March 16, 2017 OUTPERFORM

COMPANY RESEARCH | Company Update

Thai Union Group

(TU TB)
Share Price: Bt21.40 Target Price: Bt25.00 (+16.8%)

Fish or cut bait

Expect higher gross margins from 1Q17 onwards as tuna and
salmon raw material prices are falling, while TU has fixed selling
prices 6-12 months forward since late 2016

Raise FY17F-18F earnings by 5% after revising up gross margin
by 25bps to 15.25%-15.75%; expect FY17F earnings to grow by
25% led by organic growth and lower raw material prices

Maintain OUTPERFORM with a higher TP of Bt25 (from Bt22.20)
based on 18x FY17F PE vs peers average of 21x
Earnings should turnaround from 1Q17 onwards
We expect 1Q17 earnings to grow yoy and qoq supported by improving
gross margins for tuna and salmon units as TU has been passing on
higher raw material costs to customers since end 2016. TU usually fixes Sunthorn THONGTHIP
tuna and salmon prices with customers 6-12 months in advance. As raw
material prices are falling, TU would enjoy higher gross margins. Tuna 662 - 659 7000 ext 5009
[email protected]
prices have fallen 10% to US$1,650/ton currently from the peak of
US$1,800 in early February due to improving fishing in the Pacific
Key Data
Ocean. Salmon prices have dropped 23% ytd to NOK58/kg as there is
more supply. The decline could be as steep as in 2011 (-44% off peak 12-mth high/low (Bt) 23.0 / 19.5
Market capital (Btm/US$m) 102,117 / 2,892
prices) as Bank Nordea has forecast the strongest ramp up of farmed
3m avg. turnover (Btm/US$m) 232.3 / 6.6
salmon volume in Norway since 2011. Nordea expects supply to grow
Free float (%) 47.2
by 3.5% in 2017 vs. -6.6% in 2016. Issued shares (m shares) 4,772
Raised FY17F-18F earnings by 5% after lifting gross margins Major shareholders:
We revised up gross margins by 25bps to 15.25%-15.75% vs TUs - THAI NVDR CO LTD 11.1
guidance of 15%-16%. We now expect FY17F earnings to grow 25% - CHANSIRI THIRAPHONG 7.3
yoy to Bt6.6bn led by turnaround at the chilled salmon business from - MITSUBISHI CORP 5.3
Bt600m loss in FY16, 10% sales growth (vs. TUs target of 15%) led by
improving EU and US economic outlook, new products (chilled salmon, Share Price Performance
fish oil and sausage), sales to Red Lobster, lower production cost with
the adoption of new tuna-slicing technology in Thailand, and contribution
from acquisitions in FY16. There may be Bt200m upside to FY17F
earnings if President Trump cuts corporate tax to 15% (35% currently).

OUTPERFORM, TP Bt25; momentum is gaining strength

The share price is currently trading at 23% discount to peers FY17F PE
of 21x but TU will post strong FY17F EPS growth of 25% vs peers
average of 12%. We like TUs plan to diversify into high-growth high-
profit businesses supported by its expertise in the seafood industry and
selling through its global marketing channels. Currently, tuna business
accounts for only 35% of total revenue vs 50% in FY11. Although Brexit YTD 1Mth 3Mth 12Mth
uncertainties and the US DOJ charges against TU for fixing tuna prices Absolute (%) 1.9 8.1 5.9 1.9
remain an overhang, there is progress in the IUU issue and we expect Relative to index (%) 2.1 10.9 5.3 (8.6)
the EU to upgrade Thailand from yellow to green card this year.
Krungsri Securities vs Market
Financial Summary (Btm) Positive Neutral Negative
Year to Dec 2015 2016 2017F 2018F 2019F Market
Sales (Btm) 124,904 134,375 147,813 162,594 178,853 Recommend 18 2 1
Krungsri Market % +/-
Growth (%) 2.9 7.6 10.0 10.0 10.0
Target Price (Bt) 25.0 24.1 3.6
EBITDA (Btm) 11,654 10,866 13,872 15,927 17,342
17 Net Profit (Btm) 6,567 6,373 3.0
Growth (%) 4.0 (6.8) 27.7 14.8 8.9 18 Net Profit (Btm) 7,408 7,232 2.4
Net profit (Btm) 5,373 5,254 6,567 7,408 8,313
Growth (%) 5.5 (2.2) 25.0 12.8 12.2 Krungsri's earnings revision
FDEPS (Bt) (Core) 1.13 1.10 1.38 1.55 1.74 2017F 2018F
Growth (%) 5.5 (2.2) 25.0 12.8 12.2 Earnings revision (%) 5.0 4.7
PE (x) 18.2 19.1 15.5 13.8 12.3 Source: Bloomberg, Krungsri Securities
DPS (Bt) 0.63 0.63 0.69 0.78 0.87
Yield (%) 3.1% 3.0% 3.2% 3.6% 4.1%
BVPS (Bt) 9.5 9.1 9.8 10.5 11.4
P/BV (x) 2.16 2.32 2.19 2.03 1.88
Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1
Company Update | TU March 16, 2017

