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May 24, 2017
OUTPERFORM
nAsian Seafoods Coldstorage
(ASIAN TB)
Share Price: Bt9.65 Target Price: Bt12.00 (+24.4%)
Turning into premium OEM
Solid profit growth over FY17F-20F led by post-EMS shrimp business and shift from low-margin OEM canned tuna products to high-margin premium pet food
Expect earnings to grow 133%/13% in FY17F/18F led by stronger sales of frozen shrimps, pet food, and aqua-feed coupled with rising gross margins from a better product mix
OUTPERFORM, Bt12 TP is based on 12x FY17F P/E; ASIAN is trading at only 9.7x FY17F PE vs. peers’ average of 13x but offers superior 133% EPS growth in FY17F
Premium pet food is new growth engine
ASIAN produces frozen seafood and animal feed products. 25% of FY16 total revenue came from commodity shrimps and 25% from breaded sillago fish fillet, ready-to-cook squid, and shrimp sashimi. Pet food generated 17% of group revenue, canned tuna 15%, aqua-feed 13%, and distribution of frozen food products 5%. Bottom line turned around from Bt200m/Bt130m losses in FY13/14 to Bt183m/Bt155m profit in FY15/16 as Thai shrimp operation recovered from EMS outbreak and ASIAN started to produce better quality aqua-feed and premium pet food products. Revenue from the latter grew 100% (2-year CAGR) over FY14-16 led by a growing customer base and larger orders in line with global trends towards natural premium pet food. ASIAN is targeting 26% growth (4-year CAGR) in pet food revenue over FY16-20F to Bt4bn p.a. We have positive view on this as pet food gross margins are high and stable with customers locked into 3-year contracts and specific formula/packaging.
Expect solid earnings growth of 133% in FY17F
1Q17 net profit was strong at Bt106m vs Bt11m in 1Q16, driven by higher sales volume of pet food (+64% yoy) and aquaculture feed (+60%). Sales grew 25% yoy while gross margin peaked at 12.2% vs. 8.6% in 1Q16. We expect earnings to grow yoy in subsequent quarters and take FY17F profit to Bt360m (+133% yoy) led by i) 15% growth in domestic shrimp production to 345K tons in FY17F, which will support the frozen food and aqua-feed units, ii) 30% larger pet food capacity to c.20K tons p.a. from 3Q17 to meet rising demand from US clients, iii) turnaround of canned tuna business as rising tuna cost is passed to customers, and iv) smaller doubtful debt allowance vs. Bt70m in FY16.
OUTPERFORM, Bt12 TP; trading at 26% discount to peers
ASIAN is a small cap play that offers good earnings quality from a larger pet food business, with upside from rising demand for premium pet food. The global pet food market is forecast to grow at 5% CAGR (4-year) over FY16-20F. The stock is trading at 9.7x FY17F P/E or 26% discount to peers’ average valuation.
Financial Summary (Btm) Year to Dec 2015 2016 2017F 2018F 2019F Sales (Btm) 7,938 9,206 11,187 12,393 13,787 Growth (%) 2.3 16.0 21.5 10.8 11.2 EBITDA (Btm) 925 873 691 758 634 Growth (%) 57.8 (5.6) (20.9) 9.7 (16.3) Recurring profit (Btm) 183 155 360 405 459 Growth (%) (241.7) (15.3) 132.5 12.5 13.3 Net profit (Btm) 183 155 360 405 459 Sunthorn THONGTHIP 662 - 659 7000 ext 5009 [email protected] Key Data 12-mth high/low (Bt) 10.1 / 2.72 Market capital (Btm/US$m) 3,491.6 / 101.4 3m avg. turnover (Btm/US$m) 56.4 / 1.6
Free float (%) 4.4
Issued shares (m shares) 362
Major shareholders:
- AMORNRATTANACHAIKUL 48.4
- AMORNRATTANACHAIKU S 13.2
- TANTICHALERMSIN PORN 4.1
Share Price Performance
YTD 1Mth 3Mth 12Mth Absolute (%) 114.4 75.5 83.8 150.0 Relative to index (%) 113.0 75.8 84.0 136.8
Krungsri Securities vs Market
Positive Neutral Negative
Market
Recommend 1 0 0
Krungsri Market % +/-
Target Price (Bt) 12.0 N/A N/A ’17 Net Profit (Btm) 360 N/A N/A ’18 Net Profit (Btm) 405 N/A N/A
Initial
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ASIAN
May 24, 2017
Business
ASIAN operates five manufacturing plants. Three produce frozen seafood products. One produces tuna products in cans and pouches but will be expanded to produce premium pet food products in cans, pouches and plastic cups. The fifth produces aquaculture feed for the shrimp and fish farming industries.
