Thailand Strategy

See important disclosures at the end of this report 1

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2 November 2017

Strategy - Thailand Overweight (maintained)

Stocks Covered: 87 Price Correction Ratings (Buy/Neutral/Sell): 52 /20 /15

Last 12m Earnings Revision Trend: Neutral In October, the SET tested the 1,729 points level, which was close to the high level of 1,789 points established back in Jan 1994, as a result of the following: 1. A better GDP growth outlook; 2. Elections scheduled earlier; Thailand would hold its election eight

months earlier than previously planned, in Nov 2018. Given that the SET trades at a high multiple of 17.7x P/E, corroborated with poor corporate earnings, we think that the market may experience a correction at any time. We point out the disappointing results of the Thai banks (-10% YoY, +5% QoQ) due to higher NPL provisions and the preparation of capital reserves to comply with the IFRS9 accounting standard to be implemented in 2019. We expect a price correction in November.

SET index closed 1,721.37 pts (+2.9% MoM, +11.6% YTD) 2017’s SET target (5-year average 17.5x) 1,718 pts 2018’s SET target (5-year average 17.5x) 1,909 pts Upward target SET index from 16.58x to 17.51x

Source: Bloomberg

SET Index and the P/E band

Source: Bloomberg Foreign net out flows in October

Source: Bloomberg

Short-term price risk. The SET index (SET) corrected by 56.79 points within three working days from 1,729 points (Oct 17, 2017) down to 1,673 points (Oct 19, 2017). The current index level may imply a further correction to take place in November. The market has rallied for three consecutive months since August, (+2.9% MoM, +11.6% YoY), and currently we see no catalysts present. On a monthly view, if the SET breaks above its recent peak of 1,729, a further rise at 1,749 is possible and we would recommend a “sell-into-strength” if this happens. However, if the SET fails to break the resistance of the 1,729 level, the index is likely to drift in a downside range of 1,729-1,670. Given the current high level of the SET, with our anticipation of a price correction in November, we advise a short-term strategy of an asset allocation with one-third in stocks and two-thirds cash.

3Q17 results and our recommendations. The eight listed Thai banks reported a combined net profit of THB40.7bn in 3Q17 (+5% QoQ, -10% YoY), and THB125.2bn (-5% YoY) for 9M17 largely due to higher provisions and reserves. For the upcoming results announcements, we see an overheating in the valuation of certain stocks. Therefore we take this opportunity to recommend (as per the table below) to “TAKE PROFIT” in AOT TB, BH TB, SIRI TB, TOP TB, WORK TB, and RS TB while we suggest to “SELL” KTB TB and QH TB. We recommend BUY for BJC TB, BDMS TB, PLAT TB and SPALI TB which we expect to have a good set of 3Q17 results; also we recently upgraded KBANK TB to “BUY” (from “Neutral”). Until all results are out by mid-November, corporate earnings would continue to be the catalysts to drive prices. Nonetheless, we see overall the 3Q17 sentiment on the results may not favour the market. Raising the target P/E for SET from 16.58x (7-year average) to 17.51x (5-year average). Fundamentally, we maintain the SET’s earnings growth forecast of 10.1% in 2017, and 11.1% in 2018. We have also raised the assigned target P/E from 16.58x, a 7-year average (1,627 pts) to 17.51x, a 5-year average (1,718 pts) for 2017F and 2018F. The Thai market looks pricey in the short-term but as it is approaching year-end, on a continuation of the GDP growth and an envisioned earnings expansion in 2018F, we recommend “OVERWEIGHT” for the next 12 months, with a target index level of 1,909.

Source: Company data, RHB

2017E 2018E 2017E 2018E98.11 109.02 795.71 850.22

15.23 1,494 1,660 1.89 1,506 1,60916.58 1,627 1,808 2.03 1,618 1,72917.51 1,718 1,909 2.05 1,632 1,74318.72 1,837 2,041 2.09 1,662 1,77619.00 1,864 2,071 2.15 1,711 1,828

SET Target 1,718 1,909 SET's mean P/E P/BVMarket return 11.3% 11.1% 3-year 18.71 2.03Div.Yield 3.0% 3.4% 5-year 17.51 2.09Total return 14.4% 14.5% 7-year 16.58 2.05ROE 12.3% 12.7% 10-year 15.23 1.89

EPS (THB)P/E (x) P/BV (x)

