1. Healthcare

Thailand
Initiate Coverage
: Buy
2ก
.
(Initiate)
ก
CGR Scoring Rating
ʽ (
˂
):
(
0.43
0.65
):
F
ก
http://www.maybank-ke.co.th
(02) 658-6300
(
F
Description :
30 ก
ก
F F
2558)
F
F
Ticker :
F
ก
F ( F F )
F
( F
)
F
(US$ m)
3-mth Avg Daily Turnover ( F
SET INDEX
Free float (%)
F
AQ
12,674
5,450
166.83
120.98
1,581.25
98.74
)
Major Shareholders :
F ก
ʽ
F
F
%
5.76
2.35
Key Indicators
ROE – annualised (%)
Net cash THB m):
NTA/shr (THB):
Interest cover (x):
(4.4)
(248,214)
0.5
(10.7)
Historical Chart
90
70
50
30
10
-10
-30
-50
F 2558
(AQ)
F
ก
:
F ก
F AQ F
F
˂
ʾ 2558 F ก 0.65 / F F ก F
PBV 1.3 F
กF F
ก F 11
ก ก
F 24%
ก
F
ก F F
F ก
ก Fก F
F
ก
F Design
ก ก F
ก
F
ก F
ก
F
F
F Aquarius
F ก
F
F
AQ
ก F
F ˆ
ก
19 ʾ ก F
F AQ
F ก
F
F
ก ˈ F Turnaround ʾ 2558
ก AQ
P/BV15 0.86 F
ก
ก
ก F
ก F 1.7 F
AQ : ก F F F / F
F F ก
ก
F .
AQ ( KMC) F
ก
ก
large scale F
ก ก F Fก ˈ F
F
design ก modern
ก
ก
Fก
F
ก Fก F 22 ʾ F ก SIRI, PS,
ANAN
SC
ʾ AQ
ʽ
ก
F8 F
F F F ก F 7,750 F
(
+170% YoY)
˂ Presales ก F 3,000 F
(
20% YoY)
F ก ก F ˈ
AQ ก
ˈ F F
F
Secured Revenue ʾ 41%
ก ก ก ก : AQ Backlog ก
F
ก
F
ʾ
ˈ 41%
ก
F
ʾ 2,536 F
(+57.3% YoY)
F F
ก ก
F
F
ก 2H58
ก
ก
ก
ก
F กF
ก
25-30%
ก
ก
F
F ก 17.3% ก F ʾ
2557
F
4.8%
ก
F AQ
ก
ก
F
34 F
ก
F :
KMC ˈ
F
Fก F F
ก F
F
F ˆ
AQ กก
F
ก
˂
0.65
:
ก
F F F ก
F
ก
ก
Fก
กF F
ก F 24%
ก
ก
F
:ก
ก F F
F
KMC
ก
ก
ก
ก
(Credit line) ก
ก ก
1,500 F
ก
ก
F Warrant F
ก
ก
F
กF ก
F
F ก
ก ˈ ก , F
F
F
F
F upside
F ก F ก F F
PBV 1.3 F
F
F upside กF ก 51% ก
˂
ʾ 2558 F ก 0.65 / F
ˈ
F
ก
ก
AQ
Jan-15
Nov-14
Sep-14
p
Jul-14
May-14
Apr-14
Jan-14
AQ – Summary Earnings Table
SET
Performance
52-week High/Low
Absolute (%)
Relative (%)
1-mth
0.0
-5.3
THB0.60/THB0.28
3-mth
-8.5
-8.3
6-mth
7.5
3.3
1-yrs
48.3
18.5
YT
0.0
-5.3
FYE: Dec 31 (THB m)
Revenue
EBITDA
Recurring Net rofit
Net profit
EPS (Bt)
EPS growth (%)
DPS (Bt)
2012
362
-53
-105
-105
-0.02
-90.13
0.00
2013
929
-46
-45
174
0.00
-182.2
0.00
2014F
1,612
-222
-278
-278
-0.02
-260.3
0.00
2015F
2,536
227
34
34
0.00
-112.2
0.00
2016F
2,820
261
66
66
0.01
93.80
0.00
PER
EV/EBITDA ( )
Div Yield (%)
P/BV(x)
n.m.
-56.28
0.00
1.23
31.41
-116.52
0.00
1.21
n.m.