Assumption adjustment
New assumption Previous assumption
FY17F FY18F FY17F FY18F
Sales growth 10.0% 10.0% 10.0% 10.0%
Gross margin (%) 15.3% 15.8% 15.0% 15.5%
SGA/Total revenue (%) 9.7% 9.7% 9.7% 9.7%
Effective interest rate (%) 3.5% 4.0% 3.5% 4.0%
Effective tax rate (%) 15.0% 18.0% 15.0% 18.0%
Net profit margin (%) 4.2% 4.4% 4.2% 4.4%
Source: Company data, Bloomberg, Krungsri Securities

Tuna price Vannamei shrimp price - 70 pieces/kg

Source: Company data and Krungsri Securities Source: Company data and Krungsri Securities

Export price of farmed salmon (NOK per kg) Farmed salmon price in Norway dropped sharply in 2011
due to abundant supply at that time

Source: Statistics Norway Source: Undercurrent news

Global salmon supply estimates Harvest of Atlantic salmon in 2016F

Source: Marineharvest Source: Marineharvest

Krungsri Securities Research 2

Company Update | TU March 16, 2017

TU: Sales and gross margin by business

Sales value (Bt m) 2011 2012 2013 2014 2015 2016
Tuna (m Bt) 48,491 51,127 53,366 53,827 46,396 46,488
Frozen shrimp 19,201 19,129 24,770 29,216 32,649 33,812
Shrimp feed 4,964 4,943 3,398 2,993 3,580 4,055
Sardine & Mackerel (m Bt) 5,201 7,518 6,465 6,525 7,411 11,321
Salmon (m Bt) 4,891 4,790 4,541 6,180 11,346 12,788
Pet food (m Bt) 6,446 7,175 8,002 8,894 8,159 9,378
Value-added products (m Bt) 9,476 12,015 12,272 13,767 15,643 16,533
Total sales value (m Bt) 98,670 106,698 112,813 121,402 125,184 134,375
Growth (yoy) 38% 8% 6% 8% 3% 7%

TU: Sales and gross margin by business by quarterly

Sales value (Bt m) 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Ambient Seafood 15,920 16,902 14,036 15,621 15,307 14,178 15,198 17,261 14,733 13,852

Frozen & chilled seafood 10,551 11,760 10,852 11,159 13,197 15,099 12,225 13,152 15,138 15,317
Pet care and other business 3,953 4,110 3,718 3,861 4,098 4,057 3,833 4,028 5,257 4,381
Total sales value 30,423 32,772 28,606 30,642 32,602 33,333 31,257 34,441 35,128 33,550
Growth (YoY) 8% 3% 6% 2% 1% 7% 2% 9% 12% 1%

Gross Profit Margin 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Ambient Seafood 18.7% 15.1% 16.6% 19.8% 21.0% 17.1% 18.5% 19.9% 14.9% 14.0%
Frozen & chilled seafood 14.7% 11.9% 7.4% 10.5% 11.4% 12.5% 9.5% 8.3% 9.1% 9.6%
Pet care and other business 21.3% 16.6% 22.1% 23.9% 22.2% 10.2% 22.9% 22.3% 26.1% 29.7%
Gross Margin 17.2% 13.9% 13.8% 16.9% 17.3% 14.2% 15.5% 15.8% 14.1% 14.0%

