Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
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Transcript of Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclin8B 9mkjodMm - BrEjiEm 7EnfMo
July 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15129982 2010.579 1116 1116 203 221 221 102.58 110.17 110.17 15.99 15.99 14.89 14.89 18.61
Euro Stoxx 50 Pr EUR 2560708 5279.664 4548 4548 733 764 764 203.02 296.15 296.15 21.82 17.26 14.96 14.96 20.21
NIKKEI 225 JPY 2702709 192.4604 189 189 18 21 21 5.32 7.81 7.81 0.27 0.27 0.18 0.18 0.11
FTSE 100 INDEX GBP 2644447 11424.18 10089 10089 1399 1645 1645 578.69 803.66 803.66 24.97 21.92 17.98 17.98 21.06
SWISS MARKET INDEX CHF 1029358 10706.31 4058 4058 850 823 823 411.05 552.23 552.23 20.70 17.15 15.40 15.40 21.86
S&P/TSX COMPOSITE INDEX CAD 1570670 16391.44 8326 8326 1779 1968 1968 735.25 818.04 818.04 14.92 14.92 13.41 13.41 23.22
S&P/ASX 200 INDEX AUD 1212809 5828.591 2682 2682 550 684 684 224.81 323.31 323.31 18.23 14.78 12.68 12.68 20.21
HANG SENG INDEX HKD 1583362 3022.909 1673 1673 355 399 399 278.77 271.53 271.53 1.23 1.40 1.27 1.27 2.91
MSCI EM USD 6879381 1274.567 971 971 188 179 179 82.64 90.29 90.29 10.96 11.12 10.03 10.03 19.20
YOMA STRATEGIC HLDGS LTD SGD 836.07 39075 1157 0.02 0.00 0.03 0.08 0.81 47 46 71 99 14 14 29 29 0.01 0.01 0.01 0.01 59.22 60.21 60.21 45.16 42.34 41.07 96.17 - 23.53 - - - -
PTT EXPLOR & PROD PUBLIC CO THB 20554.09 5676 3970 3.69 0.16 0.00 2.24 21.34 6792 6989 7388 8043 4893 5057 1272 1272 0.59 0.53 0.52 0.54 0.31 0.29 0.32 0.30 0.81 0.49 0.85 0.56 2.31 BBB+ 17.02.2011 Baa1 28.03.2011
ITALIAN-THAI DEVELOPMENT PCL THB 560.23 15941 4194 0.94 0.00 0.02 0.08 1.38 1479 1460 1692 1898 126 129 156 156 - 0.00 0.01 0.01 0.87 - 0.82 0.57 0.15 -0.02 2.35 0.00 0.28 - - - -
INTERRA RESOURCES LTD SGD 169.03 8534 443 0.00 0.00 0.00 0.01 0.12 24 24 27 29 7 8 10 10 0.01 0.01 0.01 0.01 36.99 38.00 26.90 21.14 17.57 18.33 71.52 13.39 25.67 - - - -
EZION HOLDINGS LTD SGD 1715.93 8725 910 0.44 0.01 0.00 0.10 1.86 124 143 274 427 55 73 - - 0.06 0.10 0.10 0.17 10.99 15.01 10.46 6.38 37.77 - 14.03 - 40.13 - - - -
THAI AIRWAYS INTERNATIONAL THB 1457.97 8741 2183 5.07 0.00 0.03 0.70 5.76 6683 6748 7064 7562 884 875 119 119 - 0.16 0.09 0.10 0.13 - 0.25 0.21 0.30 0.05 1.35 0.01 0.41 - - - -
THAI UNION FROZEN PROD PUB THB 2044.69 1597 1148 1.12 0.00 0.10 0.04 3.32 3410 3382 3660 4033 304 255 64 64 0.14 0.11 0.14 0.18 0.50 0.52 0.41 0.32 0.26 0.35 0.05 0.74 0.24 - - - -
CHAROEN POKPHAND FOODS PUB THB 6928.81 50915 7743 4.67 0.00 0.52 0.39 12.10 11415 11861 12624 14006 494 391 152 152 - 0.03 0.05 0.08 0.85 - 0.53 0.38 2.34 0.72 -0.66 0.78 0.11 - - - -
AMATA CORP PUBLIC CO LTD THB 566.07 4498 1067 0.23 0.00 0.07 0.06 0.78 170 177 239 288 61 - 27 27 - 0.04 0.05 0.07 0.41 - 0.32 0.26 1.33 0.53 1.03 0.08 - - - - -
BANGKOK BANK PUBLIC CO LTD THB 11468.92 4603 1909 7.84 0.00 0.00 12.83 - 4158 4273 3012 3309 - - - - - 0.57 0.62 0.70 0.34 - 0.31 0.28 0.41 0.22 - - - BBB+ 01.11.2006 - -
KASIKORNBANK PCL THB 13232.15 12319 2393 8.88 0.00 0.51 9.11 - 5883 6100 3819 4281 - - - - - 0.49 0.56 0.65 0.36 - 0.32 0.27 0.60 0.67 - - - BBB+ 06.12.2011 (P)A3 13.09.2012
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.29 2.29 2.10 1.91 2.29 1.47 1.47 1.40 1.35 1.47 10.34 10.34 9.65 10.01 10.34 9.10 9.10 8.39 7.84 9.10 14.89 14.89 13.32 12.13 14.89 2.14 2.14 2.30 2.40 2.14 1778.7 8.4%
Euro Stoxx 50 Pr 1.16 1.16 1.10 1.04 1.16 0.76 0.76 0.74 0.72 0.76 5.77 5.77 5.30 4.82 5.77 6.91 6.91 6.53 6.18 6.91 11.62 11.62 10.36 9.34 11.62 4.30 4.30 4.58 4.92 4.30 2970.0 11.1%
NIKKEI 225 1.57 1.57 1.47 1.37 1.57 0.75 0.75 0.73 0.71 0.75 9.28 9.28 8.56 7.84 9.28 8.98 8.98 8.31 7.83 8.98 18.31 18.31 16.25 14.66 18.31 1.59 1.59 1.74 1.88 1.59 14922.4 3.1%
FTSE 100 INDEX 1.70 1.70 1.59 1.48 1.70 0.96 0.96 0.93 0.96 0.96 8.36 8.36 7.68 7.02 8.36 6.94 6.94 6.41 6.04 6.94 12.08 12.08 11.00 10.19 12.08 3.88 3.88 4.18 4.52 3.88 7105.8 9.0%
SWISS MARKET INDEX 2.37 2.37 2.20 2.05 2.37 2.03 2.03 1.93 1.85 2.03 12.17 12.17 11.10 9.90 12.17 13.01 13.01 11.98 11.22 13.01 14.89 14.89 13.41 12.22 14.89 3.26 3.26 3.64 4.17 3.26 8622.8 8.5%
S&P/TSX COMPOSITE INDEX 1.63 1.63 1.52 1.41 1.63 1.39 1.39 1.43 1.48 1.39 8.21 8.21 7.41 6.14 8.21 8.33 8.33 7.37 6.80 8.33 14.15 14.15 12.48 11.35 14.15 3.30 3.30 3.45 3.61 3.30 14134.3 15.8%
S&P/ASX 200 INDEX 1.78 1.78 1.69 1.59 1.78 1.67 1.67 1.58 1.51 1.67 10.08 10.08 9.10 8.68 10.08 8.52 8.52 7.74 7.21 8.52 13.83 13.83 12.55 11.60 13.83 4.82 4.82 5.16 5.51 4.82 5201.8 6.6%
HANG SENG INDEX 1.23 1.23 1.13 1.07 1.23 1.59 1.59 1.47 1.36 1.59 7.38 7.38 7.02 6.52 7.38 7.57 7.57 6.94 6.30 7.57 9.82 9.82 9.03 8.29 9.82 3.92 3.92 4.23 4.64 3.92 24805.7 19.9%
MSCI EM 1.31 1.31 1.20 1.09 1.31 0.93 0.93 0.87 0.81 0.93 6.48 6.48 5.94 5.47 6.48 7.10 7.10 6.46 5.93 7.10 10.03 10.03 9.02 8.26 10.03 3.09 3.09 3.41 3.71 3.09 1120.1 23.6%
YOMA STRATEGIC HLDGS LTD 3.08 2.89 2.72 20.41 11.85 8.46 115.63 30.83 23.13 64.47 27.88 19.46 132.14 77.08 57.81 4.32 0.54 0.54 0.98 5.4%
PTT EXPLOR & PROD PUBLIC CO 2.04 1.77 1.56 1.42 3.12 2.78 2.56 2.56 6.01 5.43 5.30 5.17 4.52 4.08 3.70 3.76 3.87 10.07 9.97 9.51 10.18 3.64 3.80 4.06 3.68 179.40 10.7%
ITALIAN-THAI DEVELOPMENT PCL 2.16 1.77 1.68 1.77 0.37 0.33 0.30 0.26 8.89 6.63 5.97 10.21 8.89 8.66 8.60 154.81 25.80 17.94 13.80 0.10 0.57 0.96 1.77 6.91 65.2%
INTERRA RESOURCES LTD 2.37 2.23 2.05 5.38 4.96 4.58 25.26 17.22 15.79 12.14 11.27 42.09 34.44 27.06
EZION HOLDINGS LTD 3.31 2.46 1.90 1.42 10.53 4.89 3.14 2.61 29.68 10.60 7.58 6.75 28.90 12.23 7.45 5.78 24.07 13.39 8.17 6.38 0.17 0.06 0.06 0.06 2.78 22.1%
THAI AIRWAYS INTERNATIONAL 0.67 0.61 0.56 0.53 0.22 0.21 0.19 0.18 1.79 1.58 1.31 1.50 6.16 5.57 5.04 4.97 10.73 7.67 6.43 5.97 2.01 3.94 4.16 3.79 32.18 54.0%
THAI UNION FROZEN PROD PUB 1.71 1.57 1.45 1.36 0.58 0.56 0.51 0.46 9.31 8.30 10.44 9.60 10.27 10.89 8.83 7.68 6.91 11.82 12.97 10.13 8.67 3.85 3.77 4.80 5.69 69.78 25.2%
CHAROEN POKPHAND FOODS PUB 2.12 1.86 1.70 1.54 0.62 0.55 0.49 0.45 0.35 16.25 11.48 11.21 12.76 18.20 14.89 11.59 9.93 10.14 26.37 16.44 11.82 9.52 3.69 3.39 4.25 5.37 35.91 28.2%
AMATA CORP PUBLIC CO LTD 2.45 1.66 1.44 1.30 3.35 2.37 1.96 1.65 9.50 8.96 5.23 5.46 11.56 8.10 6.64 6.11 14.42 10.05 8.15 8.06 2.81 3.97 4.90 5.23 29.23 76.1%
BANGKOK BANK PUBLIC CO LTD 1.34 1.20 1.10 1.01 0.93 4.08 3.81 3.47 3.14 3.14 22.21 10.13 8.64 7.45 10.93 9.66 8.61 7.75 3.61 3.96 4.44 4.89 5.85 244.96 30.3%
KASIKORNBANK PCL 2.24 1.89 1.61 1.37 3.97 3.46 3.09 2.74 2.49 11.88 10.12 8.54 7.28 11.76 9.86 8.53 7.47 1.98 2.18 2.65 3.15 235.55 36.2%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Yoma Strategic Holdings Ltd. develops real estate, sells private residential
properties, and designs, constructs and project manages real estate
developments in Myanmar and the People's Republic of China.