-17.28
-0.92
0.87
160.33
19.42
0.11
0.85
82.73
14.37
0.22
0.85
-1.6
3.9
-1.7
-
-25.7
-4.4
-4.9
-
-16.2
0.5
0.1
-
-26.4
1.0
0.5
-
Net Gearing (%)
11.9
ROE (%)
-4.8
ROA (%)
-1.6
Cons. Net Profit (THB m)
Source: Company reports and MBKET.
SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
AQ
Turnaround
ก
F
F
ก
ก
(2556-2559)
44%
ก ก
F F
0.50 )
F
กF ก
ʾ F
ก ก
F
ก F
ˈ
ก
F ก F 7,700 F
F
F
ก ก
2558
F
(RO+PP)
ก
F
F
F )
4 ʾCAGR
กก
ˈ ก
ʾ2558
F ( ก20
ˆ
ˈ
ก
19
ʾ
F
ก
ก
F
Fก
Fก ʽ
ก
F ʾ2558 8
F
F
( F
Figure 1 : Turnaround in both operation and financial.
Source: MBKET
ˆ
F F ก ก F
ก F F
F
(CEO)
ˈ ˆ
F F
F
ก
F
ก
ก F 22
ʾ
F ก
ก
F (SIRI,ANAN,SC
PS) กก F 65,000 F
F ก
F ก 1) F
ก กF ก
F
Rebranding
Renovate
F
F (Value added) F F ก
Margin
(
ก Garden phase 1
ESTES Rattanathibet )
F ˈ
ก F
ก
F
ก
F ก F 25%-30%
2ก
F 2558
ก F
ก F
F
ก
F 2 ก 13
AQ
ก
F F
11
ก
F
F F AQ ʾ 2558 F
PBV 1.3 F
กF F
ก ก
F 24%
Fก
ก F
F
ก
ก
F
F
ก F F
ก
F
ʾ
ก
ก ก ˈ ก
F
ก
F
Discount กก F ก F
ˈ ก
F
F 0.65 / F
F
F ก
F
F
1H58
F
F ก
ก ก
ก
ʾ 2558
F
ก
ก ˈ ก
F
กก
F
ก
ก F
ก
F
F
F
1.3
F
AGM
F Fundamental
ก
ʾ
Figure 2: AQ – PBV band
Source: SET and MBKET
Ke y stock highlights
Priced as of :
30-Jan-15
Stock
Rating
ANAN
AP
GOLD
LH
LPN
MK
PS
QH
RML
SIRI
SPALI
TRADING BUY
BUY
BUY
TRADING BUY
BUY
TRADING BUY
BUY
TRADING BUY
TAKE PROFIT
HOLD
BUY
Current Target Upside
Price
Price
+/(Bt/sh) (Bt/sh)
(%)
3.80
6.40
8.10
9.20
21.00
5.30
32.25
3.92
2.06
1.81
24.40
4.60
8.20
11.00
10.50
23.70
4.10
36.70
4.70
1.85
1.80
29.00
21%
28%
36%
14%
13%
-23%
14%
20%
-10%
-1%
19%
Maket
Cap
(Btm)
12,665
20,134
13,268
101,067
30,989
4,560
71,807
36,000
7,365
24,663
41,884
13
P/E (x)
14F
15F
13.6
9.1
n.m .
14.2
13.3
10.6
12.3
10.9
9.8
9.5
14.5
11.5
8.2
27.9
12.8
15.9
10.4
11.1
10.9
5.7
10.6
9.6
11.2
7.3
45.0
15.1
11.1
10.0
10.1
10.3
7.6
9.1
8.4
P/BV (x)
13 14F 15F
2.1
1.3
1.5
2.7
3.2
0.9
2.9
2.1
3.2
1.1
3.2
1.9
1.3
1.7
2.7
3.0
0.8
2.4
1.9
2.1
1.1
2.9
EPS
13 14F 15F
1.6
0.3
1.1
0.7
1.6 (0.4)
2.7
0.7
2.5
1.6
0.8
0.5
2.1
2.6
1.7
0.4
1.7
0.2
1.0
0.2
2.4
1.7
0.3
0.8
0.3
0.7
1.3
0.5
2.9
0.4
0.4
0.2
2.5
0.3
0.9
0.2
0.6
1.9
0.5
3.2
0.4
0.3
0.2
2.9
EPS grow th (%)
13
14F
15F
300.0
17.9
3.0
(10.3)
11.4
12.8
n.m .
