SET INDEX Earnings (Bt m)

224,659

168,734

182,601

0

50,000

100,000

150,000

200,000

250,000

4Q19 3Q20 4Q20

SET INDEX Earnings (Bt m) •

•

•

•

13-14

Sector 4Q19 3Q20 4Q20 QoQ YoY

Agribusiness -341 2,476 6,438 160% NA

Automotive 384 1,145 1,363 19% 255%

Banking 47,439 30,330 32,674 8% -31%

Commerce 21,467 11,314 12,945 14% -40%

Construct 9,171 14,575 10,833 -26% 18%

Construction Services 843 59 580 880% -31%

Electronic Component 785 3,647 2,596 -29% 231%

Energy & Utilities 41,228 42,506 43,375 2% 5%

Finance & Securities 8,363 7,854 8,486 8% 1%

Food & Beverage 13,538 11,727 8,336 -29% -38%

Health Care Services 4,787 3,781 4,668 23% -2%

Information&Comm Tech 28,075 16,421 17,217 5% -39%

Insurance 1,030 2,883 2,091 -27% 103%

Media & Publishing 577 1,077 -207 NA NA

Packaging 1,288 2,718 2,502 -8% 94%

Petrochem & Chemical 1,201 2,768 10,905 294% 808%

Property Development 27,666 11,729 10,405 -11% -62%

Tourism & Leisure 1,530 -3,272 -4,534 NA NA

Transport & Logistic 11,402 -3,661 75 NA -99%

Total Market 220,432 160,077 170,748 7% -23%

Total Market ex. Energy 179,205 117,571 127,373 8% -29%

Total Market ex. Energy & Bank 131,765 87,241 94,699 9% -28%

Sector Stock 4Q19 3Q20 4Q20 QoQ YoY

AGRI GFPT 250 342 462 35% 84%

NER 124 152 422 177% 240%

STA 74 2,084 5,499 164% 7331%

UPOIC 14 28 76 168% 457%

AUTO CWT 23 12 76 524% 236%

HFT 95 139 142 2% 49%

PCSGH 13 134 157 17% 1084%

SAT 211 81 240 197% 14%

STANLY 542 462 602 30% 11%

BANK KBANK 8,802 6,679 13,258 99% 51%

COMM BIG 45 33 51 57% 14%

COM7 385 372 556 49% 44%

DOHOME 152 188 215 15% 41%

ILM 141 146 143 -2% 2%

MAKRO 2,059 1,572 2,130 35% 3%

MEGA 382 342 427 25% 12%

RS 66 131 103 -21% 56%

RSP 18 3 28 703% 52%

SINGER 36 117 124 6% 244%

SPC 453 298 487 64% 8%

SPI 571 491 599 22% 5%

4Q20 Earnings Growth YoY (Bt m)