BV (THB)

R² = 0.8476

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The SET Index: Mean P/E for 3yr = 18.7x, 5yr = 17.5x, 7yr = 16.6x, 10yr = 15.2x

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Local Institutes ProprietaryTradingForeign Investors Local Investors

THB m

P/E (x) P/B (x) Yield (%)Dec-18F Dec-18F Dec-18F

Bangkok Dusit Medical BUY THB21.20 THB24.00 13.2 37.0 5.6 1.6 Berli Jucker BUY THB53.50 THB59.50 11.2 30.9 1.9 1.6 Kasikornbank BUY THB220.00 THB251.00 14.1 12.2 1.4 2.0 Supalai BUY THB24.60 THB27.00 9.8 8.1 1.6 4.7 The Platinum Group BUY THB9.00 THB10.30 14.4 28.7 2.8 2.2 Krung Thai Bank SELL THB18.20 THB16.30 (10.4) 10.2 0.8 3.7 Quality Houses SELL THB2.94 THB2.40 (18.4) 10.4 1.2 3.8 Airports of Thailand TAKE PROFIT THB59.50 THB51.50 (13.4) 33.8 5.7 1.5 Bumrungrad Hospital TAKE PROFIT THB220.00 THB178.00 (19.1) 38.9 8.9 1.2 Sansiri PCL TAKE PROFIT THB2.34 THB2.00 (14.5) 10.7 1.1 3.8 Thai Oil TAKE PROFIT THB102.00 THB85.33 (16.3) 11.2 1.6 3.9 Workpoint Entertainment TAKE PROFIT THB98.00 THB80.00 (18.4) 36.3 11.4 1.9

Company Name Price Target% Upside

(Downside) Rating

Analyst Kasamapon Hamnilrat +66 2088 9739 kasampon.ha@rhbgroup.com

Thailand Strategy

2 November 2017

See important disclosures at the end of this report 2

Conviction BUYs Bangkok Dusit Medical Services (BDMS TB, BUY, TP: THB24.00) has 45 hospitals under its umbrella, and increasing to 50 by 2020F; 9 top-tier hospitals in major provinces and Bangkok are Centres of Excellence. Focus is on the mid-to-high end customers and 30% of its revenue is from foreign patients. Our DCF-based TP is THB24.00 (WACC 8%, TG 2%).

i. Complete healthcare services from hospitals nationwide to top rated BDMS wellness clinics in Bangkok CBD to Chiva Transitional Care hospital;

ii. Better momentum moving forward given a pickup in the number of patients, improved margins from its record low in 2Q17 and less financing costs relating to convertible bonds;

iii. Solid long-term growth is expected given room for efficiency improvement, synergy of its hospital network, complete healthcare services and an influx of medical tourists from a strong government support.

Supalai (SPALI TB, BUY, TP: THB28.00) - we have a higher TP of THB28.00 (from THB27.00, 14% upside), pegged at 10x 2018F P/E, given:

i. Its attempt to upgrade from a low-end developer into a more aggressive mid- to high-end well-diversified developer, with upcoming mixed use commercial property in Bangkok’s CBD;

ii. Massive backlog, which could ensure a double-digit earnings growth over the next few years;

iii. Strong presales momentum to continue, particularly with a potential recovery in demand from upcountry.

The Platinum Group (PLAT TB, BUY TP: THB10.30) operates mixed-use shopping malls and hotels in Bangkok and Koh Samui. Two-thirds of its sales comes from sources that offer recurring turnover. Our DCF-based TP is THB10.30 (WACC 8.7%, TG 3%) and it implies a 33x FY18F P/E.

i. The Platinum Pratunam delivered a splendid performance; major contract renewal at its wholesale mall in 2017F and 2019F would be earnings growth catalyst, while its successful Novotel hotel has a c.90% occupancy rate;

ii. Plans to open “The Market Bangkok” in 4Q18F, which is a retail mall with 3x larger NLA than The Platinum Pratunam, focusing on the lower-middle income segment;

iii. We expect earnings to grow by 11% this year, 13% in 2018, and increase to 41% in 2019, on the back of new project openings, the rental rate hike and economies of scale in its operations that would lead to opex savings.

iv. A strong outlook for Thailand’s tourism and a focus on wholesales at its key shopping malls should help limit concerns over online retail trade

Kasikornbank (KBANK TB, BUY, TP: THB251.00). We anticipate more sustainable fundamentals for KBANK, given:

i. A growth rebound;

ii. Softer credit cost policy;

iii. An uptrend in ROEs going forward.