n.m . (37.9)
14.0
10.8 (15.3)
6.8 (16.5)
43.9
65.5
2.0
3.9
48.9
10.7
10.3
33.3
5.6
50.0
71.4 (25.0)
(47.2) (10.5)
17.6
5.1
50.6
14.2
ROE (%)
13
14F 15F
15.8
14.3
(7.4)
19.4
24.2
8.2
23.5
19.1
34.0
11.4
22.4
16.1
15.3
6.1
21.2
18.8
8.0
21.8
17.1
34.4
10.8
30.4
Div Yield (%)
13 14F 15F
14.6 1.3 1.6 1.6
15.5 3.9 4.8 5.5
3.6 n.a. n.a. n.a.
17.7 4.3 6.3 5.3
22.9 4.0 3.1 4.5
8.0 5.7 5.3 5.5
20.4 2.6 2.7 2.9
16.3 4.1 4.1 4.3
22.7 n.a. 2.9 5.3
11.4 5.0 4.4 5.0
28.8 2.9 4.1 4.8
Source: MBKET
2ก
F 2558
F 3 ก 13
AQ
AQ
F
F
F
ก
F F
, ANAN, SC
ก F
F
ʾ 2556 F
F
PS
F
ก F
ก
ก
ก
F
ก
ก
ก
ก KMC
Figure 4: Top-Brand clients.
Source: Company reports
Source: Company reports
Renovate / Rebrading
F
(CEO)
ˈ AQ
Figure 3 : Well–diversified portfolio.
AQ F
ก
F
ก
F
ก
F
ʾ F
F
F ก Value added
F
ก ก
SIRI
F
F F
Value added
ˆ
AQ Backlog 1,996 F
ก F
F ʽ
F
ʾ2556 (Estes Rattanathibet , Garden Phase1)
ก กF
ก
(Kris
Ratchada 6-7)
ก
Rebranding
Renovate
F F
F
F
ก F
F
F
F
F ก
ˆ
Inventory
F
F ʾ
2558
1,050 F
(41%
F )
Figure 5: Expertise in rebranding and renovation.
Before AQ renovate
2ก
F 2558
After AQ renovate
F 4 ก 13
AQ
Figure 6: AQ – modern housing style.
ʽ 8
ʾ 2558
7,758 F
ก
F
ก
F
ˈ ʾ F
ก
F
F
80%
ก
8
(+57%YoY)
ก
ˈ
ʾ
AQ
ก F
F
AQ
˂
ก
ˈ ก
ก
F ก 8 F
ก
F
F
F F
ก F
ก
Presales ʾ2558
3,000 F
F ʾ 2558 2,536
Figure 7 : Higher group of middle – high income.
Figure 8 : 8 projects launch in 2015.
Source:Nesdb.go.th
Source: Company report & MBKET
ʾ 2558
F
กก F
F
ก
ʽ
ʾ
F ก
F
ก ก F
F
F
49
ˈ
ก
F Build-to-suit
ก
Segment ก F
กF
2ก
ʽ
F 2558
ˈ Underweight
F
F 8
F ˈ F Townhome / Condo
ก AEQUA Residence Sukhumvit
Fก F
ก
ก ก
ก F ก Segment
F 5 ก 13
AQ
ก ก
F
ʾ 2558
AQ ʾ 2558
41% F
ʽ
ʾ
F
ˈ 1,200 F
F
F
F ก 34 F
Revenue F
ก
F
F
ก
ก
F
ก ˈ ก
ก
F
ก
Assets (NPA)
ก
80%
F ʾ 2558
ก ก
F
F ˈ
F
Secured
ก
F ก 8
20%
F
7,758
13%
F
(Recurring income) ก
F ก
F ˂
ก ก
ก Non
ก F
Figure 9 : AQ- Int Coverage and D/E
Figure 10 : AQ – Revenue, Net Profit
Source:Nesdb.go.th
Source: Company report & MBKET
ก
. F
AQ-W2
AQ-W3
F 2558
F
ก
F F
F
Performing
F ก NPA
2
F
F
ก
ก F F F ก
F F
F F ก F
F F
F
offering (RO) Private Placement (PP) ʾ F
F
ก
ก
F
1,800 F
2 ʾ
