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05 Sep 2014
Daily Market Outlook
Christmas comes in September Following yesterday’s dip, expect a more than offsetting increase in the SET
today, as the local and global stars align. Locally strong consumer
confidence figures as well as further indications of the country moving
forward should boost market sentiments. Globally, the ECB’s dramatic QE
should see another strong round of emerging markets rally although market
players may need time to digest the news about ECB’s bold actions this time
around.
Factors to watch
Local issues:
Consumer confidence highest in 13 months. The University of the Thai
Chamber of Commerce (UTCC) reported Thursday that the consumer
confidence index rose to 80.1 for August, the highest in 13 months. It was only
in May when the index went up from 67.8 to 70.7 that the index increased for
the first time in 14 months. Factors cited for August were increased political
stability, specifically the royal endorsement of Gen Prayuth as the PM, and
the reassuring economic outlook, notably the state planning agency’s forecast
of 3.5-4.5% growth and the MPC’s decision to maintain rate at 2% to aid
recovery. (Bangkok Post) Comment: Based on the survey of 2,252
respondents, confidence in employment opportunity rose from 71.7
points to 73.6 and confidence in future incomes improved from 94.6 to
96.4 points. The specific areas of improvement underlie that this
improved confidence figure is likely to be matched by increased
consumption expenditure.
SEC loosens capital regulations for banks. Banks are expected to speed
up the launch of additional Tier 2 capital instruments after the SEC announced
that it will allow banks to offer such instruments to retail investors. Previously
they could be offered only to institutional investors and wealthy clients. The
regulation aims to strengthen banks’ capital as many of their subordinated
notes are set to expire next year. The Tier 2 instruments under Basel III will
have a floor conversion price of 50% of the banks’ common stock price at the
offering period and will also apply to additional Tier 1 instruments with a
condition in which holders must convert them into common shares if the banks
face financial problems. (The Nation)
Yingluck not charged. The Office of the Attorney-General (OAG) yesterday
refused to indict Yingluck for dereliction of duty in failing to deal with corruption
and losses in the rice-pledging scheme, citing insufficient evidence. Instead
the OAG called for a joint panel with NACC to be established to re-investigate
the case, with representatives set to be appointed within the next two weeks,
with no timeframe for the committee to complete its work. (Bangkok Post)
Prayuth to first focus on ASEAN leaders. Yesterday the Foreign Ministry
permanent secretary said PM Prayuth would prioritize ASEAN countries when
embarking on overseas trip to introduce himself. Similarly, Foreign Minister
Tanasak Patima-pragorn’s first foreign visit in an official capacity is scheduled
for China’s Nanning for the ASEAN-China Expo in the middle of September.
(The Nation)
KBS admits that its revenue and net profits this year will remain unchanged
from the power plant project postponement while global sugar price is
dropping resulted from oversupply. By the way, the Mitsui group is about to
increase its stake to 16.7% via warrant exercise. (Biznews)
TUF acquired 100% of French company MerAlliance, a leading European
smoked salmon producer with annual sales of US$220mn (Bt7bn). The deal,
Source: Bisnews, Bloomberg
Thailand Research Department:
Mr. Warut Siwasariyanon Tel: 02 680 5041 Mr. Thunj Chantramonklasri Tel: 02 680 5077
