Tel. (662) 949-1000 Fax: (662) 949-1030 www.scbs.com

The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.

SAWASDEE Tuesday, March 17, 2015

Foreign Markets and Flow 2 News Digest 3 Short Sales 7 Commodities 8 Director Trade 10 Calendar 11 SET Index (16/03/15) 1,515.57 Change -25.98 / -1.69% Turnover (Btbn) 45.36

Trading summary by Investor Type

16-Mar WTD MTD YTD

Foreign Buy 9,610 9,610 111,150 487,216

Sell 8,898 8,898 107,369 494,634

Net 712 712 3,780 -7,418 Institution Buy 3,270 3,270 47,345 237,959

Sell 5,239 5,239 52,464 236,822

Net -1,969 -1,969 -5,119 1,138 PropTrade Buy 4,102 4,102 43,084 225,821

Sell 4,658 4,658 51,142 227,250

Net -556 -556 -8,059 -1,429 Individual Buy 28,376 28,376 308,258 1,615,881

Sell 26,562 26,562 298,861 1,608,172

Net 1,814 1,814 9,397 7,709

Bond trading summary by foreign investors

16-Mar WTD MTD YTD Foreign Buy 1,681 1,681 27,572 145,225

Sell 3,001 3,001 49,938 155,469

Net -1,320 -1,320 -22,367 -10,244

5 most active stocks Stocks Price (Bt) Value (Btmn) Chg TRUE 12.7 3,726 -0.60 ADVANC 240.0 2,085 -1.00 VGI 12.6 1,670 0.50 IFEC 13.8 1,441 -1.60 BBL 181.5 1,370 -2.50

Top 5 gainers (%) Stocks Price (Bt) Chg (%) MATI 7.85 15.44 GL 12.20 10.91 TSI 7.85 10.56 HANA 42.00 7.69 CCET 4.34 5.34

Top 5 losers (%) Stocks Price (Bt) Chg (%) MFC 37.00 -24.87 GJS 0.05 -16.67 BIG 1.26 -16.00 WIIK 4.24 -14.52 TFD 5.35 -13.01

Estimated % of foreign ownership (including NVDR) of top 15 stocks*

36.0%

37.0%

38.0%

39.0%

40.0%

41.0%

42.0%

1,200

1,250

1,300

1,350

1,400

1,450

1,500

1,550

1,600

1,650

Jul-

14

Jul-

14

Au

g-1

4

Se

p-1

4

Oc

t-1

4

No

v-1

4

De

c-1

4

Jan-

15

Fe

b-1

5

Ma

r-1

5

SET Index (LHS)

%Foreign Ownership (RHS) - 15 stocks

Foreign ownershipSET Index

* PTT, PTTEP, ADVANC, SCC, BBL, KBANK, SCB, BANPU, BAY, DTAC, TOP, KTB, CPALL, LH, BEC

Investment Theme: Do. Not. Panic.

Support: 1500, 1465 Resistance: 1530, 1550

Market Strategy: The SET sank late yesterday, despite the flows from the fixed income market, with concerns over Tuesday’s FOMC meeting shadowing sentiment. Supports stay at 1500 and 1465. Although the weakness is expected to persist, investors should not panic and instead take the chance to buy with support from trigger fund inflows. Today’s picks: EPG, HANA.

Today’s Highlights

Foreign fund flows positive. Foreign investors net sold Bt1.3bn from fixed income and net bought Bt711mn in equities and net long 5.3k ct in SET50 futures. The baht swung in a narrow range of 32.90-33.00.

Cabinet meeting. The cabinet today will discuss water management projects and road construction (benefits TASCO) with total value of Bt57bn. Good progress should give a shine to market sentiment going forward. The ‘digital economy’ board will also meet tomorrow for the first time on 4G spectrum auction (benefits ADVANC, DTAC and INTUCH).

EU market closed up (STOXX +1.38%, DAX +2.24%, CAC +1.01%), with support from the first week of QE money inflows. US markets also closed up (DJIA +1.29%, S&P +1.35%), with support from a weaker USD. The market expects the FOMC to remove the word ‘patience’ from its statement.

This week: 1) 17 Mar – Germany Zew Economic Sentiment (est 58.9, prev 53.0); EU CPI (est -0.3%, prev -0.3%); US building permits (est 1.07mn, prev 1.06mn); Housing starts (est 1.05mn, prev 1.07mn); 2) 19 Mar – ECB TLTRO (€129.8bn), EU Economic Summit and 3) 20 Mar – EU Economic Summit.

Strategy: The SET should do better on opening after the overnight gains in western markets. Resistance stays at 1530; overall sentiment remains negative. Supports stay at 1500 and 1465. Investors should accumulate along supports. We believe trigger funds will kick in below 1500. Today’s picks: EPG and HANA.

Today’s Reports

Petrochemical Watch – Bullish buying continued to support PE/PP prices

SPALI – 2015: Another year of growth

What to watch Date Event 16 Mar 15 Event: EU – ECB announcement 17 Mar 15 Economic release: Germany – ZEW Economic Sentiment/ EU – CPI/ US – building permit,

housing starts Event: Japan – BoJ announcement

18 Mar 15 Economic release: US – FOMC meeting, economic projections 19 Mar 15 Event: EU – LTRO, Economic Summit 20 Mar 15 Event: EU – Economic Summit

SAWASDEETuesday, March 17, 2015

Page 2

Foreign Markets and Flow Key Indicators

Close 16-Mar WoW MoM YoY YTD

CCI Index VIX Index 15.61 -2.4% 3.7% 1.8% -0.2% -18.7%

Europe CDS (bps) 49.832 0.23 0.38 -8.16 -23.91 -13.03 LIBOR OIS Spread (bps) 0.13465 -0.45 0.00 0.56 -1.48 0.00 TED Spread (bps) 0.2402 -1.02 -2.13 -0.78 5.14 2.01 Exchange rate

Dollar Index 99.60 -0.7% 2.1% 5.7% 25.5% 10.3% USD/THB 32.92 0.1% 1.0% 1.0% 2.3% 0.1% EUR/USD 1.06 0.7% -2.6% -7.3% -24.1% -12.7% USD/JPY 121.32 0.0% 0.1% 1.9% 19.2% 1.4% Bond: (Change in basis points)

TH Gov Bond 2Y 1.92% 0.00 -13.00 -27.00 -28.00 -28.00 TH Gov Bond 10Y 2.84% 1.00 5.00 -6.00 -85.00 -7.00 US Gov Bond 2Y 0.65% -0.80 -4.27 2.07 29.04 -1.94 US Gov Bond 10Y 2.10% -1.95 -9.36 11.01 -59.58 -7.23 Commodities

CRB Index 210.12 -0.3% -4.2% -7.1% -30.2% -8.6% Gold (US$/Oz) 1,153.84 -0.4% -1.1% -5.6% -15.6% -2.5% Gross Refining Margin (US$/bbl) 8.99 -1.4% -2.5% -0.6% 56.1% 32.2% Dubai Crude (US$/bbl) 51.45 -0.7% -8.1% -6.6% -50.1% -3.9% NYMEX Crude (US$/bbl) 43.88 -2.1% -12.2% -14.3% -55.3% -17.6% Baltic Dry Index (points) 564.00 0.4% -0.7% 4.4% -61.9% -27.9%

• The BDI gained 2 points or 0.36% to close at 564 yesterday.