Latest Fiscal Year: 03/2013
LTM as of: 12/yy
52-Week High (10.06.2013) 1.05
52-Week Low (30.07.2012) 0.36
Daily Volume
0.925
52-Week High % Change -11.48% Dividend Yield -
52-Week Low % Change 156.94% Beta 0.91
% 52 Week Price Range High/Low 73.72% Equity Float 667.41
Shares Out 09.07.2013 1'157.1 Short Int -
1'070.33 1 Yr Total Return 150.00%
Total Debt 28.78 YTD Return 30.28%
Preferred Stock 0.0 Adjusted BETA 0.910
Minority Interest 38.7 Analyst Recs 3
Cash and Equivalents 106.18 Consensus Rating 3.000
Enterprise Value 1'031.59
Average Volume 5 Day 9'980'800
YOMA SP EQUITY YTD Change - Average Volume 30 Day 24'002'570
YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 17'058'310
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
15 5 11 39 60 8 31 90 127 - -
5.67x 11.34x 3.42x 6.35x 13.90x 21.79x 6.72x 11.96x 7.30x - -
(0.4) 0.5 (0.0) 8.2 18.4 0.9 4.8 37.0 53.0 - -
- 111.56x - 30.18x 45.70x 48.82x 21.07x 27.88x 19.46x - -
1.5 0.5 2.8 6.0 14.4 1 8 15 21 - -
0.47x 85.26x 13.21x 44.74x 52.41x 87.41x 14.43x 77.08x 57.81x - -
EBITDA 18.39 Long-Term Rating Date -
EBIT 17.55 Long-Term Rating -
Operating Margin 29.02% Long-Term Outlook -
Pretax Margin 26.53% Short-Term Rating Date -
Return on Assets 4.30% Short-Term Rating -
Return on Common Equity 5.33%
Return on Capital 1.54% EBITDA/Interest Exp. 10.38
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 10.00
Net Debt/EBITDA -4.38
Gross Margin 43.3% Total Debt/EBITDA 1.63
EBITDA Margin 30.1%
EBIT Margin 28.7% Total Debt/Equity 8.1%
Net Income Margin 23.9% Total Debt/Capital 6.8%
Asset Turnover 0.19
Current Ratio 3.44 Net Fixed Asset Turnover 0.38
Quick Ratio 2.72 Accounts receivable turnover-days 125.66
Debt to Assets 6.22% Inventory Days 184.55
Tot Debt to Common Equity 8.05% Accounts Payable Turnover Day 134.15
Accounts Receivable Turnover 2.90 Cash Conversion Cycle 169.48
Inventory Turnover 1.98
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Yoma Strategic Holdings LtdPrice/Volume
Valuation Analysis
39'075'000.00
Current Price (7/dd/yy) Market Data
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PUN SERGE n/a Co File 263'935'517 50.02 - 17.06.2011 n/a
NOBLE GRAND INVESTME n/a EXCH 26'000'000 4.93 (16'935'950) 06.01.2010 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Yoma Strategic Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
PTT Exploration and Production Public Company Limited explores for crude oil and
natural gas, develops fields for production, and produces oil and natural gas.
The Company is a subsidiary of the Petroleum Authority of Thailand.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 173.00
52-Week Low (22.03.2013) 141.00
Daily Volume
162
52-Week High % Change -6.36% Dividend Yield -
52-Week Low % Change 14.89% Beta 0.88
% 52 Week Price Range High/Low 64.06% Equity Float 1'218.10
Shares Out 03.06.2013 3'970.0 Short Int -
643'137.63 1 Yr Total Return -0.32%
Total Debt 115'571.87 YTD Return 0.63%
Preferred Stock 4'981.9 Adjusted BETA 0.884
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 70'205.14 Consensus Rating 4.364
Enterprise Value 667'864.43
Average Volume 5 Day 7'974'180
PTTEP TB EQUITY YTD Change - Average Volume 30 Day 7'055'410
PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'029'714
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
138'946.9 119'962.0 140'655.7 169'645.8 212'536.7 140'655.7 169'645.8 231'175.3 251'673.0 55'904.2 61'410.0
2.38x 4.16x 4.09x 3.77x 3.28x 14.94x 14.70x 2.97x 2.69x - -
98'153.8 72'289.0 100'172.8 120'864.3 153'116.8 100'172.8 120'864.3 163'606.1 180'295.0 39'804.3 43'831.5
3.38x 6.91x 5.75x 5.29x 4.55x 5.75x 5.29x 4.08x 3.70x - -
41'674.8 22'153.6 43'773.8 44'748.1 57'316.0 43'773.8 44'748.1 64'135.3 67'412.2 15'578.3 16'164.5
8.48x 21.97x 12.72x 12.50x 9.60x 12.72x 12.50x 9.97x 9.51x 10.60x 10.50x
EBITDA 153'116.82 Long-Term Rating Date 17.02.2011
EBIT 106'999.06 Long-Term Rating BBB+
Operating Margin 50.34% Long-Term Outlook STABLE
Pretax Margin 46.79% Short-Term Rating Date -
Return on Assets 11.04% Short-Term Rating -
Return on Common Equity 22.78%
Return on Capital 16.60% EBITDA/Interest Exp. 26.34
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 11.34
Net Debt/EBITDA 0.12
Gross Margin 78.2% Total Debt/EBITDA 0.70
EBITDA Margin 72.4%
EBIT Margin 50.5% Total Debt/Equity 35.8%
Net Income Margin 27.0% Total Debt/Capital 26.0%
Asset Turnover 0.41
Current Ratio 1.70 Net Fixed Asset Turnover 0.69
Quick Ratio 1.40 Accounts receivable turnover-days 37.80
Debt to Assets 19.21% Inventory Days 72.97
Tot Debt to Common Equity 35.77% Accounts Payable Turnover Day 30.81
Accounts Receivable Turnover 9.66 Cash Conversion Cycle 97.39
Inventory Turnover 5.00
Fiscal Year Ended
PTT Exploration & Production PCLPrice/Volume
Valuation Analysis
5'676'100.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
40'000.0
60'000.0
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100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PTT PCL n/a EXCH 2'167'500'700 65.29 - 16.08.2011 Government
STATE STREET BANK AN n/a EXCH 70'150'493 2.11 - 16.08.2011 Bank
BNP PARIBAS SEC SERV n/a EXCH 69'183'045 2.08 - 16.08.2011 Investment Advisor
THAI NVDR CO LTD n/a EXCH 66'918'614 2.02 - 16.08.2011 Corporation
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 48'623'245 1.46 (1'724'000) 29.02.2012 Investment Advisor
STATE STREET BANK EU n/a EXCH 42'840'022 1.29 - 16.08.2011 n/a
BNP PARIBAS SEC SERV n/a EXCH 38'780'300 1.17 - 16.08.2011 Investment Advisor
SOCIAL SECURITY OFFI n/a EXCH 31'938'700 0.96 - 16.08.2011 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'262'641 0.73 398'300 31.12.2011 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 20'491'800 0.62 - 16.08.2011 Investment Advisor
GOVT OF SINGAPORE IN n/a EXCH 16'895'400 0.51 - 16.08.2011 Government
TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'679'600 0.26 (587'700) 29.02.2012 Unclassified
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'700'950 0.11 - 31.01.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'787'810 0.08 - 31.01.2012 Unclassified
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'526'271 0.08 6'400 31.12.2011 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 1'677'600 0.05 - 31.12.2011 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 837'100 0.03 237'000 31.10.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 800'000 0.02 - 26.01.2012 Mutual Fund Manager
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 800'000 0.02 - 31.12.2010 Investment Advisor
KWANGSUKSTITH CHITRA n/a Co File 382'000 0.01 - 01.01.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Asia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 225 12 month 16.03.2012
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 200 12 month 16.03.2012
DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 172 12 month 14.03.2012
BNP Paribas Equity Research NITHI WANIKPUN buy 5 M 230 12 month 13.03.2012
Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 169 Not Provided 12.03.2012
IV Global KANNIKA SIAMWALLA buy 5 M 212 Not Provided 12.03.2012
Kim Eng Securities SUTTHICHAI KUMWORACHAI hold 3 M 174 Not Provided 09.03.2012
KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 08.03.2012
Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 173 Not Provided 08.03.2012
UOB Kay Hian ATHAPORN ARAYASANTIPARB hold 3 M 165 Not Provided 08.03.2012
JPMorgan SUKIT CHAWALITAKUL overweight 5 M 206 9 month 01.03.2012
CLSA Asia Pacific Markets NARONGPAND LISAHAPANYA outperform 5 M 179 Not Provided 01.03.2012
CIMB SUWAT SINSADOK trading buy 5 M 195 3 month 29.02.2012
Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 170 12 month 27.02.2012
Capital Nomura Securities PATCHARIN KARSEMARNUNTANA neutral 3 M #N/A N/A Not Provided 27.02.2012
KT Zmico Securities JAKAPONG CHAWENGSRI sell on strength 1 M 189 Not Provided 27.02.2012
Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 216 Not Provided 27.02.2012
SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 220 Not Provided 27.02.2012
Bualuang Securities THANATTHEP CHANTARAKARN hold 3 M 170 12 month 27.02.2012
Kasikorn Securities TANAPORN VISARUTHAPHONG neutral 3 M 180 Not Provided 27.02.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 192 12 month 07.02.2012
Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 209 Not Provided 02.02.2012
Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 M 198 Not Provided 01.02.2012
Thanachart Securities PCL YOUSSEF ABBOUD hold 3 M 176 12 month 01.02.2012
Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 190 12 month 25.01.2012
Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 20.01.2012
Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012
Macquarie TREVOR BUCHINSKI outperform 5 U 199 12 month 06.01.2012
Citi JIMMY B WONG sell 1 M 150 Not Provided 13.12.2011
KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 196 Not Provided 28.10.2011
Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 200 Not Provided 27.10.2011
Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 200 12 month 12.09.2011
Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011
RBS AVIN SONY hold 3 M 180 12 month 19.07.2011
Holdings By:
PTT Exploration & Production PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Italian-Thai Development Public Company Limited involves in construction,
project management, and engineering and design of large-scale civil works and
infrastructure projects in Thailand and Southeast Asia. The Company's projects
include industrial plants, building, pipelines, transportation, airport work,
dams, tunnels, steel structures and telecommunications.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2013) 9.90
52-Week Low (09.07.2012) 3.04
Daily Volume
4.18
52-Week High % Change -57.78% Dividend Yield -
52-Week Low % Change 37.50% Beta 1.46
% 52 Week Price Range High/Low 16.03% Equity Float 1'999.85
Shares Out 03.06.2013 4'193.7 Short Int -
17'529.57 1 Yr Total Return 35.71%
Total Debt 29'446.46 YTD Return -0.48%
Preferred Stock 0.0 Adjusted BETA 1.460
Minority Interest 778.6 Analyst Recs 14
Cash and Equivalents 2'401.71 Consensus Rating 3.571
Enterprise Value 43'272.12
Average Volume 5 Day 52'904'580
ITD TB EQUITY YTD Change - Average Volume 30 Day #########
ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
42'854.5 40'296.8 36'076.3 44'247.3 46'290.9 36'073.4 44'247.3 52'951.9 59'375.0 - -
0.68x 0.84x 1.13x 0.86x 0.98x 4.21x 3.48x 0.89x 0.82x - -
816.6 1'859.8 1'748.1 2'266.7 3'935.3 1'722.8 2'266.7 4'868.6 4'997.9 - -
35.93x 18.12x 23.40x 16.78x 11.55x 23.74x 16.78x 8.89x 8.66x - -
(2'655.9) (1'820.9) 297.9 (1'698.5) 126.2 263.8 (1'698.5) 719.6 1'029.2 - -
- - 66.29x - 140.00x 68.73x 0.00x 25.80x 17.94x - -
EBITDA 3'935.28 Long-Term Rating Date -
EBIT 2'149.46 Long-Term Rating -
Operating Margin 4.64% Long-Term Outlook -
Pretax Margin 0.69% Short-Term Rating Date -
Return on Assets 1.09% Short-Term Rating -
Return on Common Equity 7.40%
Return on Capital 6.01% EBITDA/Interest Exp. 1.72
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 0.64
Net Debt/EBITDA 6.16
Gross Margin 11.1% Total Debt/EBITDA 6.77
EBITDA Margin 8.9%
EBIT Margin 4.9% Total Debt/Equity 337.0%
Net Income Margin 0.3% Total Debt/Capital 75.6%
Asset Turnover 0.78
Current Ratio 1.06 Net Fixed Asset Turnover 2.52
Quick Ratio 0.37 Accounts receivable turnover-days 93.12
Debt to Assets 50.32% Inventory Days 38.09
Tot Debt to Common Equity 337.03% Accounts Payable Turnover Day 80.13
Accounts Receivable Turnover 3.92 Cash Conversion Cycle 35.59
Inventory Turnover 9.58
Fiscal Year Ended
Italian-Thai Development PCLPrice/Volume
Valuation Analysis
15'941'300.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KARNASUTA PREMCHAI n/a EXCH 820'484'470 19.56 - 11.04.2011 n/a
CHARANACHITTA NIJAPO n/a EXCH 464'593'640 11.08 - 11.04.2011 n/a
STATE STREET BANK AN n/a EXCH 193'803'532 4.62 - 11.04.2011 Bank
THAI NVDR CO LTD n/a EXCH 107'152'509 2.56 - 11.04.2011 Corporation
VINICHBUTR DIREK n/a EXCH 54'000'000 1.29 - 11.04.2011 n/a
JURANGKOOL THAVEECHA n/a EXCH 45'500'000 1.08 - 11.04.2011 n/a
ROENGPITHYA CHAYAPOR n/a EXCH 44'088'000 1.05 - 11.04.2011 n/a
TFB FOR MFC-THAI FUN n/a EXCH 43'955'900 1.05 - 11.04.2011 n/a
KARNASUTA PIYACHAI n/a EXCH 41'591'750 0.99 - 11.04.2011 n/a
CPK INTERNATIONAL CO n/a EXCH 34'680'000 0.83 - 11.04.2011 n/a
KARNASUTA CHAMAIMAS n/a EXCH 34'112'150 0.81 - 11.04.2011 n/a
CHARANACHITTA JITRAP n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a
CHARANACHITTA WALAIT n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a
KARNASUTA PEETI n/a EXCH 33'274'790 0.79 - 11.04.2011 n/a
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 32'065'500 0.76 (12'791'300) 31.12.2011 Investment Advisor
KARNASUTA PRATCHAYA n/a EXCH 32'064'000 0.76 - 11.04.2011 n/a
GOVT OF SINGAPORE IN n/a EXCH 28'824'400 0.69 - 11.04.2011 Government
PANSAICHUE PRAVIT n/a EXCH 28'369'400 0.68 - 11.04.2011 n/a
SAKULCHAIWANICH CHAI n/a EXCH 25'350'000 0.6 - 11.04.2011 n/a
PANRATTANAMONGKOL VI n/a EXCH 24'000'000 0.57 - 11.04.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 4 Not Provided 12.03.2012
Capital Nomura Securities RAENOO BHANDASUKDI neutral 3 D #N/A N/A Not Provided 05.03.2012
IV Global RATTANA LEENUTAPHONG sell 1 M 4 Not Provided 05.03.2012
Credit Suisse CHAI TECHAKUMPUCH underperform 1 M 3 Not Provided 02.03.2012
Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT trading buy 5 U 5 Not Provided 02.03.2012
Asia Plus Securities PRASIT RATTANAKIJKAMOL hold 3 M 4 12 month 01.03.2012
DBS Vickers CHANPEN SIRITHANARATTANAKUL fully valued 2 M 3 12 month 01.03.2012
CIMB KASEM PRUNRATANAMALA underperform 1 M 3 12 month 01.03.2012
Bualuang Securities CHAIYATORN SRICHAROEN sell 1 M 3 12 month 01.03.2012
Kasikorn Securities SORAPONG JAKTEERUGKUL underperform 1 M 3 12 month 01.03.2012
TISCO Securities Co., Ltd SANSANEE SRIJAMJUREE hold 3 M 4 Not Provided 29.02.2012
Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 4 12 month 25.01.2012
JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 2 9 month 12.01.2012
Phillip Securities DANAI TUNYAPISITCHAI sell 1 M 4 Not Provided 27.12.2011
AIRA SECURITIES CHITRADA LEKHRAPHAN speculative #N/A N/A M 4 Not Provided 27.12.2011
Finansia Syrus Securities PCL WORARAT POWPAKA hold 3 M 4 Not Provided 22.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
UOB Kay Hian KOWIT PONGWINYOO buy 5 M 5 Not Provided 17.11.2011
RBS GIFT SRISOMBURANANONT buy 5 M 5 12 month 01.06.2011
Krungsri Securities CHATREE SRISMAICHAROEN sell 1 U 6 Not Provided 24.12.2010
Globlex Securities Co Ltd ARTIT JANSAWANG trading buy 5 M 4 Not Provided 02.08.2010
Holdings By:
Italian-Thai Development PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Interra Resources Limited's principal activities are mainly the exploration and
extraction of petroleum in Myanmar. The company owns the rights to operate two
oil fields in Myanmar.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 0.60
52-Week Low (27.07.2012) 0.31
Daily Volume
0.485
52-Week High % Change -18.49% Dividend Yield -
52-Week Low % Change 56.55% Beta 1.40
% 52 Week Price Range High/Low 59.68% Equity Float 308.39
Shares Out 09.07.2013 446.2 Short Int -
216.39 1 Yr Total Return 40.54%
Total Debt 0.00 YTD Return 19.75%
Preferred Stock 0.0 Adjusted BETA 1.397
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 16.74 Consensus Rating -
Enterprise Value 157.77
Average Volume 5 Day 6'649'400
ITRR SP EQUITY YTD Change - Average Volume 30 Day 10'920'330
ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 9'714'703
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
17.5 12.6 14.9 24.8 30.4 14.9 24.8 34.1 36.9 - -
0.15x 1.75x 0.67x 0.43x - 3.10x 1.28x 4.84x 4.45x - -
4.7 3.2 4.9 4.9 10.0 9.4 6.3 13.0 14.0 - -
0.57x 6.87x 2.01x 2.16x - 0.99x 0.00x 12.14x 11.27x - -
1.7 1.5 1.7 8.9 3.0 1.7 8.9 4.5 6.0 - -
10.02x 24.76x 16.38x 2.40x 43.51x 16.43x 2.48x 34.44x 27.06x - -
EBITDA 9.39 Long-Term Rating Date -
EBIT 4.72 Long-Term Rating -
Operating Margin 15.53% Long-Term Outlook -
Pretax Margin 17.56% Short-Term Rating Date -
Return on Assets 3.72% Short-Term Rating -
Return on Common Equity 4.74%
Return on Capital 4.74% EBITDA/Interest Exp. -
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.11
Gross Margin 34.4% Total Debt/EBITDA 0.00
EBITDA Margin 32.9%
EBIT Margin 16.6% Total Debt/Equity 0.0%
Net Income Margin 10.0% Total Debt/Capital 0.0%
Asset Turnover 0.39
Current Ratio 2.06 Net Fixed Asset Turnover 1.15
Quick Ratio 1.31 Accounts receivable turnover-days 70.45
Debt to Assets 0.00% Inventory Days 89.25
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 93.85
Accounts Receivable Turnover 5.18 Cash Conversion Cycle 104.38
Inventory Turnover 4.09
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Interra Resources LtdPrice/Volume
Valuation Analysis
8'534'000.00
Current Price (7/dd/yy) Market Data
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10.0
15.0
20.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLEUR ENTERPRISES LT n/a EXCH 51'349'000 17.38 12'961'000 22.07.2011 Other
ADRC LTD n/a Co File 38'426'214 13.01 - 23.03.2010 Corporation
SUMODIKORO SUBIANTO n/a EXCH 35'000'000 11.85 5'000'000 22.07.2011 n/a
BUCKLER ALLAN CHARLE n/a EXCH 3'945'600 1.34 - 06.02.2012 n/a
