Weekly Highlights: Feb 20-24, 2017

Weekly Highlights: Feb 20-24, 2017

Market View

Limit upside, limit downside

• S50H17 will likely be highly volatile in the range between 970-1,000 points. We advise to monitor Trump’s economic policy, particularly tax reduction scheme. Meanwhile, political uncertainties in the EU, coupled with crude prices, will put pressure on sentiment. Thai 4Q16 GDP figure is schedule to be released early in the week. The stock market is still lacking fresh news to boost a sustainable fund inflows.

SET50 Futures

Fund inflows into the Thai market remain unclear although the Baht has appreciated abruptly. We view this a result of concerns over the Fed’s upcoming rate hike and US President Trump’s tax policy that may lead to fund outflows in later stage.

Support 1560 points

Resistance 1595 points

4QFY16 earnings season, as well as dividend announcement, will help support the SETI from a sharp correction. We foresee limit upside to the SETI in the absence of fresh news. Nonetheless, downside is also limit due to support from earnings and dividend announcements. Trading range for the week is expected at 1,555-1,590 points.

• Spot gold may be headed for US$1,260 if able to breach US$1,245. On the contrary, it may fall to US$1,220. Gold funds have slowed in making purchases and we advise to keep eyes on the FOMC Meeting, US and EU politics, as well as US macro data. It remains to be seen whether GFG17 will be able to surpass Bt20,710 level or not,

Gold Futures

•USDH17 will likely trade in capped range between Bt34.90-Bt35.16.The trend is negative while waiting for a clearer picture of US President Trump’s tax policy. Election in the EU, US housing data and consumer confidence will help drive volatility. Meanwhile, fund inflows continue into Thai bond market.

USD Futures

Technical View Lacking momentum The Modified Stochastic, on weekly chart, is in an overbought territory. Despite a rough movement, we expect the SETI is able to trade in a range between 1,560-1,595 points as the 10week EMA has remained a strong support for the last 2 months. There is also no sell signal from the MACD indicator yet. Nonetheless, a Bearish Divergence represents a warning signal to retreat if the index falls below 1,560 points.

Strategy Team: 02-635-1700 #486 1

The information contained herein is based on sources which Phillip Securities (Thailand) believes reliable. We do not guarantee its accuracy or completeness. Opinions and estimates expressed herein are subject to change without notice. This report is for information only and should not be construed as an offer or solicitation for the purchase or sale of any securities referred to herein. We accept no liability for any loss, direct or indirect, from the use of this document. The directors and/or employees of Phillip Securities and or its associates may have an interest in the securities mentioned in the securities mentioned herein.

SET is getting to nowhere  Fund flows remain uncertain: Concerns reignited amid speculations that Fed Chairman’s rate hike will come sooner than expected after US macro data remain strong. Although the Dow rose to a new high, the positive sentiment has not been felt for regional bourses. Interests were in selective sectors ie. banks that will benefit from widening interest spread. Investors should also keep close watch on Trump’s tax reduction policy to soon announced and its impact on fund outflows.  Earnings and dividend announcements to limit downside: Factors cushioning the market downside is speculation over FY16 earnings results, which are usually followed by dividend announcements. Although the Thai market is considered among those pay high dividend return, ongoing share price increases may reduce it as an attractive investment.  Volatile with negative bias: The Thai stock market is lacking fresh news to boost sentiment, while there are risks on the downside in terms of external uncertainties such as US trade barriers and US tax reduction policy. With still unclear details, fund inflows into Thailand may not be sustainable. According to market earnings estimates surveyed by Bloomberg, there has been a slight downward adjustment in line with the index’s stagnant view. For the week, trading range is expected at between 1,555-1,590 points.