Regional market performance

Index PE (x) EPS gth (%) Performance (%) 15F 16F 15F 16F Pt ∆ 1D WTD MTD YTD Philippines 7,731 19.6 17.2 8.7 13.6 -78.59 -1.0 -1.7 0.0 6.9 Indonesia 5,435 16.0 13.6 54.2 17.4 8.80 0.2 -1.4 -0.3 4.0 Malaysia 1,781 16.2 15.0 1.5 8.0 -1.21 -0.1 -1.5 -2.2 1.1 Thailand 1,516 14.8 12.9 34.2 14.5 -25.98 -1.7 -3.4 -4.5 1.2 Asean 4 - simple avg 16.6 14.7 24.6 13.4 -0.6 -2.0 -1.8 3.3 China 3,449 13.6 11.8 22.5 15.2 76.39 2.3 6.4 4.2 6.6 India 28,438 18.6 15.8 7.4 18.0 -65.59 -0.2 -3.4 -2.7 3.4 Hong Kong 23,950 11.4 10.2 -12.7 11.4 126.34 0.5 -0.9 -3.5 1.5 Singapore 3,376 13.9 12.6 -0.7 10.0 13.27 0.4 -1.2 -0.8 0.3 Taiwan 9,513 13.2 12.3 15.4 7.4 -66.44 -0.7 -1.4 -1.1 2.2 Korea 1,987 10.9 10.0 25.0 9.1 1.54 0.1 -1.3 0.1 3.7 Rest of Asia x J - simple avg 13.6 12.1 9.5 11.9 0.4 -0.3 -0.6 3.0 MSCI Asia x Japan 571 12.4 11.2 -1.4 10.9 -0.09 0.0 -2.4 -2.9 1.3 Japan 19,246 20.8 18.1 5.2 14.6 -8.19 0.0 1.4 2.4 10.3

• Yesterday, markets in the ASEAN 4 closed with a net change of -0.6%. In the rest of Asia, markets closed with a net change of +0.4%.

Regional sectoral movement (%) Regional sectoral movement (16-Mar) • In the region yesterday, gainers and losers were approximately equal. Lead gaining sectors were Wireless Telecoms, Electronic Equipment and Banks. Lead losers were Entertainment, Homebuilding and Oil & Gas.

• The only Thai outperformer was Electronic Manufacturing. Lead Thai underperformers were Integrated Telecoms, Marine and Oil & Gas.

Sub-Sector 16-Mar WoW MoM YoY Wireless Telecoms 1.29 1.72 -3.11 42.47 Electronic Equipment 0.80 1.08 2.40 28.49 Banks 0.65 2.33 1.52 42.01 Auto Parts & Equip 0.39 0.46 5.05 70.09 Property 0.36 -0.01 -1.77 41.64 Integrated Telecoms 0.14 -0.24 -2.48 26.50 Coal 0.08 2.39 -1.64 24.21 Marine -0.01 0.86 1.58 49.33 Integrated Oil & Gas -0.11 -1.03 -2.38 8.00 Refinery -0.32 -2.25 -1.97 30.97 Chemicals -0.35 -1.88 1.79 23.67 Electronic Mfg -0.56 -0.57 1.94 13.40 Oil & Gas -0.94 -3.81 -7.91 -12.03 Homebuilding -1.58 -2.68 -1.01 0.66 Entertainment -1.76 0.82 0.02 12.07

-1.76

-1.58

-0.94

-0.56

-0.35

-0.32

-0.11

-0.01

0.08

0.14

0.36

0.39

0.65

0.80

1.29

-3.01

-1.76

-3.74

7.23

-0.48

-1.65

-2.16

-2.85

0.00

-3.07

-2.35

-0.63

-1.16

0.78

-0.60

-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0

Entertainment

Homebuilding

Oil & Gas

Electronic Mfg

Chemicals

Refinery

Integrated Oil & Gas

Marine

Coal

Integrated Telecoms

Property

Auto Parts & Equip

Banks

Electronic Equipment

Wireless Telecoms

Thailand Region

Source: Data by Bloomberg, compiled & calculated by SCBS

Most change in foreign holding (Net) Asia Pacific foreign fund flows (US$mn) • Foreign fund flows were outward yesterday, with only Thailand seeing some inflows.

Stock % fgn ∆ Mn sh Stock % fgn ∆ Mn sh TRUE 35.25 23.30 HEMRAJ 21.72 -120.62 LH 52.53 14.88 KTB 22.48 -12.91 JAS 32.87 14.18 CPF 29.87 -2.97 IRPC 14.33 12.29 TUF 51.35 -2.82 CPALL 34.47 5.18 BDMS 15.56 -2.73 Data as of March 16, 2015 ***million shares

16-Mar WTD MTD YTD

Thailand 21.6 21.6 116.6 (224.2) Indonesia (57.7) (57.7) (168.6) 680.4 Philippines (9.2) (9.2) (3.4) 897.4 Taiwan (253.8) (253.8) (661.8) 4,680.4 South Korea (11.8) (11.8) 963.4 1,096.3 Vietnam (0.2) (0.2) (5.9) 49.0 Total (311.1) (311.1) 240.3 7,179.3 India 20.9 160.0 1,052.4 5,365.1 Japan 2,400.9 2,400.9 2,400.9 (3,242.6) * India as of March 12, 2015 * Japan as of March 2, 2015

Top-5 NVDR net buy/sell

Up Btmn Down Btmn DTAC 147.19 KBANK -455.83 LH 142.94 BBL -329.72 INTUCH 114.20 SCB -176.81 HANA 83.47 SCC -139.96 GL 70.65 PTT -121.60 Data as of March 16, 2015

Director trades ( >Bt5mn)

• Buy: AJD, SAMART • Sell: AJD, NWR, PS, TUF

SAWASDEE Tuesday, March 17, 2015

Page 3

News Digest

SET � The SET plunged 25.98 points or 1.69% to 1515.57 on turnover of Bt45.36bn. Lead sellers were local retail investors, joined by foreign investors. Major sellers were local institutions.