The bank has also strengthened its balance sheet to both counter possibly higher NPLs and ahead of the advent of IFRS 9 in 2019. We project earnings to return to a growth of 14.1-10.1% YoY for 2018-2019 (2017: -6%) and ROE to increase for 2018F. We maintain our BUY call, with a new GGM-based THB251.00 TP (from THB237.00, 14% upside).

Thailand Strategy

2 November 2017

See important disclosures at the end of this report 3

TAKE PROFIT and SELL recommendations

Krung Thai Bank (KTB TB, SELL, TP: THB16.30). We anticipate a deterioration in KTB’s asset quality, leading to high provisions and eroded profitability going forward. The bank has the lowest LLC ratio, as well as low and required reserves when compared to peer banks. It might have to set aside extra provisions for 4Q17F and 2018F, in order to maintain its LLC ratio at a comfortable level and prepare for IFRS 9. We revise down our earnings projections by 13-20% for 2017-2019F. Downgrade to SELL (from Neutral), with a lower GGM-based THB16.30 TP (from THB18.40, 11% downside).

Sansiri (SIRI TB, TAKE PROFIT, TP: THB 2.00). We maintain our TAKE PROFIT call on Sansiri due to its challenging full-year presales target, limited future growth (as presales/new launch/earnings are on a high base), high reliance on foreign buyers, below industry average margins and ROEs (given excessive marketing expenses), and high gearing levels in line with its aggressive business style. Our new TP of THB2.00 (from THB1.90, 13% downside) is based on a 2018F P/E of 9x or at a slight premium to its long-term mean P/E of 8x.

Thai Oil (TOP TB, TAKE PROFIT, TP: THB85.33). We recommend TAKE PROFIT as Thai Oil’s share price has surpassed our revised TP. As a result of our expectations of stronger earnings this year in 3Q and 4Q, we revised our earnings up by 32% to take into account the stronger spreads, as well as stock gains (c.THB2.8bn). We also believe that 2018-2019F would see a continuous strong refined product demand and similar GRM as that of 2017 at c.USD6/bbl. We have adjusted the refinery run rate at 109% from 100%. However for 2019F, we assumed that the refinery run rate would decrease to 95% as a result of an expected 45-day planned major turnaround.

Airports of Thailand (AoT) (AOT TB, TAKE PROFIT, TP: THB51.50). TAKE PROFIT on stretched valuations. Our conservative FY18F DCF-based TP dips to THB51.50, implying a 30x P/E or 1.5SD above its 5-year historical mean. Despite AoT’s favourable long-term business outlook, we believe the expectations on its far-off investment activities – of which details remain uncertain – have been overly priced in. Its current valuations are also too demanding. AoT is trading above 2SD from its P/E mean, at 40x FY17 P/E and 35x FY18 P/E. Compared to its regional peer, it may book lower EPS growth in FY17-18F, but it has too much premium on P/E and P/BV. We recommend investors to TAKE PROFIT and revisit at more reasonable valuation levels.

Workpoint Entertainment (WORK TB, TAKE PROFIT, TP: THB80.00). We expect Workpoint to perform very well in the second half, thanks to a record high ads rate in 3Q17. A break for the Royal Cremation ceremony of the late King Bhumibol Adulyadej would be around three weeks in October, unlike the mourning period last year which lasted around three months. However, given a high base in 2017, its future growth should normalise starting with next year. Hence, the company does not deserve such a high premium compared to its long-term outlook. Recommend TAKE PROFIT with a FY18F TP of THB80.00 (9.3% WACC and 2% TG).

Bumrungrad Hospital (BH TB, TAKE PROFIT, TP: THB178.00). Thailand’s premium hospital in Bangkok’s CBD; 65% of its patient revenue comes from international patients. DCF-based TP is THB178.00 (WACC 8%, TG 2%). Now trades at a premium to other Thai and regional hospitals

i. Peak season in 3Q as usual, given the end of the Ramadan period and rainy season in Thailand. Hence, we expect revenue and earnings to grow at single-digit rates in the range of 6-8% YoY;

ii. Volume set to decline at a slower rate. To compensate for the loss of Middle East patients, Bumrungrad has been able to drive growth with patients from Myanmar and Cambodia to c.13% from c.8-9% during 2012-2013. The next step is to boost spending per head for patients from CLMV;

iii. Its 3-year renovation programme is still ongoing. We expect the renovation at BI Tower to be completed by end-2017, and be fully operational by next year. New construction ie BI Hospital Annex on Soi1/1 and Petchburi campus should kick off in the medium term.