F ก F 2,000 F
F
2ก
(+57% YoY)
Upside
ก ก
ก F
ก
ก ˈ
F
ก
ก
, Director of SIRI)
ก
ก F (
F
F ก 2,536 F
F ( F
920.593
2,624.5
ˆ
F
F )
F
1.09
0.584
ก
Interest coverage
ก
ก
Right
F
ก
AQ_W2, AQ_W3
F
0.918
1.028
F 6 ก 13
AQ
ก
ก
ก
ก
F
1
F
กก
F:
F
ก
F F
F
ก
F
ก
2ก
F 2558
F
F
:
F ก
กก
ก
:
F F กF
ʾ F
F กF ก F
F
ก F
F
ก
F
Fก
F
F
ก
ก F
˂
F
ˈ
ก
KMC
F
ก
F
F ˈ AQ ESTATE
Presale
1,000 F
F
F
F
F
ˆ
F
F
D/E ratio
F
F
ˆ
กF
˂
F
ˆ
0.27 F
F
ก
F
F 7 ก 13
AQ
INCOME STATEMENT (THB mn)
FY December
Revenue
EBITDA
Depreciation & Amortisation
Operating Profit (EBIT)
Interest (Exp)/Inc
Associates
One-offs
Pre-Tax Profit
Tax
Minority Interest
Net Profit
Recurring Net Profit
Revenue Growth %
EBITDA Growth (%)
EBIT Growth (%)
Net Profit Growth (%)
Recurring Net Profit Growth (%)
Tax Rate %
BALANCE SHEET (THB mn)
2013
2014F
2015F
2016F
FY December
2013
2014F
2015F
2016F
929
-46
29
-75
(43)
22
219
-68
2
0
174
-45
1,612
-222
110
-331
(21)
-1
0
-277
18
0
-278
-278
2,536
227
221
6
(28)
-8
0
42
0
0
34
34
2,820
261
221
40
(28)
-17
0
83
0
0
66
66
Fixed Assets
Other LT Assets
Cash/ST Investments
Other Current Assets
Total Assets
2,278
52
349
43
5,323
2,053
81
2,035
64
7,519
1,648
127
1,578
101
7,772
1,425
141
2,353
113
8,112
ST Debt
Other Current Liabilities
LT Debt
Other LT Liabilities
Minority Interest
Shareholders' Equity
Total Liabilities-Capital
0
152
790
13
0
4,497
5,323
125
81
1,191
24
0
6,291
7,519
125
127
1,360
38
0
6,375
7,772
125
113
1,640
42
0
6,435
8,112
157.0
(13.1)
5.9
(264.5)
5.9
2.3
73.5
380.4
342.6
(260.4)
342.6
6.1
57.3
(202.6)
(101.9)
(112.2)
(101.9)
0.0
11.2
14.8
525.3
93.8
525.3
0.0
126,706
276
121,900
2,315
253,479
417
248,214
4,449
253,479
544
247,177
5,352
253,479
656
248,026
5,589
2013
2014
2015F
2016F
2013
2014
2015F
2016F
-68
29
(43)
(1,577)
2
501
(1,156)
(757)
(219)
635
(341)
(341)
126,664
0
(43)
(121,991)
4,289
310
-277
110
(21)
(342)
18
1
(511)
(180)
0
232
52
(54)
126,773
0
(21)
(124,555)
2,144
1,685
42
221
(28)
(1,262)
0
20
(1,007)
(68)
0
(12)
(79)
580
0
50
(28)
28
630
(457)
83
221
(28)
638
0
11
925
(68)
0
(4)
(71)
(73)
0
(6)
(28)
28
(79)
775
30.7
(6.5)
(8.1)
18.7
3.9
(1.7)
(4.9)
n.m.
