รอบด้านตลาดหุ้น 1 ตุลาคม 2557research2.bualuang.co.th/upload/bls141001.pdf · เล็งออกมำตรกำรสกัดหุ้นซิ่ง

See disclaimer at the end of report

รอบดานตลาดหน

1 ตลาคม 2557

Sideways down 2

วนนคงค ำแนะน ำ เหมอนเมอวำน กระชบพอรต และนกเลน

สน ควรวำง Stop loss ถำปดต ำกวำ 1,575/1,570 จด

สปดำหน คำดแนวรบ 1,573 จด แนวตำน 1,600/1,620 จด ปจจยบวก มำตรกำรกระตนเศรษฐกจไทย, รำยละเอยด EU-

QE ปจจยลบ ตวเลขเศรษฐกจโลกชะลอ, ฮองกงประทวง ป 2003 และ 2012 ดชนฯ MSCI AXJP ลงเฉลย 3-4% หน

ไทยม Downside บรเวณ 1,536 จด หำกองกำรปรบลงจำก

เหตกำรณอดต, กลต. เลงออกมำตรกำรสกดหนซง

กลยทธเลนรอบระยะเดอน (ตค.) คำดชวงครงแรกของเดอน

หนกลม คำปลก โรงพยำบำล ขนสง (Low Beta) ทปรบลงมำกอนหนำ Outperform ตลำด สวนกลม แบงก พลงงำน

ปโตรฯ คำด Underperform และแนะน ำซอเกงก ำไรหนกลำง-เลก ทมขำวบวกหนน / คำดกำรปรบฐำนรอบน ดชนฯ

ไมหลดกรอบขำขนใหญ 1,530 จด สวนปจจยลบหลกเดอน

น คอ วตกผลกำรประชมเฟดปลำยเดอน เขมงวดนโยบำยกำรเงน

หนแนะน ำ GUNKUL ILINK (เกงก ำไรกระแสขำวเซนสญญำขำยโครงขำย Fiber optic)

BLS รายงานพนฐานวนน (ดรายละเอยดฉบบเตม)

(+) PTT ขำวขน LPG (ภำคขนสง) และ NGV คำดกระทบก ำไร PTT ปนเพมขนรำว 470 ลำนบำท (คดเปน 0.6%)

สวนปหนำ +1.9 พนลำนบำท (+2%) / มองรำคำหนขนรบขำวน ไปแลว และเรำมองวำจะไมมกำรขยบรำคำขน

แบบตอเนอง กลยทธระยะสน แนะ Sell into strength

(+) SPALI คงค ำแนะน ำ ซอ TP 32 บำท (ปรบขนจำก 30 บ.) โดยเรำปรบคำดกำรณก ำไร ป 2014-15 ขน 12% และ

10% ตำมล ำดบ จำกยอดขำยทดกวำคำด โดย Backlog 4 หมนลำนบำท คำดวำจะทยอยโอน (Secure ก ำไรปน

100% และ คดเปน 72% ของคำดกำรณป 2015) สงผลใหก ำไร 2H14 คำดเตบโต 131% y-y และ 39% h-h โดย

ก ำไร 3Q14 คำด 1.2 พนลำนบำท (+255% y-y และ

155% q-q) สวน 4Q14 คำด ก ำไรท 1.7 พนลำนบำท (-4% y-y)

(+) MAJOR คงค ำแนะน ำ ซอ TP 26 บำท คำดก ำไร 3Q14 ท 265 ลำบำท (+32% y-y, -41% q-q) ก ำไรทลดลง q-q

เปนเพรำะ ผลกระทบฤดกำล (หนำฝน, เดกเปดเทอม, หนง

ท ำเงนมนอย) สวนก ำไรทเพมขนเทยบกบปทแลว เพรำะ ไมมสถำนกำรณกำรชมนมทำงกำรเมอง คำดวำยอดขำยตว

4Q14 จะดขน จำกหนงใหมทรอเขำฉำย เชน The Equalizer, The Hunger Games: Mockingjay Part 1,

The Hobbit 3:

สรปภาวะตลาด 30 กนยายน 2557

ดชนตลาดหลกทรพยไทย

เปลยนแปลง % การ

เปลยนแปลง 1วน

% การเปลยนแปลง YTD

1585.67 -0.12 -0.01% 28.84%

มลคำกำรซอขำย (ลำนบำท) 49,519.30

ยอดการซอขาย (ลานบาท)

ซอ ขาย สทธ

นกลงทนสถำบน 3366.28 3,315.8 50.5

0.07 7%

Proprietary Trading 3882.04 3,878.8 3.3

0.08 8%

นกลงทนตำงประเทศ

12145.65 12,570.9 -425.2

0.25 25%

ลกคำทวไป 30125.33 29,753.9 371.5

0.61 60%

5 อนดบหลกทรพยทมยอดซอขายสงสด

หลกทรพย ราคาปด เปลยนแปลง

(บาท) ยอดซอขาย (ลานบาท)

PTT 360.00 7.00 3,459

TRUE 11.90 -0.20 2,746

BBL 204.00 1.00 1,606

CGD 1.91 -0.08 1,549

UNIQ 11.30 1.20 1,363

การเคลอนไหวของดชนรายกลม

กลม ปด %เปลยนแปลง

Media 79.68 1.40

Energy 21803.41 0.62

Packaging 4071.10 0.21

Food 12575.79 0.15

Electronics 1511.23 0.00

SET 1585.67 -0.01

Bank 617.23 -0.09

ICT 223.30 -0.11

Finance&Sec. 1864.53 -0.33

ดชนตางประเทศ

ปด

% การเปลยนแปลง 1วน

% การเปลยนแปลง YTD

DJIA 17,042.90 -0.17 3.66

NASDAQ 4,493.39 -0.28 8.46

FTSE 6,622.72 -0.36 -1.42

NIKKEI 16,173.52 -0.84 1.66

HSKI 22,932.98 -1.28 -1.74

Dubai ($bbl) 95.51 1.04 -11.19

THB/USD 32.43 0.10 -0.89

MLR (BBL)% 6.75

BOT 1DRP% 2.00

CPI (Aug)% 2.09

รอบดำนตลำดหน - 2

และปหนำมหนงท ำเงนรอฉำยจ ำนวนมำกไดแก The Avengers: Age of Ultron, Star Wars VII,

Man of Steel: Superman/Batman, Pirate of the Caribbean: Dead Men Tell No Tales,

Fantastic Four Reboot, Terminator 5, The Hunger Games: Mockingjay, Part 2, James

Bond 24, Snow White and the Huntsman 2, Jurassic Park IV, Mission Impossible 5 and

Die Hardest

หนมขาว

(+) ทองเทยว MINT ERW CENTEL คำดนกทองเทยวจนเพมขนชวง Golden week (เรม 1 ตค.) / ไดประโยชนจำกกำรชมนมในฮองกง

(+) CK ITD STEC UNIQ ยนซอง รฟฟ.สำยสเขยว แลว วงเงน 2.9 หมนลำนบำท รผลตนปหนำ สญญำ 1 มลคำ 1.4 หมนลำนบำท สญญำ 2 6 พนลำนบำท สญญำ 3 3.7 พนลำนบำท และ สญญำ 4 2.6 พนลำนบำท (ทง 4 บจ. ยนครบ 4 สญญำ)

(+) BTS สนใจบรหำรกำรเดนรถไฟฟำแอรพอรต ลงค และจะเขำรวมประมลเดนรถสำยสเขยว ชวงแบรง-สมทรปรำกำร ทอยระหวำงกำรกอสรำง สำยสเขยว ชวงสะพำนใหม-คคต รถไฟฟำสำยสชมพ และรถไฟฟำสำยสน ำเงนสวนตอขยำย

(+) รฐบำลจนเผย จะจดเกบภำษทรพยำกรบนพนฐำนรำคำตลำด สงผลใหหน ถำนหนจน ปรบสงขน จำกคำดกำรปฎรปภำษสงผลใหรำคำถำนหนในจนปรบเพมขน

(+) IFEC สภำอตสำหกรรมยน รมว.พลงงำน กลบไปใชระบบ Adder แบบเดม และขอปรบ adder พลงงำนลมขนเปน 4.5 บ.จำก 3.5 บ. ส ำหรบผประกอบกำรขนำดใหญ สวนโรงไฟฟำขยะขอ adder 3.5 บ. นำน 10 ป (จำก 7ป) เนองจำก Fleet in tariff ไมสะทอนตนทนทแทจรง (กรงเทพธรกจ) /คำดรำคำหนขน รบประชมผถอหน อนมตขำยหนเพมทน PP และ RO

(+) SST คำดมดลซอกจกำรเพม

ปจจยทมผลตอตลาด

(*) นำยกสมำคมโบรกเกอร เผยไมมกำรหำรอเรองมำตรกำรสกดหนรอนตำมทเปนขำว วำจะใหหนตด Cash balance หำมน ำมำวำงเปนหลกประกนฯ

(-) กำรประทวงในฮองกงคำดสงผลกดดนหนภมภำคปรบฐำน เบองตนคำด Downside หนไทย

บรเวณ 1,536 จด องกำรปรบลดลงเหมอนตลำดหนภมภำคในอดตรำว 4%เหมอนป 2012:

21 พค. 1989 (ชมนม 1.5 ลำนคน) HSI รวง 14.5% MSCI Asia Ex Japan -7.4% (ภำยใน 2-3

วนท ำกำร) และเกดกรณ เทยนอนเหมน 4 กค. HSI รวง อก 22% MSCI AxJP -11%

1 กค.2003 (จ ำนวนคนชมนม 5 แสน) HSI -1% แยกวำตลำดหนภมภำค (ลง 1 วน)

ปลำย กค.2012 และ 3 กย. 2012 HSI รวง 4-5% และ ตลำดหนภมภำครวง 3-4% และ ปรบสงขนหลงยตกำรชมนม 8% ภำยใน 2 สปดำห

รอบนมรำยงำนจ ำนวนผชมนมรำว 5 แสนคน โบรกเกอรตำงชำตคำดผลกระทบรอบนจะเหมอนป

2003-2012 ซงกำรปรบลดลงจะเกดขนชวงสนๆ และเมอปญหำยตพบวำหนขนเฉลย 10%

(-) กระทรวงพำณชย รำยงำนสงออก เดอน สค. -7.4% แยกวำคำดท -3.3% y-y สวนน ำเขำ -

14.17% ท ำใหเดอน สค.เกนดล $1.15 พนลำน และ 8 เดอน สงออก -1.36% y-y น ำเขำ -12.7% และเกนดล $280 ลำน / ดำนแบงกชำต คำดสงออกปน 0% ปรบลดจำกเดมทคำด 3% สวนปหนำ

โต 4% จำกเดมคำด 6% จดพป 2558 ปรบลดมำอยท 4.8% จำกเดมทคำดวำจะขยำยตวได

5.5%

(+) เมอวำน จนรำยงำน HSBC PMI mfg (กย.) 50.2 ต ำคำด 50.5 (จำก 50.5) US Chicago PMI

เดอน กย.รวง 3.8 จด เหลอ 60.5 ต ำกวำคำดท 62

(+) เชำน จนรำยงำน Official PMI (กย.) 51.1 ดกวำคำดท 51 จำก 51.1

(-) วนน ไทยเงนเฟอ (กย.) 2% ลงจำก 2.1% y-y, ญปน Tankun survey (กย.) คำดปรบลดลงเหลอ 10 จำก 12 จด, US ISM เดอน กย. 58.5 ชะลอลงจำก 59, EU PMI (กย.) คำด 50.5 (ไม

เปลยนแปลง)

(+) พฤหส ประชม ECB คำดดอกเบยไมเปลยนแปลง 0.05% (EU QE คำดมรำยละเอยดเพมเตม)

(+) วนศกร (กย.) US อตรำวำงงำนคำด 6.1%, กำรจำงงำนนอกภำคเกษตร (กย.) คำด +2.1 แสน

รำย จำก 1.42 แสนรำย


หนในกระแส

(+) กระแส M&A: SST IFEC HEMRAJ

(+) หนรอนหลด Cash balance: ออกสปดำหหนำ AJP SOLAR SUPER VIH และสปดำหถดไป ACD DIMET EMC EVER GENCO SST TAKUNI

วกจ ถรวรรณรตน Tel. (662) 618-1336

สรปผลตอบแทนหลกทรพยทแนะน ำ

ชอหน วนทเรมแนะน ำ

รำคำเปด ณ.วนทเรม

แนะน ำ

รำคำสงสดนบจำกวนท

แนะน ำ

รำคำปดลำสด (เมอ

วำน)

%เปลยนแปลง

ลำสด ค ำแนะน ำ

IFEC 28/5/2014 3.12 8.3 7.75 148.40% ถอ

SST 26/8/2014 22.7 31.5 28 23.35% ถอ

DCON 28/8/2014 18.6 18.8 17.7 -4.84% หลด 17.4 บ. Stop loss

ILINK 12/9/2014 18.9 20.2 19 0.53% ถอ (Stop loss 18.7)

BLA 12/9/2014 84.5 89.75 90 6.51% ถอ

GUNKUL 17/9/2014 23.2 24.8 24.5 5.60% ถอ

EMC 23/9/2014 1.25 1.29 1.2 -4.00% ถอ

GFPT 26/9/2014 19.4 19.7 20.2 4.12% ถอ

DEMCO 29/9/2014 17.6 17.9 17.1 -2.84% Stop loss

CK 29/9/2014 28.5 28.75 28.25 -0.88% ถอ

MINT 30/9/2014 36.75 37 37 0.68% ถอ

ERW 30/9/2014 4.98 5.05 4.96 -0.40% ถอ

CENTEL 30/9/2014 40.5 40.5 40.25 -0.62% ถอ

Deletion 26 สค. INTUCH -1.07% OTO +1.31% 27 สค. SAT +0.11% AMATA -2.34%

28 สค. TSR +40% SF -5.11% 29 สค. PTTGC -5.06%

2 กย. CHO +26.53% BGH +0.52%

3 กย. GFPT +21.29% AIRA +34.11% THCOM -5% CCP -0.62% 4 กย. QH +4.55% DEMCO +25.8% CCET +0.65%

5 กย. CENTEL -4.76% 8 กย. MINT -4.79%

10 กย. TUF +6.69% ITD +2.75% 17 กย. CFRESH -1.06% BWG 0% SAMTEL +1.46%

19 กย. KBANK (Cove short) -0.43% 22 กย. BJCHI 0%

25 กย. LOXLEY +2.58%

26 กย. SAMART -2.34% 30 กย. BANPU -1.67% HEMRAJ -5.56% LANNA -1.44%

Source: ASPEN


ปจจยทมผลกระทบตอตลาด

คาเงนดอลลารสหรฐยงท าสถตสงสด

ดชนคำเงนดอลลำรสหรฐยงคงท ำจดสงสดใหมจำกเหตผลเศรษฐกจขยำยตวไดดเมอ

เทยบกบเศรษฐกจกลมประเทศหลกยโรป และเอเชย ขณะทเฟดสหรฐก ำลงพจำรณำเวลำกำรปรบอตรำดอกเบยขนครงแรกในรอบ 7 ป คำเงนดอลลำรทแขงคำเรวเรมสรำงควำมกงวลตอเฟดวำอำจ

กระทบตอภำคกำรสงออก อตรำกำรขยำยตวของเศรษฐกจสหรฐอำจชะลอ และอตรำเงนเฟออำจต ำเกนไป ทำมกลำงขอถกเถยงในคณะกรรมำธกำรพจำรณำนโยบำยกำรเงนของสหรฐ หรอ FOMC วำ

เฟดควรเรมขนอตรำดอกเบยเมอไร (Bloomberg)

ทางการจนประกาศผอนคลายมาตรการคมเขมภาคอสงหาฯ

ทำงกำรจนประกำศลดมำตรกำรคมเขมธรกจภำคอสงหำฯภำยหลงมกำรเกงก ำไรมำกเกนไปจนเกดภำวะฟองสบซงกระทบตอควำมสำมำรถในกำรซอเพออยอำศยจรง โดยธนำคำรกลำง

จนยอมใหมกำรวำงเงนดำวนนอยลงส ำหรบกำรซอบำนหลงทสอง โดยกำรผอนคลำยมำตรกำรควบคมเกดขนครงแรกในรอบ 4 ปเพอพยำยำมใหเศรษฐกจประเทศโตไดตำมเปำหมำย 7.5% ปน

โดยทผำนมำตวเลขภำคกำรลงทน และภำคกำรบรโภคภำยในประเทศจนยงคงไมแนนอนซงท ำให

นกวเครำะหเรมปรบมมมองตอเศรษฐกจจนแยลง (Bloomberg)

สศอ.ช MPI ส.ค.วบ 2.7% เทยบปกอน แตดขนกวาเดอนก.ค ดร.สมชำย หำญหรญ ผอ ำนวยกำรส ำนกงำนเศรษฐกจอตสำหกรรม (สศอ.) กลำววำ ดชน

ผลผลตอตสำหกรรม (MPI) เดอน ส.ค.57 หดตว 2.7% เมอเทยบกบชวงเวลำเดยวกนกบปกอน

แตมทศทำงดขนกลบมำขยำยตวท 2.6% เทยบกบเดอนกรกฎำคมทผำนมำ และดชนกำรสงสนคำปรบตวเพมขน 0.9% ดำนอตรำกำรใชก ำลงกำรผลตอยท 60.29% ส ำหรบอตสำหกรรมทลดลง

ไดแก อตสำหกรรมกำรผลตรถยนต เครองประดบ น ำตำล กำรกลนน ำมน และเครองแตงกำย เปนตน (หนงสอพมพบำนเมอง)

ธปท.หวงเศรษฐกจปนโตไดแค 1.5%

ธปท.หวงบรโภคสงออกหด กดจดพปนโตต ำ 1.5% มำตรกำรกระตนสงผลปหนำ นำงรง

มลลกะมำส ผอ ำนวยกำรอำวโส สำยนโยบำยเศรษฐกจกำรเงน ธนำคำรแหงประเทศไทย(ธปท.) เปดเผยภำวะเศรษฐกจเดอนส.ค. ชะลอตวลงเลกนอย มำจำกกำรบรโภคภำคเอกชนขยำยตวตดลบ

