SET INDEX Earnings

•

•

•

•

•

•

106,369

126,642

169,558 176,479

246,570 254,960

-

50,000

100,000

150,000

200,000

250,000

300,000

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

SET INDEX Earnings+3%QoQ +100%YoY

•

•

13-14

Sector 2Q20 1Q21 2Q21 QoQ YoY

Agribusiness 1,736 6,719 6,655 -1% 283%

Automotive -397 1,280 1,414 10% NA

Banking 31,337 47,709 52,372 10% 67%

Commerce 5,682 11,031 10,408 -6% 83%

Construct 14,447 19,576 23,562 20% 63%

Construction Services 214 1,308 361 -72% 68%

Electronic Component 2,876 3,134 3,326 6% 16%

Energy & Utilities 30,967 83,320 65,866 -21% 113%

Finance & Securities 7,008 9,774 7,865 -20% 12%

Food & Beverage 4,333 8,221 9,132 11% 111%

Health Care Services 935 2,941 5,325 81% 470%

Information&Comm Tech 18,482 15,397 16,468 7% -11%

Insurance 4,139 3,847 3,219 -16% -22%

Media & Publishing -823 777 398 -49% NA

Packaging 3,531 4,267 3,462 -19% -2%

Petrochem & Chemical 2,897 17,035 36,917 117% 1174%

Property Development 6,962 11,792 10,031 -15% 44%

Tourism & Leisure -3,746 -2,086 -3,313 NA NA

Transport & Logistic -3,938 528 1,493 183% NA

Total Market 126,642 246,570 254,960 3% 101%

Total Market ex. Energy 95,675 163,250 189,094 16% 98%

Total Market ex. Energy & Bank 64,338 115,541 136,722 18% 113%

Sector Stock 2Q20 1Q21 2Q21 QoQ YoY

AGRI EE 40 12 134 1015% 235%

GFPT 223 61 182 198% -18%

NER 225 366 439 20% 95%

UPOIC 16 29 95 228% 494%

UVAN 205 102 501 391% 144%

AUTO CWT 15 55 40 -27% 167%

HFT 6 135 124 -8% 1967%

IRC 99 121 132 9% 33%

TSC 52 49 81 65% 56%

BANK BAY 6,508 6,505 14,543 124% 123%

BBL 3,095 6,923 6,357 -8% 105%

CIMBT 306 341 613 80% 100%

KBANK 2,175 10,627 8,894 -16% 309%

KKP 1,184 1,463 1,354 -7% 14%

KTB 3,755 5,578 6,011 8% 60%

SCB 8,360 10,088 8,815 -13% 5%

TCAP 1,029 1,078 1,107 3% 8%

TISCO 1,329 1,764 1,666 -6% 25%

COMM BJC 306 1,013 822 -19% 169%

COM7 275 566 587 4% 113%

CPW 1 25 7 -72% 595%

CSS 21 18 31 72% 48%

DOHOME 146 543 601 11% 312%

2Q21 Earings growth QoQ or YoY


COMM FTE 15 12 14 17% -7%

GLOBAL 507 966 972 1% 92%

HMPRO 943 1,362 1,433 5% 52%

ILM 14 145 101 -30% 621%

IT 35 41 48 17% 37%

MEGA 303 334 504 51% 66%

SINGER 115 140 183 30% 59%

SPC 548 358 542 51% -1%

SPI 745 336 1,348 301% 81%

CONS COTTO 41 187 177 -5% 332%

DCC 444 493 453 -8% 2%

DCON 11 28 22 -21% 100%

SCC 9,384 14,914 17,136 15% 83%

SCCC 1,024 1,063 1,445 36% 41%

SKN 62 86 173 101% 179%

TPIPL 663 1,164 1,791 54% 170%

CON SER WIIK 29 25 33 32% 14%

CK 64 208 318 53% 397%

CNT 29 7 14 100% -52%

EMC 34 12 13 9% -61%

PREB 33 58 61 6% 86%

ELEC HANA 682 301 737 145% 8%

KCE 71 503 618 23% 770%



ELEC SMT 37 51 56 10% 51%

SVI 109 148 165 11% 51%

ENERG 7UP 26 103 50 -51% 92%

ACE 250 360 366 2% 46%

AKR 8 24 12 -50% 50%

BCPG 355 523 565 8% 59%

BGRIM 1,017 611 1,022 67% 0%

