THANACHART SECURITIES 1

Thai Strategy Team ���� �������

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Thanachart SecuritiesMonday, 02 June, 2014

TTThhhaaannnaaaccchhhaaarrrttt’’’sss TTThhheee EEEaaarrrlllyyy BBBiiirrrddd

Tactical Portfolio (1-3 months) TNS ����� �� � BTS, CPALL, DTAC, EA, INTUCH, JAS, SAMART, SPALI ��� SPCG �� Tactical Portfolio �� ���� ��ก!"#$%&ก� � '(�)*������ '+� KBS ก �.� /�0 � DEMCO �'67�)�)*� ($9%�6 Tactical Portfolio �:;�7) Tactical Portfolio: Tactical Portfolio �%6 "�=>.� ��)� +2.37% w-w '(�)*� SET �%6 "�=>.� ��)� +1.35% I$+ EA, BTS, �.� CPALL �%6 "�=>.� ��)�$*)*�!M$ %=� +17.46%, 4.97%, �.� 4.60% w-w �7.�$"� SET VS Tactical Portfolio Performance

99

104

109

114

119

124

Jan-14 F eb-14 Mar-14 Apr-14 May-14

(% ) SET T ac tical Portfo l io

Technical =>?�@AB�C�D 1426 H�: %."��ก$"R�* SET )�.M>�� 1400 �M$S$6�.6T !"#$%&�*0U$T���)$! �+ $!9�!M$�$;7�#V���T�6�!�U"W)*� 1426-1430 �M$ U$T���7*�=�'+)�ก�S==�+�!"0��7�� )$! ���T�6�$"�ก.�T IJ?��K�K 1 C�A�L��: SVI =U)�.M��T�6��7�� T"�ก� ��#V�!"WW(/�0 U$T���7*I ก!�#.*�+�7�U.�� �S%T +9=�%T�� 4.34-4.54 �) DEMCO )�.M>����T�6� 9.20 �) �#V�ก=+��+"�!"WW(/�0 U$T���'X0�)$! � 9.60 �) 7*�#Y%7+=�+�!"0�)$! � 10.20 �) PTTGC 7*�"�%T�Z[\��"T'X0�7 +9��%�� ��T="�!�U"W 68.50 �) �#V��"�%T�/�0 =�+�!"0� =U�#.*�+�ก= �/�0 '+S# +9�=�%T�� 68.50-70.50 �)

Technical SET range: 1,390-1,430

TFEX Recommendation SET50 Futures: ����� �� � !��� Long �� ���� ��ก!"#$%&ก� � I$+7*�#Y%7+ก=#="�!9�'X0�=�+�!"0�)*� 956-958 �M$ �.�=�+�!"#$%&)*� 968/994 �M$ '(�)*�ก�%�$ Trailing Stop )*� 944 �M$ Gold Futures: ����� �� � !��� Short �� ���� ��ก!"#$%&ก� � I$+7*�#Y%7+ก=#="�.$.��"$S#)*� 19,200 �) '(�)*�ก�%�$ Trailing Stop )*� 19,600 �) .�!M$=U) �U�#="�.$.��� ���� � *ก 0.88% %."��"T�.'�c=deก;�!%="ef ���R*0�X�ก=Z[\��"T�� ���� � Oil Futures: ����� �� � !��� Long !�T�)*��%.� ��=9#��� Let the Profit Run I$+ก�%�$ Trailing Stop )*� 3,580j)"0��*0ก=#="�.$.����กT� 3,580 ���#V��"�%T�#k$!��� Long )"0�%7$)"�)*

Market Outlook SET U=VWUก�XWกXLYL�...YL�B�C�D 1,425 H�: �76ก= Re-Balance ' � MSCI ���#V�#m��"+ก$$"�%M6�ก.M�7n�U=��R�T�#.+!"#$%& ��� SET +"�#="�!9�'X0� 0.51% #k$�.$)*� 1,415.73 �M$ �7�� T"�cMก=& $6T+79.U�ก=/�0 '+ 6.1 %7���.6��) �"ก.�)M����R�;'+%M6�!M)n; 2.2 :"�.6��)...!�%="���TI�67 SET T"��*0 U$T���#="�!9�'X0�)$! ��M$!9�!M$�$;7 1,425 �M$ '(�)*�U��#Y%7+=�+�!"#$%&)*� 1,460 �M$�%7� ��$;7 ($9�:;�7��;7��=+�� The Quant & The Tactical No.5/2014) �ก 1) �=��� �6�' �ก.M�7>96RM7�M7�� �6�="e#=�%=S7��=� 2) U!R.��.� Roadmap �:�� ��S#!9�ก=�.� ก�"0���=�+� 12 �$� �'6�%�6 3) ก=��+��;�����'6T �.��>�.�)M�IU=�!=6�:�0�e�%�M��c=deก;� 6-12 �$� �'6�%�6 [\กVWก]L@�^ GUNKUL DEMCO: �=����� �กs�ก�S=� Laggard Plays ��ก.M�7%M6�:."���)��.� ก +�� GUNKUL (�#Y%7+�=�+�!"0� 13.8/14.8 �)) �.� DEMCO (�#Y%7+=�+�!"0� 9.65/10.20 �)) I$+U$T�ก=�)=T�:."�����+"�!�"�!�M��%67*ก=�:;�7!"$!�T�I=�SZZY:."���)��.� ก�� S#�� �U� /X��)��%6 EA, SPCG, GUNKUL, DEMCO (=T7�X� IFEC )*�7*�>�.�)M� Solar Farm)S$6="�>.$*I$+�=�

Trading Range: 1,400-1,460

StockTP (Bt) Stock TP (Bt) Stock (%) Stock TP (Bt)

BTS 9.6 AOT 260.0 MCOT 7.7 BANK UW

CPALL 58.0 BCH 8.5 KKP 6.0

DEMCO* 11.8 BGH 16.0 INTUCH 6.0

DTAC 135.0 BTS 9.6 DCC 5.8

EA 18.0 CPALL 58.0 TISCO 5.7

INTUCH 92.0 EA 18.0 ADVANC 5.6

JAS 10.0 JAS 10.0 TTW 4.9

SAMART 26.0 KBS 15.5 DTAC 4.9

SPALI 21.0 THCOM 50.0 BTS 4.6

SPCG 26.0 TTCL 65.0 PTTGC 4.5

Top Dividend Today's

Portfolio Core Holding Yield (%) 2014F report

Tactical Siam Senses

Thanachart’s The NEW Early Bird

SET Index: 1,415.73 | Change: +7.22pt (0.51%) | Ga iner: 530 Loser: 262 Unchanged: 174 stocks | Tur nover (Bt m): 61,487 | Mkt cap: (Bt bn) 12,673

Total Net Buy (Sell) > | Foreign (Bt m) : - 2,167 | Retail (Bt m) : +1,543 | Local Fund (Bt m) : +495 | Prop Tr ade (Bt m) +129

STATISTIC NEXT PAGE >>>

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 2

Tactical Portfolio

Tactical Top Picks (1-3 months) Performance \Bb�Dก�D SET YTD +22.35%

Stock C/R Target TPPrice Price Upside 14F 15F 14F 15F 14F 15F

(Bt) (Bt) (%) (%) (%) (x) (x) (%) (%)BTS 8.45 9.60 13.6 18.5 26.7 50.0 39.5 4.6 7.7CPALL 45.50 58.00 27.5 30.1 29.1 28.4 22.0 2.0 2.3DEMCO* 9.45 11.80 24.9 21.5 13.5 14.9 13.1 3.0 3.4DTAC 120.00 135.00 12.5 10.4 23.0 21.3 17.4 4.9 6.1EA 14.80 18.00 21.6 562.6 89.9 34.6 18.2 0.9 1.6INTUCH 74.25 92.00 23.9 9.3 11.1 14.7 13.2 6.0 6.7JAS 7.90 10.00 26.6 29.0 16.3 14.7 12.6 4.2 5.0SAMART 19.90 26.00 30.7 25.7 8.7 10.8 9.9 5.1 5.5SPALI 19.70 21.00 6.6 40.4 25.6 8.4 6.7 4.8 6.0SPCG 24.80 26.00 4.8 216.1 79.1 16.6 9.3 1.8 3.8

KBS** 10.80 15.50 43.5 3.5 14.0 10.4 9.1 4.8 5.5

Norm EPS gw Norm PE Yield

99

104

109

114

119

124

Jan-14 Feb-14 Mar-14 Apr-14 May-14

(%) SET Tactical Portfolio

Source: Thanachart estimates, �LYLAf� ��Bbg 30 May 14, *Add, **Take out Source: SET, Thanachart estimates, �LYLAf���Bbg 30 May 14 Note: Tactical Portfolio \Aj�����k�WB��K�K 1-3 \�J�� l��mn�กL��\Y�LK��BLW�J?�oL�, \BY��Y U�K Market timing ก]L���ก��Bq�กL��WB� I>gWH]Lก��กL�rJ�\W��C�m�����k@sX\ก�� 30%

Tactical Portfolio m����k�L��k�DUB� 2.37% w-w

Tactical Portfolio m����k�L��k�DUB� +2.37% w-w: Tactical Portfolio �%6 "�=>.� ��)� +2.37% ��!"#$%&)*�>��7 (25-30 :.U.14) !9�กT� SET )*��%6 "�=>.� ��)� +1.35% +9� 1.02% I$+ EA, BTS �.� CPALL �%6 "�=>.� ��)�$*)*�!M$)*� 17.4%, 4.97% �.� 4.60% �7.�$"� '(�)*�%M6�ก.M�7!�� !=�%6 "�=.>.� ��)������!"#$%&)*�>��7 S7�T����#V� INTUCH, DTAC, �.� SAMART ���� ��ก�#V�%M6�)*�S$6="�>.$*�ก!��ก=(&ก=�7� �)*�R"$���'X0��6 +กT�%M6�ก.M�7 ���{ �.�=U%M6� Outperform �.$7ก��R�T�)*�>��7 ($9ก=Z$6�'T)...)"0��*0�6:;�=(�"0�����"$)� Tactical Portfolio (13 7.U.14) �%6 "�=>.� ��)� +22.35% !9�กT� SET )*��%6 "�=>.� ��)� +12.01% +9� 9.23% [IJ?�^ DEMCO \=�LsLUB�Bbg KBS: �76�=��7*7M77 ��R;��Tก�� KBS ��=�+�ก.�-+T $6T+�#Y%7+:�0�e� 15.50 �) %."�7*�>�'++ก�."�ก=>.;��0��.'X0� *ก 50% =T7S#�X�ก=.�)M�I=���SZZY (�=;�7>.;�SZZY'+�.6T) �.�I=���� )� . ��)��%6 Valuation Gap =�%T�� KSL �.� KBS �U�.� ���=U%M6�ก."� � �� กT�)*��=U$ก=(&ST6 �=�X������ '+� KBS (+"��#V� Top Picks !�%="�%M6�ก.M�7 %= �.��กd�= �.��#V� Top Picks �� Siam Senses !�%="�ก=.�)M�=�+� 6-12 �$� �) �.� /�0 � DEMCO �'67�)� $6T+#m��"+!�"�!�M��ก 1) ก=�#.*�+�nM=ก;��ก="��%7f ก� !=6�I=�SZZY 7�#V�>96>.;�SZZY)��%6ก�S=' � DEMCO 7*�!�*+=~: �.���;�I�7"��U�7ก'X0� I$+U$ก=(&ก�S=��'++�"T 21% #��*0 �.� 13.5% #�%�6 2) $6T+ PE #m��M�"�)*� 14.8x ���)*!M$�7�� �)*+�ก"� SPCG 16.6x, EA 34.6x �.� GUNKUL 23.4x 3) DEMCO �� %M6� 4% �� WEH �.��>�ก=�'67/�0 '+���.$' � WEH ~+��#�%�6 ���#V� Hidden Value ' � DEMCO I$+ WEH 7*ก�."�ก=>.;�SZZY7ก�X� 660MW (+325MW )*�ก�."�= �M7"�;) �.� 4) =U%M6� DEMCO Laggard ก.M�7%M6�:."���)��.� ก7ก 8-45% ��R�T� 3 �$� �)*�>��7 I$+7*�#Y%7+=�+�!"0�)*� 9.65/10.20 �) ก]L@� U�KCX��Csก]L@�=�W DEMCO m�nXW 2010-1016

(100)

0

100

200

300

400

500

600

2010 2011 2012F 2013 2014F 2015F 2016F

Contractor business Equity income from power

Dividend income from power

(Bt m)