Dow Jones � The Dow gained 228.11 points, or 1.29%, to 17,977.42, as investors focused on weakness in the U.S. dollar ahead of Wednesday's key Federal Reserve meeting. (Xinhua, 17/02/15)

Oil � NYMEX: Light, sweet crude for April delivery lost 96 cents to settle at US$43.88 � Brent crude for April delivery moved down US$1.23 to close at US$53.44. (Xinhua, 17/02/15)

Gold � Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Monday ahead of the meeting of the U.S. Federal Reserve scheduled to begin on Tuesday. The most active gold contract for April delivery rose slightly 80 cents, or 0.07%, to settle at US$1,153.20/oz. (Xinhua, 17/02/15)

Currencies The US dollar declined against most major currencies on Monday ahead of the Federal Reserve policy meeting as investors were worried that the central bank could be cautious in raising interest rates. In late New York trading, the euro rose to 1.0583 dollars from 1.0475 dollars in the previous session. The U.S. dollar bought 121.40 Japanese yen, higher than 121.33 yen of the previous session. (Xinhua, 17/02/15)

Global Economy U.S. builder confidence drops for 3rd straight month - U.S. builder confidence for newly-built, single-family homes fell in March for the third straight month, but builders remained optimistic about the spring buying season, a leading industry report said Monday. The builder sentiment index fell two points to 53 this month, the lowest level since July, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Any reading over 50 indicates that more builders view sales conditions as good, rather than poor. (Xinhua, 17/3/15)

U.S. industrial production edges up 0.1% in February - U.S. industrial production, an indicator of mines, factories and utilities output, edged up 0.1% in February after falling for two months running, the Federal Reserve reported on Monday. The Fed revised January's growth down to -0.3% from its previous estimate of a 0.2% increase. (Xinhua, 16/3/15)

New York state manufacturing index falls in March - Manufacturing activity growth in New York State slowed in March for a second month in a row as the pace of new orders contracted to its weakest level since November 2013, a New York Federal Reserve survey showed on Monday. The New York Fed's Empire State general business conditions index fell to 6.90 in March from February's 7.78. (Reuters, 16/3/15)

ECB spends €10bn in first week of bond-buy plan - The European Central Bank said on Monday it settled €9.751bn (£7bn) of public-sector bond purchases in the first week of a programme to pump more than €1trn into the euro zone economy. (Reuters, 16/3/15)

Russian Economy Shrank 0.7% in First Quarter, Central Bank Says - Russia’s economy shrank 0.7% on the year in the first quarter, Russian news agencies reported Monday, citing the central bank’s first deputy chairwoman, Ksenia Yudaeva. However, the Bank of Russia said on its website that its models paint a more optimistic economic outlook than the majority of official forecasts. According to its latest economic outlook, growth could reach 0.6% on the year in the second quarter. (WSJ, 16/3/15)

China fiscal revenue rises 3.2 pct in first two months - Growth in China's fiscal revenue slowed sharply in the first two months of 2015 while expenditure increased, suggesting that proactive fiscal policy measures are gaining momentum. Fiscal revenue rose 3.2 percent year on year to reach 2.57 trillion yuan (417.5 billion U.S. dollars) in the first two months of 2015, the Ministry of Finance announced on Monday. This was a sharp slowdown from the 8.6 percent gain seen in 2014, as downward pressure on the economy continued. (Xinhua, 16/3/15)

BOJ starts policy meeting focusing on possible wage hike - the Bank of Japan (BOJ), the Japanese central bank, on Monday kicked off its two-day policy meeting, with an eye on ongoing annual wage talks which would impact on consumer prices. The Policy Board meeting comes as many major Japanese companies are expected to raise pay scales for their employees during the ongoing spring wage talks, although it remains to be seen whether such a move would spread to small and medium-sized firms. (Xinhua, 16/3/15)

SAWASDEE Tuesday, March 17, 2015

Page 4

News Digest (continued) Thai Economy Baht weaker but stable after rate cut – The Bank of Thailand's 25-basis-point cut in the

policy interest rate last week has depreciated the value of the baht by 0.5 per cent and taken the government bond yield curve to the lowest point in six years. (The Nation, 17/3/15)

13 industries tabbed to get maximum SEZ privileges – Thirteen industrial categories to be located at special economic zones (SEZs) will be entitled to the highest promotional privileges from the Board of Investment (BoI). They comprise agriculture, fishery and related industries; ceramics; textiles, clothes and leather; furniture; jewellery and ornaments; medical appliances; automotive, machinery and parts; electrical appliances and electronics; plastics; pharmaceuticals; logistics; industrial estates; and tourism-supporting industries, said Arkhom Termpitayapaisith, secretary-general of the National Economic and Social Development Board, after a special economic development policy committee meeting chaired by Prime Minister Prayut Chan-o-cha. (Bangkok Post, 17/3/15)

Sommai vows to push new tax, slams 'selfish' Thais - Finance Minister Sommai Phasee has issued a stern warning that Thailand will become mired in fiscal woe if tax reform, particularly the land and buildings tax, fails to materialise. (Bangkok Post, 17/3/15)

Overseas trade counsellors see challenges to export growth target – Thailand has trade counsellors in 61 overseas posts in 44 countries, and many foresee challenges for the country's export sector this year due to uncontrollable external factors such as weakening economic growth in many emerging markets, despite recovery in some major markets. (The Nation, 17/3/15)

Development fund for four state financial institutions approved – The National Legislative Assembly has passed a bill establishing a development fund for the state's special financial institutions. (The Nation, 17/3/15)z

Markets AFET, TFEX merger on track for July – The merger between the Thailand Futures Exchange (TFEX) and the Agricultural Futures Exchange of Thailand (AFET) will be completed in July, with trading expected to be ready by September. (Bangkok Post, 17/3/15)

Auto Market concerned on Eco-car phase 2 after General Motors Thailand pulled out its eco-car. Sources say that automakers will negotiate with the government to ease up on the condition of production 100,000 units per year. However, automakers are still confident and expect recovery of Thai domestic auto market. For pickup truck production, Thailand is at risk as Turkey’s pickup production is increasing from 0% tax to Europe. (Krungthep Turakij, 17/03/15)

Energy Energy Regulatory Commission to pay compensation to Gulf group for the postponement of its IPP, which was scheduled to commence operations during 2021-25, for 2-3 years. This is aimed at reducing the reserve margin, which could rise to 40% in 2023-25. (Krungthep Thurakij, 17/03/15)