SARATOGA EQUITY PART n/a EXCH 1'560'000 0.53 - 22.07.2011 n/a
TARGETT LUKE CHRISTO n/a Co File 40'000 0.01 - 19.06.2009 n/a
ADM GALLEUS FUND I L n/a EXCH - 0 (17'961'000) 22.07.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Interra Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Ezion Holdings Limited offers provision of offshore marine logistics and support
services, and provides development, ownership, and chartering of strategic
offshore assets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.05.2013) 2.45
52-Week Low (24.07.2012) 0.91
Daily Volume
2.28
52-Week High % Change -6.94% Dividend Yield -
52-Week Low % Change 151.93% Beta 1.36
% 52 Week Price Range High/Low 87.06% Equity Float 802.99
Shares Out 09.07.2013 963.5 Short Int -
2'196.73 1 Yr Total Return 145.28%
Total Debt 564.50 YTD Return 34.98%
Preferred Stock 11.1 Adjusted BETA 1.358
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 133.50 Consensus Rating 4.714
Enterprise Value 2'382.07
Average Volume 5 Day 6'372'600
EZI SP EQUITY YTD Change - Average Volume 30 Day 9'420'467
EZI SP EQUITY YTD % CHANGE - Average Volume 3 Month 7'549'953
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
22.0 50.7 111.1 107.0 158.7 97.5 102.3 351.2 547.1 - -
3.57x 7.43x 3.88x 4.89x 10.72x 18.21x 16.01x 7.43x 4.99x - -
9.2 19.3 40.9 60.2 74.1 24.7 49.0 194.8 319.8 - -
8.51x 19.51x 10.54x 8.69x 22.97x 17.64x 9.35x 12.23x 7.45x - -
5.7 11.8 38.1 58.1 78.8 33.7 53.2 129.3 211.5 - -
15.20x 30.56x 9.75x 6.25x 14.50x 11.08x 6.83x 13.39x 8.17x - -
EBITDA 70.97 Long-Term Rating Date -
EBIT 54.38 Long-Term Rating -
Operating Margin 34.27% Long-Term Outlook -
Pretax Margin 52.16% Short-Term Rating Date -
Return on Assets 10.41% Short-Term Rating -
Return on Common Equity 24.04%
Return on Capital 12.43% EBITDA/Interest Exp. 9.12
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -76.15
Net Debt/EBITDA 5.93
Gross Margin 44.6% Total Debt/EBITDA 7.51
EBITDA Margin 51.4%
EBIT Margin 37.4% Total Debt/Equity 104.2%
Net Income Margin 49.7% Total Debt/Capital 50.5%
Asset Turnover 0.17
Current Ratio 1.72 Net Fixed Asset Turnover 0.27
Quick Ratio 1.21 Accounts receivable turnover-days 105.29
Debt to Assets 47.12% Inventory Days -
Tot Debt to Common Equity 104.21% Accounts Payable Turnover Day 145.59
Accounts Receivable Turnover 3.47 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ezion Holdings LtdPrice/Volume
Valuation Analysis
8'725'000.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
!
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0.0
20.0
40.0
60.0
80.0
100.0
120.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
THIAM KENG CHEW n/a EXCH 171'020'000 20.57 110'000'000 07.03.2012 n/a
FRANKLIN RESOURCES I n/a EXCH 55'899'000 6.72 12'801'000 23.02.2012 Investment Advisor
HAVENPORT ASSET MANA n/a EXCH 50'625'000 6.09 2'701'000 06.02.2012 n/a
EZRA HOLDINGS LTD n/a EXCH 40'000'000 4.81 (60'000'000) 29.02.2012 Corporation
LEGG MASON INC n/a EXCH 34'838'000 4.19 (3'818'000) 08.02.2011 Investment Advisor
LEGG MASON INTERNATI Multiple Portfolios MF-AGG 27'949'000 3.36 - 31.03.2011 Mutual Fund Manager
NYLECT HOLDINGS PTE n/a EXCH 26'072'000 3.14 (10'000'000) 08.06.2009 n/a
APG ALGEMENE PENSIOE n/a EXCH 16'818'000 2.02 (30'000'000) 05.07.2010 Pension Fund (ERISA)
UNIQUE COUNSEL LTD n/a EXCH 11'780'000 1.42 - 18.12.2008 n/a
FIRST STATE INVESTME Multiple Portfolios MF-AGG 10'000'000 1.2 - 31.10.2011 Investment Advisor
ICON ADVISERS INC Multiple Portfolios MF-AGG 6'241'000 0.75 - 31.12.2011 Investment Advisor
ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 6'000'000 0.72 - 31.12.2011 Mutual Fund Manager
LEOK PENG SIM n/a Research 4'000'000 0.48 - 12.02.2009 n/a
FIRST STATE INVESTME Multiple Portfolios MF-AGG 2'424'000 0.29 - 31.10.2011 Mutual Fund Manager
LION GLOBAL INVESTOR Multiple Portfolios MF-AGG 2'127'000 0.26 - 31.12.2010 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'101'330 0.25 177'000 31.12.2011 Investment Advisor
CARRET ASSET MANAGEM CARRET ASSET MANAGEM 13F 2'044'000 0.25 (55'000) 31.12.2011 Investment Advisor
THEAN EE LIM n/a Co File 1'200'000 0.14 - 21.01.2011 n/a
EZION HOLDINGS LTD n/a Co File 570'000 0.07 - 14.03.2011 Corporation
TAN KENG SIN n/a EXCH 500'000 0.06 - 06.02.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
DMG & Partners Securities JASON SAW buy 5 M 1 12 month 12.03.2012
OCBC Investment Research LOW PEI HAN buy 5 M 1 12 month 08.03.2012
UOB Kay Hian NANCY WEI buy 5 M 1 Not Provided 08.03.2012
CLSA Asia Pacific Markets CAROLINE MAES buy 5 M 2 Not Provided 08.03.2012
CIMB ZHIBIN YEO outperform 5 M 1 12 month 07.03.2012
DBS Vickers JEREMY THIA buy 5 M 1 12 month 06.03.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 06.03.2012
Standard Chartered LEONG WAI MUN outperform 5 M 1 12 month 05.03.2012
Kim Eng Securities ROHAN SUPPIAH buy 5 M 1 12 month 23.02.2012
DNB Markets KAY LIM buy 5 M 1 Not Provided 23.02.2012
Holdings By:
Ezion Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Thai Airways International Public Company Limited is Thailand's national
airline providing air transportation, freight and mail services on domestic
and international routes including Asia, Europe, North America, Africa and
South West Pacific. The Company is a state enterprise which is controlled by
the government and partly owned by the public.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.06.2013) 35.00
52-Week Low (25.07.2012) 19.50
Daily Volume
20.9
52-Week High % Change -40.29% Dividend Yield -
52-Week Low % Change 7.18% Beta 1.26
% 52 Week Price Range High/Low 6.45% Equity Float 941.26
Shares Out 03.06.2013 2'182.8 Short Int -
45'619.93 1 Yr Total Return 2.41%
Total Debt 158'685.38 YTD Return -3.61%
Preferred Stock 0.0 Adjusted BETA 1.260
Minority Interest 898.5 Analyst Recs 24
Cash and Equivalents 21'758.11 Consensus Rating 3.875
Enterprise Value 180'381.75
Average Volume 5 Day 9'935'560
THAI TB EQUITY YTD Change - Average Volume 30 Day 13'827'650
THAI TB EQUITY YTD % CHANGE - Average Volume 3 Month 13'135'700
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
200'118.0 161'602.7 180'588.7 190'997.2 209'122.5 180'588.7 190'997.2 221'045.9 236'603.7 50'471.5 54'684.0
0.76x 1.07x 1.19x 0.89x 0.89x 4.28x 3.72x 0.90x 0.85x - -
9'301.8 30'214.0 32'314.0 19'446.3 27'650.0 30'571.3 18'543.3 32'395.6 35'813.3 3'717.0 7'309.0
16.33x 5.73x 6.66x 8.70x 6.73x 7.04x 9.12x 5.57x 5.04x - -
(21'379.5) 7'343.6 14'743.6 (10'197.0) 6'229.0 14'743.6 (10'197.0) 5'955.2 7'056.4 (1'463.3) 2'143.0
- 4.31x 6.08x - 7.75x 5.65x 77.52x 7.67x 6.43x - -
EBITDA 27'649.98 Long-Term Rating Date -
EBIT 7'115.15 Long-Term Rating -
Operating Margin 3.40% Long-Term Outlook -
Pretax Margin 3.40% Short-Term Rating Date -
Return on Assets 3.69% Short-Term Rating -
Return on Common Equity 15.08%
Return on Capital 8.50% EBITDA/Interest Exp. 4.74
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 1.59
Net Debt/EBITDA 4.91
Gross Margin 51.5% Total Debt/EBITDA 5.60
EBITDA Margin 13.0%
EBIT Margin 3.4% Total Debt/Equity 230.2%
Net Income Margin 3.0% Total Debt/Capital 69.4%
Asset Turnover 0.72
Current Ratio 0.87 Net Fixed Asset Turnover 0.98
Quick Ratio 0.45 Accounts receivable turnover-days 28.82
Debt to Assets 52.18% Inventory Days 28.55
Tot Debt to Common Equity 230.25% Accounts Payable Turnover Day 25.22
Accounts Receivable Turnover 12.67 Cash Conversion Cycle 34.26
Inventory Turnover 12.78
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Thai Airways International PCLPrice/Volume
Valuation Analysis
8'741'200.00
Current Price (7/dd/yy) Market Data
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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINANCE MINISTRY n/a EXCH 1'113'931'061 51.03 - 16.03.2011 Government
VAYUPAK FUND I n/a EXCH 330'075'164 15.12 - 16.03.2011 Investment Advisor
THAI NVDR CO LTD n/a EXCH 99'706'482 4.57 - 16.03.2011 Corporation
GOVT SAVINGS BANK FU n/a EXCH 52'114'826 2.39 - 16.03.2011 Unclassified
STATE STREET BANK AN n/a EXCH 44'160'124 2.02 - 16.03.2011 Bank
BANK OF NEW YORK MEL n/a EXCH 29'056'370 1.33 - 16.03.2011 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 17'259'518 0.79 8'375'100 31.12.2011 Investment Advisor
SOMERS LTD n/a EXCH 13'284'504 0.61 - 16.03.2011 Other
TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'559'563 0.25 (381'500) 29.02.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'655'557 0.17 (10'943'000) 31.12.2011 Investment Advisor
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 516'100 0.02 516'100 30.06.2011 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 460'630 0.02 180 31.10.2011 Mutual Fund Manager
