BLS Earning Guidance Table
Bualuang Securities
Price as of: 28 Feb 2013
Price
Target (Bt)
Revenues (m)
13e
EBITDA / PPOP (m)
14e
13e
14e
Opting Profit (m)
13e
14e
Net Profit (m)
13e
EPS (Bt)
14e
13e
14e
Ch %
13e
FCF/sh (Bt)
14e
13e
14e
DPS (Bt)
13e
14e
ROCE
D/E
13e
13e
Analysts
Agro & Food
Food
Charoen Pokphand Foods
GFPT
549,136
585,289
42,312
48,109
29,648
34,011
26,819
31,696
CPF
44.00
398,213
422,578
25,785
30,382
16,981
20,373
17,261
20,834
2.23
2.69
GFPT
9.50
16,930
18,922
1,691
1,871
736
836
813
1,057
0.65
0.84
(8.14)
1,891.97
20.70
6.40
2.79
1.27
1.53
7.00
0.78
PrS
29.99
39.52
17.20
0.22
0.29
7.01
0.92
PrS
Khon Kaen Sugar Industry
KSL
14.50
19,569
21,285
4,083
4,122
3,191
3,223
2,274
2,463
1.22
1.32
(3.41)
8.30
2.13
2.00
0.72
0.78
8.89
0.88
SuS
Thai Union Frozen Products
TUF
85.00
114,424
122,504
10,753
11,734
8,741
9,579
6,470
7,343
5.46
6.11
36.68
11.87
4.66
10.09
2.78
3.12
8.66
0.66
PrS
849,178
972,201
303,320
356,335
378,635
430,440
212,000
245,250
Bank of Ayudhya
BAY
38.00
93,523
105,530
31,622
37,142
43,830
49,377
18,600
23,000
3.06
3.79
27.18
23.66
1.05
1.30
7.99
SuB
Bangkok Bank
BBL
246.00
135,556
153,818
50,788
60,446
60,317
68,628
40,000
47,000
20.96
24.62
21.13
17.50
8.00
9.00
7.65
SuB
KBANK
251.00
157,260
176,520
64,955
73,147
72,351
77,666
43,900
50,000
18.43
20.99
24.50
13.90
3.25
3.50
8.38
SuB
KK
60.00
19,405
22,145
4,439
4,990
7,996
9,210
4,000
4,550
4.80
5.46
17.95
13.75
2.40
2.50
6.88
SuB
SuB
Financials
Banking
KASIKORNBANK
Kiatnakin Bank
Krung Thai Bank
KTB
26.25
139,920
155,635
47,329
52,110
65,070
72,531
32,000
36,000
2.29
2.58
35.79
12.50
0.92
1.03
11.25
The Siam Commercial Bank
SCB
219.00
164,494
194,709
69,921
83,267
71,098
82,388
50,700
61,800
14.92
18.18
26.06
21.89
3.75
4.25
8.85
SuB
Thanachart Capital
TCAP
57.00
71,596
81,144
14,107
20,078
28,726
36,318
11,000
7,700
8.61
6.03
100.67
(30.00)
1.75
2.00
22.04
SuB
Tisco Financial Group
TISCO
66.00
23,279
29,492
7,910
9,684
9,063
11,142
4,800
6,000
5.99
7.49
17.30
25.00
2.25
2.75
14.28
SuB
TMB
2.50
44,147
53,206
12,250
15,471
20,185
23,179
7,000
9,200
0.16
0.21
336.09
31.43
0.06
0.07
13.23
SuB
12,350
12,937
3,455
3,414
9,983
10,163
340
410
KTC
30.25
12,350
12,937
3,455
3,414
9,983
10,163
340
410
1.32
1.59
33.33
20.59
0.66
0.79
8.72
SuB
BLA
80.00
3.90
4.48
43.10
14.89
27.09
29.20
0.90
1.00
6.49
SuB
Aapico Hitech
AH
31.00
Somboon Advance Technology
SAT
41.00
STANLY
298.00
TMB Bank
Consumer Finance
Krungthai Card
Insurance
Bangkok Life Assurance
41,406
43,890
5,970
7,034
5,874
6,938
4,700
5,400
41,406
43,890
5,970
7,034
5,874
6,938
4,700
5,400
38,390
43,515
5,211
5,447
3,069
3,683
3,550
4,184
17,429
19,520
891
1,043
439
590
640
770
2.27
2.72
(11.11)
19.89
(0.40)
0.79
0.95
1.09
8.34
0.92
SuB
11,043
12,589
2,168
1,856
1,298
1,448
1,260
1,414
2.95
3.31
23.09
12.18
0.23
0.55
0.80
1.00
21.27
1.02
SuB
21.53
26.10
127.09
21.21
(15.31)
(1.72)
7.00
7.25
10.81
Industrials
Automotive
Thai Stanley Electric
Petrochemical
Indorama Ventures
9,918
11,406
2,152
2,548
1,332
1,646
1,650
2,000
827,053
869,707
90,769
95,077
64,849
68,175
47,566
50,145
SuB
IVL
28.00
220,140
238,808
17,200
18,495
10,844
11,779
7,869
8,045
1.63
1.67
70.64
2.24
2.39
2.01
0.49
0.50
6.62
0.82
SuS
PTTGC
92.00
556,817
579,220
65,811
68,348
48,619
50,568
35,179
37,164
7.80
8.24
3.46
5.64
11.93
7.98
3.52
3.72
9.19
0.50
SuS
Thai Plastic and Chemicals
TPC
30.00
31,558
31,578
4,523
4,430
3,421
3,306
2,864
2,792
3.27
3.19
(14.07)
(2.53)
4.64
4.18
2.13
2.07
15.44
0.07
SuS
Vinythai
VNT
23.24
18,539
20,101
3,235
3,804
1,965
2,523
1,654
2,144
1.40
1.81
(2.25)
29.66
1.94
2.55
0.84
1.09
7.89
0.22
SuS
SCC
520.00
27.94
35.17
42.18
25.88
7.15
20.59
16.00
20.00
9.89
0.94
ChS
CH. Karnchang
CK
32.25
0.44
5.82
2.38
ChS
Italian-Thai Development
ITD
0.96
3.04
ChS
STEC
18.35
0.04
ChS
PTT Global Chemical
Property & Construction
Cement
The Siam Cement
457,313
503,472
57,642
67,545
26,876
36,847
33,525
42,202
457,313
503,472
57,642
67,545
26,876
36,847
33,525
42,202
112,695
66,299
8,496
5,038
4,441
3,825
3,776
3,019
27,609
39,646
1,588
2,712
1,084
2,190
2,142
1,467
1.30
0.89
276.81
(31.53)
0.52
(1.56)
0.65
2.96
62,902
4,951
2,086
0.09
0.09
n.m.
