Thailand’s economic resilience · 15 Jan-16 Feb-16 Mar-16 r-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16...

Thailand’s economic resilience amid global uncertainties

April 2017

I. Thailand’s economic resilience

II. Thai corporate target for sustainable growth

III. Thai capital markets landscape

Appendix


3

I. Thailand’s economic resilience • Thai economy is expected to grow at 3 – 4 percent attributed to 2 major drivers: public

investment and tourism.

• Macro economic condition is sound with strong foreign reserves, current account surplus, and sound fiscal positions. Plus, THB has remained largely stable.

• Household debt remains high but start to be stable.

Source: Office of the National Economic and Social Development Board (NESDB), Department of Tourism, Bank of Thailand, IMF’s World Economic Outlook, Oct 2016

% to GDP (2015)

%YoY

2015 3Q2016 4Q2016 2016 2017f

GDP Growth 2.8 3.2 3.0 3.2 3.0-4.0

- Private consumption 49% 2.1 3.0 2.5 3.1 2.8

- Private investment 23% -2.0 -0.8 -0.4 0.4 2.5

- Public consumption 17%

2.2 -5.2 1.5 1.6 2.6

- Public investment 29.8 5.8 8.6 9.9 14.4

- Export value* 66% 0.2 1.4 1.1 2.1 3.0

- Number of international tourists (%YoY) 12% 20.4 13.1 5.0 11.1 9.8

(million people) 29.9 8.2 7.7 32.5 35.6 - Import value* 55% -0.4 -1.1 3.4 -1.4 3.6

• The economy will grow by 3-4 percent in 2017, driven by public investment and tourism.

Thailand: Medium-term GDP growth forecast

0.1

6.4

2.9

0.7

2.83.2 3.3 3.0

2017f 2021f

(%)

4


Actual Forecast*

Note: 2017 onward forecast by IMF Note: Exports and Import value of goods and services

-20%

0%

20%

40%

0

200

400

600

1Q20

13

2Q20

13

3Q20

13

4Q20

13

1Q20

14

2Q20

14

3Q20

14

4Q20

14

1Q20

15

2Q20

15

3Q20

15

4Q20

15

1Q20

16

2Q20

16

3Q20

16

4Q20

16

Tourism receipts (LHS) %YoY (RHS)

Source: Ministry of Tourism and Sports

5


• International tourist arrivals and tourism receipts continue to grow steadily.

-20%

0%

20%

40%

0

5,000

10,000

1Q20

13

2Q20

13

3Q20

13

4Q20

13

1Q20

14

2Q20

14

3Q20

14

4Q20

14

1Q20

15

2Q20

15

3Q20

15

4Q20

15

1Q20

16

2Q20

16

3Q20

16

4Q20

16

No.of international tourists (LHS) %YoY (RHS)

Number of international tourist arrivals (thousand) (%YoY)

Tourism receipts (billion THB) (%YoY)

7,768

40

4

+4%

Top 10 international tourist arrivals to Thailand, Jan – Dec 2016

10.34

3.36

6.64

4.19

15.48

11.63

23.28

5.89

12.35

3.04

26.87

10.84

4.49

4.42

4.33

3.66

3.34

3.08

2.99

2.97

China

Malaysia

Korea

Japan

Laos

India

Russia

UK

USA

Singapore %share %growth YoY

0 20 40 60 80

100 120 140 160 180

Jan-

13

Apr-1

3 Ju

l-13

Oct-1

3 Ja

n-14

Ap

r-14

Jul-1

4 Oc

t-14

Jan-

15

Apr-1

5 Ju

l-15

Oct-1

5 Ja

n-16

Ap

r-16

Jul-1

6 Oc

t-16

Jan-

17

Current expenditure Capital expenditure

Source: Bank of Thailand, TDRI

6


• Government spending increases by disbursement of infrastructure project investments.

Government current and capital expenditure (billion THB ,data as of Mar 2017)

Estimated disbursement of infrastructure projects

86 170 190 196 205 119 100 73 38

0.6%

1.2% 1.3% 1.3% 1.3%

0.7% 0.6%

0.4%

0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

0

50

100

150

200

250

2016 (A)

7 8 9

Disbursement value (LHS) %of GDP (RHS)

(billion THB) (% to GDP)

* 2016 estimated disbursement THB 97 billion, actual disbursement THB 86 billion.

0

10

20

30

40

50

60

-10

-5

0

5

10

15

997

998

999

7

8

9

Fiscal balance/ GDP (LHS) 2/

Current account/ GDP (LHS) 2/

Public debt/ GDP (RHS) 2/Source: Bank of Thailand, Public debt management office , Fiscal Policy Office 1/ International reserves and net forward positions 2/ Calculate base on fiscal year basis

External debt and international reserves (billion USD)

• Macro economic condition is well under control by strong foreign reserves, current account surplus, and sound fiscal positions.

7

Public debt and fiscal balance (percent of GDP)

0

50

100

150

200

250

997

998

999

7

8

9

Jan-

17

Short-term external debt

Gross external debt

Net international reserves 1/

203

133

53

(%) (%)

11.6

42.2

Public debt to stay below fiscal sustainability framework, 60%


-2.7

0

10

20

30

40

50

0

5

10

15

20

997

998

999

7

8

9

Tier1 (LHS) CAR (LHS) Gross NPLs to total loan (RHS)

Capital adequacy and Non-performing loans (%) (%)

17.8

14.5

3.0

Source: Bank of Thailand, Bloomberg

• Banks are well-capitalized and their asset quality has been stable.

8

Commercial Bank Loan Growth (%YoY)


0

5

10

15

20

25

Mar-1

2Ju

n-12

Sep-

12De

c-12

Mar-1

3Ju

n-13

Sep-

13De

c-13

Mar-1

4Ju

n-14

Sep-

14De

c-14

Mar-1

5Ju

n-15

Sep-

15De

c-15

Mar-1

6Ju

n-16

Jul-1

6Au

g-16

Sep-

16Oc

t-16

Nov-1

6De

c-16

Total Loan Corporate Loan Consumer Loan

3.1 3.8 2.5

2.0% 1.9% 2.2%

2.4% 2.6% 2.6% 2.6% 2.7%

1.9%

3.0%

2.4% 2.1% 2.1%

2.5% 2.7% 2.8%

3.0%

2.4%

1Q2016 2Q2016 3Q2016 4Q2016

Household NPL Corporate NPL

66% 72%

77% 80% 81%

78% 78% 79% 80%

66% 70%

73% 74% 73% 73% 74% 74% 75%

1Q2016 2Q2016 3Q2016 4Q2016

Household debt Corporate debt

Source: Bank of Thailand

• Household debt remain high but start to remain stable.

9


Household and corporate debt to GDP (% to GDP)

Household and corporate NPL to total loan* (% to total loan)

*NPL to total commercial bank loan

0

2

4

6

8

10

999

7

8

9

1Y 5Y 10Y

02468

1012141618

997

998

999

7

8

9

Policy rate Deposit rate Lending rate

Commercial bank interest rates* (%)

6.3

1.5

Source: Bank of Thailand, Thai Bond Market Association

• Low financing cost encouraged business expansion .

10


Thai government bond yields (%)

2.18 1.54

2.80

1.4

*Average fix 12 month deposit rate and MLR of large 5 banks

Source: Bloomberg

• THB has remained largely stable.

11


90

95

100

105

110

115

120

Dec-1

5

Jan-

16

Feb-

16

Mar-1

6

Apr-1

6

May-1

6

Jun-

16

Jul-1

6

Aug-

16

Sep-

16

Oct-1

6

Nov-1

6

Dec-1

6

Jan-

17

Feb-

17

Mar-1

7

Apr-1

7

THB

JPY

SGD

IDR

MYR

CNY

PHP

Movement in regional currencies per USD (Index end 2015 = 100) + = Appreciation against USD

Source: Bank of Thailand, The Stock Exchange of Thailand, Thai Bond Market Association

• Foreign net investment flow into both bond and equity markets in 2016 and 2017(YTD).

12

I. Thailand’s economic resilience 29

.7

-71.8

16.42

27.6

21.4

-22.8

-4.8

19.5

25.6

-53.9

-40.4

46.87

28.7

-9.5

-75.1

3.7

2.5 27

.2

-35.7

-155

.6

78.5

17.6

97.3

-54.7

0.3

7.4

-1.9

32.48 34.25 35.28 35.29 34.84 35.4 35.79 35.5 35.02

0 5 10 15 20 25 30 35 40

-200 -150 -100 -50

0 50

100 150 200

Y201

4

Y201

5

Y201

6 -

Q2/16

Q3/16

Q4/16

--

Dec 1

6

Jan

17

Feb

17

Government bond (LB+TB) (LHS) Central bank bond (CB) (LHS)

Equity (LHS) Average Exchange rate (RHS)

Foreign investors’ net flow into bond and equity markets

(Net flow: billion THB) (Exchange rate: THB/USD)




Appendix


14

Thai corporate target for sustainable growth

• In 2016, Thai listed companies’ earnings grow by 26% yoy or approx 8 times of GDP growth, showing the strong and outstanding performance as a result of adjusting strategies to cope with domestic and global uncertainties

• SET ranks among the best performers in Asia in terms of index performance and very competitive in terms of valuation and yield

• Thai listed companies gear toward sustainable growth strategies and international expansion with recognition as a leader in corporate governance as well as sustainability and IR aspects

Source: Bloomberg as of 03/03/2017

Listed companies’ performance

• Thai listed companies’ earnings growth and financial leveraging look very positive.

15

II. Thai listed companies

(%YoY)

Real GDP Growth Net Profit Growth of Listed companies Debt/ Equity*

2014 2015 2016 3Q2016 4Q2016 2014 2015 2016 3Q2016 4Q2016 3Q2016 4Q2016

Thailand 0.7% 2.8% 3.2% 3.2% 3.0% -11% -1% 26% 194% 37% 1.04 1.08

Indonesia 5.0% 4.8% n/a 5.0% n/a 10% -4% n/a 70% n/a 1.19 n/a

Philippines 6.1% 5.8% n/a 7.1% n/a 5% -1% n/a 36% n/a 1.46 n/a

Malaysia 5.8% 5.0% 4.2% 4.3% 4.5% 3% -7% -14% 5% 10% 0.94 0.98

Singapore 2.1% 2.0% 1.8% 1.2% 1.8% -10% -14% -1% -11% 130% 0.96 1.08

* Debt to equity of listed companies excluded bank and financial services sectors

Note: For the equal footing of comparison, those newly listing in 2009 – 2016 have been excluded. Source: Stock Exchange of Thailand

Net profit of listed companies

16


(billion THB)

0

100

200

300

400

500

600

700

800

900

2009 2010 2011 2012 2013 2014 2015 2016

5_mai

4_PF&Reits

3_nonSET100

2_SET51-100

1_SET50

• Thai listed companies’ 2016 net profit hits the record high

-30

20

70

120

170

220

Financial Resources Property and construction

material

Service Technology Agricultural industry

Industrials Consumer products

Source: Stock Exchange of Thailand

Net profit growth by sector

17


(billion THB)

+10.3%

+10.9%

-34.3% +36.6%

+213.3%

+17.6%

+3.0%

+375.5%

• In the long run, SET ranks among the best performers in Asia.

Source : Bloomberg, The Stock Exchange of Thailand


3.2 3.8 4.0 4.2 4.3 5.5 7.8 10.3 11.2

1.7 1.1 5.4

0.0 3.2 4.3

7.9 3.2

7.5

Indonesia Thailand Philippines Japan Malaysia China Hong Kong Korea Singapore

USD Local currency

2017 YTD index performance (%); as of Feb 28, 2016

-24.3 -6.4 -2.5 6.4 19.5 22.3 28.1 32.5 38.5

49.2

7.3 38.6

8.9 11.0 19.3 30.8 41.1 50.5 56.5

126.1

Malaysia Indonesia Singapore Korea Hong Kong Taiwan China Thailand Philippines Japan

USD Local currency

5-years to date (end of 2011- end of 2016) index performance (%); as of Dec 30, 2016

18

1.7 2.0 2.1 1.8

3.4 3.13.9 4.0

1.7 1.6 1.7 1.6

3.1 3.1 2.83.3 3.3 3.7

Korea Indonesia China Philippines Thailand Malaysia Vietnam Singapore Hong Kong Taiwan

Apr 2016 Apr 2017

11.1 11.4 12.9 13.0 12.7 14.7 15.2 15.3 16.218.3

9.6 12.3 13.7 13.8 14.6 13.9 15.2 16.2 16.7 18.6

Korea Hong Kong China Taiwan Singapore Vietnam Thailand Indonesia Malaysia Philippines

Apr 2016 Apr 2017

(%)

Market Dividend Yield

Forward P/E ratio

Source : Bloomberg, The Stock Exchange of Thailand

(times)

• SET’s valuation and dividend yield are competitive among regional peers.


19

9 9 15 20 23 9 9 10 16 14 5 6 10 13 16

13 15 20

24 27 11 12

23 27 33

11 11

15 19

23

17 19

29

40 41

11 11

13

14 15

Technology

Services

Resources

Property & Construction

Industrial

Financials

Consumer product

Agro & Food Industry

20


• Thai listed companies in all industries and all sizes continuously expand abroad.

Number of Thai listed companies investing abroad

Source : The Stock Exchange of Thailand

86 92

135

173 192

classified by industry

26 30 36 42 40 17 19 22 30 28 28 28

37 33 44

11 10 24

30 39

4 5

16

38 41

SET301+

SET201-300

SET101-200

SET51-100

SET50

classified by firm size

86 92

135

173 192

* These 192 listed firms accounts for 37% the total 517 listed firms on SET

21


• Thai listed companies gear toward sustainable growth strategies and international expansion.

Number of Thai listed companies investing abroad classified by target region

Source : The Stock Exchange of Thailand

13 15 18

27 36 40

79 115

152

Africa Middle east

Australia South Asia

Europe America

East Asia CLMV

ASEAN

Note: One company may invested in more than one region

36% 37% 37% 39% 39% 42% 42% 43%

45% 46%

7 8 9

(data as of end-2015)

The ratio of revenue from abroad to total revenue

Note: 1) Revenue from abroad refers to the revenue derived from business operating overseas and exports revenue. Nevertheless, some firms usually classify revenue from overseas based on geographical locations of customers without indicating whether the amount is derived from operation overseas or exports. All foreign revenue that fall under these criteria will be classified as ‘revenue from abroad’. 2) In 2015, there are 233 listed firms reports revenue from abroad. Total revenue from abroad of these firms accounts for 22% of total revenue of all 517 firms on SET.

(Data of 110 companies which continually reported revenue from trade and investment abroad during 2006 – 2015)

• Thailand is recognized as a leader in capital market corporate governance.

22


23

11

86

2

Thailand Philippines Singapore Malaysia Indonesia

Number of top 50 companies in ASEAN were awarded 2015 ASEAN CG scorecard*

Source : ASEAN CG Scorecard is a program initiated by the ASEAN Capital Markets Forum (ACMF) and supported by the Asian Development Bank (ADB).

Source: Asian Corporate Governance Association, CG Watch 2016 report, September 2016 * Remark on Thailand: ACGA sees Thailand is moving ahead with pre-existing national CG policies and plans. Enforcement is also better. However, political / regulatory falls in Thailand remain a drag, though this could be improved as political blockage is solved and institutional framework is enhanced.

ACGA ’s CG Watch market scores: 2007 to 2016

2007 2010 2012 2014 2016 1.Hong Kong (67) 1.Singapore (67) 1.Singapore (69) 1.Hong Kong (65) 1.Singapore (67)

2.Singapore (65) 2.Hong Kong (65) 2.Hong Kong (66) 2.Singapore (64) 2.Hong Kong (65)

3.India (56) 3.Japan (57) 3.Thailand (58) 3.Japan (60) 3.Japan (63)

4.Taiwan (54) 4.Thailand (55) 4.Japan (55) 4.Thailand (58) 4.Taiwan (60)

5.Japan (52) 4.Taiwan (55) 4.Malaysia (55) 4.Malaysia (58) 5.Thailand (58)

6. Korea (49) 6.Malaysia (52) 6.Taiwan (53) 6.Taiwan (56) 6.Malaysia (56)

6. Malaysia (49) 7.India (49) 7.India (51) 7.India (54) 7.India (55)

8.Thailand (47) 7.China (49) 8.Korea (49) 8.Korea (49) 8.Korea (52)

9.China (45) 9.Korea (45) 9.China (45) 9.China (45) 9.China (43) 10.Philippines (41) 10.Indonesia (40) 10.Philippines(41) 10.Philippines(40) 10.Philippines(38)

11.Indonesia (37) 11.Philippines(37) 11.Indonesia (37) 10.Indonesia (39) 11.Indonesia (36)

23


• Thai listed companies continued to expand their presence on sustainability and investor relation.

IR awards 2016: nominees and winner

6 6

3 4

2 1

1

2

2

1

1

Best overall IR (large cap)

Best overall IR (small & mid-cap)

Best corporate governance

Best sustainability practice

Thailand Philippines Indonesia

winner

Kasikorn bank Kasikorn

bank

Metro Pacific Investments

Siam Cement

Source: IR magazine

12

34

54

10

14

DJSI World Index DJSI Emerging Market Index

Source : DJSI Note: DJSI Emerging Market Index has been calculated since 2013

Number of Thai listed companies in DJSI Index

2016 DJSI member:

DJSI World: KBANK*, PTT, PTTEP, PTTGC, SCC

DJSI EM: ADVANC, AOT, BANPU, CPF, CPN, IRPC, KBANK* MINT, PTT, PTTEP, PTTGC, SCC, TOP, TU *new members in 2016




Appendix


25

Thai capital markets landscape

• Among ASEAN capital markets, Thailand has become the highest IPO venue during the past 4 years

• SET market capitalization has gradually increased and become the second largest in ASEAN

• Thai capital market has become the most liquid market in ASEAN since 2012

26

• Thai capital market has become the highest IPO venue during the past 4 years.

Initial Public Offering raising fund in ASEAN-5 Market

III. Thai capital market landscape

(million USD, data as of Feb 2017)

6,522

5,196

2,835

1,669 1,369

4,024

2,550

1,251 768

316

4,350

319

1,312 878

116

1,504 1,659

299 1,043 1,017

49 104 194 0 0 -

2,000

4,000

6,000

8,000

Thailand Singapore Malaysia Indonesia Philippines

* 2M2017

Source: Bloomberg, The Stock Exchange of Thailand Note: In 2016, Large IPO in Singapore from Frasers Logistics & Industrial REIT valued USD million and Manulife US REIT valued USD 7 million

16,449 9,827 5,891 4,358 2,818 Accumulated 5 years IPO value


Source: The Stock Exchange of Thailand Note: * Listed companies in SET and mai and property funds & REIT and Infrastructure funds

• Number of listed companies has been gradually increasing.

27

Number of newly listed securities* data as of Feb 2017 data as of Feb 2017

Number of listed companies

15 16

24

38

45

27

4

02004006008001,0001,2001,4001,6001,800

0

10

20

30

40

50

2017 YTD

Newly listed securities (LHS) SET index (RHS)

1,559

Newly listed securities List of companies

under listing application

consideration.

Total outstanding

2014 2015 2016 2017 (YTD)

Number of companies

Market capitalization (million THB)

Stocks: SET 16 20 10 1 7 522 15,343,515 Stocks: mai 20 13 13 3 4 137 331,509 Property funds

& REIT 9 6 4 - 1 60 417,917

Infrastructure funds

0 2 0 - 1 5 238,018

Total 45 41 27 4 13 724 16,330,959

28


• SET market capitalization has gradually increased and become the third largest in ASEAN.

(billion USD)

Source : World Federation of Exchanges (WFE) Note: * GDP 2015

Market capitalization

- 100 200 300 400 500 600 700 800

Jan-

16

Mar-1

6

May-1

6

Jul-1

6

Sep-

16

Nov-1

6

Jan-

17

Mar-1

7

Singapore

Thailand

Indonesia

Malaysia

Philippines

717

459 455 395

252

245

133 122

8654

Singapore Malaysia Thailand Philippines Indonesia

Market capitalization to GDP* (% to GDP, data as of Mar 2017)

Number of listed companies having market capitalization >= $1 billion and average daily trading value* >= $10 million data as of Feb 2017

Source : Bloomberg *Average daily trading value during Sep 2016 - Feb 2017

29

• SET has a relatively larger number of liquid large-cap listed companies and increasing number of constituents in MSCI.


34

21

6 5

0

Thailand Singapore Malaysia Indonesia Philippines

Number of Thai listed companies in MSCI Standard index

1720

2529 29

34

Source : MSCI,

2016 MSCI member:

ADVANC AOT BANPU BBL BEC BH BGH BTS BJC* CPALL CPF CPN DELTA EA GLOW HMPRO EGCO*

KCE* IVL IRPC KBANK KTB MINT PTT PTTGC PTTEP SCB SCC TMB TOP TRUE TU BEM* ROBINS*

*5 new members in 2016

Source : World Federation of Exchanges (WFE), The Stock Exchange of Thailand

30

• Thai stock market has been the most liquid market in ASEAN since 2012.

Average daily turnover (million USD, data as of Mar 2017)

Average daily trading value by investor type (million THB, data as of Apr 2017)

(3,495) (3,886) (4,198) (6,347) (4,283)

57% 63% 59% 53% 50%

22% 20% 22% 26% 29%

13% 9% 9% 11% 10% 9% 9% 9% 10% 11%

4M2017

Local retail investors Foreign investors

Proprietary trading Local institutes

(18,018) (16,287) (17,765) (28,742) (24,158)

(3,495) (3,886) (4,198) (6,347) (4,971)

(2,205) (2,586) (2,512) (4,294) (5,384)

(5,347) (6,713) (7,830)

(10,940) (14,043)


1,139 906 652

135 414

0

500

1,000

1,500

2,000

2,500

Jan-1

0Ap

r-10

Jul-1

0Oc

t-10

Jan-1

1Ap

r-11

Jul-1

1Oc

t-11

Jan-1

2Ap

r-12

Jul-1

2Oc

t-12

Jan-1

3Ap

r-13

Jul-1

3Oc

t-13

Jan-1

4Ap

r-14

Jul-1

4Oc

t-14

Jan-1

5Ap

r-15

Jul-1

5Oc

t-15

Jan-1

6Ap

r-16

Jul-1

6Oc

t-16

Jan-1

7

Thailand Singapore MalaysiaIndonesia Philippines




Appendix


32

Appendix

Thai Capital Market Structure Board of Governors Structure

• Established under a special law in 1975, the Stock Exchange of Thailand (SET) is a non-governmental organization with a juristic person status.

Capital Market Development Capital Market

Education Industry

Development Capital Market

Research

Exchange Business

Pre-Trade

IPO

Trade

Matching

Post-Trade

Depository/Clearing/Registrar

http://www.tfex.co.th/

http://www.set.or.th/en/products/bonds/bonds_p1.html

http://www.set.or.th/en/products/index/maiindex_p1.html

Source: The Stock Exchange of Thailand (as of December 2016)

Appendix

33

• Development of the Thai capital market has continued over the past 40 years

Kick off Financial

Literacy Program

1,483

0

500

1,000

1,500

2,000

97

98

98

99

99

Commenced

operation

Mutual Fund

Computerized

trading

Social Security Fund

Provident Fund

Thai Institute

of Directors SET’s

Corporate Governance

Center

Retirement

Mutual Fund

Program

Long-Term

Equity Fund

Program

Privatization and listing of

state-owned enterprises

New trading system

“SET CONNECT”

Money

Channel

Government Pension Fund

Investor development >>

Listed company

development >>

Development

of SET >>

2016

Average daily trading value 1975 – 2016

(million USD)

http://www.settrade.com/login.jsp?txtBrokerId=IPO

34

Appendix

Listed companies

Investors

• Offer a wide variety of fund raising instruments, e.g. common stock, infrastructure fund, property fund, real estate investment trust (REIT)

• Groom prospective and existing listed companies and train them about the use of financial instrument to match business objectives and cycle

• Incentivize listed companies to upgrade their capability to be on par with regional and global quality standards in terms of governance and sustainability

• Promote proactive investor relations program, e.g. Opportunity Day as well as inbound and outbound road shows

• Local individual: Online trading, investor base expansion through commercial banks and commitment to financial literacy

• Local institution: Long-term equity investment incentive (Long-term Equity Fund and Retirement Mutual Fund) and Provident Fund

• Foreign: Promote high quality with good performance stocks

• Key success factors contributing to the growth of the Thai capital market

Platform

• SET CONNECT increases trading efficiency, ease market access with international standard protocol, and cover new products and other trading innovations

• FUND CONNEXT, fund service platform , to build the future ecosystem for mutual fund distribution and investment and to make it easy to access mutual funds

FTSE upgraded SET from the

Secondary Emerging Market to the Advanced Emerging Market

14 Thai listed companies

are included in

Dow Jones Sustainability Indexes (DJSI)

SET has the highest increment of

stocks for calculating purpose in Asia

(34 Thai stocks are now included in MSCI Standard index)

Asian Corporate Governance Association

In 2014, Thailand’s CG score

ranks 4th in Asia, assessed by the Asian Corporate Governance Association

Thai listed companies achieved the

highest marks on the ASEAN

Corporate Governance Scorecard

among all ASEAN Countries, assessed by ADB

The Report on the Observance of

Standards and Codes (ROSC) by World

Bank confirms Thailand as a regional leader in corporate governance

Asian Development Bank

• The Thai capital market has been recognized internationally.

35

Appendix

https://th.wikipedia.org/wiki/%E0%B9%84%E0%B8%9F%E0%B8%A5%E0%B9%8C:Advanc_logo.png

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjO7fvs7bjQAhVBpY8KHeh8BsoQjRwIBw&url=http://www.servewellsolution.com/&psig=AFQjCNHx1MOQmob8lt42S1I4MKMrh07aOg&ust=1479783622291501

Appendix: Foreign investor information center

• Follow the updates on the Thai economy and capital market developments on SET website.

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http://www.set.or.th/en/news/econ_mkt_dev/overview_p1.html

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Detail of each PLC: price, financial ratio

Stock Calendar of rights and benefits

Stocks in pipeline for IPOs in this year

1

2

3

4

5

6

Statistic on the number of listed companies and market capitalizations

List of Index constituents in SET 100, SET50, FTSE SET index

Opportunity Day: A day for PLC to communicate with Investors, Analysts on their recent business and operations.

1

2

3

4

5

6

Appendix: Foreign investor information center

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Appendix: Opportunity Day Foreign

Post-Trade Services Clearing & settlement Central Depository Securities registration

Derivatives SET50 index futures Single stock futures Gold futures Interest rate futures Oil futures Currency futures Sector Index Futures SET50 index options Rubber futures

Equities Domestic common shares Dual listings State enterprise listings SME listings Warrants Property funds / REITs / Infrastructure Fund Domestic mutual funds / ETFs Domestic indices / FTSE indices Shariah index Derivative warrants

Fixed Income Corporate bonds Government and state

enterprises bonds

SET Information Services SET listed companies &

product information database

Exchange and

Trading

Post-Trade Services

Data, System and Other Services

Integrated

Model

Appendix: All Products

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Disclaimer

This document was prepared by The Stock Exchange of Thailand in good faith upon sources believed to

be reliable but no representation or warranty expressed or implied is made to their accuracy or correctness.

The Stock Exchange of Thailand accepts no liability for any direct or consequential loss or damage arising

from any use of this document or its contents. All information and opinion expressed here is subject to

change without notice. The copyright belongs to The Stock Exchange of Thailand. No part of this document

may be published or copied in any form or by any means without the written permission of The Stock

Exchange of Thailand.

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