Central Pattana (CPN TB) กําไรไดรับอานิสงสจากคาใชจ

Results Review, 16 May 2014
Central Pattana (CPN TB)
Buy (Maintained)
Consumer Cyclical - Leisure & Entertainment
Market Cap: USD6,152m
Target Price:
Price:
THB55.00
THB44.50
Macro
กําไรไดรับอานิสงสจากคาใชจายที่ลดลง
Risks
Growth
Value
Central Pattana (CPN TB)
Price Close
Relative to Stock Exchange of Thailand Index (RHS)
59
112
54
107
49
102
44
97
39
92
34
35
87
CPN บันทึกอัตราคาเชาของ CPN ติดลบ 1% โดยสัดสวนกวาครึ่งของหางสรรพสินคา
ทั้งหมด 24 แหงไดปรับอัตราคาเชาเพิ่มขึ้นราว 10% ในขณะที่สวนที่เหลือยังคงอัตรา
คาเชาไวเทาเดิม และ มีเพียง CTW ซึ่งเปนหางสรรพสินคาที่ใหญที่สุดดวยสัดสวน
พื้นที่ใหเชาคาปลีก (NLA) ราว 16% ของพื้นที่ใหเชาทั้งหมดไดรับผลกระทบ (ปรับลด
อัตราคาเชาลง 20-30%) และหากสถานการณทางการเมืองคลี่คลาย เราคาดวาธุรกิจ
จะสามารถฟ น ตั ว ได ยั ง คงแนะนํ า “ซื้ อ ” ที่ ร าคาเป า หมายเท า กั บ 55.00 บาท
(EV/EBITDA 15x)
♦
25
20
♦
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
5
May-13
Vol m
10
173m/5.32m
32.6
23.6
36.0 - 55.0
46
4,488
46.0
8.5
อัตราคาเชาที่แทจริง (Effective Rental Rate) เทากับ -1% ไดรับแรง
กดดันจากหาง Central World
สัดสวน 1/3 ของรายไดปลอ ยเชาอิงจากระบบ revenue sharing กับผูเชาเปน
หลัก ดังนั้น ยอดขายจากหางสรรพสินคาที่ลดลงจะสงผลกระทบตอรายไดปลอ ย
เชาและการเติบโตของ CPN โดยจากหางสรรพสินคาทั้งหมด 24 แหง พบวา หาง
ในเขตทองเที่ยวตางจังหวัด (เชียงใหม สุราษฏรธานี พัทยา และชลบุรี) และทุก
หางในกรุงเทพ (10 แหง) บันทึกคาเชาเพิ่มขึ้นราว 10% q-o-q, y-o-y ยกเวน
หาง Central World ที่ยอดขายไดรับผลกระทบจากปญหาทางการเมืองเนื่องจาก
ตั้งอยู ในเขตในกลางเมือ ง โดยอัตราคาเช าลดลงราว 20-30% ทั้ งนี้ ห าง CTW
เปนหางสรรพสินคาที่ใหญที่สุดของ CPN ดวยพื้นที่คาปลีกใหเชารวมคลอบคลุม
192,792 ตารางวา (หรือคิดเปนสัดสวน 16% ของพื้นที่ใหเชาทั้งหมด)
Source: Bloomberg
Avg Turnover (THB/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (THB)
Free float (%)
Share outstanding (m)
Shareholders (%)
Chirathivat Family
HSBC (Singapore)
มูลคากําไรไตรมาส 1/57 เทากับ 1.7 พันลานบาท (-2% q-o-q, +3%
y-o-y) เปนไปตามคาด
แมวากําไรในรอบไตรมาส 1/57 จะเปนไปตามคาด แตรายการอื่นๆ พลาดเปาไป
เชน (i) รายไดเติบโตชากวาคาด (-1% q-o-q, +8% y-o-y) จากแรงกดดันดาน
ภาคการบริโภคในประเทศ และ (ii) คาใชจายในการดําเนินงานต่ํากวาคาด (-33%
q-o-q, +13% y-o-y) โดยสัดสวนกําไรในรอบไตรมาส 1/57 คิดเปน 25% ของ
ประมาณการทั้งปของเรา
30
15




♦
งบลงทุนลดลงดันมมารจิ้น
ในไตรมาส 4/56 ที่ผานมา CPN เปดหางสรรพสินคาขนาดใหญทั้งหมด 2 แหงทํา
ให ค า ใช จ า ยในการดํ า เนิ น การสู ง กดดั น มาร จิ้ น แต เ นื่ อ งจากไม มี แ ผนเป ด
ห า งสรรพสิ น ค า ใหม ใ นไตรมาส 1/57 ทํ า ให ค า ใช จ า ยดั ง กล า วลดลงอย า งมี
นัยสําคัญในรอบ q-o-q แตเพิ่มขึ้น 13% y-o-y
Share Performance (%)
YTD
1m
3m
6m
12m
Absolute
8.5
(2.7)
12.7
(4.3)
(16.4)
Relative
1.1
(3.1)
6.3
(2.8)
(2.3)
Forecasts and Valuations
Dec-11
Dec-12
Dec-13F
Dec-14F
Dec-15F
Total turnover (THBm)
11,951