54%48%

51% 58%

Source: Company data, Thanachart estimates

��� �ก��� ���������������ก�, Adisak.phu@thanachartsec.co.th, +66 2617 4900

Tactical Picks

StockBenefit from improving

consumption

High Earnings Growth

Attractive Dividend Yield

BTS x xCPALL x xDEMCO xDTAC x x xEA xINTUCH x xJAS xSAMART x x xSPALI x x xSPCG x

Tactical Portfolioxs performance (w-w)

1.35%2.37%

-5%

0%

5%

10%

15%

20%

INTU

CH

DTA

C

SA

MA

RT

SP

CG

JAS

KB

S

SE

T

SP

ALI

Tac

tical

CP

ALL

BT

S

EA

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 3

Siam Senses Portfolio

Siam Senses Top Picks (6-12 months)

Stock Rating Current Target Upside Market

price price cap 2014F 2015F 2014F 2015F 2014F 2015F 2014F 201 5F

(Bt) (Bt) (%) (US$ m) (%) (%) (x) (x) (x) (x) (%) (%)

AOT BUY 187.50 260.00 38.7 8,155 27.4 17.6 21.2 18.0 12.3 11.2 1.9 2.2

BCH BUY 7.85 8.50 8.3 596 26.2 14.1 26.3 23.0 15.4 14.4 2.5 2.8

BGH BUY 16.60 16.00 (3.6) 7,829 16.2 12.7 36.1 32.1 26.2 23.5 1.4 1.6

BTS BUY 8.45 9.60 13.6 3,065 18.5 26.7 50.0 39.5 28.1 24.6 4.6 7.7

CPALL BUY 45.50 58.00 27.5 12,448 30.1 29.1 28.4 22.0 18.1 14.8 2.0 2.3

EA BUY 14.80 18.00 21.6 1,681 562.6 89.9 34.6 18.2 31.3 18.0 0.9 1.6

JAS BUY 7.90 10.00 26.6 1,717 29.0 16.3 14.7 12.6 8.2 7.1 4.2 5.0

KBS BUY 10.80 15.50 43.5 181 3.5 14.0 10.4 9.1 7.7 7.3 4.8 5.5

THCOM BUY 39.00 50.00 28.2 1,302 21.3 36.2 25.2 18.5 10.1 8.5 1.8 2.6

TTCL BUY 39.75 65.00 63.5 678 32.8 43.3 21.9 15.3 13.5 10.9 2.3 3.3

— Norm EPS gw — — Norm PE — — EV/EBITDA — — Yield —

Source: Thanachart estimates, Closing price 30-May-14 Note: ����kกL��WB�=�W Siam Senses C]L���D��ก�WB��K�K�L���I>gWk��WกL��WB�m��K�K 6-12 \�J��

Siam Senses Return Vs. Return From The SET

12.3 9.0

(60)

(40)

(20)

0

20

40

60

80

100

2008 2009 2010 2011 2012 2013 YTD2014

(%) Siam Senses return SET

3.3

-10

-5

0

5

10

15

20

25

30

35

2008 2009 2010 2011 2012 2013 YTD2014

(%) Out / Underperform the SET

���m� Siam Senses Portfolio � AOT: �#V�%M6�)*�7*ก=��;�I�!9���=�+�+T (Long-term growth

stock) �.��#V�%M6�)*�7*!;�)=":+&UM(~:!9� (Asset play) � BCH: �#V�%M6� Turnaround >."ก$"�I$+ demand healthcare )*�

�'s��ก=�� �.�>.ก=$���;���' � WMC )*�$*'X0� � BGH: �#V�%M6�#m��"+:�0�e�$*S$6="�>.ก=�)��ก~T��c=deก;��6 + � BTS: �#V�%M6�)*�7*�!�*+=~:!9�~+��6!~T��c=deก;�)*��$� +

(Defensive stock) �.��%6 "�=>.� ��)��ก��;�#m�>.!9� � CPALL: �#V�%M6�)*�ก�."�Z[\��"T �.�nM=ก;�7*UT7>"�>T��6 +I$+

n==7R�;

� EA: ก�S=I�7กกT� 4 �)�#� 2014 �.�I��� ���� �S7��6 +กT� 80%

�� #� ��#� 2 #�'6�%�6 � JAS: ก�S=��;�I�$* !���ก=��;�7"��U� � KBS: %M6� top pick ��ก.M�7>."ก$"��กก=>.;��0��.���U=�T��= � THCOM: �#V�%M6�)*�7*ก=��;�I�!9� $6T+7* 2 $T�)*+7�%7���#��*0 � TTCL: ก�S=��;�I�!9��ก79.U� blacklog �.�I=�SZZY�%7�

��s���กL ��HกL�y, pimpaka.nic@thanachartsec.co.th, +66 2617 4900

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 4

Market & Data Summary

Market Summary Major Indices

Index Close ∆ % ∆

Dow Jones 16,717.17 +18.43 +0.1

NASDAQ 4,242.62 -5.33 -0.1

FTSE 6,844.51 -26.78 -0.4

SHCOMP 2,039.21 -1.38 -0.1

Hang Seng 23,081.65 +71.51 +0.3

FTSSI (Sing) 3,295.85 -4.86 -0.1

KOSPI 1,994.96 -17.30 -0.9

JCI (Indonesia) 4,893.91 -91.67 -1.8

MSCI Asia 124.68 -0.30 -0.2

MSCI Asia x JP 568.78 -2.00 -0.4

MSCI World 1,715.18 +1.93 +0.1

Market data Close ∆ ∆ Value

(Index) (Pt) (%) (Bt m)

SET Index 1,415.7 +7.2 +0.5 61,487

SET50 Index 952.2 +3.5 +0.4 36,910

SET100 Index 2,096.2 +9.4 +0.5 51,229

SETHD Index 1,117.5 +1.1 +0.1 18,039

MAI Index 447.7 +3.3 +0.7 1,754

Source: SET

SET Index vs MSCI Asia x JP

440460480500520540560580

1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700

May-13 Sep-13 Jan-14 May-14

SET index (LHS)

MSCI Asia x JP (RHS)

(Index) (Index)

Major Currency Close ∆ % ∆

Dollar index 80.42 +0.05 +0.1

Bt/US$ - on shore 32.83 +0.01 +0.0

EUR/US$ 0.73 +0.00 +0.1

100JPY/US$ 101.86 +0.09 +0.1

10Y bond yield – TH 3.77 +0.03 +0.8

10Y bond yield – US 2.48 +0.01 +0.5

Commodities Close ∆ % ∆

NYMEX (US$/bbl) 102.71 -0.87 -0.84

BRENT (US$/bbl) 109.50 +0.09 +0.08

DUBAI (US$/bbl) 106.41 -0.23 -0.22

JET Fuel (US$/bbl) 118.05 -1.41 -1.18

Baltic Dry Index 934.00 -6.00 -0.64

Baltic Handysize Index 485.00 +1.00 +0.21

GRM Complex(US$/bbl) 6.37 -0.36 -5.39

Gold (US$/oz) 1,248.20 +2.20 +0.18

Coal (BJI)* 74.25 -0.20 -0.27

Cotton (US$/bbl) 86.27 +0.12 +0.1

(US$/tonne)* (US$ cent/lb)**

HDPE-Naphtha 603.50 -29.00 -4.58

Ethylene-Naphtha 488.50 -29.00 -5.60

PX-Naphtha 283.00 +27.50 +10.76

BZ-Naphtha 308.50 -21.50 -6.52

Steel-HRC 537.50 +0.00 +0.00

Rubber SICOM TSR20 1,695.00 -12.00 -0.70

Rubber TOCOM 1,951.27 -21.17 -1.07

Soybean (US$/bu.) 1,493.25 -5.75 -0.38

Soybean meal (US$/t) 500.20 +1.80 +0.36

Swine Price (Bt/kg) 80.67 +0.00 +0.00

Broiler Price (Bt/kg) 41.00 +0.00 +0.00

Vannamei Shrimp(Bt/kg) 235.00 +0.00 +0.00

Raw Sugar** 17.38 -0.10 -0.57

White Sugar** 470.90 -2.10 -0.44

Source: Bloomberg

Thailand Net Fund Flows

Net trade (Bt bn) Prev. -1M YTD

Foreign -2.17 -33.89 -40.68

Retail +1.54 +14.74 +0.82

Institutes +0.50 +18.25 +35.09

Proprietary +0.13 +0.90 +4.76

Source: SET

Regional Fund Flow

Net trade (US$ bn) Prev. MTD YTD

Thailand (66) (1,097) (1,234)

India (75) 2,258 7,555

Indonesia (55) 707 3,601

Korea 29 1,863 1,222

Philippines 11 209 966

Taiwan (25) 1,116 6,688

Asia-6 (106) 5,056 18,797

Source: Bloomberg

Market Valuation

Market data 2014F 2015F 2016F

PE (x) 14.01 12.39 10.93

Norm EPS gw (%) 7.08 12.92 13.40

EV/EBITDA (x) 9.43 8.55 7.91

P/BV (x) 2.11 1.93 1.76

Yield (%) 3.39 3.84 4.40

ROE (%) 15.77 16.33 16.89

Net D/E (x) 0.70 0.66 0.59

Source: Thanachart estimates Sources: Bloomberg, Datastream

Most Active Value

1.6

1.7

1.8

1.9

2.0

2.1

2.1

2.4

2.7

3.2

0 1 2 3 4

CK

ADVANC

STEC

KBANK

PTT

ITD

BGH

KTB

BH

SCB

(Bt bn)

Top Gainer Price -1D (%)

7.3

8.3

8.7

8.9

9.0

9.7

11.3

14.3

18.9

20.0

0 5 10 15 20 25

CKP

PERM

MDX

CCP

EMC

F&D

RASA

TNL

TSC

N-PARK

(%)

Top Looser Price -1D (%)

(2.1)

(2.2)

(2.2)

(2.3)

(2.5)

(2.6)

(2.6)

(2.7)

(3.5)

(4.0)

(5)(4)(3)(2)(1)0

DELTA

BAFS

STEC

PE

AH

M-CHAI

GRAMMY

TWZ

HANA

MBK

(%)

Source: SET

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 5

News Update

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THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 6

Fundamental Story

Bank Sector –Underweight News update

Sarachada Sornsong | Email: Sarachada.sor@thanachartsec.co.th

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THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 7

Technical Market Outlook (I)

���� U�l��s��n�b SET =>?�C�X 1426 H�

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���� �������, noppadol.pir@thanachartsec.co.th, +66 2617 4900

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 8

Technical Market Outlook (II)

���� ��WrJ����m��K��D 50-75% : $"R�* SET )�.M>�� 1400-1405 �M$�"0� �#V�!"WW(�Tก )��%6�"�%T�/�0 +"�U�)�S$6 �.�#m��M�"��"ก.�)M�!7=��� %M6���=�$"�7กกT� 50% ' ���;�.�)M�)"0�%7$ I$+7*�M$�"$!;��� *กU="0�T���'+%M6� ก�:�� )�ก�S==�+�!"0� �7�� $"R�* SET )$! �+ $�$;7 1426 �M$ /X���#V��M$+� +{ ��'(�)*��M$!�U"WกT�U� )*�=�$"��!6�'��''X0� +9�)*� 1450 �M$ ���#V��M$'+!�U"W

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���� �������, noppadol.pir@thanachartsec.co.th, +66 2617 4900

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 9

Technical Market Outlook (III)

���IJ?��K�K 1 C�A�L�� SVI , DEMCO

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IJ?� SVI ������� 4.44 / 4.54

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=L� RCI �X��#Y%7+ 3.46 rJ� ERW �#Y%7+ 4.20 �"$'+ 3.80 AQUA �#Y%7+ 1.10 �"$'+ 1.00 SOLAR �#Y%7+ 5.80 �"$'+ 5.40 MC �#Y%7+ 19.00 �M$'+ 18.00

