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5 February 2015
Daily Market Outlook
1
Please see disclaimer on last page
ECB action damps down sentiment
Thai shares are likely to trade lower today in line with most other
Asian shares as optimism over Greece’s debt resolution
evaporated after the ECB took a hard line stance on Greece by
cancelling liquidity and funding facilities. Risk appetite took a hit as
a result. In addition, oil prices crashed again, pressuring energy
shares across all markets.
Local issues: National trade panel sought. The Commerce Ministry will seek
approval from the Cabinet to set up a “National Trade Promotion
Committee” in an effort to put export growth higher on the national
agenda. The country remains committed to driving export growth
to 4% this year, despite the BOT’s warning that exports may fall
below 1% due to a decline in global oil prices. A fragile global
economy, particularly related to Greece’s debt negotiations and
Russia’s weakening conditions, also pose negative risks to the
country’s exports. (The Nation) Comment: A national
committee would be tasked with tackling obstacles to
exports and carrying out export stimulus measures. A
greater priority on exports will help the country achieve its
targeted 4% growth in GDP.
NGV price to rise. The Energy Ministry insists on raising the price
for natural gas for vehicles (NGV) by Bt1-2 per kilogram to reflect
the actual cost of Bt15-16 despite complaints by users and
requests for fare hikes by the Bangkok Mass Transit Authority.
Nevertheless, an excise tax on NGV will not be collected soon for
fear of resistance from the public. The cheapest fuel by heating
value, NGV prices have gone up from Bt10.50 per kilogram in
September to Bt13 currently. (The Nation)
Starwood bullish on Thai tourism. Starwood Hotel and Resorts
Worldwide Inc. is optimistic that Thailand’s tourism industry will
recover fully this year. The overall hotel industry in Bangkok is
expected to improve in 2015 to the level seen in 2013, which
lacked political conflict and protests for much of the time. Recent
tourism problems include the Russian economic crisis and ruble
devaluation, but tourists from other countries such as China
should help make up for this. (Bangkok Post)
KKP aims for 6% lending growth this year and is set to be the
country’s first financial institution to offer Lombard loans to serve
high-net-worth customers. The group’s loan target is based on an
assumption that the country’s economic growth will come in at
3.5% this year. (Bangkok Post)
Thailand Research Department:
Mr. Warut Siwasariyanon (No.17923) Tel: 02 680 5041
Mr. Narudon Rusme, CFA (No.29737) Tel: 02 680 5056
Mr. Napat Siworapongpan (No.49234) Tel: 02 680 5094
Major Indices Close Chg %Chg
SET 1,599.81 -2.7 -0.2
SET50 1,066.10 -2.8 -0.3
SET P/E (x) 19.2
SET P/BV (x) 2.3
SET Div. Yield (%) 2.7
Dow Jones 17,673.02 +6.6 +0.0
S&P 500 2,041.51 -8.5 -0.4
NASDAQ 4,716.70 -11.0 -0.2
UK 6,860.02 -11.8 -0.2
Germany 10,911.32 +20.4 +0.2
France 4,696.30 +18.4 +0.4
Japan 17,678.74 +342.9 +2.0
South Korea 1,962.79 +10.8 +0.6
Hong Kong 24,679.76 +125.0 +0.5
China 3,175.08 -29.8 -0.9
Taiwan 9,513.92 +65.2 +0.7
Singapore 3,417.57 +9.6 +0.3
Malaysia 1,803.02 +21.8 +1.2
Indonesia 5,315.28 +23.6 +0.4
Philippines 7,716.06 +102.9 +1.4
Trading Summary Buy Sell Net
Institution 7,421 9,274 -1,853
Proprietary 4,505 4,832 -327
Foreign 13,037 10,601 2,436
Individuals 38,726 38,982 -256
Total Trading Value 63,689 Btmn
Most Active Value Value
TRUE 3,777 13.40 -2.2
PTT 3,579 378.00 +6.5
PTTEP 2,451 121.00 +7.6
IRPC 1,767 3.94 +15.2
PTTGC 1,666 60.50 +4.8
Commodity Futures Close Chg %Chg
US Crude 48.45 -4.6 -8.7
Brent Crude 54.16 -3.8 -6.5
Gold 1,264.50 +4.2 +0.3
FX Rates Close Chg %Chg
USD/THB 32.64 +0.0 +0.2
EUR/USD 1.13 -0.0 -1.2
USD/JPY 117.26 -0.3 -0.2
USD/CNY 6.25 -0.0 -0.2
Source: Bisnews, Bloomberg
5 February 2015
Daily Market Outlook
2
Please see disclaimer on last page
UAC (UAC Global) has set aside Bt3.0bn for capital expenditure over the next
three years to raise its power generation capacity from renewable energy to 80
MW, apart from current development of napier-grass biogas power plants and