0.2% เมอเทยบกบเดอนกอนหนำทเพมขน 1% ขณะทกำรลงทนขยำยตวตดลบ 1.2% ลดลงเมอเทยบกบเดอนกอนหนำทตดลบเพยง 0.5% (หนงสอพมพโพสตทเดย)

จดโซนนงเกษตรจอควเขาครม.ลอดวยเงนอดหนน ปตพงศลน ใชเวลำ 1 สปดำห น ำโซนนงพชเศรษฐกจขำว-ยำงออย-ขำวโพด-มน-ปำลม

เสนอให ครม. นำยปตพงศ พงบญ ณ อยธยำ รมว.เกษตรและสหกรณ กลำวถงกำรปรบโครงสรำงกำรเกษตรทจะมกำรปรบเปลยนพนทกำรเพำะปลกหรอโซนนงเพอสรำงยทธศำสตรกำรผลตสนคำ

เกษตรใหเหมำะสมในแตละพนท โดยแผนจะตองใหเสรจสนใหเรวทสด เพอน ำมำใชในกำรวำงกรอบกำรเพำะปลกพชเกษตรในฤดกำลทจะถงน โดยเฉพำะขำวและยำงพำรำรวมทงพชเศรษฐกจ

อก 4 ชนด เชน ออยขำวโพด มนส ำปะหลง และปำลม (หนงสอพมพโพสตทเดย)

ชยพร นอมพทกษเจรญ Tel. (662) 618-1330-1


รายงานตวเลขเศรษฐกจส าคญประจ าสปดาห

United States

Economic Releases

Date Event Period Survey Actual Prior Revised Relevance

29/9/2014 Personal Income Aug 0.3% 0.3% 0.2% -- 84.7458

29/9/2014 Personal Spending Aug 0.4% 0.5% -0.1% 0.0% 84.7458

29/9/2014 PCE Deflator MoM Aug -0.1% 0.0% 0.1% -- 5.9322

29/9/2014 PCE Deflator YoY Aug 1.4% 1.5% 1.6% -- 33.8983

29/9/2014 PCE Core MoM Aug 0.0% 0.1% 0.1% -- 59.322

29/9/2014 PCE Core YoY Aug 1.4% 1.5% 1.5% -- 37.2881

29/9/2014 Pending Home Sales MoM Aug -0.5% -1.0% 3.3% 3.2% 75.4237

29/9/2014 Pending Home Sales YoY Aug -1.4% -4.1% -2.7% -2.8% 23.7288

29/9/2014 Dallas Fed Manf. Activity Sep 10.5 10.8 7.1 -- 60.1695

30/9/2014 ISM Milw aukee Sep 61.00 63.18 59.63 -- 28.8136

30/9/2014 S&P/CS 20 City MoM SA Jul 0.00% -0.50% -0.20% -0.3% 21.1864

30/9/2014 S&P/CS Composite-20 YoY Jul 7.40% 6.75% 8.07% -- 45.7627

30/9/2014 S&P/CaseShiller 20-City Index NSA Jul 174.45 173.34 172.33 -- 52.5424

30/9/2014 S&P/Case-Shiller US HPI YoY Jul -- 5.6% 6.2% 6.3% 27.1186

30/9/2014 S&P/Case-Shiller US HPI NSA Jul -- 167.32 166.34 166.41 25.4237

30/9/2014 Chicago Purchasing Manager Sep 62.0 60.5 64.3 -- 79.661

30/9/2014 Consumer Confidence Index Sep 92.5 86.0 92.4 93.4 94.9153

1/10/2014 MBA Mortgage Applications 26-Sep -- -- -4.1% -- 92.3729

1/10/2014 ADP Employment Change Sep 205K -- 204K -- 80.5085

1/10/2014 Markit US Manufacturing PMI Sep F 57.9 -- 57.9 -- 90

1/10/2014 ISM Manufacturing Sep 58.5 -- 59.0 -- 95.7627

1/10/2014 ISM Prices Paid Sep 57.0 -- 58.0 -- 70.339

1/10/2014 Construction Spending MoM Aug 0.5% -- 1.8% -- 77.9661

1/10/2014 Domestic Vehicle Sales Sep 13.50M -- 13.87M -- 33.0508

1/10/2014 Total Vehicle Sales Sep 16.80M -- 17.45M -- 39.8305

2/10/2014 Challenger Job Cuts YoY Sep -- -- -20.7% -- 32.2034

2/10/2014 RBC Consumer Outlook Index Oct -- -- 52.4 -- 11.8644

2/10/2014 Initial Jobless Claims 27-Sep 297K -- 293K -- 98.3051

2/10/2014 Continuing Claims 20-Sep 2425K -- 2439K -- 68.8136

2/10/2014 ISM New York Sep -- -- 57.1 -- 10.1695

2/10/2014 Bloomberg Consumer Comfort 28-Sep -- -- 35.5 -- 61.8644

2/10/2014 Factory Orders Aug -9.5% -- 10.5% -- 85.5932

3/10/2014 Trade Balance Aug -$40.8B -- -$40.5B -- 82.2034

3/10/2014 Change in Nonfarm Payrolls Sep 217K -- 142K -- 99.15

3/10/2014 Tw o-Month Payroll Net Revision Sep -- -- -- -- 3.39

3/10/2014 Change in Private Payrolls Sep 210K -- 134K -- 22.8814

3/10/2014 Change in Manufact. Payrolls Sep 13K -- 0K -- 69.4068

3/10/2014 Unemployment Rate Sep 6.1% -- 6.1% -- 89.2373

3/10/2014 Underemployment Rate Sep -- -- 12.0% -- 12.7119

3/10/2014 Average Hourly Earnings MoM Sep 0.2% -- 0.2% -- 19.4915

3/10/2014 Average Hourly Earnings YoY Sep 2.2% -- 2.1% -- 18.6441

3/10/2014 Average Weekly Hours All Employees Sep 34.5 -- 34.5 -- 17.7966

3/10/2014 Change in Household Employment Sep -- -- 16 -- 14.4068

3/10/2014 Labor Force Participation Rate Sep -- -- 62.8% -- 1.69492

3/10/2014 Markit US Services PMI Sep F 58.5 -- 58.5 -- 70

3/10/2014 Markit US Composite PMI Sep F -- -- 58.8 -- 70

3/10/2014 ISM Non-Manf. Composite Sep 58.5 -- 59.6 -- 73.7288

Economic Events


29/9/2014 Fed's Evans Speaks at Economics Conference in Chicago

30/9/2014 Fed's Pow ell Speaks on Government Debt Panel in Washington

2/10/2014 Treasury Marks 20th Anniversary of CDFI Fund

2/10/2014 Fed's Dudley Speaks in New York

3/10/2014 Fed's Lockhart Speaks on Employment Insurance in Atlanta

3/10/2014 Fed's Bullard to Speak on Economy in Tupelo, Mississippi

China

Economic Releases


28/9/2014 Leading Index Aug -- 100.09 100.08 100.20 31.25

30/9/2014 HSBC China Manufacturing PMI Sep F 50.5 50.2 50.5 -- 90

1/10/2014 Manufacturing PMI Sep 51.0 51.1 51.1 -- 81.25

3/10/2014 Non-manufacturing PMI Sep -- -- 54.4 -- 46.875


Sources: Bloomberg

Japan

Economic Releases


30/9/2014 Jobless Rate Aug 3.8% 3.5% 3.8% -- 97.7528

30/9/2014 Job-To-Applicant Ratio Aug 1.10 1.10 1.10 -- 87.9775

30/9/2014 Overall Household Spending YoY Aug -3.6% -4.7% -5.9% -- 57.3034

30/9/2014 Retail Trade YoY Aug 0.1% 1.2% 0.5% 0.6% 61.7978

30/9/2014 Retail Sales MoM Aug 0.5% 1.9% -0.5% -- 60.67

30/9/2014 Large Retailers' Sales Aug 0.0% 1.6% -0.6% -- 42.6966

30/9/2014 Industrial Production MoM Aug P 0.2% -1.5% 0.4% -- 98.8764

30/9/2014 Industrial Production YoY Aug P -1.1% -2.9% -0.7% -- 73.0337

30/9/2014 Labor Cash Earnings YoY Aug 0.9% 1.4% 2.6% 2.4% 52.809

30/9/2014 Vehicle Production YoY Aug -- -6.7% -1.7% -- 46.0674

30/9/2014 Housing Starts YoY Aug -14.2% -12.5% -14.1% -- 68.5393

30/9/2014 Annualized Housing Starts Aug 0.837M 0.845M 0.839M -- 50.5618

30/9/2014 Construction Orders YoY Aug -- 8.6% 24.4% -- 44.9438

30/9/2014 Small Business Confidence Sep -- 47.6 47.7 -- 55.0562

1/10/2014 Tankan Large Mfg Index 3Q 10 13 12 -- 87.6404

1/10/2014 Tankan Large Non-Mfg Index 3Q 17 13 19 -- 80.8989

1/10/2014 Tankan Large Mfg Outlook 3Q 13 13 15 -- 83.1461

1/10/2014 Tankan Large Non-Mfg Outlook 3Q 18 14 19 -- 79.7753

1/10/2014 Tankan Large All Industry Capex 3Q 7.0% 8.6% 7.4% -- 84.2697

1/10/2014 Tankan Small Mfg Index 3Q -2 -1 1 -- 12.3596

1/10/2014 Tankan Small Non-Mfg Index 3Q -1 0 2 -- 5.61798

1/10/2014 Tankan Small Mfg Outlook 3Q 0 0 3 -- 11.236

1/10/2014 Tankan Small Non-Mfg Outlook 3Q -2 -1 0 -- 4.49438

1/10/2014 Markit/JMMA Japan Manufacturing PMI Sep F -- -- 51.7 -- 90

1/10/2014 Vehicle Sales YoY Sep -- -- -5.0% -- 65.1685

2/10/2014 Monetary Base YoY Sep -- -- 40.5% -- 78.6517

2/10/2014 Monetary Base End of period Sep -- -- ¥243.5T -- 8.98876

2/10/2014 Japan Buying Foreign Bonds 26-Sep -- -- ¥773.9B -- 38.2022

2/10/2014 Japan Buying Foreign Stocks 26-Sep -- -- ¥60.9B -- 26.9663

2/10/2014 Foreign Buying Japan Bonds 26-Sep -- -- ¥418.6B -- 43.8202

2/10/2014 Foreign Buying Japan Stocks 26-Sep -- -- ¥294.8B -- 47.191

2/10/2014 Loans & Discounts Corp YoY Aug -- -- 1.95% -- 22.4719

3/10/2014 Markit Japan Services PMI Sep -- -- 49.9 -- 70

3/10/2014 Markit/JMMA Japan Composite PMI Sep -- -- 50.8 -- 70

3/10/2014 Markit/JMMA Japan Composite PMI Sep -- -- 50.8 -- 70

Economic Events

2/10/2014 OECD Global Forum on Know ledge Economy

Thailand

Economic Releases


29/9/2014 Customs Exports YoY Aug -3.20% -7.40% -0.85% -- 76.92

29/9/2014 Customs Imports YoY Aug -3.60% -14.17% -2.86% -- 61.54

29/9/2014 Customs Trade Balance Aug -$179M $1146M -$1102M -- 57.69

30/9/2014 Mfg Production Index ISIC NSA YoY Aug -4.4% -2.7% -5.2% -5.3% 11.54

30/9/2014 Capacity Utilization ISIC Aug -- 60.3 60.1 -- 7.69

30/9/2014 Exports YoY Aug -- -6.6% -0.5% -- 69.23

30/9/2014 Exports Aug -- $18655M $18700M -- 30.7692

30/9/2014 Imports YoY Aug -- -8.3% -3.4% -- 38.4615

30/9/2014 Imports Aug -- $16456M $17249M -- 23.0769

30/9/2014 Trade Balance Aug -- $2199M $1450M -- 53.8462

30/9/2014 BoP Current Account Balance Aug $225M $239M -$864M -$856M 88.4615

30/9/2014 Overall Balance Aug -- -$500M $2947M -- 19.2308

30/9/2014 Business Sentiment Index Aug -- 49.1 49.6 -- 34.6154

1/10/2014 CPI YoY Sep 1.97% -- 2.09% -- 92.3077

1/10/2014 CPI NSA MoM Sep 0.06% -- -0.08% -- 50

1/10/2014 CPI Core YoY Sep 1.85% -- 1.83% -- 73.0769

3/10/2014 Foreign Reserves 26-Sep -- -- $163.5B -- 80.7692

3/10/2014 Forw ard Contracts 26-Sep -- -- $24.1B -- 26.9231


รายงานวนน

หน: SPALI ค าแนะน า: ซอ ราคาเปาหมาย (บาท): 32.00

เรำยงคงค ำแนะน ำ ซอ และปรบเพมรำคำเปำหมำย ณ สนป 2558 จำก 30 บำท เปน 32

บำท

เรำปรบเพมประมำณกำรก ำไรหลกขน 12% ส ำหรบป 2557 และ 10% ส ำหรบป 2558

หนนจำกสมมตฐำนรำยไดจำกโครงกำรทอยอำศยทเพมขน

ก ำไรมแนวโนมอพไซดจำกคำใชจำยในกำรขำยและบรหำรทอำจลดลง กวำประมำณกำร

คำดแนวโนมก ำไรในชวงครงหลงของป 2557 เตบโตแขงแกรง 131% YoY และ 39%

HoH เปน 2.9 พนลำนบำท

กำรเปดตวโครงกำรใหมในชวงครงหลงของปนซงขยำยตว 63% YoY และ 125% HoH

เปน 20,800 ลำนบำทจะหนนใหยอดจองซอไตรมำส 3-4/57 เตบโตแขงแกรง

นกวเคราะห: นฤมล เอกสมทร

หน: MAJOR ค าแนะน า: ซอ ราคาเปาหมาย (บาท): 26.00

เรำยงคงค ำแนะน ำ ซอ หนนโดยอพไซดจำกหนำหนงทโดดเดนในปหนำควบคไปกบกำร

ขยำยสำขำเชงรกของบรษท

รำยไดบอกซออฟฟซ 10 อนดบสงสดเดอนก.ค.-ส.ค. 2557 รวมกนเพมขน 8% YoY เปน

733 ลำนบำท หนนจำกหนำหนงทแขงแกรง

รำยไดตวหนงของ MAJOR ในไตรมำส 3/57 คำดเพมขน 14% YoY เปน 982 ลำนบำท

แตลดลง 32% QoQ

รำยไดอำหำรและเครองดมส ำหรบไตรมำส 3/57 คำดเพมขน 15% YoY และรำยได

โฆษณำในโรงภำพยนตรคำดเพมขน 4% YoY

นกวเคราะห: ประสทธ สจรวรกล

ผชวยนกวเคราะห: บญธดำ จนำงคะกำญจน

หมำยเหต: รำยงำนดงกลำวเปนเพยงเนอหำโดยสรป สำมำรถอำนรำยละเอยดเพมเตมไดในรำยงำนฉบบเตม


ปฏทนหน

Sources: SET, Bualuang research

Share buyback

Stock Buyback period No. of buyback shares (mn)

Max amt of shares to be bought back (Btm)

Buyback result

No. of shares

JAS 25/07/2014-24/12/2014 713.74 650.661 94,840,000

BLAND 24/08/2014-24/02/2015 1,200 1017.485 471,423,500

BTS 25/08/2014-24/02/2015 600 925.192 95,839,900


Tender offer

Company Tender period No. of tender shares Offer price (Bt) Tender offeror

GFM 01/09/2014-03/11/2014 43,971,700 15.00 GOLDFINE MANUFACTURERS PUBLIC COMPANY LIMITED


XD POPF 0.3 XD TF 2.09 XD SENA 0.007937 XD TAE 0.1 XD MCOT 0.31

XD PR 0.81 XD TWZ 0.00636 XD SENA 14 : 1 XD TCAP 0.6

XR POPF 1 : [email protected]

Baht

XR GRAMMY 10 : [email protected] Baht XD TCAP-P 0.6

XR SKR 5 : [email protected] Baht XD TVD 1 : 0.38297847569

XD TVD 0.021276582

XR SIRI 3 : [email protected] Baht XD BLA 0.05 XW MACO 4 : 1 XD AEONTS 1.6

XW SIRI - XD BLA 5 : 2 XD IRCP 5.0378 : 1

XR SLC 1 : [email protected] Baht XD IRCP 0.02206

XD LTX 1.25

XD VNG 5 : 1

XD VNG 0.022222222

XW IRCP 3.09 : 1

XW MINT 20 : 1

XD AP 0.02 XD HMPRO 0.013889 XD VIH 0.00740741

XD AP 10 : 1 XD HMPRO 8 : 1 XD VIH 15 : 1

XW AJD 4 : 1

XR TIES 1 : [email protected] Baht

XD TNH 0.6

XD CITY 0.16

Note-XD Cash Dividend, XD (ST) Stock Dividend, PD Payment Date, XR- Right for Common