BANPU BANPU plans to invest in renewable power plant in China, solar and wind, after the government revealed its incentive plan. In addition, the company will invest in a power plant in Indonesia with a partner to be announced soon. These investments will boost its revenue and profit in the longer term. (Thun Hoon, 17/03/15)

CCP Management says it is negotiating with Chinese contractors to supply railway ties for the double-track railway project. The Thai and Chinese governments are discussing this cooperative project, with conclusion possible by 3Q15. (Kao Hoon, 17/03/15)

CHO CHO expects to be awarded Bt1.0bn railway project which will finalize this year. The company expects to see strong 1Q15 earnings and targets 10% revenue growth this year. It plans to issue and offer Bt500mn debenture for capacity expansion. (Thun Hoon, 17/03/15)

CPALL/LOXLEY CPALL inviting on-line lottery machines into its stores – CPALL is inviting LOXLEY to set up 700-800 of its 6,000 on-line lottery machines in its 7-Eleven convenience stores after the government revoked the quota of 48mn lottery tickets, effective March 20, 2015. (Thun Hoon, 17/03/15)

CPI CPI conservatively expects revenue growth at 10% this year backed by more orders for palm oil from local and overseas clients. It expects to sign more power agreements after recently signing with EGAT to produce 3MW which offers a high 50% margin. It will book revenue this year. (Thun Hoon, 17/03/15)

SAWASDEE Tuesday, March 17, 2015

Page 5

News Digest (continued) CYBER Board approves acquiring 100% of APU, which has invested in the energy business and is

generating power for Myanmar’s government. It expects to book revenue and profit in April. It plans to acquire land in Pang-nga province to develop land for sale. It plans to change its company name to United Power of Asia, or UPA. (Thun Hoon, 17/03/15)

ECG ECF expects 1Q15 to improve YoY from more exports and weaker Thai baht. Management is confident that 2015 revenue will grow 12%. The company plans to expand to AEC market and denies news it will invest in Index Living Mall. (Kao Hoon, 17/03/15)

LPN LPN is confident 1Q15 sales revenue will reach Bt3bn after booking Bt2bn in the first two months, mainly from Park Beach Cha-am condominium. The company will join with SF for a shopping mall project in Rangsit, named Market Place. (Kao Hoon, 17/03/15)

MODERN MODERN expects revenue to rise 15% to Bt5bn with backlog of Bt300mn (60% to be recognized in 2015). It plans to invest in a joint venture with Itoki to build a new plant in Myanmar. The new plant could start up in 2016. (Kao Hoon, 17/03/15)

SCN SCN accelerating investment in new business, including production, distribution and transportation of compressed natural gas to boost overall revenue. This new business will be vital for revenue growth and account for 70-80% of recurring income. It will double 2014’s revenue by 2017. (Post Today, 17/03/15)

SPALI SPALI’s share hit by the revised dividend payout policy which was lowered from 45% to 35%. Management claims the revision is to increase its investment capability for future projects. (Kao Hoon, 17/13/15)

TAE TAE expects to boost sales volume for 1H15 to exceed 55mn liters after demand jumped. The company will also maximize operations of its power plant to pump up EBITDA to rise 16% YoY. More investment in an ethanol plant in the Philippines is under study. (Thun Hoon, 17/03/15)

THAI Board approves Bt15bn funding in 2015. THAI president Mr. Charamporn Jotikasthira said the board has approved funding Bt15bn in 2015 via issuing and offering debenture or B/E to refinance debt and to increase liquidity. Next year, it plans to raise funds of not more than Bt20bn. The fleet expansion this year will continue as planned. (Krungthep Thurakij, 17/03/15)

TICON TICON negotiating with Chinese customers for warehouse rental with the total space of nearly 100,000 sqm. This could be concluded soon. The company will inject Bt6bn to expand its asset base, both factories and warehouses. (Thun Hoon, 17/03/15)

TTCL TTCL expects stable 1Q15 YoY with revenue recognition from the current backlog of Bt27bn. Management expects additional backlog in 2Q15 from overseas projects worth Bt13bn. It expects revenue to rise 15-20% as targeted. (Thun Hoon, 17/13/15)

TSR TSR targets revenue growth of 25-30% to reach Bt1.5bn. It will spend Bt100mn to double capacity and add five more outlets. The company will emphasize cost management to increase net margin from 8% in 2014 to 10% in 2015 via online and telemarketing. (Kao Hoon, 17/03/15)

VNG VNG plans to break profit records for the next three years. The company plans to accelerate investment to upgrade its production line to catch higher demand by 4Q15. Management revealed that several foreign investors are interested in partnering it for investment in Myanmar. (Thun Hoon, 17/03/15)

WHA/HEMRAJ WHA studying the pros and cons of delisting HEMRAJ if its holding exceeds 80% after the tender offer. The company will nominate four directors to HEMRAJ’s Board. Management expects revenue to triple after the merger and plans to lead the industry in a decade. To date the company has purchased 59% of HEMRAJ shares. (Krungthep Thurakij, 17/03/15)

SAWASDEE Tuesday, March 17, 2015

Page 6

Short Sale as of March 16, 2015

Volume

(Shares)

Turnover

(Baht)

Average Price

(Baht)

