1) (79.8) (60.2)

16.4 345.0 130.9

13.5 29.6 22.1

12.5 13.0 62.2

(12.3) 4.8 (30.6)

7.4 7.0 9.4

17.5 19.6 14.7

(51.3) (53.7) (53.1)

8.3 (37.9) (31.4)

65.8 233.1 197.3

2.1 16.5 15.4

(13.7) (58.7) (50.5)

Net profit growth Normalized profit growth

0.7 (83.5)

(14.9) 446.3

31.4 28.5

386.2 27.8

(67.0) (3.9)

(16.1) 8.1

75.2 10.5

(393.0) (47.6)

(119.5) (34.7)

312.0 209.1

(87.2) 21.3

225.0 (66.7)

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2014

2015

2016F

2017F

2018F

Revenue

8,295

8,119

10,279

11,308

11,884

(7,266)

(7,194)

(9,067)

(9,966)

(10,473)

1,029

926

1,212

1,342

1,412

(388)

(339)

(411)

(441)

(463)

Other Incomes

110

102

113

124

131

Operating Profit

751

688

914

1,026

1,079

As of 31 Dec (Bt mn)

2014

2015

2016F

2017F

2018F

Total Assets

6,431

7,752

10,246

11,120

11,913

Current Assets

5,500

5,705

6,783

7,621

8,410

3,959

2,992

3,307

3,798

4,393

Inventories

724

1,030

1,490

1,638

1,722

Operating Expenses

Accounts Receivable

759

1,637

1,971

2,169

2,279

57

47

15

16

17

931

2,047

3,463

3,499

3,503

0

0

0

0

0

901

1,867

3,279

3,311

3,313

31

180

184

188

190

Total Liabilities

2,782

2,071

2,622

2,880

3,026

Other Non-op Income

Current Liabilities

2,696

1,983

2,537

2,788

2,929

Non-Operating Expenses

Accounts Payable

2,581

1,780

2,360

2,594

2,726

0

0

0

0

0

115

203

177

194

203

Long-term Liabilities

86

89

85

93

97

Long-term Debts

18

13

13

13

13

Current Taxation

Others

67

75

72

79

83

Minorities

3,649

5,681

7,625

8,240

8,888

2,266

2,266

2,266

2,266

2,266

Cash & ST Investments

Others Non-current Assets LT Investments Net fixed Assets Others

ST Borrowings Others

Shareholders' Equity Common Stock Capital Surplus Retained Earnings

87

87

87

87

87

1,053

3,083

5,026

5,642

6,289

0

0

0

0

0

Preferred Stock :

Cost of Goods Sold Gross Profit

(172)

(173)

(238)

(268)

(298)

Operating EBITDA

Depreciation of fixed assets

(137)

2,194

2,452

1,294

1,377

Non-Operating Income

1,205

1,491

1,300

0

0

0

0

0

0

0

1,205

1,491

1,300

0

0

(2,270)

(164)

(5)

(5)

(5)

(4)

(6)

(5)

(5)

(5)

(2,266)

(158)

0

0

0

0

0

0

0

0

(314)

2,015

2,209

1,021

1,074

(13)

15

11

5

5

0

0

0

0

0

Interest Income

Interest Expenses Other Non-op Expenses Equity Income/(Loss) Pre-tax Profit

Extraordinary items Net Profit Normalized Profit

Year to 31 Dec

0

0

0

2,220

1,026

1,079

733

697

920

1,026

1,079

0.90

0.98

0.45

0.48

0.32

0.31

0.41

0.45

0.48

Year to 31 Dec (Bt mn)

2014

2015F

2016F

2017F

2018F

Operating Cash Flow Net Profit

5,866 733

1,293 697

1,660 920

968 1,026

1,195 1,079

172 1,490

173 (1,226)

238 (797)

268 (326)

298 (183)

3,471 (1,755) 219

1,650 198 (1,139)

1,300 (1,965) (1,650)

0 (454) (300)

0 (386) (300)

Normalized EPS (Bt) ! '( )6

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0 2,030

(0.14)

EPS (Bt)

:

! '( )6

0 (328)

2014

2015

2016F

2017F

2018F

3.6 51.9

(2.1) (8.3)

26.6 32.8

10.0 12.3

5.1 5.2

(107.5) (121.3)

1,495.9 519.7

11.7 9.3

(47.2) (53.8)

6.4 5.2

Normalized Profit EPS

49.9 49.5

(4.9) (4.9)

31.9 31.9

11.6 11.6

5.2 5.2

Normalized EPS

49.5

(4.9)

31.9

11.6

5.2

Profitability (%) Gross Margin Operating Margin

Change in LT Investment Change in Other Assets

0 (1,974)

0 1,337

0 (315)

0 (154)

0 (86)

12.4 9.0

11.4 8.5

11.8 8.9

11.9 9.1

11.9 9.1

EBITDA Margin Net Profit Margin

(1.7) (3.9)

27.0 25.0

23.9 21.6

11.4 9.1

11.6 9.1

ROAA ROAE

(5.1) (9.0)

26.2 35.7

21.7 29.1

9.2 12.5

9.1 12.1

Free Cash Flow Financing Cash Flow Change in Share Capital Net Change in Debt

4,111 524 10 729

1,491 (804) 0 (806)

