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Thailand Daily
Thursda
y
, 31 Jul
y
2025
PLEASE CLICK ON THE PAGE NUMBER TO MOVE TO THE RELEVANT PAGE.
KEY HIGHLIGHTS
Sector
Food
Page 2
Poultry operators stand out as key winners from trade deal tailwinds.
Results
Siam Cement
(SCC TB/
BUY
/Bt207.00/Target: Bt240.00)
Page 5
2Q25: Core earnings below our and consensus expectations, but 2H25 earnings improve
hoh.
Upgrade to BUY.
Update
COM7
(COM7 TB/
BUY
/Bt21.10/Target: Bt29.50)
Page 8
2Q25 results preview: Solid growth expected.
KEY INDICES
Symbol Close Chg %Chg
SET
1,244.14 10.46 0.85
SET50
815.40 5.28 0.65
Value (Btm) - SET
51,336
Top 5 Sector
BANK
406.79 0.08 0.02
PETRO
536.66 7.35 1.39
PROP
151.26 3.41 2.31
ENERG
16,779.34 205.05 1.24
ICT
182.89
(
2.32
)
(
1.25
)
Source: Bloomberg
TOP VOLUME
S
y
mbol Close
(
Baht
)
+/-(%
Ch
g)
5-day ADT
(
BTm
)
TRUE 10.40
(
2.80
)
1,226.7
PTT 33.00 0.00 2,636.0
PTTEP 126.00 2.86 1,441.8
BH 162.00 6.93 976.3
BDMS 21.70 1.88 1,136.0
TOP GAINERS
S
y
mbol Close
(
Baht
)
+/-(%
Ch
g)
5-day ADT
(
BTm
)
CIG 0.03 50.00 0.0
A
KS 0.04 33.33 0.1
GRAND 0.04 33.33 0.0
DPAINT 0.82 30.16 7.6
B0.05 25.00 0.0
TOP LOSERS
S
y
mbol Close
(
Baht
)
+/-(%
Ch
g)
5-day ADT
(
BTm
)
MORE 0.05
(
16.67
)
0.6
JAK 0.87
(
12.12
)
0.0
TTI 25.75
(
11.21
)
0.0
MUD 0.99
(
9.17
)
0.0
A
E 0.11
(
8.33
)
0.2
*ADT: Average daily turnover
KEY STATISTICS
Commodity Current
Price
-------------%Ch
g
--------------
1m 3M
Y
TD
Brent crude* 73.5 10.1 21.6 1.2
Dubai crude* 71.3 8.8 14.9
(
5.0
)
Baltic Dr
y
Index 1,995.0 34.0 43.9 100.1
Gold Spot*** 3,290.0
(
0.4
)
0.0 25.4
*(US$/bbl), *** (US$/toz)
FOREIGN PORTFOLIO INVESTMENT
IN EQUITIES (THAILAND)
Day
(
Mil US$
)
MTD Net
(
Mil US$
)
YTD Net
(
Mil US$
)
YTD Net
Y
oY%
(
8.1
)
482.3
(
1,854.4
)
2,535.0
Source: Bloomberg
Forei
g
n Exchan
g
e Rate - THB/US$
(
onshore
)
= 32.70
Interest Rate
(
%
)
- TH Polic
y
Rate = 1.75
Thai Lendin
g
Rate
(
%
)
* - MLR = 6.75
2
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
SECTOR UPDATE
Food – Thailand
Poultry Operators Stand Out As Key Winners From Trade Deal Tailwinds
Although livestock prices are expected to decline hoh in 2H25 due to recovering supply
and weaker demand, we anticipate this to be partly offset by lower raw material costs,
driven by the potential import of corn and soybean meal. In addition, the import of raw
materials from the US will directly benefit to the chicken exports. Maintain MARKET
WEIGHT. Our sector top pick is GFPT.
WHAT’S NEW
No US pork imports expected.
We expect there to be no US pork imports due to
the
relatively small domestic swine market in Thailand
and the transportation costs, which make
exporting pork from the US to Thailand less attractive. However, US products such as beef,
offal, and raw materials like corn and soybean meal have greater potential to be imported
into Thailand.
On the other hand, we remain optimistic about the import of US corn and
soybean meal due to their lower costs compared with domestic prices.
Nevertheless, if
Thailand were to permit US pork imports, it would likely add further pressure on domestic
swine prices, negatively affecting key players such as Charoen Pokphand Foods (CPF), Thai
Food Group (TFG), and Betagro (BTG), and also impact the feed business.
Swine prices to soften in 2H25.
Thailand’s swine industry is facing a situation where supply
is starting to recover while demand remains subdued due to weak domestic purchasing
power and the slow return of tourists, putting continued pressure on domestic swine prices.
The average swine price is likely to remain at around Bt70/kg in 2H25 and is unlikely to
exceed Bt80/kg. We expect Vietnamese swine prices to soften slightly hoh in 2H25, but
remain higher than in Thailand, supported by stronger demand and a slower recovery in
supply.
Positive momentum in exported chicken.
We expect chicken export volumes to remain
strong in 2H25, with exports to be higher than in 1H25, particularly to the UK and Europe.
Additionally, the bird flu outbreak in Brazil has prompted several countries to implement trade
restrictions, which could shift demand towards Thai frozen chicken. Furthermore, we
anticipate an improvement in gross profit margins for chicken exports, supported by lower
raw material costs.
2H25 results expected to soften
hoh.
As we expect farm operators’ earnings to peak in
2Q25, we anticipate softer profitability hoh in 2H25. The key pressure stems from declining
domestic swine prices
hoh, driven by: a) a recovery in supply, and b) weaker economic
conditions. However, the chicken export segment is expected to maintain positive
momentum, supported by the direct benefit of lower raw material costs.
ACTION
Maintain MARKET WEIGHT on the food sector.
We expect livestock players’ earnings to
peak in 2Q25, as swine prices have started to soften since Jul 25, with no clear catalyst to
drive domestic consumption. However, we see positive potential from the continued declines
in raw material prices, which should directly benefit GFPT, given its limited exposure to
swine prices and low risk from the sluggish domestic demand, thanks to its focus on chicken
exports.