ASIAN: Group Structure ASIAN: Supply Chain
Source: Company data Source: Company data
ASIAN operates five distinct business segments:
1) Frozen food: This unit is under Asian Seafoods Coldstorage plc and
operates three plants:
a. Klongtoey - produces Sillago and Sillago breaded products or
tempura, mostly distributed to Japanese customers under its own brand. It has a production capacity of 4,000 tons p.a.
b. Samutsakorn - focuses on OEM frozen shrimp products with
production capacity of 24,000 tons p.a.
c. Suratthani - focuses on squid and shrimp sashimi under its own
brand with production capacity of 18,000 tons p.a.
2) Tuna: This is operated by Asian Alliance International Co., Ltd. The plant is
in Samutsakorn province with a production capacity of 45,000 tons p.a. Products comprise OEM tuna in cans and pouches and value-added products (ready-to-eat) such as “Tuna with rice” meal.
3) Pet food: This is also operated by Asian Alliance International, with an
annual production capacity of 15,000 tons p.a. The company co-develops with customers and provides ideas for new products in a variety of packaging (can, plastic cup, or pouch).
4) Aquaculture Feed: This plant is operated by Asian Feed Co., Ltd. It is
located in Petchaburi province with annual capacity to produce 60,000 tons of sinking pellet (for shrimp) and 25,000 tons of floating pellet (for fish). They distribute these under their own trademarks.
Initial
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ASIAN
May 24, 2017
ASIAN: Frozen food products ASIAN: Tuna products
Source: Company data Source: Company data
ASIAN: Pet food products ASIAN: Aqua-feed products
Source: Company data Source: Company data
ASIAN: Revenue breakdown by segment in FY16 ASIAN: Revenue trend for the next 3 years
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ASIAN
May 24, 2017
Three reasons to buy ASIAN
1) Shifting from low-margin OEM business to high-margin premium pet food
ASIAN unveiled a new product line, premium-grade pet food, in 2013 to turnaround earnings as the shrimp industry struggled to recover from the EMS outbreak. Since then, pet food revenue has grown c.100% CAGR (2-year) over FY14-16 supported by a growing customer base and orders, in line with global trends towards natural premium-grade pet food. ASIAN is targeting 26% growth (4-year CAGR) in pet food revenue over FY16-20F to Bt4bn p.a. This would be supported by shifting capacity from tuna to canned pet food and a new line to offer products in plastic cups. We like this strategy as gross margins for pet food are high and stable, as customers are locked into 3-year contracts with specific formula/packaging.
ASIAN: Sales by business segment ASIAN: Gross margin
Source: Company data and Krungsri Securities Source: Company data and Krungsri Securities
ASIAN: Revenue breakdown by segment in FY14 ASIAN: Revenue target for FY20F
Initial
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ASIAN
May 24, 2017
2) Impressive outlook for premium pet food
Industry analyst Technavio forecasts the global pet care market (currently valued at c.US$75bn p.a.) would grow at moderate pace of almost 5% (CAGR) over FY16-20F. Rising incomes and changing trends have led pet owners to prefer natural, and organic pet food and treats as these are considered safer, more nutritious and better quality than conventional products. ASIAN is gaining new orders/customers in the premium pet food sector. For example, they have co-developed products with a major client, Ainsworth Pet Nutrition, and will expand pet food capacity by 30% to c.20k tons p.a. (COD in 3Q17) to support rising demand in the US.
5 countries with largest dog and cat population (in mn) Global pet food market size in FY15 (US$)
Source: Mordor Intelligence Source: Gfk data
ASIAN: Pet food & Fishmeal sales (Bt m) ASIAN: Pet food breakdown by segment in 1Q17
Initial
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May 24, 2017
3) Rising shrimp production to support frozen food and aqua-feed operations
The Thai Shrimp Association estimates shrimp production will increase by 15% yoy to 345,000 tons in 2017 as strong shrimp prices should encourage local shrimp farmers to boost production.