16,762
19,913
23,549
27,387
Reported net profit (THBm)
2,058
6,189
6,293
6,776
8,027
Shariah compliant
Recurring net profit (THBm)
2,058
4,413
5,975
6,776
8,027
Recurring net profit growth (%)
28.7
114.4
35.4
13.4
18.5
Chalie Kueyen 66 2862 9745
Recurring EPS (THB)
0.47
1.01
1.35
1.51
1.79
Recurring P/E (x)
94.2
43.9
32.9
29.5
24.9
P/B (x)
9.71
7.65
5.52
4.84
4.15
Return on average equity (%)
10.7
27.3
20.5
17.5
18.0
Return on average assets (%)
3.5
9.2
8.5
8.3
8.9
120.9
83.3
48.8
37.4
27.6
0.0
0.0
0.0
[email protected]
Net debt to equity (%)
Our vs consensus EPS (adjusted) (%)
Source: Company data, RHB estimates
See important disclosures at the end of this report
Powered by EFATM Platform
1
Central Pattana (CPN TB)
16 May 2014
Figure 1: CPN – quarterly earnings performance
Unit : THBm
1Q13
4Q13
1Q14
%
chg
q-o-q
y-o-y
Total revenue
4,867
5,319
5,273
-1%
8%
Total COGS
2,492
2,821
2,723
-3%
9%
Gross Profit
2,376
2,499
2,550
2%
7%
715
1,201
807
-33%
13%
SG&A
EBIT
2,194
2,332
2,287
-2%
4%
EBITDA
3,073
2,941
3,297
12%
7%
216
156
179
14%
-17%
1,978
2,175
2,108
-3%
7%
297
400
370
-8%
25%
Net Income
1,656
1,750
1,710
-2%
3%
EPS (THB)
0.76
0.80
0.79
-2%
3%
Interest Expense
Pre-tax profit
Income Tax Expense
Key figures and ratios
Net debt (net cash)
(THBm)
21,780
17,972
15,422
D/E ratio(net debt)
0.81
0.50
0.41
Interest coverage ratio (X)
14.2
18.8
18.5
Cost of fund
3.76%
3.16%
3.84%
Gross margin (%)
48.8%
47.0%
48.4%
EBIT margin (%)
45.1%
36.7%
36.2%
EBITDA margin (%)
63.1%
48.2%
55.4%
Net margin (%)
34.0%
32.9%
32.4%
SG&A/sales (%)
14.7%
22.6%
15.3%
Effective tax rate
15.0%
18.4%
17.6%
ROA (%)
9.3%
9.0%
8.6%
ROE (%)
24.5%
19.3%
18.1%
Huge opex in 4Q13 from pre-opening
two new mega-malls
Lower interest exp y-o-y on lower net
debt
Source: RHB estimates
Figure 2: CPN – Effective rental rate and growth
20%
1000
15%
10%
600
5%
400
0%
200
-5%
-10%
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
0
Source: RHB estimates
See important disclosures at the end of this report
50.0%
NLA '000
NLA growth
1,200
40.0%
30.0%
1,000
20.0%
800
10.0%
NLA growth
1200
800
1,400
25%
600
0.0%
400
-10.0%
200
-20.0%
0
-30.0%
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
1400
30%
NLA ('000)
Effective rental rate
growth
Rental rate growth
Efffective rental rate: THB/sqm/month
1600
Figure 3: Net Leasable Area (NLA) and growth
Source: RHB estimates
2
Central Pattana (CPN TB)
16 May 2014
Figure 4: CPN – net leasable area (NLA) and performance
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
Rental rate
Rental rate (THB/sqm./month)
1,430
1,441
1,455
1,462
SSSG
16.2%
24.3%
13.3%
12.0%
4.8%
4.0%
4.0%
3.2%
-1.0%
97%
98%
98%
97%
96%
97%
97%
97%
96%
Occupancy rate
Leasable area - Net PF
1,499
1,499
1,513
1,509
1,484
1,084,603
1,090,911
1,089,897