-1.1
0.22
19.41
26.9
9.6
1133.6
Cash
-17.12
0.02
4.8
(13.7)
(20.6)
(17.3)
(4.4)
(4.9)
(17.3)
5.56
-10.7
0.25
21.95
50.0
9.9
692.4
Cash
-5.37
0.03
17.3
9.0
0.3
1.3
0.5
0.1
1.3
5.56
8.1
0.33
8.43
40.0
8.2
661.3
Cash
5.98
0.07
17.9
9.3
1.4
2.3
1.0
0.5
2.3
5.56
9.3
0.36
9.54
35.0
9.5
661.9
Cash
6.28
0.07
CASH FLOW (THB mn)
FY December
Profit before taxation
Depreciation
Net interest receipts/(payments)
Working capital change
Cash tax paid
Others (incl'd exceptional items)
Cash flow from operations
Capex
Disposal/(purchase)
Others
Cash flow from investing
Debt raised/(repaid)
Equity raised/(repaid)
Dividends (paid)
Interest payments
Others
Cash flow from financing
Change in cash
2ก
F 2558
Share Capital (m)
Gross Debt/(Cash)
Net Debt/(Cash)
Working Capital
BVPS
RATES & RATIOS
FY December
Gross margin %
EBITDA Margin %
Op. Profit Margin %
Net Profit Margin %
ROE %
ROA %
Net Margin Ex. El %
Dividend Cover (x)
Interest Cover (x)
Asset Turnover (x)
Asset/Debt (x)
Debtors Turn (days)
Creditors Turn (days)
Inventory Turn (days)
Net Gearing %
Debt/ EBITDA (x)
Debt/ Market Cap (x)
F 8 ก 13
AQ
APPENDIX I:TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS
ก
F
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F ,ก ก
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F F ก F ก ก
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F ก
F
ˈ ก ก
F
F F ก
ˆ
Securities Berhad
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F ก
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ก , F
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Maybank Kim Eng
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F F ,ก
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F F F F
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F ก F
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Maybank Kim Eng
ก Maybank Kim Eng ˈ ก F
F
ก F
ก F
3 ก
ก
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F ก
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Maybank Kim Eng
F
F
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F F
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F Bursa Malaysia
F
F
ก
F
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F
F ก
ก F
Singapore Securities and Futures)
ก
ก
ก
ก
ʽ
ก
ก
F F
ก
ก F
2ก
F
ก กก
ก
F F
F
F 2558
ˈ
ก F
ก
F
F
F F
F F ˈ ก
, F
Maybank KERPL
ก
F
ก
ก
ก F
ก
ก
ก
ก
F
Maybank Kim Eng Research ก ( Maybank KERPL )
F F
F ก Maybank KERPL
F
F ก
ก
ก
( ก
Section 4A
ก
F ˈ ก
ก
(IOD)
ก ก
F ก
ก ʽ
F
F F ˈ ก
ก
กก
ก ก ก
F กF ก
(
)
ก
F
ก
ˈ ก
ก
ก F
ก
F กF F F
ก
ก ก (Corporate Governance) ˈ ก
IOD ˈ ก
กF
ˈ F
F
F
F
F ก FF
ก
ก ก
F
ก
ก (
) F
ก F
ก
ก
F 9 ก 13
AQ
ก
F
MKE
F
( US )
ก F
ˈ
(
Rule 15a-6
Fก
Securities Exchange Act of 1934) Maybank Kim Eng Securities USA Inc ( Maybank KESUSA ) F
ˈ Broker-Dealer F
( ก
Section 15 Securities Exchange Act of 1934)
ก
F
F
F Maybank KESUSA
F
F
F F F ก MKE F
FF ก
ก
กก F F
F F
F
F
F
F
F F F Maybank KESUSA F
F
F กก F ก
ก
ก ก
ก ก Fก ก ก
ก
ก
F ก
F
Financial Services Authority
(Retail Client)
กF F F ก
F
F
ก ก F ก
ก
,
Maybank Kim Eng Securities (London) ก ( Maybank KESL )
F
F
Fก ก ก
Informational Purposes F
ก
F F
F กF
ก ก
ˈ ก
The Financial Services and Markets Act 2000
ก F
ก ก
3
ˈ
F F
F
ก F ก F
ก F F
ก F ˈ
F
ก
ก
Fก
ก F ก
ก F
ก
F F
ก
F
ก
The
F
ก
DISCLOSURES
Legal Entities Disclosures
: ก
Berhad
F
ˈ F
F
Capital Market and Services
F: ก
Authority of Singapore
F
F
Maybank KERPL (
: PT Kim Eng Securities ( PTKES ) (
BAPEPAM LK
: MBKET (
Vietnam
ก
ก
F ก : KESHK (Central Entity No: AAD284)
Fก ก
ก F
ก Bursa Malaysia
Fก ก ก
Indonesia Stock Exchange
F
Fก ก ก
The Philippines Stock Exchange
Kim Eng Vietnam Securities ก ( KEVS ) (
:
ก
The Stock Exchange of Thailand
01-2004-00019) ˈ
ˈ
197201256N)
KEP-251/PM/1992) ˈ
0107545000314) ˈ
ʽ ʽ F: MATRKES (
and Exchange Commission
Maybank Investment Bank Berhad (15938-H)
The Securities Commission
ก
F
71/UBCK-GP)
ก
F
Fก ก ก
ก
Fก ก ก
F
Monetary
ก .