Figure 1: Possibility of the Fed’s rate hike for each FOMC Meeting Last week

This week

60% 44%

48%

44%

40%

40%

31%

29%

20%

0%

15/3/17

3/5/17

14/6/17

26/7/17

20/9/17

1/11/17

Source: Bloomberg

Figure 2: Market earnings estimates

Bloomberg Estimate EPS 18‐Jan‐17 17‐Feb‐17

107.63 107.31

Source: Bloomberg

2

Allocation Guide  P-FG Index, a gauge of market sentiment in the Thai bourse continued its downward trajectory closer towards 0 again, suggesting that any move up or down is possible.  In fundamental terms, the upside room remains limited due to a continued lack of powerful positive catalysts to propel the market sharply higher. Fears of earlier-than-expected Fed rate hikes may come back to the fore but earnings and dividend plays should provide some support to the downside. However, risks appear to be skewed to the downside rather than the upside if more negative news hit the market. In this sense, we expect another week of sideways action with a downward bias for Thai stocks.  For short-term trading, caution should remain the watchword as long as the SET index fails to decisively break above 1580 points as the risk of a downward correction towards 1560 and 1530 points still prevails.

Phillip’s Fear & Greed Index 4.00

PSR F-G index

BULL SCORE : 5/10 Extreme Fear

Fear

Greed

Extreme Greed

2.00 0.00 -2.00 -4.00 -6.00 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

Weekly Strategists & Technical Analysts Consensus Bullish Level (%)

Probability

DOWN 53%

BULL SCORE : 1/10

11% UP 47%

0%

Bearish

50%

100%

Bullish

Neutral Upside

Downside

1,591 1,555

Model Portfolio PSR

-1.21%

SET

PSR

Cash 30%

2.15%

SET return

5.0% 0.0% -5.0%

Stock 70% PSR’s Model Portfolio Update Position

Stock

Cost

P/L

Investment Theme

Strategy

Long

MAJOR

32.80

-0.91%

Selective trading

Long

STEC

26.54

0.80%

Upside momentum

Long

HMPRO

10.02

-5.14%

Selective trading

Cut loss after continued slide in share prices.

Long

SPALI

25.04

-0.95%

Selective trading

SPALI is one of our favorite names in the property space in view of its upbeat earnings outlook and compelling dividend profile.

Long

ASP

3.75

-0.15%

Dividend play

Favorable earnings outlook underpinned by a strong lineup of big-ticket movies to be released in FY17 gives us enough reason to keep the stock in the portfolio. Bloomberg consensus target price upgrades make STEC an ideal upside momentum play.

ASP is a big dividend payer. Our forecast shows it will dole out a final dividend of Bt0.21/share, translating into a yield of 5.5%.

4

Weekly Statistics

5

Weekly Statistics w-w Asian stock market performances Performance of major Asian currencies against US dollar WOW

MTD

Malaysia

1.0%

Korea

0.0%

Singapore

-1.0%

Philipines

-2.0%

Indonesia

Singapore

Hong kong

China

Vietnam

2.0%

Malaysia

Vietnam

India

3.0%

Indonesia

China

Philipines

4.0%

Thailand

Taiwan

Korea

2.5%

Hong kong

YTD

5.0%

Taiwan

Depreciation

Appreciation

6.0%

1.9% 1.5% 1.2% 1.1% 0.8% 0.5% 0.4% 0.1% -0.1%

India Thailand

-0.5%

-1.0%

0.0%

1.0%

2.0%

3.0%

Foreign portfolio Flows into 7 ASIAN bourses Forward P/E ratios of Asian stock markets

Unit: Mil 5,000 3,000 1,000 -1,000

Thailand

Ph ilippi nes

Source: Bloomberg

S.Ko rea

Taiwan

Vie tn am

Indon esia

13 Feb 17

6 Feb 17

30 Jan 17

23 Jan 17

16 Jan 17

9 Jan 17

2 Jan 17

26 Dec 16

19 Dec 16

12 Dec 16

-3,000

India

6

Weekly Statistics: Derivatives Spread between S50H17 and S50M17

Spread between GFG17 and GFJ17

70

- 6.9

Source: BISNEWS Professional


Relationship between Spot Gold and Dollar Index US Dollar

Spot gold 1400

105

1340

102

1280

99

1220

96

1160

93

1100 1040 08/12/16

90

Correlation in 6 months = -0.5844

87 09/16/16

10/21/16 Spot gold

11/25/16

12/30/16

02/03/17

Dollar Index

7 Source: BISNEWS Professional , PSR

Weekly Statistics: Derivatives Table1: Underlying Stock Fair Value Stock Current price 6.20