two solar farms with a total capacity of 15.5 MW. Meanwhile, UAC is also in talks
to acquire or merge with other renewable energy firms, with proposals to be
finalized by 3Q15. (Bangkok Post)
Global issues ECB took a hard line stance on Greece: The ECB abruptly canceled its
acceptance of Greek bonds in return for funding, putting more pressure on
Greece to reach new reforms. This was a response to Greek government's likely
move to abandon its aid-for-reform program. This also means that Greek’s central
bank will have to provide its banks with tens of billions of euros of additional
emergency liquidity in the coming weeks. As a result, the euro slumped and safe-
haven US government bonds rallied. (Reuters)
The benchmark 10-year US Treasury note rose 3/32 in price, putting the yield
at 1.7675%. (Reuters)
The US dollar index rose 0.6% following a decline of about 1% on Tuesday,
which was its biggest one-day fall since October 2013. The euro was last down
0.48% against the greenback at US$1.14210. The dollar was down slightly
against the Japanese yen at 117.48 yen. (Reuters) USA The S&P 500 and Nasdaq ended lower on Wednesday, snapping a 2-day rally
as energy shares slid with oil prices and as investors' anxiety about the euro zone
returned. The Dow, however, ended in positive territory, lifted by shares of Walt
Disney after quarterly profit topped analysts' expectations. (Reuters)
Europe European shares, which closed prior to the ECB's announcement of cancellation
of the acceptance of Greek bonds, ended up 0.6% as a business survey showed
the euro zone private sector grew at its fastest pace in six months in January.
(Reuters) Asia The People’s Bank of China (PBOC) announced a cut in the amount of cash
that banks must hold as reserves. That was the first industry-wide cut in more
than 2-1/2 years, as the central bank increased efforts to shore up flagging growth
in the world's second-largest economy. (Reuters)
Japan's government unexpectedly delayed a widely expected nomination
to the BOJ's policy board on Wednesday, raising concerns the appointment
could become ensnared in a political battle with opposition parties. (Reuters)
Japanese wage earners' cash earnings rose in December and declines in real
wages slowed for a second month, a positive sign for an economic recovery. The
total cash earnings grew 1.6% in the year to December, up for the 10th straight
month. Real wages adjusted for inflation fell 1.4% YoY in December, down for
the 18th straight month, but the pace of falls slowed from the prior month's 2.7%
drop. (Reuters)
5 February 2015
Daily Market Outlook
3
Please see disclaimer on last page
Commodities Oil prices crashed on Wednesday, with US crude losing 9% in one of its biggest
daily routs ever, as record high oil inventories in the United States cut short a
four-day rally. The US EIA reported that US crude stocks jumped by 6.3 million
barrels last week to 413.06 million, their highest since records began in 1982. US
crude tumbled almost a half of the near 20% gain it had made since Thursday's
close. US crude settled at US$48.45, down 9%. Brent oil settled at US$54.16,
down 6.5%. (Reuters)
Gold rose up 1% on Wednesday, reversing the previous session's losses, as
share prices dropped and China's central bank moved to make more money
available for lending to help stimulate its flagging economy. Spot gold was up
0.8% at US$1,270.05 an ounce. US gold for April delivery also rose 0.8% to
US$1,270.50 an ounce. (Reuters)
5 February 2015 4
Please see disclaimer on last page
CG Report
Date Regions
2-Feb-15 CNY
EU
US
4-Feb-15 EU
US
6-Feb-15 US
US
Mon Tue Wed Thu Fri
2 3 4 5 6
XD
1DIV : 0.233 Bt
TDEX : 0.314 Bt
XD
METCO : 9.00 Bt
TTA : 0.25 Bt
XD
TAPAC : 0.08 Bt
XR
PRO
TTA
XW
TTA
XR
TWZ
9 10 11 12 13
XW
ECL
XD
PTTEP : 1.50 Bt
XR
WHA
XW
KIAT
WHA
XW
SAMART
XR
UREKA
16 17 18 19 20
XR
APURE
23 24 25 26 27
XE
E-W3
XR
AJP
Unemployment Rate
February 2015
Economic Indicators
HSBC Manufacturing PMI
Makrit Manufacturing PMI
ISM Manufacturing PMI
Non-monetary policy's ECB meeting
ISM Non-Manufacturing PMI
Nonfarm Payrolls
5 February 2015 5
Please see disclaimer on last page
CG Report Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2013.
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
80 – 89
70 – 79
60 – 69
50 – 59
Below 50
No logo given
Excellent
Very Good
Good
Satisfactory
Pass
N/A
BAFS EGCO IRPC KTB PTTEP SAT SIM TOPBCP GRAMMY IVL MINT PTTGC SC SPALIBTS HANA KBANK PSL SAMART SCB TISCOCPN INTUCH KKP PTT SAMTEL SE-ED TMB
AAV BIGC DELTA HMPRO NBC PJW SAMCO SVI TOGACAP BKI DRT ICC NCH PM SCC TCAP TRCADVANC BLA DTAC KCE NINE PPS SINGER TF TRUEANAN BMCL DTC KSL NKI PR SIS THAI TSTEAOT BROOK EASTW LANNA NMG PRANDA SITHAI THANI TSTHASIMAR CENTEL EE LH NSI PS SNC THCOM TTAASK CFRESH ERW LHBANK OCC PT SNP TIP TTWASP CIMBT GBX LOXLEY OFM QH SPI TIPCO TVOBANPU CK GC LPN PAP RATCH SSF TK UACBAY CNT GFPT MACO PE ROBINS SSI TKT VGIBBL CPF GUNKUL MC PG RS SSSC TNITY VNTBECL CSL HEMRAJ MCOT PHOL S&J STA TNL WACOAL
2S BEAUTY CSS IHL MFEC PPM SKR TBSP TSC ZMICOAF BEC DCC INET MJD PPP SMG TEAM TSCAH BFIT DEMCO IRC MODERN PREB SMK TFD TTCLAHC BH DNA IRCP MONO PRG SMPC TFI TUFAIT BJC EA ITD MOONG PRIN SMT THANA TVDAJ BJCHI ESSO KBS MPG PTG SOLAR THIP TWFPAKP BOL FE KGI MTI QLT SPC THREL UMIAKR BTNC FORTH KKC NC QTC SPCG TIC UPAMANAH BWG FPI KTC NTV RCL SPPT TICON UPFAMARIN CCET GENCO L&E NUSA SABINA SST TIW UPOICAMATA CGD GL LRH NWR SALEE STANLY TKS UTAP CGS GLOBAL LST NYT SCBLIF STEC TLUXE UVAPCO CHOW GLOW MAJOR OGC SCCC STPI TMI UWCAPCS CI GOLD MAKRO OISHI SCG SUC TMT VIHAQUA CKP HOTPOT MATCH PACE SEAFCO SWC TNDT WAVEARIP CM HTC MBK PATO SEAOIL SYMC TPC WHAAS CMR HTECH MBKET PB SFP SYNEX TPCORP WINASIA CSC HYDRO MEGA PDI SIAM SYNTEC TRT WINNERAYUD CSP IFS MFC PICO SIRI TASCO TRU YUASA
Source: Thai Institute of Directors (IOD)
5 February 2015
Contact
6
Please see disclaimer on last page
This report has been prepared by Asia Wealth Securities Company Limited (“AWS”). The information herein has been obtained from sources believed to be reliable and accurate, but AWS makes no representation as to the accuracy and completeness of such information. AWS does not accept any liability for any loss or damage of any kind arising out of the use of such information or opinions in this report. Before making your own independent decision to invest or enter into transaction, investors should study this report carefully and should review information relating. All rights are reserved. This report may not be reproduced, distributed or published by any person in any manner for any purpose without permission of AWS. Investment in securities has risks. Investors are advised to consider carefully before making decisions.
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Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,
Pathumwan Bangkok 10330
02-680-5000 02-680-5111
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Silom, Bangrak, Bangkok, 10500 Thailand
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Road, Klong Toey Nua, Wattana, Bangkok 10110
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Bangkoknoi, Bangkok 10700
02-884-7333 02-884-7357,
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Chaengwattana
99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,
Room 2204 Chaengwattana Road, Bang Talad, Pakkred,
Nonthaburi 11120
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Bangkaew Bangplee, Samutprakarn 10540
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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