BPP 680 1,034 1,126 9% 66%

BRRGIF 10 95 103 8% 930%

EA 1,149 1,412 1,191 -16% 4%

EASTW 151 371 278 -25% 84%

ETC 60 45 64 43% 7%

GPSC 1,896 1,973 2,302 17% 21%

GREEN 2 37 16 -57% 700%

GULF 1,881 1,632 1,407 -14% -25%

GUNKUL 279 609 524 -14% 88%

LANNA 34 243 323 33% 850%

MDX 54 76 137 80% 154%

PRIME 78 98 82 -16% 5%

PTT 12,053 32,588 24,579 -25% 104%

PTTEP 4,323 11,534 7,140 -38% 65%

RATCH 1,074 2,088 2,123 2% 98%

SCG 20 66 33 -50% 65%


13-14


ENERG SGP 12 1,322 174 -87% 1350%

SKE 13 6 14 133% 8%

SSP 150 183 240 31% 60%

SUPER 148 860 708 -18% 378%

TPIPP 1,172 1,061 1,188 12% 1%

TTW 694 702 856 22% 23%

WHAUP 317 131 246 88% -22%

WP 17 33 27 -18% 59%

FIN AMANAH 66 79 81 2% 22%

ASK 230 276 269 -3% 17%

ASP 154 350 231 -34% 50%

BAM 110 247 790 220% 618%

IFS 34 35 36 3% 6%

JMT 227 283 289 2% 27%

KTC 1,149 1,634 1,680 3% 46%

MBKET 107 277 171 -38% 60%

MFC 30 91 92 1% 207%

MICRO 33 51 50 -2% 52%

ML 26 42 32 -24% 23%

MTC 1,267 1,374 1,270 -8% 0%

NCAP 34 75 75 0% 121%

PL 16 29 35 21% 119%

SAWAD 982 1,361 1,106 -19% 13%



FIN TK 52 98 118 20% 127%

FOOD APURE 50 62 86 39% 72%

ASIAN 300 215 293 36% -2%

CBG 881 700 967 38% 10%

CPI 30 61 119 95% 296%

FND 19 2 14 600% -26%

HTC 193 147 187 27% -3%

ICHI 149 122 164 35% 10%

LST 74 108 142 31% 91%

OSP 804 1,004 820 -18% 2%

PB 427 339 405 20% -5%

PM 95 130 38 -71% -60%

PRG 213 66 157 138% -26%

RBF 109 75 108 44% -1%

SAPPE 83 87 127 46% 53%

SAUCE 128 168 137 -19% 7%

SORKON 31 34 49 44% 58%

SSC 55 55 45 -18% -18%

SSF 60 41 48 18% -19%

SUN 57 31 59 90% 4%

TC 46 82 67 -18% 46%

TFG 431 445 430 -3% 0%

TFMAMA 1,142 845 878 4% -23%


13-14


FOOD TIPCO 318 41 166 305% -48%

TKN 89 56 22 -61% -75%

TU 1,716 1,803 2,343 30% 37%

TVO 341 882 726 -18% 113%

HEALTH AHC 7 10 32 219% 355%

BCH 279 324 1,146 254% 311%

BDMS 458 1,339 1,452 8% 217%

BH 44 91 216 137% 391%

CHG 155 252 576 129% 272%

EKH 0 33 66 100% NA

NTV 11 45 25 -44% 127%

PR9 11 39 12 -70% 7%

RJH 65 107 138 29% 112%

RPH 4 19 14 -26% 250%

SKR 84 95 147 55% 75%

SVH 217 319 392 23% 81%

VIH 16 62 276 345% 1625%

ICT ADVANC 7,001 6,644 7,041 6% 1%

AIT 50 121 137 13% 174%

DIF 2,844 2,957 2,943 0% 3%

DTAC 1,889 822 1,531 86% -19%

FORTH 47 184 202 10% 330%

HUMAN 34 36 55 53% 62%


ICT ILINK 69 75 82 9% 18%

INET 6 15 10 -33% 67%

INTUCH 2,980 2,661 2,813 6% -6%

JASIF 1,931 1,777 2,075 17% 7%

JMART 161 333 232 -30% 44%

JR NA 55 70 27% NA

JTS 9 10 59 490% 556%

MFEC 31 49 46 -6% 48%

MSC 13 62 23 -63% 77%

SIS 147 191 197 3% 34%

SYMC 20 20 28 40% 40%

SYNEX 166 185 211 14% 27%

INSURE THRE 95 53 65 23% -32%

THREL 6 28 37 32% 517%

TIP 525 638 613 -4% 17%

TQM 163 202 222 10% 36%

MEDIA AS 118 105 110 5% -7%

TH 4 10 22 120% 450%

TKS 39 106 114 7% 191%

WORK 2 118 154 31% 7608%

PACK AJ 271 104 170 63% -37%