Fair Value 8.00

AAV

% Upside 29.03%

Stock Current price 199.50

EGCO

Fair Value 220.00

% Upside 10.28%

Stock Current price 52.25

RATCH

Fair Value 67.00

% Upside 28.23% 22.31%

ADVANC

171.50

185.00

7.87%

EPG

12.90

13.80

6.98%

ROBINS

60.50

74.00

AMATA

15.20

11.40

-25.00%

GLOBAL

17.60

18.00

2.27%

S

4.56

Under Review/Non Coverage

N/A

AOT

40.00

420.00

950.00%

GLOW

77.25

97.75

26.54%

SAMART

14.30

13.00

-9.09%

SAWAD

44.00

44.25

0.57%

SCB

154.00

161.00

4.55% 13.03%

AP

7.45

7.80

4.70%

GPSC

36.50


N/A

BA

21.30

29.50

38.50%

GUNKUL

5.15

6.00

16.50%

BANPU

19.50

26.00

33.33%

HANA

40.75

36.25

-11.04%

SCC

522.00

590.00

BAY

39.00

40.00

2.56%

HMPRO

9.75

11.40

16.92%

SIRI

1.98

1.80

-9.09%

BBL

180.00

174.00

-3.33%

ICHI

10.40

8.30

-20.19%

SPALI

25.00

28.00

12.00%

BCH

14.20

17.50

23.24%

INTUCH

55.25

58.00

4.98%

SPCG

22.20

25.00

12.61%

BCP

35.00

38.00

8.57%

IRPC

5.15

6.00

16.50%

STA

22.80

17.80

-21.93%

BEAUTY

10.30

12.40

20.39%

ITD

5.10

5.00

-1.96%

STEC

26.25

29.20

11.24%

BEC

18.10

19.50

7.73%

IVL

37.00

42.00

13.51%

STPI

10.00

9.65

-3.50%

BEM

7.15

7.65

6.99%

JAS

9.50


N/A

TASCO

25.00


N/A

BDMS

20.80

26.00

25.00%

KBANK

197.50

194.00

-1.77%

TCAP

48.50

45.00

-7.22%

BH

183.50

198.00

7.90%

KCE

102.50

104.50

1.95%

THAI

21.60

18.70

-13.43%

BJC

47.00

40.50

-13.83%

KKP

62.50

63.00

0.80%

THCOM

19.40

25.00

28.87%

BLA

52.25

53.00

1.44%

KTB

19.50

18.00

-7.69%

TISCO

65.75

66.50

1.14%

BLAND

1.84

1.86

1.09%

KTC

139.00

148.00

6.47%

TMB

2.46

2.36

-4.07%

BTS

8.25

9.80

18.79%

LH

9.85

10.30

4.57%

TOP

77.25

73.00

-5.50%

CBG

74.25

78.00

5.05%

LPN

12.60

8.00

-36.51%

TPIPL

2.40

2.40

0.00%

CENTEL

37.00

43.00

16.22%

MAJOR

32.00

34.00

6.25%

TRUE

6.20

7.00

12.90%

CHG

2.76

3.32

20.29%

MINT

34.75

48.00

38.13%

TTA

9.80

10.70

9.18%

CK

28.25

35.00

23.89%

MTLS

28.75

27.00

-6.09%

TTCL

19.80


N/A

CKP

3.24


N/A

PLANB

6.10


N/A

TTW

10.70

12.20

14.02%

CPALL

60.00

72.50

20.83%

PSH

22.30

23.00

3.14%

TU

19.70

23.50

19.29%

CPF

28.25

33.00

16.81%

PTG

28.00


N/A

TVO

42.25

37.50

-11.24%

CPN

54.50

69.00

26.61%

PTT

396.00

360.00

-9.09%

UNIQ

19.10


N/A

DELTA

90.00

82.25

-8.61%

PTTEP