3.02
0.83
n.m.
0.02
36.25
22,184
26,653
1,957
2,326
1,272
1,635
1,552
1.07
1.31
8.76
22.48
0.29
0.53
0.75
Construction
Sino-Thai Engineering and Construction
366
1,267
0.92
BLS Earning Guidance Table (Contd)
Bualuang Securities
Price as of: 28 Feb 2013
Price
Target (Bt)
Industrial
Amata Corporation
Hemaraj Land and Development
Revenues (m)
EBITDA / PPOP (m)
13e
14e
13e
14e
Opting Profit (m)
13e
14e
Net Profit (m)
13e
14e
EPS (Bt)
13e
14e
Ch %
13e
FCF/sh (Bt)
14e
13e
14e
DPS (Bt)
13e
14e
ROCE
D/E
13e
13e
Analysts
31,453
32,184
10,759
11,921
8,198
9,066
6,863
7,801
AMATA
28.00
7,308
8,139
2,844
3,616
2,256
2,977
1,472
2,053
1.38
1.92
8.97
39.43
(1.74)
0.42
0.69
0.96
8.73
1.13
JiL
HEMRAJ
4.10
7,199
7,175
3,151
3,247
2,379
2,417
2,879
3,233
0.30
0.33
24.37
12.31
(0.02)
0.26
0.15
0.17
11.10
1.37
JiL
Rojana Industrial Park
ROJNA
12.30
13,270
12,986
3,055
3,060
2,261
2,208
1,485
1,378
0.93
0.86
(11.67)
(7.25)
1.29
0.92
0.40
0.40
5.81
1.68
JiL
Ticon Industrial Connection
TICON
13.80
3,677
3,884
1,708
1,998
1,303
1,464
1,026
1,137
1.17
1.30
(37.54)
10.82
(1.88)
(0.93)
1.00
1.00
5.43
1.60
JiL
112,541
120,766
8,664
11,075
5,970
8,394
1,834
4,328
Dynasty Ceramic
DCC
62.00
8,423
8,844
1,932
2,038
1,770
1,902
1,426
1,532
3.50
3.75
13.56
7.41
5.32
3.87
3.50
3.75
45.65
Mill Con steel industries
MILL
2.70
18,260
19,772
1,216
1,286
989
1,054
525
633
0.27
0.32
28.06
20.44
3.18
4.07
0.08
0.11
4.70
1.68
(784)
(1.17)
3.19
NaE
3.46
0.36
NaE
20.36
0.03
NaE
9.99
0.84
NaE
Material
Sahaviriya Steel Industries
Tata Steel (Thailand)
SSI
0.68
57,182
62,900
3,606
5,779
2,352
4,507
TSTH
0.70
28,676
29,250
1,910
1,973
859
931
667
741
187,322
216,898
36,442
43,275
34,470
41,165
29,457
35,224
ANAN
5.00
9,555
11,212
2,060
2,561
1,668
2,166
1,381
1,761
0.41
AP
10.80
20,159
23,254
3,356
3,979
3,324
3,944
2,588
3,075
0.91
Residential
Ananda Development
Asian Property Development
Land and Houses
1,422
(0.04)
0.08
n.m.
n.m.
0.07
0.05
0.06
0.07
275.14
11.08
0.03
0.06
0.53
n.m.
27.56
4.70
5.23
1.08
12.42
18.81
0.57
0.39
0.29
0.09
0.35
NaE
NaE
LH
12.00
27,143
31,409
6,033
6,993
5,648
6,589
6,125
7,214
0.61
0.72
16.30
17.77
0.48
0.49
0.49
0.58
10.34
0.80
NaE
LPN
26.00
15,634
17,959
3,400
4,007
3,354
3,960
2,704
3,189
1.83
2.16
21.97
17.96
1.94
1.05
0.92
1.08
23.63
0.18
NaE
Pruksa Real Estate
PS
38.00
34,042
40,784
7,424
8,953
6,974
8,423
5,513
6,630
2.50
3.00
41.61
20.27
(1.11)
1.32
0.75
0.90
13.22
0.88
NaE
Quality Houses
QH
4.30
18,979
21,474
2,514
2,935
2,303
2,723
2,518
3,037
0.27
0.33
4.91
20.65
0.24
0.28
0.14
0.17
6.63
1.24
NaE
L.P.N. Development
SC Asset Corporation
SC
36.00
11,151
12,613
2,096
2,556
2,073
2,532
1,607
1,960
2.45
2.99
52.19
21.91
3.33
3.86
0.98
1.19
7.81
0.86
NaE
Sansiri
SIRI
4.20
36,874
41,120
5,203
5,902
4,864
5,535
3,744
4,265
0.36
0.41
25.42
13.91
0.25
0.20
0.19
0.22
10.19
0.96
NaE
Supalai
SPALI
22.30
13,783
17,074
4,356
5,390
4,263
5,294
3,277
4,093
1.91
2.38
19.43
24.91
0.87
0.78
0.80
1.00
16.92
0.35
NaE
4,028,749
3,900,813
462,532
482,393
303,008
302,874
217,804
222,769
BANPU
BANPU
432.00
78,709
78,553
20,671
20,781
11,816
11,607
7,988
9,564
29.39
35.20
(14.05)
19.74
(16.37)
19.43
16.00
19.36
4.28
1.04
ThC
Electricity Generating
EGCO
131.00
8,633
6,459
1,945
1,984
6,554
6,993
12.45
13.28
(40.31)
6.70
5.46
19.92
5.50
5.50
6.61
0.37
ThC
Glow Energy
GLOW
82.00
70,598
69,924
20,070
19,901
14,069
13,867
8,333
8,728
5.70
5.97
49.89
4.74
12.80
9.70
2.85
2.98
7.48
1.21
ThC
IRPC
4.30
269,083
248,604
6,062
9,445
2,449
5,799
2,324
5,623
0.11
0.28
n.m.