Thailand Strategy

2 November 2017

See important disclosures at the end of this report 4

Figure 1: The SET index and the key events (strong resistance at 18x or 1,765 pts)

Source: RHB

Figure 2: The movement of TIPs market indices

Source: Bloomberg

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Slumped in oil price - Oil & Gas sector posted net loss

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The beginning of Euro debt crisisYellow shirt uprising

against Thaksin government

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China stocks rout stings global equities and oil price

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BREXIT

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Thailandconstitution referendum Aug'16

Late King passing

Fed ratehiked

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JCI Index (LHS) PCOMP Index (LHS) SET Index (RHS)

Thailand Strategy

2 November 2017

See important disclosures at the end of this report 5

Figure 3: The SET Index (23 years high) Figure 4: The SET’s P/E

Source: Bloomberg Source: Bloomberg

Figure 5: The JCI Index (new record high) Figure 6: The JCI’s P/E

Source: Bloomberg Source: Bloomberg

Figure 7: The PCOMP Index (new record high) Figure 8: The PCOMP’s P/E

Source: Bloomberg Source: Bloomberg

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Thailand Strategy

2 November 2017

See important disclosures at the end of this report 6

Figure 9: THB vs the US dollar index (after diverging in mid-May, THB is relatively stronger than the USD)

Figure 10: IDR vs the US dollar index (after diverging in mid-May 2017, IDR turns weaker than the USD)

Source: Bloomberg Source: Bloomberg

Figure 11: Philippines Peso vs the US dollar index (after diverging in mid-May, the Peso turned weaker than the USD

Figure 12: Foreign portfolio investment in equities market (outflowing from the JCI market)

Source: Bloomberg Source: Bloomberg

Figure 13: Foreign portfolio investment in bond market (invest more in TIP’s bond market)

Figure 14: TIPs market fund flows – Indonesia has experienced fund outflows since August

Source: Bloomberg Source: Bloomberg

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Thailand Strategy

2 November 2017

See important disclosures at the end of this report 7

Figure 15: Correlation between the SET index and the energy sector index (which contributed 31% of total net profit and 20% of market capitalization to the SET index)

Source: Bloomberg

Figure 16: SETEnergy index vs WTI Crude Oil (rebased from October 2007 = 100). After the slump in oil price, the SETEnergy index has turned to trade at a premium to the WTI oil price

Source: Bloomberg

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Dec

-09

Mar

-10

May

-10

Aug

-10

Oct

-10

Jan-

11M

ar-1

1Ju

n-11

Sep

-11

Nov

-11

Feb-

12A

pr-1

2Ju

l-12

Oct

-12

Dec

-12

Mar

-13

May

-13

Aug

-13

Oct

-13

Jan-

14A

pr-1

4Ju

n-14

Sep

-14

Nov

-14

Feb-

15M

ay-1

5Ju

l-15

Oct

-15

Dec

-15

Mar

-16

Jun-

16A

ug-1

6N

ov-1

6Ja

n-17

Apr

-17

Jul-1

7S

ep-1

7

SETENERG Index WTI Crude Oil ($/BBL)

Thailand Strategy

2 November 2017

See important disclosures at the end of this report 8

Figure 17: Foreign investors net buy/sell Figure 18: Local institution net buy/sell

Source: SET Smart, RHB Source: SET Smart, RHB

Figure 19: Local investors (retails) net buy/sell Figure 20: Proprietary trading net buy/sell

Source: SET Smart, RHB Source: SET Smart, RHB

List of reports issued during the past week (24 - 27 Oct) Krung Thai Bank (KTB TB, SELL (from Neutral), TP: THB16.30) Krung Thai Bank : Not Out Of The Woods Yet

Kasikorn Bank (KBANK TB, BUY (from Neutral), TP: THB237.00) Kasikornbank: Anticipating a Growth Rebound

Media Media: The Good News Is Already Priced In

Kiatnakin Bank (KKP TB, NEUTRAL, TP: THB76.00) Kiatnakin Bank : Despite High Dividend, Growth Slowdown