1,118,596
1,120,926
1,152,956
1,151,794
1,286,125
1,324,091
Retail
939,618
945,777
944,763
973,660
975,843
1,007,782
1,006,943
1,140,054
1,177,416
Office
144,985
145,134
145,134
54,807
54,738
54,748
54,748
54,807
55,102
CPNRF - retail
144,985
145,134
145,134
144,936
145,083
145,174
144,851
146,071
146,071
CPNRF - office
33,760
33,760
33,760
33,760
33,760
33,760
33,760
33,760
33,760
-
-
-
80,566
80,646
80,646
80,585
80,585
80,585
259,262
259,489
259,580
259,196
260,416
260,416
Property fund (sqm )
CPNCG - CTW office
Total
178,745
178,894
178,894
Occupancy rate - Property fund
CPNRF - retail
88%
95%
96%
93%
93%
94%
99%
96%
95%
CPNRF - office
97%
98%
97%
98%
97%
98%
98%
98%
97%
CPNCG - CTW office
-
-
-
98%
99%
98%
99%
99%
100%
Oppening new m all
Remark:
CPN - retail ----------------------->
CPN - Office --------------------->
CPNRF - Retail ------------------->
- Office Tow er --------->
CPNCG - Office ----------------->
Suratthani
Lampang
24 Shopping malls
Ladprao
Pinklao A
Rama III
Rama II
Pinklao A
Pinklao B
CentralWorld
Ubonratchathani
ChiangmaiFestival
Hatyai
Pinklao B
Pinklao
Grand Rama IX
Bangna
Source: RHB estimates
See important disclosures at the end of this report
3
Central Pattana (CPN TB)
16 May 2014
Financial Exhibits
Profit & Loss (THBm)
Dec-11
Dec-12
Dec-13F
Dec-14F
Total turnover
11,951
16,762
19,913
23,549
27,387
Cost of sales
(7,783)
(9,433)
(10,542)
(13,252)
(14,973)
Gross profit
Dec-15F
4,167
7,328
9,372
10,297
12,414
(2,410)
(2,741)
(3,446)
(3,439)
(4,358)
Operating profit
1,757
4,587
5,926
6,858
8,056
Operating EBITDA
4,705
7,845
10,060
11,523
13,338
(2,948)
(3,258)
(4,134)
(4,665)
(5,283)
1,757
4,587
5,926
6,858
8,056
498
584
686
892
1,025
1,050
1,003
1,419
1,440
1,728
Gen & admin expenses
Depreciation of fixed assets
Operating EBIT
Net income from investments
Other recurring income
Interest expense
Exceptional income - net
Pre-tax profit
Taxation
Minority interests
Profit after tax & minorities
(874)
(1,057)
(813)
-
1,776
377
2,430
6,893
(934)
-
7,595
8,255
9,781
(1,663)
(354)
(642)
(1,206)
(1,403)
(18)
(63)
(97)
(76)
2,058
6,189
(1,028)
-
6,293
6,776
(91)
8,027
Reported net profit
2,058
6,189
6,293
6,776
8,027
Recurring net profit
2,058
4,413
5,975
6,776
8,027
Dec-15F
Source: Company data, RHB estimates
Cash flow (THBm)
Dec-11
Dec-12
Dec-13F
Dec-14F
Operating profit
1,757
4,587
5,926
6,858
8,056
Depreciation & amortisation
2,948
3,258
4,134
4,665
5,283
Change in working capital
5,016
2,414
1,328
6,729
3,658
Operating cash flow
9,721
10,259
11,388
18,251
16,996
Interest paid
(874)
(1,057)
(813)
(934)
(1,028)
Tax paid
(354)
(642)
(1,206)
(1,403)
(1,663)
Cash flow from operations
Capex
Other investing cash flow
Cash flow from investing activities
Dividends paid
Increase in debt
Other financing cash flow