13-14


Agribusiness -341 2,476 6,438 160% NA

Automotive 384 1,145 1,363 19% 255%

Banking 47,439 30,330 32,674 8% -31%

Commerce 21,467 11,314 12,945 14% -40%

Construct 9,171 14,575 10,833 -26% 18%





Food & Beverage 13,538 11,727 8,336 -29% -38%



Insurance 1,030 2,883 2,091 -27% 103%


Packaging 1,288 2,718 2,502 -8% 94%





Total Market 220,432 160,077 170,748 7% -23%




CONS DCC 238 413 362 -12% 52%

DCON 26 22 39 78% 48%

EPG 112 214 245 15% 119%

SCC 7,104 9,741 8,047 -17% 13%

SCCC 479 898 932 4% 95%

SKN 15 34 38 12% 147%

TASCO 641 1,862 794 -57% 24%

WIIK 10 25 31 22% 223%

CON SER APCS 43 48 47 -2% 8%

SYNTEC 14 18 99 444% 613%

DELTA 383 2,642 1,582 -40% 313%

HANA 558 320 702 119% 26%

KCE 252 250 381 52% 51%

SVI 28 249 102 -59% 258%

ENERG AGE 35 92 82 -11% 131%

AI 148 168 241 43% 63%

AKR 38 28 68 144% 80%

BGRIM 409 501 576 15% 41%

GPSC 1,145 2,574 1,458 -43% 27%

GULF 905 970 1,844 90% 104%

GUNKUL 527 1,001 1,693 69% 221%



Agribusiness -341 2,476 6,438 160% NA

Automotive 384 1,145 1,363 19% 255%

Banking 47,439 30,330 32,674 8% -31%

Commerce 21,467 11,314 12,945 14% -40%

Construct 9,171 14,575 10,833 -26% 18%





Food & Beverage 13,538 11,727 8,336 -29% -38%



Insurance 1,030 2,883 2,091 -27% 103%


Packaging 1,288 2,718 2,502 -8% 94%





Total Market 220,432 160,077 170,748 7% -23%




ENERG LANNA 42 7 68 941% 60%

PTG 356 509 672 32% 88%

RATCH 905 1,722 2,129 24% 135%

SCG 9 44 31 -31% 225%

SSP 117 228 142 -38% 21%

SUSCO 53 70 99 41% 85%

TOP 2,400 715 7,544 955% 214%

WP 32 63 49 -22% 55%

FIN AMANAH 70 76 77 2% 10%

ASP 84 108 131 21% 56%

CGH 8 32 35 8% 360%

CHAYO 20 32 36 14% 85%

JMT 199 283 330 17% 66%

KGI 233 474 407 -14% 75%

KTC 1,319 1,221 1,321 8% 0%

MBKET 106 69 174 153% 65%

MFC 32 38 48 27% 50%

MTC 1,131 1,340 1,370 2% 21%

SAWAD 1,093 1,204 1,289 7% 18%

TNITY 70 4 138 3618% 96%



Agribusiness -341 2,476 6,438 160% NA

Automotive 384 1,145 1,363 19% 255%

Banking 47,439 30,330 32,674 8% -31%

Commerce 21,467 11,314 12,945 14% -40%

Construct 9,171 14,575 10,833 -26% 18%





Food & Beverage 13,538 11,727 8,336 -29% -38%



Insurance 1,030 2,883 2,091 -27% 103%


Packaging 1,288 2,718 2,502 -8% 94%





Total Market 220,432 160,077 170,748 7% -23%




FOOD APURE 22 77 110 44% 404%

ASIAN 17 202 211 4% 1149%

CBG 803 970 873 -10% 9%

CPF 4,010 7,474 6,409 -14% 60%

LST 135 131 155 18% 15%

OSP 823 923 851 -8% 3%

PM 82 118 108 -8% 31%

RBF 99 141 122 -14% 23%

SAPPE 50 133 83 -38% 66%

SAUCE 121 123 155 27% 28%

SNP 86 154 107 -30% 25%

SSF 45 46 60 31% 34%

TFG 128 1,063 428 -60% 235%

TU 1,057 2,056 1,457 -29% 38%

TVO 396 355 466 31% 18%

HEALTH BCH 241 413 278 -33% 16%

BDMS 2,323 1,801 2,388 33% 3%

CHG 134 282 254 -10% 89%

EKH 29 16 45 184% 55%

LPH 31 51 54 5% 71%

MCHAI 33 2 54 3066% 63%



Agribusiness -341 2,476 6,438 160% NA

Automotive 384 1,145 1,363 19% 255%

Banking 47,439 30,330 32,674 8% -31%

Commerce 21,467 11,314 12,945 14% -40%

Construct 9,171 14,575 10,833 -26% 18%





Food & Beverage 13,538 11,727 8,336 -29% -38%



Insurance 1,030 2,883 2,091 -27% 103%


Packaging 1,288 2,718 2,502 -8% 94%





Total Market 220,432 160,077 170,748 7% -23%




HEALTH PR9 74 72 81 12% 10%

RAM 94 108 239 121% 153%

RJH 82 120 144 20% 77%

RPH 22 21 40 95% 82%

SKR 40 102 91 -11% 125%

VIBHA 168 36 323 785% 93%

VIH 57 59 66 13% 17%

ICT ADVANC 7,065 6,513 7,164 10% 1%

AIT 133 137 147 7% 11%

FORTH 68 130 188 45% 176%

HUMAN 41 39 44 15% 9%

INTUCH 1,890 2,661 2,666 0% 41%

