1
06 Aug 2014
Daily Market Outlook
Risk aversion on the rise
Thai stocks look set to fall today reacting to increasing risk aversion in the global financial markets. The escalating Russia-Ukraine tension is likely to renew and reinforce the already prevalent theme of risk aversion. Successful navigation by the NCPO so far and is expected for going forward, especially over the next few days, would shore up investor confidence further.
Factors to watch
Local issues:
MPC expected to hold rate. There is widespread consensus amongst
economists at leading banks that today’s meeting will result in the MPC
holding rate at 2% amidst a fragile recovery where private consumption and
investment declined slightly in June after rising in May. Rising household debt
(82.7% end of Q1) makes further cuts unlikely. (Bangkok Post)
Possible prosecution of former PM. National Anti-Corruption Commission
has forwarded case in which Yingluck is accused of dereliction of duty in rice-
pledging scheme to Office of Attorney-General, the latter to decide whether or
not to prosecute the former PM who is scheduled to return this Sunday. If OAC
decides to press charges it can do so in Yingluck’s absence. (Bangkok Post)
The Commerce Ministry is scheduled to open bidding for 167,000 tonnes
of rice on Thursday in what will be the first auction since the NCPO took
power on May 22. A floor price will be set for the auction opened to all types
of bidders – exporters, domestic traders, feed-meal producers, millers. The
ministry expects Thailand to export 9-10 million tons of rice this year. (The
Nation) (The Nation)
Housing Finance Association expects home loans to resume growth of
more than 10% next year as confidence in the economy is returning. (The
Nation)
SET will propose the NCPO for tax waivers for mergers and acquisitions. The tax is seen as a major obstacle for Thai corporates to expand via M&A. (Bangkok Post)
The Industry Ministry has approved factory permits for 158 of the 241
applications submitted last month after the period for approvals was cut to
30 days from 90. The 241 applicants intended investment of Bt43.5bn. The
first seven months of 2014, 2,212 applications were granted permits, down
5.4%YoY, with investment value surging 8.76% to Bt211bn. (Bangkok Post)
IRPC reported 2Q14 net profits at Bt178mn, decreasing 48.1% QoQ but
reversed into profits from losses in 2Q13. The QoQ drop in profit was mainly
due to weaker earnings performance at the core operations despite an
increase in non-recurring gains, especially from commodity derivative
instruments gains. (SET)
IVL reported 2Q14 net profits at B1.48bn, surging 302% QoQ and 592% YoY.
The QoQ increase in profit was mainly due to a significantly lower stock loss
together with higher sales volume. (SET)
BGH approved the issuance of convertible bonds not exceeding Bt10bn to
foreign investors, increasing the ceiling for foreign ownership of shares to 30%
of paid up capital. This is in an effort to reach their target of 43 hospitals this
year and 50 hospitals next year while bolstering their pharmaceutical sales
margin. (Post Today)
Source: Bisnews, Bloomberg
Thailand Research Department:
Mr. Warut Siwasariyanon Tel: 02 680 5041
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
Major Indices Close Chg %Chg
SET 1,528.98 +9.6 +0.6
SET50 1,025.51 +6.1 +0.6
SET P/E (x) 18.3
SET P/BV (x) 2.2
SET Div. Yield (%) 3.0
Dow Jones 16,429.47 -139.8 -0.8
S&P 500 1,920.21 -18.8 -0.9
NASDAQ 4,352.83 -31.1 -0.7
UK 6,682.48 +5.0 +0.1
Germany 9,189.74 +35.6 +0.4
France 4,232.88 +15.7 +0.4
Japan 15,320.31 -154.2 -1.0
South Korea 2,066.26 -14.2 -0.7
Hong Kong 24,648.26 +48.2 +0.2