Cash flow from financing activities
8,493
8,560
9,369
15,914
14,306
(11,985)
(6,932)
(8,500)
(9,000)
(12,500)
(1,400)
(1,400)
(1,400)
(12,437)
(452)
(6,078)
(9,900)
(10,400)
(13,900)
(545)
(806)
(1,355)
(1,605)
(1,845)
6,160
(870)
4,746
854
320
(1,239)
1,000
-
2,064
605
1,845
2,894
1,752
4,341
(1,725)
Cash at beginning of period
772
833
Total cash generated
801
757
1,573
1,590
Implied cash at end of period
(709)
Source: Company data, RHB estimates
See important disclosures at the end of this report
4
Central Pattana (CPN TB)
16 May 2014
Financial Exhibits
Balance Sheet (THBm)
Total cash and equivalents
Accounts receivable
Dec-11
Dec-12
Dec-13F
Dec-14F
945
4,207
1,869
4,456
Dec-15F
8,846
2,348
2,119
1,230
2,365
2,739
Other current assets
-
-
2,400
-
-
Total current assets
3,292
6,326
5,499
6,821
11,585
2,714
3,309
3,354
3,500
3,500
Tangible fixed assets
Total investments
43,166
48,805
55,928
59,241
62,809
Intangible assets
13,478
10,037
11,457
13,838
13,987
Total other assets
1,409
1,806
1,301
1,846
3,925
Total non-current assets
60,767
63,957
72,040
78,425
84,221
Total assets
95,806
64,059
70,284
77,539
85,246
Short-term debt
7,410
6,844
6,054
5,344
6,344
Accounts payable
4,499
4,669
5,157
7,951
8,984
3,446
2,979
4,247
3,276
3,604
Total current liabilities
Other current liabilities
15,355
14,492
15,458
16,572
18,932
Total long-term debt
18,265
18,944
13,788
14,788
15,988
9,991
10,948
11,469
12,000
12,000
Total non-current liabilities
28,255
29,892
25,257
26,788
27,988
Total liabilities
43,611
44,384
40,715
43,360
46,920
2,179
2,179
2,244
2,244
2,244
15,776
21,165
25,376
31,202
38,108
Other liabilities
Share capital
Retained earnings reserve
Other reserves
Shareholders' equity
Minority interests
Other equity
2,008
2,008
8,559
7,809
7,809
19,963
25,351
36,178
41,255
48,161
485
549
645
631
725
0
0
0
-
-
Total equity
20,448
25,900
36,824
41,886
48,886
Total liabilities & equity
64,059
70,284
77,539
85,246
95,806
Source: Company data, RHB estimates
Key Ratios (THB)
Dec-11
Dec-12
Dec-13F
Dec-14F
Dec-15F
Revenue growth (%)
13.5
40.3
18.8
18.3
16.3
Operating profit growth (%)
16.6
161.1
29.2
15.7
17.5
Net profit growth (%)
83.0
200.7
1.7
7.7
18.5
EPS growth (%)
83.0
200.7
0.2
6.1
18.5
7.7
27.0
38.6
14.0
16.7
Operating margin (%)
14.7
27.4
29.8
29.1
29.4
Net profit margin (%)
17.2
36.9
31.6
28.8
29.3
Return on average assets (%)
3.5
9.2
8.5
8.3
8.9
Return on average equity (%)
10.7
27.3
20.5
17.5
18.0
120.9
83.3
48.8
37.4
27.6
1.95
1.96
2.12
3.55
3.19
Bv per share growth (%)
Net debt to equity (%)
Recurrent cash flow per share
Source: Company data, RHB estimates
See important disclosures at the end of this report
5
Central Pattana (CPN TB)
16 May 2014
SWOT Analysis
• Well-reputed market leader in the retail development
segment.