The Securities
F The State Securities Commission of
The Securities and Futures Commission
:
Kim Eng Securities India Private ก ( KESI ) ˈ F
The National Stock Exchange of India Limited (
: INF/INB
231 452435)
Bombay Stock Exchange (
INF/INB 011452431)
F
Fก ก ก
Securities and Exchange Board of
India
KESI F
ก SEBI
1 Merchant Broker (
INM 000011708)
: Maybank KESUSA ˈ
ก
F
ก : Maybank KESL (
F
Fก ก ก
2377538) ˈ
ก
FINRA Broker ID 27861
F
F
Fก ก ก
The Financial Services Authority
Disclosure of Interest
: MKE
ˈ F
ก ก
2ก
F:
F
: MBKET
ก ก
ก
F
/ ก ˈ F
ก ก
ก
F
F
ก
F 2558
ก
F
F 2558, Maybank KERPL
ก
ก
ˈ
F
F ก : KESHK
F ก
Conduct for Persons Licenses ก ก ก
2ก
F ก
ก
F
กF
F
ก
F ก
F
ˈ F ก
ก
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F
ˈ F F ก
F ก
MBKET
F
กก
ก
ก, F
F
F F
F
ก ก
ก
ก
F
F Derivatives Warrants
ก
F
F
ก F ก ก
/
ก F ก ก
F
ˈ ก
F F F
The Securities and Futures Commission
Paragraph 16.5 (a)
market maker
ก F ก ก
F
ก
F
ก F
ก
ก
F ก
F
F
Hong Kong Code of
F 10 ก 13
AQ
2ก
F 2558, KESHK
F 3 ʾ F
ก
F
MKE
ก
F ก
F
ก ก
ก
F ก
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F
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F ก ก F
F
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F
F ก F
F
F
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F
F
ก
F ก
กF ก
F
ก F ก
OTHERS
Analyst Certification of Independence
ก F
F
ก
F
F
Structure Securities
ˈ
F
(
ก Spot / F
F
ก
FF
ก
F
F
ก
FF F
F
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F
F
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F
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F
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), Time to Maturity,
F
F ก
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,
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F ก ก
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F
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ก MKE
Definition of Ratings (For MayBank Kim Eng Thailand)
Maybank Kim Eng Research uses the following rating system:
BUY
Return is expected to be above 10% in the next 12 months (excluding dividends)
TRADING BUY/TAKE PROFIT
Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends).
SELL
Return is expected to be below -10% in the next 12 months (excluding dividends)
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings
as we do not actively follow developments in these companies.
