Small/Mid Cap Strategy and Stock Picks - the DBS Vickers ...

Regional Small/Mid Cap Strategy Q2 2008
Earnings Guide
THAILAND : EARNINGS GUIDE
FYE Mkt Mkt Price Target Share Price Avg Net Profit
EPS CAGR PE EV/EBITDA P/ P/ Div. Yield Net Debt ROA ROE
Company Cap Cap (Bt) Price % Performance (%) 6-mth (Btm)
(Bt) 07-09 (x)
(x) BV x Sales x (%) /Equity Disclosure
(Btm) (US$m) 25-Mar (Bt) Upside Rcmd 3M 6M 12M Vol (m) 07 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend
Entertainment
Overweight
BEC World Dec 53,500 1,699 26.75 31.00 16% B (4) 16 19 3.8 2,252 2,709 2,971 1.4 1.5 15 19.7 18.0 9.0 8.3 8.1 6.2 5.1 5.6 cash 29.0 35.9 V Chirasit
Major Cineplex Dec 16,110 512 18.30 23.00 26% B 2 2 14 1.3 1,227 908 935 1.0 1.1 (12) 17.7 17.2 8.4 8.0 2.9 2.8 5.1 5.2 24.9 14.2 25.1 V Chirasit
MCOT Dec 19,926 633 29.00 37.00 28% B 16 (6) 15 1.5 1,111 1,372 1,522 2.0 2.2 17 14.5 13.1 7.7 6.9 2.7 4.5 5.5 6.1 cash 12.9 16.2 V Chirasit
Workpoint Entertainment PCL Dec 3,260 104 16.30 24.00 47% B (14) (21) (27) 0.1 250 290 324 1.4 1.6 14 11.3 10.1 5.6 5.0 3.1 2.2 8.9 8.9 cash 28.5 24.7 V Chirasit
Sector 92,796 2,948 4,839 5,278 5,751 17.6 16.1
Transport
Neutral
Airports of Thailand Sep 81,428 2,587 57.00 80.00 40% B (2) (6) (7) 0.9 1,095 3,642 2,752 2.5 1.9 104 22.4 29.6 8.6 8.0 1.1 3.6 1.4 1.1 56.7 0.7 1.6 T Chaipat
Bangkok Expressway Dec 16,016 509 20.80 29.00 39% B (10) (16) (10) 1.4 1,407 1,755 2,445 2.3 3.2 32 9.1 6.6 6.4 5.0 0.9 2.1 6.0 7.2 61.4 8.9 3.1 T Chaipat Note 1
Precious Shipping Dec 24,741 786 23.80 33.00 39% B (14) (36) 1 2.1 4,156 3,600 3,705 3.5 3.6 (5) 6.9 6.7 3.7 4.0 1.6 3.3 8.4 8.4 cash 29.9 31.9 T Chaipat
Regional Container Lines Dec 16,111 512 24.30 34.25 41% B (15) (25) 1 0.5 3,816 2,554 2,756 3.9 4.2 (13) 6.3 5.8 4.9 4.3 0.9 0.7 5.5 5.9 33.8 14.0 24.2 T Chaipat
Thai Airways Sep 48,843 1,552 28.75 39.00 36% H (25) (32) (36) 1.6 4,155 4,698 4,907 2.8 2.9 9 10.4 10.0 5.4 5.1 0.7 0.2 3.1 3.1 62.4 1.5 6.2 T Chaipat
Thoresen Thai Agencies Sep 26,713 849 41.50 79.00 90% B (11) (28) 46 15.9 4,969 6,573 5,916 10.2 9.2 11 4.1 4.5 2.5 2.4 1.3 1.1 6.3 5.5 31.3 19.4 37.7 T Chaipat Note 1
Sector 213,852 6,793 19,597 22,823 22,481 9.4 9.5
TECHNOLOGY
Communications
Neutral
Advance Info Service Dec 293,071 9,310 99.00 120.00 21% B 3 9 37 4.0 16,290 17,961 19,982 6.1 6.8 11 16.3 14.7 6.9 6.2 4.0 2.5 6.4 6.8 29 13.2 21.5 V Chirasit Note 4
CS Loxinfo Dec 2,520 80 4.02 5.50 37% B 3 (8) 8 0.7 230 253 280 0.4 0.4 10 9.9 9.0 2.1 1.9 1.4 0.9 9.5 10.6 cash 8.7 12.9 V Chirasit Note 4
Shin Satellite Dec 11,252 357 10.30 14.20 38% B 5 1 53 3.7 3,040 (588) 407 (0.5) 0.4 (144) nm 27.6 6.8 5.0 0.7 1.3 - 2.2 44 12.2 20.2 V Chirasit Note 2
True Corporation Dec 22,726 722 5.05 7.00 39% B (7) (26) (12) 22.9 1,697 1,845 3,093 0.4 0.7 38 12.3 7.4 5.9 6.9 1.8 0.3 - - 639 1.4 19.5 V Chirasit
Total Access Communications Dec 112,081 3,560 47.25 50.00 6% B 22 16 na 3.0 5,992 8,734 10,256 3.7 4.3 32 12.8 10.9 6.0 5.0 2.0 1.5 2.3 2.7 65 6.1 13.0 V Chirasit Note 2
Sector 534,365 16,975 34,941 36,486 34,018 14.6 15.7
Electronics
Neutral
Cal-Comp Electronics Dec 21,166 672 5.40 7.92 47% B (22) (24) 21 2.8 2,901 3,103 3,288 0.7 0.7 (3) 8.2 7.8 7.2 8.2 1.3 0.2 7.4 7.4 55.2 7.4 21.9 K Parin
Delta Electronics Thai Dec 25,946 824 20.80 28.62 38% B (2) (1) 35 1.3 3,155 3,189 3,496 2.6 2.8 5 8.1 7.4 3.7 3.3 1.6 0.9 9.8 10.8 cash 7.3 13.3 K Parin
Hana Microelectronics Dec 15,030 477 18.10 27.97 55% B (14) (26) (31) 1.0 2,449 2,139 2,391 2.5 2.8 (0) 7.1 6.4 3.5 3.0 1.2 0.8 8.4 8.8 Cash 18.8 23.1 K Parin Note 1
Sector 62,142 1,974 8,505 8,431 9,174 7.4 6.8
OTHER
Others
Charoen Pokphand Foods Dec 34,742 1,104 4.62 6.29 36% B 3 (10) 1 10.7 1,275 1,861 2,877 0.3 0.4 50 17.9 11.5 8.5 7.4 0.7 0.3 2.8 4.3 48.0 1.3 5.9 K Parin
Bumrungrad Hospital Dec 24,397 775 33.50 43.00 28% B (17) (26) (15) 0.7 1,604 1,329 1,416 1.8 1.9 15 18.4 17.2 10.4 9.4 5.6 2.9 2.4 2.8 28.1 22.8 42.0 K Sugittra
Aapico Hitech Dec 3,102 99 11.00 13.30 21% H 4 (17) (20) 0.2 350 318 389 1.1 1.4 7 9.8 8.0 7.6 7.6 0.6 0.3 3.1 3.8 55.2 3.9 8.0 K Parin
The Erawan Group Dec 9,642 306 4.34 5.50 27% B 8 3 24 2.2 402 483 596 0.2 0.3 22 19.9 16.1 13.3 11.4 2.6 2.3 1.5 1.9 60.3 5.0 17.5 T Chaipat
Minor International Dec 52,251 1,660 16.40 22.60 38% B (6) 5 50 3.5 1,611 1,950 2,311 0.7 0.8 20 24.9 21.0 12.6 11.1 4.6 3.2 1.2 1.4 45.2 8.2 19.3 T Chaipat
Thai Union Frozen Products Dec 17,131 544 19.60 18.80 -4% S (13) (18) (13) 0.7 1,823 1,644 1,760 1.9 2.0 (1) 10.4 9.7 6.7 5.8 1.2 0.3 4.8 5.1 38.9 6.0 14.4 K Parin
Sector 141,265 4,487 7,065 7,584 9,350 18.6 15.1
Prices quoted in US$ converted to Bt at 31.48 to calculate ratios. Note 1: As at 25 March 08 ,DBSVS and its affiliates hold a proprietary position in these companies.
SB = Strong Buy, B = Buy, H = Hold, FV = Fully Valued, S = Sell, NR = No Rating
Note 2: DBSVR,DBSVS,DBS Bank Ltd and/or other affiliates of DBSVUSA,within the past 12 months,have received compensation and/or within the next 3 months seek to obtain compensation for
* Under Revision investment banking services from these companies.
Note 4: DBSVR,DBSVS,DBS Bank Ltd and/or other affiliates of DBSVUSA,within the past 12 months,have received compensation and/or within the next 3 months seek to obtain compensation
for investment banking services from related of these companies.
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