Krungsri Securities Research 3

Company Update | TU March 16, 2017

P/E Band P/BV Band

Source: Bloomberg, Krungsri Securities Source: Bloomberg, Krungsri Securities

Peer Comparison
Div
Market PE P/BV EPS Yield ROE Share Price
Cap (x) (x) G% (%) (%) Performance
BB Ticker Name US$ 17F 18F 17F 18F 17F 18F 17F 17F 1M 3M 6M YTD
TU TB THAI UNION GROUP PCL 2,909 15.5 13.8 2.2 2.0 25.0 12.8 3.2 12.9 8.1 5.9 1.9 1.9
002447 CH DALIAN YI QIAO SEA CUCUMB-A 1,297 25.7 21.8 3.0 2.7 (14.2) 22.7 1.6 18.5 1.0 1.8 0.2 (5.0)
1301 JP KYOKUYO CO LTD 304 25.3 21.9 2.2 2.1 25.3 21.9 1.6 18.5 11.5 15.6 16.2 15.4
2802 JP AJINOMOTO CO INC 11,595 27.3 22.5 2.1 2.0 (22.1) 21.5 1.3 8.4 (0.9) (4.2) 3.5 (2.4)
2319 HK CHINA MENGNIU DAIRY CO 7,915 26.3 19.6 2.8 2.5 (13.3) 34.5 0.7 4.9 4.4 4.4 6.2 4.8
CLR CN CLEARWATER SEAFOODS INC 498 16.4 15.3 N/A N/A (10.8) 7.4 N/A N/A (5.6) (4.8) (25.0) (11.0)
CNPF PM CENTURY PACIFIC FOOD INC 1,231 24.0 21.3 5.0 4.2 25.7 12.9 0.8 22.8 7.0 2.6 3.3 7.8
CPB US CAMPBELL SOUP CO 18,068 19.3 18.4 11.9 10.3 68.8 5.2 2.3 60.0 (5.1) (0.3) 7.2 (1.8)
GIS US GENERAL MILLS INC 35,473 20.0 18.4 7.8 7.8 8.2 8.3 3.2 33.9 (0.6) (3.7) (6.2) (1.0)
HRL US HORMEL FOODS CORP 18,739 21.2 20.4 3.9 3.6 (0.4) 4.1 1.9 18.8 (4.9) 2.3 (2.6) 1.8
MHG NO MARINE HARVEST 7,443 10.1 9.5 28.6 27.2 26.8 5.5 7.8 34.9 (0.9) (6.7) 10.2 (8.4)
NESN VX NESTLE SA-REG 238,391 21.7 20.3 3.5 3.3 27.6 7.1 3.2 16.4 5.7 6.1 (0.2) 4.9
VNM VN VIETNAM DAIRY PRODUCTS JSC 8,480 20.8 19.2 8.0 6.9 9.7 8.4 4.1 43.0 0.8 2.4 (3.6) 5.9
Average (simple) 21.1 18.6 6.7 6.2 12.0 13.3 2.6 24.4
Source: Bloomberg Krungsri Securities

Krungsri Securities Research 4

Company Update | TU March 16, 2017

Quarterly earnings
Unit: (Btm) 4Q15 1Q16 2Q16 3Q16 4Q16
Sales 33,333 31,257 34,441 35,128 33,550
Cost of sales 28,603 26,409 29,012 30,190 28,837
Gross profit 4,730 4,848 5,428 4,937 4,713
SG&A 3,465 3,394 3,366 3,066 3,350
Operating profit 1,265 1,454 2,062 1,872 1,363
FX gain/loss 128 264 32 (30) (181)
Other income 99 279 333 137 377
Other expense - - - - 272
Equity income 147 56 35 153 (51)
EBIT 1,639 2,054 2,462 2,131 1,236
Interest expense 452 329 263 361 488
EBT 1,187 1,725 2,199 1,771 748
Income tax 211 352 494 17 (280)
Minority interests 219 142 178 159 126
Net profit 757 1,231 1,527 1,594 902
Extra item (857) 149 81 210 (521)
Normalized profit 1,614 1,082 1,446 1,384 1,423
EPS (THB) 0.15 0.26 0.32 0.33 0.19

Ratio analysis

Gross margin (%) 14.2 15.5 15.8 14.1 14.0

SGA/Total revenue (%) 10.4 10.9 9.8 8.7 10.0
Operating profit margin (%) 3.8 4.7 6.0 5.3 4.1
Net profit margin (%) 2.3 3.9 4.4 4.5 2.7
Source: Company data, Bloomberg, Krungsri Securities