Banks Banks: Growth Rebound Intact

48,611

12,287

55,437 30,227

(3,134)

(33,068)(6,426)

14,338

(24,609)

5,612

118,542

83,446 55,018

(162,346)

38,231

81,724

(5,119)

76,388

(193,911)

(36,584)

(154,346)

77,909

2,541

-250,000

-200,000

-150,000

-100,000

-50,000

0

50,000

100,000

150,000

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

YTD

(THB m)

(2,329)

(17,722)(22,453)

(3,239)(2,872)

(948)(538)

13,708

19,573

6,236

(51,204)

(12,757)

3,764

45,177

(2,303)(15,200)

(29,149)(24,302)

108,163

71,424 79,054

(8,653)

66,783

-60,000

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

YTD

(THB m)

(46,283)

5,434

(32,984)(26,987)

6,006

34,016

6,963

(28,046)

5,036

(8,702)

(67,217)(71,772)

(57,181)

116,246

(37,316)

(66,075)

32,962

(59,342)

87,471

(38,421)

81,708

(94,628)(81,252)

-150,000

-100,000

-50,000

0

50,000

100,000

150,000

(THB m)

(3,758)(4,786)

(6,838)

(6,176)

(1,275)

177 1,719

20

(665)(3,146)

(121)

1,084

(1,601)

924 1,388

(449)

1,307

7,256

(1,723)

3,582

(6,418)

25,372

11,910

(15,000)

(10,000)

(5,000)

0

5,000

10,000

15,000

20,000

25,000

30,000

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

YTD

(THB m)

Thailand Strategy

9

RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage

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Thailand Strategy

10

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Thailand Strategy

11

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Thailand Strategy

12

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Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2016

Excellent CG Scoring

AMATA BTS DELTA EGCO INTUCH KTB MINT PPS QTC SCB SNC THCOM TSC AOT BWG DEMCO GFPT IRPC KTC MONO PS RATCH SCC SPALI TISCO TTCL BAFS CK DRT GPSC IVL LHBANK NKI PSL SAMART SCCC SSSC TKT TU BAY CPF DTAC GRAMMY KBANK LPN NYT PTT SAMTEL SE-ED STEC TMB UV BCP CPN DTC HANA KCE MBK OTO PTTEP SAT SIM SVI TNDT VGI BIGC CSL EASTW HMPRO KKP MCOT PHOL QH SC SITHAI TCAP TOP WACOAL WAVE

