Th 25 JULY 2013
BUY
(Unchanged)
Change in Numbers
TP: Bt 7.00
(Unchanged)
Upside: 65.1%
The Erawan Group Pcl
anT ahca hna rcth Aadr t HA odc HRo ecs eRae rsce har ch
(ERW TB)
HOP INN a new product line After its economy Ibis hotel chain success, ERW is entering the lowerend budget segment with its own “HOP INN” brand. This is an untapped market with low investment costs, so we see the move as worthwhile. Our DCF TP of Bt7.0 remains intact as we cut 2013-14F profits while we see HOP INN’s contribution as small but with high growth potential.
KALVALEE THONGSOMAUNG 662 – 617 4900
[email protected]
A new product line The success of ERW’s Ibis hotels has led to two key changes in the company’s strategy. First, having gained experience in the economy segment Ibis chain since 2008, ERW has decided to enter the lower-end segment or budget hotels with its own “HOP INN” brand. Secondly, from being a hotel developer letting brand owners manage its assets, ERW has become the Ibis brand franchisee. That is, ERW now pays a franchise fee to Accor (the Ibis franchise owner) rather than a management fee. To us, this implies hotel management expertise transfer. We see this as positive for ERW and believe it’s why it has decided to introduce its own brand HOP INN.
HOP INN targets an untapped market HOP INN targets business travelers in provinces such as salesmen, traders, technician, etc. Targeted provinces in the first wave of expansion are those with high commercial activity such as border provinces in the North, the Northeast and West. The idea is to introduce the first budget hotel chain in Thailand which we expect to capture market share from fragmented operators. We see this as a low-risk investment given the cost of ~Bt60m per 80-room hotel. We incorporate only 10 HOP INN hotels (land is secured) in our model in 2014 versus ERW’s target of another 20 in 2015 and a portfolio of 100 in 2020. We estimate a 20% IRR at a Bt600 average room rate (ARR) and 80% occupancy from year five of its operation. Exhibit 4 shows our estimate of budget hotels yielding higher returns than higher-end ones.
Softening 2Q13F earnings Despite improving 2Q13 ARR growth of 4% y-y and an occupancy rate of 72% (versus 71% in 2Q12), we forecast 2Q13 core earnings to weaken on higher depreciation costs of Ibis Siam and Mercure Siam hotels (opened in 1Q13), for the Grand Hyatt Erawan hotel from room refurbishment last year, and the absence of its two properties divested to its property fund (Erawan Hotel Growth Property Fund: ERWPF TB) in April 2013. Note that our norm profit forecast excludes the Bt864m gain from selling the assets to ERWPF.
Earnings revisions As we project soft 2Q13 earnings on higher depreciation than we’d expected, we cut our norm earnings forecasts by 15% in 2013 and 7% in 2014 (preopening cost of new hotels, including HOP INN). We expect HOP INN to start contributing profits from 2016 onwards which implies only a 3% profit contribution in 2016. Our 12-month DCF-based TP of Bt7.0 is unchanged despite our downward earnings revisions as we have factored in the value from 10 HOP INNs with 80 rooms each. Reaffirm BUY.
COMPANY VALUATION Y/E Dec (Bt m)
2012A
2013F
2014F
2015F
4,302
4,794
5,164
5,900
106
996
279
420
Consensus NP
⎯
1,039
322
437
Diff frm cons (%)
⎯
(4.1)
(13.3)
(3.8)
Sales Net profit
Norm profit Prev. Norm profit
101
215
279
420
⎯
252
300
376 11.5
⎯
(14.7)
(6.9)
Norm EPS (Bt)
0.0
0.1
0.1
0.2
Norm EPS grw (%)
na
101.9
29.8
50.5
Norm PE (x)
99.4
49.2
37.9
25.2
EV/EBITDA (x)
Chg frm prev (%)
14.6
13.3
12.5
10.9
P/BV (x)
2.9
2.1
2.1
2.0
Div yield (%)
0.4
3.5
1.0
1.5
ROE (%)
2.8
5.1
5.6
8.1
201.0
133.1
133.4
125.5
Net D/E (%)
PRICE PERFORMANCE (Bt /shr)
ERW
Rel to SET Index
7 6 5 4 3 2 1 Jul-12
(%) 120 100 80 60
Oct-12
Jan-13
Apr-13
40 20 0 (20) Jul-13
COMPANY INFORMATION Price as of 24-Jul-13 (Bt) Market cap (US$ m) Listed shares (m shares) Free float (%)
Sector Major shareholder
2,251.2 41.6
Avg daily turnover (US$ m) 12M price H/L (Bt)
4.24 308.3
3.0 6.7/2.6 Tourism
Vongkusolkit & Wattanavekin Group 60%
Sources: Bloomberg, Company data, Thanachart estimates
This report is prepared by Thanachart Securities. Please contact our salesperson for authorisation. Please see the important notice on the back page.