XW- Right for Warrant XM- Right for meeting

13-Dec-1412-Dec-1410-Dec-14 11-Dec-147-Dec-14 9-Dec-148-Dec-14

18-Nov-14

25-Nov-14 26-Nov-14

19-Nov-14

23-Nov-14 27-Nov-14

21-Nov-1417-Nov-1416-Nov-14

24-Nov-14

8-Nov-14

22-Nov-14

29-Nov-14

6-Nov-14 7-Nov-14

20-Nov-14

28-Nov-14

17-Oct-1415-Oct-14 16-Oct-14

19-Oct-14

8-Oct-14

20-Oct-14 21-Oct-14 22-Oct-14

2-Nov-14 3-Nov-14 4-Nov-14 5-Nov-14

FriThu

18-Oct-14

10-Oct-14

25-Oct-1423-Oct-14 24-Oct-14

5-Oct-14

30-Sep-14

Wed1-Oct-14 2-Oct-14

11-Oct-14

4-Oct-143-Oct-14

9-Oct-14

SatMon

7-Oct-14

Sun Tue28-Sep-14

12-Oct-14 14-Oct-1413-Oct-14

29-Sep-14

6-Oct-14


Derivative Warrants

Stock Underlying Last Trading Date Expiration Date

Exercise Price

Exercise Ratio

AAV01C1501A AAV 30 Jan 15 6 Feb 15 4 2 : 1

AAV01P1501A AAV 30 Jan 15 6 Feb 15 5.4 1.3 : 1

AAV06C1506A AAV 30 Jun 15 8 Jul 15 3 2 : 1

AAV11C1503A AAV 27 Mar 15 3 Apr 15 4.7 3.7 : 1

AAV11C1504A AAV 30 Apr 15 9 May 15 4.43 1.4 : 1

AAV18C1501A AAV 5 Jan 15 10 Jan 15 3.5 2 : 1

AAV28C1503A AAV 2 Mar 15 10 Mar 15 4.5 1.4 : 1

AAV42C1501A AAV 26 Jan 15 31 Jan 15 4.5 2.5 : 1

ADVA01C1410A ADVANC 31 Oct 14 7 Nov 14 213.762 72.8863 : 1

ADVA01P1410A ADVANC 31 Oct 14 7 Nov 14 276.918 58.27506 : 1

ADVA06C1601A ADVANC 29 Jan 16 5 Feb 16 151.525 94.69697 : 1

ADVA08C1502A ADVANC 18 Feb 15 25 Feb 15 179.936 80.49765 : 1

ADVA11C1502A ADVANC 27 Feb 15 7 Mar 15 192.385 64.61427 : 1

ADVA11P1502A ADVANC 27 Feb 15 7 Mar 15 213.761 42.752301 : 1

ADVA13C1412A ADVANC 17 Dec 14 24 Dec 14 218.62 55.40166 : 1

ADVA13P1411A ADVANC 14 Nov 14 21 Nov 14 233.194 38.86514 : 1

ADVA16C1412A ADVANC 9 Dec 14 17 Dec 14 188.459 66.26905 : 1

ADVA18C1502A ADVANC 26 Feb 15 6 Mar 15 194.329 67.99463 : 1

ADVA23C1411A ADVANC 13 Nov 14 20 Nov 14 192.247 61.57635 : 1


ADVA27C1503A ADVANC 12 Mar 15 19 Mar 15 189.406 71.02733 : 1

ADVA28C1410A ADVANC 1 Oct 14 8 Oct 14 238.053 66.07172 : 1

ADVA28C1501A ADVANC 5 Jan 15 10 Jan 15 213.761 68.01501 : 1

ADVA28C1501B ADVANC 2 Jan 15 9 Jan 15 184.612 32.06422 : 1

ADVA28CG ADVANC 17 Apr 15 24 Apr 15 231.422 74.05519 : 1


ADVA28P1501A ADVANC 2 Jan 15 9 Jan 15 179.754 24.29108 : 1

ADVA42C1411A ADVANC 24 Nov 14 29 Nov 14 223.478 62.1504 : 1

ADVA42P1502A ADVANC 27 Feb 15 7 Mar 15 230 50 : 1

AMAT01C1412A AMATA 24 Dec 14 31 Dec 14 15 8 : 1

AMAT01P1412A AMATA 24 Dec 14 31 Dec 14 19 5 : 1

AOT01C1410A AOT 31 Oct 14 7 Nov 14 176 40 : 1

AOT01P1410A AOT 31 Oct 14 7 Nov 14 228 35 : 1

AOT06C1411A AOT 28 Nov 14 5 Dec 14 141.345 97.46589 : 1

AOT06C1603A AOT 31 Mar 16 8 Apr 16 150 50 : 1

AOT06P1505A AOT 29 May 15 6 Jun 15 215 50 : 1

AOT11C1501A AOT 30 Jan 15 6 Feb 15 210 66 : 1

AOT11P1501A AOT 30 Jan 15 6 Feb 15 220 35 : 1

AOT13C1501A AOT 9 Jan 15 16 Jan 15 219 60 : 1

AOT16C1506A AOT 8 Jun 15 13 Jun 15 165 40 : 1

AOT18C1502A AOT 26 Feb 15 6 Mar 15 185 70 : 1

AOT23P1501A AOT 22 Jan 15 29 Jan 15 170 15 : 1

AOT28C1501A AOT 2 Jan 15 9 Jan 15 185 36 : 1

AOT28C1503A AOT 2 Mar 15 10 Mar 15 230 65 : 1

AOT28P1411A AOT 3 Nov 14 8 Nov 14 190 28 : 1

AOT28P1503A AOT 2 Mar 15 10 Mar 15 230 50 : 1

AOT42C1410A AOT 27 Oct 14 1 Nov 14 190 32 : 1

AOT42P1502A AOT 27 Feb 15 7 Mar 15 240 50 : 1

AP01C1409A AP 29 Sep 14 4 Oct 14 4.509 3.82146 : 1

AP01C1502A AP 27 Feb 15 7 Mar 15 6.5 4 : 1

AP11C1501A AP 30 Jan 15 6 Feb 15 6.5 3.7 : 1

AP18C1502A AP 26 Feb 15 6 Mar 15 5.8 3.2 : 1

BANK08C1504A BANK 30 Apr 15 9 May 15 580 0.01613

BANP01C1409A BANPU 29 Sep 14 4 Oct 14 24.632 17.73364 : 1

BANP01C1502A BANPU 27 Feb 15 7 Mar 15 28 20 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

BANP01P1409A BANPU 29 Sep 14 4 Oct 14 32.515 13.7931 : 1

BANP01P1502A BANPU 27 Feb 15 7 Mar 15 38 14 : 1

BANP06C1601A BANPU 29 Jan 16 5 Feb 16 19.208 24.0096 : 1

BANP06P1502A BANPU 27 Feb 15 7 Mar 15 28.813 12.48595 : 1

BANP08C1501A BANPU 8 Jan 15 15 Jan 15 22.662 17.24265 : 1

BANP08P1501A BANPU 8 Jan 15 15 Jan 15 30.544 11.33088 : 1

BANP11C1503A BANPU 27 Mar 15 3 Apr 15 30.839 16.45441 : 1

BANP11P1503A BANPU 27 Mar 15 3 Apr 15 36.455 10.83823 : 1


BANP13C1502A BANPU 6 Feb 15 13 Feb 15 30.051 14.7776 : 1

BANP16C1506A BANPU 17 Jun 15 24 Jun 15 24.14 19.70443 : 1

BANP23C1411A BANPU 13 Nov 14 20 Nov 14 24.011 16.32653 : 1



BANP42C1412A BANPU 22 Dec 14 27 Dec 14 29.559 15.76541 : 1

BAY23C1410A BAY 29 Oct 14 5 Nov 14 32.654 14.72971 : 1

BBL06C1601A BBL 29 Jan 16 5 Feb 16 125.811 48.40271 : 1

BBL06P1504A BBL 30 Apr 15 9 May 15 193.556 48.40271 : 1

BBL08C1506A BBL 18 Jun 15 25 Jun 15 203.093 60.92791 : 1

BBL11C1502A BBL 27 Feb 15 7 Mar 15 193.186 65.38604 : 1

BBL11P1502A BBL 27 Feb 15 7 Mar 15 213.99 39.6279 : 1

BBL13C1501A BBL 16 Jan 15 23 Jan 15 203.093 29.72652 : 1

BBL13P1411A BBL 14 Nov 14 21 Nov 14 183.279 19.81375 : 1

BBL16C1505A BBL 11 May 15 16 May 15 163.465 40.61738 : 1

BBL18C1503A BBL 27 Mar 15 3 Apr 15 178.326 69.32804 : 1

BBL23C1501A BBL 22 Jan 15 29 Jan 15 154.844 33.87534 : 1

BBL23P1501A BBL 22 Jan 15 29 Jan 15 154.844 15.48467 : 1

BBL28C1501A BBL 5 Jan 15 10 Jan 15 178.326 33.68373 : 1

BBL28P1501A BBL 5 Jan 15 10 Jan 15 198.14 27.73954 : 1

BBL42C1412A BBL 22 Dec 14 27 Dec 14 188.233 63.37136 : 1

BCH08C1504A BCH 30 Apr 15 9 May 15 7.46 3.28245 : 1

BCH18C1503A BCH 27 Mar 15 3 Apr 15 9 3.2 : 1

BCH23C1507A BCH 16 Jul 15 23 Jul 15 8.8 8 : 1

BCH42C1410A BCH 27 Oct 14 1 Nov 14 7.182 2.95142 : 1

BCP01C1409A BCP 29 Sep 14 4 Oct 14 27.029 19.65795 : 1

BCP01C1502A BCP 27 Feb 15 7 Mar 15 28 20 : 1

BCP01P1409A BCP 29 Sep 14 4 Oct 14 35.383 13.75894 : 1

BCP01P1502A BCP 27 Feb 15 7 Mar 15 38 15 : 1

BCP06C1502A BCP 27 Feb 15 7 Mar 15 19.144 23.92917 : 1

BCP23C1505A BCP 21 May 15 28 May 15 25.653 17.68972 : 1

BEC01C1409A BEC 29 Sep 14 4 Oct 14 45.771 19.07305 : 1

BEC01C1502A BEC 27 Feb 15 7 Mar 15 42 20 : 1

BEC01P1409A BEC 29 Sep 14 4 Oct 14 57.215 12.39618 : 1

BEC01P1502A BEC 27 Feb 15 7 Mar 15 56 14 : 1

BEC06C1503A BEC 31 Mar 15 8 Apr 15 38.143 23.8379 : 1

BECL08C1504A BECL 30 Apr 15 9 May 15 32.822 16.16582 : 1

BECL42C1410A BECL 27 Oct 14 1 Nov 14 32.448 14.31639 : 1

BGH01C1411A BGH 28 Nov 14 5 Dec 14 14 8 : 1

BGH01P1411A BGH 28 Nov 14 5 Dec 14 19 5 : 1

BGH06CB BGH 30 Apr 15 9 May 15 9.852 4.92611 : 1

BGH08C1502A BGH 18 Feb 15 25 Feb 15 10.542 4.43333 : 1

BGH08C1506A BGH 18 Jun 15 25 Jun 15 17.5 7.2 : 1

BGH11C1411A BGH 28 Nov 14 5 Dec 14 15 7 : 1

BGH13C1410A BGH 17 Oct 14 25 Oct 14 14.4 5.8 : 1

BGH13C1502A BGH 13 Feb 15 20 Feb 15 20 5.6 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

BGH16C1507A BGH 9 Jul 15 16 Jul 15 16 8 : 1

BGH23C1410A BGH 29 Oct 14 5 Nov 14 11.674 2.95596 : 1

BGH27C1501A BGH 8 Jan 15 15 Jan 15 15 6 : 1

BGH28C1501A BGH 5 Jan 15 10 Jan 15 15.5 7.5 : 1

BGH28C1503A BGH 2 Mar 15 10 Mar 15 18.5 7 : 1

BGH42C1411A BGH 24 Nov 14 29 Nov 14 15 7 : 1

BGH42P1502A BGH 27 Feb 15 7 Mar 15 21 6 : 1

BH01C1411A BH 28 Nov 14 5 Dec 14 104.456 39.79308 : 1

BH42C1501A BH 26 Jan 15 31 Jan 15 119.378 29.85075 : 1

BIGC01C1501A BIGC 30 Jan 15 6 Feb 15 188 80 : 1

BJC01C1410A BJC 31 Oct 14 7 Nov 14 43.679 19.85309 : 1

BJC01P1410A BJC 31 Oct 14 7 Nov 14 56.584 13.89854 : 1

BJC06C1410A BJC 31 Oct 14 7 Nov 14 28.546 24.6063 : 1

BJC06C1507A BJC 31 Jul 15 7 Aug 15 34.745 24.82005 : 1

BJC08C1506A BJC 18 Jun 15 25 Jun 15 59.563 17.86875 : 1

BJC13C1410A BJC 9 Oct 14 16 Oct 14 50.694 14.76451 : 1

BJC16C1506A BJC 8 Jun 15 13 Jun 15 38.467 19.85309 : 1

BJC28C1503A BJC 2 Mar 15 10 Mar 15 49.635 17.86874 : 1

BJC42C1501A BJC 26 Jan 15 31 Jan 15 51.621 15.8831 : 1

BLA06CA BLA 30 Apr 15 9 May 15 44.161 24.53386 : 1

BLA23C1501A BLA 22 Jan 15 29 Jan 15 65.524 14.89203 : 1

BLAN01C1411A BLAND 28 Nov 14 5 Dec 14 1.42 0.78342 : 1

BLAN01P1411A BLAND 28 Nov 14 5 Dec 14 1.959 0.58756 : 1

BLAN08C1409A BLAND 30 Sep 14 7 Oct 14 1.812 0.5386 : 1

BLAN08C1501A BLAND 8 Jan 15 15 Jan 15 1.449 0.70508 : 1

BLAN11C1412A BLAND 26 Dec 14 6 Jan 15 2 0.75 : 1

BLAN13C1411A BLAND 7 Nov 14 14 Nov 14 2.1 0.545 : 1

BLAN13C1501A BLAND 9 Jan 15 16 Jan 15 2.7 1 : 1

BLAN18C1503A BLAND 27 Mar 15 3 Apr 15 2 0.8 : 1

BLAN23C1502A BLAND 19 Feb 15 26 Feb 15 1.9 3 : 1

BLAN28C1501A BLAND 5 Jan 15 10 Jan 15 2.2 1.4 : 1

BLAN42C1412A BLAND 22 Dec 14 27 Dec 14 1.9 1.3 : 1

BMCL01C1412A BMCL 24 Dec 14 31 Dec 14 1.2 0.8 : 1

BMCL01P1412A BMCL 24 Dec 14 31 Dec 14 1.85 0.55 : 1

BMCL06C1507A BMCL 31 Jul 15 7 Aug 15 0.95 1 : 1

BMCL08C1508A BMCL 28 Aug 15 4 Sep 15 1.25 0.76 : 1

BMCL11C1412A BMCL 26 Dec 14 6 Jan 15 1.4 0.67 : 1

BMCL13C1411A BMCL 7 Nov 14 14 Nov 14 1.35 0.55 : 1


BMCL13C1501A BMCL 9 Jan 15 16 Jan 15 1.85 0.6 : 1

BMCL13C1502A BMCL 18 Feb 15 25 Feb 15 2.4 1 : 1

BMCL18C1502A BMCL 26 Feb 15 6 Mar 15 1.3 0.8 : 1

BMCL23C1502A BMCL 19 Feb 15 26 Feb 15 1.55 1.4 : 1


BMCL28C1501A BMCL 5 Jan 15 10 Jan 15 1.2 0.7 : 1

BMCL28C1501B BMCL 5 Jan 15 10 Jan 15 1.8 0.62 : 1


BMCL28C1503A BMCL 2 Mar 15 10 Mar 15 2.2 1.25 : 1


BTS01C1501A BTS 30 Jan 15 6 Feb 15 7.6 4 : 1

BTS01P1501A BTS 30 Jan 15 6 Feb 15 10.2 3 : 1

BTS06C1504A BTS 30 Apr 15 9 May 15 5.855 4.87924 : 1

BTS11C1503A BTS 27 Mar 15 3 Apr 15 8.3 3.2 : 1

BTS13C1503A BTS 3 Mar 15 11 Mar 15 10 3 : 1

BTS13C1504A BTS 3 Apr 15 11 Apr 15 11 5.2 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

BTS16C1507A BTS 9 Jul 15 16 Jul 15 8.5 3.5 : 1

BTS28C1502A BTS 2 Feb 15 7 Feb 15 9 3.2 : 1

BTS42C1412A BTS 22 Dec 14 27 Dec 14 8.7 6.4 : 1

BTS42C1501A BTS 30 Jan 15 6 Feb 15 7.6 4 : 1

CENT01C1409A CENTEL 29 Sep 14 4 Oct 14 26.652 19.74334 : 1

CENT01C1502A CENTEL 27 Feb 15 7 Mar 15 35 20 : 1

CENT01P1409A CENTEL 29 Sep 14 4 Oct 14 35.535 13.81979 : 1

CENT01P1502A CENTEL 27 Feb 15 7 Mar 15 47 14 : 1

CENT06C1503A CENTEL 31 Mar 15 8 Apr 15 22.703 24.67917 : 1

CENT11C1504A CENTEL 30 Apr 15 9 May 15 35 17.3 : 1

CENT27C1505A CENTEL 14 May 15 21 May 15 39.75 15 : 1

CENT42C1501A CENTEL 26 Jan 15 31 Jan 15 37 16 : 1

CK01C1412A CK 24 Dec 14 31 Dec 14 19.857 7.94281 : 1

CK01P1412A CK 24 Dec 14 31 Dec 14 24.821 4.96426 : 1

CK06C1504A CK 30 Apr 15 9 May 15 10.535 9.57671 : 1

CK06P1504A CK 30 Apr 15 9 May 15 16.281 4.78858 : 1

CK08C1502A CK 18 Feb 15 25 Feb 15 12.45 7.66183 : 1

CK08C1506A CK 18 Jun 15 25 Jun 15 27.8 16.38214 : 1

CK11C1503A CK 27 Mar 15 3 Apr 15 24.622 6.05642 : 1

CK11C1503B CK 27 Mar 15 3 Apr 15 25.317 17.17642 : 1

CK13C1412A CK 4 Dec 14 13 Dec 14 18.864 5.95699 : 1

CK13C1501A CK 12 Jan 15 17 Jan 15 27.304 14.89203 : 1

CK16C1411A CK 3 Nov 14 8 Nov 14 12.929 7.66225 : 1

CK23C1502A CK 19 Feb 15 26 Feb 15 23.431 35.73981 : 1

CK27C1503A CK 12 Mar 15 19 Mar 15 14.366 7.47029 : 1

CK28C1501A CK 5 Jan 15 10 Jan 15 19.857 7.44643 : 1

CK28C1503A CK 2 Mar 15 10 Mar 15 27.8 15.88571 : 1

CK42C1501A CK 26 Jan 15 31 Jan 15 21.843 15.88562 : 1

CPAL01C1501A CPALL 30 Jan 15 6 Feb 15 42 20 : 1

CPAL01P1501A CPALL 30 Jan 15 6 Feb 15 54 15 : 1

CPAL06C1601A CPALL 29 Jan 16 5 Feb 16 28.389 24.47381 : 1

CPAL08C1502A CPALL 18 Feb 15 25 Feb 15 31.326 18.6 : 1

CPAL11C1503A CPALL 27 Mar 15 3 Apr 15 45 16.9 : 1

CPAL13C1412A CPALL 12 Dec 14 19 Dec 14 42.5 15 : 1

CPAL16C1505A CPALL 11 May 15 16 May 15 38 20 : 1

CPAL28CD CPALL 17 Apr 15 24 Apr 15 39.158 17.62105 : 1

CPAL42C1501A CPALL 26 Jan 15 31 Jan 15 48 16 : 1

CPAL42P1502A CPALL 27 Feb 15 7 Mar 15 51 13 : 1

CPF01C1409A CPF 29 Sep 14 4 Oct 14 25.985 19.61169 : 1

CPF01C1502A CPF 27 Feb 15 7 Mar 15 26 20 : 1

CPF01P1409A CPF 29 Sep 14 4 Oct 14 35.301 13.72872 : 1

CPF01P1502A CPF 27 Feb 15 7 Mar 15 35.5 15 : 1

CPF06CC CPF 30 Apr 15 9 May 15 20.379 24.26007 : 1

CPF08C1503A CPF 27 Mar 15 3 Apr 15 28.21 14.84746 : 1

CPF08P1503A CPF 27 Mar 15 3 Apr 15 27.22 9.00746 : 1

CPF11C1410A CPF 31 Oct 14 7 Nov 14 25.24 17.52 : 1

CPF13C1410A CPF 31 Oct 14 7 Nov 14 27.947 14.70805 : 1

CPF16C1412A CPF 9 Dec 14 17 Dec 14 24.024 19.61169 : 1

CPF27C1501A CPF 8 Jan 15 15 Jan 15 26.725 15.83729 : 1

CPF28C1410A CPF 1 Oct 14 8 Oct 14 27.456 17.65044 : 1

CPF28C1503A CPF 2 Mar 15 10 Mar 15 29 17 : 1

CPF42C1501A CPF 26 Jan 15 31 Jan 15 27.715 15.83782 : 1

CPN01C1409A CPN 29 Sep 14 4 Oct 14 39.511 19.75504 : 1

CPN01C1502A CPN 27 Feb 15 7 Mar 15 43 20 : 1

CPN01P1409A CPN 29 Sep 14 4 Oct 14 52.352 13.82935 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