JMART 154 261 271 4% 76%

JTS 1 11 16 48% 1718%

SIS 135 154 167 9% 24%

SVOA 21 20 69 252% 224%

SYMC 16 27 16 -40% 1%

SYNEX 127 171 173 1% 36%

INSUR NKI 17 40 38 -5% 121%

NSI 7 37 22 -42% 198%

THRE 16 74 131 76% 712%


13-14


Agribusiness 845 1,447 1,730 20% 105%

Automotive 980 1,354 -417 NA NA

Banking 53,382 50,360 31,412 -38% -41%

Commerce 13,624 13,619 5,611 -59% -59%

Construct 9,717 8,634 14,357 66% 48%

Construction Services 1,506 459 122 -73% -92%

Electronic Component 1,891 1,801 2,851 58% 51%

Energy & Utilities 54,876 -8,756 25,930 NA -53%

Finance & Securities 5,836 6,853 5,738 -16% -2%

Food & Beverage 10,085 7,695 272 -96% -97%

Health Care Services 4,332 5,224 932 -82% -78%


Insurance 3,850 1,275 4,258 234% 11%

Media & Publishing 1,690 -1,650 -858 NA NA

Packaging 1,003 1,471 1,617 10% 61%

Petrochem & Chemical 5,976 -6,606 2,932 NA -51%


Tourism & Leisure -287 -77 -3,750 NA NA

Transport & Logistic 2,862 -19,628 -10,151 NA NA

Total Market 200,378 87,673 103,352 18% -48%

Total Market ex. Energy 145,503 96,429 77,423 -20% -47%



MEDIA AMARIN 130 103 153 48% 18%

AS 15 103 65 -37% 343%

MPIC 4 2 35 1887% 889%

TKS 62 70 77 9% 23%

PACK ALUCON 132 135 136 1% 3%

SMPC 78 180 110 -39% 40%

SPACK 9 19 20 9% 124%

THIP 83 116 102 -12% 23%

PETRO BCT 522 198 1,470 642% 182%

GC 28 35 45 28% 57%

GGC 191 100 565 467% 196%

PTTGC 374 908 6,405 605% 1613%

UAC 51 32 108 234% 111%

PROP AMATA 250 269 397 47% 58%

LALIN 249 308 382 24% 53%

NOBLE 446 524 640 22% 44%

PRIN 50 95 102 7% 103%

RICHY 26 8 43 464% 66%

ROJNA 162 93 727 678% 350%

SF 1,093 269 1,161 332% 6%

WHA 1,201 429 1,454 239% 21%


13-14


Agribusiness 845 1,447 1,730 20% 105%

Automotive 980 1,354 -417 NA NA

Banking 53,382 50,360 31,412 -38% -41%

Commerce 13,624 13,619 5,611 -59% -59%

Construct 9,717 8,634 14,357 66% 48%

Construction Services 1,506 459 122 -73% -92%

Electronic Component 1,891 1,801 2,851 58% 51%

Energy & Utilities 54,876 -8,756 25,930 NA -53%

Finance & Securities 5,836 6,853 5,738 -16% -2%

Food & Beverage 10,085 7,695 272 -96% -97%

Health Care Services 4,332 5,224 932 -82% -78%


Insurance 3,850 1,275 4,258 234% 11%

Media & Publishing 1,690 -1,650 -858 NA NA

Packaging 1,003 1,471 1,617 10% 61%

Petrochem & Chemical 5,976 -6,606 2,932 NA -51%


Tourism & Leisure -287 -77 -3,750 NA NA

Transport & Logistic 2,862 -19,628 -10,151 NA NA

Total Market 200,378 87,673 103,352 18% -48%

Total Market ex. Energy 145,503 96,429 77,423 -20% -47%



TRANS NYT 78 22 91 309% 16%

PRM 266 411 413 1% 55%

WICE 13 56 59 6% 345%


13-14

Sector Stock 4Q19 3Q20 4Q20 4Q20E QoQ YoY Beat

AGRI GFPT 250 342 462 306 35% 84% 51%

NER 124 152 422 378 177% 240% 12%

STA 74 2,084 5,499 4,645 164% 7331% 18%

AUTO SAT 211 81 240 174 197% 14% 38%

BANK KBANK 8,802 6,679 13,258 6,121 99% 51% 117%

TCAP 4,420 639 685 513 7% -84% 34%

COMM BIG 45 33 51 40 57% 14% 29%

BJC 2,473 1,062 1,353 1,227 27% -45% 10%

COM7 385 372 556 469 49% 44% 18%

CRC 5,981 837 1,056 345 26% -82% 206%

CONS EPG 112 214 245 204 15% 119% 21%

CONSER PYLON 92 13 27 21 115% -71% 29%

STEC 600 235 468 226 100% -22% 107%

ELEC HANA 558 320 702 416 119% 26% 69%

ENERG BCP 620 -647 251 200 N/A -59% 26%

BPP -369 845 1,201 916 42% N/A 31%

EGCO 2,539 2,267 1,804 1,228 -20% -29% 47%

ESSO -1,870 467 433 388 -7% N/A 12%

GULF 905 970 1,844 1,184 90% 104% 56%

GUNKUL 527 1,001 1,693 481 69% 221% 252%

IRPC -513 1,556 1,608 324 3% -413% N/A

4Q20 Earnings Beat Bloomberg Consensus (Bt m)