Our top pick is GFPT.
MARKET WEIGHT
(Maintained)
OUR TOP PICK
Compan
y
Ticke
r
Rec Current
Price
(
Bt
)
Target
Price
(
Bt
)
GFPT PCL GFPT TB BUY 9.75 15.50
Source: UOB Kay Hian
ANALYST(S)
Tanapon Cholkadidamrongkul
+662 090 3359
tanapon.c@uobkayhian.co.th
ASSISTANT ANALYST(S)
Nichapa Ratchabandit
PEER COMPARISON
Last Target Market -------------- Core profit ------------ --------------- PE -------------- -------- P/B -------- ------- ROE -------
Company Ticker Rec. Price Price- Cap 2024 2025F 2026F 2024 2025F 2026F 2025F 2026F 2025F 2026F
(Bt) (Bt) (US$m) (Btm) (Btm) (Btm) (x) (x) (x) (x) (x) (%) (%)
Betagro BTG TB HOLD 17.90 18.50 1,047 2,288 7,270 4,465 15.1 4.8 7.8 1.0 0.9 24.0 12.8
Charoen Pokphand CPF TB HOLD 23.30 21.00 5,926 17,142 26,243 22,030 11.4 7.5 8.9 0.8 0.8 9.3 7.6
GFPT GFPT TB BUY 9.75 15.50 370 1,974 2,176 2,212 6.2 5.9 6.3 0.6 0.5 10.1 8.7
Thaifoods TFG TB BUY 5.00 6.70 878 3,466 5,151 5,418 8.4 6.2 5.9 1.4 1.2 26.6 22.4
Sector 8,221 24,870 40,840 34,125 11.3 6.9 8.3 0.9 0.8 13.1 9.9
Source: GFPT, UOB Kay Hian
3
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
ESSENTIALS
Charoen Pokphand (CPF):
CPF
is expected to report an impressive core profit of Bt11,021m
for 2Q25 (+101.5% yoy, +32.6% qoq). The key drivers are primarily: a) strong ASPs in both
the domestic and Vietnamese livestock segments; b) declining raw material costs, particularly
soybean meal; and c) improved qoq performance from its subsidiary, C.P. Pokphand (CPP).
Betagro (BTG):
We expect BTG to report a core profit of Bt2,528m for 2Q25, up 40.2% qoq
and 321% yoy. A strong increase in gross profit margin is expected to be the key driver. We
expect a gross profit margin of 19.5% in 2Q25, up from 14.1% and 17.5% in 2Q24 and 1Q25
respectively on the back of: a) domestic ASP improvement, b) higher proportion of premium-
margin products, and c) lower raw material costs.
Thaifoods (TFG):
TFG is expected to report a core profit of Bt2,672m for 2Q25 (+152% yoy,
+29% qoq). The key drivers are primarily: a) strong ASPs and higher volume in both the
domestic and Vietnamese livestock segments; b) lower cost; and c) improved development
from its retail shops both in same store sale growth (SSSG) and the higher number of
branches. However, SG&A-to-sales is expected to increase due to branch expansion.
GFPT PCL (GFPT):
We expect GFPT to report earnings of Bt601m for 2Q25, up 7.1% yoy,
but down 4.2% qoq. The strong yoy earnings improvement will be driven by a high gross profit
margin of 15.8% (2Q24: 14.25%, 1Q25: 14.02%), mainly due to lower raw material prices as
well as a product mix that consists of more higher-margin processed chicken exports. On the
other hand, the qoq decrease can be attributed to a lower share of profit from GFN and
McKey.
CPF’S 2Q25 RESULTS PREVIEW
Year to 31 Dec (Btm) 2Q25F 2Q24 1Q25 yoy % chg qoq % chg
Revenue 151,384 149,498 144,175 1.3% 5.0%
Gross profit 29,520 23,013 26,667 28.3% 10.7%
SGA 12,563 12,760 12,241 -1.5% 2.6%
EBIT 16,957 10,254 14,426 65.4% 17.5%
Net profit 10,984 6,925 8,549 58.6% 28.5%
Core profit 11,021 5,470 8,314 101.5% 32.6%
Core EPS (Bt) 1.3 0.7 1.0 101.5% 32.6%
Ratio (%)
Gross margin 19.5% 15.4% 18.5% 4.1% 1.0%
SG&A/Sales 8.3% 8.5% 8.5% -0.2% -0.2%
Net profit margin 7.3% 4.6% 5.9% 2.6% 1.3%
Source: CPF, UOB Kay Hian
BTG’S 2Q25 RESULTS PREVIEW
Y
ear to 31 Dec (Btm) 2Q25F 2Q24 1Q25 yoy % chg qoq % chg
Sales 31,516.3 27,169.3 30,252.7 16.0% 4.2%
Gross Profit 6,145.7 3,836.3 5,294.2 60.2% 16.1%
SGA 2,868.0 2,889.1 3,122.3 -0.7% -8.1%
Pre-tax Profit 3,198.6 903.9 2,252.9 253.9% 42.0%
Net Profit 2,532.7 627.8 1,897.8 303.4% 33.5%
Core Profit 2,527.6 601.2 1,803.4 320.5% 40.2%
Ratio (%)
Gross margin 19.5% 14.1% 17.5% 5.4% 2.0%
SG&A/Sales -10.4% -10.4% -10.2% 0.0% -0.1%
Net profit margin 8.0% 2.3% 6.3% 5.7% 1.8%
Source: BTG, UOB Kay Hian
TFG’S 2Q25 RESULTS PREVIEW
Y
ear to 31 Dec (Btm) 2Q25F 2Q24 1Q25 yoy (%) qoq (%)
Sales 18,703.6 15,639.4 17,728.5 19.6% 5.5%
Gross Profit 4,629.1 2,257.4 3,756.7 105.1% 23.2%
Pre-tax Profit 3,103.3 836.0 2,397.3 271.2% 29.5%
Net Profit 2,639.9 854.8 2,036.6 208.8% 29.6%
Core Profit 2,671.9 1,061.5 2,071.5 151.7% 29.0%
EPS (Bt) 0.413 0.147 0.319 180.8% 29.6%
Ratio (%)
Gross Margin 24.8% 14.4% 21.2% 10.3% 3.6%
SGA-to-sales -7.2% -6.6% -6.9% -0.6% -0.3%
Net Margin 14.1% 5.4% 11.4% 8.7% 2.7%
Source: TFG, UOB Kay Hian
DOMESTIC SWINE AND BROILER PRICES
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Jan-24
May-24
Sep-24
Jan-25
May-25
Swine Broiler
ASF's impac t in
swine's supply
in Thailand
Shortage supply of
pigs due to ASF
Pork smuggling started 1Q23
Panic sell of live pig due to ASF
Source: CPF, BTG, UOBKH
DOMESTIC SWINE PRICES
50.00
60.00
70.00
80.00
90.00
100.00
110.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 2021 2022 2023 2024 2025
Bt/Kg.