CPN01P1502A CPN 27 Feb 15 7 Mar 15 56 15 : 1

CPN06C1601A CPN 29 Jan 16 5 Feb 16 28.646 24.69746 : 1

CPN11C1503A CPN 27 Mar 15 3 Apr 15 46 16.9 : 1

CPN13C1502A CPN 13 Feb 15 20 Feb 15 50 15 : 1

CPN18C1501A CPN 5 Jan 15 10 Jan 15 42 20 : 1

CPN28C1410A CPN 1 Oct 14 8 Oct 14 41.487 18.76778 : 1

CPN28C1502A CPN 2 Feb 15 7 Feb 15 48 16 : 1

CPN42C1410A CPN 27 Oct 14 1 Nov 14 43.462 15.80528 : 1

DELT01C1409A DELTA 29 Sep 14 4 Oct 14 50 20 : 1

DELT01C1502A DELTA 27 Feb 15 7 Mar 15 57 20 : 1

DELT01P1409A DELTA 29 Sep 14 4 Oct 14 66 13 : 1

DELT01P1502A DELTA 27 Feb 15 7 Mar 15 74 14 : 1

DELT23C1410A DELTA 29 Oct 14 5 Nov 14 48.563 15.23461 : 1

DELT27C1502A DELTA 16 Feb 15 21 Feb 15 58 17 : 1

DTAC01C1409A DTAC 29 Sep 14 4 Oct 14 103.094 34.03676 : 1

DTAC01C1502A DTAC 27 Feb 15 7 Mar 15 99 36 : 1

DTAC01P1409A DTAC 29 Sep 14 4 Oct 14 131.299 29.18004 : 1

DTAC01P1502A DTAC 27 Feb 15 7 Mar 15 128 28 : 1

DTAC06C1410A DTAC 31 Oct 14 7 Nov 14 74.964 24.02691 : 1

DTAC06C1507A DTAC 31 Jul 15 7 Aug 15 88.599 49.2126 : 1

DTAC06P1410A DTAC 31 Oct 14 7 Nov 14 113.407 24.02691 : 1

DTAC06P1507A DTAC 31 Jul 15 7 Aug 15 123.054 24.61236 : 1

DTAC11C1412A DTAC 26 Dec 14 6 Jan 15 106.318 37.40847 : 1

DTAC11P1412A DTAC 26 Dec 14 6 Jan 15 116.163 22.14975 : 1

DTAC13C1502A DTAC 19 Feb 15 26 Feb 15 112 26.7 : 1

DTAC13P1412A DTAC 26 Dec 14 6 Jan 15 118.132 17.71793 : 1

DTAC16C1506A DTAC 8 Jun 15 13 Jun 15 100.904 39.37008 : 1

DTAC23C1501A DTAC 22 Jan 15 29 Jan 15 95.314 33.06878 : 1

DTAC23P1501A DTAC 22 Jan 15 29 Jan 15 95.314 14.58789 : 1

DTAC27C1502A DTAC 16 Feb 15 21 Feb 15 108.288 32.48631 : 1

DTAC28C1410A DTAC 1 Oct 14 8 Oct 14 102.121 35.98569 : 1

DTAC28C1503A DTAC 3 Mar 15 11 Mar 15 110 32 : 1

DTAC28P1502A DTAC 2 Feb 15 7 Feb 15 123.054 31.50186 : 1

DTAC42C1411A DTAC 24 Nov 14 29 Nov 14 110.257 39.37008 : 1

EART01C1502A EARTH 27 Feb 15 7 Mar 15 5.2 4 : 1

EART13C1501A EARTH 16 Jan 15 23 Jan 15 7 2.85 : 1

EART13C1503A EARTH 3 Mar 15 11 Mar 15 6.5 2.5 : 1

EART18C1503A EARTH 27 Mar 15 3 Apr 15 6.5 3 : 1

EART27C1502A EARTH 23 Feb 15 28 Feb 15 6.5 3.5 : 1

EART28C1502A EARTH 2 Feb 15 7 Feb 15 6.2 3.2 : 1

EART42C1502A EARTH 27 Feb 15 7 Mar 15 5.5 4 : 1

EGCO01C1410A EGCO 31 Oct 14 7 Nov 14 117.876 39.29273 : 1

ENER08C1504A ENERG 30 Apr 15 9 May 15 19000 0.00038

ESSO42C1501A ESSO 26 Jan 15 31 Jan 15 6.5 3 : 1

GFPT01C1412A GFPT 24 Dec 14 31 Dec 14 11.2 8 : 1

GFPT06C1504A GFPT 30 Apr 15 9 May 15 10 10 : 1

GFPT07C1410A GFPT 24 Oct 14 31 Oct 14 13.137 3.89231 : 1

GFPT27C1503A GFPT 12 Mar 15 19 Mar 15 12.5 7 : 1

GLOB01C1501A GLOBAL 30 Jan 15 6 Feb 15 11.4 8 : 1

GLOB01P1501A GLOBAL 30 Jan 15 6 Feb 15 15.4 5.5 : 1

GLOB06C1504A GLOBAL 30 Apr 15 9 May 15 9.418 8.56238 : 1

GLOB11C1504A GLOBAL 30 Apr 15 9 May 15 12.5 7 : 1

GLOB27C1505A GLOBAL 7 May 15 14 May 15 14.8 6.2 : 1

GLOB28C1503A GLOBAL 2 Mar 15 10 Mar 15 14.4 6.5 : 1

GLOB42C1502A GLOBAL 27 Feb 15 7 Mar 15 12.4 8 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

HEMR01C1411A HEMRAJ 28 Nov 14 5 Dec 14 3.3 1.6 : 1

HEMR01P1411A HEMRAJ 28 Nov 14 5 Dec 14 4.3 1.1 : 1

HEMR11C1504A HEMRAJ 30 Apr 15 9 May 15 3.85 1.4 : 1

HEMR18C1501A HEMRAJ 6 Jan 15 13 Jan 15 3.3 1.6 : 1

HEMR27C1503A HEMRAJ 12 Mar 15 19 Mar 15 2.703 1.54465 : 1

HMPR01C1412A HMPRO 24 Dec 14 31 Dec 14 8.6 4 : 1

HMPR01P1412A HMPRO 24 Dec 14 31 Dec 14 11.2 4 : 1

HMPR06C1503A HMPRO 31 Mar 15 8 Apr 15 6.552 4.36777 : 1

HMPR11C1410A HMPRO 31 Oct 14 7 Nov 14 9 3 : 1

HMPR11C1503A HMPRO 27 Mar 15 3 Apr 15 10.2 6.8 : 1

HMPR16C1506A HMPRO 17 Jun 15 24 Jun 15 8 4 : 1

HMPR23C1410A HMPRO 16 Oct 14 23 Oct 14 6.902 3.05773 : 1

HMPR27C1505A HMPRO 14 May 15 21 May 15 10.2 6 : 1

HMPR28C1501A HMPRO 5 Jan 15 10 Jan 15 9 3 : 1

HMPR28C1503A HMPRO 2 Mar 15 10 Mar 15 11 7 : 1

ICT08C1504A ICT 30 Apr 15 9 May 15 200 0.01429

INTU01C1410A INTUCH 31 Oct 14 7 Nov 14 67.839 19.3836 : 1

INTU01P1410A INTUCH 31 Oct 14 7 Nov 14 84.315 13.56852 : 1

INTU06C1601A INTUCH 29 Jan 16 5 Feb 16 51.812 23.55158 : 1

INTU06P1502A INTUCH 27 Feb 15 7 Mar 15 75.363 12.2474 : 1

INTU11C1504A INTUCH 30 Apr 15 9 May 15 63 18 : 1

INTU11P1504A INTUCH 30 Apr 15 9 May 15 78 11 : 1

INTU13C1410A INTUCH 9 Oct 14 16 Oct 14 82.376 13.08387 : 1

INTU13C1501A INTUCH 16 Jan 15 23 Jan 15 70.262 13.37435 : 1

INTU13P1501A INTUCH 16 Jan 15 23 Jan 15 65.901 8.7222 : 1

INTU16C1507A INTUCH 9 Jul 15 16 Jul 15 63 19 : 1

INTU23C1501A INTUCH 22 Jan 15 29 Jan 15 64.932 17.44287 : 1

INTU23P1501A INTUCH 22 Jan 15 29 Jan 15 64.932 7.75314 : 1

INTU28C1411A INTUCH 3 Nov 14 8 Nov 14 72.685 15.50616 : 1

INTU28C1502A INTUCH 2 Feb 15 7 Feb 15 69.5 16.5 : 1

INTU28P1411A INTUCH 3 Nov 14 8 Nov 14 79.469 12.59876 : 1

INTU42C1411A INTUCH 24 Nov 14 29 Nov 14 72.685 15.50628 : 1

IRPC01C1410A IRPC 31 Oct 14 7 Nov 14 3 1.7 : 1

IRPC01P1410A IRPC 31 Oct 14 7 Nov 14 4.2 1.2 : 1

IRPC06C1504A IRPC 30 Apr 15 9 May 15 2.4 2 : 1

IRPC06P1504A IRPC 30 Apr 15 9 May 15 3.6 1 : 1

IRPC13C1502A IRPC 13 Feb 15 20 Feb 15 3.7 1.15 : 1

IRPC16C1506A IRPC 17 Jun 15 24 Jun 15 3 1.6 : 1

IRPC28C1503A IRPC 2 Mar 15 10 Mar 15 3.6 1.35 : 1

ITD01C1412A ITD 24 Dec 14 31 Dec 14 4.2 3.5 : 1

ITD01P1412A ITD 24 Dec 14 31 Dec 14 6.4 3 : 1

ITD06C1506A ITD 30 Jun 15 8 Jul 15 2.8 2 : 1

ITD06P1501A ITD 30 Jan 15 6 Feb 15 4.2 1 : 1

ITD08C1504A ITD 30 Apr 15 9 May 15 5 3.2 : 1

ITD11C1410A ITD 31 Oct 14 7 Nov 14 4.6 1.4 : 1

ITD11C1412A ITD 26 Dec 14 6 Jan 15 4.9 3.8 : 1

ITD13C1412A ITD 24 Dec 14 31 Dec 14 5.35 3 : 1

ITD23C1502A ITD 19 Feb 15 26 Feb 15 3.92 1.5 : 1

ITD27C1502A ITD 16 Feb 15 21 Feb 15 4.8 3 : 1

ITD28C1501A ITD 5 Jan 15 10 Jan 15 5.5 3 : 1

ITD42C1412A ITD 22 Dec 14 27 Dec 14 5 3.2 : 1

IVL01C1501A IVL 30 Jan 15 6 Feb 15 21.839 17.86671 : 1

IVL01P1501A IVL 30 Jan 15 6 Feb 15 32.759 14.88982 : 1

IVL06C1601A IVL 29 Jan 16 5 Feb 16 15.792 9.86972 : 1

IVL06P1502A IVL 27 Feb 15 7 Mar 15 23.688 4.9351 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

IVL07C1410A IVL 24 Oct 14 31 Oct 14 22.207 6.90898 : 1

IVL08C1506A IVL 18 Jun 15 25 Jun 15 25.81 16.87577 : 1

IVL11C1410A IVL 31 Oct 14 7 Nov 14 23.626 18.3648 : 1

IVL11P1410A IVL 31 Oct 14 7 Nov 14 28.291 11.11815 : 1

IVL13C1411A IVL 14 Nov 14 21 Nov 14 24.817 5.85686 : 1

IVL13C1412A IVL 25 Dec 14 3 Jan 15 27.795 14.09642 : 1

IVL13P1412A IVL 25 Dec 14 3 Jan 15 24 8 : 1

IVL16C1506A IVL 8 Jun 15 13 Jun 15 20.35 7.94155 : 1

IVL18C1502A IVL 26 Feb 15 6 Mar 15 24.817 9.92692 : 1

IVL23C1410A IVL 29 Oct 14 5 Nov 14 20.727 5.92207 : 1

IVL23P1410A IVL 29 Oct 14 5 Nov 14 20.847 2.97814 : 1

IVL27C1503A IVL 12 Mar 15 19 Mar 15 19.74 7.89597 : 1

IVL27P1505A IVL 7 May 15 14 May 15 25 7.5 : 1

IVL28C1410A IVL 1 Oct 14 8 Oct 14 26.649 16.77893 : 1

IVL28C1501A IVL 5 Jan 15 10 Jan 15 23.328 5.95615 : 1

IVL28C1503A IVL 2 Mar 15 10 Mar 15 27 18 : 1

IVL42C1410A IVL 27 Oct 14 1 Nov 14 21.912 5.92207 : 1

JAS01C1410A JAS 31 Oct 14 7 Nov 14 7 4 : 1

JAS01P1410A JAS 31 Oct 14 7 Nov 14 9.6 2.8 : 1

JAS06CA JAS 30 Apr 15 9 May 15 3.87 4.8377 : 1

JAS08C1411A JAS 18 Nov 14 25 Nov 14 8.5 2.8 : 1

JAS11C1503A JAS 27 Mar 15 3 Apr 15 7.5 3.5 : 1

JAS13C1412A JAS 26 Dec 14 6 Jan 15 8.25 3.1 : 1

JAS13C1501A JAS 14 Jan 15 21 Jan 15 7.2 2.9 : 1

JAS13P1502A JAS 18 Feb 15 25 Feb 15 6.8 1.75 : 1

JAS16C1506A JAS 8 Jun 15 13 Jun 15 6.9 3.8 : 1

JAS18C1501A JAS 6 Jan 15 13 Jan 15 7.25 4 : 1

JAS23C1502A JAS 19 Feb 15 26 Feb 15 6.7 3.5 : 1

JAS27C1503A JAS 5 Mar 15 12 Mar 15 7.5 3.8 : 1

JAS28C1501A JAS 2 Jan 15 9 Jan 15 8.5 3.5 : 1

JAS28CD JAS 17 Apr 15 24 Apr 15 7.063 3.38636 : 1

JAS28P1502A JAS 2 Feb 15 7 Feb 15 9 2.5 : 1

KBAN01C1410A KBANK 31 Oct 14 7 Nov 14 171.645 39.92016 : 1

KBAN01P1410A KBANK 31 Oct 14 7 Nov 14 213.558 29.94012 : 1

KBAN06C1601A KBANK 29 Jan 16 5 Feb 16 122.719 49.0918 : 1

KBAN06P1503A KBANK 31 Mar 15 8 Apr 15 196.35 49.0918 : 1

KBAN08C1506A KBANK 18 Jun 15 25 Jun 15 209.566 69.85537 : 1

KBAN08P1409A KBANK 30 Sep 14 7 Oct 14 196.35 31.90691 : 1

KBAN13C1501A KBANK 16 Jan 15 23 Jan 15 214.556 59.88024 : 1

KBAN13P1502A KBANK 26 Feb 15 6 Mar 15 199.587 37.50938 : 1

KBAN16C1412A KBANK 9 Dec 14 17 Dec 14 152.171 34.36426 : 1


KBAN23P1501A KBANK 22 Jan 15 29 Jan 15 151.19 15.70845 : 1

KBAN28C1411A KBANK 3 Nov 14 8 Nov 14 174.638 33.92976 : 1


KBAN28CE KBANK 23 Apr 15 30 Apr 15 186.002 68.52681 : 1

KBAN28P1411A KBANK 3 Nov 14 8 Nov 14 189.607 22.95248 : 1

KBAN28P1501A KBANK 2 Jan 15 9 Jan 15 224.535 60.87397 : 1

KBAN42C1412A KBANK 22 Dec 14 27 Dec 14 209.566 63.85696 : 1

KBAN42P1502A KBANK 27 Feb 15 7 Mar 15 244.494 49.9002 : 1

KKP01C1501A KKP 30 Jan 15 6 Feb 15 37.563 19.77066 : 1

KKP01P1501A KKP 30 Jan 15 6 Feb 15 51.402 14.8258 : 1

KKP08C1506A KKP 18 Jun 15 25 Jun 15 39.54 17.7931 : 1

KKP23C1503A KKP 19 Mar 15 26 Mar 15 38.057 17.79043 : 1

KKP27C1502A KKP 16 Feb 15 21 Feb 15 43.494 15.81609 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