Mr. Alex Manoonpol Tel: 02 680 5042 Mr. Traikun Kitimahakun Tel: 02 680 5043 Mr. Narudon Rusme Tel: 02 680 5056 Mr. Napat Siworapong Tel: 02 680 5094
Ms. Sukanya Leelarwerachai Tel: 02 680 5331
Major Indices Close Chg %Chg
SET 1,583.27 +3.5 +0.2
SET50 1,058.83 +2.0 +0.2
SET P/E (x) 18.3
SET P/BV (x) 2.3
SET Div. Yield (%) 2.9
Dow Jones 17,069.58 -8.7 -0.1
S&P 500 1,997.65 -3.1 -0.2
NASDAQ 4,562.29 -10.3 -0.2
UK 6,877.97 +4.4 +0.1
Germany 9,724.26 +97.8 +1.0
France 4,494.94 +73.1 +1.7
Japan 15,676.18 -52.2 -0.3
South Korea 2,056.26 +5.1 +0.2
Hong Kong 25,297.92 -20.0 -0.1
China 2,306.86 +18.2 +0.8
Taiwan 9,428.89 -21.5 -0.2
Singapore 3,346.34 -2.4 -0.1
Malaysia 1,869.21 +4.3 +0.2
Indonesia 5,205.32 -18.8 -0.4
Philippines 7,204.11 -1.9 -0.0
Trading Summary Buy Sell Net
Institution 4,788 7,294 -2,506
Proprietary 4,755 4,083 671
Foreign 9,937 8,926 1,011
Individuals 33,416 32,592 824
Total Trading Value 52,895 Btm
Most Active Value Value Close %Chg
KTB 1,960 23.90 +0.4
KBANK 1,489 236.00 +2.6
SAWAD 1,477 22.00 +0.5
BANPU 1,370 34.50 0.0
PTT 1,363 331.00 +1.2
Commodity Futures Close Chg %Chg
US Crude 94.45 -1.1 -1.1
Brent Crude 101.83 -0.9 -0.9
Gold 1,266.50 -3.8 -0.3
FX Rates Close Chg %Chg
USD/THB 32.09 +0.1 +0.3
EUR/USD 1.29 -0.0 -1.6
USD/JPY 105.26 +0.5 +0.4
USD/CNY 6.14 -0.0 -0.0
2
05 Sep 2014
Daily Market Outlook
which is expected to close next quarter, is a strategic driver for TUF. The
company aims to leverage MerAlliance's position as a leading smoked salmon
player in Europe and its strong growth track record to expand its base within
the chilled seafood category in Europe. The addition of MerAlliance will be a key step towards TUF's goal to double the group's revenue by 2020. This is
the first in a series of deals that the company expects to make over the coming
months. It is expected to contribute to TUF's earnings by increasing TUF's
group revenues by an estimated 5-6%. (The Nation)
BJC plans to open 205 B’s Mart convenience stores by the end of 2018 at a
cost of Bt1bn. The new store openings would bring the number of B’s mart
convenience stores to 300. (Bangkok Post)
Global issues:
New round of emerging markets rally? The ECB on Thursday made a bold
moves to remedy weakening growth in the euro zone. Three policy rates were
cut by 10 basis points, leaving the deposit facility at negative 20 basis points.
However, the most important move is that it surprisingly unveiled an asset-
backed security purchase program to be launched and detailed in October,
apparently moving closer to an outright QE with sovereign bonds being bought
on the secondary market. ECB President Mario Draghi said the aim was to
expand the bank's balance sheet back to the heights reached in early 2012,
which equates to a rise of around 50% or 1 trillion euros in new assets.
While the positive impact of these exercises on the real economies in Europe
will take time to happen, the side effect are expected to occur sooner through
the weakening euro. It will be good for carry trade using the euro from now
on. If an asset has a higher yield than euro-denominated ones, it will benefit
from increased flows from investors borrowing in euros and making bets
elsewhere. Notable beneficiaries will be emerging markets and buyers of risk
and financial assets. We expect another strong round of emerging markets
rally despite not anytime soon. (Reuters)
USA
US equities investors take caution. Wall Street followed Europe’s lead and
opened 0.5% higher with the S&P hitting a new all-time high at 2,011. Talks
of funds looking to moevve out of US equitise and into European strocks
however, led to Wall Street reversing lower during the rest of the session. The
S&P closed 0.15% lower. The US dollar index closed at 83.77, up 1.1% from
Wednesday close at 82.86.