• Risk in
expanding
overseas, where
consumer
behaviour may
vastly differ from
that of
Thailand’s
• Political unrest
may threaten
spending mode
• Leveraging on
its expertise in
merchandising
and marketing
to venture into
new overseas
markets.
• Regulators plans to replace property fund – for which
terms and conditions are favourable to CPN – with
REITs, which is slightly less favourable in terms of
taxes on asset transfers.
P/E (x) vs EPS growth
P/BV (x) vs ROAE
60
17%
40
-22%
20
-61%
0
-100%
P/E (x) (lhs)
EPS growth (rhs)
Source: Company data, RHB estimates
8
20%
6
15%
4
10%
2
5%
0
0%
P/B (x) (lhs)
Jan-15
56%
25%
Jan-14
80
10
Jan-13
94%
30%
Jan-12
133%
100
12
Jan-11
120
Jan-15
172%
Jan-14
140
Jan-13
211%
Jan-12
250%
160
Jan-11
180
Return on average equity (rhs)
Source: Company data, RHB estimates
Company Profile
Central Pattana (CPN) is Thailand's largest retail developer with over 30 years of experience. It currently manages 24 shopping
centres, seven office buildings, two hotels and two residential projects. Its retail NLA stands at around 1.2trn sq m while its hotel and
residential projects span over 2m sq m. The company is the leader in the retail development and management sector, with the biggest
share of Bangkok’s retail market at 24%.
See important disclosures at the end of this report
6
Central Pattana (CPN TB)
16 May 2014
Recommendation Chart
Price Close
55.0
66.0
53
73.0
90.0
Recommendations & Target Price
NR
63
43
33
23
13
Buy
3
May-09
Neutral
Aug-10
Sell
Trading Buy
Nov-11
Take Profit
Not Rated
Mar-13
Source: RHB estimates, Bloomberg
Date
Recommendation
2014-02-28
Buy
Target Price Price
55.0
41.3
2014-02-11
Buy
55.0
38.8
2013-08-19
Buy
66.0
43.0
2013-05-21
Buy
73.0
54.0
2013-05-14
Buy
73.0
53.3
2012-11-23
Buy
90.0
37.5
Source : RHB estimates, Bloomberg
See important disclosures at the end of this report
7
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage
Disclosure & Disclaimer
All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or
warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer
to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for
information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does
not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the
information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or
financial advice to independently evaluate the particular investments and strategies.
This report may further consist of, whether in whole or in part, summaries, research, compilations, extracts or analysis that has been prepared by RHB’s
strategic, joint venture and/or business partners. No representation or warranty (express or implied) is given as to the accuracy or completeness of such
information and accordingly investors should make their own informed decisions before relying on the same.
RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in
securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be
materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered
in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies),
may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or
underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this
research report.
RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise
from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are
alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature.
The term “RHB” shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below
and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies.
All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior
consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect.
Malaysia
This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd (233327-M), Level 11, Tower One, RHB Centre, Jalan Tun Razak,
50400 Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital
Berhad.
Singapore
This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No. 200808705N), a wholly-owned subsidiary of DMG &
Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK Investment
Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB”, which in turn is a whollyowned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG &
Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this
report is therefore classified as a non-independent report.
As of 14 May 2014, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have proprietary positions
in the securities covered in this report, except for:
a)
As of 14 May 2014, none of the analysts who covered the securities in this report has an interest in such securities, except for:
a)
Special Distribution by RHB
Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed
to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not
an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research
report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG &
Partners Securities Pte Ltd
Hong Kong
This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (“RHBSHK”) (formerly known as OSK Securities Hong
Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is
referred to as “RHBIB”), which in turn is a wholly-owned subsidiary of RHB Capital Berhad.
8
RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company.
RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain
compensation for investment banking services from the subject company.