KKP42C1501A KKP 26 Jan 15 31 Jan 15 45.471 15.81528 : 1

KTB01C1410A KTB 31 Oct 14 7 Nov 14 16.8 8 : 1

KTB01P1410A KTB 31 Oct 14 7 Nov 14 21 5.5 : 1

KTB06C1601A KTB 29 Jan 16 5 Feb 16 13.371 9.5511 : 1

KTB08C1501A KTB 8 Jan 15 15 Jan 15 16.4 7 : 1

KTB11C1411A KTB 28 Nov 14 5 Dec 14 19.7 6.4 : 1

KTB13C1502A KTB 13 Feb 15 20 Feb 15 19.5 6 : 1

KTB13C1504A KTB 3 Apr 15 11 Apr 15 25 14.5 : 1

KTB16C1411A KTB 3 Nov 14 8 Nov 14 14.327 7.64059 : 1

KTB23C1505A KTB 21 May 15 28 May 15 19.7 7 : 1

KTB23P1502A KTB 19 Feb 15 26 Feb 15 17.5 3.5 : 1

KTB27C1502A KTB 23 Feb 15 28 Feb 15 20 6.5 : 1

KTB28C1411A KTB 3 Nov 14 8 Nov 14 17 7 : 1

KTB28C1502A KTB 2 Feb 15 7 Feb 15 21 7 : 1

KTB28P1411A KTB 3 Nov 14 8 Nov 14 19.5 5 : 1

KTB42C1412A KTB 22 Dec 14 27 Dec 14 21 7 : 1

LH01C1412A LH 24 Dec 14 31 Dec 14 8.795 7.32977 : 1

LH01P1412A LH 24 Dec 14 31 Dec 14 11.727 4.88639 : 1

LH08C1506A LH 18 Jun 15 25 Jun 15 9.577 6.35227 : 1

LH11C1504A LH 30 Apr 15 9 May 15 10.2 7.5 : 1

LH13C1503A LH 3 Mar 15 11 Mar 15 12.5 5.5 : 1

LH16C1506A LH 17 Jun 15 24 Jun 15 8.014 3.90915 : 1

LH42C1411A LH 24 Nov 14 29 Nov 14 8.795 6.84088 : 1

LPN01C1501A LPN 30 Jan 15 6 Feb 15 19.77 7.90826 : 1

LPN01P1501A LPN 30 Jan 15 6 Feb 15 25.701 5.43656 : 1

LPN06C1504A LPN 30 Apr 15 9 May 15 10.873 9.88533 : 1

LPN11C1504A LPN 30 Apr 15 9 May 15 21.6 7 : 1

LPN27C1503A LPN 5 Mar 15 12 Mar 15 14.827 6.91947 : 1

M01C1412A M 24 Dec 14 31 Dec 14 53.317 19.74724 : 1

M06C1507A M 31 Jul 15 7 Aug 15 47.393 24.68526 : 1

M08C1503A M 27 Mar 15 3 Apr 15 59.241 17.77233 : 1

M42C1412A M 22 Dec 14 27 Dec 14 61.216 15.79779 : 1

MAJO06C1504A MAJOR 30 Apr 15 9 May 15 12.372 9.51656 : 1

MCOT42C1410A MCOT 27 Oct 14 1 Nov 14 28 16 : 1

MINT01C1409A MINT 29 Sep 14 4 Oct 14 23 16 : 1

MINT01C1502A MINT 27 Feb 15 7 Mar 15 29 20 : 1

MINT01P1409A MINT 29 Sep 14 4 Oct 14 31 14 : 1

MINT06C1505A MINT 29 May 15 6 Jun 15 19.723 24.65483 : 1

MINT11C1501A MINT 30 Jan 15 6 Feb 15 29 20 : 1

MINT27C1501A MINT 8 Jan 15 15 Jan 15 24 16 : 1

MINT28C1503A MINT 2 Mar 15 10 Mar 15 33 17 : 1

MINT42C1411A MINT 24 Nov 14 29 Nov 14 23.5 14 : 1

NOK42C1502A NOK 27 Feb 15 7 Mar 15 15.5 7 : 1

PS01C1501A PS 30 Jan 15 6 Feb 15 30 20 : 1

PS01P1501A PS 30 Jan 15 6 Feb 15 44 13 : 1

PS06C1507A PS 31 Jul 15 7 Aug 15 21 25 : 1

PS11C1411A PS 28 Nov 14 5 Dec 14 25 17.5 : 1

PS16C1505A PS 11 May 15 16 May 15 19.3 7.5 : 1

PS23C1505A PS 21 May 15 28 May 15 29.5 36 : 1

PS27C1502A PS 23 Feb 15 28 Feb 15 27 17 : 1

PS28C1501A PS 2 Jan 15 9 Jan 15 27 18 : 1

PS28C1502A PS 2 Feb 15 7 Feb 15 32 18 : 1

PSL42C1502A PSL 27 Feb 15 7 Mar 15 24 20 : 1

PTT01C1501A PTT 30 Jan 15 6 Feb 15 289.017 78.61635 : 1

PTT01P1501A PTT 30 Jan 15 6 Feb 15 379.458 63.89776 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

PTT03CB PTT 3 Dec 14 12 Dec 14 278.22 73.69197 : 1

PTT06C1601A PTT 29 Jan 16 5 Feb 16 201.008 95.69378 : 1

PTT06P1502A PTT 27 Feb 15 7 Mar 15 306.298 47.86979 : 1

PTT08C1503A PTT 27 Mar 15 3 Apr 15 304.746 68.81356 : 1

PTT08P1503A PTT 27 Mar 15 3 Apr 15 294.915 37.35593 : 1

PTT11C1502A PTT 27 Feb 15 7 Mar 15 314.576 62.91525 : 1

PTT11P1502A PTT 27 Feb 15 7 Mar 15 348.983 48.16949 : 1

PTT13C1501A PTT 23 Jan 15 30 Jan 15 334.237 58.00464 : 1

PTT13P1501A PTT 23 Jan 15 30 Jan 15 314.576 37.35525 : 1

PTT16C1505A PTT 11 May 15 16 May 15 265.424 76.68712 : 1

PTT23C1603A PTT 24 Mar 16 31 Mar 16 260.508 78.61635 : 1

PTT23P1501A PTT 22 Jan 15 29 Jan 15 285.085 32.44646 : 1

PTT28C1501A PTT 5 Jan 15 10 Jan 15 304.746 73.72883 : 1

PTT28CD PTT 17 Apr 15 24 Apr 15 282.919 75.44508 : 1

PTT42C1411A PTT 24 Nov 14 29 Nov 14 294.915 58.96226 : 1

PTTE01C1410A PTTEP 31 Oct 14 7 Nov 14 141.382 39.2773 : 1

PTTE01P1410A PTTEP 31 Oct 14 7 Nov 14 176.727 29.45508 : 1

PTTE06C1502A PTTEP 27 Feb 15 7 Mar 15 117.818 49.0918 : 1

PTTE08C1501A PTTEP 8 Jan 15 15 Jan 15 148.255 34.36364 : 1

PTTE11C1502A PTTEP 27 Feb 15 7 Mar 15 160 33 : 1

PTTE11P1502A PTTEP 27 Feb 15 7 Mar 15 185 23 : 1

PTTE13C1412A PTTEP 12 Dec 14 19 Dec 14 145.309 32.40441 : 1

PTTE13P1412A PTTEP 12 Dec 14 19 Dec 14 152.182 19.63479 : 1

PTTE16C1411A PTTEP 3 Nov 14 8 Nov 14 163.637 28.8767 : 1

PTTE23C1410A PTTEP 16 Oct 14 23 Oct 14 185.776 28.8767 : 1

PTTE23P1410A PTTEP 16 Oct 14 23 Oct 14 189.491 29.45508 : 1

PTTE27C1505A PTTEP 7 May 15 14 May 15 162 31 : 1

PTTE28C1501A PTTEP 5 Jan 15 10 Jan 15 152.182 33.38181 : 1

PTTE28P1501A PTTEP 5 Jan 15 10 Jan 15 166.909 28.47272 : 1

PTTE42C1411A PTTEP 24 Nov 14 29 Nov 14 147.273 31.4169 : 1

PTTG01C1411A PTTGC 28 Nov 14 5 Dec 14 59.739 19.5848 : 1

PTTG01P1411A PTTGC 28 Nov 14 5 Dec 14 76.387 14.6886 : 1

PTTG06C1502A PTTGC 27 Feb 15 7 Mar 15 52.585 23.90057 : 1

PTTG08C1501A PTTGC 8 Jan 15 15 Jan 15 65.614 16.64845 : 1

PTTG11C1411A PTTGC 28 Nov 14 5 Dec 14 58.759 17.33397 : 1


PTTG13P1502A PTTGC 26 Feb 15 6 Mar 15 64.635 9.10747 : 1

PTTG16C1506A PTTGC 17 Jun 15 24 Jun 15 56.801 19.5848 : 1

PTTG18C1503A PTTGC 27 Mar 15 3 Apr 15 62 20 : 1


PTTG23P1501A PTTGC 22 Jan 15 29 Jan 15 62.677 7.83453 : 1



PTTG42C1412A PTTGC 22 Dec 14 27 Dec 14 66.594 15.66907 : 1

QH01C1411A QH 28 Nov 14 5 Dec 14 2.953 1.57478 : 1

QH01P1411A QH 28 Nov 14 5 Dec 14 4.134 1.18108 : 1

QH08C1504A QH 30 Apr 15 9 May 15 3.346 1.46651 : 1

QH11C1501A QH 30 Jan 15 6 Feb 15 3.74 1.2795 : 1

QH23C1502A QH 19 Feb 15 26 Feb 15 2.854 1.47634 : 1

QH28C1501A QH 5 Jan 15 10 Jan 15 3.445 1.2795 : 1

QH28C1503A QH 2 Mar 15 10 Mar 15 4.232 1.47635 : 1

RATC27C1505A RATCH 7 May 15 14 May 15 58 16 : 1

ROBI27C1501A ROBINS 15 Jan 15 22 Jan 15 50 16 : 1

S5001C1409A SET50 29 Sep 14 4 Oct 14 925 0.0125

S5001C1411A SET50 28 Nov 14 5 Dec 14 1000 0.01333


Derivative Warrants


Exercise Price

Exercise Ratio

S5001C1412A SET50 24 Dec 14 31 Dec 14 960 0.0125

S5001P1409A SET50 29 Sep 14 4 Oct 14 1025 0.01538

S5001P1411A SET50 28 Nov 14 5 Dec 14 1100 0.01429

S5001P1412A SET50 24 Dec 14 31 Dec 14 1090 0.01538

S5006C1412A SET50 26 Dec 14 6 Jan 15 1000 0.01176

S5006P1412A SET50 26 Dec 14 6 Jan 15 1000 0.01176

S5008C1409A SET50 29 Sep 14 4 Oct 14 975 0.01667

S5008P1409A SET50 29 Sep 14 4 Oct 14 955 0.02326

S5013C1409A SET50 29 Sep 14 4 Oct 14 955 0.01

S5013C1409B SET50 29 Sep 14 4 Oct 14 999 0.01818

S5013C1412A SET50 29 Dec 14 7 Jan 15 1000 0.0125

S5013P1409A SET50 29 Sep 14 4 Oct 14 970 0.01667

S5013P1412A SET50 29 Dec 14 7 Jan 15 1020 0.01818

S5028C1409A SET50 29 Sep 14 4 Oct 14 875 0.01429

S5028C1409B SET50 29 Sep 14 4 Oct 14 925 0.01429

S5028C1409C SET50 29 Sep 14 4 Oct 14 975 0.01429

S5028C1409D SET50 29 Sep 14 4 Oct 14 1025 0.01429

S5028C1412A SET50 29 Dec 14 7 Jan 15 1000 0.01429

S5028C1412B SET50 29 Dec 14 7 Jan 15 1050 0.01429

S5028C1506A SET50 29 Jun 15 7 Jul 15 975 0.01429

S5028P1409A SET50 29 Sep 14 4 Oct 14 950 0.01429

S5028P1409B SET50 29 Sep 14 4 Oct 14 900 0.01429

S5028P1409C SET50 29 Sep 14 4 Oct 14 1000 0.01429

S5028P1412A SET50 29 Dec 14 7 Jan 15 1025 0.01429

S5028P1412B SET50 29 Dec 14 7 Jan 15 1075 0.01429

S5028P1506A SET50 29 Jun 15 7 Jul 15 900 0.01429

SAMA01C1501A SAMART 30 Jan 15 6 Feb 15 19.346 7.85669 : 1

SAMA01P1501A SAMART 30 Jan 15 6 Feb 15 25.533 5.40132 : 1

SAMA06C1505A SAMART 29 May 15 6 Jun 15 13.749 9.82029 : 1

SAMA07C1503A SAMART 20 Mar 15 27 Mar 15 17.677 12.27564 : 1

SAMA08C1411A SAMART 18 Nov 14 25 Nov 14 21.114 5.89231 : 1

SAMA11C1504A SAMART 30 Apr 15 9 May 15 21.5 7 : 1

SAMA13C1501A SAMART 16 Jan 15 23 Jan 15 22.587 5.64685 : 1

SAMA13C1503A SAMART 3 Mar 15 11 Mar 15 28 14.5 : 1

SAMA23C1502A SAMART 19 Feb 15 26 Feb 15 18.168 6.87427 : 1

SAMA27C1501A SAMART 15 Jan 15 22 Jan 15 18.659 6.87436 : 1

SAMA28C1502A SAMART 2 Feb 15 7 Feb 15 21.605 6.38333 : 1

SAMA28C1503A SAMART 2 Mar 15 10 Mar 15 27 16 : 1

SAMA42C1412A SAMART 22 Dec 14 27 Dec 14 20.623 5.89206 : 1

SC13C1512A SC 17 Dec 15 24 Dec 15 3.9 1.25 : 1

SCB01C1410A SCB 31 Oct 14 7 Nov 14 146.841 39.68254 : 1

SCB01P1410A SCB 31 Oct 14 7 Nov 14 183.551 29.77077 : 1

SCB06C1502A SCB 27 Feb 15 7 Mar 15 106.62 48.4731 : 1

SCB06P1503A SCB 31 Mar 15 8 Apr 15 174.469 48.4731 : 1

SCB08C1501A SCB 8 Jan 15 15 Jan 15 158.747 33.73368 : 1

SCB11C1501A SCB 30 Jan 15 6 Feb 15 173.629 32.74151 : 1

SCB11P1501A SCB 30 Jan 15 6 Feb 15 198.433 33.73368 : 1

SCB13C1410A SCB 9 Oct 14 16 Oct 14 170.653 28.77698 : 1

SCB13C1503A SCB 13 Mar 15 20 Mar 15 185 31 : 1

SCB13P1411A SCB 14 Nov 14 21 Nov 14 163.708 19.84521 : 1

SCB16C1506A SCB 17 Jun 15 24 Jun 15 147.833 39.68254 : 1

SCB18C1502A SCB 26 Feb 15 6 Mar 15 163.708 49.60836 : 1

SCB28C1501A SCB 2 Jan 15 9 Jan 15 158.747 30.75718 : 1

SCB28C1502A SCB 2 Feb 15 7 Feb 15 188.512 33.73368 : 1

SCB28P1411A SCB 3 Nov 14 8 Nov 14 168.668 25.79634 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