Very Good CG Scoring 2S ASIMAR CGH ERW IRC MFC PCSGH Q-CON SMK SYNTEC TIPCO TSR

AAV ASK CHG FORTH JSP MOONG PDI RICHY SMPC TAE TK TSTE

ACAP ASP CHO FPI K MSC PE ROBINS SMT TAKUNI TKS TSTH

ADVANC AUCT CHOW GBX KSL MTI PG RS SNP TASCO TMC TTA

AGE AYUD CI GC KTIS MTLS PJW RWI SPI TBSP TMI TTW

AH BANPU CIMBT GCAP L&E NCH PLANB S SPPT TCC TMILL TVD

AHC BBL CKP GL LANNA NOBLE PM S & J SPRC TF TMT TVO

AKP BDMS CM GLOBAL LH NSI PPP SABINA SR TFI TNITY TWPC

ALUCON BEM CNS GLOW LHK NTV PR SALEE SSF TGCI TNL UAC

AMANAH BFIT CNT GUNKUL LIT OCC PRANDA SAMCO SST THAI TOG UP

ANAN BLA COL HOTPOT M OGC PREB SCG STA THANA TPC UPF

AP BOL CPI HYDRO MACO OISHI PRG SEAFCO SUSCO THANI TPCORP VIH

APCO BROOK DCC ICC MALEE ORI PRINC SFP SUTHA THIP TRC VNT

APCS CEN EA ICHI MBKET PACE PT SIAM SWC THRE TRU WINNER

ARIP CENTEL ECF IFEC MC PAP PTG SINGER SYMC THREL TRUE YUASA

ASIA CFRESH EE INET MEGA PB PYLON SIS SYNEX TICON TSE ZMICO

Good CG Scoring AEC BA CHARAN EARTH GIFT ITD LALIN NCL PMTA SMG TLUXE VPO AEONTS BEAUTY CITY EASON GLAND J LPH NDR PPM SMIT TMD VTE AF BEC CMR ECL GOLD JMART MAJOR NEP PRIN SORKON TNP WICE AIRA BH COLOR EFORL GSTEL JMT MAKRO NOK PSTC SPA TOPP WIIK AIT BIG COM7 EPCO GYT JUBILE MATCH NUSA QLT SPC TPA WIN AJ BJC CPL EPG HPT JWD MATI PATO RCI SPCG TPAC XO AKR BJCHI CSC ESSO HTC KASET M-CHAI PCA RCL SPVI TPIPL AMARIN BKD CSP FE HTECH KBS MDX PDG RICH SSC TPOLY AMATAV BR CSR FER IFS KCAR MFEC PF RML STANLY TRITN AMC BROCK CSS FOCUS IHL KGI MJD PICO RPC STPI TRT APURE BRR CTW FSMART ILINK KKC MK PIMO SANKO SUC TTI AQUA BTNC DCON FSS INSURE KOOL MODERN PL SAPPE TACC TVI ARROW CBG DIMET FVC IRCP KWC MPG PLAT SAWAD TCCC TWP AS CGD DNA GEL IT KYE NC PLE SCI TCMC U SCN TEAM UBIS SEAOIL TFD UMI

SENA TFG UPOIC

SIRI TIC UT

SKR TIW UWC

SLP TKN VIBHA

IOD (IOD Disclaimer)

การเปิดเผลผลการสํารวจของสมาคมสง่เสริมสถาบนักรรมการบริษัทไทย (IOD) ในเร่ืองการกํากบัดแูลกิจการ (Corporate Governance) นีเ้ป็นการ

ดําเนินการตามนโยบายของสํานกังานคณะกรรมการกํากบัหลกัทรัพย์และตลาดหลกัทรัพย์ โดยการสํารวจของ IOD เป็นการสํารวจและประเมินจากข้อมลูของบรษัทจด

ทะเบียนในตลาดหลกัทรัพย์แหง่ประเทศไทยและตลาดหลกัทรัพย์เอ็มเอไอ ที่มีการเปิดเผยตอ่สาธารณะและเป็นข้อมลูที่ผู้ลงทนุทัว่ไปสามารถเข้าถงึได้ ดงันัน้ผลสํารวจ

ดงักลา่วจงึเป็นการนําเสนอในมมุมองของบคุคลภายนอกโดยไมไ่ด้เป็นการประเมินการปฏิบตัิและมิได้มีการใช้ข้อมลูภายในในการประเมิน

อนึ่ง ผลการสาํรวจดงักลา่ว เป็นผลการสํารวจ ณ วนัที่ปรากฎในรายงานการกํากบัดแูละกิจการบริษัทจดทะเบียนไทยเทา่นัน้ ดงันัน้ผลการสํารวจจงึอาจ

เปลี่ยนแปลงได้ภายหลงัวนัดงักลา่ว ทัง้นีบ้ริษัทหลกัทรัพย์ อาร์เอชบี จํากดั (มหาชน) มิได้ยืนยนัหรือรับรองถึงความถกูต้องของผลการสํารวจดงักลา่วแตอ่ยา่งใด