ALUCON 127 195 201 3% 58%

BGC 80 182 122 -33% 53%


13-14


PACK SCGP 1,904 2,135 2,263 6% 19%

SFLEX 30 38 39 3% 30%

SMPC 182 115 174 51% -4%

THIP 59 82 62 -24% 5%

TMD 73 96 86 -10% 18%

PETRO GC 22 68 48 -29% 118%

IVL 154 6,009 8,340 39% 5316%

PATO 32 20 46 130% 44%

PMTA 9 15 31 107% 244%

PTTGC 1,671 9,695 25,035 158% 1398%

SUTHA 2 30 8 -73% 300%

TCCC 568 317 719 127% 27%

TPA 8 12 6 -47% -21%

UAC 26 77 57 -26% 119%

VNT 308 1,389 1,789 29% 481%

PROP AMATA 215 186 247 33% 15%

CPN 467 3,835 1,269 -67% 172%

LH 1,395 1,744 1,870 7% 34%

NNCL 77 109 156 43% 103%

ORI 707 825 852 3% 21%

PRIN 80 40 47 16% -42%

PSH 417 606 427 -30% 2%

QH 458 431 482 12% 5%



SC 456 417 520 25% 14%

SF 350 307 478 56% 37%

SIRI 258 384 662 72% 157%

SPALI 420 741 1,730 133% 312%

WHA 542 135 260 93% -52%

TRANS III 35 77 86 12% 146%

JWD 48 141 116 -18% 142%

NYT 37 86 58 -33% 57%

PORT 8 7 8 14% 0%

PRM 442 400 407 2% -8%

RCL 215 2,942 3,189 8% 1383%

TSTE 24 59 40 -32% 67%

WICE 55 82 111 36% 103%


13-14

Inline Beat Miss Total

Agribusiness 2 1 2 5 GFPT

Automotive 2 1 0 3 AH

Banking 6 4 0 10 BAY KTB SCB TTB

Commerce 5 4 5 14 COM7 CPALL MEGA SINGER

Construct 4 5 0 9 COTTO EPG SCC SCCC TPIPL

Construction Services 5 2 1 8 CK ITD

Electronic Component 2 3 0 5 HANA KCE SVI

Energy & Utilities 12 4 7 23 BCP BGRIM GUNKUL IRPC

Finance & Securities 8 2 1 11 AEONTS BAM

Food & Beverage 7 2 4 13 ASIAN HTC

Health Care Services 1 8 2 11 BCH BH CHG EKH LPH RJH THG VIBHA

Information&Comm Tech 4 3 4 11 DTAC HUMAN SYNEX

Insurance 1 0 0 1 -

Media & Publishing 0 0 3 3 -

Packaging 2 2 0 4 SELEX SMPC

Petrochem & Chemical 0 3 0 3 GGC IVL PTTGC

Property Development 6 8 2 16 AMATA LPN ORI ROJNA SENA SF SIRI SPALI

Tourism & Leisure 1 0 2 3 -

Transport & Logistic 6 4 0 10 BEM BTS JWD WICE

Total 74 56 33 163

% 45% 34.4% 20.2%

Sector Stock Beat

13-14

Sector Stock 2Q20 1Q21 2Q21E 2Q21 QoQ YoY Beat

AGRI GFPT 223 61 128 182 198% -18% 42%

AUTO AH -631 411 200 250 -39% NA 25%

BANK BAY 6,508 6,505 11,289 14,543 124% 123% 29%

KTB 3,755 5,578 4,878 6,011 8% 60% 23%

SCB 8,360 10,088 7,683 8,815 -13% 5% 15%

TTB 3,095 2,782 2,191 2,534 -9% -18% 16%

COMM COM7 275 566 462 587 4% 113% 27%

CPALL 2,887 2,599 1,789 2,190 -16% -24% 22%

MEGA 303 334 333 504 51% 66% 51%

SINGER 115 140 162 183 30% 59% 13%

CONS COTTO 41 187 124 177 -5% 332% 43%

EPG 327 76 180 308 305% -6% 71%

SCC 9,384 14,914 14,299 17,136 15% 83% 20%

SCCC 1,024 1,063 900 1,445 36% 41% 61%

TPIPL 663 1,164 1,239 1,791 54% 170% 45%

CON SER CK 64 208 199 318 53% 397% 60%

ITD -156 247 79 169 -32% NA 114%

ELEC HANA 682 301 526 737 145% 8% 40%

KCE 71 503 518 618 23% 770% 19%

SVI 109 148 148 165 11% 51% 11%

ENERG BCP -1,911 2,284 1,144 1,765 -23% NA 54%

BGRIM 1,017 611 850 1,022 67% 0% 20%

2Q21 Earnings beat consensus (Bt m)