SCB28P1503A SCB 2 Mar 15 10 Mar 15 185 25 : 1

SCB42C1411A SCB 24 Nov 14 29 Nov 14 158.747 31.74603 : 1

SCC01C1411A SCC 28 Nov 14 5 Dec 14 363.358 147.92899 : 1

SCC01P1411A SCC 28 Nov 14 5 Dec 14 513.44 118.48341 : 1

SCC03CA SCC 3 Dec 14 12 Dec 14 359.803 93.89671 : 1

SCC06C1502A SCC 27 Feb 15 7 Mar 15 291.255 97.08738 : 1

SCC11C1503A SCC 27 Mar 15 3 Apr 15 440 130 : 1

SCC13C1502A SCC 6 Feb 15 13 Feb 15 464.071 118.48341 : 1

SCC16C1411A SCC 3 Nov 14 8 Nov 14 359.215 67.93478 : 1

SCC23C1410A SCC 16 Oct 14 23 Oct 14 468.92 106.72359 : 1

SCC23P1410A SCC 16 Oct 14 23 Oct 14 468.92 97.08738 : 1

SCC28C1501A SCC 5 Jan 15 10 Jan 15 434.449 133.29698 : 1

SCC42C1501A SCC 26 Jan 15 31 Jan 15 444.323 147.92899 : 1

SET06C1412A SET 26 Dec 14 6 Jan 15 1400 0.01176

SET06C1506A SET 30 Jun 15 8 Jul 15 1300 0.00667

SET06C1506B SET 30 Jun 15 8 Jul 15 1400 0.00667

SET06C1506C SET 30 Jun 15 8 Jul 15 1500 0.00667

SET06P1412A SET 26 Dec 14 6 Jan 15 1400 0.01176

SET06P1506A SET 30 Jun 15 8 Jul 15 1300 0.00667

SET06P1506B SET 30 Jun 15 8 Jul 15 1400 0.00667

SET06P1506C SET 30 Jun 15 8 Jul 15 1500 0.00667

SIRI01C1412A SIRI 24 Dec 14 31 Dec 14 1.75 1.7 : 1

SIRI01P1412A SIRI 24 Dec 14 31 Dec 14 2.3 1 : 1

SIRI06C1506A SIRI 30 Jun 15 8 Jul 15 1.35 1 : 1

SIRI28C1502A SIRI 2 Feb 15 7 Feb 15 2.3 1.5 : 1

SPAL01C1409A SPALI 29 Sep 14 4 Oct 14 16.28 7.89328 : 1

SPAL01C1502A SPALI 27 Feb 15 7 Mar 15 22.5 20 : 1

SPAL01P1409A SPALI 29 Sep 14 4 Oct 14 20.227 5.42652 : 1

SPAL01P1502A SPALI 27 Feb 15 7 Mar 15 32 15 : 1

SPAL06C1505A SPALI 29 May 15 6 Jun 15 13.813 9.8668 : 1

SPAL11C1501A SPALI 30 Jan 15 6 Feb 15 21.213 6.41333 : 1

SPCG01C1412A SPCG 24 Dec 14 31 Dec 14 23.152 17.7305 : 1

SPCG01P1412A SPCG 24 Dec 14 31 Dec 14 30.541 14.7776 : 1

SPCG08C1504A SPCG 30 Apr 15 9 May 15 24.137 15.76296 : 1

SPCG11C1504A SPCG 30 Apr 15 9 May 15 25 18 : 1

SPCG13C1412A SPCG 19 Dec 14 26 Dec 14 27.093 14.7776 : 1

SPCG18C1501A SPCG 6 Jan 15 13 Jan 15 21.674 9.85185 : 1

SPCG27C1501A SPCG 15 Jan 15 22 Jan 15 22.659 13.79259 : 1

SPCG42C1410A SPCG 27 Oct 14 1 Nov 14 20.196 5.91086 : 1

SRIC23C1505A SRICHA 21 May 15 28 May 15 33.75 18 : 1

STA06C1503A STA 31 Mar 15 8 Apr 15 10.5 9.54563 : 1

STA13C1502A STA 19 Feb 15 26 Feb 15 17 5 : 1

STA27C1501A STA 15 Jan 15 22 Jan 15 13 6.5 : 1

STA42C1501A STA 26 Jan 15 31 Jan 15 14.5 6 : 1

STEC01C1412A STEC 24 Dec 14 31 Dec 14 20 8 : 1

STEC01P1412A STEC 24 Dec 14 31 Dec 14 25 5 : 1

STEC06C1505A STEC 29 May 15 6 Jun 15 12 10 : 1

STEC08C1503A STEC 27 Mar 15 3 Apr 15 22.2 8.7 : 1

STEC11C1503A STEC 27 Mar 15 3 Apr 15 23.5 6.5 : 1

STEC11C1503B STEC 27 Mar 15 3 Apr 15 25 17 : 1

STEC13C1412A STEC 26 Dec 14 6 Jan 15 21 6 : 1

STEC13C1502A STEC 11 Feb 15 18 Feb 15 27.25 15.4 : 1

STEC18C1501A STEC 5 Jan 15 10 Jan 15 19 10 : 1

STEC23C1502A STEC 19 Feb 15 26 Feb 15 18.5 7.5 : 1



Derivative Warrants


Exercise Price

Exercise Ratio

STEC28C1503A STEC 2 Mar 15 10 Mar 15 27 16 : 1


STPI01C1501A STPI 30 Jan 15 6 Feb 15 18.4 8 : 1

STPI08C1504A STPI 30 Apr 15 9 May 15 20 7.7 : 1

STPI18C1501A STPI 6 Jan 15 13 Jan 15 19 8 : 1

STPI23C1502A STPI 19 Feb 15 26 Feb 15 19.5 7.5 : 1

STPI27C1503A STPI 5 Mar 15 12 Mar 15 19 8 : 1

STPI28C1503A STPI 2 Mar 15 10 Mar 15 22 6 : 1

TCAP01C1411A TCAP 28 Nov 14 5 Dec 14 32 18 : 1

TCAP01P1411A TCAP 28 Nov 14 5 Dec 14 43 15 : 1

TCAP06CB TCAP 30 Apr 15 9 May 15 27.697 23.87775 : 1

TCAP23C1501A TCAP 22 Jan 15 29 Jan 15 30.382 14.58364 : 1

TCAP28C1503A TCAP 2 Mar 15 10 Mar 15 35 17 : 1

TCAP42C1501A TCAP 26 Jan 15 31 Jan 15 35 16 : 1

THAI01C1409A THAI 29 Sep 14 4 Oct 14 13 8 : 1

THAI01C1502A THAI 27 Feb 15 7 Mar 15 13.6 8 : 1

THAI01P1409A THAI 29 Sep 14 4 Oct 14 16.5 5 : 1

THAI01P1502A THAI 27 Feb 15 7 Mar 15 18 5.5 : 1

THAI06C1505A THAI 29 May 15 6 Jun 15 10 10 : 1

THAI13C1502A THAI 13 Feb 15 20 Feb 15 17 6 : 1

THAI23C1410A THAI 16 Oct 14 23 Oct 14 12 7 : 1

THAI27C1502A THAI 23 Feb 15 28 Feb 15 15 6.5 : 1

THAI28C1410A THAI 1 Oct 14 8 Oct 14 12.5 8 : 1

THAI28C1502A THAI 2 Feb 15 7 Feb 15 16 7.2 : 1

THAI42C1410A THAI 27 Oct 14 1 Nov 14 13.5 6 : 1

THCO01C1411A THCOM 28 Nov 14 5 Dec 14 35 20 : 1

THCO01P1411A THCOM 28 Nov 14 5 Dec 14 48 15 : 1

THCO06C1506A THCOM 30 Jun 15 8 Jul 15 30 25 : 1

THCO11C1411A THCOM 28 Nov 14 5 Dec 14 37 16.5 : 1

THCO13C1502A THCOM 19 Feb 15 26 Feb 15 40 13.3 : 1

THCO16C1412A THCOM 9 Dec 14 17 Dec 14 34.618 19.78239 : 1

THRE08C1503A THRE 27 Mar 15 3 Apr 15 3.154 1.37998 : 1

THRE27C1502A THRE 23 Feb 15 28 Feb 15 3.351 1.33069 : 1

TICO01C1501A TICON 30 Jan 15 6 Feb 15 15.9 8 : 1

TICO11C1503A TICON 27 Mar 15 3 Apr 15 16.7 7.1 : 1

TICO13C1503A TICON 2 Mar 15 10 Mar 15 20 5.2 : 1

TICO23C1505A TICON 21 May 15 28 May 15 16 7 : 1

TICO42C1411A TICON 24 Nov 14 29 Nov 14 14.5 7 : 1

TISC23C1505A TISCO 21 May 15 28 May 15 36.8 18 : 1

TMB01C1411A TMB 28 Nov 14 5 Dec 14 1.9 1.65 : 1

TMB01P1411A TMB 28 Nov 14 5 Dec 14 2.8 1.1 : 1

TMB06C1502A TMB 27 Feb 15 7 Mar 15 1.671 1.9661 : 1

TMB08C1501A TMB 8 Jan 15 15 Jan 15 2.1 1.2 : 1

TMB11C1502A TMB 27 Feb 15 7 Mar 15 2.7 1.4 : 1

TMB11P1502A TMB 27 Feb 15 7 Mar 15 3.1 0.8 : 1

TMB13C1502A TMB 19 Feb 15 26 Feb 15 3 1.15 : 1

TMB16C1507A TMB 9 Jul 15 16 Jul 15 2.5 1.5 : 1

TMB23C1410A TMB 16 Oct 14 23 Oct 14 1.858 1.47458 : 1

TMB27C1505A TMB 14 May 15 21 May 15 3 1.3 : 1

TMB28C1502A TMB 2 Feb 15 7 Feb 15 2.4 1.4 : 1

TMB28C1502B TMB 2 Feb 15 7 Feb 15 3 1.3 : 1

TMB42C1412A TMB 22 Dec 14 27 Dec 14 2.5 1.5 : 1

TOP01C1409A TOP 29 Sep 14 4 Oct 14 47.49 19.78631 : 1

TOP01C1502A TOP 27 Feb 15 7 Mar 15 47 20 : 1

TOP01P1409A TOP 29 Sep 14 4 Oct 14 60.352 14.839 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

TOP01P1502A TOP 27 Feb 15 7 Mar 15 60 15 : 1

TOP06C1502A TOP 27 Feb 15 7 Mar 15 38.466 24.04424 : 1

TOP08C1501A TOP 8 Jan 15 15 Jan 15 49.469 17.31422 : 1

TOP11C1504A TOP 30 Apr 15 9 May 15 48.479 16.81952 : 1

TOP11P1504A TOP 30 Apr 15 9 May 15 54.712 10.38853 : 1

TOP13C1502A TOP 26 Feb 15 6 Mar 15 52.932 14.839 : 1

TOP23C1501A TOP 22 Jan 15 29 Jan 15 50.246 15.38698 : 1

TPIP01C1502A TPIPL 27 Feb 15 7 Mar 15 14 8 : 1

TPIP01P1502A TPIPL 27 Feb 15 7 Mar 15 18 5 : 1

TPIP08C1506A TPIPL 18 Jun 15 25 Jun 15 15 7.2 : 1

TPIP13C1502A TPIPL 18 Feb 15 25 Feb 15 20 5.5 : 1

TPIP18C1503A TPIPL 27 Mar 15 3 Apr 15 14.5 6.5 : 1

TPIP23C1503A TPIPL 19 Mar 15 26 Mar 15 10.8 6.5 : 1

TPIP23C1505A TPIPL 21 May 15 28 May 15 16 15 : 1

TPIP27C1505A TPIPL 7 May 15 14 May 15 19 6 : 1

TPIP28C1501A TPIPL 5 Jan 15 10 Jan 15 12 6.5 : 1

TPIP28C1502A TPIPL 2 Feb 15 7 Feb 15 14.5 7 : 1

TPIP28C1503A TPIPL 2 Mar 15 10 Mar 15 19.5 6.5 : 1

TPIP42C1502A TPIPL 27 Feb 15 7 Mar 15 14.5 7 : 1

TRUE01C1412A TRUE 24 Dec 14 31 Dec 14 7.074 3.53682 : 1

TRUE01P1412A TRUE 24 Dec 14 31 Dec 14 9.726 2.4758 : 1

TRUE06C1503A TRUE 31 Mar 15 8 Apr 15 4.863 3.97899 : 1

TRUE06P1503A TRUE 31 Mar 15 8 Apr 15 7.516 2.21053 : 1

TRUE08C1411A TRUE 18 Nov 14 25 Nov 14 6.632 2.38738 : 1

TRUE08C1501A TRUE 30 Jan 15 6 Feb 15 13 5.5 : 1


TRUE08P1503A TRUE 27 Mar 15 3 Apr 15 7.958 2.12212 : 1

TRUE11C1410A TRUE 31 Oct 14 7 Nov 14 7.073 2.91791 : 1

TRUE11C1501A TRUE 30 Jan 15 6 Feb 15 8.488 6.10109 : 1

TRUE11P1501A TRUE 30 Jan 15 6 Feb 15 10.7 2.4 : 1

TRUE13C1409A TRUE 26 Sep 14 3 Oct 14 9.284 3.80214 : 1

TRUE13C1410A TRUE 3 Oct 14 10 Oct 14 6.543 2.43155 : 1

TRUE13C1412A TRUE 26 Dec 14 6 Jan 15 8.488 2.82949 : 1

TRUE13C1501A TRUE 9 Jan 15 16 Jan 15 10.787 5.39374 : 1

TRUE13C1501B TRUE 16 Jan 15 23 Jan 15 16 4.4 : 1

TRUE13C1502A TRUE 4 Feb 15 11 Feb 15 12.5 5.64 : 1

TRUE13P1410A TRUE 3 Oct 14 10 Oct 14 6.057 1.76844 : 1

TRUE13P1412A TRUE 24 Dec 14 31 Dec 14 7.295 1.50315 : 1

TRUE13P1502A TRUE 13 Feb 15 20 Feb 15 11 3 : 1

TRUE16C1507A TRUE 9 Jul 15 16 Jul 15 8.5 4 : 1


TRUE23C1502A TRUE 19 Feb 15 26 Feb 15 8.7 7 : 1

TRUE27C1503A TRUE 5 Mar 15 12 Mar 15 6.19 3.36002 : 1

TRUE27P1505A TRUE 14 May 15 21 May 15 10.8 3.4 : 1

TRUE28C1501A TRUE 5 Jan 15 10 Jan 15 6.19 3.09482 : 1

TRUE28C1501B TRUE 5 Jan 15 10 Jan 15 10.169 5.74752 : 1

TRUE28C1502A TRUE 2 Feb 15 7 Feb 15 7.516 3.09482 : 1

TRUE28C1502B TRUE 2 Feb 15 7 Feb 15 12.379 5.48225 : 1

TRUE28C1502C TRUE 2 Feb 15 7 Feb 15 16.5 5 : 1

TRUE28CF TRUE 23 Apr 15 30 Apr 15 10.611 7.07387 : 1

TRUE28P1501A TRUE 5 Jan 15 10 Jan 15 11.053 3.53694 : 1

TRUE28P1501B TRUE 2 Jan 15 9 Jan 15 7.958 2.21059 : 1

TRUE42C1502A TRUE 27 Feb 15 7 Mar 15 10 7 : 1

TRUE42P1502A TRUE 27 Feb 15 7 Mar 15 12.3 6 : 1

TTA01C1501A TTA 30 Jan 15 6 Feb 15 17.8 8 : 1


Derivative Warrants


Exercise Price

Exercise Ratio

TTA01P1501A TTA 30 Jan 15 6 Feb 15 23.5 5.5 : 1

TTA06C1502A TTA 27 Feb 15 7 Mar 15 13 10 : 1

TTA07C1410A TTA 24 Oct 14 31 Oct 14 18.164 6.21387 : 1

TTA08C1503A TTA 27 Mar 15 3 Apr 15 20 6.6 : 1

TTA08P1503A TTA 27 Mar 15 3 Apr 15 21 4.25 : 1

TTA11C1411A TTA 28 Nov 14 5 Dec 14 20.4 6.5 : 1

TTA13C1412A TTA 17 Dec 14 24 Dec 14 23.5 4.6 : 1

TTA13C1502A TTA 6 Feb 15 13 Feb 15 26 5.5 : 1

TTA13C1503A TTA 20 Mar 15 27 Mar 15 28 13 : 1

TTA13P1503A TTA 3 Mar 15 11 Mar 15 20 3.5 : 1

TTA23C1602A TTA 11 Feb 16 18 Feb 16 16 8 : 1

TTA27C1501A TTA 15 Jan 15 22 Jan 15 19 7 : 1

TTA28C1502A TTA 2 Feb 15 7 Feb 15 20 7.5 : 1

TTA28C1503A TTA 2 Mar 15 10 Mar 15 27 17 : 1

TTA42C1412A TTA 22 Dec 14 27 Dec 14 21 13 : 1

TTCL01C1502A TTCL 27 Feb 15 7 Mar 15 27 20 : 1

TTCL08C1504A TTCL 30 Apr 15 9 May 15 37.644 17.33594 : 1

TTCL13C1502A TTCL 6 Feb 15 13 Feb 15 39 13 : 1

TTCL27C1505A TTCL 14 May 15 21 May 15 32.75 16.5 : 1

TUF01C1409A TUF 29 Sep 14 4 Oct 14 60.914 19.65023 : 1

TUF01C1502A TUF 27 Feb 15 7 Mar 15 62 20 : 1

TUF01P1409A TUF 29 Sep 14 4 Oct 14 75.651 12.77302 : 1

TUF01P1502A TUF 27 Feb 15 7 Mar 15 78 14 : 1

TUF06C1502A TUF 27 Feb 15 7 Mar 15 48.454 24.23068 : 1

TUF11C1411A TUF 28 Nov 14 5 Dec 14 60.913 16.60394 : 1

UV08C1504A UV 30 Apr 15 9 May 15 8 3.6 : 1

UV23C1503A UV 19 Mar 15 26 Mar 15 9.4 14 : 1

UV27C1502A UV 23 Feb 15 28 Feb 15 8.4 3.5 : 1

UV28C1503A UV 2 Mar 15 10 Mar 15 10.5 6.3 : 1

UV42C1410A UV 27 Oct 14 1 Nov 14 8.4 3 : 1

VGI01C1411A VGI 28 Nov 14 5 Dec 14 9.903 7.92267 : 1

VGI01P1411A VGI 28 Nov 14 5 Dec 14 15.053 4.95148 : 1

VGI06C1504A VGI 30 Apr 15 9 May 15 6.437 4.95148 : 1

VGI08C1411A VGI 18 Nov 14 25 Nov 14 10.2 6.43694 : 1

VGI11C1410A VGI 31 Oct 14 7 Nov 14 11.388 6.635 : 1

VGI13C1502A VGI 26 Feb 15 6 Mar 15 13.5 5.8 : 1

VGI13C1503A VGI 10 Mar 15 17 Mar 15 9.111 7.42721 : 1

VGI16C1505A VGI 11 May 15 16 May 15 9.705 7.92267 : 1

VGI28C1501A VGI 5 Jan 15 10 Jan 15 10.893 7.42724 : 1

VGI42C1412A VGI 22 Dec 14 27 Dec 14 13 6 : 1

VGI42C1501A VGI 30 Jan 15 6 Feb 15 11.5 7 : 1

WHA08C1504A WHA 30 Apr 15 9 May 15 30 18 : 1

WHA13C1502A WHA 13 Feb 15 20 Feb 15 31 16 : 1

WHA27C1503A WHA 5 Mar 15 12 Mar 15 26.101 16.77953 : 1

WHA28C1501A WHA 5 Jan 15 10 Jan 15 30 18 : 1

WHA28C1502A WHA 2 Feb 15 7 Feb 15 38 17.5 : 1



Technical Analysis

Security: VGI Position: ซอ เปำหมำย : 15/15.5 Stop loss: < 13.5 Reason: รำคำหนเรมสงสญญำณกำรดดตวขนอกครง ภำยหลงจำกกำรดดต ว ข นทะล ย อด เ ด มท 13.5 ค ำดส งผลใหห นปรบตวขนไดแรง

Security: KCE Position: ซอ เปำหมำย : 43/44 Stop loss: < 39 Reason: รำคำหนปรบฐำนลงมำทแนวรบ 39 บ. ปจจบนเรมฟนตวยนเหนอ และสญญำณบวกจำกเครองมอ MACD เรมปรบขนอกครง


Security: UV Position: ซอ เปำหมำย : 12.5 Stop loss: < 11.8 Reason: รำคำหนปรบฐำนลงมำทแนวรบ 11บ. ปจจบนเ รมสงสญญำณฟน ตวและดดกลบจำกเค รองมอ MACDคล ำยรปแบบในอดต

Security: PTTGC Position: ขำย Reason: รำคำหนปรบตวอย ำ งต อ เ น อง ขณะทเครองมอทำงเทคนค เชน MACD สำมำรถบงชถงสญญำณบวกและลบไดคอนขำงแมนย ำ ปจจบนเครองมอทำงเทคนคเรมเก ดสญญำณลบ จ ง มโอกำสทหนจะปรบตวลงตอ


Security: TTA Position: ขำย Reason: ป จ จ บ น ห ล ดเสนคำเฉลยระยะกลำง โดยมสญญำณเตอนจำกเครองมอ MACD ตดเสน Signal line ลง

Security: SCB Position: ขำย Reason: รำคำหนปรบตวข น แ ร ง แ ล ะ ใ หผลตอบแทนมำกกว ำ 30% ปจจบนพบวำหนเรมมควำมเสยง กรณหลดเสนคำเฉลยระยะกลำงอำจส งผลใหแนวโ นมระยะกลำงเปลยนเปนลง

ธนรตน อศรกล Tel. (662) 618-1334


Bualuang Securities Public Company Limited

BUALUANG SECURITIES PUBLIC COMPANY LIMITED (BLS) is a subsidiary of BANGKOK BANK PUBLIC COMPANY LIMITED (BBL). This document

is produced based upon sources believed to be reliable but their accuracy, completeness or correctness is not guaranteed. The statements or

expressions of opinion herein were arrived at after due and careful consideration to use as information for investment. Expressions of opinion contained

herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell

any securities. The use of any information shall be at the sole discretion and risk of the user.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY BE IN RELATIONSHIP WITH THE SECURITIES IN THIS REPORT. “Opinions,

projections and other information contained in this report are based upon sources believed to be accurate including the draft prospectus, but no

responsibility is accepted for any loss occasioned by reliance placed upon the contents hereof. Bualuang Securities Public Company Limited may from

time to time perform investment, advisory or other services for companies mentioned in this report, as well as dealing (as principal or otherwise) in, or

otherwise being interested in, any securities mentioned herein, This report does not constitute a solicitation to buy or sell any securities”. Investors

should carefully read details in the prospectus before making investment decision.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY ACT AS MARKET MAKER AND ISSUER OF DWs, AND ISSUER OF STRUCTURED

NOTES ON THESE SECURITIES. The company may prepare the research reports on those underlying securities. Investors should carefully read the

details of the derivative warrants and structured notes in the prospectus before making investment decisions.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED IS OR MAY BE A UNDERWRITER/CO-UNDERWRITER/JOINT LEAD IN RESPECT OF THE

INITIAL PUBLIC OFFERING (“IPO”) OF SECURITIES.