Source: CPF
VIETNAMESE SWINE PRICES
30,000
40,000
50,000
60,000
70,000
80,000
Jan F eb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021 2022 2023 2024 2025
VND/Kg.
Source: CPF
DOMESTIC CORN PRICES
8.00
9.00
10.00
11.00
12.00
13.00
14.00
Ja n F eb Mar Apr May Jun Jul A ug Sep Oct Nov Dec
2019 2020 2021 2022 2023 2024 2025
Bt/Kg
Source: CPF
DOMESTIC SOYBEAN MEAL PRICES
12.00
14.00
16.00
18.00
20.00
22.00
24.00
26.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 2021 2022 2023 2024 2025
Bt/Kg
Source: CPF
4
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
GFPT’S 2Q25 RESULTS PREVIEW
Year to 31 Dec (Btm) 2Q25F 2Q24 1Q25 yoy % chg qoq % chg
Revenue 4,858.70 4,838.62 4,649.47 0.4% 4.5%
Gross profit 767.67 689.33 652.05 11.4% 17.7%
SGA 349.83 384.12 364.55 -8.9% -4.0%
EBIT 502.85 387.60 369.72 29.7% 36.0%
Net profit 591.42 583.08 638.45 1.4% -7.4%
Core profit 601.42 561.68 627.61 7.1% -4.2%
Core EPS (Bt) 0.47 0.47 0.51 1.4% -7.4%
Ratio (%)
Gross margin 15.80% 14.25% 14.02% 1.6% 1.8%
SG&A/Sales 7.20% 7.94% 7.84% -0.7% -0.6%
Net profit margin 12.17% 12.05% 13.73% 0.1% -1.6%
Source: GFPT, UOB Kay Hian
Fine-tune GFPT’s 2025 and 2026
earnings.
We have revised up our 2025 and 2026
earnings forecasts for GFPT by 5.9% and 14.2%, respectively on the back of better-than-
expected gross profit margin and SG&A-to-sales assumption.
GFPT’S EARNINGS REVISION TABLE
------------------------- FY25F -------------------------- ------------------------- FY26F -----------------------
(Btm) Old New % chg Old New % chg
GPM% 13.00% 13.9% 0.9% 12.60% 14.2% 1.6%
SG&A/Sales 8.10% 7.8% -0.3% 8.40% 7.8% -0.6%
Net profit 2,055.0 2,175.5 5.9% 1,937.0 2,186.6 14.2%
Source: GFPT, UOB Kay Hian
Maintain BUY on GFPT with a higher target price of Bt15.50.
We peg the target price to
GFPT’s five-year PE to its mean at 9x to reflect the improved gross profit margin of direct
exports, as well as lower impact from the decrease in livestock prices and slower domestic
consumption. We have excluded 4Q20-1Q21, a period of atypical performance from the
company, to better reflect GFPT’s PE multiple during normal operations.
CHINESE SWINE PRICES
Source: Pig333
CHICKEN EXPORT
200
250
300
350
400
450
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022 2023 2024 2025
Source: tpso
CHICKEN EXPORT
-
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0
2022 2023 2024 2025
1Q 2Q 3Q 4Q
Source: tpso
PE BAND
Source: UOB Kay Hian
5
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
COMPANY RESULTS
BU
Y
(Upgraded)
Share Price Bt207.00
Target Price Bt240.00
Upside 15.94%
(Previously Bt160.00)
COMPANY DESCRIPTION
SCC operates as a holding company which is
engaged in the industrial supplies and
construction industries. The company operates
six core businesses – chemical, paper,
cement, building materials, distribution and
investment.
STOCK DATA
GICS sector Materials
Bloomberg ticker: SCC TB
Shares issued (m): 1,200.0
Market cap (Btm): 308,640.2
Market cap (US$m): 8,529.5
3-mth avg daily t'over (US$m): 11.6
Price Performance (%)
52-week high/low Bt328.00/Bt221.00
1mth 3mth 6mth 1yr YTD
(0.4) (12.0) (21.1) (30.1) (25.5)
Major Shareholders %
Maha Vajiralongkorn 33.3
Stock Exchange of Thailand 10.0
STATE STREET Corp 4.3
FY24 NAV/Share (Bt) 317.04
FY24 Net Debt/Share (Bt) 154.70
PRICE CHART
50
60
70
80
90
100
110
100
150
200
250
(%)
(lcy)
SIAM CEMENT PCL/THE SIAM CEMENT PCL/THE/SET INDEX
0
5
10
15
Jul 24 Sep 24 Nov 24 Jan 25 Mar 25 May 25
Volume (m)
Source: Bloomberg
ANALYST(S)
Benjaphol Suthwanish
+662 659 8301
Benjaphol@uobkayhian.co.th
Siam Cement (SCC TB)
2Q25: Core Earnings Below Our And Consensus Expectations But 2H25 Earnings
Improve Hoh
SCC recorded strong qoq and yoy growth in net profit for 2Q25, mainly supported by
substantial one-time gains. Stripping out these gains, core earnings came in below our
and consensus estimates by 27% and 17% respectively. Core earnings improved qoq,
driven by recoveries at SCGC and SCGP, and lower financing costs following debt
repayment using the one-time gains. We have revised up our core earnings projections
for 2025-26. Upgrade to
BUY. Target price: Bt240.00.