Last Price

16-Mar-15

Gap between last

close and short

%Short Sale Volume

Comparing with Main

Board

BIGC 37,600 8,321,100 221.31 223.00 -0.8% 25.03%

QH 5,168,100 20,192,636 3.91 3.84 1.7% 19.42%

IVL 565,000 13,656,600 24.17 24.30 -0.5% 17.19%

PTT 497,400 158,992,600 319.65 317.00 0.8% 14.08%

MAKRO 1,700 61,400 36.12 36.00 0.3% 13.18%

BEC 194,100 7,520,175 38.74 38.25 1.3% 12.71%

ADVANC 1,069,000 257,558,800 240.93 240.00 0.4% 12.37%

SCC 120,000 62,238,600 518.66 512.00 1.3% 10.90%

KBANK 437,700 97,074,700 221.78 221.00 0.4% 10.11%

BJC 46,500 1,686,475 36.27 35.75 1.4% 8.29%

TOP 241,800 12,446,700 51.48 51.25 0.4% 8.04%

TUF 800,200 16,007,460 20.00 20.00 0.0% 6.97%

RATCH 56,700 3,482,200 61.41 62.00 -0.9% 6.68%

PS 373,200 11,074,525 29.67 29.75 -0.3% 5.67%

SPALI 1,181,900 24,168,050 20.45 20.10 1.7% 5.53%

BCP 230,800 7,736,575 33.52 33.75 -0.7% 4.99%

AOT 78,000 22,988,300 294.72 294.00 0.2% 4.75%

AP 500,000 3,600,000 7.20 7.05 2.1% 4.70%

TMB 3,364,500 9,922,836 2.95 2.98 -1.0% 4.44%

GLOW 57,400 4,684,000 81.60 80.50 1.4% 4.10%

TTW 137,400 1,600,430 11.65 11.60 0.4% 4.05%

M 19,400 1,153,475 59.46 59.50 -0.1% 3.97%

MINT 159,300 5,340,650 33.53 33.50 0.1% 3.95%

HMPRO 450,400 3,586,595 7.96 7.95 0.2% 3.87%

BH 18,000 2,581,200 143.40 143.00 0.3% 3.70%

PTTEP 211,400 21,945,600 103.81 103.00 0.8% 3.26%

IRPC 4,435,100 18,806,294 4.24 4.20 1.0% 3.19%

CPN 112,700 4,709,700 41.79 42.00 -0.5% 2.95%

EGCO 16,500 2,459,300 149.05 148.50 0.4% 2.88%

ROBINS 25,000 1,173,225 46.93 46.50 0.9% 2.84%

TRUE 8,160,900 104,440,640 12.80 12.70 0.8% 2.83%

BDMS 402,800 8,131,960 20.19 20.10 0.4% 2.67%

SCB 108,600 18,778,900 172.92 172.50 0.2% 2.53%

BTS 1,330,400 12,363,360 9.29 9.20 1.0% 2.41%

PTTGC 121,200 6,415,675 52.93 53.00 -0.1% 2.38%

LPN 130,000 2,297,510 17.67 17.50 1.0% 2.21%

DTAC 95,800 8,175,150 85.34 85.00 0.4% 2.06%

INTUCH 248,600 19,653,800 79.06 78.75 0.4% 1.99%

CPALL 235,000 9,092,750 38.69 38.50 0.5% 1.89%

ESSO 140,100 870,505 6.21 6.25 -0.6% 1.72%

BECL 52,000 2,147,500 41.30 42.00 -1.7% 1.69%

TICON 20,700 340,940 16.47 16.20 1.7% 1.45%

EARTH 50,000 224,000 4.48 4.50 -0.4% 1.43%

KTB 364,300 8,280,280 22.73 22.70 0.1% 1.34%

TCAP 33,100 1,133,675 34.25 34.25 0.0% 1.32%

LH 280,100 2,690,460 9.61 9.55 0.6% 1.31%

TTCL 10,000 239,000 23.90 23.30 2.6% 1.11%

DELTA 17,600 1,310,275 74.45 74.75 -0.4% 1.11%

CPF 470,400 10,335,850 21.97 21.70 1.3% 1.09%

BANPU 68,400 1,898,100 27.75 28.00 -0.9% 1.06%

STEC 114,200 2,699,250 23.64 22.80 3.7% 1.04%

ITD 947,000 8,296,025 8.76 8.40 4.3% 0.98%

CK 289,400 7,386,150 25.52 25.00 2.1% 0.69%

AIT 3,100 123,925 39.98 39.50 1.2% 0.62%

CENTEL 14,000 418,275 29.88 29.75 0.4% 0.56%

BBL 41,300 7,498,550 181.56 181.50 0.0% 0.55%

ICHI 15,000 337,500 22.50 22.60 -0.4% 0.39%

UV 11,800 99,120 8.40 8.45 -0.6% 0.31%

GLOBAL 14,000 142,800 10.20 10.20 0.0% 0.31%

JAS 259,400 1,816,875 7.00 6.90 1.5% 0.22%

TTA 12,300 172,170 14.00 13.80 1.4% 0.15%

MAJOR 3,400 99,450 29.25 29.50 -0.8% 0.12%

SIRI 100,000 186,000 1.86 1.81 2.8% 0.09%

Source: SET, SCBS Investment Research

SAWASDEE Tuesday, March 17, 2015

Page 7

SCBS: Commodities Daily Price Update As of -1W Avg. Price % QoQ % YoY Avg. Price % YoY Avg. Price % YoY Our Projection Update

16-Mar-15 % QTD in 1Q15 in '14 in '15 in 2015

GRM

GRM-Reuters (SINREF) 8.99 36.6 8.32 32.8 33.7 5.77 -7.1 8.35 44.8 4.7 Daily

Crude Prices

Crude Oil - Arab Gulf Dubai FOB (US$/BBL) 54.11 -4.5 47.20 -53.5 -54.8 96.57 -8.5 52.00 -46.2 105 PTTEP -, PTT - Daily

Brent Crude - Current Month, FOB (US$/BBL) 55.24 -6.6 49.86 -51.4 -53.9 99.21 -8.9 54.42 -45.1 109 DailyWest Texas Int. Cushing (US$/BBL) 43.88 -12.2 48.10 -50.7 -51.2 92.99 -5.1 49.01 -47.3 99 Daily

Crude Oil - Malaysia Tapis FOB (US$/BBL) 58.21 -4.4 51.95 -50.8 -54.3 102.70 -10.3 56.65 -44.8 109 Daily

Oil Product Prices

Gas Oil 0.5% Sulphur FOB SG (U$/BBL) 69.42 -3.7 62.79 -45.6 -48.4 111.94 -7.8 67.45 -39.7 121 Daily

Gasoline, 97 RON SG Spot (US$/BBL) 75.50 -3.6 60.79 -47.4 -49.5 111.90 -7.9 68.71 -38.6 119 TOP - Daily

Fuel Oil 180 FOB Singapore U$/MT (US$/BBL) 49.66 -4.4 44.03 -51.6 -53.1 86.19 -9.4 49.02 -43.1 94 BCP - Daily

Jet Oil Price

Jet Kerosene - FOB Singapore (US$/BBL) 68.85 -4.1 64.82 -44.1 -46.7 112.39 -8.6 69.27 -38.4 123 THAI + Daily

Olefins Product Prices and Spread

Ethylene, Far East CFR SE Asia (US$/MT) 1,150 4.1 932 -36.9 -35.3 1,400 3.6 966 -31.0 1,352 PTTGC +, SCC + TuesdayEthylene Spread (US$/MT) 633 8.0 512 -11.3 -0.4 554 25.8 493 -11.0 520 Daily

Propylene (C), Spot CFR SE Asia (US$/MT) 983 -1.8 703 -46.0 -48.9 1,252 -5.5 783 -37.5 1398 Tuesday