141.92
0.31
0.21
0.08
0.14
1.95
0.60
ThC
ThC
Resource
Energy
IRPC
PTT
(210)
(179)
PTT
410.00
2,891,092
2,831,507
223,090
226,248
149,728
142,059
110,532
106,269
38.70
37.21
5.60
(3.86)
34.24
21.02
13.74
13.21
9.11
0.55
PTT Exploration and Production
PTTEP
166.00
231,836
238,209
160,366
171,685
103,965
106,581
61,985
64,039
15.61
16.13
8.15
3.31
34.39
7.01
6.25
6.45
14.51
0.18
ThC
Ratchaburi Electricity Generating Holding
RATCH
49.00
38,035
40,947
6,399
8,625
4,034
6,255
5,285
7,000
3.64
4.83
(29.72)
32.47
5.46
6.51
2.33
2.33
8.57
0.12
ThC
Thai Oil
TOP
75.00
435,735
381,285
20,185
19,752
14,059
13,560
12,477
11,987
6.12
5.88
1.27
(3.93)
1.22
6.19
2.75
2.64
9.34
0.32
ThC
Thai Tap Water Supply
TTW
9.84
5,027
5,326
3,744
3,971
3,100
3,327
2,327
2,565
0.58
0.64
(3.90)
10.23
1.36
0.29
0.52
0.52
9.53
1.01
ThC
66,291
75,751
14,239
16,133
10,203
11,875
9,617
11,339
BGH
U/R
51,612
59,061
10,608
11,942
7,352
8,502
7,247
8,536
4.69
5.52
1.30
17.78
6.11
5.28
2.20
2.60
12.82
0.28
NaE
BH
98.00
14,679
16,691
3,631
4,191
2,852
3,372
2,370
2,803
3.25
3.84
16.73
18.27
2.82
2.46
1.62
1.92
17.00
0.52
NaE
51,108
55,469
17,270
19,048
12,637
14,307
11,096
12,677
BEC
68.00
17,050
18,554
9,409
10,354
7,236
8,185
5,817
6,589
2.91
3.29
21.76
13.28
3.10
3.44
2.82
3.20
64.76
0.00
PrS
GRAMMY
13.00
13,102
13,833
68
75
114
0.14
0.21
n.m.
52.20
0.40
0.43
0.11
2.19
0.13
PrS
Services
Health Care
Bangkok Dusit Medical Services
Bumrungrad Hospital
Media
BEC World
GMM Grammy
(76)
(401)
(568)
Major Cineplex Group
MAJOR
26.00
7,949
8,568
2,055
2,192
918
998
1,045
1,148
1.18
1.29
28.75
9.93
1.84
1.78
1.09
1.20
11.56
0.34
PrS
MCOT
MCOT
60.00
6,771
7,396
3,014
3,331
2,437
2,735
2,085
2,328
3.03
3.39
20.63
11.69
2.70
3.42
2.58
2.88
25.02
0.00
PrS
VGI
132.00
3,793
4,400
2,011
2,442
1,804
2,222
1,466
1,804
4.89
6.01
53.71
23.06
1.79
2.23
3.91
4.81
85.52
JiL
WORK
42.00
2,443
2,717
713
806
643
736
609
693
2.31
2.63
29.51
13.77
2.04
2.54
1.77
2.01
39.11
PrS
VGI Global Media
Workpoint Entertainment
BLS Earning Guidance Table (Contd)
Bualuang Securities
Price as of: 28 Feb 2013
Price
Target (Bt)
Consumer
Revenues (m)
13e
14e
EBITDA / PPOP (m)
13e
14e
Opting Profit (m)
13e
14e
Net Profit (m)
13e
14e
EPS (Bt)
13e
14e
Ch %
13e
FCF/sh (Bt)
14e
13e
14e
DPS (Bt)
13e
14e
ROCE
D/E
13e
13e
Analysts
650,396
748,634
71,641
85,031
82,848
98,161
39,370
Big C Supercenter
BIGC
220.00
135,051
152,037
13,693
15,372
22,402
25,087
6,808
7,774
8.25
9.42
12.08
14.20
5.01
4.73
2.48
2.83
10.80
0.77
ChS
Berli Jucker
BJC
44.50
42,718
48,360
6,352
7,410
4,182
4,999
2,791
3,318
1.74
2.07
13.63
18.87
1.11
1.51
0.87
1.03
9.33
0.70
ChS
CPALL
48.25
229,912
263,174
18,817
22,327
25,827
30,317
13,005
15,552
1.45
1.73
17.98
19.58
0.88
2.14
1.20
1.38
44.05
CPN
84.50
20,015
23,971
10,356
12,415
6,899
8,682
5,401
6,793
2.48
3.12
(14.07)
25.78
(2.34)
(1.72)
0.99
1.25
9.88
CP All
Central Pattana
47,628
0.97
ChS
ChS
Home Product Center
HMPRO
18.20
44,221
55,222
8,864
11,073
7,346
9,186
3,338
4,174
0.47
0.59
24.57
25.06
(0.73)
(0.53)
0.21
0.27
17.08
1.00
ChS
Siam Makro
MAKRO
550.00
128,683
146,425
7,035
8,499
8,907
10,850
4,409
5,434
18.37
22.64
23.99
23.25
(21.28)
(15.65)
15.50
19.50
33.25
0.17
ChS
0.01
ChS
OFM
82.00
11,374
14,438
953
1,273
1,409
1,839
555
777
1.73
2.43
57.88
39.89
7.13
12.08
0.69
0.97
8.84
Robinson Department Store
Officemate
ROBINS
76.00
27,786
33,309
4,019
4,998
4,919
6,086
2,452
3,073
2.21
2.77
18.86
25.31
2.06
3.48
1.10
1.38
21.51
Srithai Superware
SITHAI
33.50
10,635
11,698
1,551
1,663
956
1,116
610
733
2.13
2.57
12.55
20.24
(4.35)
2.94
1.35
1.62
7.02
34,452
35,979
5,481
6,388
1,141
1,808
11
762
Precious Shipping
PSL
17.04
3,285
3,736
1,483
1,643
527
636
115
251
0.11
0.24
(18.45)
117.97
(0.71)
(0.18)
0.07
0.14
0.49
0.64
SuS
Regional container Lines
RCL
7.20
14,785
15,229
1,471
1,496
234
241
174
203
0.21
0.24
n.m.
16.22
1.00
1.10
0.08
0.10
0.88
0.58
SuS
Thoresen Thai Agencies
TTA
16.01
16,382
17,014
2,526
3,249
380
932
(278)
309
(0.36)
0.39
n.m.
n.m.