Europe
Equities markets rejoiced. The strongest reaction came in EUR/USD which
dropped from 1.3130 to below 1.3050 within minutes of the ECB
announcement. The EUR/USC closed 1.2945, down 1.6% on the day. The
DAX closed 1.0% highest, while FT Milan Index increased 2.8% and the
Spanish IBEX rose 1.9%. The European fixed interest markets reacted by
steepening the German bund curve on expectations the move might increase
3
05 Sep 2014
Daily Market Outlook
inflation pressure in medium to long term. The 2-year bund yield eased to
minus 0.061% while the 10 year edged up to 0.96% (BBC, Reuters)
Commodities
It seemed the appreciating US$ overwhelmed the unexpectedly aggressive
ECB easing, and gold fell 0.7% to 1,261. Despite US data showing a bigger
drawdown in US Crude oil inventories NYMEX crude fell 1.0% to US$94.5 and
Brent fell to US$101. This could be due to some appreciation, and expectation
of further appreciation in the US$, and also abating concerns over the Russia-
Ukraine crisis.
Date Regions Economic Indicators
8-Sep-14 CNY Export, Import, Trade Balance (Aug)
9-Sep-14 JPY Consumer Confidence (Aug)
11-Sep-14 CNY CPI, PPI (Aug)
USA Jobless Claim
12-Sep-14
EU Unemployment (Q2)
Industrial Production (Jul)
USA Retail Sales (Aug)
Pre Consumer Sentiment (Sep)
Date XD
5-Sep-14
SCB 1.5 Baht Cash
SCB-P 1.5 Baht Cash
TAPAC 0.04 Baht Cash
TNPF 0.1875 Baht Cash
8-Sep-14
BAY 0.4 Baht Cash
BECL 0.8 Baht Cash
EASTW 0.21 Baht Cash
9-Sep-14
BANPU 0.5 Baht Cash
BBL 2 Baht Cash
KBANK 0.5 Baht Cash
KKP 0.5 Baht Cash
SSPF 0.14 Baht Cash
TIP 0.5 Baht Cash
4
05 Sep 2014
Daily Market Outlook
ADVANC BTS GRAMMY MCOT PTT SC SSI TMBAOT CIMBT HANA MINT PTTEP SCB SSSC TNITYASIMAR CK HEMRAJ NKI PTTGC SCC SVI TOPBAFS CPF ICC NOBLE QH SCSMG SYMC TRCBANPU CPN INTUCH PAP RATCH SE-ED TCAP TRUEBAY CSL IRPC PG ROBINS SIM THAI TTWBBL DRT IVL PHOL RS SIS THCOM TVOBCP DTAC KBANK PR S&J SITHAI THRE UVBECL EASTW KKP PRANDA SAMART SNC TIP VGIBKI EGCO KTB PS SAMTEL SPALI TISCO WACOALBROOK ERW LPN PSL SAT SPI TKT
2S ASP CHOW GBX JUBILE LRH NMG PPP SINGER TCP TOG UACACAP AYUD CM GC KBS LST NSI PREB SIRI TF TPC UMIAF BEC CNT GFPT KCE MACO NWR PRG SKR TFD TPCORP UMSAHC BFIT CPALL GL KGI MAJOR OCC PT SMT TFI TPIPL UPAIT BH CSC GLOW KKC MAKRO OFM PYLON SNP THANA TRT UPOICAKP BIGC DCC GOLD KSL MBK OGC QTC SPCG THANI TRU UTAMANAH BJC DELTA GSTEL KWC MBKET OISHI RASA SPPT THIP TSC VIBHAAMARIN BLA DTC GUNKUL L&E MFC PB SABINA SSF TICON TSTE VIHAMATA BMCL ECL HMPRO LANNA MFEC PDI SAMCO STANLY TIPCO TSTH VNGAP BWG EE HTC LH MODERN PE SCCC STEC TK TTA VNTAPCO CCET EIC IFEC LHBANK MTI PF SCG SUC TLUXE TTCL YUASAAPCS CENTEL ESSO INET LHK NBC PJW SEAFCO SUSCO TMILL TUF ZMICOASIA CFRESH FE ITD LIVE NCH PM SFP SYNTEC TMT TWFPASK CGS FORTH JAS LOXLEY NINE PPM SIAM TASCO TNL TYM