91.75

90.00

-1.91%

VGI

5.15

5.00

-2.91%

DTAC

44.25

35.00

-20.90%

PTTGC

69.75

76.00

8.96%

VNG

15.30


N/A

EARTH

4.52


N/A

QH

2.64

2.50

-5.30%

WHA

3.16


N/A

* The table shows 12- month price targets for underlying stocks that investors may take into account in SSF investment to hedge against a decline in share prices.


8

Commodity Watch Gross Refinery Margin  Positive  Negative

Unit: US$/bbl BCP, IRPC, PTTGC TOP

14

10 8 6 4

Naphtha (LHS)

1,000

120

800

100

600

80

400

60

200

40

HDPE spread 673.67(-6.84)

700

1,200

1,200

Naphtha (LHS)

600

1,000

1,000

500

60

800

800

400

40

600

300

400

200

200

400 200

Baltic Dry Index 688(+3) Feb-17

Jan-17

Dec-16

Nov-16

0

Oct-16

0

JUTHA, PSL,TTA

600

Sep-16

Feb-17

Jan-17

Dec-16

Nov-16

Oct-16

0

100

PX spread 382.4(+0) Sep-16

Feb-17

Jan-17

Dec-16

Nov-16

Oct-16

Sep-16

0

Dubai 54.05(+0.09)

Feb-17

1,400

Paraxylene (LHS)

Jan-17

800

1,400

20

Dec-16

BDI Index  Positive  Negative

Spread: Paraxylene-Naphtha (RHS)

80

Nov-16

Unit: US$/ton IRPC, PTTGC, TOP

Oct-16

0

1,600 100

Unit: US$/ton BANPU

NEX 78.49(-3.09) 20

Sep-16

Feb-17

Aromatic Spread  Positive  Negative

Jan-17

Dec-16

Nov-16

Unit: US$/bbl BCP, IRPC, PTTGC TOP, PTTEP

NEX Index (Weekly)  Positive  Negative

HDPE (LHS)

Oct-16

Dubai  Positive  Negative

Feb 17

Jan 17

Dec 16

Nov 16

Oct 16

Sep 16

0

GRM 7.52(+0.16)

Unit: US$/ton IRPC, PTTGC, SCC

Spread: HDPE-Naphtha (RHS)

Sep-16

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0

12

2

Olefin Spread  Positive  Negative

9

Commodity Watch Unit: US cents/Kg STA

Rubber RSS3  Positive  Negative 300

Unit: Cents/Ib KBS, KSL, KTIS

Sugar#11  Positive  Negative 25

260 220

15 180 10

Rubber RSS3 284.5(-7.5)

Sugar#11 20.48(+0.01)

Feb-17

GOLD  Negative  Positive

Jan-17

Dec-16

Nov-16

Unit: US$/ton IVL

SET Index

VIX index 11.97(+1.23) Oct-16

Cotton  Positive  Negative

Feb-17

Jan-17

Dec-16

Nov-16

Oct-16

Unit: US cents/bushel TVO CPF, GFPT, TUF

5

Sep-16

Feb-17

Soybeans  Positive  Negative  Negative  Positive

Jan-17

Dec-16

Nov-16

Oct-16

Sep-16

100

Sep-16

24 22 20 18 16 14 12 10 8 6

20

140

VIX Index  Negative  Positive

Unit: US$/ounce SET Index

1,400

1,400 100 1,200

1,300 80

1,000

600

1,100

40

Soybeans 1061.25(+16.25)

GOLD 1225.15(-4.5)

Cotton 75.71(-0.61)

Feb-17

Jan-17

Dec-16

Nov-16

Oct-16

1,000

Sep-16

Feb-17

Jan-17

Dec-16

Nov-16

Oct-16

20

Sep-16

Feb-17

Jan-17

Dec-16

Nov-16

Oct-16

Sep-16

400

1,200

60

800

10

Research Team Fundamental Sa s i korn Cha roe ns uwa n, CFA, CAIA Ruts a da Twe e s a e ngs a kul tha i Da na i Tunya phi s i tcha i , CFA

Analyst Reg No. Ca pi ta l Ma rke t Inve s tme nt Ana l ys t #9744 Ca pi ta l Ma rke t Inve s tme nt Ana l ys t #17972 Ca pi ta l Ma rke t Inve s tme nt Ana l ys t #2375

Tel 662 635 1700 Ext 480 662 635 1700 Ext 482 662 635 1700 Ext 481

Na re e Api s a wa i tta ka n Si a m Ti ya nont Ornmongkol Ta nti ta na torn Adi s orn Mua ngpa rnchon Ha tha i cha noke Moonwong Tha na tpha t Suks ri cha va l i t Kuna non Junta ra pa rts a vorn Pa ttra porn Boonma l e rt

Se curi ti e s Inve s tme nt Ana l ys t #17971 Se curi ti e s Inve s tme nt Ana l ys t #17970 Ca pi ta l Ma rke t Inve s tme nt Ana l ys t #34100 Se curi ti e s Inve s tme nt Ana l ys t #18577 Se curi ti e s Inve s tme nt Ana l ys t #64324 Se curi ti e s Inve s tme nt Ana l ys t #84741 As s i s ta nt Ana l ys t As s i s ta nt Ana l ys t

662 635 1700 Ext 484 662 635 1700 Ext 483 662 635 1700 Ext 491 662 635 1700 Ext 497 662 635 1700 Ext 530 662 635 1700 Ext 532

Strategy Te e ra da Cha rnyi ngyong Chuti ka rn Sa nti me tvi rul We ra ja k Jungki a tka jorn Ra tta wi t Wa tcha ra s ut

Se curi ti e s Inve s tme nt Ana l ys t #9501 De ri va ti ve s Inve s tme nt Ana l ys t #37928 Ca pi ta l Ma rke t Inve s tme nt Ana l ys t #28087 As s i s ta nt Ana l ys t

662 635 1700 Ext 487 662 635 1700 Ext 491 662 635 1700 Ext 495

Technical Sa s i ma Ha tta ki tni korn Ka noks a k Vuti pa n

Se curi ti e s Inve s tme nt Ana l ys t #8328 Ca pi ta l Ma rke t Inve s tme nt Ana l ys t #32423

662 635 1700 Ext 490 662 635 1700 Ext 485

Sector Cons ume r, Comme rce Cons tructi on Ma te ri a l s , Prope rty De ve l opme nt Agro & Food, El e ctroni cs Tra ns porta ti on, Me di a & Publ i s hi ng Ene rgy, Pa cka gi ng, ICT Ba nki ng, Se curi ti e s & Fi na nce , Ins ura nce Automoti ve , He a l th Ca re Ene rgy, Touri s m

Database & Production Ma nunpa t Yue nyongwa ta na korn Suti porn Oupka e w Ka ni ttha Sri wong Translation Cha i yot Ingkha s ora ra t

11

Domestics Offices Bangkok Offices H e a d Offi ce Sri n a k a ri n d r Vi p h a va d e e Ya o w a ra j B a n gk a p i 1 B a n gk a p i 2 Hua l umphong R a n gs i t Si a m D i s co ve ry Ce n tra l W o rl d Si n d h o rn Em Qu a rti e r

849 Vo ra w a t B l d g., 11s t Fl ., Un i t 1101,1102,1104, 14th Fl ., Un i t 1403, 1404 a n d 15th Fl ., 22n d Fl ., Un i t 2202 Si l o m R d . Si l o m ,B a n gra k, B a n gk o k 10500 699 Mo d e rn fo rm To w e r, 17th Fl ., Sri n a ka ri n d r R d ., Su a n Lu a n g, Su a n Lu a n g, B a n gk o k 10250 333 La o Pe n g Ngu a n To w e r 1, 15th Fl ., So i Ch u a yp u a n g, Vi p h a va d i ‐R a n gs i t R d ., Jo m p h o n , Ch a tu ch a k , Ba n gko k 10900 308 Ka n ch a n a d h a t B l d g., 19th Fl ., Ya o w a ra t R d ., Ja ka w a t, Sa m p a n ta w o n g, B a n gk o k 10100 3522 Th e Ma l l Offi ce To w e r‐B a n gka p , 8th Fl ., La d Pra o R d ., Kl o n gch a n , B a n gka p i , B a n gk o k 10240 3522 Th e Ma l l Offi ce To w e r‐B a n gka p , 8th Fl ., La d Pra o R d ., Kl o n gch a n , B a n gka p i , B a n gk o k 10240 320 Ta n g H u a Pa k B l d g., 4th Fl ., Ra m a 4 R d ., Ma h a p ru th a ra m , Ba n gra k, B a n gk o k 10500 94 Fu tu re Pa rk R a n gs i t, G Fl ., R o o m #PLZ.G .SH P065A, Pa h o l yo th i n R d ., Pra ch a th i p a t, Th u n ya b u ri , Pa th u m th a n i 12130 989 Si a m To w e r B u i l d i n g, 11th Fl ., Un i t A2, R a m a I R d ., Pa th u m w a n , Pa th u m w a n , B a n gk o k 10330 999/9 Th e Offi ce s a t Ce n tra l W o rl d , 17 FL. Un i t ML 1707, R a m a I R d , Pa th u m w a n , Pa th u m w a n , B a n gk o k 10330 130‐132 Si n d h o rn To w e r 3 B u i l d i n g, 19 Fl o o r, W i re l e s s R d ., Lu m p i n i , Pa th u m w a n , Ba n gko k 10330 689 B h i ra j To w e r a t Em Qu a rti e r, 39th fl o o r, Un i t 3909‐10, Su kh u m vi t R d ., Kl o n gto n Nu e a , Va d h a n a , Ba n gko k 10110

Provincial Offices Ch i a n gm a i H a d Ya i H a d Ya i ‐ Pe tka s e a m Kh o n Ka e n Ph i ts a n u l o k Ch u m p o rn Le a m ch a b a n g I n ve s to r Ce n te r Kh o n Ka e n I n ve s to r Ce n te r Ch i a n gm a i

111/51 Mo o 2 Ma h i d o l R d ., No n g H o i , Mu a n g Ch i a n g Ma i , Ch i a n g Ma i 50000 55 So u th l a n d Ru b b e r B l d g., 4th Fl ., R a tyi n d e e R d ., H a d Ya i , H a d Ya i , S o n gk l a 90110 607 R e d a r G ro u p B l d g., 3rd Fl ., Un i t 3D , Pe tk a s e a m R d ., H a d Ya i , H a d Ya i , S o n gk l a 90110 359/2 Ko w Yo o H a h B l d g., 4th Fl ., Mi tta p a p R d ., Na i m u a n g, Mu a n g Kh o n Ka e n , Kh o n Ka e n 40000 59/15 Th a i Si va ra t B l d g., 2n d Fl ., Ba ro m tri l o k a n a d 2 R d ., Na i m u a n g, Mu a n g Pi ts a n u l o k , Ph i ts a n u l o k 65000 25/45 Kro m Lu a n g Ch u m p o rn Rd ., Ta ta p a o , Mu a n g Ch u m p o rn , Ch u m p o rn 86000 53/112, 53/114 Mo o 9, Tu n gs u k l a , Sri ra ch a , Ch o n b u ri 20230 252 Mo o 11, Mu a n g Ka o , Mu a n g Kh o n Ka e n , Kh o n Ka e n 40000 191/6 Ch a n gk l a n R d ., Ch a n gkl a n , Mu a n g Ch i a n g Ma i , Ch i a n g Ma i 50100

Overseas Offices SI NG APOR E H ONG KONG MALAYSI A JAPAN I ND ONESI A CH I NA FR ANCE UNI TED KI NG D OM UNI TED STATES AUSTR ALI A SR I LANKA TUR KEY I ND I A D UB AI CAMB OD I A

Ph i l l i p Se cu ri ti e s Pte Ltd R a ffl e s Ci ty To w e r Te l : (65) 6533 6001 w w w .p o e m s .co m .s g Ph i l l i p Se cu ri ti e s (H K) Ltd 11/F Un i te d Ce n tre 95 Qu e e n s w a y, Te l (852) 22776600 w w w .p h i l l i p .co m .h k Ph i l l i p Ca p i ta l Ma n a ge m e n t Sd n B h d , B l o ck B Le ve l 3 Me ga n Ave n u e Te l (603) 21628841 w w w .p o e m s .co m .m y Ph i l l i p Se cu ri ti e s Ja p a n , Ltd 4‐2 Ni h o n b a s h i Ka b u to ‐ch o , Ch u o ‐k u , To k yo Te l (81‐3) 36662101 PT Ph i l l i p Se cu ri ti e s I n d o n e s i a ANZ To w e r Le ve l 23B , Te l (62‐21) 57900800 w w w .p h i l l i p .co .i d Ph i l l i p Fi n a n ci a l Ad vi s o ry (Sh a n gh a i ) Co . Ltd Oce a n To w e r Un i t 2318 Te l (86‐21) 51699200 w w w .p h i l l i p .co m .cn Ki n g & Sh a xs o n Ca p i ta l Li m i te d 3rd Fl r, 35 R u e d e l a B i e n fa i s a n ce Te l (33‐1) 45633100 w w w .k i n ga n d s h a xs o n .co m Ki n g & Sh a xs o n Ca p i ta l Li m i te d 6th Fl r, Ca n d l e w i ck H o u s e , Te l (44‐20) 7426 5950 w w w .k i n ga n d s h a xs o n .co m Ph i l l i p Fu tu re s I n c Th e Ch i ca go B o a rd o f Tra d e Bu i l d i n g Te l +1.312.356.9000 Ph i l l i p Ca p i ta l Au s tra l i a Le ve l 37, Co l l i n s Stre e t, Me l b o u rn e , Te l (613) 96298380 Fw w w .p h i l l i p ca p i ta l .co m .a u As h a Ph i l l i p Se cu ri ti e s Ltd Le ve l 4, Mi l l e n n i u m H o u s e , Te l : (+94) 11 2429 100 a p s l @ a s h a p h i l l i p .n e t H a k Me n k u l Ki ym e tl e r A.Ş D r.Ce m i l B e n gü Ca d . Te l : (+90) (212) 296 84 84 (p b x) a km e n k u l @ h a k m e n ku l .co m .tr Ph i l l i p Ca p i ta l (I n d i a ) Pri va te Li m i te d No . 1, C‐ B l o ck , 2n d Fl o o r,Mo d e rn Ce n te r , Ja co b Ci rcl e , K. K. Ma rg, Ma h a l a xm i Mu m b a i 400011 Te l : (9122) 2300 2999 W e b s i te : w w w .p h i l l i p ca p i ta l .i n Ph i l l i p Ca p i ta l (I n d i a ) Pvt Ltd .601, W h i te Cro w n B u i l d i n g D u b a i UAE. Ma h a l a xm i Mu m b a i 400011 Te l : (9122) 2300 2999 W e b s i te : w w w .p h i l l i p ca p i ta l .i n B u i l d i n g No 71, St 163, Sa n gk a t To u l Sva y Pre y I , Kh a n Ch a m k a rm o rn , Ph n o m Pe n h , Ki n gd o m o f Ca m b o d i a Te l : (855) 23 217 942 W e b s i te : w w w .kre d i t.co m .k h

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