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 324'900 0.01 - 30.11.2011 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 302'300 0.01 302'300 30.11.2011 Investment Advisor
MESIROW FIN INV MGMT MESIROW FIN INV MGMT 13F 201'612 0.01 201'612 31.12.2011 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 101'443 0 101'443 30.09.2011 Investment Advisor
MIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG 80'069 0 - 30.11.2011 Investment Advisor
NORTHWESTERN MUTUAL NORTHWESTERN MUTUAL Sch-D 68'900 0 30'700 30.09.2011 Insurance Company
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 38'200 0 (800) 31.12.2011 Investment Advisor
WELLS FARGO BANK NAT Multiple Portfolios MF-AGG 37'858 0 143 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kasikorn Securities SOMKIJ ORANCHATCHAWAN outperform 5 M 30 Not Provided 19.03.2012
HSBC MARK CARMERON ROSS WEBB overweight 5 N 32 Not Provided 12.03.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 12.03.2012
Kim Eng Securities JAROONPAN WATTANAWONG speculative buy 4 M 32 Not Provided 09.03.2012
Phillip Securities SIAM TIYANONT buy 5 M 34 Not Provided 08.03.2012
Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 U 35 Not Provided 08.03.2012
Capital Nomura Securities RAENOO BHANDASUKDI buy 5 M #N/A N/A Not Provided 05.03.2012
CIMB MONCHAI JATURANPINYO neutral 3 M 23 12 month 05.03.2012
UOB Kay Hian K AJITH sell 1 D 23 Not Provided 28.02.2012
Asia Plus Securities KAWEE MANITSUPAWONG hold 3 M 26 12 month 27.02.2012
Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 31 Not Provided 27.02.2012
KGI Securities PHATIPAK NAVAWATANA neutral 3 M 30 Not Provided 27.02.2012
DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 32 12 month 27.02.2012
OSK (Asia) Securities AHMAD MAGHFUR USMAN sell 1 M 21 12 month 27.02.2012
SCB Securities Co. Ltd. SIRIMA DISSARA buy 5 M 29 Not Provided 27.02.2012
Finansia Syrus Securities PCL AMNART NGOSAWANG buy 5 M 31 Not Provided 27.02.2012
Macquarie DAVID GAMBRILL neutral 3 D 27 12 month 14.02.2012
Morgan Stanley SOPHIE LOH Equalwt/In-Line 3 M 18 12 month 02.02.2012
Country Group Securities PCL VARAYU WATTANASIRI buy 5 U 27 12 month 25.01.2012
Thanachart Securities PCL SAKSID PHADTHANANARAK sell 1 M 18 12 month 20.01.2012
Standard Chartered TAN WEI LING underperform 1 M 16 12 month 05.01.2012
KT Zmico Securities TERAPATR MATHANUKRAW buy 5 M 31 12 month 25.11.2011
Goldman Sachs HINO LAM neutral/neutral 3 M 21 12 month 13.11.2011
Citi RIGAN WONG neutral 3 M 19 Not Provided 27.10.2011
KTB Securities Thailand Co Ltd PHONTEP WONGNAK buy 5 U 34 Not Provided 15.08.2011
Deutsche Bank MONCHAI MOKARANURAKSA buy 5 M 45 12 month 18.04.2011
Holdings By:
Thai Airways International PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Thai Union Frozen Products Public Company Limited produces and exports frozen
and canned seafood products including frozen tuna loin, shrimp and cephalopod.
The Company also produces canned pet foods from by products of its seafood
process. Additionally, the Company produces fish snack and canned tuna which
are marketed locally.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.10.2012) 77.75
52-Week Low (25.04.2013) 55.00
Daily Volume
55.75
52-Week High % Change -28.30% Dividend Yield -
52-Week Low % Change 1.36% Beta 0.70
% 52 Week Price Range High/Low 6.59% Equity Float 506.94
Shares Out 03.06.2013 1'147.6 Short Int -
63'978.36 1 Yr Total Return -22.79%
Total Debt 35'008.44 YTD Return -21.35%
Preferred Stock 0.0 Adjusted BETA 0.695
Minority Interest 3'128.2 Analyst Recs 28
Cash and Equivalents 1'400.04 Consensus Rating 4.429
Enterprise Value 103'774.61
Average Volume 5 Day 1'614'920
TUF TB EQUITY YTD Change - Average Volume 30 Day 2'630'397
TUF TB EQUITY YTD % CHANGE - Average Volume 3 Month 3'033'681
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
69'048.1 68'994.5 71'507.4 98'670.4 106'697.6 71'507.4 98'670.4 114'523.9 126'199.9 27'294.0 29'568.0
0.50x 0.58x 1.24x 0.99x 1.12x 3.56x 3.62x 0.86x 0.77x - -
3'910.5 5'242.8 4'754.2 9'378.1 9'519.2 4'649.3 9'266.9 9'530.7 11'751.1 2'015.0 2'699.0
8.91x 7.69x 18.70x 10.39x 12.54x 19.12x 10.52x 10.89x 8.83x - -
2'200.5 3'343.8 2'873.7 5'117.2 4'693.7 2'873.7 5'074.5 5'111.2 6'498.6 757.5 1'694.0
7.69x 7.98x 16.41x 10.93x 16.40x 16.48x 11.04x 12.97x 10.13x - -
EBITDA 9'519.21 Long-Term Rating Date -
EBIT 6'869.19 Long-Term Rating -
Operating Margin 6.44% Long-Term Outlook -
Pretax Margin 5.24% Short-Term Rating Date -
Return on Assets 4.25% Short-Term Rating -
Return on Common Equity 12.39%
Return on Capital 9.14% EBITDA/Interest Exp. 4.09
Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 2.53
Net Debt/EBITDA 4.51
Gross Margin 15.3% Total Debt/EBITDA 4.74
EBITDA Margin 7.5%
EBIT Margin 5.0% Total Debt/Equity 94.1%
Net Income Margin 4.4% Total Debt/Capital 46.5%
Asset Turnover 1.15
Current Ratio 1.36 Net Fixed Asset Turnover 5.68
Quick Ratio 0.37 Accounts receivable turnover-days 40.76
Debt to Assets 36.94% Inventory Days 122.21
Tot Debt to Common Equity 94.07% Accounts Payable Turnover Day 30.23
Accounts Receivable Turnover 8.96 Cash Conversion Cycle 130.50
Inventory Turnover 2.99
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Thai Union Frozen Products PCLPrice/Volume
Valuation Analysis
1'597'300.00
Current Price (7/dd/yy) Market Data
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHANSIRI KRAISORN n/a EXCH 85'872'509 8.98 - 25.03.2011 n/a
MITSUBISHI CORP n/a Co File 72'446'900 7.58 - 31.03.2011 Corporation
CHANSIRI THIRAPHONG n/a EXCH 55'416'482 5.79 - 25.03.2011 n/a
NIRUTTINANON CHENG n/a EXCH 47'123'265 4.93 - 25.03.2011 n/a
CHANSIRI BUSAKORN n/a EXCH 36'409'507 3.81 - 25.03.2011 n/a
THAI NVDR CO LTD n/a EXCH 31'598'015 3.3 - 25.03.2011 Corporation
MERRILL LYNCH INTERN n/a EXCH 31'340'000 3.28 - 25.03.2011 Bank
SOCIAL SECURITY OFFI n/a EXCH 27'226'619 2.85 - 25.03.2011 Unclassified
CHANSIRI DISPHOL n/a EXCH 24'778'142 2.59 - 25.03.2011 n/a
CHANSIRI PORNAPA n/a EXCH 22'574'760 2.36 - 25.03.2011 n/a
HAGOROMO FOODS CORP n/a Co File 18'900'000 1.98 - 31.03.2011 Corporation
TIN KING CHAN n/a EXCH 18'553'327 1.94 - 25.03.2011 n/a
CHOY YUEN CHU n/a EXCH 18'316'664 1.92 - 25.03.2011 n/a
AMERICAN INTERNATION n/a EXCH 15'000'142 1.57 - 25.03.2011 Insurance Company
NIRUTTINANON CHINTAN n/a EXCH 14'000'007 1.46 - 25.03.2011 n/a
BOONMECHOTE RITTIRON n/a EXCH 13'100'000 1.37 - 25.03.2011 n/a
STATE STREET BANK AN n/a EXCH 12'958'436 1.36 - 25.03.2011 Bank
BOONMECHOTE PRASERT n/a EXCH 12'053'000 1.26 - 25.03.2011 n/a
BANK OF NEW YORK MEL n/a EXCH 10'787'800 1.13 - 25.03.2011 Investment Advisor
SOMERS LTD n/a EXCH 10'344'715 1.08 - 25.03.2011 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank CHALINEE CONGMUANG buy 5 M 73 12 month 09.03.2012
Kim Eng Securities SUTTATIP PEERASUB buy 5 M 80 Not Provided 09.03.2012
Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 82 12 month 09.03.2012
Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 80 12 month 08.03.2012
DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 81 12 month 08.03.2012
CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 86 12 month 08.03.2012
Phillip Securities NAREE APISAWAITTKAN buy 5 U 80 Not Provided 08.03.2012
Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 75 Not Provided 08.03.2012
UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 74 Not Provided 08.03.2012
IV Global RATTANA LEENUTAPHONG buy 5 M 76 Not Provided 08.03.2012
Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 75 Not Provided 08.03.2012
Kasikorn Securities JITIMA RATANATAM buy 5 M 80 Not Provided 08.03.2012
Credit Suisse KARIM SALAMATIAN outperform 5 M 85 Not Provided 07.03.2012
Standard Chartered NIRGUNAN TIRUCHELVAM outperform 5 M 81 12 month 06.03.2012
Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012
Macquarie BUNLUNG WAIYANONT neutral 3 M 60 12 month 22.02.2012
Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 M 77 12 month 10.02.2012
AIRA SECURITIES NUTTAPON KUMNOUNPHON buy 5 M 81 Not Provided 09.02.2012
KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 88 Not Provided 08.02.2012
Thanachart Securities PCL AUNGKANA TUNGWIKROMKRAI buy 5 M 80 12 month 31.01.2012
Country Group Securities PCL DOME KUNPRAYOONSAWAD long-term buy 5 M 64 12 month 25.01.2012
JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 53 9 month 23.01.2012
BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 65 12 month 16.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Holdings By:
Thai Union Frozen Products PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Charoen Pokphand Foods Public Company Limited produces a wide range of food
products. The Company's products include chicken, pork, shrimp, fish, eggs.