Financial Advisor Lead underwriter/

Underwriter/ Co-underwriter

TSE BA, BGH, TSE

Score Range Score Range Description

90 – 100 Excellent

80 – 89 Very Good

70 – 79 Good

60 – 69 Satisfactory

50 – 59 Pass

Below 50 No logo given N/A

CORPORATE GOVERMANCE REPORT DISCLAIMER

This research report was prepared by Bualuang Securities Public Company Limited and refers to research prepared by Morgan Stanley. Morgan Stanley

does not warrant or guarantee the accuracy or completeness of its research reports. Morgan Stanley reserves copyright and other proprietary rights in

the material reproduced in this report. Morgan Stanley is under no obligation to inform Bualuang Securities or you if the views or information referred to

or reproduced in this research report change.

Corporate Governance Report 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 evaluation of operation and is not base 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. Bualuang Securities Public Company Limited does not conform nor certify the accuracy of such survey result.

BUALUANG RESEARCH – RECOMMENDATION FRAMEWORK

STOCK RECOMMENDATIONS BUY: Expected positive total returns of 15% or more over the next 12

months.

HOLD: Expected total returns of between -15% and +15% over the next 12

months.

SELL: Expected negative total returns of 15% or more over the next 12

months.

TRADING BUY: Expected positive total returns of 15% or more over the next

3 months.

SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is

expected to outperform the relevant primary market index over the next 12 months.

NEUTRAL: The industry, as defined by the analyst's coverage universe, is

expected to perform in line with the relevant primary market index over the next 12

months.

UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is

expected to underperform the relevant primary market index over the next 12

months.

DISCLAIMER

Market Statistics Daily - 1

Market Statistics Daily

1 October 2014

Figure 1: Changes in management's securities holding

Name of Name of Management Types of Total Volume Price Total Value Transaction ActionCompany Securities (Shrs) (Bt) (Bt) Date

SRICHA SUDCHINDA SETHAKULVICHAI Common share 6,878,900 35.00 240,761,500 30-09-2014 BuySTA VIYAVOOD SINCHAROENKUL Common share 500,000 13.89 6,945,000 29-09-2014 BuyUKEM PERAJED SUWANNAPASRI Warrant 4,000,000 1.10 4,400,000 25-09-2014 BuyTRC PAICHIT RATTANANON Common share 400,000 4.09 1,636,000 25-09-2014 BuyBBL CHONG TOH Common share 2,000 214.50 429,000 25-09-2014 BuyTSTE PRAPAS CHUTIMAVORAPHAND Common share 30,400 13.30 404,320 26-09-2014 BuySMPC YAUN RIYATANON Common share 5,000 57.00 285,000 29-09-2014 BuyTSTE PRAPAS CHUTIMAVORAPHAND Common share 20,000 13.30 266,000 29-09-2014 BuySAMART CHAROENRATH VILAILUCK Common share 5,000 29.75 148,750 26-09-2014 BuySTA VIYAVOOD SINCHAROENKUL Common share 4,000 13.84 55,360 29-09-2014 BuySIRI TASANIN MAHA-AMATAYATIBODEE Common share 5,000 2.22 11,100 23-09-2014 BuySIRI TASANIN MAHA-AMATAYATIBODEE Common share 5,000 2.18 10,900 25-09-2014 BuyTTI KUMJORN CHUENCHOOCHIT Common share 400 23.50 9,400 29-09-2014 BuySRICHA BOONKRUA KHEMAPIRATANA Common share 20,636,000 35.00 722,260,000 30-09-2014 SellAJP UMMARIT KLOMCHITCHAROEN Warrant 2,440,000 7.07 17,250,800 25-09-2014 SellUKEM KANJANA SUWANNAPASRI Warrant 4,000,000 1.10 4,400,000 25-09-2014 SellCHO ASANA TAWEESANGSAKULTHAI Warrant 500,000 4.05 2,025,000 26-09-2014 SellNCH RUNGSARN NUNTAKAWONG Common share 1,000,000 1.69 1,690,000 26-09-2014 SellCHO ASANA TAWEESANGSAKULTHAI Warrant 400,000 4.02 1,608,000 25-09-2014 SellFANCY KOWIT LINSARAN Common share 550,000 2.65 1,457,500 29-09-2014 SellPTTEP YONGYOS KRONGPHANICH Common share 5,000 164.00 820,000 26-09-2014 SellCHG SUCHAI LAOVERAWAT Common share 24,100 18.32 441,512 26-09-2014 SellCHG SUCHAI LAOVERAWAT Common share 20,000 18.20 364,000 25-09-2014 SellSources: SEC, Bualuang research

As of 30 Sep 2014


Figure 2: Short Sale Trading

As of 30 Sep 2014

Stock Volume (Shares) Turnover (Baht) %Short Sale Volume Comparing w ith Main Board

KBANK 621,300 145,479,900.00 16.21%TRUE 6,660,000 80,548,000.00 2.93%ADVANC 318,500 70,995,600.00 6.24%PTT 133,000 47,601,600.00 1.38%KTB 1,200,900 28,482,950.00 4.71%INTUCH 300,000 21,729,625.00 2.95%BCP 524,000 18,534,675.00 9.31%TTA 810,000 18,146,000.00 3.52%SCB 100,100 18,143,250.00 1.64%VGI 1,001,000 14,013,600.00 1.02%PTTEP 84,000 13,518,000.00 1.66%TICON 713,300 12,983,150.00 6.97%IVL 380,200 9,675,975.00 3.59%TISCO 208,300 9,329,875.00 31.95%CENTEL 222,200 8,839,850.00 29.05%SCC 15,000 6,750,000.00 1.58%BIGC 26,700 6,203,500.00 11.57%LOXLEY 1,047,500 5,078,750.00 3.57%QH 1,006,000 4,265,680.00 3.30%BEC 72,500 3,425,625.00 7.22%BJC 58,100 2,665,875.00 9.95%M 44,000 2,659,000.00 12.82%SPALI 100,000 2,600,000.00 1.58%GLOBAL 183,000 2,578,660.00 6.73%STA 180,000 2,469,500.00 8.61%CPF 77,800 2,361,625.00 0.43%KKP 51,900 2,175,625.00 6.72%GLOW 20,000 1,895,000.00 1.71%LPN 74,700 1,613,220.00 1.70%BBL 7,500 1,535,000.00 0.10%BH 6,700 897,150.00 1.41%LH 58,000 609,000.00 0.37%ITD 100,000 585,000.00 0.26%TMB 179,200 548,352.00 0.21%CPN 10,000 465,000.00 0.20%THAI 30,000 432,000.00 1.30%BANPU 13,700 407,575.00 0.28%PS 10,000 342,500.00 0.15%AAV 58,900 275,410.00 0.52%THRE 64,300 225,050.00 1.02%PTTGC 2,300 141,450.00 0.03%AOT 100 24,000.00 0.00%BGH 1,000 18,600.00 0.01%EGCO 100 16,500.00 0.02%Sources: SET, Bualuang researchRemark: Excluding ETF


Figure 3: Short sale volume (as % of total listed shares) - previous three months

Figure 4: Short sale volume (as % of total listed shares) - previous six months

Sources: SET, Bualuang Research

Remark: Excluding ETF

4.02

2.58 2.35 2.18

1.25 1.05 1.00 0.92 0.86 0.77 0.73 0.66 0.55 0.54 0.54

0.0

0.9

1.8

2.7

3.6

4.5

ITD

JAS

TTA

CK

TRU

E

STE

C

SIR

I

BLAN

D

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A

TIC

ON

KBAN

K

BMC

L

LH

SPAL

I

LOXL

EY

(%)

9.14

4.46 3.76 3.63

2.87 2.18 1.92

1.87 1.68 1.31 1.13 1.13 1.06 1.05 0.91

0.0

2.2

4.4

6.6

8.8

11.0

ITD

CK

TTA

JAS

STE

C

TRU

E

SIR

I

KBAN

K

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A

BLAN

D LH

ADVA

NC

IVL

BBL

TIC

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(%)


Bualuang Securities Public Company Limited

BUALUANG SECURITIES PUBLIC COMPANY LIMITED (BLS) is a subsidiary of BANGKOK BANK PUBLIC COMPANY LIMITED (BBL). This document is produced based upon sources believed to be reliable but their accuracy, completeness or correctness is not guaranteed. The statements or expressions of opinion herein were arrived at after due and careful consideration to use as information for investment. Expressions of opinion contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information shall be at the sole discretion and risk of the user.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY BE IN RELATIONSHIP WITH THE SECURITIES IN THIS REPORT. “Opinions, projections and other information contained in this report are based upon sources believed to be accurate including the draft prospectus, but no responsibility is accepted for any loss occasioned by reliance placed upon the contents hereof. Bualuang Securities Public Company Limited may from time to time perform investment, advisory or other services for companies mentioned in this report, as well as dealing (as principal or otherwise) in, or otherwise being interested in, any securities mentioned herein, This report does not constitute a solicitation to buy or sell any securities”. Investors should carefully read details in the prospectus before making investment decision.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED MAY ACT AS MARKET MAKER AND ISSUER OF DWs, AND ISSUER OF STRUCTURED NOTES ON THESE SECURITIES. The company may prepare the research reports on those underlying securities. Investors should carefully read the details of the derivative warrants and structured notes in the prospectus before making investment decisions.

BUALUANG SECURITIES PUBLIC COMPANY LIMITED IS OR MAY BE A UNDERWRITER/CO-UNDERWRITER/JOINT LEAD IN RESPECT OF THE INITIAL PUBLIC OFFERING (“IPO”) OF SECURITIES.

Financial Advisor Lead underwriter/

Underwriter/ Co-underwriter

TSE BA, BGH, TSE

Score Range Score Range Description

90 – 100 Excellent 80 – 89 Very Good 70 – 79 Good 60 – 69 Satisfactory 50 – 59 Pass

Below 50 No logo given N/A

CORPORATE GOVERMANCE REPORT DISCLAIMER

This research report was prepared by Bualuang Securities Public Company Limited and refers to research prepared by Morgan Stanley. Morgan Stanley does not warrant or guarantee the accuracy or completeness of its research reports. Morgan Stanley reserves copyright and other proprietary rights in the material reproduced in this report. Morgan Stanley is under no obligation to inform Bualuang Securities or you if the views or information referred to or reproduced in this research report change.

Corporate Governance Report 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 evaluation of operation and is not base 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. Bualuang Securities Public Company Limited does not conform nor certify the accuracy of such survey result. BUALUANG RESEARCH – RECOMMENDATION FRAMEWORK STOCK RECOMMENDATIONS BUY: Expected positive total returns of 15% or more over the next 12 months. HOLD: Expected total returns of between -15% and +15% over the next 12 months. SELL: Expected negative total returns of 15% or more over the next 12 months. TRADING BUY: Expected positive total returns of 15% or more over the next 3 months.

SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index over the next 12 months.

DISCLAIMER

Closing price as (* In case of no closing price of the indictated date, use the latest closing price)Warrants Warrant Black & Premium Stock Exercise Expiry Shares Conversion Gearing All-in Delta Implied CFP Exercise

Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date% (m shares) % % % %

ACD-W2 0.78 0.83 (5.75) 1.71 1.00 07-Jun-16 161.75 1.00000 2.19 4.09 2.02 37.61 4.40 Last business day of May, NovAEC-W2 0.52 0.17 198.90 1.54 2.00 10-Apr-17 165.66 1.00000 2.96 63.64 1.86 65.98 30.55 Last business day of Jun, DecAJP-W1 9.60 10.85 (11.54) 13.70 3.00 08-May-17 99.87 1.00000 1.43 (8.03) 1.43 0.00 (11.31) 8 May 15, 6 May 16, 8 May 17AQ-W2 0.14 0.00 Very High 0.46 1.09 20-Jun-15 1,030.90 0.91800 3.02 170.11 1.67 170.54 482.97 Last business day of Mar, Jun, Sep, DecAQ-W3 0.26 0.04 600.43 0.46 0.58 19-May-16 2,624.55 1.02800 1.82 81.94 1.38 129.62 88.69 Last business day of Mar, Jun, Sep, DecBKD-W1 1.71 0.74 131.64 4.86 3.50 27-Feb-16 350.00 0.50000 1.42 42.39 1.24 163.36 87.89 30 Jun of every year, last exercise date 27 Feb 16BLAND-W3 * 0.57 0.67 (15.24) 2.18 1.70 07-Nov-15 1,991.53 1.00000 3.82 4.13 3.10 34.29 5.06 Last business day of Mar, Jun, Sep, DecBLAND-W4 0.69 0.82 (15.43) 2.18 2.00 02-Jul-18 6,948.32 1.00000 3.16 23.39 2.20 40.71 8.16 Last business day of Mar, Jun, Sep, DecBROOK-W4 2.84 2.81 0.94 3.28 0.84 08-Aug-16 366.63 1.25500 1.45 (5.46) 1.41 68.55 (9.91) Last business day of Mar, Jun, Sep, DecBSM-W1 2.40 2.42 (0.93) 3.06 0.50 03-Jan-16 61.25 1.00000 1.28 (5.23) 1.28 0.00 (19.81) Last business day of Mar, Jun, Sep, Dec 2014-15BTS-W3 0.98 3.19 (69.29) 10.00 12.00 01-Nov-18 3,944.63 1.00000 10.20 29.80 4.11 26.60 7.23 30 Dec 16, 1 Nov 18CCP-W2 6.00 6.03 (0.43) 7.25 1.00 30-Sep-16 62.17 1.00000 1.21 (3.45) 1.21 0.00 (10.56) Last business day of Mar, Jun, Sep, DecCEN-W3 2.10 2.14 (2.05) 4.16 2.00 10-Jun-15 116.53 1.00000 1.98 (1.44) 1.98 0.00 (4.19) Last business day of Mar, Jun, Sep, DecCHO-W1 * 3.90 4.68 (16.74) 5.25 0.50 27-Oct-16 359.90 1.00000 1.35 (16.19) 1.35 0.00 (38.05) Last business day of Mar, Jun, Sep, DecCIG-W4 0.02 0.13 (84.31) 1.25 1.00 29-Oct-14 601.79 0.50000 31.25 (16.80) 31.25 0.00 (91.67) Last business day of each monthCMO-W1 1.17 0.77 52.84 2.62 2.00 11-Nov-15 27.00 1.00000 2.24 20.99 1.73 99.79 33.52 1 Apr 13-15, 1 Oct 13-14, 11 Nov 15COLOR-W1 0.52 0.11 354.93 1.45 3.10 16-Jun-16 48.42 1.29060 3.60 141.53 1.85 94.76 88.66 Last business day of Mar, Jun, Sep, DecCPI-W1 0.78 0.74 5.09 2.76 2.24 01-Jul-15 148.90 1.00471 3.56 9.25 2.68 55.10 17.57 Last business day of Jun, DecCWT-W2 1.18 1.18 0.06 2.12 1.00 30-Jan-16 82.02 1.00000 1.80 2.83 1.70 50.27 4.76 Last business day of Jun, DecDCON-W1 * 9.65 8.49 13.65 17.70 5.00 08-May-19 41.09 1.00000 1.83 (17.23) 1.70 80.25 (9.83) Last business day of every six monthsDEMCO-W5 5.30 5.34 (0.71) 17.10 11.98 05-Feb-15 38.05 1.00100 3.23 1.04 2.98 47.51 4.39 Last business day of Jan, Jul 14 and 5 Feb 15DEMCO-W6 3.44 4.75 (27.61) 17.10 14.98 05-Feb-16 38.05 1.00100 4.98 7.69 3.55 30.49 7.06 Last business day of Jan, Jul 14 and 15, 5 Feb 16DIMET-W1 9.00 10.93 (17.68) 11.40 0.50 01-Nov-17 90.00 1.00000 1.27 (16.67) 1.27 0.00 (39.83) Last business day of Jun, DecEARTH-W3 4.00 4.28 (6.44) 5.60 1.47 15-Sep-16 36.56 1.02300 1.43 (4.00) 1.43 0.00 (7.00) 15 Mar and 15 Sep throughout the life of warrantEARTH-W4 0.77 2.50 (69.15) 5.60 7.00 15-Sep-19 1,409.63 1.00000 7.27 38.75 3.48 22.42 7.77 15 Mar and 15 Sep throughout the life of warrantECF-W1 3.44 3.48 (1.04) 4.44 0.50 29-Jul-17 259.87 1.00000 1.29 (11.26) 1.29 0.00 (21.74) Last business day of May, NovEFORL-W2 1.26 1.48 (15.08) 1.58 0.10 22-Aug-16 4,599.61 1.00000 1.25 (13.92) 1.25 0.00 (45.90) 22 Aug 2016EIC-W1 1.85 1.84 0.53 2.66 1.00 29-May-17 100.00 1.02539 1.47 5.42 1.39 56.95 6.03 Last business day of May, NovEMC-W4 0.95 0.91 4.53 1.20 0.37 15-Mar-16 1,163.06 1.07300 1.36 4.86 1.29 92.21 12.41 15th of Mar, Jun Sep, DecEPCO-W1 3.92 4.39 (10.61) 6.60 2.27 20-Oct-14 102.51 1.01500 1.71 (7.15) 1.71 0.00 (97.36) Last business day of Mar, Jun, Sep, DecEVER-W1 1.37 1.34 1.98 2.34 1.00 01-Dec-14 944.44 1.00000 1.71 1.28 1.64 141.63 19.99 31 Mar, 30 Jun, 30 Sep and 28 Nov 14E-W1 0.57 0.77 (25.98) 1.30 1.41 22-Dec-20 347.00 1.06500 2.43 49.48 1.73 41.81 10.29 Last business day of Mar, Jun, Sep, DecE-W2 0.43 0.62 (30.47) 1.30 2.00 22-Dec-20 261.75 1.00000 3.02 86.92 1.84 44.12 14.29 Last business day of Mar, Jun, Sep, DecE-W3 0.16 0.08 111.31 1.30 1.00 19-Mar-15 323.21 0.20000 1.63 38.46 1.34 225.17 346.84 19 Mar 15GEL-W4 0.32 0.19 70.52 0.88 1.20 09-Jun-16 1,327.19 1.00000 2.75 72.73 1.75 89.69 56.97 Last business day of DecGENCO-W1 0.54 0.48 12.71 1.17 1.10 18-May-17 180.00 1.00000 2.17 40.17 1.62 69.84 23.60 Last business day of Mar, Jun, Sep, DecGJS-W2 0.11 0.05 114.94 0.08 0.21 12-Dec-17 4,933.06 3.63000 2.64 196.63 1.56 88.70 56.18 Last business day of Jun, DecGJS-W3 0.17 0.12 37.89 0.08 0.15 07-Feb-20 3,674.43 4.00000 1.88 140.63 1.37 77.69 29.54 Last business day of Jun, DecGLAND-W2 2.28 2.81 (18.99) 3.54 1.00 30-Jun-16 11.31 1.04700 1.63 (10.24) 1.63 0.00 (16.21) 30 Jun throughout the life of warrantGLAND-W3 2.28 2.79 (18.16) 3.54 1.00 30-Jun-17 368.61 1.00000 1.55 (7.34) 1.55 0.00 (8.07) 30 Jun throughout the life of warrantGL-W3 0.57 0.41 40.41 6.25 10.00 01-Dec-15 332.78 1.00000 10.96 69.12 3.48 57.38 62.36 Last business day of each monthGSTEL-W1 0.09 0.06 45.99 0.18 0.55 29-Sep-19 5,676.19 1.00000 2.00 255.56 1.37 88.61 43.65 Last business day of Jun, DecGSTEL-W2 0.10 0.06 62.46 0.18 0.55 26-Sep-19 1,348.65 1.00000 1.80 261.11 1.30 95.90 47.17 Last business day of Jun, DecIFEC-W1 6.60 7.07 (6.71) 7.75 1.00 23-Feb-17 458.71 1.05000 1.23 (5.99) 1.23 0.00 (14.69) 28 Nov 14, 28 Nov 15, 23 Feb 17ILINK-W1 18.10 19.07 (5.11) 19.00 10.00 23-Jun-16 15.00 2.00000 2.10 0.26 2.10 0.00 0.29 Last business day of Mar, Jun, Sep, DecIVL-W1 4.14 3.95 4.86 25.50 36.00 24-Aug-17 481.43 1.00000 6.16 57.41 2.81 41.16 19.73 Last business day of Jan, Apr, Jul, OctIVL-W2 3.14 3.83 (17.98) 25.50 43.00 24-Aug-18 370.31 1.00000 8.12 80.94 3.01 36.27 18.26 Last business day of Jan, Apr, Jul, OctKCE-W2 34.75 33.69 3.16 40.00 5.00 19-Jun-16 18.66 1.00000 1.15 (0.62) 1.13 133.35 (2.80) 1- 10 of Mar, Jun, Sep, DecL&E-W3 4.84 4.94 (1.97) 7.05 2.10 15-Jun-17 99.59 1.00000 1.46 (1.56) 1.46 0.00 (1.87) 15th of Jun, DecLH-W3 6.70 6.11 9.61 10.40 3.50 05-May-17 1,225.91 1.00000 1.55 (1.92) 1.44 72.59 (2.12) Last business day of Mar, Jun, Sep and DecLIVE-W2 0.23 0.22 4.16 0.29 0.10 08-Dec-16 864.54 1.04700 1.32 10.23 1.23 95.90 17.45 Last business day of Mar, Jun, Sep, DecMBAX-W1 1.87 1.85 1.28 4.14 2.50 17-Aug-17 64.00 1.00000 2.21 5.56 1.85 51.49 3.41 17 Feb, 17 Aug 2015-2017MILL-W2 0.57 0.82 (30.88) 2.48 2.26 29-May-16 465.90 1.10700 4.82 11.81 3.36 29.45 8.73 Last business day of Jun, DecNBC-W1 1.55 0.07 Very High 1.08 3.00 11-Jul-18 176.86 1.00000 0.70 37.88 0.70 Very High Very High 15th of Jun, DecNEP-W2 0.58 0.64 (8.94) 1.08 0.50 15-Dec-16 472.33 1.00000 1.86 0.00 1.86 0.00 (0.00) 15th of Mar, Jun Sep, DecNINE-W1 1.49 0.78 90.12 3.50 4.00 11-Jul-18 84.96 1.00000 2.35 56.86 1.69 71.27 19.98 15th of Jun, DecNIPPON-W 0.90 1.14 (20.86) 2.10 1.00 30-May-16 182.80 1.00000 2.33 (9.52) 2.33 0.00 (10.38) Last business day of Feb, May, Aug, NovNMG-W3 0.59 0.60 (0.92) 1.48 1.00 19-Jun-18 1,645.82 1.00000 2.51 7.43 2.08 34.20 3.18 15th of Jun, DecNNCL-W2 1.02 1.00 2.37 2.06 1.00 29-Dec-15 687.49 1.00000 2.02 (1.94) 1.89 50.35 (3.10) Last business day of Mar, Jun, Sep, DecNUSA-W1 0.79 0.55 44.89 1.38 1.00 31-May-16 494.70 1.00000 1.75 29.71 1.44 100.12 37.27 Last business day of May and NovNWR-W2 0.99 0.98 0.59 2.18 1.20 01-Dec-14 493.69 1.00000 2.20 0.46 2.16 78.23 5.13 1 Dec 2014OCEAN-W1 1.05 1.19 (11.46) 1.55 0.35 01-Dec-15 220.00 1.00000 1.48 (9.68) 1.48 0.00 (26.33) 1th of Jun, DecPF-W3 0.68 0.44 53.74 1.39 1.00 18-Jul-15 178.05 1.00000 2.04 20.86 1.64 111.67 53.89 Last business day of Mar, Jun, Sep, DecPLE-W2 0.32 0.09 264.90 1.93 3.20 20-Oct-15 536.19 1.00000 6.03 82.38 2.56 85.23 92.12 20 Oct 2015

30 Sep 2014Bualuang Securities

Closing price as (* In case of no closing price of the indictated date, use the latest closing price)Warrants Warrant Black & Premium Stock Exercise Expiry Shares Conversion Gearing All-in Delta Implied CFP Exercise

Price Scholes on B/S Price Price Date Outstanding Ratio Premium Elasticity Volatility Date% (m shares) % % % %

30 Sep 2014Bualuang Securities

PPM-W1 2.60 2.76 (5.64) 8.50 7.00 19-May-17 80.00 1.00000 3.27 12.94 2.43 36.38 6.71 Last business day of Jun, DecPRINC-W1 3.02 3.19 (5.36) 4.34 1.20 30-Sep-16 466.80 1.00000 1.44 (2.76) 1.44 0.00 (4.65) Last business day of Mar, Jun, Sep, DecPYLON-W1 7.65 7.65 0.06 8.10 1.76 25-Apr-15 74.52 1.25000 1.32 (2.72) 1.32 79.19 (18.84) Last business day of Jun, DecRCI-W1 1.61 1.20 34.65 3.94 3.00 22-Oct-15 74.45 1.00000 2.45 17.01 1.90 75.53 27.00 22 Oct 14, 22 Oct 15RML-W3 0.33 0.18 85.33 2.20 2.75 15-May-15 893.84 1.00000 6.67 40.00 3.11 72.51 86.43 Last business day of Mar, Jun, Sep, DecROJNA-W3 4.20 3.60 16.60 8.00 4.00 18-Jul-16 142.00 1.00000 1.90 2.50 1.67 68.28 2.90 Last business day of Feb, May, Aug, NovSINGHA-W 0.06 0.00 Very High 0.30 6.00 28-Nov-14 112.00 1.00000 5.00 1,920.00 1.64 Very High Very High Last business day of May, NovSIRI-W1 1.10 1.28 (14.19) 2.24 1.11 20-Jan-15 975.65 1.16700 2.38 (8.19) 2.38 0.00 (39.42) Last business day of Mar, Jun, Sep, DecSLC-W1 0.06 0.00 Very High 0.20 0.69 16-May-15 250.00 0.57800 1.93 296.90 1.33 271.24 Very High Last business day of May, NovSLC-W2 0.04 0.00 Very High 0.20 0.42 28-Oct-15 606.10 0.23790 1.19 194.07 1.09 305.80 Very High Last business day of Mar, SepSLC-W3 0.11 0.06 79.55 0.20 0.74 14-Sep-16 484.88 1.36000 2.47 310.44 1.47 132.39 154.40 Last business day of Mar and SepSLC-W4 0.14 0.09 51.54 0.20 1.00 31-Mar-19 417.00 1.00000 1.43 470.00 1.16 134.54 86.90 Last business day of Mar and SepSPORT-W3 0.89 0.86 3.00 2.36 1.68 21-Apr-15 35.15 1.16158 3.08 3.61 2.61 55.66 9.87 Last business day of Mar, Jun, Sep, DecSTAR-W2 1.17 0.06 Very High 2.20 2.90 03-Jun-16 34.00 1.00000 1.88 85.00 1.40 125.52 85.59 3 Jun throughout the life of warrantSUPER-W1 6.65 2.06 222.97 11.30 9.55 31-Jul-15 279.85 1.00000 1.70 43.36 1.37 164.78 137.96 30 Jan, 30 Apr and 31 Jul 2015TAPAC-W2 1.11 0.80 38.36 3.12 2.10 01-May-17 75.73 1.00000 2.81 2.88 2.21 46.16 1.71 Last business day of Jan, Apr, Jul, OctTCC-W1 1.52 1.71 (11.26) 1.95 0.72 30-Oct-14 9.61 1.39010 1.78 (7.05) 1.78 0.00 (88.96) Last business day of JunTCC-W2 1.49 1.53 (2.38) 1.95 0.82 03-May-18 68.33 1.21782 1.59 4.85 1.52 37.86 3.47 Last business day of Feb, May, Aug, NovTCC-W3 1.15 1.56 (26.31) 1.95 0.88 01-Apr-22 92.20 1.14249 1.94 (3.51) 1.94 0.00 (1.00) Last business day of Mar, Jun, Sep, DecTCC-W4 1.19 1.35 (11.69) 1.95 1.00 14-May-23 369.35 1.00000 1.64 12.31 1.51 28.23 3.23 Last business day of Mar, Jun, Sep, DecTCJ-W1 5.70 5.51 3.54 14.30 9.80 17-Mar-16 9.15 1.02000 2.56 7.64 2.17 44.81 8.42 Last business day of Mar, Jun, Sep, DecTCMC-W1 1.08 0.82 31.14 2.58 2.00 26-Aug-16 171.10 1.00000 2.39 19.38 1.84 64.32 16.31 Last business day of Mar, SepTFD-W2 2.70 1.91 41.16 6.60 5.00 15-May-16 180.41 1.00000 2.44 16.67 1.87 72.25 16.55 Last business day of Mar, Jun, Sep, DecTH-W1 2.10 1.91 10.15 2.70 1.00 09-Sep-17 60.00 1.06770 1.37 9.88 1.27 74.68 11.13 Last business day of SepTICON-W6 10.30 11.31 (8.91) 18.20 7.54 03-Oct-14 1.18 1.06113 1.88 (5.24) 1.88 0.00 (100.00) Last business day of Mar, Jun, Sep, DecTIES-W2 0.17 0.01 Very High 0.68 1.00 14-May-15 223.06 1.00000 4.00 72.06 2.12 120.11 198.12 Last business day of Mar, Jun, Sep, DecTLUXE-W2 0.48 0.58 (17.76) 3.04 2.50 20-Feb-15 115.49 1.00000 6.33 (1.97) 6.33 0.00 (5.91) Last business day of Mar, SepTMI-W1 1.68 1.93 (13.08) 2.20 0.25 04-Oct-15 177.59 1.00000 1.31 (12.27) 1.31 0.00 (51.64) Last business day of May, NovTPAC-W1 1.97 1.42 39.04 5.95 5.00 21-May-16 49.96 1.00000 3.02 17.14 2.16 62.62 14.94 Last business day of Mar, SepTRT-W2 1.53 1.08 42.06 5.70 5.50 05-Oct-15 51.31 1.00000 3.73 23.33 2.39 71.94 31.50 Last business day of May, NovTSF-W2 0.60 0.67 (10.01) 0.60 0.19 14-May-15 239.12 1.60524 1.61 (6.54) 1.61 0.00 (26.57) Last business day of Feb, May, Aug, NovTSF-W3 0.33 0.35 (6.69) 0.60 0.25 14-May-15 796.96 1.00000 1.82 (3.33) 1.82 0.00 (11.74) Last business day of Feb, May, Aug, NovTTA-W3 6.90 8.21 (15.96) 22.40 16.17 12-Sep-15 138.84 1.05160 3.41 1.46 3.36 17.28 2.18 Last business day of Mar, Jun, Sep, DecTTA-W4 6.50 8.71 (25.37) 22.40 18.50 01-Mar-17 98.22 1.00000 3.45 11.61 2.67 29.61 6.47 Last business day of Mar, Jun, Sep, DecTVD-W1 1.86 1.88 (1.20) 5.00 3.50 14-Jul-16 23.50 1.00000 2.69 7.20 2.16 48.73 6.26 Last business day of Jun, DecTWZ-W3 0.36 0.25 42.00 0.55 0.30 22-Jun-17 400.00 1.00000 1.53 19.82 1.36 110.18 18.10 30 Dec 15, 30 Dec 16, 30 Dec 17UAC-W1 4.00 4.26 (6.04) 9.25 6.25 31-Jan-16 91.00 1.20000 2.78 3.60 2.37 41.40 4.19 Last business day of Mar, Jun, Sep, DecUKEM-W1 1.06 1.20 (11.44) 1.70 0.50 05-Nov-14 97.83 1.00000 1.60 (8.24) 1.60 0.00 (92.38) Last business day of Jun, DecUWC-W1 2.04 2.23 (8.36) 3.20 1.00 13-Nov-15 141.26 1.00000 1.57 (5.00) 1.57 0.00 (12.43) Last business day of Mar, Jun, Sep, DecVGI-W1 2.70 4.80 (43.71) 13.90 14.00 01-Aug-18 857.99 1.00000 5.15 20.14 3.09 27.62 5.99 Last business day of Mar, Jun, Sep, DecVTE-W1 1.40 0.98 43.35 3.04 2.50 12-Feb-16 106.18 1.00000 2.17 28.29 1.67 87.80 36.12 Last business day of Jun, DecWAT-W1 0.02 0.00 Very High 0.05 0.40 14-Feb-15 780.00 2.49610 6.24 716.02 1.88 259.11 Very High Last business day of Jun, DecWAT-W2 0.03 0.00 Very High 0.05 0.40 28-Jun-16 4,149.93 1.00000 1.67 760.00 1.22 207.34 458.03 Last business day of Dec

Stock CoverageBLS Stock Rating Gearing BLS Stock Rating All-in

PremiumBTS-W3 BUY 10.20 DCON-W1 TRADING BUY (17.23)IVL-W2 BUY 8.12 SIRI-W1 SELL (8.19)RML-W3 BUY 6.67 TICON-W6 BUY (5.24)IVL-W1 BUY 6.16 PYLON-W1 BUY (2.72)VGI-W1 SELL 5.15 LH-W3 BUY (1.92)TTA-W4 BUY 3.45 KCE-W2 BUY (0.62)TTA-W3 BUY 3.41 TTA-W3 BUY 1.46SIRI-W1 SELL 2.38 TTA-W4 BUY 11.61TICON-W6 BUY 1.88 VGI-W1 SELL 20.14DCON-W1 TRADING BUY 1.83 BTS-W3 BUY 29.80LH-W3 BUY 1.55 RML-W3 BUY 40.00PYLON-W1 BUY 1.32 IVL-W1 BUY 57.41KCE-W2 BUY 1.15 IVL-W2 BUY 80.94Note: Rank by Gearing Note: Rank by All-in Premium

*NOTE: BLAND-W3: Details of Warrant Exercise Period Exercise Price (Bt).

- 8 Nov 2010 - 7 Nov 2011 = Bt1.10.- 8 Nov 201 - 7 Nov 2012 = Bt1.30.- 8 Nov 2012 - 7 Nov 2013 = Bt1.50.- 8 Nov 2013 - 7 Nov 2014 = Bt1.70.- 8 Nov 2014 - 7 Nov 2015 = Bt1.90.

CHO-W1: The first exercise date 30 Dec 2014.DCON-W1: The first exercise date 31 Jul 2017.

Bualuang Securities

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