Some common terms abbreviated in this report (where they appear):
Adex = Advertising Expenditure
BV = Book Value
CAGR = Compounded Annual Growth Rate
Capex = Capital Expenditure
CY = Calendar Year
DCF = Discounted Cashflow
DPS = Dividend Per Share
EBIT = Earnings Before Interest And Tax
EBITDA = EBIT, Depreciation And Amortisation
EPS = Earnings Per Share
EV = Enterprise Value
2ก
F 2558
FCF = Free Cashflow
FV = Fair Value
FY = Financial Year
FYE = Financial Year End
MoM = Month-On-Month
NAV = Net Asset Value
NTA = Net Tangible Asset
P = Price
P.A. = Per Annum
PAT = Profit After Tax
PBT = Profit Before Tax
PE = Price Earnings
PEG = PE Ratio To Growth
PER = PE Ratio
QoQ = Quarter-On-Quarter
ROA = Return On Asset
ROE = Return On Equity
ROSF = Return On Shareholders’ Funds
WACC = Weighted Average Cost Of Capital
YoY = Year-On-Year
YTD = Year-To-Date
F 11 ก 13
AQ
THAI INSTITUTE OF DIRECTORS ASSOCIATION (IOD) CORPORATE GOVERNANCE REPORT RATING 2014
BAFS
BCP
BTS
CPN
EGCO
GRAMMY
HANA
INTUCH
IRPC
IVL
KBANK
KKP
KTB
MINT
PSL
PTT
PTTEP
PTTGC
SAMART
SAMTEL
SAT
SC
SCB
SE-ED
SIM
SPALI
TISCO
TMB
TOP
Score Range
90-100
80-89
70-79
60-69
50-59
Lower than 50
AAV
ACAP
ADVANC
ANAN
AOT
ASIMAR
ASK
ASP
BANPU
BAY
BBL
BECL
BIGC
BKI
BLA
BMCL
BROOK
CENTEL
CFRESH
CIMBT
CK
CNT
CPF
CSL
DELTA
DRT
DTAC
DTC
EASTW
EE
ERW
GBX
GC
GFPT
GUNKUL
HEMRAJ
HMPRO
ICC
KCE
KSL
LANNA
LH
LHBANK
LOXLEY
LPN
MACO
MC
MCOT
NBC
NCH
NINE
NKI
NMG
NSI
OCC
OFM
PAP
PE
PG
PHOL
PJW
PM
PPS
PR
PRANDA
PS
PT
QH
RATCH
ROBINS
RS
S&J
SAMCO
SCC
SINGER
SIS
SITHAI
SNC
SNP
SPI
SSF
SSI
SSSC
STA
SVI
TTA
2S
AF
AH
AHC
AIT
AJ
AKP
AKR
AMANAH
AMARIN
AMATA
AP
APCO
APCS
AQUA
ARIP
AS
ASIA
AY UD
BEAUTY
BEC
BFIT
BH
BJC
BJCHI
BOL
BTNC
BWG
CCET
CGD
CGS
CHOW
CI
CKP
CM
CMR
CSC
CSP
CSS
DCC
DEMCO
DNA
EA
ESSO
FE
FORTH
FPI
GENCO
GLAND
GLOBAL
GLOW
GOLD
HOTPOT
HTC
HTECH
HY DRO
IFS
IHL
INET
IRC
IRCP
ITD
KBS
KGI
KKC
KTC
L&E
LRH
LST
MAJOR
MAKRO
MATCH
MBK
MBKET
MEGA
MFC
MBAX
MFEC
MJD
MODERN
MONO
MOONG
MPG
MTI
NC
NTV
NUSA
NWR
NY T
OGC
OISHI
PACE
PATO
PB
PDI
PICO
PPM
PPP
PREB
PRG
PRIN
PTG
QLT
QTC
RCL
SABINA
SALEE
SCBLIF
SCCC
SCG
SEAFCO
SEAOIL
SFP
SIAM
SIRI
SKR
SMG
SMK
SMPC
SMT
TCAP
TF
THAI
THANI
THCOM
TIP
TIPCO
TK
TKT
TNITY
TNL
TOG
TRC
TRUE
TSTE
TSTH
Number of Logo
No logo giv en
Description
Excellent
Very Good
Good
Satisf actory
Pass
N/A
TTW
TVO
UAC
VGI
VNT
WACOAL
SOLAR
SPC
SPCG
SPPT
SST
STANLY
STEC
STPI
SUC
SWC
SYMC
SYNEX
SYNTEC
TASCO
TBSP
TEAM
TFD
TFI
THANA
THIP
THREL
TIC
TICON
TIW
TKS
TLUXE
TMI
TMT
TNDT
TPC
TPCORP
TRT
TRU
TSC
TTCL
TUF
TVD
TWFP
UMI
UP
UPF
UPOIC
UT
UV
UWC
VIH
WAVE
WHA
WIN
WINNER
Y UASA
ZMICO
Source: Thai Institute of Directors (IOD)
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20-21, 24
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1
10330
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0-2658-6300
125
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10200
0-2225-0523
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02-958-0590 F 400
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0-2804-4235
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0-2804-4251
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10260
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