25 JULY 2013
Thanachart Ad Hoc Research
HOP INN, a new product line First move of ERW into a budget hotel chain in Thailand with its own “HOP INN” brand
First wave of expansion in provinces to target areas with lots of commercial activity
The success of The Erawan Group’s (ERW) Ibis hotels, the largest economy hotel chain in Thailand with nine properties established since 2008, has led the company to enter another untapped lower-end budget hotel segment with its own “HOP INN” brand. There has also been another key change with ERW’s successful Ibis brand. ERW has transformed from being a hotel developer to becoming the franchisee of the Ibis brand. ERW now pays a franchise fee to Accor (the owner of the Ibis franchise) rather than a management fee. This change has been effective since 1 July 2013. To us, this implies hotel management expertise transfer and we see this as positive for ERW. We believe this is a key reason for introducing its own brand HOP INN. HOP INN targets business travelers in provinces such as salesmen, traders and technicians, etc. Targeted provinces in the first wave of expansion are those with lots of commercial activity, such as border provinces in the North, the Northeast and the West. The idea is to introduce the first budget hotel chain in Thailand which we expect to capture market share from fragmented operators. Exhibit 1 shows the first 10 locations (land plots are secured) for HOP INN. Five locations are under construction in Mukdahan, Ubonratchathani, Kanchanaburi, Nong Khai and Udon Thani provinces (Nos.1-5 in Exhibit 1) and they are scheduled to open in 3Q14. The plan for the other five locations (Nos.6-10) is for them to open in 4Q14.
Ex 1: The First Wave Of HOP INN Expansion In Thailand
1. Mukdahan 2. Ubonratchathani 3. Kanchanaburi 4. Nong Khai 5. Udon Thani 6. Tak 7. Nakhon Ratchasim a 8. Lam pang 9. Sa Kaew 10. To be announced
Sources: Company data, Thanachart estimates
THANACHART SECURITIES
2
25 JULY 2013
Thanachart Ad Hoc Research
Ex 2: Budget Hotels In Thailand Hotel
Category
Locations
Room rate (Bt/night)
Budget
10 locations: Mukdahan, Ubonratchathani, Kanchanaburi, Nong Khai, Udon Thani, Tak, Nakhon Ratchasima, Lampang, Sa Kaew and to be announced for another location
600
Boutique & Budget
20 locations: 14 hotels in Chiang Mai, two in Chiang Rai, one in Bangkok, one in Lampang and two in Pattaya
300 – 6,200
Budget
4 locations including Phuket, Hat Yai, Bangkok, Pattaya
599 - 1,299
Sources: Company data, Thanachart’s compilations
Budget hotel offers higher returns than higher-end ones, on our calculations. We see HOP INN being a low-risk investment
Given the profile of each standardized HOP INN as shown in Exhibit 3, we see this as a low-risk investment based on the investment cost and room price competitiveness. We incorporate only 10 HOP INN hotels (land is secured) in our model in 2014 versus ERW’s target of another 20 in 2015 and a portfolio of 100 in 2020. We estimate a 20% IRR at a Bt600 average room rate (ARR) and a 55% occupancy rate in 2014 before improving to 80% in 2018F. We expect the Bt600 ARR to be flat for three year before a 3% rise in the fourth year of operation. Exhibit 4 shows our calculation of budget hotels yielding higher returns than higher-end ones which provide a full service range of food and beverages, banquets and conferences or meeting facilities.
Ex 3: HOP INN’s Investment Factsheet Investment cost
Bt60m
No. of rooms
80
Floors
6 floors
Land
1.5 rai or 0.59 acre
Construction period
12-15 months
Source: Company data
Ex 4: We Calculate Budget Hotels Yield The Highest Returns (%) 60
53
50
42
40
39 34
30 20 10 0 Budget hotel
Economy hotel
Mid-scale hotel
Luxury hotel
Sources: Company data, Thanachart estimates
THANACHART SECURITIES
3
25 JULY 2013
Thanachart Ad Hoc Research
Earnings revisions 2013-14F earnings cut by 15% and 7% to reflect higher-than-expected costs despite an improving performance
We see ERW’s capex as manageable with its balance sheet strengthening
Reaffirm BUY with a DCF TP of Bt7.0/share
We revise down our normalized earnings forecasts by 15% in 2013 and 7% in 2014 as we expect soft 2Q13 earnings and higher pre-opening costs for the new hotels scheduled to be opened in 2014 including the HOP INNs. Despite an improving 2Q13 ARR growth of 4% y-y and an occupancy rate of 72% (versus 71% in 2Q12), we expect 2Q13 core earnings to weaken on the back of higher depreciation costs for its Ibis Siam and Mercure Siam hotels (opened in 1Q13), for the Grand Hyatt Erawan hotel from room refurbishment last year, and the absence of its two properties divested to its property fund (The Erawan Hotel Growth Property Fund: ERWPF TB) in April 2013. Note that our normalized profit forecast excludes the Bt864m gain from selling the assets to ERWPF. We believe ERW’s project enhancement and expansion are on track as shown in Exhibit 5. We expect ERW’s capital expenditure of Bt2.0bn p.a. over 2013-14F to support its plan for asset enhancement at the Grand Hyatt Erawan (scheduled to be completed in 2013), two new mid-scale hotels – the Mercure and Holiday Inn in Pattaya (due to open in 2014), one new economy hotel – the Ibis Krabi (2014) and 10 new budget HOP INN hotels (2014). ERW plans to finance this capex via short-term borrowings and the proceeds from selling its assets into the property fund. We still view ERW’s capex plan as manageable and we see D/E falling to 1.4x in 2013F and 2014F from 2.1x in 2012 (see exhibits 6 and 7). We expect HOP INN to start contributing profits from 2016 onwards which implies only a 3% profit contribution in 2016F. Our 12-month DCF-based TP of Bt7.0 is unchanged despite our downward earnings revisions as we have factored in the value from 10 HOP INNs with 80 rooms each. We reaffirm our BUY rating on ERW.
Ex 5: ERW’s Asset Enhancement And New Hotels In 2013-14 - Open five HOP INN hotels - Open Holiday Inn hotel in Pattaya (200-room extension)
4Q13
3Q14
4Q14 - Open 200-room Mercure Hotel in Pattaya
Finish refurbishment of Grand Hyatt Erawan Hotel
- Open five HOP INN hotels - Open Ibis Krabi Source: Company data
Ex 6: Capex On Asset Enhancement & New Projects (Bt m) 2,000
Ibis Krabi
1,500
Maintenance HOP INN
1,000
Mercure and Holiday Inn Pattaya Grand Hyatt Eraw an hotel's room renovation
500 0 2013F
2014F
Source: Company data
THANACHART SECURITIES
Ex 7: Stronger Balance Sheet With Lower D/E (x) 2.5
2.1
2.0 1.5
1.4
1.4
1.3
2013F
2014F
2015F
1.0 0.5 0.0 2012
Sources: Company data, Thanachart estimates
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25 JULY 2013
Thanachart Ad Hoc Research
Ex 8: Key Assumptions And Earnings Revisions 2013F
2014F
2015F
53.4
54.2
54.1
Gross margin (%) New Old
53.6
54.6
54.1
Change (%)
(0.2)
(0.5)
(0.0)
New
1,910
2,088
2,286
Old
1,919
2,055
2,265
(0.5)
1.6
1.0
New
671
716
726
Old
646
678
690
Change (%)
3.7
5.7
5.2
215
279
420
SG&A expenses (Bt m)
Change (%) Depreciation cost (Bt m)
Normalized profit (Bt m) New Old Change (%)
252
300
376
(14.7)
(6.9)
11.5
Source: Thanachart estimates
Ex 9: ERW’s Major Shareholding Structure
Others 40%
Vongkusolkit group 30%
Ex 10: ERW’s Board of Directors ERW’s board of directors consists of 13 members and includes six independent directors. There are five directors who represent two groups of major shareholders – the Vongkusolkit group and the Wattanavekin group. The board has appointed four committees, namely the Audit Committee, the Investment Committee, the Nominating and Corporate Governance Committee
Wattavekin group 30% Source: Company data
THANACHART SECURITIES
and
the
Management
Development
and
Compensation Committee.
Source: Company data
5
25 JULY 2013
Thanachart Ad Hoc Research
Ex 11: 12-month DCF-based TP Calculation (Bt m)
2013F
2014F
2015F
2016F
2017F
2018F
2019F
2020F
EBITDA
1,320
1,425
1,634
1,802
1,953
2,058
2,234
Free cash flow
(580)
142
284
435
959
1,043
1,226
PV of free cash flow
(231)
132
244
347
710
717
782
Risk-free rate (%)
8.0
Beta
0.9
WACC (%)
7.8
Terminal growth (%)
2.0
Net debt (2013F)
2023F
2024F
2,343
2,465
2,592
2,718
2,853
⎯
1,468
1,619
1,776
1,933
2,106
59,220
868
887
903
912
922
17,568
24,761 6,977
Minority interest
271
Equity value
17,513
# of shares
2,501
Target price/share
2022F
4.0
Market risk premium (%)
Enterprise value - add investments
Terminal Value
2021F
7.00
Source: Thanachart estimates
THANACHART SECURITIES
6
25 JULY 2013
Thanachart Ad Hoc Research
COMPANY DESCRIPTION
COMPANY RATING F ina nc ia l m a na ge m e nt
The Erawan Group Public Company Limited (ERW) was established 32 years ago on 29 December 1982. ERW’s core businesses are investment, development and management of diversified hotel properties and segments (luxury, mid-scale, economy and budget) across Thailand’s key destinations.
M a na ge m e nt
5 4 3 2 1 0
Rating Scale
R is k m a na ge m e nt
Currently, ERW owns 14 hotels and operates other business including retail space rental, and management of office Liquidit y
buildings.
Source: Thanachart
*C o rp. go v e rna nc e
Very Strong
5
Strong
4
Good
3
Fair
2
Weak
1
None
0
Source: Thanachart; *CG Awards
THANACHART’S SWOT ANALYSIS S — Strength
W — Weakness
Well-received with strong hotel chains i.e. Hyatt, Marriott, Accor, IHG and Starwood as ERW’s business allies in Thailand.
Assets are strategically located in popular Thai tourist
Geographical diversification of its hotel footprint is an issue as all its assets are located in Thailand.
Seasonal impacts from Thailand’s tourism industry.
Thailand’s luxury hotel oversupply.
destinations.
O — Opportunity
T — Threat
Fiercer competition among hotel operators
ERW requires significant capital expenditure and
Focused on high-growth segments; mid-scale and economy and budget hotels.
We see extra gains from its assets-to-fund story.
Strong growth in Thailand’s tourism industry.
financing sources to support its hotel investments and developments.
CONSENSUS COMPARISON
RISKS TO OUR INVESTMENT CASE
Consensus Thanachart Target price (Bt)
Diff
6.35
7.00
10%
Net profit 13F (Bt m)
1,039
996
-4%
Net profit 14F (Bt m)
322
279
-13%
BUY: 13
HOLD: 1
SELL: 1
Consensus REC
Thailand’s political situation and natural disasters. Slower domestic and global economies and consumption.
HOW ARE WE DIFFERENT FROM THE STREET?
Our 2013-14F earnings forecasts are lower than the consensus as we factor in higher depreciation costs in 2013 and a bigger impact from the pre-operating costs of 13 new hotels scheduled to open in 2014.
Our TP is higher than the Street’s as we are confident in ERW achieving growth in the non-luxury segments.
Sources: Bloomberg consensus, Thanachart
THANACHART SECURITIES
Source: Thanachart
7
25 JULY 2013
Thanachart Ad Hoc Research
FINANCIAL SUMMARY Incom e State m e nt FY ending Dec (Bt m)
(consolidated) Quarte rly Earnings
2011A 2012A
2013F
2014F
2015F
Sales
3,756
4,302
4,794
5,164
5,900 Sales
Cost of sales
1,790
1,966
2,235
2,367
2,706 Cost of sales
1,966
2,336
2,560
2,796
1,707
1,775
1,910
2,088
259
561
650
709
Gro ss pro f it SG&A Operating pro f it Depre & amortization EB IT D A
646
641
671
716
3,195
Gro ss pro fit
2,286 SG&A 908
Operating pro f it
726 Depre & amortization
3Q12
4Q12
1Q13
1,168
998
939
1,198
1,300
489
464
476
536
678
534
463
661
444
430
420
482
484
235
104
44
179
274
541 759
158
159
160
164
164
393
263
203
343
438
1,202
1,320
1,425
65
57
82
87
0
0
0
0
(407)
(393)
(383)
(371)
(377) Interest expense
(83)
225
349
424
629 Pre-tax profit
53
63
66
72
(137)
162
283
352
0
0
0
0
M inority interests
(39)
(61)
(68)
(73)
Extraordinary items
667
5
781
0
491
106
996
279
420 N ET P R OF IT
98
4
(54)
86
148
(176)
101
215
279
420 N o rmalized pro fit
98
(25)
(54)
82
148
0.2
0.0
0.4
0.1
0.2 EPS (Bt)
0.0
0.0
(0.0)
0.0
0.1
(0.1)
0.0
0.1
0.1
0.2 Normalized EPS (Bt)
0.0
(0.0)
(0.0)
0.0
0.1
2013F
2014F
2015F
112.8
29.8
50.5 50.5
Other expenses Interest expense Pre-tax profit Income tax After-tax profit Equity income
N ET P R OF IT N o rmalized pro fit EPS (Bt) Normalized EPS (Bt)
Balance She e t FY ending Dec (Bt m)
EB IT D A
2Q12
904
Other income
1,634
(consolidated)
1Q12
98 Other income
6
8
7
32
5
0
0
0
0
0
(100)
(98)
(98)
(98)
(98)
142
15
(47)
114
182
126 Income tax
23
20
3
17
16
503 After-tax profit
119
(4)
(50)
98
166
0
0
0
0
0
(20)
(21)
(3)
(16)
(17)
0
29
0
5
0
0 Other expenses
0 Equity income (84) M inority interests 0 Extraordinary items
(consolidated) Financial Ratios And V aluations
2011A 2012A
2013F
2014F
2015F
2011A 2012A
Cash & equivalent
450
410
300
250
250 Norm profit (y-y%)
na
A/C receivables
134
195
207
223
255 Normalized EPS (%)
na
na
101.9
29.8
53
49
61
64
na
(78.5)
840.7
(72.0)
50.5
134
165
184
198
na
(78.5)
792.3
(72.0)
50.5
36.6
40.1
37.0
37.0
37.0
2,594 Gross margin (%)
52.3
54.3
53.4
54.2
54.1
14,909 Operating margin (%)
6.9
13.0
13.6
13.7
15.4
Inventories Other current assets Investment Fixed assets Other assets
3
2
2
2
9,494
10,122
10,952
11,235
2,107
2,270
12,238
12,834
13,813
14,242
S-T debt
773
1,082
1,000
1,021
A/C payables
175
228
239
253
T o tal assets
1,970
1,891
74 Net profit (y-y%) 226 EPS (%) 2 Dividend payout (%) 11,509
EBITDA margin (%)
Other current liabilities L-T debt Other liabilities T o tal liabilit ies
M inority interest
1,032 Net margin (%)
27.6
27.7
5.9
6.8
8.5 2.9
710
712
809
901 ROA (%)
na
0.8
1.6
2.0
6,794
6,277
6,409
6,480 ROE (%)
na
2.8
5.1
5.6
8.1
295
306
341
367
1.9
2.0
1.3
1.3
1.3
8,468
9,120
25.2
181
203
8,570
271
8,861
344
419 Net D/E (x) 9,122 Norm PE (x)
na
99.4
49.2
37.9
427 Norm PE at TP (x)
na
164.1
81.3
62.6
41.6
20.4
94.8
10.6
37.9
25.2
18.9
14.6
13.3
12.5
10.9
2.8
2.9
2.1
2.1
2.0
1.8
0.4
3.5
1.0
1.5
1.5
1.5
2.0
2.0
2.1
0.1
0.0
0.1
0.0
0.1
5,360 PE (x)
5,038
12
15
29
34
Total debt
7,501
7,876
7,277
7,431
7,512 Dividend yield (%)
Net debt
7,051
7,466
6,977
7,181
7,262
EV/EBITDA (x)
Year End Shares (m)
27.5
3.8
497
4,972
Free cash flow
27.9
6,728
3,511
Working capital
24.1 (3.6)
290
3,589
Shareho lders' equity
na
609
(326)
(580)
142
2,368
2,368
2,496
2,496
39 P/BV (x)
284 BV/share (Bt) 2,496 DPS (Bt)
Sources: Company data, Thanachart estimates
THANACHART SECURITIES
8
DISCLAIMER
Thanachart Ad Hoc Research
General Disclaimers And Disclosures:
This report is prepared and issued by Thanachart Securities Public Company Limited (TNS) as a resource only for clients of TNS, Thanachart Capital Public Company Limited (TCAP) and its group companies. Copyright © Thanachart Securities Public Company Limited. All rights reserved. The report may not be reproduced in whole or in part or delivered to other persons without our written consent. This report is prepared by analysts who are employed by the research department of TNS. While the information is from sources believed to be reliable, neither the information nor the forecasts shall be taken as a representation or warranty for which TNS or TCAP or its group companies or any of their employees incur any responsibility. This report is provided to you for informational purposes only and it is not, and is not to be construed as, an offer or an invitation to make an offer to sell or buy any securities. Neither TNS, TCAP nor its group companies accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. The information and opinions contained herein have been compiled or arrived at from sources believed reliable. However, TNS, TCAP and its group companies make no representation or warranty, express or implied, as to their accuracy or completeness. Expressions of opinion herein are subject to change without notice. The use of any information, forecasts and opinions contained in this report shall be at the sole discretion and risk of the user. TNS, TCAP and its group companies perform and seek to perform business with companies covered in this report. TNS, TCAP, its group companies, their employees and directors may have positions and financial interest in securities mentioned in this report. TNS, TCAP or its group companies may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any entity mentioned in this report. Therefore, investors should be aware of conflict of interest that may affect the objectivity of this report.
THANACHART SECURITIES
DISCLAIMER
Thanachart Ad Hoc Research
Recommendation Structure: Recommendations are based on absolute upside or downside, which is the difference between the target price and the current market price. If the upside is 10% or more, the recommendation is BUY. If the downside is 10% or more, the recommendation is SELL. For stocks where the upside or downside is less than 10%, the recommendation is HOLD. Unless otherwise specified, these recommendations are set with a 12-month horizon. Thus, it is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal recommendation. For sectors, we look at two areas, ie, the sector outlook and the sector weighting. For the sector outlook, an arrow pointing up, or the word “Positive”, is used when we see the industry trend improving. An arrow pointing down, or the word “Negative”, is used when we see the industry trend deteriorating. A double-tipped horizontal arrow, or the word “Unchanged”, is used when the industry trend does not look as if it will alter. The industry trend view is our top-down perspective on the industry rather than a bottom-up interpretation from the stocks we cover. An “Overweight” sector weighting is used when we have BUYs on majority of the stocks under our coverage by market cap. “Underweight” is used when we have SELLs on majority of the stocks we cover by market cap. “Neutral” is used when there are relatively equal weightings of BUYs and SELLs.
Thanachart Securities Pcl. Research Team 28 Floor, Siam Tower Unit A1 989 Rama 1, Pathumwan Road, Bangkok 10330 Tel: 662 617-4900 Email:
[email protected]
Pimpaka Nichgaroon, CFA Head of Research Economics & Strategy
Supanna Suwankird Energy, Utilities
Siriporn Arunothai Ad Hoc Research, Healthcare
[email protected]
[email protected]
Sarachada Sornsong Banks, Telecom
Saksid Phadthananarak Electronics, Construction, Transportation
Noppadol Pririyawut Senior Technical Analyst
[email protected]
[email protected]
[email protected]
Phannarai Tiyapittayarut Property, Retail
Kalvalee Thongsomaung Food, Hotel, Media
Adisak Phupiphathirungul, CFA Retail Market Strategy
[email protected]
[email protected]
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[email protected]
THANACHART SECURITIES