and duck.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (07.11.2012) 37.00
52-Week Low (25.06.2013) 21.60
Daily Volume
28
52-Week High % Change -24.32% Dividend Yield -
52-Week Low % Change 29.63% Beta 0.92
% 52 Week Price Range High/Low 33.44% Equity Float 3'678.34
Shares Out 03.06.2013 7'742.9 Short Int -
216'802.38 1 Yr Total Return -17.20%
Total Debt 146'202.65 YTD Return -15.68%
Preferred Stock 0.0 Adjusted BETA 0.924
Minority Interest 16'259.0 Analyst Recs 29
Cash and Equivalents 12'258.40 Consensus Rating 4.414
Enterprise Value 378'525.86
Average Volume 5 Day 19'955'720
CPF TB EQUITY YTD Change - Average Volume 30 Day 24'826'130
CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 23'910'550
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 189'048.5 206'099.5 395'004.1 438'243.2 98'881.7 97'711.0
0.42x 0.70x 1.09x 1.36x 1.11x 3.94x 4.69x 0.92x 0.84x - -
8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 16'863.9 19'442.1 25'415.9 32'664.8 4'741.5 4'253.0
8.20x 7.17x 12.24x 14.44x 25.67x 12.24x 13.77x 14.89x 11.59x - -
3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 13'562.6 15'837.0 13'205.6 17'919.0 2'507.0 3'317.0
7.23x 7.50x 12.11x 13.64x 13.03x 12.11x 13.87x 16.44x 11.82x 12.87x 11.27x
EBITDA 15'453.78 Long-Term Rating Date -
EBIT 8'077.37 Long-Term Rating -
Operating Margin 2.26% Long-Term Outlook -
Pretax Margin 6.63% Short-Term Rating Date -
Return on Assets 2.56% Short-Term Rating -
Return on Common Equity 7.55%
Return on Capital 5.93% EBITDA/Interest Exp. 2.42
Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -0.74
Net Debt/EBITDA 11.89
Gross Margin 11.6% Total Debt/EBITDA 13.24
EBITDA Margin 3.3%
EBIT Margin 1.2% Total Debt/Equity 139.9%
Net Income Margin 5.3% Total Debt/Capital 54.8%
Asset Turnover 1.23
Current Ratio 1.15 Net Fixed Asset Turnover 4.38
Quick Ratio 0.37 Accounts receivable turnover-days 20.44
Debt to Assets 47.08% Inventory Days 51.20
Tot Debt to Common Equity 139.88% Accounts Payable Turnover Day 19.56
Accounts Receivable Turnover 17.86 Cash Conversion Cycle 43.01
Inventory Turnover 7.13
Fiscal Year Ended
Charoen Pokphand Foods PCLPrice/Volume
Valuation Analysis
50'915'400.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHAROEN POKPHAND GRO n/a EXCH 3'246'891'295 41.93 - 25.08.2011 Holding Company
THAI NVDR CO LTD n/a EXCH 391'234'737 5.05 - 25.08.2011 Corporation
UBS AG/LONDON n/a EXCH 288'490'080 3.73 - 25.08.2011 Investment Advisor
BANGKOK AGRO-INDL PR n/a EXCH 145'684'000 1.88 - 25.08.2011 Other
JIRAPUMMIN WALAIPORN n/a EXCH 128'100'000 1.65 - 25.08.2011 n/a
STATE STREET BANK AN n/a EXCH 109'275'580 1.41 - 25.08.2011 Bank
TIEANWORN PRIN n/a EXCH 95'400'000 1.23 - 25.08.2011 n/a
SOCIAL SECURITY OFFI n/a EXCH 90'827'900 1.17 - 25.08.2011 Unclassified
BANGKOK PRODUCES PCL n/a EXCH 82'885'000 1.07 - 25.08.2011 Corporation
BANGKOK FOOD PRODUCT n/a EXCH 69'110'720 0.89 - 25.08.2011 Other
STATE STREET BANK EU n/a EXCH 67'736'744 0.87 - 25.08.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 64'889'500 0.84 2'599'400 31.12.2011 Investment Advisor
UBS AG/HONG KONG n/a EXCH 57'250'000 0.74 - 25.08.2011 Bank
UOB-KAY HIAN PTE LTD n/a EXCH 50'295'200 0.65 - 25.08.2011 Corporation
SOMERS LTD n/a EXCH 37'823'300 0.49 - 25.08.2011 Other
TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 19'153'800 0.25 (1'313'700) 29.02.2012 Unclassified
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 18'784'400 0.24 402'600 31.01.2012 Investment Advisor
KANCHANADUL VEERAVAT n/a Co File 16'915'170 0.22 - 31.12.2009 n/a
ARUNANONDCHAI SUNTHO n/a Co File 14'748'299 0.19 - 31.12.2009 n/a
WATCHARANANAN ARUNEE n/a Co File 7'639'999 0.1 - 31.12.2009 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DIVYA GANGAHAR KOTHIYAL Underwt/In-Line 1 N 34 12 month 19.03.2012
Phillip Securities NAREE APISAWAITTKAN accumulate 4 U 39 Not Provided 15.03.2012
CLSA Asia Pacific Markets PATTAWAN PHANUSSOPAKUL buy 5 M 42 Not Provided 12.03.2012
Kim Eng Securities SUTTATIP PEERASUB buy 5 M 39 Not Provided 09.03.2012
Bualuang Securities PRASIT SUJIRAVORAKUL trading buy 5 M 38 3 month 09.03.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012
CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 48 12 month 02.03.2012
Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 45 Not Provided 02.03.2012
Krungsri Securities SITTIDATH PRASERTRUNGRUANG trading 2 M 37 Not Provided 27.02.2012
Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 24.02.2012
Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 47 12 month 23.02.2012
Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 48 Not Provided 23.02.2012
DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 42 12 month 23.02.2012
SCB Securities Co. Ltd. KANCHAN KHANIJOU buy 5 M 45 Not Provided 23.02.2012
IV Global RATTANA LEENUTAPHONG buy 5 M 42 Not Provided 23.02.2012
Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 U 42 Not Provided 23.02.2012
Kasikorn Securities JITIMA RATANATAM buy 5 M 42 Not Provided 23.02.2012
Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012
Macquarie BUNLUNG WAIYANONT outperform 5 M 43 12 month 22.02.2012
Deutsche Bank CHALINEE CONGMUANG buy 5 M 41 12 month 09.02.2012
KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 37 Not Provided 02.02.2012
UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 40 Not Provided 01.02.2012
Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 37 12 month 25.01.2012
JPMorgan MARIA BRENDA SANCHEZ LAPIZ overweight 5 M 39 9 month 17.01.2012
KT Zmico Securities POLASIT TANPOONKIAT buy 5 M 40 12 month 28.12.2011
AIRA SECURITIES NATTAPON KUMNUALPHON buy on weakness 5 N 38 Not Provided 29.11.2011
Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 40 12 month 28.11.2011
Holdings By:
Charoen Pokphand Foods PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Amata Corporation Public Company Limited develops industrial estates primarily
served for manufacturing plants and factories. The Company acquires land and
develops essential infrastructure and facilities ready for industrialized
operations. Ameta also has overseas investments in Vietnam.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.03.2013) 28.00
52-Week Low (15.11.2012) 15.00
Daily Volume
16.6
52-Week High % Change -40.71% Dividend Yield -
52-Week Low % Change 10.67% Beta 1.35
% 52 Week Price Range High/Low 11.54% Equity Float 551.27
Shares Out 03.06.2013 1'067.0 Short Int -
17'712.20 1 Yr Total Return 1.12%
Total Debt 7'082.33 YTD Return 3.79%
Preferred Stock 0.0 Adjusted BETA 1.353
Minority Interest 2'339.7 Analyst Recs 22
Cash and Equivalents 2'032.53 Consensus Rating 4.591
Enterprise Value 24'258.98
Average Volume 5 Day 5'134'120
AMATA TB EQUITY YTD Change - Average Volume 30 Day 6'103'417
AMATA TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'791'288
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'858.8 2'035.1 3'096.3 3'747.9 5'307.6 3'096.3 3'747.9 7'487.7 9'024.9 2'182.0 2'182.0
2.52x 6.57x 6.54x 5.62x 4.65x 23.08x 20.74x 3.41x 2.79x - -
1'804.8 494.5 1'183.2 1'441.7 1'907.6 1'183.2 1'441.7 2'996.6 3'653.7 851.0 851.0
5.39x 27.04x 17.10x 14.61x 12.94x 17.10x 13.77x 8.10x 6.64x - -
1'192.3 372.3 695.9 900.5 1'444.5 695.9 932.2 1'769.2 2'177.4 471.0 491.0
3.64x 21.00x 22.15x 15.00x 12.00x 22.15x 14.48x 10.05x 8.15x - -
EBITDA 1'907.59 Long-Term Rating Date -
EBIT 1'797.10 Long-Term Rating -
Operating Margin 33.86% Long-Term Outlook -
Pretax Margin 42.58% Short-Term Rating Date -
Return on Assets 6.71% Short-Term Rating -
Return on Common Equity 20.16%
Return on Capital 12.81% EBITDA/Interest Exp. 4.81
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. 3.82
Net Debt/EBITDA -
Gross Margin 50.9% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 30.7% Total Debt/Equity 80.0%
Net Income Margin 27.2% Total Debt/Capital 38.8%
Asset Turnover 0.27
Current Ratio 1.42 Net Fixed Asset Turnover 0.72
Quick Ratio 0.35 Accounts receivable turnover-days 11.64
Debt to Assets 29.70% Inventory Days 805.94
Tot Debt to Common Equity 79.99% Accounts Payable Turnover Day 31.09
Accounts Receivable Turnover 31.36 Cash Conversion Cycle 801.99
Inventory Turnover 0.45
Fiscal Year Ended
Amata Corp PCLPrice/Volume
Valuation Analysis
4'498'200.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KROMADIT VIKROM n/a EXCH 263'710'000 24.72 - 06.05.2011 n/a
KROMADIT VITOON n/a EXCH 62'069'270 5.82 - 06.05.2011 n/a
THAI NVDR CO LTD n/a EXCH 59'421'450 5.57 - 06.05.2011 Corporation
ITOCHU MANAGEMENT TH n/a EXCH 50'000'000 4.69 - 06.05.2011 Corporation
STATE STREET BANK AN n/a EXCH 45'867'254 4.3 - 06.05.2011 Bank
YODMANI CHAVALIT n/a EXCH 38'061'170 3.57 - 06.05.2011 n/a
STATE STREET BANK EU n/a EXCH 21'498'500 2.01 - 06.05.2011 n/a
AMERICAN INTERNATION n/a EXCH 16'500'000 1.55 - 06.05.2011 Insurance Company
BANGKOK INSURANCE PC n/a EXCH 13'025'600 1.22 - 06.05.2011 Insurance Company
SOMERS LTD n/a EXCH 11'530'900 1.08 - 06.05.2011 Other
CACEIS n/a EXCH 9'436'600 0.88 - 06.05.2011 Investment Advisor
KOOHRATTANAPISAL SOR n/a EXCH 9'250'000 0.87 - 06.05.2011 n/a
SIHANATKATHAKUL MONT n/a EXCH 8'584'300 0.8 - 06.05.2011 n/a
EGAT EMPLOYEE RETIRE n/a EXCH 7'229'600 0.68 - 06.05.2011 n/a
BOONPRASERT ARICH n/a EXCH 6'628'020 0.62 - 06.05.2011 n/a
KOOHRATTANAPISAL SOO n/a EXCH 6'520'000 0.61 - 06.05.2011 n/a
SRICHAROENLAMSAM SIR n/a EXCH 6'350'000 0.6 - 06.05.2011 n/a
PANUPONG CHALIYA n/a EXCH 6'275'000 0.59 - 06.05.2011 n/a
SIHANATKATHAKUL ANUC n/a EXCH 5'534'000 0.52 - 06.05.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'928'170 0.27 345'300 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kasikorn Securities SORAPONG JAKTEERUGKUL buy 5 M 22 Not Provided 19.03.2012
DBS Vickers CHANPEN SIRITHANARATTANAKUL buy 5 M 20 12 month 16.03.2012
Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT buy 5 M 21 Not Provided 14.03.2012
Kim Eng Securities TERMPORN TANTIVIVAT buy 5 M 21 Not Provided 09.03.2012
Capital Nomura Securities PIYACHAT RATANASUVAN buy 5 M #N/A N/A Not Provided 24.02.2012
Asia Plus Securities THERDSAK THAVEETEERATHAM buy 5 M 24 12 month 22.02.2012
Phillip Securities DANAI TUNYAPISITCHAI trading buy 5 M 18 Not Provided 22.02.2012
Finansia Syrus Securities PCL WORARAT POWPAKA buy 5 M 22 Not Provided 22.02.2012
AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 23 Not Provided 22.02.2012
Country Group Securities PCL DOME KUNPRAYOONSAWAD speculative buy 4 M 17 Not Provided 21.02.2012
CIMB WATTAIPUN EKATAKSIN outperform 5 M 25 12 month 21.02.2012
Bualuang Securities CHAIYATORN SRICHAROEN buy 5 U 20 12 month 21.02.2012
KGI Securities TAREETIP WONGSAENGPAIBOON outperform 5 M 18 Not Provided 20.02.2012
Macquarie PATTI TOMAITRICHITR outperform 5 M 21 12 month 20.02.2012
Thanachart Securities PCL PHANNARAI TIYAPITTAYARUT buy 5 M 25 12 month 14.02.2012
Krungsri Securities CHATREE SRISMAICHAROEN trading 2 M 17 12 month 10.02.2012
EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012
SCB Securities Co. Ltd. YUPHARET LIKITSANSUK buy 5 M 23 Not Provided 27.01.2012
Citi SUCHART TECHAPOSAI buy 5 M 19 Not Provided 19.01.2012
Deutsche Bank NATHAVUT SHIVARUCHIWONG buy 5 M 18 12 month 06.01.2012
UOB Kay Hian WANIDA GEISLER sell 1 M 9 Not Provided 15.12.2011
RBS DAVID BELLER buy 5 M 21 12 month 09.11.2011
KTB Securities Thailand Co Ltd NARONGSAK SONPUAK long-term buy 5 M 20 Not Provided 10.01.2011
Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 20 Not Provided 28.10.2010
Holdings By:
Amata Corp PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Bangkok Bank Public Company Limited provides various banking and financial
services including commercial, consumer, credit card, and mortgage lending,
international trade financing, investment banking, and securities services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.04.2013) 237.00
52-Week Low (15.11.2012) 172.50
Daily Volume
188
52-Week High % Change -20.68% Dividend Yield -
52-Week Low % Change 8.99% Beta 1.07
% 52 Week Price Range High/Low 25.58% Equity Float 1'198.56
Shares Out 03.06.2013 1'908.8 Short Int -
358'862.47 1 Yr Total Return 3.59%
Total Debt 245'179.15 YTD Return -1.94%
Preferred Stock 0.0 Adjusted BETA 1.069
Minority Interest 70.8 Analyst Recs 34
Cash and Equivalents 401'419.83 Consensus Rating 4.324
Enterprise Value -
Average Volume 5 Day 6'687'900
BBL TB EQUITY YTD Change - Average Volume 30 Day 7'297'170
BBL TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'103'244
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
100'765.2 90'690.6 96'966.4 115'269.8 130'118.8 96'506.3 108'228.1 94'246.2 103'530.9 22'985.1 23'406.8
- - - - - 4.35x 8.05x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
20'243.0 20'562.0 24'593.4 27'337.6 33'021.5 24'458.0 27'337.6 37'229.2 41'734.3 9'245.0 8'786.7
6.51x 10.77x 11.41x 10.72x 11.30x 11.48x 10.71x 9.66x 8.61x 9.73x 9.39x
EBITDA - Long-Term Rating Date 01.11.2006
EBIT - Long-Term Rating BBB+
Operating Margin 42.53% Long-Term Outlook STABLE
Pretax Margin 44.87% Short-Term Rating Date 01.11.2006
Return on Assets 1.46% Short-Term Rating A-2
Return on Common Equity 12.62%
Return on Capital 6.61% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 89.6%
Net Income Margin 36.8% Total Debt/Capital 47.3%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 3.95
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 10.14% Inventory Days -
Tot Debt to Common Equity 89.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bangkok Bank PCLPrice/Volume
Valuation Analysis
4'603'200.00
Current Price (7/dd/yy) Market Data
!.!1!3!5!
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2 ! B
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-2 ! B
.! ! B
.2 ! B
0! ! B
02 ! B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
! !!
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.! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
THAI NVDR CO LTD n/a EXCH 464'434'206 24.33 - 12.09.2011 Corporation
STATE STREET BANK AN n/a EXCH 97'219'656 5.09 - 12.09.2011 Bank
THAILAND SECURITIES n/a EXCH 78'378'582 4.11 - 12.09.2011 Investment Advisor
STATE STREET BANK EU n/a EXCH 38'158'772 2 - 12.09.2011 n/a
BANK OF NEW YORK MEL n/a EXCH 38'064'646 1.99 - 12.09.2011 Investment Advisor
MORGAN STANLEY & CO n/a EXCH 37'846'675 1.98 - 12.09.2011 Investment Advisor
BANGKOK INSURANCE PC n/a EXCH 35'412'030 1.86 - 12.09.2011 Insurance Company
ABU DHABI INVESTMENT n/a EXCH 34'684'100 1.82 - 12.09.2011 Investment Advisor
UOB-KAY HIAN PTE LTD n/a EXCH 32'931'250 1.73 - 12.09.2011 Corporation
SOCIAL SECURITY OFFI n/a EXCH 29'918'800 1.57 - 12.09.2011 Unclassified
GOVT OF SINGAPORE IN n/a EXCH 25'489'300 1.34 - 12.09.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'108'238 0.95 359'600 31.12.2011 Investment Advisor
HSBC BANK PLC n/a EXCH 15'094'859 0.79 - 12.09.2011 Bank
SOPHONPANICH CHATRI n/a EXCH 13'562'778 0.71 - 12.09.2011 n/a
GOVT SAVINGS BANK FU n/a EXCH 13'332'200 0.7 - 12.09.2011 Unclassified
SAWAIPRAPAS & SON CO n/a EXCH 11'409'700 0.6 - 12.09.2011 n/a
RBC DEXIA INVESTOR S n/a EXCH 10'511'281 0.55 - 12.09.2011 Investment Advisor
CHATRIEN HOLDING LTD n/a EXCH 10'483'110 0.55 - 12.09.2011 Other
SELANGOR HOLDINGS IN n/a EXCH 10'002'847 0.52 - 12.09.2011 n/a
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'026'300 0.32 357'100 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KT Zmico Securities CHALIE KUEYEN buy 5 M 210 12 month 16.03.2012
Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 196 12 month 16.03.2012
BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 190 12 month 14.03.2012
KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 220 Not Provided 13.03.2012
Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 190 Not Provided 12.03.2012
CLSA Asia Pacific Markets JAMES MOSS buy 5 M 210 Not Provided 12.03.2012
Kim Eng Securities WORAPHON WIROONSRI hold 3 M 164 Not Provided 09.03.2012
DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 208 12 month 08.03.2012
Goldman Sachs MELISSA KUANG Buy/Neutral 5 U 220 12 month 28.02.2012
Nomura ANAND PATHMAKANTHAN buy 5 M 210 Not Provided 27.02.2012
Standard Chartered KRISHNA GUHA in-line 3 M 166 12 month 24.02.2012
Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 196 Not Provided 24.02.2012
Asia Plus Securities USANEE LIURUT buy 5 M 221 12 month 23.02.2012
HSBC XIUSHI CAI overweight 5 M 193 Not Provided 23.02.2012
Phillip Securities SASIKORN CHAROENSUWAN trading buy 5 M 201 Not Provided 23.02.2012
SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 194 Not Provided 23.02.2012
UOB Kay Hian THANANCHAI JITTANOON buy 5 M 222 Not Provided 23.02.2012
Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 202 Not Provided 23.02.2012
Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 175 Not Provided 23.02.2012
KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT hold 3 D 180 Not Provided 23.02.2012
AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 189 Not Provided 23.02.2012
Deutsche Bank PEACH PATHARAVANAKUL buy 5 M 195 12 month 22.02.2012
Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 200 12 month 21.02.2012
IV Global SIRIANONT SRIKUREJA buy 5 M 197 Not Provided 14.02.2012
OSK (Asia) Securities KEITH WEE buy 5 M 172 12 month 13.02.2012
JPMorgan ANNE JIRAJARIYAVECH neutral 3 M 190 9 month 07.02.2012
Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 177 12 month 06.02.2012
RBS MARCIN SPIEWAK buy 5 M 190 12 month 01.02.2012
Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 211 Not Provided 30.01.2012
Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 184 12 month 25.01.2012
CIMB MONCHAI JATURANPINYO neutral 3 M 162 12 month 23.01.2012
Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI outperform 5 M 183 Not Provided 20.01.2012
Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M 189 Not Provided 11.01.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011
Holdings By:
Bangkok Bank PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Kasikornbank Public Company Limited provides commercial banking services
including personal and commercial banking, international trade, as well as
investment banking services, to its customers throughout Thailand. The Bank
has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen,
and representative offices in Shanghai, Beijing, and Kunmin.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.05.2013) 225.00
52-Week Low (23.07.2012) 159.50
Daily Volume
173
52-Week High % Change -23.11% Dividend Yield -
52-Week Low % Change 8.46% Beta 1.00
% 52 Week Price Range High/Low 23.66% Equity Float 1'646.14
Shares Out 03.06.2013 2'393.3 Short Int -
414'034.00 1 Yr Total Return 8.49%
Total Debt 277'745.63 YTD Return -9.44%
Preferred Stock 0.0 Adjusted BETA 1.003
Minority Interest 15'875.7 Analyst Recs 33
Cash and Equivalents 285'105.77 Consensus Rating 4.697
Enterprise Value -
Average Volume 5 Day 11'404'080
KBANK TB EQUITY YTD Change - Average Volume 30 Day 15'282'180
KBANK TB EQUITY YTD % CHANGE - Average Volume 3 Month 10'668'660
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
82'740.9 83'687.3 120'574.4 154'892.9 184'075.6 120'106.7 154'874.8 119'511.1 133'938.2 31'321.4 30'170.0
- - - - - 8.95x 7.16x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
15'333.3 14'732.4 20'046.7 24'225.6 35'259.8 20'598.5 24'225.6 41'732.1 48'215.1 10'535.4 11'009.5
7.02x 13.80x 14.98x 12.06x 13.14x 14.58x 12.06x 9.86x 8.53x 9.76x 9.46x
EBITDA - Long-Term Rating Date 06.12.2011
EBIT - Long-Term Rating BBB+
Operating Margin 32.32% Long-Term Outlook STABLE
Pretax Margin 32.33% Short-Term Rating Date 28.09.2005
Return on Assets 1.83% Short-Term Rating A-2
Return on Common Equity 20.12%
Return on Capital 9.52% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 150.2%
Net Income Margin 23.3% Total Debt/Capital 58.0%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 4.71
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.37% Inventory Days -
Tot Debt to Common Equity 150.18% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kasikornbank PCLPrice/Volume
Valuation Analysis
12'318'900.00
Current Price (7/dd/yy) Market Data
!.!1!3!5!
-!!-.!-1!-3!-5!
i--- E--- i--- e--- e--- E--- n--- k--- j--- F--- e--. a--. ! B
2 ! B
-! ! B
-2 ! B
.! ! B
.2 ! B
0! ! B
02 ! B
1! ! B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
! !!
-! !!
.! !!
0! !!
1! !!
2! !!
3! !!
4! !!
5! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
THAI NVDR CO LTD n/a EXCH 596'569'130 24.93 - 09.09.2011 Corporation
STATE STREET BANK AN n/a EXCH 246'931'467 10.32 - 09.09.2011 Bank
STATE STREET BANK EU n/a EXCH 113'429'867 4.74 - 09.09.2011 n/a
BANK OF NEW YORK MEL n/a EXCH 55'485'809 2.32 - 09.09.2011 Investment Advisor
THAILAND SECURITIES n/a EXCH 36'917'854 1.54 - 09.09.2011 Investment Advisor
SOCIAL SECURITY OFFI n/a EXCH 29'492'850 1.23 - 09.09.2011 Unclassified
GOVT OF SINGAPORE IN n/a EXCH 23'356'100 0.98 - 09.09.2011 Government
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 22'600'400 0.94 5'692'100 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'159'108 0.88 898'200 31.12.2011 Investment Advisor
CREDIT SUISSE FIRST n/a EXCH 12'670'578 0.53 - 09.09.2011 Investment Advisor
TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'095'700 0.25 (418'000) 29.02.2012 Unclassified
LAMSAM BANTHOON n/a Co File 4'580'000 0.19 - 31.12.2009 n/a
LAMSAM BANYONG n/a Co File 3'364'420 0.14 - 31.12.2009 n/a
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 3'006'800 0.13 (1'029'600) 31.01.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'987'000 0.12 (508'500) 31.01.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 2'618'300 0.11 33'700 31.12.2011 Investment Advisor
WILLIAM BLAIR & COMP Multiple Portfolios MF-AGG 1'647'100 0.07 (1'519'200) 31.12.2011 Investment Advisor
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 1'536'600 0.06 1'523'100 31.01.2012 Insurance Company
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'189'000 0.05 - 31.07.2011 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 813'900 0.03 (67'000) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KT Zmico Securities CHALIE KUEYEN buy 5 M 167 12 month 16.03.2012
Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 157 12 month 16.03.2012
BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 155 12 month 14.03.2012
Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 164 Not Provided 12.03.2012
Kim Eng Securities WORAPHON WIROONSRI hold 3 M 135 Not Provided 09.03.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 09.03.2012
DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 167 12 month 29.02.2012
Goldman Sachs MELISSA KUANG Buy/Neutral 5 M 178 12 month 28.02.2012
Standard Chartered KRISHNA GUHA outperform 5 M 156 12 month 24.02.2012
Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 143 Not Provided 24.02.2012
HSBC XIUSHI CAI overweight 5 M 178 Not Provided 23.02.2012
Asia Plus Securities USANEE LIURUT buy 5 M 159 12 month 22.02.2012
Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 150 Not Provided 22.02.2012
CLSA Asia Pacific Markets TIM TAYLOR outperform 5 M 149 Not Provided 22.02.2012
Deutsche Bank PEACH PATHARAVANAKUL buy 5 U 165 12 month 21.02.2012
KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 176 Not Provided 21.02.2012
Nomura ANAND PATHMAKANTHAN neutral 3 M 157 Not Provided 21.02.2012
Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 165 12 month 21.02.2012
SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 157 Not Provided 14.02.2012
IV Global SIRIANONT SRIKUREJA buy 5 M 171 Not Provided 14.02.2012
CIMB MONCHAI JATURANPINYO outperform 5 M 161 12 month 13.02.2012
OSK (Asia) Securities KEITH WEE buy 5 M 177 12 month 13.02.2012
JPMorgan ANNE JIRAJARIYAVECH overweight 5 M 170 9 month 07.02.2012
Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 166 12 month 06.02.2012
RBS MARCIN SPIEWAK buy 5 M 163 12 month 01.02.2012
AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 140 Not Provided 01.02.2012
Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 155 Not Provided 30.01.2012
Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 141 12 month 25.01.2012
Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M #N/A N/A Not Provided 11.01.2012
Phillip Securities SASIKORN CHAROENSUWAN overweight 5 D 164 Not Provided 11.01.2012
Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI buy 5 U 165 Not Provided 05.12.2011
UOB Kay Hian THANANCHAI JITTANOON buy 5 M 169 Not Provided 30.11.2011
KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT buy 5 M 137 Not Provided 01.11.2011
Holdings By:
Kasikornbank PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |