Sector Update
Ref No. BANKING-1008, June 27, 2011
Banking | May loan growth accelerated MoM
Combined loan growth in May accelerated to 1.7% MoM compared just 0.2%
Rating Overweight in April, driven mainly by coporate demand. Continuing corporate demand
Previous Rating Overweight
for business expansion and consumer spending provide the backdrop for our
Index Closed 375.96
strong 2011 loan growth assumption of 8.6%. Our “Overweight” rating on the
Market Cap. (Bt mn) 1,495,574
sector reflects expected strong earnings growth of 23.4% this year and ROE
% of SET Market Cap. 18.04
to rise from 13.6% in 2010 to 14.8%.
Sector Benchmark Matrix – SBM (FY2011) Combined loans in May rose 1.7% MoM; KBANK outperformed.
ROE Combined loans in May of BBL, KBANK, KK, KTB, SCB, SCIB, TCAP, TISCO and
150
TMB, including BAY, totaled Bt6.47tn, an increase of 1.7% MoM (+20.4% YoY)
120
compared to just 0.2% in April mainly due to demands for corporate. All banks
90
reported a higher loan growth. KBANK outperformed with the growth of 3.7% MoM
60
P/BV P/E mainly on demand from corporate. Others banks are TMB, SCB, KK, KTB, TISCO,
30
BBL, BAY, and, TCAP
0
5M11 loan growth 5.7%; TISCO outperformed.
Combined loans in the January-May period rose 5.7% (+Bt241bn) from December
2010. Loans were driven by demand for working capital and business expansion
EPS grow th Div.Yield
by large companies, and for vehicle hire-purchase and personal loans by
SET Bank individuals. All banks had higher loan growth. TISCO outperformed with loan
growth of 14% on strong demand for corporate and auto HP loans. We expect loan
SBM (Sector Benchmark Matrix) is a sector rating based on a growth momentum to remain strong throughout the rest of the year on continued
standard SET benchmark correlation of 100%. corporate expansion and consumer spending. Our 2011 loan growth assumption of
8.6% therefore appears achievable.
Sector P/E Band
INDEX P/E(x)
600
550
16
15
Combined deposits decreased 0.2% MoM.
Combined deposits in May decreased by 0.2% MoM (-Bt11.2bn) as deposits of
14
500
13
450 12
400 11
10
most banks declined, with the exception of TMB, KTB, BBL and KBANK. The
350
300
9
average loan to deposit ratio in May rose to 97.8% from 95.9% the previous month.
250
200
Despite lower deposit base growth, overall liquidity was high as combined
150
borrowing rose 1.4% (+Bt15.3bn) that partly offset a decline in deposits.
100
50
0
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 E Dec-12 E Maintain “Overweight” rating for the sector.
We have an “Overweight” rating for the banking sector to reflect good asset quality,
strong 2011 23.4% net profit growth and higher ROE of 14.8% vs 13.6% in 2010.
Remark: AYS is a subsidiary of Bank of Ayudhya Plc. We have a “Buy” rating on KTB, KBANK, SCB, BBL and TISCO.
and is therefore unable to issue a report on Bank of
Ayudhya Plc.
Thanat Rungsrithananon thanat@ays.co.th
Tel +66 2659 7000
AYS Coverage Valuation Table
Bank Rating Fair Value Upside Net profit (Btmn) EPS Growth P/E P/BV Dividend yield ROE (%)
(Bt) Gain/loss 10 11E 12E 10 11E 12E 10 11E 12E 10 11E 12E 10 11E 12E 10 11E 12E
BBL Buy 187.00 25.9% 24,593 26,829 29,889 19.6% 9.1% 11.4% 11.4 10.6 9.5 1.2 1.1 1.0 3.4% 3.5% 3.9% 11.6% 11.0% 11.1%
KBANK Buy 152.00 35.1% 20,047 24,072 28,061 36.1% 20.1% 16.6% 15.0 11.2 9.6 2.2 1.8 1.6 2.0% 2.7% 3.1% 15.7% 16.8% 17.3%
KK Hold 40.75 24.4% 2,840 2,753 2,953 16.6% (12.7%) 7.3% 7.8 7.5 7.0 1.1 0.9 0.8 6.2% 6.1% 6.5% 14.7% 12.5% 12.2%
KTB Buy 22.50 30.8% 15,207 19,081 22,285 24.8% 25.5% 16.8% 12.7 10.1 8.6 1.5 1.4 1.2 2.9% 3.8% 4.4% 12.7% 14.4% 15.1%
LHBANK Sell 1.50 (5.1%) 408 479 598 (91.8%) (50.1%) 24.9% n.m. 36.1 28.9 n.m. 1.3 1.3 n.m. 0.6% 0.7% 8.7% 4.9% 4.5%
SCB Buy 137.00 31.7% 24,206 35,929 33,734 16.6% 48.4% (6.1%) 14.3 9.8 10.5 2.2 1.9 1.7 3.0% 3.6% 3.3% 16.4% 21.1% 17.1%
TCAP Hold 38.75 39.6% 5,639 5,557 6,161 10.5% (1.4%) 10.9% 8.2 6.4 5.8 1.3 0.9 0.8 3.3% 4.7% 5.2% 16.2% 14.4% 14.3%
TISCO Buy 45.50 24.7% 2,889 3,397 4,034 45.1% 17.6% 18.7% 10.3 7.8 6.6 2.0 1.6 1.4 5.5% 7.0% 8.4% 21.1% 21.6% 22.8%
TMB Sell 1.96 (1.0%) 3,202 4,089 4,754 64.6% 27.7% 16.3% 32.1 21.1 18.1 2.1 1.6 1.5 0.6% 1.4% 1.7% 6.6% 7.9% 8.6%
Total/Average 99,031 122,186 132,469 13.3 10.4 9.6 1.7 1.4 1.3 3.0% 3.7% 4.1% 13.6% 14.8% 14.3%
This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions, suggestions, or projections
are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this publication may be made without prior notice.
Investors are urged to exercise caution in making a decision to invest in any securities.
June 27, 2011
Banking Sector
Combined May loans grew 1.7% MoM; 5.7% in 5M11
Loan growth
(Bt mn) Jan-11 Feb-11 Mar-11 Apr-11 May-11 +/- (MoM) +/- (YTD) % MoM % YTD % YoY
BAY 562,268 570,874 572,692 577,811 580,613 2,802 12,643 0.5% 2.2% 9.1%
BBL 1,147,334 1,182,437 1,187,956 1,197,560 1,205,159 7,600 64,735 0.6% 5.7% 12.8%
KBANK 1,038,895 1,040,743 1,036,623 1,043,491 1,082,459 38,968 50,337 3.7% 4.9% 16.3%
KK 104,597 106,971 109,967 112,437 114,723 2,286 11,979 2.0% 11.7% 30.9%
KTB 1,220,817 1,227,272 1,267,019 1,257,096 1,278,836 21,740 72,968 1.7% 6.1% 12.8%
SCB 1,024,974 1,051,633 1,070,919 1,075,376 1,098,629 23,253 95,146 2.2% 9.5% 25.1%
TCAP 587,849 590,525 587,360 592,390 594,799 2,409 13,111 0.4% 2.3% 109.3%
TISCO 149,244 152,058 163,169 165,202 167,379 2,177 20,516 1.3% 14.0% 38.5%
TMB 363,804 366,543 356,769 343,582 351,387 7,805 9,350 2.3% 2.7% 3.4%
Total 6,199,783 6,289,056 6,352,475 6,364,945 6,473,984 109,039 350,784 1.7% 5.7% 20.4%
All banks had higher loan growth in May; KBANK outperformed in terms of loan growth
15%
13%
11%
9%
7%
5%
3%
1%
(1%)
BAY BBL KBANK KK KTB SCB TCAP TISCO TMB
YTD grow th MoM grow th
May deposits declined 0.2% MoM
Deposit growth
(Bt mn) Jan-11 Feb-11 Mar-11 Apr-11 May-11 +/- (MoM) +/- (YTD) % MoM % YTD % YoY
BAY 579,415 579,257 577,187 573,379 565,219 (8,160) (16,022) (1.4%) (2.8%) 4.1%
BBL 1,372,063 1,441,904 1,419,427 1,421,741 1,425,183 3,442 56,690 0.2% 4.1% 6.8%
KBANK 1,091,807 1,156,075 1,184,950 1,191,902 1,192,834 932 90,605 0.1% 8.2% 15.2%
KK 78,594 76,391 72,243 69,784 68,396 (1,389) (7,537) (2.0%) (9.9%) (1.0%)
KTB 1,308,889 1,290,550 1,295,692 1,320,330 1,330,247 9,917 82,055 0.8% 6.6% 5.1%
SCB 1,064,193 1,112,097 1,127,319 1,122,640 1,109,378 (13,262) 18,854 (1.2%) 1.7% 14.0%
TCAP 520,477 519,037 481,391 475,184 456,836 (18,347) (75,546) (3.9%) (14.2%) 71.0%
TISCO 46,173 42,114 44,079 40,114 37,990 (2,124) (10,545) (5.3%) (21.7%) (49.5%)
TMB 404,832 420,799 439,457 419,299 436,473 17,175 23,237 4.1% 5.6% 7.9%
Total 6,466,444 6,638,225 6,641,745 6,634,373 6,622,556 (11,816) 161,790 (0.2%) 2.5% 11.0%
TMB posted the highest May deposit growth of 4.1% MoM
10%
5%
0%
(5%)
BAY BBL KBANK KK KTB SCB TCAP TISCO TMB
(10%)
(15%)
(20%)
YTD grow th MoM grow th
(25%)
Source: Banks, AYS Research
Ayudhya Securities Public Company Limited 550 Bank of Ayudhya Building, Ploenchit Office, 5th floor, Ploenchit Road, Pathumwan, Bangkok 10330, Thailand
Tel +66 2659 7000 Fax +66 2646 1103
June 27, 2011
Banking Sector
KBANK’s loan growth of 3.7% MoM exceeded its peers
Loan growth MoM
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11
BAY (0.9%) 1.2% 2.3% 2.8% (1.0%) 1.5% 0.3% 0.9% 0.5%
BBL (0.0%) 0.5% 1.6% 6.4% 0.6% 3.1% 0.5% 0.8% 0.6%
KBANK 1.5% 1.9% 2.4% 3.5% 0.7% 0.2% (0.4%) 0.7% 3.7%
KK 2.1% 1.9% 2.3% 2.8% 1.8% 2.3% 2.8% 2.2% 2.0%
KTB (0.5%) 1.1% 1.2% 4.6% 1.2% 0.5% 3.2% (0.8%) 1.7%
SCB 2.1% 2.4% 2.9% 2.3% 2.1% 2.6% 1.8% 0.4% 2.2%
TCAP 1.0% (0.2%) 1.8% 3.0% 1.1% 0.5% (0.5%) 0.9% 0.4%
TISCO 3.9% 0.3% 1.5% 4.6% 1.6% 1.9% 7.3% 1.2% 1.3%
TMB 0.4% 0.9% 0.5% 1.2% 6.4% 0.8% (2.7%) (3.7%) 2.3%
Total 0.7% 1.2% 1.9% 3.8% 1.3% 1.4% 1.0% 0.2% 1.7%
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11
BAY 0.3% 3.4% 1.4% 3.1% (0.3%) (0.0%) (0.4%) (0.7%) (1.4%)
BBL (0.2%) (0.1%) 0.9% 2.1% 0.3% 5.1% (1.6%) 0.2% 0.2%
KBANK 1.3% (0.3%) 0.4% 5.5% (0.9%) 5.9% 2.5% 0.6% 0.1%
KK (0.7%) 10.9% 4.8% (2.9%) 3.5% (2.8%) (5.4%) (3.4%) (2.0%)
KTB (1.6%) 1.4% 0.4% 1.2% 4.9% (1.4%) 0.4% 1.9% 0.8%
SCB 7.7% 1.6% 1.7% 5.3% (2.4%) 4.5% 1.4% (0.4%) (1.2%)
TCAP (2.5%) 6.9% (0.9%) 1.1% (2.2%) (0.3%) (7.3%) (1.3%) (3.9%)
.