Propylene Spread (US$/MT) 466 -3.2 283 -29.9 -37.0 406 -2.0 310 -23.6 566 DailyNaphtha - Singapore Spot FOB (US$/MT) 517 -0.4 419 -53.3 -54.7 846 -7.1 473 -44.1 832 Daily

Polyolefins Prices and Spread

Polye HDPE Inj,South East Asia (US$/MT) 1,275 2.4 1,149 -28.4 -25.8 1,546 4.7 1,162 -24.8 1,478 PTTGC +, SCC + TuesdayHDPE-Naphtha Spread (US$/MT) 758 4.4 730 3.2 17.1 700 23.6 689 -1.6 646 Daily

Polye LDPE-Film,Spot S.E Asia (US$/MT) 1,285 3.2 1,150 -28.2 -30.0 1,577 3.0 1,163 -26.2 1,534 SCC +, TPIPL + Tuesday

LDPE-Naphtha Spread (US$/MT) 768 5.8 731 3.7 1.6 731 17.6 690 -5.5 702 DailyPP Film, Spot South East Asia (US$/MT) 1,245 2.0 1,103 -31.6 -29.4 1,556 2.8 1,112 -28.5 1515 Tuesday

PP Spread (US$/MT) 728 3.8 684 -4.3 7.3 710 17.7 639 -9.9 683 Daily

MEG Prices and Spread

MEG,Far East Spot CFR F/E US$/MT 826 -1.5 736 -24.7 -24.1 928 -91.6 771 -17.0 1,054 IVL +, PTTGC - TuesdayMEG Spread (US$/MT) 136 -22.6 177 92.1 66.4 88 -64.0 191 -100.0 216 Tuesday

Aromatics Product Prices and Spread

Paraxylene, N.E Asia Spot CFR (US$/MT) 861 -2.8 790 -42.0 -70.2 1,228 -72.4 826 -32.8 1,498 PTTGC - TuesdayParaxylene Spread (US$/MT) 399 -0.8 386 20.3 -6.6 414 -32.3 382 -155.5 666 Tuesday

Paraxylene - 95 ULG Spread (US$/MT) 236 0.1 -265 98.8 -211.8 173 -62.5 -230 -233.1 485 TOP - Daily

Toluene,Spot CFR NE Asia(US$/MT) 705 -4.7 609 -47.8 -45.7 1,063 -10.5 644 -39.4 1,186 TuesdayBenzene, Far East CFR Spot F/E (US$/MT) 770 -1.9 638 -51.1 -51.3 1,217 -7.8 674 -44.6 1,318 Tuesday

Benzene Spread (US$/MT) 308 2.0 233 -47.8 -45.6 403 -62.6 230 -43.0 486 Daily

Benzene - 95 ULG Spread (US$/MT) 146 7.2 -822 -431.9 -424 161 -84.5 -382 -57.6 305 DailyCondensate (US$/MT) 462 -4.4 404 -52.8 -54.1 814 -8.4 444 -45.4 896 Daily

PTA Prices and Spread

PTA Contract Price (US$/MT) 625 0.0 677 -33.4 -33.1 955 -14.1 653 -31.7 1076 SCC +, IVL - TuesdayPTA Spread (US$/MT) 48 51.2 148 41.5 1.4 132 24.3 99 -24.7 72 Tuesday

PVC Prices and Spread

PVC, Spot South East Asia (US$/MT) 840 0.6 790 -24.7 -24.0 1,013 -61.9 813 -19.7 1013 TPC -, VNT - TuesdayVNT's PVC-Ethylene Spread (US$/MT) 265 -6.2 325 4.2 1.5 313 -7.0 330 5.5 107 Tuesday

Ethylene Dichloride USG FOB (US$/MT) 283 0.0 311 -22.3 -16.8 386 26.5 296 -23.4 261 Tuesday

TPC's PVC - EDC Spread (US$/MT) 272 -3.2 268 -8.0 -14.3 290 -20.5 292 0.8 577 Tuesday

Construction Material

Mixed Cement - retail price (Bt/MT) 2,780 0* 2,780 0.2 -0.3 2,772 10.3 n.a. n.a. SCC + Monthly

Forest Product

NBSK Pulp (Canada) CIF Korea (US$/MT) 755 0.0 805 -2.4 -5.5 836 6.2 794 -5.1 Daily

Steel Price

Steel Index 859 -3.8 928 -30.3 -27.2 1,243 1.1 929 -25.3 Daily

Steel HR Coil CIS (US$/MT) 378 -1.3 439 -16.6 -17.5 522 -3.8 415 10.7 Tuesday

Steel CIS Slabs (US$/MT) 330 0.0 377 -22.8 -26.5 489 1.3 355 -27.4 TuesdayCIS HRC Spread (US$/MT) 48 -9.5 62 26.8 229.7 33 -44.6 59 78.7 Tuesday

Steel - CIS Wire rod (US$/MT) 443 0.0 443 -18.6 -20.1 538 -8.1 443 -17.8 TuesdaySteel - Billet (US$/MT) 399 0.0 398 -20.9 -19.8 483 -5.6 398 -17.5 Tuesday

CIS Wire rod Spread (US$/MT) 44 0.0 45 10.0 -29.7 56 -24.8 44 -20.3 Tuesday

Freight Rate

Baltic Freight Index: BDIY 564 -32.0 622 -34.6 -55.1 1,102 -9.7 622 -43.6 TTA -, PSL - DailyBaltic Supramax Index: BSI 611 -28.4 616 -27.6 -44.9 940 -5.1 616 -34.5 Daily

BJI Coal price 66.50 -3.3 62.56 -9.0 -20.7 71.1 0.0 66.3 -6.8 BANPU - Friday

* Change MoM Source: Datastream, Bloomberg, Reuters, BANPU and SCBS Investment Research

SAWASDEE Tuesday, March 17, 2015

Page 8

SCBS: Commodities Daily Chart Update Crude Prices Olefins Prices Olefins Spreads Update :