Thailand shrimp: production and export volume Thailand shrimp: export value and growth (yoy)
Source: Organization of Agricultural Economics and Krungsri Source: Organization of Agricultural Economics and Krungsri
ASIAN: Frozen seafood sales (Bt m) ASIAN: Frozen seafood by segment in 1Q17
Source: Company data and Krungsri Securities Source: Company data and Krungsri Securities
ASIAN: Aqua-feed sales (Bt m) ASIAN: Pet food by segment in 1Q17
Initial
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ASIAN
May 24, 2017
OUTPERFORM, TP Bt12/sh; keep on radar
We have an OUTPERFORM rating for ASIAN with a TP of Bt12/sh pegged to 12x FY17F PE. ASIAN is a small-mid cap play to be kept on the radar. They offer better earnings quality from a larger pet food business, with upside from rising demand for premium pet food. The global pet food market is anticipated to grow at 5% CAGR (4-year) over FY16-20F. The stock is now trading at only 9.7x FY17F P/E or 26% discount to peers’ average valuation.
P/E Band P/BV Band
Source: Bloomberg, Krungsri Securities Source: Bloomberg, Krungsri Securities
Peer Comparison
Market PE P/BV EPS
Div
Yld ROE Share Price Cap (x) (x) G% (%) (%) Performance BB Ticker Name US$ 16F 17F 16F 17F 16F 17F 16F 16F 1M 3M 6M YTD
ASIAN TB ASIAN SEAFOODS COLDSTORAGE 101 9.7 8.6 1.5 1.3 132.5 12.5 5.1 15.0 75.5 83.8 147.4 114.4 CFRESH TB SEAFRESH INDUSTRY PUB CO LTD 101 7.9 9.1 1.4 1.3 69.6 (13.7) 6.9 16.6 4.9 (4.5) (7.4) (5.7) CPF TB CHAROEN POKPHAND FOODS PUB 5,619 14.6 12.3 1.3 1.2 (13.7) 18.2 3.7 9.7 (4.8) (7.4) (11.5) (15.3) CM TB CHIANGMAI FROZEN FOODS PUB 81 N/A N/A N/A N/A N/A N/A N/A N/A 47.6 37.4 74.2 67.8 CHOTI TB KIANG HUAT SEAGULL TRADING 45 N/A N/A N/A N/A N/A N/A N/A N/A (17.3) 6.2 19.8 8.7 GFPT TB GFPT PUBLIC CO LTD 684 12.8 11.9 2.0 1.8 12.4 7.7 1.9 16.3 6.2 25.3 31.5 27.9 TU TB THAI UNION GROUP PCL 2,937 16.4 14.3 2.1 1.9 17.3 14.7 3.2 13.0 0.5 7.1 2.9 1.0
Average (simple) 12.3 11.3 1.6 1.5 43.6 7.9 4.2 14.1
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ASIAN
May 24, 2017
ASIAN: Quarterly Earnings
Unit: (Btm) 1Q16 2Q16 3Q16 4Q16 1Q17 Sales 1,989 1,985 2,336 2,896 2,482 Cost of sales 1,819 1,829 2,159 2,627 2,180 Gross profit 170 157 177 269 302 SG&A 135 121 155 217 201 Operating profit 35 36 21 52 101 Other income 13 12 22 95 37 Other expense - - - - - Equity income - - - - - Extra item - - - - - EBIT 48 47 43 147 138 Interest expense 36 39 39 36 32 EBT 12 9 4 111 106 Income tax 1 (1) (6) (14) (0) Minority interests - - - - - Net profit 11 9 10 125 106 EPS (THB) 0.03 0.03 0.03 0.35 0.29 Extra item - - - - - Tax reversal - - - - - Recurring profit (Btm) 11 9 10 125 106 Normalized EPS (Bt) 0.03 0.03 0.03 0.35 0.29
Initial
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May 24, 2017
INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F
Turnover 7,938 9,206 11,187 12,393 13,787
Cost of sales (COGS) (7,740) (9,021) (10,201) (11,264) (12,287)
Depreciation & amortization 565 587 194 198 0
Gross profit 763 773 1,180 1,327 1,499 S&A expenses (559) (629) (783) (868) (965) EBIT 204 144 397 460 534 Interest expense (170) (150) (130) (147) (166) Other income 156 142 100 100 100 Pre-tax profit 190 136 367 413 468
Income tax on company & subsidiaries (7) 19 (7) (8) (9)
Profit after tax 183 155 360 405 459
Minority interests 0 0 0 0 0
Share of associate net income 0 0 0 0 0
Preferred dividends 0 0 0 0 0
Recurring attributable net profit 183 155 360 405 459
Extraordinary items 0 0 0 0 0
Reported net profit 183 155 360 405 459
Shares in issue (Y/E, m) 362 362 362 362 362