2Q25 RESULTS
Y
ear to 31 Dec
(
Btm
)
2Q24 1Q25 2Q25 %Ch
g
.
y
o
y
%Ch
g
.
q
o
q
6M24 6M25 %Ch
g
.
y
o
y
Revenue 128,195 124,392 124,684 -3% 0% 252,461 249,077 -1%
Gross
p
rofit 11,150 18,294 19,216 72% 5% 21,873 37,511 71%
EBITDA 9,486 9,809 9,876 4% 1% 19,489 19,685 1%
Gain
(
Loss
)
from affiliate 2,295 1,427 -138 n.a. n.a. 4,081 1,290 -68%
Core Profit 4,071 1,187 2,167 -47% 83% 5,537 3,354 -39%
Extraordinar
y
item -363 -88 14,257 n.a. n.a. 596 14,169 2277%
Net Profit 3,708 1,099 17,337 368% 1478% 6,133 18,436 201%
- Cement
(
CBM
)
1,633 2,411 1,136 -30% -53% 3,664 3,547 -3%
- Chemical
(
SCGC
)
-1,241 -2,248 12,908 n.a. n.a. -3,107 9,960 n.a.
- Packa
g
in
g
(
SCGP
)
1,453 900 1,010 -30% 12% 3,178 1,910 -40%
EPS 3.09 0.92 14.45 368% 1478% 5.11 15.36 201%
Inventor
y
g
ain
(
loss
)
-363 -88 -913 n.a. n.a. 596 -1,001 n.a.
Financial ratio
(
%
)
Gross Profit Mar
g
in 8.7% 14.7% 15.4% 8.7% 15.1%
EBITDA Mar
g
in 7.4% 7.9% 7.9% 7.7% 7.9%
Net
p
rofit mar
g
in 2.9% 0.9% 13.9% 2.4% 7.4%
Source: Siam Cement, UOB Kay Hian
RESULTS
2Q25 net profit significantly impacted by one-time items.
Siam Cement (SCC) reported a
2Q25 net profit of Bt17.3b, showing strong growth both qoq and yoy, and surpassing both our
and consensus forecasts. This outperformance was partly because our and market estimates
did not factor in one-time gains related to PT Chandra Asri Pacific Tbk. (CAP). Excluding this
one-time item and a Bt913m stock loss, SCC’s
core earnings for 2Q25 stood at Bt2.2b, up
83% qoq but down 47% yoy, 27% and 17% below our and consensus estimates respectively.
The weaker-than-expected core earnings were primarily due to a higher-than-anticipated loss
from the Long Son project, which led to a greater-than-expected loss at SCGC.
Extra gains.
In 2Q25, SCC recorded a one-time gain of Bt14.3b, due to: a) an extra gain of
Bt16.7b from CAP-related items, mainly driven by negative goodwill from CAP’s acquisition
of Aster Chemicals and Energy (Aster) and a gain from fair value revaluation of CAP’s
investment, b) an extra expense of Bt1.5b related to business restructuring within the
Cement-Building Materials (CBM) and SCG Chemicals (SCGC) businesses, and c) a stock
loss of Bt913m.
CBM business experienced a low season.
The CBM business posted a profit of Bt1.1b in
2Q25, down both qoq and yoy. Excluding extra expenses, profit was Bt1.7b, down 29% qoq
but up 5% yoy. The qoq decline was mainly due to seasonal factors, including a long holiday
period in April and the start of the rainy season, which affected cement sales volume.
However, selling prices began to rise in March, leading to a 2% qoq increase in 2Q25.
KEY FINANCIALS
Y
ear to 31 Dec
(
Btm
)
2023 2024 2025F 2026F 2027F
Net turnover 499,646 511,172 494,156 497,100 539,552
EBITDA 52,754 41,721 53,070 57,991 62,440
Operatin
g
profit 8,257 -1,475 4,260 12,524 18,884
Net profit
(
rep./act.
)
25,915 6,342 22,670 17,000 22,525
Net profit
(
ad
j
.
)
14,895 3,798 7,500 17,000 22,525
EPS
(
Bt
)
21.60 5.28 18.89 14.17 18.77
PE
(
x
)
9.59 39.17 10.96 14.61 11.03
P/B
(
x
)
0.68 0.70 0.67 0.65 0.63
EV/EBITDA
(
x
)
18.43 22.92 15.39 12.65 11.27
Dividend
y
ield
(
%
)
2.90 2.42 2.42 3.86 4.11
Net mar
g
in
(
%
)
2.98 0.74 1.52 3.42 4.17
Net debt/
(
cash
)
to equit
y
(
%
)
65.83 58.21 32.14 18.04 6.56
Interest cover
(
x
)
5.12 3.63 4.82 6.19 7.43
Consensus net profit n.a. n.a. 8,320 13,113 16,511
UOBKH/Consensus
(
x
)
n.a. n.a. 0.69 1.18 1.13
Source: Siam Cement, Bloomber
g
, UOB Ka
y
Hian
6
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
Petrochemical business is recovering but still reporting losses
. SCGC reported a net
profit of Bt12.9b in 2Q25; however, excluding extra items and stock loss, SCGC posted a net
loss of Bt2.3b (vs a net loss of Bt5.1b in 1Q25). The narrower loss was mainly driven by qoq
increases in spreads, with PE and PP spreads rising 13.4% and 8.3%, respectively.
The packaging business recovered qoq.
SCG Packaging (SCGP) reported a 2Q25 net
profit of Bt1.0b, up 12% qoq. The improvement was driven by lower costs, particularly for
recycled paper and fuel as well as the continued recovery in Fajar’s performance, which
helped offset the seasonal slowdown in sales in Thailand.
STOCK IMPACT
The extraordinary profit in 2Q25 will help to decrease debt, reducing interest expenses
for the rest of the year.
The extraordinary gain of Bt16.7b in 2Q25 was utilised by SCC to
repay debts of around Bt8.4b. As a result, interest expenses declined by Bt153m in 2Q25.
Looking ahead, we anticipate a further reduction in interest expenses of approximately
Bt300m in 2H25.