A ASIA CITY EASON HTECH KASET MJD PL SF SVOA TMI UOBKHAAV BAT-3K CMR EMC HYDRO KC MK POST SGP SWC TNDT UPFAEC BCH CNS EPCO IFS KCAR MOONG PRECHA SIMAT SYNEX TNPC UWCAEONTS BEAUTY CPL F&D IHL KDH MPIC PRIN SLC TBSP TOPP VAROAFC BGT CRANE FNS ILING KTC MSC Q-CON SMIT TCCC TPAC VTEAGE BLAND CSP FOCUS INOX KWH NC QLT SMK TEAM TPP WAVEAH BOL CSR FPI IRC LALIN NIPPON RCI SOLAR TGCI TR WGAI BROCK CTW FSS IRCP LEE NNCL RCL SPC TIC TTI WINAJ BSBM DEMCO GENCO IT MATCH NTV ROJNA SPG TIES TVD WORKAKR CHARAN DNA GFM JMART MATI OSK RPC SRICHA TIW TVIALUCON CHUO DRACO GJS JMT MBAX PAE SCBLIF SSC TKS TWZANAN CI EA GLOBAL JTS MDX PATO SCP STA TMC UBISARIP CIG EARTH HFT JUTHA PRINC PICO SENA SUPER TMD UEC
Corporate Governance Report disclaimer
The disclosure of the survey result of the Thai Institute of Directors
Association (“IOD”) regarding corporate governance is made pursuant
to the policy of the Office of the Securities and Exchange Commission.
The survey of the IOD is based on the information of a company listed
on the Stock Exchange of Thailand and the Market for Alternative
Investment disclosed to the public and able to be accessed by a
general public investor. The result, therefore, is from the perspective of
a third party. It is not an evaluation of operation and is not 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, Asia wealth Securities Company
Limited does not conform nor certify the accuracy of such survey result.
Score Range Number of Logo Description
90 - 100 Excellent
80 - 89 Very Good
70 - 79 Good
60 - 69 Satisfactory
50 - 59 Pass
Below 50 No logo given N/A
รายงานการประเมนิการก ากบัดแูลกจิการ (CGR) โดยสมาคมสง่เสรมิสถาบนักรรมการบรษิทัไทย 2556 Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD)
in 2013.
5
05 Sep 2014
Daily Market Outlook
Branch Address Phone Fax
Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road,
Lumphini, Pathumwan Bangkok 10330
02-680-5000 02-680-5111
Silom 191 Silom Complex Building,21st Floor Room 2,3-1
Silom Rd., Silom, Bangrak, Bangkok, 10500 Thailand
02-630-3500 02-630-3530-1
Asok
159 Sermmitr Tower, 17th FL. Room No.1703,
Sukhumvit 21 Road, Klong Toey Nua, Wattana,
Bangkok 10110
02-261-1314-
21
02-261-1328
Pinklao
7/3 Central Plaza Pinklao Office Building Tower B, 16th
Flr., Room No.1605-1606 Baromrajachonnanee Road,
Arunamarin, Bangkoknoi, Bangkok 10700
02-884-7333 02-884-7357,
02-884-7367
Chaengwattana
99/99 Moo 2 Central Plaza Chaengwattana Office
Tower, 22nd Flr., Room 2204 Chaengwattana Road,
Bang Talad, Pakkred, Nonthaburi 11120
02-119-2300 02-8353006
Chaengwattana 2
9/99 Moo 2 Central Plaza Chaengwattana Office Tower,
22nd Flr.,
Room 2203 Chaengwattana Road, Bang Talad, Pakkred,
Nonthaburi 11120
02-119-2388 02-119-2399
Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-
Trad Road, Bangkaew Bangplee, Samutprakarn 10540
02-106-7345 02-105-2070
Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District,
Muang District, Rayong Province 21000
038-808200 038-807200
Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen
40000
043-334-700 043-334-799
Chonburi 44 Vachiraprakarn Road, Bangplasoi, Muang Chonburi,
Chonburi 20000
038-274-533 038-275-168
Chaseongsao
233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung
Sub-District, Meung District, Chachoengsao 24000
038-981-587 038-981-591