Oil Product Prices Aromatics Prices Aromatics Spreads

GRM Polyolefins Prices Polyolefins-Naphtha Spreads

Coal Price PVC Price PVC Spread

Baltic Freight Index Steel HR Coil , Slabs Steel Wire rod, Billet

Steel Index

Construction material - Mixed Cement (retail price) NBSK Pulp

16-Mar-15

50

60

70

80

90

100

110

120

130

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/BBL West Texus Int

Brent

Dubai

600700800900

1,0001,1001,2001,3001,4001,5001,600

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MTEthylene Propylene

800

1,000

1,200

1,400

1,600

1,800

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MT

LDPE

HDPE

PP

200

300

400

500

600

700

800

900

1,000

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MT LDPE spread

HDPE Spread

PP Spread

0100200300400500600700800900

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MT Paraxylene Spread

Benzene Spread

400

600

800

1,000

1,200

1,400

1,600

1,800

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MT Paraxylene

Benzene

0100200300400500600700800900

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MT Ethylene Spread

Propylene Spread

100

300

500

700

900

1,100

1,300

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MTPVC EDC

050

100150200250300350400450

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MT VNT's product Spread

TPC's product spread

40

60

80

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$

0

2

4

6

8

10

12

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/bbl

GRM -Reuters

405060708090

100110120130140

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/BBL

Jet Oil

Gas Oil

Gasoline

Fuel Oil

0

500

1,000

1,500

2,000

2,500

3,000

Jan-1

3

Mar-

13

May-1

3

Jul-13

Sep-1

3

Nov-1

3

Jan-1

4

Mar-

14

May-1

4

Jul-14

Sep-1

4

Nov-1

4

Jan-1

5

Mar-

15

BDIY Index

BSI Index

-20

-10

0

10

20

30

40

50

60

70

80

0

100

200

300

400

500

600

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Steel CIS Slabs

Steel HR Coil

Spread

US$/MT US$/MT

0

20

40

60

80

100

120

0

100

200

300

400

500

600

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Steel - Billet

Steel - CIS Wire rod

Spread

US$/MT US$/MT

1,800

2,000

2,200

2,400

2,600

2,800

3,000

May-0

9

Aug-0

9

Nov-0

9

Feb-1

0

May-1

0

Aug-1

0

Nov-1

0

Feb-1

1

May-1

1

Aug-1

1

Nov-1

1

Feb-1

2

May-1

2

Aug-1

2

Nov-1

2

Feb-1

3

May-1

3

Aug-1

3

Nov-1

3

Feb-1

4

May-1

4

Aug-1

4

Nov-1

4

BT/MT

700

720

740

760

780

800

820

840

860

880

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-1

4

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

US$/MT

SAWASDEE Tuesday, March 17, 2015

Page 9

Director Trade 1. Director trade as reported on March 16, 2015. Company Name of Director Product Transaction Amount Price Amount Buy/Sell

date (Shares) (Bt) (Bt)

AJD Pipat Patiwatephinyo Common share 13/03/2015 14,420,000 2.88 41,529,600 Buy

AJD Pipat Patiwatephinyo Warrant 11/03/2015 20,000,000 0.50 10,000,000 Sell

AJD Pipat Patiwatephinyo Warrant 2 12/03/2015 14,000,000 1.50 21,000,000 Sell

AJD Pipat Patiwatephinyo Common share 13/03/2015 8,000,000 2.89 23,120,000 Buy

AKR Prinya Nakchudtree Common share 13/03/2015 50,000 2.90 145,000 Buy

AQ Wirat Aiew-Aksorn Common share 13/03/2015 100,000 0.39 39,000 Buy

BLAND Ausakoon Srisanyanon Warrant 4 10/03/2015 100,000 0.47 47,000 Sell

CHG Apirum Panyaphol Common share 12/03/2015 64,900 19.30 1,252,570 Sell

HYDRO Pichai Klongpitak Common share 12/03/2015 410,300 3.61 1,481,183 Sell

IVL William Ellwood Heinecke Warrant 10/03/2015 213 2.60 554 Sell

MINT William Ellwood Heinecke Common share 11/03/2015 15,000 33.58 503,700 Buy

NWR Polpat Karnasuta Common share 12/03/2015 2,000,000 2.14 4,280,000 Sell

NWR Polpat Karnasuta Common share 13/03/2015 1,000,000 2.15 2,150,000 Sell

PS Prasert Taedullayasatit Common share 12/03/2015 133,400 31.25 4,168,750 Sell

PS Prasert Taedullayasatit Common share 13/03/2015 385,300 30.75 11,847,975 Sell

PSL Stephen Korah Common share 13/03/2015 2,000 14.95 29,900 Buy

SAMART Watchai Vilailuck Common share 11/03/2015 200,000 33.88 6,776,000 Buy

SIRI Supol Sombathwichathon Common share 13/03/2015 500,000 1.92 960,000 Sell

SMM Prajaya Chaikam Common share 11/03/2015 79,800 2.20 175,560 Buy

SMM Prajaya Chaikam Common share 12/03/2015 36,800 2.26 83,168 Buy

SUSCO Mongkol Simaroj Common share 12/03/2015 100,000 3.74 374,000 Buy

SVI Threekwan Bunnag Common share 11/03/2015 300,000 4.54 1,362,000 Buy

TUF Kraisorn Chansiri Common share 13/03/2015 80,000,000 20.00 1,600,000,000 Sell

VIBHA Chaisith Viriyamettakul Common share 13/03/2015 40,000 15.80 632,000 Buy

Total Buy 74,769,928

Sell 1,657,188,032

Net -1,582,418,104

2. 12-month cumulative net buy/sell for SCBS-covered stocks with activity as of last close IVL

17

19

21

23

25

27

29

0

200

400

600

800

1,000

1,200

1,400

Fe

b-1

4

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy(+)/Sell(-) Avg. Price

MINT

19

24

29

34

39

-1,000

-800

-600

-400

-200

0

200

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy (+)/ Sell (-) Avg. Price

NWR

1.5

1.7

1.9

2.1

2.3

2.5

-5,000

0

5,000

10,000

15,000

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy/Sell Avj. Price

PS

10

15

20

25

30

35

40

(7,000)

(6,000)

(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

0

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy(+)/Sell(-) Avg. Price

SAWASDEE Tuesday, March 17, 2015

Page 10

PSL

13

15

17

19

21

23

25

27

29

-1,200

-1,000

-800

-600

-400

-200

0

200

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Ma

r-1

5

Bt/

Sha

re

'00

0 S

ha

res

Cumulative Net Buy(+)/Sell(-) Avg. Price

SAMART

14

19

24

29

34

39

44

49

0

2000

4000

6000

8000

10000

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy (+)/ Sell (-) Avg. Price

SIRI

1.51.61.71.81.92.02.12.22.32.4

-30,000-25,000-20,000-15,000-10,000

-5,0000

5,00010,00015,000

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy (+)/Sell (-) Avg. Price

SVI

3.5

4.0

4.5

5.0

5.5

-7,000

-6,000

-5,000

-4,000

-3,000

-2,000

-1,000

0

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy/Sell Avg. Price

TUF

15

16171819202122

2324

-100,000

-80,000

-60,000

-40,000

-20,000

0

20,000

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Bt/

Sh

are

'00

0 S

ha

res

Cumulative Net Buy (+)/Sell (-) Avg. Price

SAWASDEE Tuesday, March 17, 2015

Page 11

Corporate Calendar March

Monday Tuesday Wednesday Thursday Friday

16 17 18 19 20

XD XD XD XD XD

PATO Bt0.92 BAT-3K Bt3 ABPIF Bt0.3036 GLOBAL 7 : 1 XD(ST) EARTH Bt0.05

PD CMR Bt3.6 GCAP Bt0.1 GLOBAL Bt0.015873015857 KCE Bt0.7

CPTGF Bt0.186 CPI Bt0.06 LIT Bt0.12 NTV Bt1 TNITY 8 : 1 XD(ST)