ENERG GUNKUL 279 609 451 524 -14% 88% 16%

IRPC -411 5,581 2,738 4,574 -18% NA 67%

FIN AEONTS 942 530 836 966 82% 3% 16%

BAM 110 247 672 790 220% 618% 18%

FOOD ASIAN 300 215 254 293 36% -2% 15%

HTC 193 147 138 187 27% -3% 36%

TU 1,716 1,803 1,815 2,343 30% 37% 29%

HEALTH BCH 279 324 690 1,146 254% 311% 66%

BDMS 458 1,339 1,534 1,452 8% 217% -5%

BH 44 91 152 216 137% 391% 42%

CHG 155 252 358 576 129% 272% 61%

EKH 0 33 47 66 100% NA 40%

LPH -5 40 68 85 113% NA 25%

RJH 65 107 117 138 29% 112% 18%

THG -126 -215 67 84 NA NA 25%

VIBHA -60 192 243 272 41% NA 12%

ICT DTAC 1,889 822 972 1,531 86% -19% 58%

HUMAN 34 36 39 55 53% 62% 41%

SYNEX 166 185 182 211 14% 27% 16%

PACK SFLEX 30 38 30 39 3% 30% 30%

SMPC 182 115 127 174 51% -4% 37%

PETRO GGC -344 94 44 80 -15% NA 82%


13-14


PETRO IVL 154 6,009 5,952 8,340 39% 5316% 40%

PTTGC 1,671 9,695 10,665 25,035 158% 1398% 135%

PROP AMATA 215 186 138 247 33% 15% 79%

LPN 154 123 107 121 -2% -21% 13%

ORI 707 825 651 852 3% 21% 31%

ROJNA 1,370 293 217 274 -6% -80% 26%

SENA 229 229 144 218 -5% -5% 51%

SF 350 307 165 478 56% 37% 190%

SIRI 258 384 552 662 72% 157% 20%

SPALI 420 741 1,565 1,730 133% 312% 11%

TRANS BEM 152 305 174 200 -34% 32% 15%

BTS 1,278 443 621 765 73% -40% 23%

JWD 48 141 103 116 -18% 142% 13%

WICE 55 82 94 111 36% 103% 19%


13-14

70

75

80

85

90

95

100

1450

1470

1490

1510

1530

1550

1570

1590

1610

1630

1650

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21

SET BEST EPS (RHS) BEST_EPS 22 (RHS)

Stock %Revise earnings 21 Up

IRPC 186%

RCL 151%

PSL 142%

TTA 136%

VGI 125%

BANPU 99%

BCH 94%

PTTGC 84%

WORK 78%

ROJNA 77%

TOG 76%

DOHOME 72%

III 70%

BCP 67%

EKH 62%

LPH 62%

CHG 49%

TOP 44%


RJH 43%

IVL 39%

THG 39%

SPRC 36%

SAT 36%

COTTO 33%

EPG 31%

BEC 28%

NER 27%

AH 27%

SCC 26%

BTS 25%

SF 25%

PTTEP 24%

KCE 23%

TPIPL 22%

TWPC 21%

TVO 20%


GLOBAL 18%

COM7 18%

SIRI 16%

ASIAN 13%

TU 13%

AEONTS 13%

BAY 13%

SVI 12%

NYT 12%

AP 12%

HANA 12%

SC 11%

SCGP 11%

PTT 10%

JWD 10%

HREIT 10%

CHAYO 10%

STARK 9%

13-14

13-14

0.00

5.00

10.00

15.00

20.00

25.00

30.00

1 11 1 13 14 1 1 1 1 1 1

Forward PE (x)

+2 SD

+1 SD

AVG

-1 SD

-2 SD

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

11 1 13 14 1 1 1 1 1 1

Earnings Yield Gap (%)

+2 SD

+1 SD

AVG

-1 SD

-2 SD

13-14

28

29

30

31

32

33

34

-6,000

-4,000

-2,000

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21

Thailand

Current Account Baht / Usd (RHS)

US $ (million)

30

35

40

45

50

55

60

65

70

PMI

US EU GER CHINA Expand Level

13-14

13-14

-

5,000

10,000

15,000

20,000

25,000

Jun-21 Jun-21 Jul-21 Jul-21 Jul-21 Jul-21 Aug-21 Aug-21 Aug-21

Thailand COVID-19

Daily New Case New Recovery

90

95

100

105

110

115

120

125

SET Sector (Rebase 100)

COMM MEDIA TRANS BANK

Documents

SET INDEX Earnings