���� �������, noppadol.pir@thanachartsec.co.th, +66 2617 4900

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 10

Technical Market Outlook (IV) TABLE SET50 ENTRY & EXIT

-30% -25% -20% -15% -10% -5% 3M - MA 5% 10% 15% 20% 25% 30%

Name X Price 1 2 3 4 5 6 7 8 9 10 11 12 13

ADVANC 229.00 159.00 170.50 182.00 193.50 204.00 216.00 227.00 239.00 250.00 261.00 273.00 284.00 296.00

AOT 187.50 134.00 143.50 153.50 163.00 172.50 182.00 191.50 201.00 211.00 220.00 230.00 239.00 249.00

BANPU 29.00 19.50 20.80 22.20 23.60 25.00 26.50 27.75 29.25 30.50 32.00 33.50 34.75 36.25

BAY 38.50 26.00 28.00 29.75 31.50 33.50 35.25 37.25 39.00 40.75 42.75 44.50 46.50 48.25

BBL 185.00 128.00 137.00 146.00 155.50 164.50 173.50 183.00 192.00 201.00 210.00 219.00 228.00 237.00

BCP 30.00 21.50 23.00 24.50 26.00 27.75 29.25 30.75 32.25 33.75 35.25 36.75 38.25 40.00

BEC 49.00 36.75 39.50 42.00 44.75 47.25 50.00 52.50 55.00 57.75 60.25 63.00 65.50 68.25

BGH 16.60 9.75 10.50 11.20 11.90 12.60 13.30 14.00 14.70 15.40 16.00 16.70 17.40 18.10

BH 114.00 68.75 73.50 78.50 83.50 88.25 93.25 98.00 102.50 107.50 112.50 117.50 122.00 127.00

BIGC 189.00 128.50 137.50 147.00 156.00 165.00 174.50 183.50 193.00 202.00 211.00 220.00 229.00 239.00

BJC 46.50 33.50 35.75 38.25 40.50 43.00 45.25 47.75 50.00 52.50 54.75 57.25 59.50 62.00

BLA +10 82.25 49.75 53.50 57.00 60.50 64.00 67.50 71.25 74.75 78.25 81.75 85.25 89.00 92.50

BTS +7 8.45 5.90 6.30 6.70 7.15 7.55 7.95 8.40 8.80 9.20 9.65 10.10 10.50 10.90

CENTEL 32.25 21.80 23.30 24.90 26.50 28.00 29.50 31.25 32.75 34.25 35.75 37.25 39.00 40.50

CK 22.10 12.00 12.90 13.70 14.60 15.40 16.30 17.10 18.00 18.80 19.70 20.50 21.40 22.20

CPALL 45.50 30.00 32.25 34.50 36.50 38.75 40.75 43.00 45.00 47.25 49.50 51.50 53.75 55.75

CPF 27.75 19.40 20.80 22.20 23.60 25.00 26.50 27.75 29.25 30.50 32.00 33.25 34.75 36.00

CPN +8 47.00 31.25 33.50 35.75 38.00 40.25 42.25 44.50 46.75 49.00 51.25 53.50 55.75 58.00

DELTA -7 57.00 40.00 43.00 45.75 48.75 51.50 54.50 57.25 60.00 63.00 65.75 68.75 71.50 74.25

DTAC 120.00 81.25 87.00 93.00 98.75 104.00 110.00 115.50 121.50 127.50 133.00 139.00 144.50 150.50

EGCO 131.50 91.50 98.00 104.00 110.50 117.50 124.00 130.50 137.00 143.50 150.00 156.50 163.00 169.50

GLOBAL -7 13.60 9.55 10.30 11.00 11.60 12.30 13.00 13.70 14.40 15.00 15.70 16.40 17.10 17.80

GLOW 79.75 53.75 57.50 61.25 65.25 69.00 72.75 76.50 80.50 84.25 88.00 92.00 95.75 99.50

HMPRO 9.40 6.05 6.50 6.95 7.35 7.80 8.20 8.65 9.10 9.50 9.95 10.40 10.80 11.30

INTUCH 74.25 53.25 57.00 60.75 64.50 68.50 72.25 76.00 79.75 83.50 87.25 91.25 95.00 98.75

IRPC 3.54 2.44 2.62 2.78 2.96 3.14 3.30 3.48 3.66 3.82 4.00 4.18 4.34 4.52

IVL -9 25.00 16.10 17.30 18.40 19.60 20.70 21.90 23.00 24.20 25.50 26.50 27.75 28.75 30.00

JAS 7.90 5.70 6.10 6.50 6.90 7.30 7.70 8.15 8.55 8.95 9.35 9.75 10.20 10.60

KBANK 187.50 127.50 136.50 145.50 154.50 163.50 173.00 182.00 191.00 200.00 209.00 218.00 227.00 236.00

KTB 18.90 13.00 13.90 14.80 15.70 16.70 17.60 18.50 19.40 20.30 21.30 22.20 23.10 24.00

LH 9.70 6.95 7.45 7.95 8.45 8.90 9.40 9.90 10.40 10.90 11.40 11.90 12.40 12.90

MINT +8 26.00 17.40 18.60 19.80 21.10 22.30 23.60 24.80 26.00 27.25 28.50 29.75 31.00 32.25

PS 25.25 15.20 16.20 17.30 18.40 19.50 20.60 21.60 22.70 23.80 24.90 26.00 27.00 28.25

PTT 294.00 210.00 225.00 240.00 255.00 270.00 286.00 301.00 316.00 331.00 346.00 361.00 376.00 391.00

PTTEP 153.50 109.00 116.50 124.50 132.50 140.00 148.00 155.50 163.50 171.50 179.00 187.00 194.50 202.00

PTTGC +6 68.75 49.75 53.25 56.75 60.25 63.75 67.25 70.75 74.50 78.00 81.50 85.00 88.50 92.00

RATCH 53.00 36.25 38.75 41.25 44.00 46.50 49.00 51.50 54.25 56.75 59.25 62.00 64.50 67.00

ROBINS 57.50 36.25 39.00 41.50 44.00 46.75 49.25 51.75 54.50 57.00 59.75 62.25 64.75 67.50

SCB -7 159.00 111.50 119.50 127.50 135.50 143.50 151.50 159.50 167.50 175.50 183.50 191.50 199.50 207.00

SCC 418.00 295.00 317.00 338.00 359.00 380.00 400.00 422.00 442.00 464.00 486.00 506.00 528.00 548.00

SCCC 416.00 257.00 275.00 294.00 312.00 330.00 349.00 367.00 386.00 404.00 422.00 440.00 458.00 476.00

TCAP 34.00 24.10 25.75 27.50 29.25 31.00 32.75 34.50 36.25 38.00 39.50 41.25 43.00 44.75

THAI 14.90 9.50 10.20 10.90 11.60 12.30 12.90 13.60 14.30 15.00 15.60 16.30 17.00 17.70

THCOM +6 39.00 28.50 30.75 32.75 34.75 36.75 38.75 40.75 42.75 45.00 47.00 49.00 51.00 53.00

TMB +6 2.30 1.67 1.79 1.91 2.04 2.16 2.28 2.40 2.52 2.62 2.74 2.86 2.98 3.10

TOP 49.75 36.75 39.25 41.75 44.50 47.00 49.75 52.25 55.00 57.50 60.00 62.75 65.25 68.00

TRUE +7 7.10 4.90 5.25 5.60 5.95 6.30 6.65 7.00 7.35 7.70 8.05 8.40 8.75 9.10

TTW 10.40 6.85 7.35 7.85 8.30 8.80 9.30 9.80 10.30 10.80 11.30 11.80 12.20 12.70

TUF -7 68.00 48.00 51.25 54.75 58.25 61.50 65.00 68.25 71.75 75.25 78.50 82.00 85.50 88.75

VGI +8 12.60 8.00 8.60 9.15 9.70 10.30 10.90 11.50 12.00 12.60 13.20 13.70 14.30 14.90

3 Months Moving Average

YLs�sL�U�KกL��\Y�LK�� kL�LW\C��YXL\��bg� 3 \�J�� (3M-MA) U�Kk�\�=ก]Lก�D 1-13 UC�W�K��DkXLW�=�W\C��=�L�ก�D\C��YXL\��bg� 3 \�J�� − %M6���TI�67'X0��7�� =U'X0�!9�กT��!6�U���.*�+ 3 �$� � %=� =�$"� 7 !�T�%M6���TI�67.��7�� =U.����กT��!6�U���.*�+ 3 �$� �(3M-MA) %=� ���กT�=�$"� 7 − ก�%�$=�$"��!6�'���:;�7'X0�(.$.�)U="0�.�5% ' ��!6�U���.*�+ 3 �$� � �R6�#V���T)�%�M$�'6/�0 � '+ ก (%=� ��T="�- ��T�6�I$+ "�I�7"�;) − =U�"$�!6�'�����.�=�$"��#V�!"WW(/�0 '+ I$+:;�=(R� �)*�7*�U=�� �%7+ X /X��7*�"T�.'ก�ก"� �6�Tก�#V��"�%T�/�0 ����6.��#V��"�%T�'+)

���� �������, noppadol.pir@thanachartsec.co.th, +66 2617 4900

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 11

Recap & Strategy: [rJ�^ CrL�K Long kX�HLกC�A�L��กX�� S50M14 #="�!9�'X0��� ���� � 2.80 �M$ #k$)*� 951.20 �M$ �76ก= Re-Balance ' � MSCI ���#V�#m��"+ก$$"�%M6�ก.M�7n�U=��R�T�#k$�.$กs�7 �"ก.�)M����R�;�#k$!��� Long !M)n; 6,779 !"WW...!�%="���TI�67 S50M14 T"��*0 U$T���#="�!9�'X0�)$! ���T�6� 958 �M$ $6T+#m��"+!�"�!�M��ก 1) ก=RM7�M7�� �6�="e#=�%=S7��=� 2) Roadmap !9�ก=�.� ก�"0�R"$��� 3) = 7�=ก=ก=��M6��c=deก;��:;�7 ����� [rJ�^ CrL�K Long $6T+�#Y%7+ก=#="�!9�'X0�)*� 956-958 %=� �"$S#)*� 968/994 �M$ '(�)*�ก�%�$ Trailing stop )*� 944 �M$

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

S50M14 27-Jun-14 951.20 2.80 952.44 -0.1%

S50U14 29-Sep-14 944.50 2.50 952.65 -0.9%

S50Z14 29-Dec-14 943.70 3.50 954.27 -1.1%

SET50 Future s

Rec:

Long

Trailing Stop:

944

Trading Range:

940-958

988

924

Recap & Strategy: [rJ�^ CrL�K Short \A�L�sL� 19,200 DLB =U) �U� COMEX !��7 ��$� � !.U.#="�.$.��� ���� � US$11.1/ �/& #k$�.$)*� US$1,246 ���� ��ก �"T�.'�c=deก;�!%="ef �!$�%s�%s��X�ก=Z[\��"T +���� ���� � �.�U$T�)*�#=�RM7 FOMC ��#="�.$T���;� QE �� ���� � *ก US$1 %7���.6�/�$� � ��ก=#=�RM7 17-18 7;.+.�*0 '(�)*��6:;�=(��)��)U�;U!��� Short +"�S$6�#=*+��� ���� � �#Y%7+ 19,200 �) ����� [rJ�^ CrL�K Short I$+7*�#Y%7+ก=#="�.$.�)*� 19,200 �) '(�)*�ก�%�$ Trailing Stop )*� 19,600 �)

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

GFM14 27-Jun-14 19,620 50 19,404 1.1%

GFQ14 28-Aug-14 19,690 60 19,470 1.1%

GFV14 30-Oct-14 19,730 30 19,537 1.0%

Gold Future s

Rec:

Short

Trailing Stop:

19,600

Trading Range:

19,200-19,600

19,200-19,300

Recap & Strategy: ก]L��� Triling Stop Bbg 3,580 =U�0�7"�$;� Brent !��7 ��$� � ก.U.#="�.$.� US$0.56 #k$�.$)*� US$109.41/bbl �76�"T�.'�c=deก;�!%="ef �� ก7$*�� ���� � �����#V�#m��"+!�"�!�M�ก=#="�!9�'X0�' �=U�0�7"� +��S=กs�7���� ��ก=U�0�7"�#="�!9�'X0��=�ก� �%�6�*0 �'6�ก.6��T�6�!�U"W)��)U�;U )��%67*UT7�!*�+��ก�=�'+)�ก�S==�+�!"0� I$+��:���ก=(*)*�#="�.$.����กT� 3,580 ���#V��"�%T�#k$!��� Long S#ก� � ����� [rJ�^ CrL�K Long !�T�)*��%.� ��=9#��� Let Profit Run I$+ก�%�$ Trailing Stop )*� 3,580

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

BRM14 13-Jun-14 3,610 11 3,602 0.2%

BRN14 16-Jul-14 3,596 10 3,609 -0.4%

BRQ14 14-Aug-14 3,560 2 3,615 -1.5%

Oil Future s

Rec:

Long

Trailing Stop:

3,580

Trading Range:

3,580-3,610

Futures Trading

��� �ก��� ���������������ก�, CFA , adisak.phu@thanachartsec.co.th, +66 2617 4900

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 12

� =U) �U�#="�.$.��=� 3.5% w-wj!��ก=(&+9�U=�!��%."��.� ก�"0� � U���;��) � �U�.��=� ���S7�!7=� Offset >.' �=U) �U�)*�#="�.$.� � Fed 7*��TI�67.$T���;� QE �� ���� ���ก=#=�RM7 17-18 7;.+.�*0 ก$$"�=U) �U� � ����� �� � !��� Short �#Y%7+ก=#="�.$.�)*� 19,200 �)

Gold & Gold Futures Trading

U�l��s Gold Chart

�LYLB�WY]Ll�กA��D���WU�W 3.5% w-w ���ก��DCLs\��bg�s: =U) �U� COMEX #="�.$.��=� -3.5% w-w #k$)*� US$1,246/ �/& ��!"#$%&)*�>��7 ���� ��ก 1) !��ก=(&UT7'"$�+6�=�%T��!%="ef �.�="!�/*+ ก=(*+9�U=� �=;�7>� �U.+.�%."�ก=�.� ก�"0���+9�U=���.�$6T+UT7!�� 2) �"T�.'�c=deก;�!%="ef )*��!$��%6�%s��X�ก=Z[\��"T�� ���� � �#V�#m��"+%�M�ก=.$T���;� QE �� ���� ���ก=#=�RM7 FOMC T"�)*� 17-18 7;.+.�*0 �.� 3) �7�� :;�=(��)��)U�;U=U) �U�#="�.$.����กT�ก= �!7�%.*�+7$6�.�� !��>.�%6#="�.$.��=�I$+7*�#Y%7+ก!=#="�.$.�=�+�!"0�)*� US$1,240 %=� U;$�#V�#=�7( 19,200 �)j'(�)*� �=+"�7*7M77 ��R;�.��� ��TI�67=U) �U�=�+�ก.�-+T �� ���� � ���� ��ก 1) UT7�6 �ก=�� U= ���=9#��� Safe Haven .$.� 2) �c=deก;�!%="ef Z[\��"T�� ���� � '(�)*� Fed U��I+�+.$T���;� QE �.� 3) "�=��;��ZY +9���=�$"����)"�TI.ก

1240

ก��Bq� US Currency in Thai Baht Chart

[rJ�^ CrL�K Short kX�HLกC�A�L��กX�� \A�L�sL� 19,200 DLB: �=����� [rJ�^ CrL�K Short �� ���� ��ก!"#$%&ก� � I$+=U#="�.$.��X��#Y%7+�=ก)*� 19,700 �) S#�.6T��!"#$%&)*�>��7 �.�7*�#Y%7+�"$S#)*� 19,200 �) )"0��*0�76T�U���;��))*� � �U�.�%."�ก=)�="e#=�%=���#V�#m��"+%�M�=U) �U���#=��)c ���>.�กก= � �U�' �U���;��))�S$6�:*+��U�R�. ก=#="�.$.�' �=U) �U���#=��)c�)��"0� '(�)*�7�=ก=ก=��M6��c=deก;�)*��77 U$T���)��%6U���;��)��R�. ก= � �U�.���=�+��"$S#

33.8

32.0

Valuation Summary Commodities Price - 1 Week Change

Assumption Current Change Gold Spot (US$) 1,246 -3.5% Exchange (US$/Bt) 32.86 1.0% Risk Free 2.00% Symbol GFM14 GFQ14 GFV14

Maturity Date 27-Jun-14 28-Aug-14 30-Oct-14

Settlement Price 19,620 19,690 19,730

Change (w-w) -440 -440 -460

Theory Price 19,411 19,477 19,544

Pre/Disc 1.1% 1.1% 1.0%

(3.5)

(3.4)

(1.8)

(1.3)

(0.7)

(0.6)

0.0

0.6

(6) (1) 4

GOLD

SILVER

PLATINUM

OIL WTI Future

CRB Index

Zinc

Copper Future

Aluminum

(%)

��� �ก��� ���������������ก�, CFA , adisak.phu@thanachartsec.co.th, +66 2617 4900

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 13

Regional Fund Flows

Regional Fund Flows vs. MSCI Asia ex JP (YTD 2014) Thailand Foreign Net Buy / Sell vs. SET Index (YTD 2014)

(10)

(5)

0

5

10

15

20

25

460

480

500

520

540

560

580

Jan-14 Feb-14 Mar-14 Apr-14 May-14

(US$ bn)(Index) Accum. Asia-6 (RHS)

MSCI Asia ex JP (LHS)

(1.4)

(1.2)

(1.0)

(0.8)

(0.6)

(0.4)

(0.2)

0.0

0.2

0.4

1,100

1,150

1,200

1,250

1,300

1,350

1,400

1,450

Jan-14 Feb-14 Mar-14 Apr-14 May-14

(US$ bn)(Index) Accum. Fund Flows Thailand (RHS)

SET Index (LHS)

Regional Fund Flows (YTD 2014) Regional Fund Flows (Week To Date, 26-30 May 14)

7,555 6,688

3,601

1,222 966

(1,234)(2,000)

(1,000)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

India Taiwan Indo Korea Philippines Thailand

(US$ m)

369 298

(11) (40)(124)

(398)(500)

(400)

(300)

(200)

(100)

0

100

200

300

400

500

Taiwan Korea Philippines Indo India Thailand

(US$ m)

Net Foreign Fund Flows (US$ m) Index Change (%)

Thailand India Indo Korea Phil Taiwan Asia-6 Thailand India Indo Korea Phil Taiwan

—————————————— Yearly —————————————— ————————————— y-y % —————————————

2012 2,504 24,548 1,707 15,039 2,548 5,047 51,392 35.8 25.7 12.9 9.4 33.0 8.9

2013 (6,159) 19,529 (1,798) 3,107 688 7,877 23,244 (6.7) 9.0 (1.0) 0.7 1.3 11.8

YTD 2014 (1,234) 7,555 3,601 1,222 966 6,688 18,797 9.0 14.4 14.5 (0.8) 12.9 5.4

—————————————— Monthly —————————————— ————————————— m-m % —————————————

Mar-14 440 3,678 1,275 (1,062) 428 2,368 7,128 3.8 6.0 3.2 0.3 0.1 2.4

Apr-14 492 1,211 765 2,618 364 2,964 8,413 2.8 0.1 1.5 (1.2) 4.3 (0.7)

May-14 (1,097) 2,258 707 1,863 209 1,116 5,056 0.1 8.0 1.1 1.7 (0.9) 3.2

—————————————— Weekly —————————————— ————————————— w-w % —————————————

28 Apr-2 May 102 377 (56) (504) 89 300 308 0.9 (1.3) (1.2) (0.6) 0.9 1.1

5-9 May 14 (73) 390 95 (582) 52 (334) (451) (3.1) 2.6 — — 1.5 0.3

12-16 May 14 (78) 1,638 330 1,270 83 295 3,537 2.0 4.9 2.7 2.9 (0.4) (0.0)

19-23 May 14 (600) 277 313 1,025 69 475 1,560 (0.6) 2.4 (1.2) 0.2 (0.1) 1.3

26-30 May 14 (398) (124) (40) 298 (11) 369 93 1.4 (1.9) (1.6) (1.1) (2.4) 0.8

——————————————— Daily ——————————————— ————————————— d-d % —————————————

26-May-14 (103) (4) 5 52 (17) 20 (47) (0.6) 0.1 (0.2) (0.3) (0.3) 0.3

27-May-14 (84) (38) — 19 (4) 19 (88) 0.3 (0.7) 0.0 (0.6) (0.1) 0.2

28-May-14 (85) (7) 10 106 (12) 214 227 0.7 0.0 0.4 1.0 0.1 0.7

29-May-14 (61) (75) — 92 11 140 108 0.4 (1.3) 0.0 (0.2) (1.6) (0.1)

30-May-14 (66) — (55) 29 11 (25) (106) 0.5 (0.1) (1.8) (0.9) (0.4) (0.4)

Net Fund Flows / Market Cap (%)

2013 (1.80) 3.50 (0.55) 0.30 0.47 1.00 0.73

YTD 2014 (0.32) 1.10 0.92 0.11 0.57 0.77 0.52

Sources: Bloomberg, Thanachart compilation

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 14

Thailand Fund Flows

Daily Fund Flows

As of 30-May-14 ————— Equity Market ————— —— Future s Market (contracts) —— ————— Bond Market —————

(Bt m) Buy Sell Net Buy Sell Net Buy Sell Net

Foreign Investors 19,427 21,594 (2,167) 18,772 10,486 8,286 2,184 6,275 (4,091)

Institution Investors 6,387 5,891 495 53,367 41,853 11,514 15,459 7,730 7,730

Retail Investors 31,173 29,630 1,543 67,957 87,757 (19,800) 12,481 0 12,481

Proprietary Trading 4,501 4,372 129 — — — — — —

Equity Market (SET) Futures Market Bond Market

(2,167)

495

1,543

129

(2,500)(2,000)(1,500)(1,000)

(500)0

5001,0001,5002,000

Foreign LocalInst.

Retail PropTrade

(Bt m)

8,28611,514

(19,800)(25,000)(20,000)(15,000)(10,000)(5,000)

05,000

10,00015,000

Foreign Local Inst. Retail

(contracts)

(4,091)

7,730

12,481

(6,000)(4,000)(2,000)

02,0004,0006,0008,000

10,00012,00014,000

Foreign Local Inst. Retail

(Bt m)

Daily Trading Turnover Breakdown By Investor Type

Equity Market

Turnover: Bt61,487m

Futures Market

Volume: 140,096 contracts

Bond Market

Turnover: Bt44,130m (2 sides B&S)

Foreign33%

Local Fund10%

Retail50%

Prop Trade

7%

Foreign10%

Local Fund34%

Retail56%

Foreign21%

Local Fund57%

Retail22%

Net Foreign Fund Flows By Market

Equity Market Futures Market Bond Market

(13.0)

(33.9)

(5.6)

(40.7)(45)(40)(35)(30)(25)(20)(15)(10)(5)0

1W 1M 3M YTD14

(Bt bn)

0.5

(9.7)

(5.2)

4.1

(12)(10)(8)(6)(4)(2)0246

1W 1M 3M YTD14

('000 contracts)

(11.6)

(42.4)

11.9

(2.6)

(50)

(40)

(30)

(20)

(10)

0

10

20

1W 1M 3M YTD14

(Bt bn)

Sources: SET, TFEX, Thai Bond Market Association

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 15

Commodities Update (I)

WTI, Dubai, Brent (PTT, PTTEP, TOP, PTTGC, BCP) Source: Bloomberg GRM Complex (BCP, TOP, PTTGC, IRPC, ESSO) Sources: Bloomberg, TNS

70

80

90

100

110

120

130

140

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

WTI

Brent

Dubai

(US$/bbl) 102.71

109.41

106.41

-0.87

-0.56

-0.23

0

2

4

6

8

10

12

14

16

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

GRM-Complex(US$/bbl) 6.37 -0.36

HDPE, LDPE, Ethylene (PTTGC, SCC, IVL) Source: Datastream Paraxylene, Benzene (PTTGC, TOP, IRPC) Source: Datastream

100

200

300

400

500

600

700

800

900

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

LDPE-Naphtha

HDPE-Naphtha

Ethylene-Naphtha

(US$/tonne) 623.50

603.50

488.50

-29.00

-29.00

-29.00

0

100

200

300

400

500

600

700

800

900

1,000

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

PX-Naphtha

Benzene-Naphtha

(US$/tonne) 436.50

357.50

-30.75

-4.25

Handysize & Baltic Dry Index (TTA, PSL) Source: Bloomberg Coal – BJI (BANPU, LANNA, UMS) Source: BANPU

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

100

200

300

400

500

600

700

800

900

1,000

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Handysize Index (LHS)

Balitc Dry Index (RHS)

(Index) 934 -6 (Index)

485 +1

50

60

70

80

90

100

110

120

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

(US$/tonne) BJI 74.25 -0.20

Steel-HRC, Steel-Rebar (SSI, GJS, GSTEEL, TSTH) Source: Bloomberg Broiler, Swine (CPF, GFPT) Source: OAE

450

500

550

600

650

700

750

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Steel-HRC

Steel-Rebar

(US$/tonne) 538

545 +0.00

+0.00

20

30

40

50

60

70

80

90

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Swine Price

Broiler Price

(Bt/kg.) 80.7

41.0

+0.00

+0.00

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 16

Commodities Update (II)

JET Fuel Oil (THAI) Source: Datastream Gold Source: Bloomberg

90

100

110

120

130

140

150

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

(US$/bbl) 118.05 -1.41JET Fuel Oil

1,000

1,200

1,400

1,600

1,800

2,000

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Gold(US$/oz) 1,246.00 -11.10

Rubber (STA, TRUBB) Source: Bloomberg Soybean meal & Corn (CPF, GFPT) Source: Bloomberg

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

SICOM-TSR20

TOCOM

(US$/tonne) 1,695.00

1,951.27

-12.00

-21.17

400

450

500

550

600

650

700

250

300

350

400

450

500

550

600

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Soybean meal (LHS)

Corn No.2 Yellow (RHS)

(US$/tonne) 500.20 +1.80 (US$/bu.)

465.75 -3.75

Soybean & Palm Oil (CPI, TVO, UPOIC, UVAN) Source: Bloomberg Cotton (IVL) Source: Bloomberg

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1,000

1,100

1,200

1,300

1,400

1,500

1,600

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Soybean (LHS)

Malaysian Crude Palm Oil

(US$/bu.) 1,493.25 -5.75 (US$/bu.)

2,485.00 +0.00

60

70

80

90

100

110

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Cotton No.2(US$/lb)86.27 0.12

Sugar (KSL, KBS) Source: Bloomberg Shrimp (ASIAN, CFRESH, CPF, TUF) Source: OAE

350

400

450

500

550

600

650

700

750

800

10

12

14

16

18

20

22

24

26

28

30

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Raw Sugar Price (LHS)

White Sugar Price (RHS)

(US$ cents/lb) 17.38 -0.10 (US$/tonne)

470.90 -2.10

100

150

200

250

300

350

May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14

Vannamei Shrimp 41-50 shrimp/kg(Bt/kg) 235.00 +0.00

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 17

Management Stock Trading

UDD�L�WL�กL�\A�bg��UA�WกL�rJ����กB�����=�W���D���L� (UDD 59-2)

nJg�D����B nJg����D���L� ��Bbg@��sL �qbกL�@��sL A�K\�B H]L�� �LYL s��YXL /H]L��XL� /H]L��XL� ���กB����� (���) (DLB) (DLB)

GENCO ;)n;�)n;� T;~9c;=; 28/05/57 '+ ��!�U"W�!$�!;)n;)*���/�0 %M6� 506,620 0.37 187,449 GENCO ;)n;�)n;� T;~9c;=; 28/05/57 '+ ��!�U"W�!$�!;)n;)*���/�0 %M6� 14,949,300 0.34 5,082,762 GLOW !M)n;T�c& U�!;=; 26/05/57 '+ %M6�!7"W 20,000 80.00 1,600,000

IHL � � $�=�!กM.T�d& 29/05/57 /�0 %M6�!7"W 33,000 7.20 237,600 LHBANK cc;n= :�cn= 30/04/57 '+ %M6�!7"W 2,000,000 1.83 3,660,000 LHBANK cc;n= :�cn= 08/05/57 '+ %M6�!7"W 1,500,000 1.60 2,400,000 MFEC IกT;)+& $M.+�I!~:==( 27/05/57 '+ %M6�!7"W 1,000,000 9.00 9,000,000 MK RM�;7 �"0�7�;n==7 28/05/57 /�0 %M6�!7"W 675,000 3.52 2,376,000 PPS T=~=(& RT� 28/05/57 '+ %M6�!7"W 10,000 1.20 12,000

PRANDA :�;$ ��*+!MT==(& 26/05/57 /�0 %M6�!7"W 69,400 6.90 478,860 SMIT n� �!�T"��กM. 28/05/57 /�0 %M6�!7"W 40,500 4.62 187,110 STAR ก==(;ก=& T� � =M( 29/05/57 /�0 %M6�!7"W 50,000 1.93 96,500 TICON �$T;$ �$!7 �$& �)=&�=6�)& 27/05/57 '+ ���!$�!;)n;)*���/�0 %M6��:;�7)*� 18,807 0.16 3,009 TICON �$T;$ �$!7 �$& �)=&�=6�)& 27/05/57 '+ ���!$�!;)n;)*���/�0 %M6��:;�7)*� 30,015 0.14 4,202

Source: www.sec.or.th

UDD�L�WL�กL�@��sL��J�H]L��XL����กB�����=�Wก�HกL� (UDD 246-2)

Sell/Buy/ ���กB����� nJg����@��sL/H]L��XL� \��gs-�� A�K\�B %@��sL/ %���W@��sL/ ��Bbg@��sL/

concert party/ ���กB����� H]L��XL� H]L��XL� H]L��XL� \��gs-�� s.258

PCSGH �=;d") %."ก)=":+&�"$ก=ก �)M�=T7�"T%.T� ��ก"$ BUY %M6� 0.13 5.07 27/05/57 TICON-T2 �=;d") !T� M�!%ก==7I=��� ��ก"$ (7%R�) BUY %."ก)=":+&�#.�!~: 1.24 5.35 26/05/57

TTCL �=;d") %."ก)=":+&�"$ก=ก �)M�+9I �* (S)+) ��ก"$ BUY %M6� 0.04 5.04 27/05/57 Source: www.sec.or.th

%7+�%�M: *ก=(*)*�7*ก==+���#V�ก.M�7 R�� >96S$67/��%��+ ���!$�'6 79.' ��MUU.��ก.M�7)*�7*ก=�#.*�+��#.� !�T� %ก=S$67/��%��+�.� %%."�ก=S$67/��%��+ ���!$��"T�.'' �)"0�ก.M�7 �.��MUU.�77�= 258 (�;+7�7�MUU.7�= 258)

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 18

Cash Balance Lists

��� Turnover List Bbgk��WLW\W��C�@��XW���L\kVsH]L��กX��กL�IJ?�=L� (Cash Balance)

nXW��Bbg ��� %1W-Turnover s��YXLIJ?�\��bg�kX��� PE ratio ��J�D����BBbgsb�� %Premium Cash balance (��L�DLB) กL��]L\���WL�=L�B�

28 �7.+. � 6 7;.+. 14 EFORL 45.83 137.07 257.32 ─ 6 :.U. � 13 7;.+. 14 EVER 71.81 243.48 '$)M� ─ 6 :.U. � 13 7;.+. 14 IFEC 48.92 111.06 101.56 ─ 6 :.U. � 13 7;.+. 14 OCEAN 278.94 109.05 40.69 ─ 6 :.U. � 13 7;.+. 14 SUPER 60.93 381.95 118.97 ─ 19 :.U. � 27 7;.+. 14 PAF 254.78 154.34 '$)M� ─ 19 :.U. � 27 7;.+. 14 PDI 67.74 271.86 '$)M� ─ 26 :.U. � 4 ก.U. 14 AJP AJP 86.24 90.09 ─ 26 :.U. � 4 ก.U. 14 APCO APCO 71.9 150.33 ─ 26 :.U. � 4 ก.U. 14 EE 99.46 203.24 206.89 ─ 2 7;.+. � 10 ก.U. 14 BMCL 44.80 533.79 '$)M� ─ 2 7;.+. � 10 ก.U. 14 RPC 68.06 150.66 '$)M� ─

%7+�%�M: ���� ��กก=.�)M���%."ก)=":+&$"�ก.�T7*ก=/�0 '+>;$S#�ก!~:#ก�;' ��.$ $"��"0�>96.�)M�UT=cXกd'6 79.ก� �ก=�"$!;���.�)M� %."ก�ก(�&ก=U"$�.� ก ก=(*�#V�%M6�!7"W: 1) 7*79.U�ก=/�0 '+��.*�+�� T"���= �!"#$%&S7��6 +กT� 100 .�. �6 +9����.$ mai 79.U�ก=/�0 '+��.*�+�� T"���= �!"#$%&S7��6 +กT� 80 .�. 2) 7* "�=ก=/�0 '+

%7M��T*+�S7��6 +กT� 40% 3) 7* PE Ratio S7��6 +กT� 40 �)� %=� '$)M� ก=(*�#V���!�U"W�!$�!;)n;: 1) 7*79.U�ก=/�0 '+��.*�+�� T"���= �!"#$%&S7��6 +กT� 100 .�. �6 +9����.$ mai 79.U�ก=/�0 '+��.*�+�� T"���= �!"#$%&S7��6 +กT� 80 .�. 2) 7* "�=ก=/�0 '+

%7M��T*+�S7��6 +กT� 100% 3) 7*U� %Premium S7��6 +กT� 20% Source: www.sec.or.th

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 19

NVDR Active

NVDR Turnover Net Buy Values (B t m) NVDR Turnover Net Sell Values (B t m)

Symbol 30 May 29 May 28 May 27 May 26 May Symbol 30 May 29 May 28 May 27 May 26 May

1 BH 841.3 67.2 6.3 39.0 8.7 1 SCB (278.5) 22.8 (13.9) (59.0) 66.5

2 PTT 538.0 31.7 131.6 58.5 72.4 2 BBL (225.6) 124.7 (75.1) 287.4 72.0

3 PTTEP 527.4 29.3 3.1 23.4 149.7 3 TUF (199.6) (4.2) 57.7 26.8 15.0

4 PTTGC 165.8 (41.9) (5.5) (37.1) (7.9) 4 SCC (180.2) (11.2) (55.8) (87.1) 71.3

5 AOT 81.1 (11.2) 99.2 (7.2) (107.1) 5 BGH (166.6) 2.8 143.7 (10.8) 1.6

6 CPN 80.8 (10.6) 15.0 (31.0) 21.5 6 IVL (131.6) (11.3) 42.2 (4.8) 35.4

7 TRUE 75.8 3.5 60.1 9.5 17.6 7 KBANK (127.1) (100.6) 209.1 153.2 (1,096.8)

8 ADVANC 72.7 159.5 88.0 (92.8) 64.5 8 LH (76.0) (93.4) (11.4) (13.1) (58.8)

9 EA 67.7 10.0 13.3 0.9 3.7 9 JAS (72.4) 50.7 (1.5) (59.9) 33.7

10 STEC 64.7 51.4 34.0 79.4 (79.4) 10 KTB (69.0) 31.3 19.9 (13.3) 31.4

11 CPALL 64.4 137.7 136.4 (54.0) (55.9) 11 INTUCH (61.7) 20.4 (28.1) (104.3) (9.4)

12 DTAC 46.2 (41.0) 7.8 (35.6) (52.7) 12 BANPU (51.1) (11.3) 28.3 (4.8) (8.1)

13 MINT 42.3 20.0 26.9 (39.5) (72.5) 13 LH-W3 (33.9) na na na na

14 TMB 38.4 (1.8) 15.2 52.7 (0.3) 14 SITHAI (30.8) (1.3) (1.4) (2.9) (1.9)

15 CPF 32.5 34.4 (0.7) 97.3 75.7 15 SF (20.1) (9.0) (6.7) 0.0 0.2

16 IRPC 31.9 23.3 24.1 (30.6) (15.2) 16 UMI (17.8) 0.3 (0.3) (0.0) 0.0

17 KCE 31.4 7.9 20.4 (0.1) 2.0 17 THCOM (16.8) (9.5) 8.3 2.6 (8.2)

18 ITD 31.3 (24.0) 5.4 74.3 (4.8) 18 TOP (16.4) 11.5 (7.8) (26.7) 3.6

19 KKP 27.7 23.7 (2.6) 1.8 0.4 19 RATCH (15.0) (0.7) 0.8 (22.7) (20.7)

20 TISCO 27.0 9.2 (0.5) (1.5) (9.7) 20 ROBINS (10.5) (1.3) (21.5) (28.6) (15.9)

NVDR Most Active Values ( Bt m) NVDR Outstanding Share ( m shares)

Symbol BUY SELL TOTAL NET % Turnover Symbol No. of Shares

in Hand Paid Up Capital

Shares % of Paid

Up Capital

1 SCB 949.9 1,228.3 2,178.2 (278.5) 0.0 1 TISCO-P 0.02 0.03 66.8

2 BH 1,451.3 609.9 2,061.2 841.3 36.6 2 BBL 602.4 1,908.8 31.6

3 KBANK 936.2 1,063.3 1,999.6 (127.1) 51.4 3 KBANK 675.3 2,393.3 28.2

4 BBL 640.9 866.5 1,507.4 (225.6) 48.1 4 E-W1 75.0 347.0 21.6

5 PTTEP 765.8 238.5 1,004.3 527.4 36.4 5 INTUCH 678.6 3,206.4 21.2

6 PTT 732.5 194.6 927.1 538.0 23.1 6 LH-W3 359.6 1,998.2 18.0

7 ADVANC 462.2 389.5 851.6 72.7 24.9 7 LH 1,780.3 10,025.9 17.8

8 SCC 332.7 512.9 845.6 (180.2) 0.0 8 THIP 1.3 8.0 16.1

9 KTB 190.6 259.6 450.2 (69.0) 9.4 9 THRE 561.8 3,512.5 16.0

10 PTTGC 304.7 138.9 443.6 165.8 20.9 10 TWFP 14.7 95.1 15.5

11 BGH 134.9 301.5 436.4 (166.6) 0.0 11 EGCO 77.5 526.5 14.7

12 TUF 86.0 285.6 371.6 (199.6) 0.0 12 LPN 216.0 1,475.7 14.6

13 CPALL 178.0 113.6 291.7 64.4 21.9 13 SPALI 248.1 1,716.6 14.5

14 IVL 71.5 203.1 274.6 (131.6) 16.1 14 TCAP 181.9 1,277.8 14.2

15 TRUE 147.0 71.2 218.2 75.8 0.0 15 DTAC 333.3 2,367.8 14.1

16 AOT 143.6 62.5 206.1 81.1 0.0 16 PRANDA 53.3 409.5 13.0

17 DTAC 116.9 70.7 187.6 46.2 0.0 17 SIRI-W1 126.9 1,018.1 12.5

18 CPN 131.1 50.3 181.3 80.8 0.0 18 LALIN 102.5 825.0 12.4

19 BTS 89.3 89.7 179.0 (0.4) 11.9 19 GBX 135.0 1,089.1 12.4

20 JAS 43.2 115.6 158.7 (72.4) 7.4 20 PYLON-W1 9.5 77.6 12.2

Source: SET

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 20

Short Sell (I)

Securities Volume Turnover Average Price Last Price % Price Change % Short Sell Volume

(shares) (Bt) (Bt) (Bt) From Average Price Comparing with Main Board

DTAC 632,500 75,756,050 119.77 120.00 -0.19% 25.66%

EGCO 28,600 3,745,250 130.95 131.50 -0.42% 10.86%

ITD 30,836,400 139,383,696 4.52 4.64 -2.58% 6.72%

LH 2,361,600 22,796,440 9.65 9.70 -0.48% 6.65%

PTT 327,100 96,298,500 294.40 294.00 0.14% 4.82%

IVL 1,513,700 38,251,850 25.27 25.00 1.08% 4.47%

TRUE 5,000,000 34,750,000 6.95 7.10 -2.11% 4.28%

ADVANC 292,200 67,347,900 230.49 229.00 0.65% 3.99%

KKP 125,400 5,377,725 42.88 42.75 0.31% 3.83%

DELTA 92,700 5,283,900 57.00 57.00 0.00% 3.53%

KBANK 318,000 59,973,800 188.60 187.50 0.58% 3.23%

PS 131,500 3,316,250 25.22 25.25 -0.12% 2.70%

STA 100,000 1,415,000 14.15 14.20 -0.35% 2.60%

CK 1,675,800 36,486,760 21.77 22.10 -1.48% 2.36%

BGH 2,505,000 42,384,000 16.92 16.60 1.93% 1.99%

SCB 357,000 57,554,300 161.22 159.00 1.39% 1.81%

TISCO 41,000 1,597,875 38.97 39.25 -0.71% 1.64%

IRPC 536,700 1,899,326 3.54 3.54 -0.03% 1.55%

STEC 980,500 21,731,060 22.16 22.00 0.74% 1.23%

TCAP 63,700 2,143,625 33.65 34.00 -1.02% 1.14%

JAS 1,161,500 9,172,775 7.90 7.90 -0.03% 0.87%

SCC 22,500 9,467,000 420.76 418.00 0.66% 0.87%

KTC 1,000 42,750 42.75 42.50 0.59% 0.62%

BBL 42,200 7,896,900 187.13 185.00 1.15% 0.53%

BANPU 102,900 3,009,825 29.25 29.00 0.86% 0.52%

THAI 130,500 1,936,400 14.84 14.90 -0.41% 0.51%

BJC 5,000 232,500 46.50 46.50 0.00% 0.34%

AOT 23,700 4,369,000 184.35 187.50 -1.68% 0.31%

INTUCH 20,000 1,490,000 74.50 74.25 0.34% 0.24%

DCC 700 39,175 55.96 55.50 0.84% 0.19%

ERW 50,000 201,000 4.02 4.12 -2.43% 0.19%

SAMART 13,400 266,400 19.88 19.90 -0.10% 0.16%

VGI 157,600 1,942,970 12.33 12.60 -2.15% 0.15%

BEC 4,300 214,650 49.92 49.00 1.87% 0.13%

GLOW 1,300 103,100 79.31 79.75 -0.55% 0.13%

TPIPL 20,000 258,000 12.90 12.80 0.78% 0.12%

PTTEP 10,000 1,545,000 154.50 153.50 0.65% 0.11%

QH 60,000 202,800 3.38 3.38 0.00% 0.09%

SPCG 10,000 250,000 25.00 24.80 0.81% 0.08%

TTA 40,000 842,000 21.05 20.80 1.20% 0.06%

Source: SET

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 21

Short Sell (II)

Securities Volume Turnover Average Price Last Price % Price Change % Short Sell Volume

(shares) (Bt) (Bt) (Bt) From Average Price Comparing with Main Board

CPN 5,000 232,500 46.50 47.00 -1.06% 0.05%

BLAND 70,000 112,400 1.61 1.61 -0.27% 0.03%

HMPRO 10,000 93,500 9.35 9.40 -0.53% 0.03%

BH 4,000 453,000 113.25 114.00 -0.66% 0.02%

BLA 200 16,500 82.50 82.25 0.30% 0.02%

HEMRAJ 20,000 72,000 3.60 3.52 2.27% 0.02%

KTB 11,800 224,000 18.98 18.90 0.44% 0.01%

PTTGC 100 6,900 69.00 68.75 0.36% 0.00%

Source: SET

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 22

Foreign Board & Big Lot

Foreign Board Securities Volume Value Foreign Price Local Price % Premium/Discount

(shares) (Bt) (Bt) (Bt) From Local Price

KBANK-F 4,620,028 868,063,436 187.00 187.50 (0.27)

SCC-F 1,649,956 690,225,191 416.00 418.00 (0.48)

BBL-F 2,996,735 557,102,100 185.00 185.00 0.00

CPF-F 7,611,698 213,127,520 26.50 27.75 (4.50)

AOT-F 350,000 64,826,125 170.00 187.50 (9.33)

BGH-F 3,462,992 58,351,392 15.50 16.60 (6.63)

TICON-F 2,147,000 32,634,400 17.50 15.20 15.13

INTUCH-F 406,900 30,313,550 73.50 74.25 (1.01)

BIGC-F 12,700 2,400,250 188.50 189.00 (0.26)

LH-F 21,200 207,760 9.80 9.70 1.03

KTB-F 6,059 112,115 18.50 18.90 (2.12)

PTT-F 48 14,112 312.00 294.00 6.12

DTAC-F 100 12,100 121.00 120.00 0.83

SCB-F 68 10,812 165.50 159.00 4.09

PTTGC-F 65 4,469 72.50 68.75 5.45

PTTEP-F 27 4,145 153.00 153.50 (0.33)

BAY-F 100 3,825 38.25 38.50 (0.65)

CPALL-F 70 3,185 40.00 45.50 (12.09)

TOP-F 46 2,289 53.00 49.75 6.53

BEC-F 24 1,176 75.00 49.00 53.06

MINT-F 44 1,144 24.40 26.00 (6.15)

HMPRO-F 60 564 9.05 9.40 (3.72)

BTS-F 50 423 9.00 8.45 6.51

IRPC-F 77 273 5.80 3.54 63.84

TMB-F 26 60 2.26 2.30 (1.74)

Source: SET

Big Lot Securities Volume Value Avg. Price Last Price % Price Change Transaction

(shares) (Bt) (Bt) (Bt) From Average Price

RS 15,000,000 129,000,000 8.60 8.60 0.00 2.00

KBANK 480,900 90,548,750 188.29 187.50 0.42 9.00

BBL 455,300 84,654,794 185.93 185.00 0.50 1.00

BH 588,300 67,018,070 113.92 114.00 (0.07) 2.00

SKR 1,000,000 50,000,000 50.00 58.75 (14.89) 2.00

ADVANC 100,500 23,215,500 231.00 229.00 0.87 2.00

TPIPL 1,700,000 21,760,000 12.80 12.80 0.00 1.00

PTTEP 69,800 10,714,300 153.50 153.50 0.00 1.00

SPALI 500,000 9,950,000 19.90 19.70 1.02 1.00

PTT 28,400 8,349,600 294.00 294.00 0.00 1.00

JAS 800,000 6,320,000 7.90 7.90 0.00 1.00

N-PARK 34,000,000 1,816,000 0.05 0.06 (16.67) 6.00

ITD13C1409A 1,420,000 1,505,200 1.06 1.10 (3.64) 1.00

JAS01C1410A 1,000,000 520,000 0.52 0.52 0.00 1.00

IEC 5,000,000 136,000 0.03 0.03 0.00 2.00

Source: SET

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 23

Warrant Table As of 30/05/14

In / Out Exercise Conversion Expiry Last Price(B) Warran t Volatility B&S Prem/Disc Gearing Implied Exercise

Money price ratio (W:S) date underlying of stocks price(B ) to B&S volatility periodACD-W2 Out 1.000 1:1.0000 7-Jun-16 1.25 0.46 51.6% 0.34 34.6% 2.72 83.0% Last business day of Dec

AEC-W2 Out 2.000 1:1.0000 10-Apr-17 1.31 0.53 96.0% 0.57 (6.8%) 2.47 89.9% Last business day of Mar, Jun, Sep, Dec

BLAND-W3 Out 1.700 1:1.0000 7-Nov-15 1.61 0.36 28.1% 0.18 99.4% 4.47 54.1% Last business day of Mar, Jun, Sep, Dec (1st on 30 Jun 2014)

BLAND-W4 Out 2.000 1:1.0000 2-Jul-18 1.61 0.33 28.1% 0.21 57.0% 4.88 40.5% Last business day of Mar, Jun, Sep, Dec

BROOK-W4 In 0.838 1:1.2550 8-Aug-16 1.99 1.35 17.0% 1.00 35.0% 1.85 133.8% Last business day of Mar, Jun, Sep, Dec

BSM-W1 In 0.500 1:1.0000 3-Jan-16 1.83 1.28 19.8% 0.98 30.9% 1.43 281.2% Last business day of Mar, Jun, Sep, Dec

BTS-W3 Out 12.000 1:1.0000 1-Nov-18 8.45 0.79 13.5% 0.20 299.4% 10.70 25.9% Last business day of Mar, Jun, Sep, Dec (1st on 30 Dec 2016)

BWG-W1 In 1.200 1:1.0000 13-Jul-14 4.16 2.82 37.4% 2.80 0.6% 1.48 198.8% Last business day of Mar, Jun, Sep, Dec

CCP-W1 In 1.000 1:1.3340 29-Sep-14 6.10 5.90 82.5% 6.03 (2.2%) 1.38 na Last business day of Mar, Jun, Sep, Dec

CCP-W2 In 1.000 1:1.0000 30-Sep-16 6.10 4.52 82.5% 4.53 (0.1%) 1.35 80.8% Last business day of Mar, Jun, Sep, Dec

CEN-W3 Out 2.000 1:1.0000 10-Jun-15 2.90 1.29 33.0% 0.83 54.7% 2.25 106.9% Last business day of Mar, Jun, Sep, Dec

CHO-W1 In 0.500 1:1.0000 27-Oct-16 2.34 1.52 56.2% 1.25 21.5% 1.54 241.3% Last business day of Mar, Jun, Sep, Dec (1st on 30 Dec 2014)

CIG-W4 Out 1.000 1:0.5000 29-Oct-14 0.70 0.09 29.0% 0.00 na 3.89 199.1% Last business day on a monthly

CMO-W1 Out 2.000 1:1.0000 11-Nov-15 1.79 0.64 36.9% 0.23 184.2% 2.80 94.6% End of Apr, Oct

COLOR-W1 Out 4.000 1:1.0000 16-Jun-16 1.18 0.50 42.7% 0.01 4827.4% 2.36 150.2% Last business day of Mar, Jun, Sep, Dec (1st on 17 Jun 2014)

CPI-W1 Out 2.239 1:1.0047 1-Jul-15 2.54 0.65 17.4% 0.32 104.9% 3.93 65.4% End of Jun, Dec

CWT-W2 Out 1.000 1:1.0000 30-Jan-16 1.49 0.97 28.3% 0.45 117.0% 1.54 177.3% End of Jun, Dec

DEMCO-W5 Out 12.000 1:1.0000 5-Feb-15 9.45 2.76 36.8% 0.40 582.2% 3.42 118.9% Last business day of Jan, Jul

DEMCO-W6 Out 15.000 1:1.0000 5-Feb-16 9.45 3.12 36.8% 0.53 491.3% 3.03 94.9% Last business day of Jan, Jul

DIMET-W1 Out 0.500 1:1.0000 1-Nov-17 1.05 0.55 26.2% 0.39 39.7% 1.91 104.1% End of Jun, Dec (1st on 30 Dec 2014)

EARTH-W3 In 1.466 1:1.0230 15-Sep-16 5.60 4.08 12.0% 4.23 (3.6%) 1.40 na 15 Mar, 15 Sep

EFORL-W2 In 0.100 1:1.0000 22-Aug-16 0.73 0.53 20.6% 0.42 25.3% 1.38 na 22 Aug 2016

EPCO-W1 In 2.266 1:1.0150 20-Oct-14 4.00 1.61 51.5% 1.52 6.0% 2.52 87.5% Last business day of Mar, Jun, Sep, Dec

EVER-W1 Out 1.000 1:1.0000 1-Dec-14 1.46 0.75 173.0% 0.55 36.7% 1.95 304.4% 31 Mar 2014, 30 Jun 2014, 30 Sep 2014, 28 Nov 2014

E-W1 Out 1.408 1:1.0650 22-Dec-20 0.88 0.45 12.0% 0.02 2287.4% 2.08 74.4% Last business day of Mar, Jun, Sep, Dec

E-W2 Out 2.000 1:1.0000 22-Dec-20 0.88 0.31 12.0% 0.00 na 2.84 61.2% Last business day of Mar, Jun, Sep, Dec

E-W3 Out 1.000 1:0.2000 19-Mar-15 0.88 0.07 12.0% 0.00 4676.4% 2.51 132.4% 19 Mar 2015

FOCUS-W1 Out 3.000 1:1.0000 15-Jun-14 1.79 0.01 17.5% 0.00 na 179.00 160.7% Last business day of Jan, Apr, Jul, Nov

GENCO-W1 Out 1.100 1:1.0000 18-May-17 0.92 0.38 24.4% 0.09 308.5% 2.42 82.6% Last business day of Mar, Jun, Sep, Dec (1st on 30 Sep 2014)

GJS-W2 Out 0.207 1:3.6300 12-Dec-17 0.06 0.06 179.1% 0.16 (61.7%) 3.63 84.6% End of Jun and Dec

GJS-W3 Out 0.150 1:4.0000 7-Feb-20 0.06 0.11 179.1% 0.20 (45.2%) 2.18 80.8% End of Jun and Dec

GLAND-W2 In 1.000 1:1.0000 30-Jun-16 3.18 2.00 7.3% 2.14 (6.4%) 1.59 na End of Jun

GL-W2 In 2.957 1:11.8360 31-Oct-14 5.90 32.00 22.7% 33.15 (3.5%) 2.18 na Last business day of Mar, Jun, Sep, Dec

GL-W3 Out 10.000 1:1.0000 1-Dec-15 5.90 0.70 22.7% 0.02 2885.6% 8.43 64.6% Every Month

GSTEL-W1 Out 0.550 1:1.0000 29-Sep-19 0.15 0.07 191.4% 0.12 (42.9%) 2.14 95.6% Last business day of Jun and Dec

GSTEL-W2 Out 0.550 1:1.0000 26-Sep-19 0.15 0.07 191.4% 0.14 (49.0%) 2.14 88.2% Last business day of Jun and Dec

IFEC-W1 In 1.000 1:1.0500 23-Feb-17 3.12 2.02 37.7% 1.53 32.0% 1.62 176.7% 28 Nov 2014, 28 Nov 2015, 23 Feb 2017

ILINK-W1 Out 10.000 1:2.0000 23-Jun-16 13.30 8.50 20.6% 7.07 20.3% 3.13 38.1% End of Mar, Jun, Sep, Dec

KCE-W2 In 5.000 1:1.0000 19-Jun-16 38.50 32.50 27.2% 32.05 1.4% 1.18 97.4% 1-10 Mar, Jun, Sep, Dec

LH-W3 In 3.500 1:1.0000 5-May-17 9.70 5.85 26.4% 5.35 9.4% 1.66 70.1% Last business day of Mar, Jun, Sep, Dec (1st on 30 Jun 2014)

LIVE-W2 Out 0.100 1:1.0000 8-Dec-16 0.32 0.28 41.5% 0.20 42.5% 1.14 na Last business day of Mar, Jun, Sep, Dec

MILL-W2 Out 2.258 1:1.1070 29-May-16 2.06 0.38 38.1% 0.34 13.2% 6.00 42.7% Last business day of Jun and Dec

NBC-W1 Out 3.000 1:1.0000 11-Jul-18 3.68 1.66 21.8% 0.86 94.0% 2.22 71.9% 15 Jun and 15 Dec

NEP-W2 In 0.500 1:1.0000 15-Dec-16 1.05 0.54 20.7% 0.43 24.3% 1.94 83.2% Last business day of 15 Mar,15 Jun,15 Sep,15 Dec

NINE-W1 Out 4.000 1:1.0000 11-Jul-18 3.52 1.26 31.1% 0.54 132.1% 2.79 73.9% 15 Jun and 15 Dec

NIPPON-W Out 1.000 1:1.0000 30-May-16 1.45 0.51 17.2% 0.33 54.3% 2.84 75.2% Last business day of Feb, May, Aug, Nov

NMG-W3 Out 1.000 1:1.0000 19-Jun-18 1.33 0.49 15.2% 0.29 71.3% 2.71 59.7% 15 Jun and 15 Dec

NNCL-W2 In 1.000 1:1.0000 29-Dec-15 2.22 1.08 58.7% 0.91 18.5% 2.06 112.5% Last business day of Mar, Jun, Sep, Dec

NUSA-W1 Out 1.000 1:1.0000 31-May-16 0.81 0.34 34.1% 0.09 284.9% 2.38 102.8% Last business day of May, Nov

NWR-W1 In 2.045 1:1.0760 26-Jun-14 2.24 0.02 84.5% 0.29 (93.1%) 120.51 na Last business day of Mar, Jun, Sep, Dec

PF-W3 Out 1.000 1:1.0000 18-Jul-15 0.97 0.35 21.7% 0.08 320.5% 2.77 91.7% Last business day of Mar, Jun, Sep, Dec

PLE-W2 Out 3.200 1:1.0000 20-Oct-15 1.88 0.40 44.5% 0.07 438.4% 4.70 102.3% 20 Oct 2015

PRINC-W1 Out 1.200 1:1.0000 30-Sep-16 3.56 2.42 28.3% 1.61 50.1% 1.47 na Last business day of Mar, Jun, Sep, Dec

PYLON-W1 In 1.760 1:1.2500 25-Apr-15 5.95 4.54 23.4% 3.91 16.0% 1.64 190.2% 30 Jun and 30 Dec

RCI-W1 Out 3.000 1:1.0000 22-Oct-15 3.40 1.37 34.3% 0.66 108.0% 2.48 98.0% 22 Oct 2014, 22 Oct 2015

RML-W3 Out 2.750 1:1.0000 15-May-15 1.66 0.27 25.8% 0.00 6050.2% 6.15 92.2% Last business day of Mar, Jun, Sep, Dec

ROJNA-W2 In 3.334 1:1.1998 30-Jul-14 7.05 4.00 22.2% 4.43 (9.6%) 2.11 na Last business day of Feb, May, Aug, Nov

ROJNA-W3 Out 4.000 1:1.0000 18-Jul-16 7.05 3.32 22.2% 2.95 12.6% 2.12 50.8% Last business day of Mar, Jun, Sep, Dec

SIMAT-W1 Out 1.012 1:1.4821 28-Aug-14 5.25 7.00 18.4% 5.84 19.8% 1.11 715.2% Last business day of Mar, Jun, Sep, Dec

SINGHA-W Out 6.000 1:1.0000 28-Nov-14 0.30 0.06 70.2% 0.00 na 5.00 309.3% End of May , Nov

SIRI-W1 In 1.114 1:1.1670 20-Jan-15 1.87 0.84 25.4% 0.80 4.9% 2.60 56.8% Last business day of Mar, Jun, Sep, Dec

SLC-W1 Out 0.690 1:0.5780 16-May-15 0.46 0.13 30.6% 0.00 2946.4% 2.05 169.0% Last business day of May, Nov

SLC-W2 Out 0.420 1:0.2379 28-Oct-15 0.46 0.07 30.6% 0.02 235.0% 1.56 156.6% Last business day of Mar, Sep

SLC-W3 Out 0.740 1:1.3600 14-Sep-16 0.46 0.29 30.6% 0.03 936.0% 2.16 121.3% Last business day of Mar, Sep

SLC-W4 Out 1.000 1:1.0000 31-Mar-19 0.46 0.18 30.6% 0.03 491.3% 2.56 74.3% Last business day of Mar, Sep (1st on 30 Sep 2014)

SPORT-W3 In 1.679 1:1.1616 21-Apr-15 3.10 1.44 6.8% 1.48 (2.9%) 2.50 na End of Mar, Jun, Sep, Dec

SPORT-W4 In 1.696 1:1.0317 15-Aug-14 3.10 1.21 6.8% 1.27 (4.4%) 2.64 na Last business day of Mar, Jun, Sep, Dec

STAR-W2 Out 2.900 1:1.0000 3-Jun-16 1.94 1.08 24.8% 0.05 2007.2% 1.80 160.3% 3 Jun (1st on 3 Jun 2014)

TAPAC-W2 Out 2.100 1:1.0000 1-May-17 2.16 0.59 11.8% 0.18 224.1% 3.66 58.4% End of Jan, Apr, Jul, Oct (1st on 31 Jul 2014)

TCC-W1 In 0.719 1:1.3901 30-Oct-14 1.18 0.57 55.5% 0.66 (13.2%) 2.88 na End of Jun

TCC-W2 Out 0.821 1:1.2178 3-May-18 1.18 0.72 55.5% 0.73 (1.8%) 2.00 53.5% Last business day of Feb, May, Aug, Nov

TCC-W3 Out 0.875 1:1.1425 1-Apr-22 1.18 0.72 55.5% 0.82 (11.8%) 1.87 43.7% Last business day of Feb, May, Aug, Nov

TCC-W4 Out 1.000 1:1.0000 14-May-23 1.18 0.77 55.5% 0.60 29.2% 1.53 91.1% Last business day of Mar, Jun, Sep, Dec

TCJ-W1 Out 9.804 1:1.0200 17-Mar-16 12.00 4.70 28.6% 2.95 59.3% 2.60 67.0% Last business day of Mar, Jun, Sep, Dec

TCMC-W1 Out 2.000 1:1.0000 26-Aug-16 2.50 0.86 39.3% 0.57 50.7% 2.91 78.1% Last business day of Mar, Sep

TFD-W2 Out 5.000 1:1.0000 15-May-16 6.60 2.62 36.1% 1.92 36.1% 2.52 66.8% Last business day of Mar, Jun, Sep, Dec

TH-W1 Out 1.000 1:1.0000 9-Sep-17 1.96 1.75 54.3% 1.08 61.9% 1.12 241.9% Last business day of Sep (1st on 30 Sep 2015)

TICON-W6 In 7.767 1:1.0300 3-Oct-14 15.20 7.60 17.5% 7.69 (1.2%) 2.06 na Last business day of Mar, Jun, Sep, Dec

TIES-W2 Out 1.000 1:1.0000 14-May-15 1.01 0.27 62.4% 0.17 60.1% 3.74 105.2% Last business day of Mar, Jun, Sep, Dec

TLUXE-W2 Out 2.500 1:1.0000 20-Feb-15 2.64 0.37 9.7% 0.16 133.7% 7.14 43.4% Last business day of Mar and Sep

TMI-W1 In 0.250 1:1.0000 4-Oct-15 1.49 1.10 18.4% 0.86 28.4% 1.35 na Last business day of May and Nov

TPAC-W1 Out 5.000 1:1.0000 21-May-16 6.15 2.40 22.5% 1.25 92.0% 2.56 77.7% Last business day of Mar and Sep

TRT-W2 Out 5.500 1:1.0000 5-Oct-15 5.45 1.24 23.9% 0.55 123.7% 4.40 56.9% Last business day of Mar and Sep

TRUBB-W1 Out 3.200 1:1.2500 7-Aug-14 2.06 0.41 55.1% 0.01 4664.8% 6.28 186.4% Last business day of Jun and Dec

TSF-W2 In 0.187 1:1.6052 14-May-15 0.60 0.66 72.8% 0.60 9.5% 1.46 143.6% Last business day of May, Nov

TSF-W3 Out 0.250 1:1.0000 14-May-15 0.60 0.36 72.8% 0.29 22.3% 1.67 165.6% Last business day of Feb, May, Aug, Nov

TTA-W3 Out 16.166 1:1.0516 12-Sep-15 20.80 6.00 30.3% 5.46 9.8% 3.65 39.4% Last business day of Mar, Jun, Sep, Dec

TTA-W4 Out 18.500 1:1.0000 1-Mar-17 20.80 5.70 30.3% 5.28 8.0% 3.65 34.3% Last business day of Mar, Jun, Sep, Dec (1st on 27 Jun 2014)

TVD-W1 Out 3.500 1:1.0000 14-Jul-16 4.22 1.71 41.7% 1.33 28.2% 2.47 62.1% Last business day of Jun, Dec

TWZ-W2 Out 0.400 1:1.0000 12-Sep-14 0.36 0.06 19.7% 0.00 2278.6% 6.00 131.7% 12 Sep 2014

THE-W1 Out 5.000 1:1.0000 23-Jun-14 4.34 0.01 12.5% 0.00 na 434.00 37.5% Last business day of Mar, Sep

UAC-W1 Out 6.250 1:1.2000 31-Jan-16 8.15 3.40 6.2% 2.12 60.6% 2.88 61.5% Last business day of Mar, Jun, Sep, Dec

UKEM-W1 Out 0.500 1:1.0000 5-Nov-14 1.21 0.71 13.8% 0.62 14.5% 1.70 176.9% Last business day of Jun, Dec

UWC-W1 Out 1.000 1:1.0000 13-Nov-15 1.89 1.02 71.9% 0.77 31.6% 1.85 146.3% Last business day of Mar, Jun, Sep, Dec

WAT-W1 Out 1.000 1:1.0000 14-Feb-15 0.06 0.04 164.6% 0.00 1802.9% 1.50 399.8% End of Jun and Dec

WAT-W2 Out 0.400 1:1.0000 28-Jun-16 0.06 0.02 164.6% 0.02 (11.8%) 3.00 153.5% End of Jun and Dec

Sources: Companies data, Thanachart

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 24

Calendar JUNE 2014

Mon Tue Wed Thu Fri

2 3 4 5 6

New listing: DW ADVA42C1411A 50 m units BGH42C1411A 50 m units DTAC42C1411A 50 m units INTU42C1411A 50 m units LH42C1411A 50 m units MINT42C1411A 50 m units PTT42C1411A 50 m units PTTE42C1411A 50 m units SCB42C1411A 50 m units TICO42C1411A 50 m units BMCL13C1412A 50 m units LH42C1411A 50 m units INTU42C1411A 50 m units DTAC42C1411A 50 m units BGH42C1411A 50 m units ADVA42C1411A 50 m units MINT42C1411A 50 m units PTT42C1411A 50 m units PTTE42C1411A 50 m units SCB42C1411A 50 m units TICO42C1411A 50 m units New share trading: CK 41.31 m shares (Stock dividend 40:1) MILL 180.57 m shares (133.27 m shares Stock dividend for PS 5:2 67.30 m shares Stock dividend for CS 25:1) NKI 1 m shares (0.99 shares Stock dividend 30:1 359 shares PP @61.00) TCAP 30 shares (1 PS : 1 CS) TRU 98.47 m shares (Stock dividend 5:1) SUPER 218.45 m shares (PP @1.29) XE: NWR-W1 1:1@2.20 Last trading: AAV18C1406A/ADVA28C1406A

ADVA28C1406B/ADVA28P1406A

CPF28C1406A/CPN18C1406A

CPN28C1406A/HEMR18C1406A

HMPR28C1406A/INTU28C1406A

INTU28C1406B/INTU28P1406A

JAS18C1406A/JAS28C1406A

JAS28C1406B/KBAN28P1406A

KTB28C1406A/TRUE28C1406A

TRUE28P1406A

XD: TCB @0.44 Last trading: SPAL18C1406A STEC18C1406A VGI18C1406A

XD: BTSGIF @0.154 CTARAF @0.12 KPNPF @0.158 MJLF @0.218 Expired: AOT13P1405A BANP08C1405A BANP08P1405A BGH08C1405A BJC13C1405A BLAN08C1405A KTB08C1405A PS13C1405A PTTE08C1405A SCB08C1405A SIRI08C1405A TMB08C1405A TUF08C1405A

XD: BTS @0.21 Last trading: ADVA13C1406B AOT13C1406A CPAL13C1406A CPF13C1406A

XD: TR @0.20 Last trading: BANP13C1406A BTS08CB CPN08CD CPN13C1406A DTAC08CF HMPR08CC INTU13C1406A IRPC13C1406A JAS08CB LH08CC MINT08CD TRUE08CF TRUE13P1406A Expired: ADVA01C1405A ADVA01P1405A AOT01C1405A AOT01P1405A BJC01C1405A BJC01P1405A EGCO01C1405A INTU01C1405A INTU01P1405A IRPC01C1405A IRPC01P1405A JAS01C1405A JAS01P1405A KBAN01C1405A KBAN01P1405A KKP01C1405A KKP01P1405A KTB01C1405A KTB01P1405A PTTE01C1405A PTTE01P1405A SCB01C1405A SCB01P1405A TRUE13C1405A TRUE13P1405A

Events: TH–กระทรวงพาณิชยแถลง ตัวเลขเงินเฟอ US–PMI ภาคการผลิต พ.ค. US–ดัชนีภาคการผลิต พ.ค. US–คาใชจายดานกอสรางเม.ย.

Events: US–ดัชนีภาวะธุรกิจนิวยอรก เดือนพ.ค. US–ยอดสัง่ซ้ือภาคโรงงาน เดือนเม.ย.

Events: US–EIA petroleum report US–ตัวเลขจางงานเดือนพ.ค. US–ขอมูลการคาระหวาง ประเทศเดือนเม.ย. US–ประสทิธิภาพการผลิต- ตนทุนแรงงานตอหนวยที่มี การปรับทบทวน 1Q14 US–PMI ภาคบริการเดือนพ.ค. US– ดัชนีภาคบริการเดือนพ.ค.

Events: US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves US–ขอมูลจางงานนอกภาค เกษตรเดือนพ.ค. US–สินเช่ือผูบริโภคเดือนเม.ย.

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 25

JUNE 2014

Mon Tue Wed Thu Fri

9 10 11 12 13

Expired: SPAL18C1406A STEC18C1406A VGI18C1406A

XD: LHK @0.10 Last trading: CK13C1406A JAS13C1406A Expired: ADVA13C1406B AOT13C1406A CPAL13C1406A CPF13C1406A

Last trading: SCB28P1406A STEC13C1406A THAI13C1406A TTA13C1406A VGI28C1406A Expired: BANP13C1406A BTS08CB CPN08CD CPN13C1406A DTAC08CF HMPR08CC INTU13C1406A IRPC13C1406A JAS08CB LH08CC MINT08CD TRUE08CF TRUE13P1406A

Events:

Events:

Events: US–EIA petroleum report

Events: US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves

16 17 18 19 20

XE: BWG-W1 1:1@1.20 Delisted: FOCUS-W1

Last trading: ADVA06CB ADVA06PA BBL06CD BBL06PD CPAL08P1406A CPF08P1406A HMPR06CA ITD08C1406A KTB06CB KTB06PB KTB13C1406A TRUE06CB TRUE06PB VGI13C1406A VGI13P1406A

Last trading: BBL13C1406A BBL13P1406A HMPR13C1406A TRUE13C1406A Expired: CK13C1406A JAS13C1406A

Expired: SCB28P1406A STEC13C1406A THAI13C1406A TTA13C1406A VGI28C1406A

Events:

Events:

Events: US–EIA petroleum report

Events: US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 26

JUNE 2014

Mon Tue Wed Thu Fri

23 24 25 26 27

Last trading: AOT16C1406A BANP42C1406A BJC42C1406A CENT42C1406A DTAC16C1406A GLOB42C1406A HMPR42C1406A ITD42P1406A IVL16C1406A JAS16C1406A JAS42C1406A KKP42C1406A PTTG42C1406A SAMA42C1406A STA42C1406A TRUE42C1406A TTA42C1406A TTCL42C1406A TUF42C1406A VGI42C1406A

Delisted: THE-W1

Last trading: ADVA13C1406A ADVA13P1406A SCB13C1406A SCB13P1406A Expired: ADVA06CB ADVA06PA BBL06CD BBL06PD CPAL08P1406A CPF08P1406A HMPR06CA ITD08C1406A KTB06CB KTB06PB KTB13C1406A TRUE06CB TRUE06PB VGI13C1406A VGI13P1406A

Last trading: BCP23C1406A INTU23C1406A Expired: BBL13C1406A BBL13P1406A HMPR13C1406A TRUE13C1406A

Expired: TICON-T2 Delisted: NWR-W1 Last trading: ADVA23CB BBL23CA BEC23CA BGH01C1406A BGH01P1406A BLAN01C1406A BLAN01P1406A DTAC23CA KBAN23CB PS23CB PTTE13C1406A PTTE13P1406A PTTG01C1406A PTTG01P1406A PTTG23CB QH01C1406A QH01P1406A SCC01C1406A SCC01P1406A TCAP01C1406A TCAP01P1406A TCAP23CA THAI23CA THCO01C1406A THCO01P1406A TISC23CA TMB01C1406A TMB01P1406A TPIP01C1406A TPIP01P1406A VGI01C1406A VGI01P1406A

Events:

Events:

Events: US–EIA petroleum report

Events: US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves

THANACHART’S THE EARLY BIRD MONDAY, 02 JUNE, 2014

THANACHART SECURITIES 27

�����L��L� Head of Research

:;7:&>ก �;�ก=M(, CFA Pimpaka Nichgaroon, CFA pimpaka.nic@thanachartsec.co.th

���WWL� U�KCLqL�y�Al�Y Analyst { Energy & Utilities

!M:"(( !MT==(�ก;$ Supanna Suwankird supanna.suw@thanachartsec.co.th

CrLD��กL�\W�� U�KCJg�CL� Financial, Telecom

!="R$ c=)=� Sarachada Sornsong sarachada.sor@thanachartsec.co.th

�C�W�L��sB�����, ��Ys� U�K�Ly�n�� Property & Commerce, Industrial Estate

:==(=+(& �;+�:;)+="��& Phannarai Tiyapittayarut phannarai.von@thanachartsec.co.th

=�CXW ��D\�sL U�K��\�VกB����กC� Transportation, Construction, Electronics

c"ก$;�!;)n;� :"���="กd& Saksid Phadthananarak saksid.pha@thanachartsec.co.th

Ad Hoc Research U�KกL�U�B�� Small caps, Healthcare

c;=;:= =MI()"+ Siriporn Arunothai siriporn.aru@thanachartsec.co.th

D��\B�W �L�L� U�Kl�WU�s Medias, Foods, Hotel

�กT.* ) �!7 �U& Kalvalee Thongsomaung kalvalee.tho@thanachartsec.co.th

�\Y�LK��BLW\BY��Y Technical

�:$. :;=;+TM�; Noppadol Piriyawut noppadol.pir@thanachartsec.co.th

��กก��Bq�กL��WB� Retail Strategist

$;c"ก$;� >96:;:"��&%;="WกM., CFA Adisak Phupiphathirungul, CFA adisak.phu@thanachartsec.co.th

���nX���ก�\Y�LK�� Assistant Analyst

=� .;07!M)n;T"�~97; Rata Limsuthiwanpoom

rata.lim@thanachartsec.co.th

���nX���ก�\Y�LK�� Assistant Analyst

R.;$ �"��=;+��)& Chalida Tantriyanont

Chalida.tan@thanachartsec.co.th

UA� Translator

.~;�* );:+7(�. Lapinee Dibyamondol' lapinee.dib@thanachartsec.co.th

BbsC��DC��=��s�� Database

7.�$* �:R=�!��!กM. Monrudee Petchseangsaikul

monrudee.pet@thanachartsec.co.th

!M'!T"!$;� .;7T�d&#=(* Suksawat Limawongpranee

suksawat.lim@thanachartsec.co.th

T=);:+& =M��#=�$"�T�c& Varathip Rungpradubvong

varathip.run@thanachartsec.co.th

!M���= ="กdT"$ Sunet Raksawad

sunet.rak@thanachartsec.co.th

�กd7="��& �;�กMc. Kasemrat Jitkuson

kasemrat.jit@thanachartsec.co.th

!M�;��� !�:= Sujintana Sthaporn

sujintana.sth@thanachartsec.co.th

DISCLAIMERS

Investors should use this report as one of many tools in making their investment decisions since Thanachart Securities may seek to do other business with the companies mentioned in the report. Thus, investors need to be aware that there could be potential conflicts of interest that could affect the report's neutrality.

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