Krungsri Securities Research 5

Company Update | TU March 16, 2017
p
INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F
Turnover 124,904 134,375 147,813 162,594 178,853
Cost of sales (COGS) (107,663) (117,431) (128,361) (140,311) (154,241)
Depreciation &amoritisation 2,726 2,983 3,090 3,326 3,557
Gross profit 19,967 19,927 22,541 25,609 28,169
S&A expenses (12,234) (13,177) (14,338) (15,772) (17,349)
Operating profit 7,733 6,750 8,204 9,837 10,821
Other operating income 1,236 84 276 285 293
EBIT 8,969 6,835 8,480 10,122 11,114
Interest expense (1,589) (1,440) (2,320) (2,714) (2,793)
Interest income 0 0 0 0 0
Other income (377) 854 1,716 1,833 1,960
Goodwill amortisation 0 0 0 0 0
Pre-tax profit 7,003 6,248 7,875 9,241 10,281
Income tax on company & subsidiaries (1,350) (583) (1,269) (1,780) (1,978)
Profit after tax 5,652 5,666 6,606 7,462 8,303
Minority interests (616) (606) (625) (700) (700)
Share of associate net income 336 194 586 646 710
Preferred dividends 0 0 0 0 0
Recurring attributable net profit 5,373 5,254 6,567 7,408 8,313
Extraordinary items 0 0 0 0 0
Reported net profit 5,373 5,254 6,567 7,408 8,313
Shares in issue (Y/E, m) 4,772 4,772 4,772 4,772 4,772
Shares in issue (weighted avg, m) 4,772 4,772 4,772 4,772 4,772
EPS (before extraordinary items, Bt) 1.13 1.10 1.38 1.55 1.74
DPS (Bt) 0.63 0.63 0.69 0.78 0.87
DPS/EPS (%) 40 50 50 50 50

CASHFLOW (Btm) 2015 2016 2017F 2018F 2019F

Cash flows from operations before WC 8,258 8,237 9,657 10,734 11,871
Net change in working capital 2,825 441 (1,514) 134 (3,109)
Cash flow from Operations 11,083 8,678 8,144 10,868 8,762
Capex (1,736) (25,281) (4,868) (5,124) (5,148)
Other (225) (6,175) 3,150 (276) (304)
Cash flow from Investment (1,961) (31,456) (1,717) (5,400) (5,452)
Net borrowings (7,433) 26,726 755 1,544 1,981
Equity capital raised 0 0 0 0 0
Others (2,309) (2,753) 0 0 0
Dividends paid (2,720) (2,627) (3,284) (3,704) (4,157)
Cashflow from financing (12,462) 21,346 (2,529) (2,160) (2,176)
Net change in cash (3,340) (1,431) 3,897 3,308 1,133

Krungsri Securities Research 6

Company Update | TU March 16, 2017

BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F

Cash & equivalents 2,816 976 4,873 8,181 9,315
A/C receivable 16,554 16,412 17,806 19,587 21,545
Inventory 35,180 39,626 43,589 44,546 49,001
Others 2,547 3,064 2,323 2,555 2,810
Total Current Assets 57,097 60,079 68,591 74,869 82,671
Property and equipment 22,118 23,281 25,206 27,093 28,747
Investments & associates 2,124 23,511 23,579 23,702 23,851
Goodwill 0 0 0 0 0
Other assets 29,572 35,495 32,130 32,193 32,286
Total Assets 110,911 142,365 149,505 157,857 167,554
Short-term debt 22,887 40,170 26,833 28,396 30,390
A/C payable 13,731 17,429 19,077 20,861 22,947
Other current liabilities 2,056 1,643 3,189 3,488 3,837
Total Current Liabilities 38,674 59,242 49,099 52,745 57,174
Long-term debt 15,928 25,371 39,463 39,443 39,430
Other liabilities 8,339 10,317 10,224 11,246 12,371
Total Liabilities 62,941 94,930 98,786 103,434 108,974
Share capital 1,193 1,193 1,193 1,193 1,193
Share premium 19,948 19,948 19,948 19,948 19,948
Treasury 0 0 0 0 0
Translation adjustment (384) (4,576) (4,576) (4,576) (4,576)
Retained earnings 24,459 26,677 29,961 33,665 37,822
Total ordinary equity 45,216 43,243 46,526 50,230 54,387
Preferred equity 0 0 0 0 0
Minorities 2,754 4,193 4,193 4,193 4,193
Total equity & minorities 47,970 47,436 50,720 54,424 58,580
BV per ordinary share (Y/E, Bt) 0
9.48 0
9.06 0
9.75 0
10.53 0
11.40
Adjusted book value ps (Y/E, Bt) 9.48 9.06 9.75 10.53 11.40

RATIOS (%) 2015 2016 2017F 2018F 2019F

Growth
Turnover 2.9 7.6 10.0 10.0 10.0
EBITDA 4.0 (6.8) 27.7 14.8 8.9
EBIT 5.3 (11.7) 36.8 16.9 9.4
Net profit 5.5 (2.2) 25.0 12.8 12.2
EPS pre extraordinary items 5.5 (2.2) 25.0 12.8 12.2
EPS (diluted) 5.5 (2.2) 25.0 12.8 12.2
DPS 73.8 0.0 9.2 12.8 12.2
Accounting ratios
Gross profit margin 16.0 14.8 15.3 15.8 15.8
Operating profit margin 5.4 4.8 5.6 6.1 6.1
EBITDA margin 9.3 8.1 9.4 9.8 9.7
EBIT margin 7.1 5.9 7.3 7.7 7.7
Net profit margin 4.3 3.9 4.4 4.6 4.6
ROA 4.8 3.7 4.4 4.7 5.0
ROE 11.2 11.1 12.9 13.6 14.2
Stability
D/E (x) 1.3 2.0 1.9 1.9 1.9
Net D/E (x) 0.8 1.4 1.2 1.1 1.0
Interest Coverage Ratio 5.6 5.5 4.6 4.6 4.9
Current ratio (x) 1.5 1.0 1.4 1.4 1.4
Quick ratio (x) 0.6 0.3 0.5 0.6 0.6
Valuation (x)
PER 18.2 19.1 15.5 13.8 12.3
Normalized PER 18.2 19.1 15.5 13.8 12.3
P/BV 2.2 2.3 2.2 2.0 1.9
EV/EBTDA 11.7 15.6 12.1 10.4 9.6
Dividend yield (%) 3.1 3.0 3.2 3.6 4.1

Krungsri Securities Research 7

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
investigations, prosecutions or closed cases
Level 4: Certified Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance
by independent external assurance providers (CAC etc.)
Level 3: Established Carrying out preventive measures, risk assessment, communication and training for all employees, including
consistent monitoring and review processes
Level 3A: Established by declaration of intent, Level 3B: Established by Commitment and Policy
Level 2: Declared Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption
(CAC) or equivalent initiatives
Level 1: Committed Organizations statement or board's resolution to work against corruption and to be in compliance with all relevant laws
 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 Nakhon Pathom
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Klongton, Klongtoey, Bangkok 10110 Amphur Muang, Nakhon Pathom 73000
Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3427-5500-7 Fax: 0-3421-8989
Central Bangna Suphanburi
589/151 Central City Tower 1 Office, Fl. 27 249/171-172 Moo 5 Tambol Ta Rahad,
Bangna-Trad Road, Bangna, Bangkok 10260 Amphur Muang, Suphanburi, 72000
Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3550-1234 Fax: 0-3552-2449
Rama II Nakhon Ratchasima
111/917-919 Rama II Road, Smaedum, 168 Chomphon Road, Tambol Nai Muang,
Bangkhuntien, Bangkok 10150 Amphur Muang Nakhon Ratchasima,
Tel: 0-2895-9575 Fax: 0-2895-9557 Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited Khon Kaen
123 Suntowers (B) Building, Vibhavadirangsit Road, 114 Sri Chan Road, Tambol Nai Muang,
Jompol, Jatujak, Bangkok 10900 Amphur Muang, Khon Kaen 40000
Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4322-6120 Fax: 0-4322-6180
Chonburi Chiang Mai
64/17 Sukhumvit Road, Tambol Bang Plasoi, 70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chonburi 20000 Amphur Muang, Chiang Mai 50200
Tel: 0-3879-0430 Fax: 0-3879-0425 Tel: 0-5321-9234-6 Fax: 0-5321-9247
Hat Yai Branch Chiang Rai
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, 231-232 Thamalai Road, Tambol Wiang,
Amphur Hat Yai, Songkhla 90110 Amphur Muang, Chiang Rai 57000
Tel: 0-7422-1229 Fax: 0-7422-1411 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
Central line:
Analyst Team Sector Coverage 662-659-7000 E-mail

Naphat Chantaraserekul, Head of Research Energy, Petrochemical, Strategy ext. 5000 [email protected]
Kittisorn Pruitipat, CFA, FRM Construction
Property, ICT,Materials
Contractor ext. 5019 [email protected]
Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance ext. 5004 [email protected]
Sunthorn Thongthip Insurance
Food, Insurance Strategy
Transportation, ext. 5009 [email protected]
Worrapong Tuntiwutthipong Electronic, Automotive, Commerce ext. 5016 [email protected]
Karun Intrachai Media
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

Fax 662-658-5643
Definition of Ratings
OUTPERFORM - Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps
NEUTRAL - Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps
UNDERPERFORM - Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps
www.krungsrisecurities.com