Risk Disclosure Statements
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that
losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK
does not maintain a predetermined schedule for publication of research and will not necessarily update this report
Indonesia
This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Thailand
This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Other Jurisdictions
In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and
regulations of the jurisdictions.
Kuala Lumpur
Hong Kong
Singapore
Malaysia Research Office
RHB Research Institute Sdn Bhd
Level 11, Tower One, RHB Centre
Jalan Tun Razak
Kuala Lumpur
Malaysia
Tel : +(60) 3 9280 2185
Fax : +(60) 3 9284 8693
RHB OSK Securities Hong Kong Ltd. (formerly known
as OSK Securities
Hong Kong Ltd.)
12th Floor
World-Wide House
19 Des Voeux Road
Central, Hong Kong
Tel : +(852) 2525 1118
Fax : +(852) 2810 0908
DMG & Partners
Securities Pte. Ltd.
10 Collyer Quay
#09-08 Ocean Financial Centre
Singapore 049315
Tel : +(65) 6533 1818
Fax : +(65) 6532 6211
Jakarta
Shanghai
Phnom Penh
PT RHB OSK Securities Indonesia (formerly known as
PT OSK Nusadana
Securities Indonesia)
Plaza CIMB Niaga
14th Floor
Jl. Jend. Sudirman Kav.25
Jakarta Selatan 12920, Indonesia
Tel : +(6221) 2598 6888
Fax : +(6221) 2598 6777
RHB OSK (China) Investment Advisory Co. Ltd.
(formerly known as OSK (China) Investment
Advisory Co. Ltd.)
Suite 4005, CITIC Square
1168 Nanjing West Road
Shanghai 20041
China
Tel : +(8621) 6288 9611
Fax : +(8621) 6288 9633
RHB OSK Indochina Securities Limited (formerly
known as OSK Indochina Securities Limited)
No. 1-3, Street 271
Sangkat Toeuk Thla, Khan Sen Sok
Phnom Penh
Cambodia
Tel: +(855) 23 969 161
Fax: +(855) 23 969 171
Bangkok
RHB OSK Securities (Thailand) PCL (formerly known
as OSK Securities (Thailand) PCL)
10th Floor, Sathorn Square Office Tower
98, North Sathorn Road,Silom
Bangrak, Bangkok 10500
Thailand
Tel: +(66) 2 862 9999
Fax : +(66) 2 108 0999
9
Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2013
ADVANC
AOT
ASIMAR
BAFS
BANPU
BAY
BBL
2S
ACAP
AF
AHC
AIT
AKP
AMANAH
AMARIN
AMATA
AP
APCO
APCS
ASIA
ASK
ASP
BCP
BECL
BKI
BROOK
BTS
CIMB
CK
CPF
CPN
CSL
DRT
DTAC
EASTW
EGCO
AYUD
BEC
BFIT
BH
BIGC
BJC
BLA
BMCL
BWG
CCET
CENTEL
CFRESH
CGS
CHOW
CM
ERW
GRAMMY
HANA
HEMRAJ
ICC
INTUCH
IRPC
CNT
CPALL
CSC
DCC
DELTA
DTC
ECL
EE
EIC
ESSO
FE
FORTH
GBX
GC
GFPT
IVL
KBANK
KKP
KTB
LPN
MCOT
MINT
GL
GLOW
GOLD
GSTEL
GUNKUL
HMPRO
HTC
IFEC
INET
ITD
JAS