MNIT Bt0.0399 LALIN Bt0.135 MIDA 10 : 1 XD(ST) PLE Bt0.046 TNITY Bt0.07

MNRF Bt0.185 OTO Bt0.05 MIDA Bt0.00556 VNG Bt0.25 TPIPL Bt0.02

TTLPF Bt0.33 PDG Bt0.1 ML 10 : 1 XD(ST) PD TTI Bt1

DTCPF Bt0.335 PYLON Bt0.5 ML Bt0.00556 KPNPF Bt0.162 PD

THIF Bt0.336 SAMART Bt0.43 SINGER Bt0.53 MJLF Bt0.272 LHPF Bt0.3529

TRIF Bt0.375 SAMTEL Bt0.4 SNP Bt0.7 QHHR Bt0.373

XW SIM Bt0.03 PD QHPF Bt0.182

MFC 2 : 1 SMK Bt17.03 HPF Bt0.169

PD TPP Bt0.4 M-PAT Bt0.185

CPTGF Bt0.186 VGI 1 : 1 XD(ST) UOB8TF Bt0.111

MNIT Bt0.0399 VGI Bt0.011111111111 JAS Bt1.5

MNRF Bt0.185 VIH Bt0.02 XW

TTLPF Bt0.33 WHAPF Bt0.185 UWC 2.3 : 1

DTCPF Bt0.335 PD

THIF Bt0.336 MNIT2 Bt0.1557

TRIF Bt0.375 M-STOR Bt0.184

Share listing Share listing

FPI 9,328,358 Shares BH 25,000 Shares

IFEC 172,660,769 Shares

KTECH 30,300,000 Shares

SGF 770,700,126 Shares

TSF 175,808,936 Shares

23 24 25 26 27

XD XD XD XD XD

M-CHAI Bt3 BDMS Bt0.23 AH Bt0.1 ADVANC Bt5.96 Q-CON Bt0.14

STPI 10 : 1 XD(ST) BUI Bt0.4 HTC Bt0.3 LEE Bt0.17 TGCI Bt0.08

STPI Bt0.5 DCON 25 : 1 XD(ST) TBSP Bt8.5 ZMICO Bt0.05 TIC Bt0.8

TCIF Bt0.3 DCON Bt0.15 TMILL Bt0.08 PD TIC-P Bt0.8

GLAND Bt0.07 TSTE Bt0.5 M-II Bt0.187 XR

PERM Bt0.05 PD JCP Bt0.19 TLUXE 2 : 1 @Bt1.00

SKR Bt0.85 TAPAC Bt0.08 SSTPF Bt0.3529 PD

WG Bt5.5 LUXF Bt0.151 KSL 5 : 1 XD(ST)

XW MONTRI Bt0.35 KSL Bt0.0811111111

UREKA 2 : 1

30 31

XD XD

CSL Bt0.16 CNS Bt0.18

SYNEX Bt0.13 INTUCH Bt2.23

THCOM Bt0.65 SCC Bt7

TKS 10 : 1 XD(ST) TPC Bt0.35

TKS Bt0.4 XE

TMD Bt1 PYLON-W1 1 : 1.25 @Bt1.76

PD PD

LHSC Bt0.022 JSP Bt0.1

VGI 1 : 1 XD(ST)

VGI Bt0.011111111111

WHAPF Bt0.185

XD - Cash Dividend XR - Rights for Common XE - Warrant Exercise

XD(ST) - Stock Dividend XW - Rights for Warrant CW - Capital write-down

PD – Payment Date XT - Rights for Transferable Subscription Righ SP - Suspension

SAWASDEE Tuesday, March 17, 2015

Page 12

Disclaimer:

The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.

SCB Securities Company Limited (“SCBS”) is a wholly-owned subsidiary of The Siam Commercial Bank Public Company Limited (“SCB”). Any information related to SCB is for sector comparison purposes.

This document is prepared by SCB Securities Company Limited (“SCBS”) which is wholly-owned by The Siam Commercial Bank Public Company Limited (“SCB”). SCB has acted as a joint financial advisor of Amata VN Public Company Limited. SCBS has acted as joint-lead underwriter of Amata VN Public Company Limited. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this document (the “Information”) is provided as general information purposes only, and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.

SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS

This document is prepared by SCB Securities Company Limited (“SCBS”) which is wholly-owned by The Siam Commercial Bank Public Company Limited (“SCB”). SCB has acted as financial advisor of WHA Corporation Public Company Limited. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this document (the “Information”) is provided as general information purposes only, and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.

SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS

SCB SECURITIES COMPANY LIMITED (“SCBS”) ACTS AS MARKET MAKER AND ISSUER OF DERIVATIVE WARRANTS on the ordinary shares AAV, ADVANC, AOT, BANPU, BBL, BCH, BCP, BDMS, BJCHI, BLAND, BMCL, BTS, CENTEL, CK, DTAC, EGCO, INTUCH, IRPC, ITD, IVL, KBANK, KCE, KKP, KTB, LPN, MINT, PS, PSL, PTT, PTTEP, PTTGC, QH, SCC, SGP, SIRI, SRICHA, STEC, STPI, THAI, TICON, TISCO, TMB, TOP, TPIPL, TRUE, TTA, UV.

Before making an investment decision over a derivative warrant, an investor should carefully read the prospectus for the details of the said derivative warrants. Any opinion, news, research, analyse, price, statement, forecast, projection and/or other information contained in this document (the “Information”) is provided as general purpose information only, and shall not be construed as a recommendation to any person of an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities. SCBS and/or its directors, officers, employees, and agents shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of, or reliance on, the Information, including without limitation, damages for loss of profits. The investor should use the Information in association with other information and opinion, including his/her own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.

SCBS reserves the right to modify the Information from time to time at its sole discretion without giving any notice. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS.