5 Apr 2016 - asiawealth.co.th · consumption to grow by 3%, led by 10%-11% growth in the public...

Daily Market Outlook 5 Apr 2016

1

Please see disclaimer on last page

On the back foot Thai shares are poised to trade lower today in line with weak openings in most Asian bourses and tracking losses on Wall Street after crude oil and other commodity prices continued to slide. Mixed signals from Fed officials on the prospects of interest rate hikes resulted in anomalies in each asset class’ price movements. Locally, the glut in the property sector and the downward revision of export target by the private sector reflect weak domestic and global demand and they are negative to market sentiment. Border trade seems to be one of only a few bright spots as far as the economy is concerned.

Pick of the day: UNIQ (Bt18.20; NR Bloomberg 16TP Bt24.00) Unique Engineering and Construction Plc. had the best earnings performance last year in the construction sector and we believe the strong performance will repeat this year. UNIQ was the top contractor in 2015 with 24% YoY growth in sales, 40% YoY growth in net profit and the highest gross and net profit margins. This year we believe the construction industry will be boosted by robust growth in the public sector. Last year, the country registered flat growth in cement consumption with the public sector growing by 11%, the commercial private sector declining 2% and the residential private sector contracting 5%. This year industry experts expect total cement consumption to grow by 3%, led by 10%-11% growth in the public sector. UNIQ recorded on-hand backlog of Bt24bn as of the end of 2015, mostly in the area of mass transit projects, especially the sky-train rail routes. The company was awarded in February 2016 the Bt6.7bn sky-train linkage-way project which runs between Ratchapruk road and Kanchanapisek road. Although its on-hand backlog is considered more than enough to cover revenues for the next two years, UNIQ expects to win more mass transit projects this year and next. Bloomberg consensus expects UNIQ’s net profits in 2016 and 2017 to surge 33% YoY and 16% YoY, respectively. As UNIQ currently traded on its prospective 16PER of 27.5x, the 16PEG ratio is 0.83x, meaning the share is undervalued. UNIQ’s price pattern indicates a strong uptrend with a daily and monthly buy signal. If it manages to close above Bt18.50 by the end of the week, UNIQ will be on a complete uptrend in all time frames. The share is likely to move up to test Bt18.40 and Bt19.20, respectively. There is a stop loss at Bt16.40. (Resistance: 18.40, 18.60, 18.80; Support: 18.00, 17.80, 17.60)

Local issue MPC watchful on the glut in property sector. The Bank

of Thailand's Monetary Policy Committee (MPC) is closely

monitoring an oversupply in the property sector, saying the

slower-than-expected economic recovery, high household

debt, and delays in infrastructure investment have caused

demand to decline. However, the MPC cited developers'

financial status remains solid and able to withstand risks

from a rising glut in the market. (Bangkok Post)

Major Indices Close Chg %Chg

SET 1,400.27 -0.5 -0.0

SET50 897.12 -2.3 -0.3

SET P/E (x) 20.5

SET P/BV (x) 1.8

SET Div. Yield (%) 3.4

Dow Jones 17,737.00 -55.8 -0.3

S&P 500 2,066.13 -6.7 -0.3

NASDAQ 4,891.79 -22.8 -0.5

UK 6,164.72 +18.7 +0.3

Germany 9,822.08 +27.4 +0.3

France 4,345.22 +23.0 +0.5

Japan 16,123.27 -40.9 -0.3

South Korea 1,978.97 +5.4 +0.3

Hong Kong 20,498.92 -277.8 -1.3

China 3,009.53 +5.6 +0.2

Taiwan 8,657.55 -87.3 -1.0

Singapore 2,835.35 +16.9 +0.6

Malaysia 1,725.24 +14.7 +0.9

Indonesia 4,850.18 +7.0 +0.1

Philippines 7,254.53 +9.4 +0.1

Trading Summary Buy Sell Net

Institution 4,707 4,428 279

Proprietary 4,025 3,515 510

Foreign 7,580 8,507 -928

Individuals 19,745 19,606 139

Total Trading Value 36,057 Btmn

Most Active Value Value Close %Chg

AOT 1,793 391.00 -2.7 ADVANC 1,598 175.00 -3.8 TPBI 1,580 15.30 8.5 KBANK 1,281 168.00 -2.9 ITD 1,132 7.60 4.1

Commodity Futures Close Chg %Chg

US Crude 35.70 -1.1 -3.0

Brent Crude 37.69 -1.0 -2.5

Gold 1,219.30 -4.2 -0.3

FX Rates Close Chg %Chg

USD/THB 35.24 +0.1 +0.3

EUR/USD 1.14 +0.0 +0.0

USD/JPY 111.31 -0.3 -0.3

USD/CNY 6.48 +0.0 +0.0

Source: Bisnews, Bloomberg

Technical picks (support & resistance)

TICON (S: 11.60, R: 13.30); SCN (S: 6.75, R: 8.00); ANAN (S: 3.40, R: 3.92); SET (S: 1,390, R: 1,410)

Thailand Research Department

Mr. Warut Siwasariyanon (No.17923) Tel: 02 680 5041

Mr. Krit Suwanpibul (No.17968) Tel: 02 680 5090

Mr. Narudon Rusme, CFA (No.29737) Tel: 02 680 5056

Mr. Napat Siworapongpun (No.49234) Tel: 02 680 5094

Ms. Sukanya Leelarwerachai (No.68790) Tel: 02 680 5331


2


Private sector cuts export growth forecast. The Joint Standing Committee

on Commerce, Industry and Banking (JSSCIB) have revised down their forecast

for the country's export growth this year to a range between zero and 2%, from

2% in its earlier projection, as they believe the weak global economic recovery

continues to put pressure on Thai shipments. (Bangkok Post)

Decision about joining TPP likely to be decided this month. The meeting of

the International Economic Policy Committee chaired by Prime Minister Prayut

Chan-o-Cha being held 29 Apr will give a better perspective on Thailand’s

stance towards the Trans-Pacific Partnership (TPP), said Deputy Prime Minister

Somkid Jatusripitak. The government is also optimistic that this meeting will

allow negotiations with TPP members to start early next year. (Bangkok Post)

Government vows to undertake border trade issues. The state is attempting

to tackle existing border trade issues aiming to boost border trade by 21.4% this

year to Bt1.7tn, said Deputy Director-general of Foreign Trade Department Adul

Chotinisakorn. The issues include hand-carried goods, expansion of working

hour checkpoint, and cross-border transport. (Bangkok Post)

PTT (Bt280.00), the Ministry of Finance along with nine relevant defendants

yesterday filed a lawsuit with the Office of the Ombudsman saying PTT has not

yet completely returned all of its offshore natural gas pipelines worth Bt69bn,

considered to be state property before PTT listed in SET in 2001, to the state

after the Supreme Administrative Court ordered PTT to partly return the

pipelines worth Bt16bn to the state in 2007. (Bangkok Post) Comment: No new

issues from last four lawsuits filed with the administrative court between

2007-2012 regarding gas pipelines being returned to the state, which the

court has resolutely insisted that PTT has completely returned the assets

to the state. In addition, the court recently asserted the same on 16

Feb this year.

THCOM (Bt29.50, BUY, AWS 16TP 49.00) signed a contract with Forever

Group, Myanmar’s leading media company to add five transponders to its

existing three on Thaicom’s satellite. This helps boosting the utilisation rate on

Thaicom satellites. (The Nation) Comment: Rented transponders to this

entity increased from 3 to 8, or more than double. This reflects THCOM’s

strong position in Asia especially the ASEAN region. There is a plenty of

room for growth in the CLMV market as their broadcasting development

should follow Thailand’s. We maintain a BUY recommendation with a 2016

target price of Bt49.00.

Global issues Mixed messages on the outlook for US rate hikes: Boston Fed Reserve

President Eric Rosengren was the latest to fly into the hawkish zone on Monday,

calling it “surprising” that futures markets currently price in just one or even no

rate hikes this year, which he said could prove "too pessimistic." Rosengren is

usually on the dovish side, highlighting how out of line Fed chair Yellen sounded

last week compared to her colleagues. (Reuters)

The US dollar hit its lowest level against the yen in more than two weeks

on Monday and was lower against a basket of major currencies on continued

expectations of a slow path of Federal Reserve rate increases this year. The

dollar was last down 0.32% against the yen at ¥111.31. The dollar index was

last down 0.07% at 94.551, not far from a 5-1/2-month low of 94.319 touched

last week. The euro was last up 0.04% against the dollar, at US$1.1390, after

touching a 5-1/2-month high of US$1.1437 on Friday. (Reuters)

US Treasury yields edged down on Monday, with benchmark yields hovering

near one-month lows as doubts about the durability of the US economic

expansion supported views the Federal Reserve may slow the pace of interest

rate hikes. Benchmark US 10-year Treasury yields fell 2 basis points to 1.772%.

They hit 1.753% earlier on Monday, the lowest since 1 Mar. (Reuters)


3


'Panama Papers' links: Governments across the world began investigating

possible financial wrongdoing by the rich and powerful after a leak of four

decades of documents from a Panamanian law firm Mossack Fonseca that

specialized in setting up offshore companies. The "Panama Papers" revealed

financial arrangements of politicians and public figures including friends of

Russian President Vladimir Putin, relatives of the PMs of Britain, Iceland and

Pakistan, and the president of Ukraine. The documents could provide evidence

of wealth hidden for tax evasion, money laundering, sanctions busting, drug

deals or other crimes. (Reuters)

USA Wall Street shares lost ground on Monday, retreating from a recent rally that

took them to new 2016 highs, as losses in commodity-related and industrial

shares offset gains in healthcare. Investors also are bracing for a weak 1Q16

profit season, with earnings for S&P500 companies projected to have fallen

7.1% YoY, according to Thomson Reuters data. (Reuters)

New orders for US factory goods fell in February and business spending on

capital goods was much weaker than initially thought, the latest indications that

economic growth slowed further in 1Q16. The new orders declined 1.7% as

demand fell broadly, reversing January's downwardly revised 1.2% increase.

Orders have declined in 14 of the last 19 months. Shipments of core capital

goods, which are used to calculate business equipment spending in the GDP

report, fell 1.7% in February rather than the 1.1% reported last month. (Reuters)

Europe European shares bounced back from one-month lows on Monday, led

higher by gains in defensive stocks, but telecoms fell after talks between

Orange and Bouygues on creating a dominant French operator collapsed.

(Reuters)

Asia China debt-to-equity swap could 'resolve' US$154bn in NPLs: China's first

batch of debt-to-equity swaps is expected to "resolve" 1.0tn yuan

(US$154.38bn) in potential bad debt in three years or less, media group Caixin

reported on Monday. The commercial banks' non-performing loans surged to

1.27tn yuan at the end of 2015. (Reuters)

Britain's PM David Cameron wants Britain and China to work together to

tackle over-capacity in the steel industry and that the G20 could be a good

forum to address it later in the year. Cameron is trying to salvage Britain's

steel industry after Tata Steel put its British plants up for sale, putting thousands

of jobs at risk. He said the fundamental problem facing the industry is the

collapse in the price of steel, caused by overcapacity in China. (Reuters)

Commodities Oil prices fell more than 2% on Monday, with Brent touching one-month lows,

as investors doubted that producing countries will freeze output to rein in a

worldwide glut. Brent settled down 98 cents (-2.5%) at US$37.69 a barrel,

touching a 4 Mar low of US$37.60. It is down 11% from a 2016 high of US$42.54

struck on 18 Mar. US crude finished the session down US$1.09 (-2.9%) at

US$35.70 a barrel. (Reuters)

Gold fell on Monday after strong US economic data boosted investor risk

sentiment and a top US Federal Reserve official said an interest rate hike is

likely to take place ahead of the market's current expectations due to fading

economic concerns. Spot gold eased 0.5% to US$1,216.10 an ounce. US gold

for June delivery settled down 0.3% at US$1,219 an ounce. (Reuters)

Copper touched its lowest in a month and nickel slipped to its weakest in

six weeks on Monday as investors pared long positions on persisting concern

over Chinese growth and metals demand. Three-month copper on the LME fell

for the seventh straight session. The price dropped to US$4,757.50 a tonne, its

lowest since 3 Mar, before paring losses to close at US$4,760.50, down 1.5%.

(Reuters)


4


Mon Tue Wed Thu Fri

1

XD

CHARAN

SPA

THCOM

4 5 6 7 8

XD

BIGC

INTUCH

SCC

SMPC

TCOAT

TPC

XD

KBANK

NDR

QTC

XD

LHSC

MCS

MINT

11 12 13 14 15

XD

BEM

COL

MAJOR

S11

XD

ATP30

HMPRO

J

JMT

TCAP

TCAP-P

18 19 20 21 22

XD

GC

JMART

SAMCO

SCB

SCB-P

SCCC

TOG

TTCL

XD

APCO

CSS

ECF

RP

TMB

TRUE

TVI

XD

AIT

HPT

XD

BBL

BKD

FSMART

UBIS

25 26 27 28 29

XD

BANPU

GIFT

KGI

XD

CIMBT

CPN

HTECH

QH

TACC

XD

AF

ASIA

BRR

CHO

INET

MBAX

MTLS

SSF

THANA

TISCO

TISCO-P

XD

A

ABICO

ALUCON

AQUA

BEAUTY

CHG

CPALL

CPF

EASON

FORTH

HFT

L&E

LHBANK

M

MALEE

MC

MFC

MODERN

MOONG

PB

PJW

PPS

RICHY

RML

SAPPE

SAUCE

SAWAD

SC

SCG

SEAFCO

TIPCO

TRT

UAC

XD

AMATA

ARROW

BIG

BJCHI

EASTW

GLOW

ICC

KKP

KTIS

LH

LPH

PCSGH

PM

PPP

PRAKIT

PT

ROJNA

SE-ED

Apr-16

Date Regions

4-Apr-16 EU

4-Apr-16 EU

4-Apr-16 US

5-Apr-16 US

5-Apr-16 EU

6-Apr-16 EU

6-Apr-16 US

6-Apr-16 JPY

7-Apr-16 EU

7-Apr-16 EU

7-Apr-16 US

8-Apr-16 JPY

Markit PMI Composite (Mar)

Eco Watchers Survey: Outlook (Mar)

FOMC Minutes

Leading Economic Index (Feb)

Fed's Yellen Speech

Economic Indicators

Producer Price Index (MoM) (Feb)

ECB Monetary Policy Meeting Accounts

ECB President Draghi's Speech

Non-monetary Policy's ECB Meeting

Producer Price Index (YoY) (Feb)

Markit PMI Composite (Mar)

Factory Orders (MoM) (Feb)

5


CG Rating

Score Range Number of Logo Description

90 – 100

80 – 89

70 – 79

60 – 69

50 – 59

Below 50

No logo given

Excellent

Very Good

Good

Satisfactory

Pass

N/A

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2015.

Corporate Governance Report disclaimer

The disclosure of the survey result of the Thai Institute of Directors

Association (“IOD”) regarding corporate governance is made pursuant

to the policy of the Office of the Securities and Exchange Commission.

The survey of the IOD is based on the information of a company listed

on the Stock Exchange of Thailand and the Market for Alternative

Investment disclosed to the public and able to be accessed by a

general public investor. The result, therefore, is from the perspective of

a third party. It is not an evaluation of operation and is not based on

inside information.

The survey result is as of the date appearing in the Corporate

Governance Report of Thai Listed Companies. As a result, the survey

result may be changed after that date, Asia wealth Securities Company

Limited does not conform nor certify the accuracy of such survey result.

ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMYHANA HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINTMONO NKI PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMARTSAMTEL SAT SC SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMBTOP VGI WACOAL

AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP BMCL BOL BROOKBWG CENTEL CFRESH CHO CIMBT CM CNT COL CPF CPI CSL DCC DELTADEMCO ECF EE ERW GBX GC GFPT GLOBAL GUNKUL HEMRAJ HOTPOT HYDRO ICCICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO MBK MC MEGAMFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP PDI PEPG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS S&JSABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNPSPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSPTCAP TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TKTKS TMI TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUETSC TSTE TSTH TTA TTCL TTW TU TVD TVO TWPC UAC UT UVVNT WAVE WINNER YUASA ZMICOVNT WAVE WINNER YUASA ZMICO

2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCOAQUA AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHIBKD BTNC CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSCCSP CSS CTW DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTHFPI FSMART FSS FVC GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECHIEC IFEC IFS IHL IRCP ITD JSP JTS JUBILE KASET KBS KCAR KGIKKC KTIS KWC KYE L&E LALIN LHK LIT LIVE LST M MAJOR MAKROMATCH MATI MBKET M-CHAI MFC MILL MJD MK MODERN MOONG MPG MSC MTIMTLS NC NOK NUSA NWR NYT OCEAN PACE PATO PB PCA PCSGH PDGPF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL PYLON QLT RCIRCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP SEAOIL SIRISKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY STPISUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TICTIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR UMI UP UPFUPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO

Source: Thai Institute of Directors (IOD)

6


CG Rating

ขอมล Anti-Corruption Progress Indicator ของบรษทจดทะเบยน

ระดบ 1ACD AEONTS AFC AIRA AJ ALUCON AMC AQUA ARIP AUCT BAT-3K BIG BJCBLISS BMCL BOL BRR BSBM CBG CCET CCN CGD CMR CPH CSC CSPCTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART GIFT GLANDGRAND GUNKUL HFT HTECH IHL ILINK ITD JSP KDH KTIS KTP LEE LSTMAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NNCL NWR OHTLPICO PK PL PPM PRAKIT PRECHA PRIN PSTC PYLON RAM RICH RS SANKOSAUCE SAWAD SAWANG SCN SEAFCO SF SHANG SIRI SMART SMM SOLAR SPACK SPGSPPT SPVI STA STAR SVH SVOA SWC TAPAC TC TCCC TCJ TCOAT THTKS TNH TNPC TPA TPAC TPOLY TRC TRUBB TSE TTA TTI TTL TTTMTWP TWZ U UMS UPA UPOIC UTP UVAN VARO VI VIBHA VIH VTEWG

ระดบ 22S ABICO AF AKP AMARIN AMATA AOT APCO AYUD BEAUTY BFIT BH BKDBLAND BTNC CCP CI CSR CSS EFORL EPCO FE FNS FVC GEL GLOBALHEMRAJ IEC IFS INET JUTHA KASET KCAR KKC KSL L&E LALIN LTX MMALEE MBK MBKET MEGA MK MPG MTLS NCH NCL NPP OCC OCEAN PBPCA PRINC QH ROCK RPC S&J SGP SIAM SIS SKR SMG SMIT SORKONSUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPP TRT TRU TRUETSC TSI TTW TVD TVO UKEM UNIQ UWC VNG WIIK WIN XO

ระดบ 3AABC ACAP ADVANC AEC AGE AH AIE AMANAH ANAN AP APCS APURE ASASIA ASIAN ASIMAR BIGC BROOK BTS BWG CEN CENTEL CFRESH CHARAN CHO CHOTICM CNT COL CPALL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EAECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC ICHI IFECINOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKROMC MCOT MFC MFEC MINT MJD MONO MOONG NBC NDR NINE NMG NSINTV OGC PACE PCSGH PDI PG PHOL PLAT PPS PR PRANDA PREB PSQLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SINGERSITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA SSI STANLY SUPER SVI SYMCSYNEX SYNTEC TASCO TCMC TFI THAI THRE THREL TICON TKT TLUXE TNL TPCORPTMILL TMT TSTE TSTH TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHAZMICO

ระดบ 3BAAV AHC AI AIT AKR ARROW ASK BA BDMS BEC BECL BJCHI BUICGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON EPG F&DFANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRCP IT JCTKCM KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE NOK NPKNUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTLQ-CON QTC RCI S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIMSLP SMT SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSPTCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT TOPP TPC TPCHTPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT UV VPOWAVE WINNER YUASA

ระดบ 4ASP BAFS BANPU BAY BBL BKI BLA CIMBT CNS CSL DCC DRT DTCEASTW ECL EGCO ERW FSS GCAP HANA HTC INTUCH IRPC IVL KBANK KCEKGI KKP KTB LANNA LHBANK MTI NKI PSL PTG PTTEP SABINA SCB SNCSNP SSF SSSC TCAP THCOM TISCO TIMB TMD TNITY TOG

ระดบ 5BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP

ไมเปดเผยหรอไมมนโยบายA ACC AJD AQ BCH BGT BROCK BSM BTC CHUO CPR CRANE EICFER JMART JMT KAMART KBS KIAT LDC MBAX MCS METCO NEW NEWS NYTPAE PDG PERM PMTA POST RCL RICHY ROH S SIMAT TCB TR TSFTVT WORKหมายเหตระดบ 1 : มนโยบายระดบ 2 : ประกาศเจตนารมณระดบ 3 : มมาตรการปองกน ซงทง 2 กรณ ถอเปนผลการประเมนในระดบเดยวกน

3A : บรษทมการประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค3B : บรษทมค ามน และนโยบายของบรษท แตมไดประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค

ระดบ 4 : ไดรบการรบรองระดบ 5 : ขยายผลสผท เกยวของ

7


Contact

Branch Address Phone Fax

Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,

Pathumwan Bangkok 10330

02-680-5000 02-680-5111

Silom 191 Silom Complex Building,21st Floor Room 2,3-1 Silom Rd.,

Silom, Bangrak, Bangkok, 10500 Thailand

02-630-3500 02-630-3530-1

Asok 159 Sermmitr Tower, 17th FL. Room No.1703, Sukhumvit 21

Road, Klong Toey Nua, Wattana, Bangkok 10110

02-261-1314-21 02-261-1328

Pinklao

7/3 Central Plaza Pinklao Office Building Tower B, 16th Flr.,

Room No.1605-1606 Baromrajachonnanee Road, Arunamarin,

Bangkoknoi, Bangkok 10700

02-884-7333 02-884-7357,

02-884-7367

Chaengwattana

99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd

Flr., Room 2204 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2300 02-8353006

Chaengwattana 2

9/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2203 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2388 02-119-2399

Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-Trad

Road, Bangkaew Bangplee, Samutprakarn 10540

02-106-7345 02-105-2070

Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District, Muang

District, Rayong Province 21000

038-808200 038-807200

Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen

40000

043-334-700 043-334-799

Chonburi 55/22 Moo 1, Samed Sub District, Muang District, Chonburi

20000

038-053-858 038-784-090

Chaseongsao 233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung Sub-

District, Meung District, Chachoengsao 24000

038-981-587 038-981-591

5 Apr 2016 - asiawealth.co.th · consumption to grow by 3%, led by 10%-11% growth in the public...

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