TISCO (7.8%) (8.6%) (2.2%) (7.1%) (4.9%) (8.8%) 4.7% (9.0%) (5.3%)
TMB 0.5% 0.8% 1.9% (1.1%) (2.0%) 3.9% 4.4% (4.6%) 4.1%
Total 0.8% 1.4% 0.8% 2.6% 0.1% 2.7% 0.1% (0.1%) (0.2%)
Source: Banks, AYS Research
All banks had higher loan growth YoY, TCAP the highest
Loan growth YoY
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11
BAY 5.0% 7.8% 3.5% 5.3% 4.8% 7.6% 7.9% 8.6% 9.1%
BBL 2.2% 2.5% 2.9% 9.8% 10.9% 13.5% 14.6% 15.0% 12.8%
KBANK 13.0% 14.7% 14.2% 14.5% 16.6% 15.0% 12.8% 13.2% 16.3%
KK 19.2% 20.2% 22.0% 24.1% 24.9% 26.6% 30.3% 30.2% 30.9%
KTB 11.3% 12.1% 12.4% 16.6% 16.8% 13.5% 14.2% 13.5% 12.8%
SCB 12.2% 14.4% 16.3% 15.5% 20.7% 24.5% 23.5% 24.6% 25.1%
TCAP 110.2% 109.0% 110.7% 111.7% 112.8% 110.3% 107.8% 109.6% 109.3%
TISCO 24.6% 23.3% 22.0% 31.3% 34.2% 34.5% 40.7% 39.3% 38.5%
TMB 1.8% 5.3% 4.4% 1.5% 11.6% 12.1% 8.2% 2.0% 3.4%
Total 14.2% 15.6% 15.5% 18.0% 20.3% 20.7% 20.4% 20.3% 20.4%
Deposit growth YoY
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11
BAY 4.1% 7.0% 8.1% 10.8% 10.7% 7.7% 7.0% 9.4% 4.1%
BBL (0.2%) (0.4%) (0.3%) 1.9% 2.4% 7.8% 7.3% 7.6% 6.8%
KBANK 11.1% 8.8% 8.7% 12.7% 11.0% 15.2% 17.3% 16.5% 15.2%
KK (14.4%) (6.0%) (2.8%) (0.2%) 9.7% 5.8% 5.8% 0.8% (1.0%)
KTB 5.8% 7.9% 3.3% 3.3% 9.6% 4.4% 5.0% 5.8% 5.1%
SCB 5.2% 7.4% 10.0% 14.5% 12.9% 17.6% 15.9% 22.5% 14.0%
TCAP 97.9% 117.7% 111.6% 99.6% 102.1% 103.7% 86.7% 78.4% 71.0%
TISCO 1.6% (6.1%) (4.0%) (14.6%) (24.4%) (33.8%) (32.1%) (43.5%) (49.5%)
TMB 0.4% 2.2% 4.7% 1.3% 3.3% 7.7% 7.8% 4.0% 7.9%
Total 8.4% 9.9% 9.5% 11.1% 12.1% 13.6% 13.0% 13.5% 11.0%
Source: Banks, AYS Research
Ayudhya Securities Public Company Limited 550 Bank of Ayudhya Building, Ploenchit Office, 5th floor, Ploenchit Road, Pathumwan, Bangkok 10330, Thailand
Tel +66 2659 7000 Fax +66 2646 1103
June 27, 2011
Banking Sector
Overall LDR in May rose to 97.8%
6% 97.8% 100%
95.8%
5% 95%
4% 90%
3% 85%
2% 80%
1% 75%
0% 70%
(1%) Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 65%
(2%) Combined loan grow th 60%
Combined deposit grow th
LDR
Average LDR & borrowing ratio was 84%, TMB’s was the lowest at 67%
120% 105%
100% 87% 87% 90%
81% 83% 86% 84%
79%
80% 67%
60%
40%
20%
0%
TMB
BBL
KTB
KBANK
BAY
TCAP
KK
SCB
TISCO
Average
TISCO’s NPL ratio in 1Q11 was low at 1.5%
80,000 7.0% 8%
70,000 7%
60,000 6%
50,000 4.2% 5%
4.0% 3.7%
40,000 3.3% 4%
2.6% 2.9% 3.0%
30,000 3%
1.5%
20,000 2%
10,000 1%
0 0%
TISCO
KK
BAY
TMB
KBANK
SCB
TCAP
BBL
KTB
Gross NPLs (Btmn) NPL ratio (%)
Source: Banks, AYS Research
Ayudhya Securities Public Company Limited 550 Bank of Ayudhya Building, Ploenchit Office, 5th floor, Ploenchit Road, Pathumwan, Bangkok 10330, Thailand
Tel +66 2659 7000 Fax +66 2646 1103
June 27, 2011
Banking Sector
Average coverage ratio in May was high at 98%; BBL’s the highest at 172%
200%
172% 171%
180%
160%
140% 117% 112%
120% 98%
91% 90%
100%
71% 68%
80% 61%
60%
40%
20%
0%
BBL
TISCO
SCB
KBANK
BAY
KK
TCAP
KTB
TMB
Average
Share price movement
Share price movement (as of End June 23, 2011)
Past 14 days Apr-May 2011 Mar-Apr 2011 Feb-Mar 2011 Jan-Feb 2011 Dec 2010-June 23, 2011
SET Index (0.0%) (1.4%) 4.0% 6.0% 2.5% (1.8%)
SETBANK 0.3% (5.0%) 5.7% 7.1% 5.0% (3.8%)
BBL 1.7% 9.1% (13.7%) 7.5% 7.4% 2.7%
KBANK 4.0% 10.7% (11.4%) 8.1% 3.1% (7.6%)
KK 4.0% 0.0% (7.1%) 7.6% (3.7%) (16.0%)
KTB 0.6% 11.0% 4.9% 3.8% 0.0% (0.6%)
SCB 2.4% 10.6% 2.0% 8.5% 0.0% 4.4%
TCAP (1.8%) 9.9% (8.3%) (16.0%) 19.0% (22.2%)
TISCO 0.0% 2.7% 9.8% (18.4%) 22.6% (10.4%)
TMB (2.0%) 6.1% (16.1%) 3.5% 11.8% (16.1%)
Average 8 banks 1.1% 7.5% (5.0%) 0.6% 7.5% (8.2%)
Sector trading at 1.4x P/BV 2011, equal to historical five-year average
P/BV (x) Avg. 5-yr P/BV
2004 2005 2006 2007 2008 2009 2010 2011E 2012E (2006-2010)
BBL 1.7 1.4 1.4 1.4 0.8 1.1 1.2 1.1 1.0 1.2
KBANK 1.9 2.1 1.7 2.1 0.9 1.7 2.2 1.8 1.6 1.7
KK 1.1 0.9 0.6 0.9 0.3 0.7 1.1 0.9 0.8 0.7
KTB 1.3 1.6 1.4 1.2 0.4 1.0 1.5 1.4 1.2 1.1
LHBANK n.m. n.m. n.m. n.m. n.m. n.m. n.m. 1.3 1.3 n.m.
SCB 2.0 1.8 2.0 2.7 1.3 2.1 2.2 1.9 1.7 2.1
TCAP 0.8 0.8 0.8 0.7 0.4 0.8 1.3 0.9 0.8 0.8
TISCO 1.4 1.5 1.6 1.5 0.6 1.4 2.0 1.6 1.4 1.4
TMB 1.3 1.3 1.0 1.3 0.6 1.2 2.1 1.6 1.5 1.2
Average 1.4 1.4 1.5 1.7 0.8 1.4 1.7 1.4 1.3 1.4
P/E (x) Avg. 5-yr P/E
2004 2005 2006 2007 2008 2009 2010 2011E 2012E (2006-2010)
BBL 11.3 9.9 11.8 12.4 6.5 10.8 11.4 10.6 9.5 10.6
KBANK 8.1 11.9 10.7 13.8 7.0 13.8 15.0 11.2 9.6 12.1
KK 7.1 5.9 5.5 7.0 2.9 6.0 7.8 7.5 7.0 5.8
KTB 9.1 10.2 9.5 18.0 3.5 9.0 12.7 10.1 8.6 10.5
LHBANK n.m. n.m. n.m. n.m. n.m. n.m. n.m. 36.1 28.9 n.m.
SCB 8.9 9.5 14.8 17.0 7.7 14.2 14.3 9.8 10.5 13.6
TCAP 6.1 5.8 12.7 6.9 3.4 5.5 8.2 6.4 5.8 7.3
TISCO 7.8 11.0 12.8 11.0 4.0 8.8 10.3 7.8 6.6 9.4
TMB 60.7 8.4 n.m. n.m. 60.6 27.7 32.1 21.1 18.1 40.1
Average 9.8 9.7 15.4 46.3 6.5 11.8 13.3 10.4 9.6 18.7
ROE
2004 2005 2006 2007 2008 2009 2010 2011E 2012E (2006-2010)
BAY 15.1% 16.4% 3.6% n.m. 5.2% 7.5% 9.2% 10.8% 12.5% 6.4%
BBL 16.2% 15.9% 12.4% 12.2% 11.9% 11.2% 11.6% 11.0% 11.1% 11.9%
KBANK 25.8% 19.2% 16.4% 15.9% 14.4% 12.6% 15.7% 16.8% 17.3% 15.0%
KK 16.2% 15.9% 12.1% 12.3% 11.0% 12.7% 14.7% 12.5% 12.2% 12.6%
KTB 14.7% 16.4% 16.1% 6.8% 12.3% 11.3% 12.7% 14.4% 15.1% 11.8%
LHBANK 18.5% (25.9%) (42.4%) 5.2% 9.4% 9.3% 8.7% 4.9% 4.5% (1.9%)
SCB 23.5% 21.0% 13.5% 16.5% 18.0% 15.5% 16.4% 21.1% 17.1% 16.0%
TCAP 14.9% 14.3% 6.5% 11.6% 10.5% 17.1% 16.2% 14.4% 14.3% 12.4%
TISCO 19.1% 14.0% 12.0% 13.2% 14.3% 16.5% 21.1% 21.6% 22.8% 15.4%
TMB 2.6% 16.2% n.m. n.m. 0.9% 4.2% 6.6% 7.9% 8.6% 3.9%
Average 17.5% 17.3% 9.9% 3.8% 12.7% 12.3% 13.6% 14.8% 14.3% 10.5%
Source: Banks, AYS Research
Ayudhya Securities Public Company Limited 550 Bank of Ayudhya Building, Ploenchit Office, 5th floor, Ploenchit Road, Pathumwan, Bangkok 10330, Thailand
Tel +66 2659 7000 Fax +66 2646 1103
June 27, 2011
Banking Sector
BBL and SCB trading below their historical five-year average (2006-2010)
2.5
2.0
1.4 1.4
1.5 1.3
1.0
0.5
0.0
BBL KBANK KK KTB LHBANK SCB TCAP TISCO TMB AYS
Coverage
P/BV 2011E P/BV 2012E Avg Historical P/BV 5 yrs
KBANK, KTB, SCB, TCAP, TISCO, TMB below their historical five-year avg. (2006-2010)
45
40
35
30
25
18.7
20
15 10.4
9.6
10
5
0
BBL KBANK KK KTB LHBANK SCB TCAP TISCO TMB AYS
Coverage
P/E 2011 P/E 2012 Avg Historical P/E 5 yrs
P/BV and ROE comparison
2.2 SCB
2.0 KBANK
1.8 TMB
1.6 TISCO
2011 PBV (X)
1.4
1.2 KTB
LHBANK BBL
1.0
0.8 KK
0.6 TCAP
0.4
0.2
0.0
0 2 4 6 8 10 12 14 16 18 20 22
2011 ROE (%)
Source: Banks, AYS Research
Ayudhya Securities Public Company Limited 550 Bank of Ayudhya Building, Ploenchit Office, 5th floor, Ploenchit Road, Pathumwan, Bangkok 10330, Thailand
Tel +66 2659 7000 Fax +66 2646 1103
Ayudhya Securities Public Company Limited
Headquarters
550 Bank of Ayudhya Building, Ploenchit Office, 5th Floor
Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2646-1111
Internet Trading: 0-2659-7777
Branches
Emporium Chonburi
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 64/17 Sukhumvit Road, Bang Plasoi, Amphoe Muang,
Klongton, Bangkok 10110 Chonburi 20000
Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3879-0430 Fax: 0-3879-0425
Central Bangna Nakhon Pathom
589/151 Central City Tower 1 Office, Fl. 27 67/1 Ratchadamnoen Road, Phra Pathom Jaedee District,
Bangna-Trad Road, Bangna, Bangkok 10260 Amphoe Muang, Nakhon Pathom 73000
Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3427-5500-7 Fax: 0-3421-8989
Rama II Suphanburi
111/917-919 Rama II Road, Smaedum, 249/171-172 Moo 5 Ta Rahad District,
Bangkhuntien, Bangkok 10150 Amphoe Muang, Suphanburi, 72000
Tel: 0-2895-9575 Fax: 0-2895-9557 Tel: 0-3550-1234 Fax: 0-3552-2449
Vibhavadi-rangsit Nakhon Ratchasima
Bank of Ayudhya Public Company Limited 168 Chomphon Road, Tambol Nai Muang,
123 Suntowers (B) Building, Vibhavadirangsit Road, Amphur Muang Nakhon Ratchasima,
Kwang Jompol, Khet Jatujak, Bangkok 10900 Nakhon Ratchasima 30000
Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4425-1211-4 Fax: 0-4425-1215
Analyst Team Name Sector Coverage E-mail
Central line: Kasamapon Hamnilrat Hotel, Steel kasamapon@ays.co.th
66.2659.7000 Sittidath Prasertrungruang Electronics, Transportation, Agribusiness sittidath@ays.co.th
Fax : 66.2646.1103 Chatree Srismaicharoen Property, Contractor, Construction Materials chatree@ays.co.th
Charnvut Taecha-amorntanakij Energy, Petrochemical charnvut@ays.co.th
Thanat Rungsrithananon Banking, Finance & Securities, Commerce thanat@ays.co.th
Thakol Banjongruck Automotive, Healthcare, ICT thakol@ays.co.th
Adisak Phupiphathirungul Strategy adisak@ays.co.th
Wanchai Bunprasert Technical wanchai@ays.co.th
Recommendations
Buy - Stocks with strong fundamentals and an expected total return of more than 10% over the next year.