(4.00)
(0.43)
0.10
(0.79)
0.35
SuS
290,666
317,077
63,780
70,956
36,453
43,778
21,089
25,167
Asia Aviation
AAV
7.60
24,088
28,861
4,185
5,924
3,475
5,039
1,596
2,218
0.33
0.46
(89.80)
38.95
3.73
0.57
4.86
0.29
SuS
Airports of Thailand
AOT
125.00
34,006
37,703
17,140
19,299
11,883
13,143
8,604
9,678
6.02
6.77
32.37
12.49
1.06
(9.29)
6.05
0.83
SuS
Shipping
Transport
3.03
3.41
1.00
ChS
JiL
Bangkok Expressway
BECL
45.00
8,354
9,082
5,502
6,027
2,844
3,306
2,224
2,790
2.78
3.49
(1.07)
25.42
1.47
1.62
1.60
2.01
5.53
0.76
SuS
BTS Group Holdings
BTS
8.90
11,507
14,318
4,430
5,257
3,006
3,791
2,651
1,882
0.22
0.16
28.58
(29.02)
0.34
0.22
0.14
0.09
4.15
0.59
SuS
Thai Airways International
THAI
27.00
212,711
227,113
32,523
34,449
15,245
18,500
6,014
8,599
2.23
3.19
(3.46)
43.00
4.97
5.43
0.56
0.80
2.51
2.37
SuS
59,527
65,017
13,728
15,323
7,376
8,646
6,497
7,169
Central Plaza Hotel
CENTEL
44.00
17,509
20,198
4,007
4,664
2,128
2,625
1,577
2,007
1.17
1.49
35.65
27.22
3.91
4.23
0.47
0.59
6.97
1.11
NaE
The Erawan Group
ERW
7.00
4,963
5,596
1,478
1,724
744
957
820
336
0.09
0.13
167.70
52.97
(0.90)
(0.36)
0.12
0.05
6.74
1.45
NaE
Minor International
MINT
29.00
37,056
39,223
8,243
8,935
4,504
5,064
4,100
4,826
1.01
1.19
9.32
17.72
0.72
0.83
0.44
0.51
9.24
0.96
NaE
401,885
433,956
119,215
126,134
71,148
79,886
62,249
68,377
ADVANC
192.00
151,729
166,708
63,009
67,456
46,164
50,939
35,760
38,314
12.03
12.89
2.51
7.14
11.09
12.76
10.46
12.89
49.77
0.65
PrS
DTAC
87.50
97,058
102,214
28,639
31,530
16,267
18,363
11,548
12,507
4.88
5.28
2.39
8.30
2.87
5.57
4.88
5.28
15.61
1.52
PrS
Tourism
Technology
ICT
Advanced Info Services
Total Access Communication
Shin Corporation
INTUCH
76.60
10,824
12,149
1,946
2,256
98
457
15,582
16,512
4.86
5.15
3.77
5.97
5.03
4.91
3.89
4.12
33.56
0.30
PrS
Samart Corporation
SAMART
25.50
21,482
24,935
3,368
3,583
2,265
2,452
1,375
1,570
1.39
1.59
31.65
14.18
0.44
0.86
0.85
0.97
9.01
1.03
PrS
Samart Telcoms
SAMTEL
26.00
9,726
10,254
2,097
2,255
1,269
1,356
1,124
1,271
1.84
2.08
38.55
13.07
8.04
(1.25)
0.96
1.08
12.82
1.55
PrS
Samart I-Mobile
SIM
3.00
9,318
12,031
995
1,208
544
695
490
670
0.11
0.16
195.35
36.83
3.75
3.66
0.07
0.10
10.33
0.75
PrS
THCOM
33.50
8,814
9,958
4,165
4,325
1,516
1,726
1,166
1,413
1.06
1.29
571.93
21.16
4.47
(0.70)
0.85
1.03
TRUE
3.50
92,933
95,706
14,996
13,522
3,026
3,897
(4,797)
(3,880)
(0.33)
(0.27)
n.m.
n.m.
(0.05)
(0.15)
75,842
80,202
10,302
11,067
6,331
6,979
7,054
7,753
Delta Electronics (Thailand)
DELTA
31.00
41,005
42,526
5,125
5,484
4,121
4,477
4,087
4,316
3.28
3.46
(5.99)
5.60
2.84
3.31
1.64
1.73
16.61
0.06
JiL
HANA Microelectronics
HANA
21.60
17,656
18,507
2,838
3,031
971
1,018
1,689
1,801
2.10
2.24
1.71
6.66
1.41
0.23
1.05
1.63
10.98
0.00
JiL
KCE Electronics
KCE
14.00
7,805
8,319
1,452
1,451
601
649
608
724
1.28
1.52
(15.90)
19.15
3.95
2.05
0.39
0.46
7.47
1.05
JiL
SVI
SVI
3.70
9,378
10,850
887
1,101
638
835
670
912
0.34
0.47
(46.27)
36.13
0.53
0.44
0.10
0.14
21.09
0.05
JiL
Thaicom
True Corporation
Electronic
5.91
0.21
PrS
(6.59)
6.99
PrS
BLS Valuation Comparables Table
Bualuang Securities
Price as of: 28 Feb 2013
EV/EBITDA
Market
Closing
Price
Price
Target (Bt)
Rating
No.
cap (m)
Shares (m)
Local curr
EPS Gr %
13e
PER
14e
13e
PEG
2yrs
14e
Gr %
13e
(P/PPOP)
14e
13e
Div.
Yields %
14e
13e
14e
P/BV
P/FCF
P/DCF
13e
13e
13e
Analysts
Date
Agro & Food
Food
Charoen Pokphand Foods
3.4
18.2
14.8
12.5
10.8
4.4
0.7
11.9
10.1
3.7
4.3
2.3
(8.1)
20.7
14.6
12.1
6.3
n.m.
0.6
13.4
11.2
3.9
4.7
1.9
5.1
PrS
30.0
12.3
9.4
961.0
0.0
0.3
8.8
7.8
2.8
3.6
1.6
0.2
PrS
26-02-2013
(3.4)
8.3
12.7
11.8
2.4
n.m.
1.4
8.1
7.6
4.7
5.0
1.8
7.3
1.1
SuS
11-01-2013
36.7
11.9
12.3
11.0
24.3
0.3
0.9
10.2
8.8
4.2
4.7
1.7
14.4
PrS
07-02-2013
CPF
32.5
44.00
BUY
7,743
251,646
GFPT
8.0
9.50
BUY
1,254
9,968
Khon Kaen Sugar Industry
KSL
15.5
14.50
HOLD
1,623
25,163
Thai Union Frozen Products
TUF
67.0
85.00
BUY
1,148
76,889
31.5
15.7
11.1
9.6
23.6
0.4
0.6
7.8
6.6
2.7
3.1
1.8
Bank of Ayudhya
BAY
34.5
38.00
BUY
6,074
209,558
27.2
23.7
11.3
9.1
25.4
0.4
0.4
6.6
5.6
3.1
3.8
1.7
SuB
21-01-2013
Bangkok Bank
BBL
219.0
246.00
BUY
1,909
418,037
21.1
17.5
10.5
8.9
19.3
0.5
0.5
8.2
6.9
3.7
4.1
1.4
SuB
21-02-2013
KBANK
212.0
251.00
BUY
2,393
507,371
24.5
13.9
11.5
10.1
19.2
0.5
0.7
7.8
6.9
1.5
1.7
2.0
SuB
21-01-2013
KK
61.3
60.00
TRADING BUY
834
51,063
17.9
13.7
12.8
11.2
15.8
0.7
0.8
11.5
10.2
3.9
4.1
1.5
SuB
04-02-2013
GFPT
1,892.0
27-02-2013
Financials
Banking
KASIKORNBANK
Kiatnakin Bank
Krung Thai Bank
KTB
25.5
26.25
TRADING BUY
13,976
356,390
35.8
12.5
11.1
9.9
24.1
0.3
0.8
7.5
6.8
3.6
4.0
1.8
SuB
29-01-2013
The Siam Commercial Bank
SCB
178.0
219.00
BUY
3,394
604,098
26.1
21.9
11.9
9.8
24.0
0.5
0.4
8.7
7.3
2.1
2.4
2.3
SuB
22-01-2013
Thanachart Capital
TCAP
45.0
57.00
BUY
1,278
57,502
100.7
(30.0)
5.2
7.5
35.3
0.1
n.m.
4.1
2.9
3.9
4.4
1.1
SuB
01-02-2013
Tisco Financial Group
TISCO
54.0
66.00
BUY
728
39,305
17.3
25.0
9.0
7.2
21.2
0.5
0.3
5.5
4.5
4.2
5.1
1.9
SuB
20-02-2013
TMB
2.4
2.50
TRADING BUY
43,550
106,262
336.1
31.4
15.2
11.5
183.8
0.0
0.4
8.7
6.9
2.3
2.7
1.8
SuB
15-01-2013
KTC
39.8
30.25
SELL
258
10,249
SuB
21-02-2013
BLA
65.3
80.00
BUY
1,207
78,783
2.4
SuB
26-02-2013
11.5
10.3
Aapico Hitech
AH
30.5
31.00
BUY
227
6,909
(11.1)
19.9
Somboon Advance Technology
SAT
37.5
41.00
HOLD
340
12,747
23.1
12.2
12.7
STANLY
257.0
298.00
BUY
77
19,693
127.1
21.2
9.0
5.4
TMB Bank
Consumer Finance
Krungthai Card
Insurance
Bangkok Life Assurance
33.3
20.6
30.2
25.0
n.m.
0.9
1.2
3.0
3.0
1.7
2.0
1.9
33.3
20.6
30.2
25.0
27.0
0.9
1.2
3.0
3.0
1.7
2.0
1.8
43.1
14.9
16.7
14.6
29.0
0.4
1.0
9.5
7.2
1.4
1.5
3.5
43.1
14.9
16.7
14.6
29.0
0.4
1.0
9.5
7.2
1.4
1.5
3.5
12.4
10.5
10.9
1.1
1.0
1.4
1.3
1.2
1.3
2.1
13.5
11.2
4.4
n.m.
0.6
5.4
4.9
3.1
3.6
1.6
n.m.
SuB
30-11-2012
11.3
17.6
0.5
0.9
7.6
9.0
2.1
2.7
2.7
163.0
SuB
28-02-2013
11.9
9.8
74.2
0.1
0.5
3.4
2.8
2.7
2.8
2.0
n.m.
SuB
05-02-2013
10.9
10.4
7.2
1.2
1.9
6.9
6.2
4.1
4.3
1.5
Industrials
Automotive
Thai Stanley Electric
Petrochemical
Indorama Ventures
PTT Global Chemical
IVL
23.8
28.00
BUY
4,814
114,579
70.6
2.2
14.6
14.2
36.4
0.2
6.4
9.6
8.8
2.1
2.1
1.8
9.9
0.9
SuS
27-02-2013
PTTGC
79.0
92.00
BUY
4,509
356,199
3.5
5.6
10.1
9.6
4.6
2.9
1.7
6.1
5.5
4.5
4.7
1.4
6.6
SuS
22-02-2013
Thai Plastic and Chemicals
TPC
38.5
30.00
HOLD
875
33,688
(14.1)
(2.5)
11.8
12.1
(8.3)
n.m.
n.m.
6.8
6.4
5.5
5.4
1.9
8.3
SuS
31-10-2012
Vinythai
VNT
19.2
23.24
BUY
1,185
22,756
(2.2)
29.7
13.8
10.6
13.7
n.m.
0.4
7.5
5.8
4.4
5.7
1.3
9.9
0.8
SuS
22-02-2013
SCC
464.0
520.00
BUY
1,200
556,800
64.9
0.9
ChS
31-01-2013
CH. Karnchang
CK
25.3
32.25
BUY
1,653
41,728
Italian-Thai Development
ITD
6.5
2.96
SELL
4,194
STEC
37.5
36.25
BUY
1,186
Property & Construction
Cement
The Siam Cement
42.2
25.9
16.6
13.2
34.0
0.4
0.5
11.9
10.1
3.4
4.3
3.5
42.2
25.9
16.6
13.2
34.0
0.4
0.5
11.9
10.1
3.4
4.3
3.5
162.4
(20.0)
30.0
28.6
n.m.
0.2
n.m.
15.6
19.2
1.8
2.1
4.4
276.8
(31.5)
19.5
28.5
122.6
0.1
n.m.
39.8
24.4
2.6
1.8
3.9
48.8
ChS
26-02-2013
27,049
n.m.
3.0
73.8
71.7
n.m.
n.m.
23.8
7.9
n.m.
0.3
2.8
7.7
ChS
20-03-2012
44,483
8.8
22.5
35.1
28.7
15.6
4.0
1.3
15.5
13.2
2.0
2.4
6.7
129.5
ChS
09-08-2012
Construction
Sino-Thai Engineering and Construction
BLS Valuation Comparables Table (Contd)
Price as of: 28 Feb 2013
Bualuang Securities
EV/EBITDA
Market
Closing
Price
Price
Target (Bt)
Rating
No.
cap (m)
Shares (m)
Local curr
Industrial
EPS Gr %
12e
PER
13e
13e
PEG
2yrs
14e
Gr %
13e
(P/PPOP)
14e
13e
Div.
Yields %
14e
13e
14e
P/BV
P/FCF
P/DCF
12e
12e
12e
Analysts
Date
(1.8)
13.7
15.3
13.6
5.9
n.m.
1.0
12.9
11.8
3.4
3.9
3.1
AMATA
25.5
28.00
BUY
1,067
27,209
9.0
39.4
18.5
13.3
24.2
2.1
0.3
12.5
10.0
2.7
3.8
3.0
n.m.
JiL
20-02-2013
HEMRAJ
4.2
4.10
BUY
9,705
41,150
24.4
12.3
14.3
12.7
18.3
0.6
1.0
15.4
14.7
3.5
3.9
3.5
n.m.
JiL
07-02-2013
Rojana Industrial Park
ROJNA
13.0
12.30
BUY
1,373
17,845
(11.7)
(7.2)
14.0
15.1
(9.5)
n.m.
n.m.
9.9
9.8
3.1
3.1
1.9
10.1
JiL
19-09-2012
Ticon Industrial Connection
TICON
21.7
13.80
HOLD
885
19,200
(37.5)
10.8
18.6
16.7
(13.4)
n.m.
1.5
14.6
13.3
4.6
4.6
2.5
n.m.
JiL
14-11-2012
n.m.
136.0
88.0
37.3
n.m.
n.m.
0.3
13.4
10.1
1.0
1.7
4.5
Dynasty Ceramic
DCC
57.8
62.00
HOLD
408
23,562
13.6
7.4
16.5
15.4
10.5
1.2
2.1
12.5
11.8
6.1
6.5
8.7
10.9
NaE
14-02-2013
Mill Con steel industries
MILL
2.4
2.70
BUY
1,569
3,702
28.1
20.4
8.9
7.4
24.2
0.3
0.4
8.4
7.6
3.5
4.5
1.1
0.7
NaE
06-09-2012
Amata Corporation
Hemaraj Land and Development
Material
Sahaviriya Steel Industries
Tata Steel (Thailand)
SSI
0.6
0.68
SELL
27,431
17,007
n.m.
n.m.
n.m.
7.9
n.m.
n.m.
n.m.
18.9
11.3
1.2
8.5
NaE
21-02-2013
TSTH
1.1
0.70
SELL
8,169
8,741
275.1
11.1
17.7
15.9
143.1
0.1
1.4
7.0
6.8
8.2
0.8
42.7
NaE
01-08-2012
22.8
19.3
12.9
10.8
21.0
0.6
0.6
13.8
11.6
2.6
ANAN
4.3
5.00
BUY
3,333
14,465
n.m.
27.6
10.5
8.2
n.m.
n.m.
0.3
6.5
5.1
AP
10.3
10.80
HOLD
2,848
29,337
12.4
18.8
11.4
9.6
15.6
0.9
0.5
12.0
Residential
Ananda Development
Asian Property Development
Land and Houses
L.P.N. Development
3.7
4.4
2.3
0.9
NaE
07-12-2012
10.1
2.9
3.4
2.0
18.0
NaE
27-02-2013
LH
12.0
12.00
BUY
10,026
120,311
16.3
17.8
19.6
16.7
17.0
1.2
0.9
23.3
20.1
4.1
4.8
3.6
25.1
NaE
17-01-2013
LPN
25.0
26.00
BUY
1,476
36,892
22.0
18.0
13.6
11.6
20.0
0.6
0.6
10.5
8.9
3.7
4.3
3.7
12.9
NaE
15-02-2013
26-02-2013
Pruksa Real Estate
PS
30.0
38.00
BUY
2,213
66,397
41.6
20.3
12.0
10.0
30.9
0.3
0.5
12.7
10.4
2.5
3.0
2.7
n.m.
NaE
Quality Houses
QH
4.0
4.30
TRADING BUY
9,184
36,368
4.9
20.6
14.4
12.0
12.8
2.9
0.6
21.9
18.3
3.5
4.2
2.1
16.6
NaE
28-02-2013
SC Asset Corporation
SC
34.0
36.00
BUY
659
22,412
52.2
21.9
13.9
11.4
37.1
0.3
0.5
14.4
11.8
2.9
3.5
2.0
10.2
NaE
26-02-2013
Sansiri
SIRI
5.0
4.20
TRADING BUY
8,364
41,822
25.4
13.9
13.7
12.1
19.7
0.5
0.9
10.6
9.3
3.8
4.3
2.7
20.3
NaE
09-01-2013
Supalai
SPALI
21.7
22.30
HOLD
1,717
37,249
19.4
24.9
11.4
9.1
22.2
0.6
0.4
9.0
7.3
3.7
4.6
2.5
25.1
NaE
28-02-2013
4.2
2.3
10.6
10.3
3.2
2.5
4.5
5.7
5.3
3.8
3.9
1.6
BANPU
BANPU
391.0
432.00
HOLD
272
106,253
(14.0)
19.7
13.3
11.1
2.8
n.m.
0.6
8.0
7.2
4.1
5.0
1.2
n.m.
ThC
31-01-2013
Electricity Generating
EGCO
152.0
131.00
HOLD
526
80,023
(40.3)
6.7
12.2
11.4
(16.8)
n.m.
1.7
44.8
39.9
3.6
3.6
1.2
27.9
1.2
ThC
27-11-2012
Glow Energy
31-01-2013
Resource
Energy
GLOW
86.0
82.00
HOLD
1,463
125,806
49.9
4.7
15.1
14.4
27.3
0.3
3.0
8.2
7.8
3.3
3.5
2.7
6.7
1.0
ThC
IRPC
IRPC
4.3
4.30
HOLD
20,434
87,051
n.m.
141.9
37.4
15.5
n.m.
n.m.
0.1
20.6
12.9
1.9
3.2
1.2
13.9
1.0
ThC
20-02-2013
PTT
PTT
350.0
410.00
BUY
2,856
999,705
5.6
9.0
9.4
0.9
1.6
n.m.
5.6
5.4
3.9
3.8
1.2
10.2
ThC
26-02-2013
PTT Exploration and Production
PTTEP
158.0
166.00
HOLD
3,970
627,258
8.1
3.3
10.1
9.8
5.7
1.2
3.0
3.5
3.2
4.0
4.1
1.8
1.0
ThC
22-02-2013
Ratchaburi Electricity Generating Holding
RATCH
62.8
49.00
HOLD
1,450
90,988
(29.7)
32.5
17.2
13.0
1.4
n.m.
0.4
10.1
6.8
3.7
3.7
1.7
11.5
1.3
ThC
23-09-2011
(3.9)
Thai Oil
TOP
70.0
75.00
HOLD
2,040
142,802
1.3
(3.9)
11.4
11.9
(1.3)
9.0
n.m.
8.5
8.3
3.9
3.8
1.5
57.4
ThC
19-02-2013
Thai Tap Water Supply
TTW
10.6
9.84
HOLD
3,990
42,294
(3.9)
10.2
18.2
16.5
3.2
n.m.
1.6
12.1
11.5
4.9
4.9
3.5
7.8
1.1
ThC
14-02-2013
(2.1)
17.9
30.6
25.9
7.9
n.m.
1.4
21.4
18.6
1.6
1.8
5.8
BGH
149.0
U/R
BUY
1,545
230,273
1.3
17.8
31.8
27.0
9.5
24.4
1.5
22.6
19.7
1.5
1.7
5.4
24.4
n.m.
NaE
24-12-2012
BH
87.5
98.00
BUY
728
63,734
16.7
18.3
27.0
22.8
17.5
1.6
1.2
17.8
15.3
1.9
2.2
6.7
31.0
0.9
NaE
26-02-2013
28.9
14.2
20.6
18.0
21.6
0.7
1.3
13.7
12.2
4.4
5.0
7.6
BEC
67.3
68.00
HOLD
2,000
134,500
21.8
13.3
23.1
20.4
17.5
1.1
1.5
14.4
13.0
4.2
4.8
13.9
21.7
1.0
PrS
20-02-2013
GRAMMY
23.7
13.00
SELL
530
12,567
n.m.
52.2
168.4
110.6
n.m.
n.m.
2.1
133.6
n.m.
0.5
4.1
58.7
PrS
23-11-2012
Major Cineplex Group
MAJOR
21.3
26.00
BUY
888
18,905
28.8
9.9
18.1
16.5
19.3
0.6
1.7
9.7
8.8
5.1
5.6
2.9
11.6
PrS
19-02-2013
MCOT
MCOT
48.8
60.00
BUY
687
33,496
20.6
11.7
16.1
14.4
16.2
0.8
1.2
9.2
8.2
5.3
5.9
3.9
18.0
0.8
PrS
06-02-2013
VGI
123.0
132.00
BUY
300
36,900
53.7
23.1
25.2
20.5
38.4
0.5
0.9
16.2
13.2
3.2
3.9
19.8
68.6
0.9
JiL
31-01-2013
WORK
52.0
42.00
BUY
257
13,370
29.5
13.8
22.5
19.8
21.6
0.8
1.4
15.6
13.6
3.4
3.9
8.1
25.5
PrS
06-12-2012
Services
Health Care
Bangkok Dusit Medical Services
Bumrungrad Hospital
Media
BEC World
GMM Grammy
VGI Global Media
Workpoint Entertainment
BLS Valuation Comparables Table (Contd)
Price as of: 28 Feb 2013
Bualuang Securities
EV/EBITDA
Market
Closing
Price
Price
Target (Bt)
No.
cap (m)
Rating
Shares (m)
Local curr
Consumer
EPS Gr %
12e
PER
13e
13e
PEG
2yrs
14e
Gr %
13e
(P/PPOP)
14e
13e
Div.
Yields %
14e
13e
14e
P/BV
P/FCF
P/DCF
12e
12e
12e
Analysts
Date
12.4
21.0
40.2
33.2
16.7
3.2
1.6
18.0
15.1
1.5
1.8
Big C Supercenter
BIGC
217.0
220.00
HOLD
825
179,025
12.1
14.2
26.3
23.0
13.1
2.2
1.6
14.2
12.5
1.1
1.3
4.9
43.3
1.0
ChS
19-02-2013
Berli Jucker
BJC
88.8
44.50
SELL
1,588
140,946
13.6
18.9
51.0
42.9
16.2
3.7
2.3
18.8
16.0
1.0
1.2
7.9
79.8
2.0
ChS
29-11-2012
CP All
Central Pattana
10.0
CPALL
47.3
48.25
HOLD
8,983
424,452
18.0
19.6
32.6
27.3
18.8
1.8
1.4
20.9
17.2
2.5
2.9
13.2
54.0
1.0
ChS
20-02-2013
CPN
96.0
84.50
HOLD
2,179
209,166
(14.1)
25.8
38.7
30.8
5.9
n.m.
1.2
22.9
19.0
1.0
1.3
7.1
n.m.
1.1
ChS
22-11-2012
Home Product Center
HMPRO
16.4
18.20
BUY
7,041
115,479
24.6
25.1
34.7
27.7
24.8
1.4
1.1
14.0
11.7
1.3
1.6
9.7
n.m.
0.9
ChS
27-02-2013
Siam Makro
MAKRO
484.0
550.00
BUY
240
116,160
24.0
23.2
26.3
21.4
23.6
1.1
0.9
15.1
12.5
3.2
4.0
9.9
n.m.
ChS
28-02-2013
Officemate
OFM
73.5
82.00
BUY
ROBINS
73.5
76.00
HOLD
320
23,520
57.9
39.9
42.4
30.3
48.9
0.7
0.8
24.0
17.6
0.9
1.3
3.7
10.3
ChS
15-01-2013
1,111
81,634
18.9
25.3
33.3
26.6
22.1
1.8
1.0
19.7
15.8
1.5
1.9
6.7
35.8
1.0
ChS
22-02-2013
SITHAI
30.0
33.50
BUY
271
8,130
12.5
20.2
14.1
11.7
16.4
1.1
0.6
8.1
7.4
4.5
5.4
1.7
n.m.
0.9
JiL
27-02-2013
Precious Shipping
PSL
16.4
17.04
n.m.
1,853.5
3,219
45.7
n.m.
n.m.
0.0
10.5
9.2
0.4
0.9
0.7
HOLD
1,040
17,048
(18.4)
118.0
148.2
68.0
49.8
n.m.
0.6
17.1
15.8
0.4
0.9
Regional container Lines
RCL
7.1
1.2
n.m.
SuS
19-02-2013
7.20
HOLD
829
5,843
n.m.
16.2
33.5
28.8
n.m.
n.m.
1.8
8.6
7.8
1.2
1.4
0.5
7.1
SuS
Thoresen Thai Agencies
TTA
13-11-2012
16.2
16.01
HOLD
708
11,470
n.m.
n.m.
n.m.
41.1
n.m.
n.m.
n.m.
7.7
6.5
0.6
0.5
n.m.
SuS
18-02-2013
Asia Aviation
(35.5)
15.4
15.8
13.2
(10.0)
n.m.
0.9
9.1
8.2
2.5
2.8
1.4
AAV
6.8
7.60
BUY
4,850
32,980
(89.8)
38.9
20.7
14.9
(25.4)
n.m.
0.4
7.5
5.2
1.1
1.8
0.9
SuS
28-02-2013
Airports of Thailand
AOT
118.0
125.00
BUY
1,429
168,571
32.4
12.5
19.6
17.4
22.4
0.6
1.4
12.5
12.0
2.6
2.9
2.1
111.2
0.9
SuS
14-02-2013
Robinson Department Store
Srithai Superware
Shipping
Transport
Bangkok Expressway
BECL
43.0
45.00
BUY
770
33,110
(1.1)
25.4
15.5
12.3
12.2
n.m.
0.5
9.0
7.9
3.7
4.7
1.5
29.3
SuS
28-02-2013
BTS Group Holdings
BTS
8.2
8.90
BUY
11,059
90,682
28.6
(29.0)
37.0
52.2
(0.2)
1.3
n.m.
26.3
21.4
1.7
1.2
2.4
24.3
SuS
18-02-2013
Thai Airways International
THAI
24.5
27.00
TRADING BUY
2,183
53,478
(3.5)
43.0
11.0
7.7
19.8
n.m.
0.2
5.2
4.6
2.3
3.3
0.7
4.9
SuS
13-12-2012
18.4
10.3
26.1
23.7
14.4
1.4
2.3
14.7
13.0
1.6
1.8
4.6
Central Plaza Hotel
CENTEL
38.5
44.00
BUY
1,350
51,975
35.6
27.2
32.9
25.9
31.4
0.9
1.0
15.8
13.3
1.2
1.5
4.7
9.9
0.9
NaE
18-12-2012
The Erawan Group
ERW
6.2
7.00
BUY
2,245
13,809
167.7
53.0
70.2
45.9
110.3
0.4
0.9
14.7
13.1
2.0
0.8
2.9
n.m.
0.9
NaE
27-02-2013
Minor International
MINT
25.3
29.00
BUY
3,714
93,778
9.3
17.7
25.0
21.2
13.5
2.7
1.2
14.2
12.8
1.7
2.0
4.5
35.3
0.9
NaE
22-02-2013
12.6
9.8
22.4
20.4
11.2
1.8
2.1
10.6
10.0
4.2
4.8
9.8
ADVANC
207.0
192.00
HOLD
2,973
615,431
2.5
7.1
17.2
16.1
4.8
6.8
2.2
9.7
9.0
5.1
6.2
12.7
18.7
1.1
PrS
08-02-2013
DTAC
85.3
87.50
HOLD
2,368
201,856
2.4
8.3
17.5
16.1
5.3
7.3
1.9
8.3
7.5
5.7
6.2
6.1
29.7
1.0
PrS
12-02-2013
Tourism
Technology
ICT
Advanced Info Services
Total Access Communication
Shin Corporation
INTUCH
71.3
76.60
BUY
3,206
228,457
3.8
6.0
14.7
13.8
4.9
3.9
2.3
96.4
82.4
5.5
5.8
6.4
14.2
PrS
19-11-2012
Samart Corporation
SAMART
19.1
25.50
BUY
991
18,921
31.6
14.2
13.7
12.0
22.9
0.4
0.8
6.6
6.3
4.5
5.1
2.5
43.2
0.7
PrS
15-02-2013
Samart Telcoms
SAMTEL
22.4
26.00
BUY
610
13,669
38.5
13.1
12.2
10.8
25.8
0.3
0.8
8.4
7.6
4.3
4.8
4.2
2.8
0.9
PrS
28-02-2013
Samart I-Mobile
SIM
2.4
3.00
BUY
4,304
10,416
195.3
36.8
21.3
15.5
116.1
0.1
0.4
12.5
10.0
3.0
4.2
3.6
0.6
0.8
PrS
28-02-2013
THCOM
28.0
33.50
BUY
1,096
30,686
571.9
21.2
26.3
21.7
296.5
0.0
1.0
6.8
7.0
3.0
3.7
2.1
6.3
0.8
PrS
20-02-2013
TRUE
6.7
3.50
SELL
14,503
97,171
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
9.6
10.9
11.2
n.m.
1.9
PrS
22-02-2013
(11.6)
9.9
11.8
10.7
(0.8)
n.m.
1.1
6.0
5.3
3.9
4.8
Delta Electronics (Thailand)
DELTA
38.0
31.00
SELL
1,247
47,401
(6.0)
5.6
11.6
11.0
(0.2)
n.m.
2.0
5.9
5.1
4.3
4.6
1.9
13.4
JiL
07-02-2013
HANA Microelectronics
HANA
25.3
21.60
SELL
805
20,323
1.7
6.7
12.0
11.3
4.2
7.0
1.7
5.3
5.3
4.2
6.4
1.3
17.9
JiL
28-02-2013
KCE Electronics
KCE
14.3
14.00
BUY
473
6,758
(15.9)
19.1
11.2
9.4
1.6
n.m.
0.5
6.1
5.6
2.7
3.2
1.8
3.6
JiL
14-02-2013
SVI
SVI
4.4
3.70
SELL
1,964
8,681
(46.3)
36.1
12.9
9.5
(5.1)
n.m.
0.3
8.3
6.2
2.3
3.2
2.9
8.3
JiL
22-02-2013
Thaicom
True Corporation
Electronic
1.8