China 2,219.95 -3.4 -0.2
Taiwan 9,141.44 -188.8 -2.0
Singapore 3,327.67 +9.3 +0.3
Malaysia 1,876.69 +0.9 +0.0
Indonesia 5,109.09 -10.2 -0.2
Philippines 6,974.00 -24.4 -0.3
Trading Summary Buy Sell Net
Institution 6,745 3,959 2,786
Proprietary 4,653 5,432 -779
Foreign 7,206 8,049 -843
Individuals 28,658 29,822 -1,164
Total Trading Value 47,262 Btm
Most Active Value Value Close %Chg
TRUE 3,242 10.60 +8.2
ADVANC 2,057 215.00 +1.4
JAS 1,847 7.25 +0.7
KTB 1,766 22.50 +0.9
BGH 1,629 18.10 +2.8
Commodity Futures Close Chg %Chg
US Crude 97.38 -0.9 -0.9
Brent Crude 104.61 -0.8 -0.8
Gold 1,285.30 -3.6 -0.3
FX Rates Close Chg %Chg
USD/THB 32.20 +0.1 +0.2
EUR/USD 1.34 -0.0 -0.3
USD/JPY 102.59 +0.0 +0.0
USD/CNY 6.17 -0.0 -0.1
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06 Aug 2014
Daily Market Outlook
KCE reported a 2Q14 net profit of Bt479mn, up 142.5% YoY, from a record
profit in sales. Sales grew 24.6% to Bt2.8bn, marking the fourth consecutive
quarter in which sales increased. (Kaohoon)
USA:
U.S. services sector activity in July hit an 8-1/2 year high, better than
expected. The Institute for Supply Management's services index rose to 58.7
last month, the highest level of activity since December 2005, from 56.0 in
June. Analysts surveyed by WSJ had expected an activity in July of 56.5.
(Reuters/ WSJ)
Orders for U.S. manufactured goods increased 1.1% in June, reaching
the highest level since 1992, according to the Commerce Department report.
The July increase was better than the 0.6% increase forecast by economists
and more than reversing May's 0.6% decline. Demand for commercial aircraft,
machinery, computers and electronic products led the surge in July
orders. (WSJ)
Europe:
Euro zone retail sales rose at the fastest rate in seven years in June.
Compared with the same period last year, the volume of retail sales in the 18
countries sharing the euro surged by 2.4% after a downwardly revised 0.6%
rise in May, posting its strongest growth since March 2007. (Reuters)
Heavy fighting erupts in Donetsk. From around 14:00 GMT Russia-Ukraine
escalated as Ukraine government forces tried to retake part of the Petrovksy
district of Donetsk. So far at least two civilians have been killed. (BBC)
Commodities:
Gold futures fell on Tuesday as the U.S. Department of Commerce released
a better-than-expected manufacturing report, while U.S. companies in the
service sector expanded in July at the fastest pace in nine years. Gold futures
for December fell US$3.60 (-0.28%) to settle at US$1,285.30 an ounce on the
COMEX in New York. (Reuters)
U.S. crude fell on Tuesday amid slow operations of refineries due to
schedule maintenance. US crude for September fell US$0.91 (-0.93%) to
settle at US$97.38 a barrel. Brent crude for September decreased US$0.80 (-
0.76%) to settle at US$104.61 a barrel. (Bloomberg)
Date Regions Economic Indicators
6-Aug-14 JPY Machinery Orders (Jun)
USA Trade Balance (Jun)
7-Aug-14
ECB ECB interest rate
USA Jobless Claims
JPY Current Account
8-Aug-14 CNY
Export (Jul) Import (Jul)
Trade Balance (Jul) New Loans (Jul)
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06 Aug 2014
Daily Market Outlook
Date XD
6-Aug-14 CPNCG 0.196 Baht Cash
CPNRF 0.273 Baht Cash
CRYSTAL 0.1928 Baht Cash
POPF 0.262 Baht Cash
SIRIP 0.15 Baht Cash
TGROWTH 0.2357 Baht Cash
TRUEIF 0.1938 Baht Cash
7-Aug-14 LHPF 0.3471 Baht Cash
MODERN 0.45 Baht Cash
QHHR 0.367 Baht Cash
QHPF 0.182 Baht Cash
SCC 5.50 Baht Cash
TPC 0.15 Baht Cash
8-Aug-14 UOB8TF 0.1097 Baht Cash
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06 Aug 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
06 Aug 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