Interim dividend for 2H25 was Bt2.50/share.
The dividend yield was 1.2%, with an ex-
dividend date of 13 August and payment date of 28 August. In 2025, we project a total
dividend of Bt5.0/share, resulting in a dividend yield of 2.4%.
EARNINGS REVISION/RISK
Net profit estimates revised up.
We revise up our 2025 core earnings and net profit
forecasts by 31% and 296%, respectively, and raise our 2026 core earnings estimate by
10%, reflecting revisions to: a) higher assumed domestic cement selling prices, b) improved
petrochemical spread assumptions, and c) the extraordinary gains recorded in 2Q25.
Consequently, we now project 2025 core earnings and net profit at Bt22.7b, with 2026 core
earnings expected to reach Bt17.0b.
The reported core profit for 1H25 accounts for 45% of
our full-year 2025 core profit forecast.
EARNING REVISION
------------- 2025F --------------- --------------- 2026F ---------------
Old New %Ch
g
Old New %Ch
g
A
vera
g
e Domestic cement price
(
Bt/Tonne
)
1,900 2,250 18% 2,150 2,400 12%
Petrochemical s
p
read
(
IS$/tonne
)
HDPE S
p
read 350 340 -3% 440 380 -14%
PP S
p
read 350 350 0% 400 400 0%
PVC Spread 260 320 23% 280 320 14%
Earnin
g
s revision
(
Btm
)
Core
p
rofit 5,720 7,500 31% 15,490 17,000 10%
Net Profit 5,720 22,670 296% 15,490 17,000 10%
Source: Siam Cement, UOB Kay Hian
VALUATION/RECOMMENDATION
Upgrade to BUY with a
new SOTP-based 2025 target price of Bt240.00 (previously
Bt160.00).
reflecting the upward revision of our 2025–26 earnings forecasts. We maintain a
positive outlook for 2H25 and 2026, supported by the continued recovery of the CBM
business. We value the chemicals business based on -2.0SD P/B of 0.39x, the cement
business based on a forward PE of 12x (at mean), and SCGP based on a regional forward
PE at -1.0SD of 23.1x.
ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG)
CG Report: 5
SET ESG Rating: AAA
Environmental
-
a) Carbon reduction:
Committed to reducing greenhouse gas emissions through energy efficiency,
renewable energy and carbon capture technologies;
b) renewable energy:
expanding the renewable
energy portfolio, including solar and biomass projects; and
c) green building materials:
promoting
eco-friendly construction materials like low-carbon cement and energy-efficient products.
Social
-
a) Community engagement:
Investing in education, health, and infrastructure programmes for local
communities;
b) Employee welfare:
focusing on training, safe working conditions, and promoting
diversity and inclusion; and
c) Human rights:
ensuring ethical labour practices and engaging with
stakeholders to respect their right.
Governance
-
a) Corporate governance:
Maintaining transparent reporting and adhering to ethical business
practices,
b) Risk management:
Integrating ESG considerations into risk management processes,
and
c) Stakeholder engagement:
Aligning operations with UN SDGs and maintaining open
communication with stakeholders.
BENCHMARK FEEDSTOCK
686 668 672 652 658 576 580
82 85 79 74 75 67 71.2
50
60
70
80
90
100
0
200
400
600
800
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 qtd
Naphtha (US$/Tonne) Brent (US$/bbl)
Source: Siam Cement, Bloomberg, UOB Kay Hian
PRODUCT SPREAD
355
384
323 316 320
363 357
326 347
315 328 326
353 359
270
334 317 301 302
332 335
250
270
290
310
330
350
370
390
410
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
qtd
US$/Tonne
HDPE - Naphtha PP - Naphtha PVC-EDC/C2
Source: Siam Cement, UOB Kay Hian
LSP’S ETHANE SUPPLY CHAIN
Source: Siam Cement, UOB Kay Hian
LSPE SUMMARY
Source: Siam Cement, UOB Kay Hian
SOTP-BASED VALUATION
Equity
Valu
e
Bt/shar
e
Methodolog
y
Chemical 147,592 123 0.39x PBV
Cement 178,014 148 12.0x PE
Packaging (SCGP) 139,093 116 23.1x PE
Décor (SCGD) 10,255 9 11.0x PE
Others 18,150 15 12.0x PE
Net Debt -205,105 -171
Total 288,000 240
Source: UOB Kay Hian
7
Refer to last page for important disclosures.