Inline Beat Miss Total

Agribusiness 0 3 1 4

Automotive 0 1 0 1

Banking 3 2 4 9

Commerce 7 4 3 14

Construct 5 1 1 7

Construction Services 0 2 3 5

Electronic Component 2 1 1 4

Energy & Utilities 1 11 9 21

Finance & Securities 5 2 2 9

Food & Beverage 5 3 6 14

Health Care Services 1 6 2 9

Information&Comm Tech 3 3 2 8

Insurance 1 0 1 2

Media & Publishing 0 4 2 6

Packaging 2 1 1 4

Petrochem & Chemical 1 3 0 4

Property Development 5 6 5 16

Tourism & Leisure 0 0 3 3

Transport & Logistic 3 2 6 11

Total 44 55 52 151

% 29% 36.4% 34.4%

Sector

Sector Stock 4Q19 3Q20 4Q20 4Q20E QoQ YoY Beat

ENERG PTG 356 509 672 584 32% 88% 15%

RATCH 905 1,722 2,129 1,178 24% 135% 81%

SPRC -2,975 268 862 146 222% -129% 491%

WHAUP 399 188 264 214 41% -34% 24%

FIN JMT 199 283 330 296 17% 66% 12%

SAWAD 1,093 1,204 1,289 1,089 7% 18% 18%

FOOD ASIAN 17 202 211 150 4% 1149% 41%

CPF 4,010 7,474 6,409 4,327 -14% 60% 48%

SAPPE 50 133 83 73 -38% 66% 14%

HEALTH BDMS 2,323 1,801 2,388 1,841 33% 3% 30%

CHG 134 282 254 213 -10% 89% 19%

EKH 29 16 45 27 184% 55% 69%

PR9 74 72 81 69 12% 10% 18%

RPH 22 21 40 33 95% 82% 19%

THG 82 75 31 10 -59% -63% 207%

ICT DIF 9,179 2,858 4,913 2,886 72% -46% 70%

JASIF 5,797 2,470 2,602 2,164 5% -55% 20%

SYNEX 127 171 173 142 1% 36% 22%

MEDIA BEC -259 60 268 170 345% -203% 58%

PLANB 223 1 140 121 12740% -37% 16%

VGI 270 401 364 290 -9% 35% 26%

WORK -31 76 35 4 -54% -211% 774%




Automotive 0 1 0 1

Banking 3 2 4 9

Commerce 7 4 3 14

Construct 5 1 1 7








Insurance 1 0 1 2


Packaging 2 1 1 4





Total 44 55 52 151

% 29% 36.4% 34.4%

Sector

13-14



Automotive 0 1 0 1

Banking 3 2 4 9

Commerce 7 4 3 14

Construct 5 1 1 7








Insurance 1 0 1 2


Packaging 2 1 1 4





Total 44 55 52 151

% 29% 36.4% 34.4%

SectorSector Stock 4Q19 3Q20 4Q20 4Q20E QoQ YoY Beat

PACK SCGP N/A 1,335 1,486 496 11% N/A 200%

PETRO GGC 191 100 565 325 467% 196% 74%

IVL -1,516 380 1,310 981 245% N/A 33%

PTTGC 374 908 6,405 5,158 605% 1613% 24%

PROP AMATA 250 269 397 312 47% 58% 27%

AP 882 1,450 942 679 -35% 7% 39%

LH 4,145 2,049 2,357 1,891 15% -43% 25%

NOBLE 446 524 640 485 22% 44% 32%

SF 1,093 269 1,161 201 332% 6% 477%

WHA 1,201 429 1,454 1,308 239% 21% 11%

TRANS III 28 57 48 34 -15% 70% 42%

NYT 78 22 91 57 309% 16% 59%


13-14

75

75.5

76

76.5

77

77.5

78

1420

1440

1460

1480

1500

1520

1540

1560

SET INDEX SET EPS 21E (RHS)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Consensus Revise up

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%

Consensus Revise up

13-14

75

75.5

76

76.5

77

77.5

78

1420

1440

1460

1480

1500

1520

1540

1560

SET INDEX SET EPS 21E (RHS)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Consensus Revise up

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Consensus Revise up

13-14

0

5

10

15

20

25

30 SET INDEX Forward PE (X)

+1SD

+2SD

AVG

-1SD

-2SD

0

1

2

3

4

5

6

7

8

Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20

Eanings Yield Gap (%)

+2 SD

+1 SD

AVG

-1 SD

-2 SD

Documents

SET INDEX Earnings (Bt m)