Shares in issue (weighted avg, m) 362 362 362 362 362
EPS (before extraordinary items, Bt) 0.50 0.43 0.99 1.12 1.27
DPS (Bt) 0.25 0.21 0.50 0.56 0.63
DPS/EPS (%) 50 49 50 50 50
CASH FLOW (Btm) 2015 2016 2017F 2018F 2019F
Cash flows from operations before WC 747 757 553 602 459
Net change in working capital (165) 185 (478) (333) (386)
Cash flow from Operations 582 942 75 270 72
Capex (481) (665) (101) (201) 1
Other (21) (41) (6) (4) (4)
Cash flow from Investment (501) (706) (106) (205) (3)
Net borrowings (811) 147 193 210 236
Equity capital raised 0 0 0 0 0
Others 0 120 0 0 0
Dividends paid 0 (90) (180) (202) (229)
Cash flow from financing (811) 177 14 8 7
Initial
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ASIAN
May 24, 2017
BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F
Cash & equivalents 52 67 49 111 167
A/C receivable 1,122 1,195 1,379 1,528 1,700
Inventory 2,231 2,198 2,636 2,920 3,248
Others 70 34 41 45 51
Total Current Assets 3,475 3,493 4,105 4,605 5,166
Property and equipment 2,627 2,675 2,581 2,583 2,582
Investments & associates 11 40 41 42 43
Goodwill 0 0 0 0 0
Other assets 62 117 118 117 118
Total Assets 6,175 6,326 6,845 7,348 7,908
Short-term debt 2,121 1,832 2,025 2,245 2,501
A/C payable 495 686 815 901 1,000
Other current liabilities 80 70 82 91 100
Total Current Liabilities 2,695 2,588 2,922 3,236 3,602
Long-term debt 558 995 995 985 965 Other liabilities 156 176 181 187 192 Total Liabilities 3,409 3,759 4,098 4,408 4,759 Share capital 362 362 362 362 362 Share premium 553 553 553 553 553 Treasury 0 0 0 0 0 Translation adjustment 292 412 412 412 412 Retained earnings 811 891 1,070 1,273 1,502
Total ordinary equity 2,018 2,217 2,397 2,600 2,829
Preferred equity 0 0 0 0 0
Minorities 0 0 0 0 0
Total equity & minorities 2,018 2,217 2,397 2,600 2,829
748 350 350 340 320
BV per ordinary share (Y/E, Bt) 5.58 6.13 6.63 7.18 7.82
Adjusted book value ps (Y/E, Bt) 5.58 6.13 6.63 7.18 7.82
RATIOS (%) 2015 2016 2017F 2018F 2019F
Growth
Turnover 2.3 16.0 21.5 10.8 11.2
EBITDA 57.8 (5.6) (20.9) 9.7 (16.3)
EBIT 504.0 (20.6) 73.9 12.7 13.3
Net profit n.a. (15.3) 132.5 12.5 13.3
EPS pre extraordinary items n.a. (15.3) 132.5 12.5 13.3
EPS (diluted) n.a. (15.3) 132.5 12.5 13.3
DPS n.a. (16.0) 136.6 12.5 13.3
Accounting ratios
Gross profit margin 9.6 8.4 10.5 10.7 10.9
Operating profit margin 2.3 1.7 3.2 3.3 3.3
EBITDA margin 11.6 9.5 6.2 6.1 4.6
EBIT margin 4.5 3.1 4.4 4.5 4.6
Net profit margin 2.3 1.7 3.2 3.3 3.3
ROA 3.0 2.4 5.3 5.5 5.8
ROE 9.1 7.0 15.0 15.6 16.2
Stability
D/E (x) 2.1 1.9 1.9 1.8 1.8
Net D/E (x) 1.7 1.4 1.4 1.3 1.3
Interest Coverage Ratio 2.1 1.9 3.8 3.8 3.8
Current ratio (x) 1.3 1.3 1.4 1.4 1.4
Quick ratio (x) 0.5 0.5 0.5 0.5 0.5
CG Rating 2015 Companies with CG Rating
ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMY HANA
HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINT MONO NKI
PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMART SAMTEL SAT SC
SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMB TOP VGI WACOAL
AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP ASIMAR ASK ASP BANPU
BAY BBL BDMS BKI BLA BOL BROOK BWG CENTEL CFRESH CHO CIMBT CM CNT
COL CPF CPI CSL DCC DELTA DEMCO ECF EE ERW GBX GC GFPT GLOBAL
GUNKUL HOTPOT HYDRO ICC ICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO
MBK MC MEGA MFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP
PDI PE PG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS
S & J SABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNP
SPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSP TCAP
TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TK TKS TMI
TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUE TSC TSTE TSTH
TTA TTCL TTW TU TVD TVO UAC UT UV VNT WAVE WINNER YUASA ZMICO
2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCO AQUA
AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHI BKD BTNC
CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSC CSP CSS CTW
DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTH FPI FSMART FSS FVC
GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECH IEC IFEC IFS IHL IRCP
ITD JSP JTS JUBILE KASET KBS KCAR KGI KKC KTIS KWC KYE L&E LALIN
LHK LIT LST M MAJOR MAKRO MATCH MATI MBKET M-CHAI MFC MILL MJD MK
MODERN MOONG MPG MSC MTI MTLS NC NOK NUSA NWR NYT OCEAN PACE PATO
PB PCA PCSGH PDG PF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL
PYLON QLT RCI RCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP
SEAOIL SIRI SKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY
STPI SUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TIC
TIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR TT UMI UP UPF
UPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO
Disclaimer
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 and the Market for Alternative Investment 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 assessment 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 result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.
Anti-corruption Progress Indicator 2015
Level 5: Extended
BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP
Level 4: Certified
ADVANC AMANAH ASP AYUD BAFS BANPU BAY BBL BKI BLA BTS CFRESH CIMBT CNS
CSL DCC DRT DTC EASTW ECL EGCO ERW FSS GCAP HANA HTC IFEC INTUCH
IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MBKET MFC MINT MTI NKI
PPS PSL PTG PTTEP SABINA SCB SINGER SIS SNC SNP SSF SSI SSSC SVI
TCAP THCOM THRE THREL TISCO TMB TMD TNITY TOG TSTH
Level 3B: Established by Commitment and Policy
AAV AHC AIT AKR ARROW ASK BA BDMS BEC BJCHI CGH CHG CHOW CIG
CITY CK CKP COLOR CWT EARTH EASON EPG F&D FANCY FIRE FMT FORTH GENCO
GL GOLD GPSC GRAMMY HYDRO IRCP IT JCT KCM KWC LH LIT LOXLEY MACO
MANRIN MATI MODERN MSC NOBLE NOK NPK NUSA OISHI OTO PAF PAP PATO PF
PJW PLANB PLE POLAR PRG PTL Q-CON QTC RCI S11 SALEE SAM SAMART SAMTEL
SAPPE SC SCP SFP SIM SLP SMT SPA SPORT SSC SST STEC STPI SUC
SUTHA T TAE TBSP TCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT
TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT
UV VPO WAVE WINNER YUASA
Level 3A: Established by declaration of intent
ABC ACAP AGE AH ANAN AP APCS APURE AS ASIA ASIAN ASIMAR BIGC BROOK
BWG CEN CENTEL CHARAN CHO CHOTI CM CNT COL CPF CPI CPL DELTA DEMCO
DIMET DNA DTAC EA ECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT
ICC ICHI INOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH
MAKRO MC MCOT MFEC MJD MONO MOONG NBC NDR NINE NMG NSI NTV OGC
PACE PCSGH PDI PG PHOL PLAT PR PRANDA PREB PS QLT RATCH RML ROBINS
ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SITHAI SMK SMPC SPALI SPC SPCG
SPI SRICHA STANLY SUPER SYMC SYNEX SYNTEC TASCO TCMC TFI THAI TICON TKT TLUXE
TMILL TMT TNL TPCORP TSTE TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHA
ZMICO
Level 2: Declared
2S ABICO AF AIRA AKP ALUCON AMARIN AMATA AOT APCO BEAUTY BFIT BH BKD
BLAND BROCK BRR BSBM BTNC CCP CI CSC CSR CSS EFORL EPCO ESTAR FE
FER FNS FVC GEL GLOBAL GUNKUL IEC IFS ILINK INET J JMT JUTHA K
KASET KBS KCAR KKC KSL KTECH L&E LALIN LTX M MALEE MBAX MBK MEGA
MILL MK MPG MTLS NCH NCL NNCL NPP OCC OCEAN PB PCA PDG PRINC
PSTC PYLON QH ROCK ROH RP RPC S & J SGP SIAM SKR SMG SMIT SORKON
SPACK SPPT SR SUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPA TPP
TRT TRU TRUE TSC TSI TTW TVD TVO TVT U UKEM UNIQ UWC VIBHA
VNG WIIK WIN XO
Level 1: Committed
AEONTS AFC AJ AMC AQUA ARIP AUCT BAT-3K BIG BJC BOL CBG CCET CCN
CGD CMR CPH CSP CTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART
GIFT GLAND GRAND GREEN HFT HTECH IHL ITD JSP KDH KTIS KTP LEE LST
MAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NWR OHTL PICO PK
PL PPM PRAKIT PRECHA PRIN RAM RICH RS SANKO SAUCE SAWAD SAWANG SCN SEAFCO
SF SHANG SIRI SMART SMM SOLAR SPG SPVI STA STAR SVH SVOA SWC TAPAC
TC TCCC TCJ TCOAT TH TKS TNH TNPC TPAC TPOLY TRC TRUBB TSE TTA
TTI TTL TTTM TWP TWZ UMS UPA UPOIC UTP UVAN VARO VI VIH VTE
WG
Disclaimer
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. Thaipat Institute 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, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and completeness of the assessment result."
Reference
Level 5: Extended – Extension of the anti-corruption policy to business partners in the supply chain, and disclosure of any current
Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road
Klongton, Klongtoey, Bangkok 10110
Tel: 0-2695-4500 Fax: 0-2695-4599
Central Bangna
589/151 Central City Tower 1 Office, Fl. 27
Bangna-Trad Road, Bangna, Bangkok 10260
Tel: 0-2763-2000 Fax: 0-2399-1448
Rama II
111/917-919 Rama II Road, Smaedum,
Bangkhuntien, Bangkok 10150
Tel: 0-2895-9575 Fax: 0-2895-9557
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited
123 Suntowers (B) Building, Vibhavadirangsit Road,
Jompol, Jatujak, Bangkok 10900
Tel: 0-2273-8388 Fax: 0-2273-8399
Chonburi
64/17 Sukhumvit Road, Tambol Bang Plasoi,
Amphur Muang, Chonburi 20000
Tel: 0-3879-0430 Fax: 0-3879-0425
Hat Yai Branch
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai,
Amphur Hat Yai, Songkhla 90110
Tel: 0-7422-1229 Fax: 0-7422-1411
Nakhon Pathom
67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Amphur Muang, Nakhon Pathom 73000
Tel: 0-3427-5500-7 Fax: 0-3421-8989
Suphanburi
249/171-172 Moo 5 Tambol Ta Rahad,
Amphur Muang, Suphanburi, 72000
Tel: 0-3550-1234 Fax: 0-3552-2449
Nakhon Ratchasima
168 Chomphon Road, Tambol Nai Muang,
Amphur Muang Nakhon Ratchasima,
Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Khon Kaen
114 Sri Chan Road, Tambol Nai Muang,
Amphur Muang, Khon Kaen 40000
Tel: 0-4322-6120 Fax: 0-4322-6180
Chiang Mai
70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chiang Mai 50200
Tel: 0-5321-9234-6 Fax: 0-5321-9247
Chiang Rai
231-232 Thamalai Road, Tambol Wiang,
Amphur Muang, Chiang Rai 57000
Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Analyst Team Sector Coverage Central line: 662-659-7000 E-mail
Naphat Chantaraserekul, Head of Research Energy, Petrochemical, Strategy Construction Materials
ext. 5000 [email protected] Kittisorn Pruitipat, CFA, FRM Property, ICT, Contractor ext. 5019 [email protected] Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance
Insurance Insurance
ext. 5004 [email protected] Sunthorn Thongthip Food, Transportation, Strategy ext. 5009 [email protected] Worrapong Tuntiwutthipong Electronic, Automotive, Commerce
Media
ext. 5016 [email protected] Karun Intrachai Renewable Energy ext. 5010 [email protected]
Teerapol Udomvej Healthcare, Tourism ext. 5012 [email protected] Kitti Pitakteerabandit, Assistant Analyst
Artit Jansawang Mid - Small cap, MAI ext. 5005 [email protected] Nalinee Praman, Assistant Analyst Mid - Small cap, MAI