Thailand Daily
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y
, 31 Jul
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2025
PROFIT & LOSS
Year to 31 Dec (Btm) 2024 2025F 2026F 2027F
Net turnover 511,172 494,156 497,100 539,552
EBITDA 39,177 37,900 57,991 62,440
Deprec. & amort. 31,591 37,591 35,526 32,765
EBIT 7,587 309 22,466 29,675
Associate contributions 6,530 6,813 7,154 7,511
Net interest income/(expense) (11,500) (11,000) (9,369) (8,406)
Pre-tax profit 7,704 26,463 20,250 28,781
Tax (3,882) (5,293) (4,050) (5,756)
Minorities 2,520 1,500 800 (500)
Net profit 6,342 22,670 17,000 22,525
Net profit (adj.) 3,798 7,500 17,000 22,525
BALANCE SHEET
Year to 31 Dec (Btm) 2024 2025F 2026F 2027F
Fixed assets 422,613 389,875 359,203 331,291
Other LT assets 83,516 49,416 49,710 53,955
Cash/ST investment 108,031 136,750 154,910 170,808
Other current assets 17,835 15,898 15,901 15,943
Total assets 861,502 830,479 804,744 792,230
ST debt 57,625 27,450 27,628 27,525
Other current liabilities 16,432 24,708 24,855 26,978
LT debt 196,252 168,802 141,174 113,649
Other LT liabilities 224,401 193,511 166,031 140,630
Shareholders' equity 373,419 390,089 401,089 414,014
Total liabilities & equity 861,502 830,480 804,746 792,233
CASH FLOW
Year to 31 Dec (Btm) 2024 2025F 2026F 2027F
Operating 36,179 72,191 64,015 61,789
Pre-tax profit 7,704 26,463 20,250 28,781
Tax (3,882) (5,293) (4,050) (5,756)
Deprec. & amort. 31,591 37,591 35,526 32,765
Working capital changes 4,501 13,430 12,290 5,999
Other operating cashflows (3,735) 0 0 0
Investing (6,879) 25,805 (5,000) (6,976)
Investments (4,853) (4,853) (4,853) (4,853)
Others (2,026) 30,658 (147) (2,123)
Financing (36,185) (63,625) (33,450) (37,228)
Dividend payments (10,167) (6,000) (6,000) (9,600)
Issue of shares
Proceeds from borrowings (26,018) (57,625) (27,450) (27,628)
Net cash inflow (outflow) (6,885) 34,371 25,565 17,586
Beginning cash & cash equivalent 43,602 36,492 70,863 96,428
Changes due to forex impact (225) 0 0 0
Ending cash & cash equivalent 36,492 70,863 96,428 114,013
KEY METRICS
Year to 31 Dec (%) 2024 2025F 2026F 2027F
Profitability
EBITDA margin 10.56 8.16 10.74 11.67
Pre-tax margin 6.44 1.51 5.36 4.07
Net margin 5.19 1.24 4.59 3.42
ROA 0.74 2.73 2.11 2.84
ROE 1.70 5.81 4.24 5.44
Growth
Turnover 2.31 (3.33) 0.60 8.54
EBITDA 3.11 (3.26) 53.01 7.67
Pre-tax profit (63.55) 243.50 (23.48) 42.13
Net profit (75.53) 257.48 (25.01) 32.50
Net profit (adj.) (74.50) 97.49 126.67 32.50
EPS (75.53) 257.48 (25.01) 32.50
Leverage
Debt to total capital 60.48 45.12 37.92 30.79
Debt to equity 67.99 50.31 42.09 34.10
Net debt/(cash) to equity 58.21 32.14 18.04 6.56
Interest cover (x) 3.63 4.82 6.19 7.43
8
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
COMPANY UPDATE
BU
Y
(Maintained)
Share Price Bt21.10
Target Price Bt29.50
Upside 39.8%
COMPANY DESCRIPTION
COM7 is leading retailers in IT products such
as laptops, desktop computers, mobile phones,
tablets, related accessories and product repair
services. COM7 is the largest IT chain store in
term of branches. COM7 distributes IT
products via its own branches.
STOCK DATA
GICS sector Consumer
Discretionary
Bloomberg ticker: COM7 TB
Shares issued (m): 2,400.0
Market cap (Btm): 50,880.0
Market cap (US$m): 1,541.8
3-mth avg daily t'over (US$m): 5.7
Price Performance (%)
52-week high/low Bt28.25/Bt16.40
1mth 3mth 6mth 1yr YTD
13.4 (1.9) (21.9) 8.2 (19.6)
Major Shareholders %
Mr.Sura Kanitaweekul. 25.05
Mr.Pongsak Thammathataree 19.87
Thai NVDR 8.41
FY24 NAV/Share (Bt) 5.03
FY24 Net Debt/Share (Bt) 3.71
PRICE CHART
70
80
90
100
110
120
130
140
150
15
20
25
30
(%)
(lcy)
COM7 PCL COM7 PCL/SET INDEX
0
10
20
30
40
Jul 24 Sep 24 Nov 24 Jan 25 Mar 25 May 25
Volume (m)
Source: Bloomberg
ANALYST(S)
Tanapon Cholkadidamrongkul
+662 090 3359
tanapon.c@uobkayhian.co.th
COM7 (COM7 TB)
2Q25 Results Preview: Solid Growth Expected
We expect COM7 to report 2Q25 earnings of Bt905m, up 20% yoy, supported by
impressive sales growth in both retail and non-retail businesses. The outlook for 2H25 is
expected to soften due to the high base and the weak economy. Meanwhile, the new
iPhone 17 will be the key driver in 4Q25. Maintain BUY. Target price: Bt29.50.
2Q25 RESULTS PREVIEW
Year to 31 Dec (Btm) 2Q24 1Q25 2Q25F yoy (%) qoq (%)
Sales and services 18,394 20,895 20,400 10.9 (2.4)
Gross profit 2,485 2,854 2,774 11.7 (2.8)
SG&A 1,524 1,637 1,673 9.7 2.2
Operating EBIT 961 1,217 1,102 14.7 (9.5)
Net profit 752 981 905 20.3 (7.7)
Percent 2Q24 1Q25 2Q25F yoy (ppts) qoq (ppts)
Gross margin 13.5 13.7 13.6 0.1 (0.1)
SG&A to sales 8.3 7.8 8.2 (0.1) 0.4
Net profit margin 4.1 4.7 4.4 0.3 (0.3)
Source: COM7, UOB Kay Hian
WHAT’S NEW
Solid earnings in 2Q25.
We expect COM7 to report 2Q25 earnings of Bt905m, up 20% yoy
but down 8% qoq.
Top-line expected to grow by low teens.
We expect 2Q25 revenue to come in at Bt20.4b,
up 11% yoy but down 2% qoq. The key drivers are: a) strong sales of the new iPad 11 and
the launch of new Android phones, along with improving demand for gaming products such
as the Nintendo Switch 2, and b) improved performance of UFund, following COM7's portfolio
expansion to include Android phones in Mar 25.
To maintain profitability.
Gross margin in 2Q25 is expected to slightly improve to 13.6% (vs
13.5% in 2Q24), mainly supported by higher contribution from the non-retail business.
Meanwhile, the retail business’ gross margin is expected to be flattish as the product mix in
2Q25 is expected to be similar to that of 2Q24. SG&A-to-sales is expected to remain flat.
KEY FINANCIALS
Year to 31 Dec (Btm) 2023 2024 2025F 2026F 2027F
Net turnover 69,559 79,074 85,352 92,200 98,995
EBITDA 4,670 5,169 5,879 6,298 6,800
Operating profit 3,721 4,148 4,652 4,933 5,296
Net profit (rep./act.) 2,857 3,307 3,760 4,003 4,300
Net profit (adj.) 2,857 3,307 3,760 4,003 4,300
EPS (Bt) 1.2 1.4 1.6 1.7 1.8
PE (x) 18.2 15.7 13.9 13.0 12.1
P/B (x) 6.5 6.0 4.3 3.7 3.3
EV/EBITDA (x) 12.4 11.2 9.9 9.2 8.5
Dividend yield (%) 3.2 4.0 4.3 4.6 5.0
Net margin (%) 4.1 4.2 4.4 4.3 4.3
Net debt/(cash) to equity (%) 93.5 98.1 55.7 44.6 36.2
Interest cover (x) 20.1 16.9 17.9 18.4 19.0
ROE (%) 37.6 39.4 35.8 30.5 28.8
Consensus net profit - - 3,711 4,096 4,564
UOBKH/Consensus (x) - - 1.01 0.98 0.94
Source: COM7, Bloomberg, UOB Kay Hian
9
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
STOCK IMPACT
Expect soft earnings growth in 2H25.
Based on our channel checks with COM7, sales
momentum during the first 25 days of Jul 25 showed a positive single-digit yoy growth, which
is softer than that of 2Q25. Key takeaways include: a) customers are delaying purchases in
anticipation of upcoming product launches such as the iPhone 17, Samsung Galaxy Z Flip 7,
and Oppo Reno 14, b) flooding in the northern region led to the temporary closure of four
stores (with one experiencing in-store flooding), and c) an uneven economic recovery
continues to weigh on consumer confidence. Overall, we expect sales momentum to pick up
from Sep 25 onward, driven by the launch of the new iPhone 17.
iPhone 17 will be the key driver in 4Q25.
We expect the new iPhone 17 to be the key
growth driver in 4Q25. The key highlights of the new iPhone 17 Pro and iPhone 17 Pro Max
include an upgraded A19 pro chip and 12MB of RAM to support Apple Intelligence. For the
iPhone 17, we expect the framerate to be upgraded to 120 Hz (iPhone 16 frame rate: 60 Hz).
While the specifications are not surprising, interest in the new iPhone appears strong, as
reflected by the Google search trends. Overall, we expect another solid year for iPhone
sales, with strong momentum in 4Q25.
EARNINGS REVISION/RISK
No earnings revision.
We believe there is limited downside to our forecast since 1H25
earnings already accounts for 50% of our full-year 2025 forecast, which is above the 10-year
average of 45%.
VALUATION/RECOMMENDATION
Maintain BUY with a target price of Bt29.50.
Our target price is based on a 2025F PE
multiple of 19x, in line with the eight-year average excluding the abnormal COVID-19 period
of 2021. Given that COM7 has the strongest growth among our retail sector coverage and
there is limited downside risk to consensus forecast, we maintain our BUY recommendation.
SHARE PRICE CATALYST
a) H
i
gher contribution from its new businesses, and b) gross margin improvement in 2025.
ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG)
CG Report: 5
SET ESG Rating: AA
Environmental
-
Net zero.
COM7 aims to be a net zero company by 2050.
-
COM7 places emphasis on the Sustainable Development Goals (SDG) by giving priority
to our Material Topics in order to create sustainable value to all stakeholders.
Social
-
The company focuses on personnel development to train both ethical and talented
employees. It pledges to improve employees’ skills through lifelong learning.
Governance
-
Good governance practices.
COM7 is committed to operating its business in
accordance with good corporate governance policy. COM7 received the “Excellent” rating
on good corporate governance from the Thai Institute of Directors (IOD).
EARNINGS FORECAST
0%
1%
2%
3%
4%
5%
6%
-
1,000
2,000
3,000
4,000
5,000
2020 2021 2022 2023 2024 2025F 2026F 2027F
Btm
Net profit % Net margin (RHS)
Source: COM7, UOB Kay Hian
GOOGLE SEARCH FOR IPHONE
30
40
50
60
70
80
90
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Index (pt)
Week
2024
2025
Source: Google, UOB Kay Hian
PRODUCT MIX (%)
48 47 50 51 56 59 60
12 12 17 16 15 12 14
16 17 14 12 12 17 16
20 18 12 14 12 10 8
4 6 7 7 5 2 2
2018 2019 2020 2021 2022 2023 2024
Smartphone Tablet Accessories IT Product Others
Source: COM7, UOB Kay Hian
HISTORICAL PE
Source: Bloomberg, UOB Kay Hian
10
Refer to last page for important disclosures.
Thailand Daily
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y
, 31 Jul
y
2025
PROFIT & LOSS
Year to 31 Dec (Btm) 2024 2025F 2026F 2027F
Net turnover 79,074 85,352 92,200 98,995
EBITDA 5,169 5,879 6,298 6,800
Deprec. & amort. 1,021 1,228 1,366 1,504
EBIT 4,148 4,652 4,933 5,296
Total other non-operating income 109 63 62 62
Associate contributions 43 61 80 84
Net interest income/(expense) (306) (328) (343) (359)
Pre-tax profit 3,995 4,448 4,732 5,083
Tax (674) (680) (721) (775)
Minorities (14) (8) (8) (9)
Net profit 3,307 3,760 4,003 4,300
Net profit (adj.) 3,307 3,760 4,003 4,300
BALANCE SHEET
Year to 31 Dec (Btm) 2024 2025F 2026F 2027F
Fixed assets 3,043 4,234 4,669 5,056
Other LT assets 4,049 4,022 4,188 4,423
Cash/ST investment 2,551 4,111 5,188 6,208
Other current assets 16,993 18,116 19,180 20,632
Total assets 26,637 30,482 33,226 36,319
ST debt 10,124 10,603 11,106 11,634
Other current liabilities 6,087 6,644 7,060 7,635
LT debt 1,009 326 326 326
Other LT liabilities 593 468 536 620
Shareholders' equity 8,751 12,247 13,994 15,892
Minority interest 73 196 204 213
Total liabilities & equity 26,637 30,483 33,226 36,320
CASH FLOW
Year to 31 Dec (Btm) 2024 2025F 2026F 2027F
Operating 2,153 4,429 4,729 4,936
Pre-tax profit 3,995 4,448 4,732 5,083
Tax (674) (680) (721) (775)
Deprec. & amort. 1,021 1,228 1,366 1,504
Associates (43) (61) (80) (84)
Working capital changes (1,204) (769) (381) (798)
Non-cash items (216) 202 (267) (78)
Other operating cashflows (726) 61 80 84
Investing (745) (594) (1,898) (2,042)
Capex (growth) (741) (2,418) (1,801) (1,891)
Investment
Others
Financing (718) (2,275) (1,753) (1,874)
Dividend payments (1,680) (2,064) (2,256) (2,402)
Proceeds from borrowings 1,752 (204) 503 528
Loan repayment 0 0 0 0
Others/interest paid (790) (7) 0 0
Net cash inflow (outflow) 691 1,560 1,078 1,020
Beginning cash & cash equivalent 1,860 2,551 4,111 5,188
Changes due to forex impact 0 0 0 0
Ending cash & cash equivalent 2,551 4,111 5,188 6,208
KEY METRICS
Year to 31 Dec (%) 2024 2025F 2026F 2027F
Profitability
EBITDA margin 6.5 6.9 6.8 6.9
Pre-tax margin 5.1 5.2 5.1 5.1
Net margin 4.2 4.4 4.3 4.3
ROA 13.3 13.2 12.6 12.4
ROE 39.4 35.8 30.5 28.8
Growth
Turnover 13.7 7.9 8.0 7.4
EBITDA 10.7 13.7 7.1 8.0
Pre-tax profit 13.4 11.3 6.4 7.4
Net profit 15.7 13.7 6.5 7.4
Net profit (adj.) 15.7 13.7 6.5 7.4
EPS 15.7 13.7 6.5 7.4
Leverage
Debt to total capital 55.8 46.8 44.6 42.6
Debt to equity 127.2 89.2 81.7 75.3
Net debt/(cash) to equity 98.1 55.7 44.6 36.2
Interest cover (x) 16.9 17.9 18.4 19.0
11
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
Disclosures/Disclaimers
This report is prepared by UOB Kay Hian Securities (Thailand) Public Company Limited (“UOBKHST”), which is a licensed corporation
providing Securities Brokerage, Securities Dealing, Underwriting, Derivative Agent and Financial Advisory in Thailand.
This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations, nor an
advice or a recommendation with respect to such securities.
This report is prepared for general circulation.
It does not have regard to the specific investment objectives, financial situation and the
particular needs of any recipient hereof. Advice should be sought from a financial adviser regarding the suitability of the investment
product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the
recommendation, before the person makes a commitment to purchase the investment product.
This report is confidential. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this
report to any other person without the prior written consent of UOBKST. This report is not directed to or intended for distribution to or use
by any person or any entity who is a citizen or resident of or located in any locality, state, country or any other jurisdiction as UOBKHST
may determine in its absolute discretion, where the distribution, publication, availability or use of this report would be contrary to applicable
law or would subject UOBKHST and its connected persons (as defined in Notification of the Capital Market Supervisory Board No.
TorChor. 21/2551 and the Securities and Exchange Act of Thailand) to any registration, licensing or other requirements within such
jurisdiction.
The information or views in the report (“Information”) has been obtained or derived from sources believed by UOBKHST to be reliable.
However, UOBKHST makes no representation as to the accuracy or completeness of such sources or the Information and UOBKHST
accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information. UOBKHST and its associate
may have issued other reports expressing views different from the Information and all views expressed in all reports of UOBKHST and its
connected persons are subject to change without notice. UOBKHST reserves the right to act upon or use the Information at any time,
including before its publication herein.
Except as otherwise indicated below, (1) UOBKHST, its associates and its officers, employees and representatives may, to the extent
permitted by law, transact with, perform or provide broking, underwriting, corporate finance-related or other services for or solicit business
from, the subject corporation(s) referred to in this report; (2) UOBKHST, its associate and its officers, employees and representatives may
also, to the extent permitted by law, transact with, perform or provide broking or other services for or solicit business from, other persons in
respect of dealings in the securities referred to in this report or other investments related thereto; (3) the officers, employees and
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(including a proprietary interest) in the subject corporation(s) referred to in this report.
As of the date of this report, no analyst responsible for any of the content in this report has any proprietary position or material interest in
the securities of the corporation(s) which are referred to in the content they respectively author or are otherwise responsible for.
IMPORTANT DISCLOSURES FOR U.S. PERSONS
This research report is prepared by UOBKHST, a company authorized, as noted above, to engage in securities and derivative activities in
Thailand. UOBKHST is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the
preparation of research reports and the independence of research analysts. This research report is provided for distribution by UOBKHST
(whether directly or through its US registered broker dealer affiliate named below) to “major U.S. institutional investors” in reliance on the
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US persons that receive this document by way of distribution from or which they regard as being from UOBKHST by their acceptance
thereof represent and agree that they are a major institutional investor and understand the risks involved in executing transactions in
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Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on
the information provided in this research report should do so only through UOB Kay Hian (U.S.) Inc (“UOBKHUS”), a registered broker-
dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell
securities or related financial instruments through UOBKHST.
UOBKHUS accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is
delivered to and intended to be received by a U.S. person other than a major U.S. institutional investor.
The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry
Regulatory Authority (“FINRA”) and may not be an associated person of UOBKHUS and, therefore, may not be subject to applicable
restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research
analyst account.
12
Refer to last page for important disclosures.
Thailand Daily
Thursda
y
, 31 Jul
y
2025
Analyst Certification/Regulation AC
Each research analyst of UOBKHST who produced this report hereby certifies that (1) the views expressed in this report accurately reflect
his/her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by
him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of UOBKHST or any other person, any of the Subject
Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not
receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any
sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the
compensation received by each such research analyst is based upon various factors, including UOBKHST’s total revenues, a portion of
which are generated from UOBKHST’s business of dealing in securities.
Reports are distributed in the respective countries or jurisdictions by the respective entities and are subject to the additional restrictions
listed in the following table.
General This report is not intended for distribution, publication to or use by any person or entity who is a citizen or resident of o
r
located in any country or jurisdiction where the distribution, publication or use of this report would be contrary to applicable
law or regulation.
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