(304) 304 0 580

513 (176) 0 234

808 (300) 0 132

(215)

3

(276)

(410)

(432)

4,636

688

(0)

337

508

EBITDA NP

Stability Gross Debt/Equity (%)

0.8

0.4

0.3

0.3

0.3

Net Debt/Equity (%) Interest Coverage (x)

(1.1) (74.7)

(0.5) 336.6

(0.4) 442.7

(0.5) 205.2

(0.5) 215.7

Interest & ST Debt Coverage (x) Cash Flow Interest Coverage (x)

(74.7) 1,413.9

336.6 215.4

442.7 332.1

205.2 193.5

215.7 238.9

Cash Flow/Interest & ST Debt (x) Current Ratio (x) Quick Ratio (x)

1,413.9 2.0 1.8

215.4 2.9 2.4

332.1 2.7 2.1

193.5 2.7 2.1

238.9 2.9 2.3

(3,935)

(2,974)

(3,288)

(3,779)

(4,374)

Per Share Data (Bt) EPS Normalized EPS

(0.1) 0.3

0.9 0.3

1.0 0.4

0.5 0.5

0.5 0.5

CFPS BVPS

2.6 1.6

0.6 2.5

0.7 3.4

0.4 3.6

0.5 3.9

SPS EBITDA/Share

3.7 (0.1)

3.6 1.0

4.5 1.1

5.0 0.6

5.2 0.6

DPS

0.1

0.0

0.1

0.2

0.2

1.3 33.4

1.0 73.6

1.0 70.0

1.0 70.0

1.0 70.0

Days Inventory Days Payable

36.4 129.6

52.2 90.3

60.0 95.0

60.0 95.0

60.0 95.0

Cash Cycle

(59.9)

35.5

35.0

35.0

35.0

Net Debt (Bt mn)

Activity Asset Turnover (x) Days Receivables

:

! '( )6

Depreciation & Amortization Change in Working Capital Others Investment Cash Flow Net CAPEX

Change in Other LT Liab. Net Cash Flow :

! '( )6

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2013 2014 2015 2016F 2017F Year

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2013 2014 2015 2016F 2017F Year 2013 2014 2015 2016F 2017F

:

% COGS Revenue 86.6% 85.5% 86.5% 85.9% 85.8% Working Capital Revenue -0.1 0.2 -0.2 -0.1 0.0 Operating Margin 4.5% 6.4% 6.0% 6.7% 6.9%

+

+

x

Depreciation Revenue 3.7% 2.1% 2.1% 2.3% 2.4% Net PPE Revenue 0.2 0.1 0.2 0.3 0.3 Capital Turnover 1.4 1.0 1.2 1.1 1.0

+

+

x

Operating Exp. Revenue 5.2% 6.0% 5.4% 5.1% 5.0% Other Assets Revenue 0.6 0.7 0.7 0.7 0.7 Cash Tax Rate -0.9% -4.3% -0.7% -0.5% -0.5%

=

=

=

Operating Margin 4.5% 6.4% 6.0% 6.7% 6.9% Capital Turnover 1.4 1.0 1.2 1.1 1.0 After-tax Return on Inv. Capital -0.1% -0.3% -0.1% 0.0% 0.0%

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Apr 27, 2016 - Electricity G enerating. A pril 27, 2016. *The C om pany m ay be issuer of D erivative W arrants on these securities. http://research.kgi.com ...

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Apr 2, 2016 - Web Site : www.mgvcl.com E-mail : [email protected] ... empanelled for the post of Vidyut Sahayak (Electrical Assistant) has.

THE ORIENTAL INSURANCE COMPANY LIMITED HEAD OFFICE ...
Nov 30, 2007 - OSTC Faridabad/RID/Techno Marketing/Fire &. Engg./Marie/Misc./Motor/GUC. Re: 1. Higher Survey fees to Surveyors in complicated cases.

Australian Synchrotron Company Limited Australian ... -
Aug 14, 2009 - Australian Synchrotron Company Limited ... Science or Bachelor of Engineering with Honours (or equivalent) and to be enrolled, or expect.

Thai Beverage Public Company
Sep 10, 2014 - Principal Business: ThaiBev is a F&B company with exposure in alcoholic ...... compliance with any applicable U.S. laws and regulations.

Sappe Pcl.
Aug 16, 2017 - 100. Cash. Cash. Cash. Cash. Cash. Cash. Dividend Yield (%). N.A.. 0.9 .... Net debt/Equity (net cash) (Bt mn). (659) ..... Financing Cash Flow.

AMATA Corporation PCL - Settrade
Jul 26, 2018 - 2016. 0.08. 0.18. 0.17. 0.70. 2017. 0.23. 0.24. 0.55. 0.30. 2018. 0.39 ..... 383. 294. 1,302. 381. 468. 904. 660. 640. Operating Expense. (298).

AMATA Corporation PCL - Settrade
Jan 15, 2018 - Cash Cycle. NA. NA. NA. NA. NA. Year to 31 Dec (Bt mn). 2015. 2016. 2017F. 2018F. 2019F. Operating Cash Flow. 2,441. 307. 3,253. 4,046.