ขอมูล Anti-Corruption Progress Indicator ของบริษัทจดทะเบียน

ระดบั 1

ACD BAT-3K CCN DTCI HFT LST

NEP PRIN SCN SPPT TCJ TRUBB UPA

AEONTS BIG

CGD

E HTECH

MAJOR

NNCL PSTC

SEAFCO SPVI

TCOAT

TSE UPOIC

AFC BJC

CMR

EMC IHL

MATCH

NWR PYLON

SF STA

TH

TTA UTP

AIRA BLISS

CPH

ESSO ILINK

MAX

OHTL RAM

SHANG STAR

TKS

TTI UVAN

AJ BMCL

CSC

FOCUS ITD

M-CHAI

PICO RICH

SIRI SVH

TNH

TTL VARO

ALUCON BOL

CSP

FSMART JSP

MDX

PK RS

SMART SVOA

TNPC

TTTM VI

AMC BRR

CTW

GIFT KDH

MIDA

PL SANKO

SMM SWC

TPA

TWP VIBHA

AQUA BSBM

DCON

GLAND KTIS

ML

PPM SAUCE

SOLAR TAPAC

TPAC

TWZ VIH

ARIP CBG

DRACO

GRAND KTP

MPIC

PRAKIT SAWAD

SPACK TC

TPOLY

U VTE

AUCT CCET

DSGT

GUNKUL LEE

NC

PRECHA SAWANG

SPG TCCC

TRC

UMS WG

ระดบั 2 2S

ABICO

AF

AKP

AMARIN

AMATA

AOT

APCO

AYUD

BEAUTY

BFIT BH BKD BLAND BTNC CCP CI CSR CSS EFORL

EPCO FE FNS FVC GEL GLOBAL HEMRAJ IEC IFS INET

JUTHA KASET KCAR KKC KSL L&E LALIN LTX M MALEE MBK MBKET MEGA MK MPG MTLS NCH NCL NPP OCC

OCEAN PB PCA PRINC QH ROCK RPC S & J SGP SIAM

SIS SKR SMG SMIT SORKON SUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPP TRT TRU TRUE TSC TSI

TTW TVD TVO UKEM UNIQ UWC VNG WIIK WIN XO

ระดบั 3A ABC

ACAP

ADVANC

AEC

AGE

AH

AIE

AMANAH

ANAN

AP

APCS APURE AS ASIA ASIAN ASIMAR BIGC BROOK BTS BWG

CEN CENTEL CFRESH CHARAN CHO CHOTI CM CNT COL CPALL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EA ECF

EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC

ICHI IFEC INOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKRO MC MCOT MFC MFEC MINT

MJD MONO MOONG NBC NDR NINE NMG NSI NTV OGC

PACE PCSGH PDI PG PHOL PLAT PPS PR PRANDA PREB PS QLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG

SEAOIL SE-ED SENA SINGER SITHAI SMK SMPC SPALI SPC SPCG

SPI SRICHA SSI STANLY SUPER SVI SYMC SYNEX SYNTEC TASCO TCMC TFI THAI THRE THREL TICON TKT TLUXE TMILL TMT TNL VNT

TPCORP WACOAL

TSTE WHA

TSTH ZMICO

TTCL TU TVI UOBKH UREKA VGI

ระดบั 3B AAV

AHC

AI

AIT

AKR

ARROW

ASK

BA

BDMS

BEC

BECL BJCHI BUI CGH CHG CHOW CIG CITY CK CKP

COLOR CWT EARTH EASON EPG F&D FANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRPC IT JCT KCM

KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE

NOK NPK NUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTL Q-CON QTC RCI S11 SALEE

SAM SAMART SAMTEL SAPPE SC SCP SFP SIM SLP SMT

SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSP TCC TFD TGCI TGPRO THANA THIP TIW TK TMW

TNDT TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS

UEC UMI UP UPF UT UV VPO WAVE WINNER YUASA

ระดบั 4 ASP

BAFS

BANPU

BAY

BBL

BKI

BLA

CIMBT

CNS

CSL

DCC DRT DTC EASTW ECL EGCO ERW FSS GCAP HANA

HTC INTUCH IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MTI NKI PSL PTG PTTEP SABINA SCB SNC SNP

SSF SSSC TCAP THCOM TISCO TMB TMD TNITY TOG

ระดบั 5 BCP

CPN

GYT

PE

PM

PPP

PT

PTT

PTTGC

SAT

SCC THANI TOP

ไมเปดเผยหรือไมมีนโยบาย

A ACC AJD AQ BCH BGT BROCK BSM BTC CHUO

CPR CRANE EIC FER JMART JMT KAMART KBS KIAT LDC

MBAX MCS METCO NEW NEWS NYT PAE PDG PERM PMTA POST RCL RICHY ROH S SIMAT TCB TR TSF TVT

WORK

หมายเหต ุ

ระดับ 1: มีนโยบาย ระดับ 2: ประกาศเจตนารมณ ระดับ 3: มีมาตรการปองกัน ซ่ึงทั้ง 2 กรณี ถือเปนผลการประเมินในระดับเดียวกัน 3A: บริษัทมีการประกาศเจตนารมณเขารวมโครงการ CAC หรือภาค 3B: บริษัทมีคํามั่นและนโยบายของบริษัท แตมิไดประกาศเจตนารมณเขารวมโครงการ CAC หรือภาค ระดับ 4: ไดรับการรับรอง ระดับ 5: ขยายผลสูผูที่เกี่ยวของ