Hold - Stocks with strong fundamentals and an expected total return of 5-10% over the next year.
Sell - Stocks that are overvalued or that have weak fundamentals.
Trading - Stocks with weak fundamentals but that have a story for trading.
www.ays.co.th
Corporate Governance Report of Thai Listed Companies 2009
Thai Institute of Director (IOD)
ACL ADVANC ASIMAR BAFS BANPU BAY BCP BECL BKI BLS
CPN DRT EGCO ERAWAN GBX GC GSTEEL HEMRAJ ICC IRP
IRPC KBANK KEST KK KSL KTB NCH NKI PTT PTTAR
PTTCH PTTEP RATCH SAMART SAMTEL SAT SC SCB SCC SCIB
SE-ED SIM SIS SNC SSI THCOM THRE TIPCO TISCO TMB
TOP TTA
ACAP AHC AKR AMATA AOT AP ASK ASP AYUD BBL
BEC BGH BH BIGC BMCL BROOK BWG CCET CENTEL CGS
CIMBT CK CM CNS CPALL CPF CSC CSL DELTA EASTW
ECL EE EIC GENCO GFPT GL GLOW GRAMMY HANA HMPRO
IFEC INET KASET KCE KDH KGI KTC KWC L&E LANNA
LH LPN LST LVT MACO MAKRO MBK MCOT MFEC MINOR
MINT MK MODERN MSC NMG NWR OCC OGC OISHI PF
PG PHATRA POST PRANDA PS PSAAP PSL PYLON QH RASA
RCI RCL ROBINS ROJNA RS S&J S&P SAMCO SCSMG SHIN
SICCO SIMAT SINGER SIRI SITHAI SMK SPALI SPSU SSC SSEC
SSF STANLY STEC STEEL STPI SUSCO SVI SWC SYNTEC TASCO
TCAP TCP TF TFD THAI TIC TIP TK TNITY TNL
TPC TRC TRU TRUE TSTE TSTH TVO TYM UMI UMS
UP UPOIC UV VNT WACOAL WAVE YUASA ZMICO
AFC AH AIT APRINT APURE ASIA BAT-3K BGT BLAND BLISS
BROCK BSBM CCP CHUO CMR CPL CTW DCC DM DSGT
DTAC EASON EPCO ESTAR ETG FNS FOCUS GFM GYT IHL
ILINK ITD JCT JUTHA KH KWH KYE LEE LRH MAJOR
MBAX METRO MILL NEP NIPPON OHTL PICO PL PLE PPM
PRG PRIN PRO Q-CON ROCK SCCC SCP SEAFCO SFP SHANG
SMIT SPACK SSSC SST SVH TAPAC TCB TCJ THANI TICON
TIW TKS TLUXE TMT TNDT TNH TPP TUF TWFP UBIS
UEC UNIQ UPF UT UTP WORK
Score Range Number of Logos Description
90-100 Excellent
80-89 Very Good
70-79 Good
60-69 Satisfactory
50-59 Pass
Below 50 - -
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 of 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 based on inside
information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result
may be changed after that date. Ayudhya Securities Public Company Limited does not confirm nor certify the accuracy of such survey
result.