JUBILE
KBS
KCE
KGI
NKI
NOBLE
PAP
PG
PHOL
PR
PRANDA
KKC
KSL
KWC
L&E
LANNA
LH
LHBANK
LHK
LIVE
LOXLEY
LRH
LST
MACO
MAJOR
MAKRO
PS
PSL
PTT
PTTEP
PTTGC
QH
RATCH
MBK
MBKET
MFC
MFEC
MODERN
MTI
NBC
NCH
NINE
NMG
NSI
NWR
OCC
OFM
OGC
ROBINS
RS
S&J
SAMART
SAMTEL
SAT
SC
OISHI
PB
PDI
PE
PF
PJW
PM
PPM
PPP
PREB
PRG
PT
PYLON
QTC
RASA
SCB
SCC
SCSMG
SE-ED
SIM
SIS
SITHAI
SABINA
SAMCO
SCCC
SCG
SEAFCO
SFP
SIAM
SINGER
SIRI
SKR
SMT
SNP
SPCG
SPPT
SSF
SNC
SPALI
SPI
SSI
SSSC
SVI
SYMC
TCAP
THAI
THCOM
THRE
TIP
TASCO
TKT
STANLY
STEC
SUC
SUSCO
SYNTEC
TASCO
TCP
TF
TFD
TFI
THANA
THANI
THIP
TICON
TIPCO
TK
TLUXE
TMILL
TMT
TNL
TOG
TPC
TPCORP
TPIPL
TRT
TRU
TSC
TSTE
TSTH
TTA
TBSP
TCCC
TEAM
TGCI
TIC
TIES
TIW
TKS
TMC
TMD
TMI
TNDT
TNPC
TOPP
TPA
TPP
TR
TTI
TVD
TVI
TWZ
UBIS
UEC
UOBKH
UPF
UWC
VARO
VTE
WAVE
WG
TMB
TNITY
TOP
TRC
TRUE
TTW
TVO
UV
VGI
WACOAL
TTCL zZMICO
TUF
TWFP
TYM
UAC
UMI
UMS
UP
UPOIC
UT
VIBHA
VIH
VNG
VNT
YUASA
*** PHATRA was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25,2012
A
AAV
AEC
AEONTS
AFC
AGE
AH
AI
AJ
AKR
ALUCON
ANAN
ARIP
AS
BAT-3K
BCH
BEAUTY
BGI
BLAND
BOL
BROCK
BSBM
CHARAN
CHUO
CI
CIG
CITY
CMR
CNS
CPL
CRANE
CSP
CSR
CTW
DEMCO
DNA
DRACO
EA
EARTH
EASON
EMC
EPCO
F&D
FNS
FOCUS
FPI
FSS
GENCO
GFM
GJS
GLOBAL
HFT
HTECH
HYDRO
IFS
IHL
ILINK
INOX
IRC
IRPC
IT
JMART
JMT
JTS
JUTHA
KASET
KC
KCAR
KDH
KTC
KWH
LALIN
LEE
MATCH
MATI
MBAX
MDX
PRINC
MJD
MK
MOONG
MPIC
MSC
NC
NIPPON
NNCL
NTV
OSK
PAE
PATO
PICO
PL
POST
PRECHA
PRIN
Q-CON
QLT
RCI
RCL
ROJNA
RPC
SCBLIF
SCP
SENA
SF
SGP
SIMAT
SLC
SMIT
SMK
SOLAR
SPC
SPG
SRICHA
SSC
STA
SUPER
SVOA
SWC
SYNEX
WIN
WORK
*** CIMBI was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.
IOD (IOD Disclaimer)
การเปิดเผลผลการสารวจของสมาคมส่งเสริมสถาบันกรรมการบริษัทไทย (IOD) ในเรื่องการกากับดูแลกิจการ (Corporate Governance) นี้เป็นการ
ดาเนินการตามนโยบายของสานักงานคณะกรรมการกากับหลักทรัพย์และตลาดหลักทรัพย์ โดยการสารวจของ IOD เป็นการสารวจและประเมินจากข้อมูลของบรษัทจด
ทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยและตลาดหลักทรัพย์เอ็มเอไอ ที่มีการเปิดเผยต่อสาธารณะและเป็นข้อมูลที่ผลู้ งทุนทั่วไปสามารถเข้าถึงได้ ดังนั้นผลสารวจ
ดังกล่าวจึงเป็นการนาเสนอในมุมมองของบุคคลภายนอกโดยไม่ได้เป็นการประเมินการปฏิบัติและมิได้มีการใช้ข้อมูลภายในในการประเมิน
อนึ่ง ผลการสารวจดังกล่าว เป็นผลการสารวจ ณ วันที่ปรากฎในรายงานการกากับดูและกิจการบริษัทจดทะเบียนไทยเท่านั้น ดังนั้นผลการสารวจจึงอาจ
เปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้ นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการสารวจดังกล่าวแต่อย่างใด

Download Report