KIM ENG Earnings Summary

2/10/10 Fair Upside Gain NET PROFIT EPS

Stock Price (Bt) Value 2008 2009F 2010F 2009F 2010F
Agribusiness
BLS 10.30 10.30 0% 136 224 161 1.25 0.89
PHATRA 15.20 15.10 -1% 207 427 255 2.00 1.19
CSL 3.10 3.32 7% 161 288 289 0.46 0.46
MFEC 4.86 4.50 -7% 150 102 125 0.41 0.50
DELTA 17.40 21.40 23% 2,897 2,311 2,958 1.85 2.37
ASP 1.50 2.02 35% 211 409 284 0.20 0.14
SPALI 5.95 7.70 29% 1,069 2,430 2,405 1.42 1.40
AIT 26.75 30.00 12% 211 297 276 4.30 4.00
PDI 16.90 26.00 54% 265 350 589 1.55 2.61
NOBLE 3.90 4.28 10% 349 420 434 0.92 0.95
BSBM 1.36 1.80 32% 124 107 231 0.09 0.20
MCS 4.40 4.80 9% 354 433 356 0.87 0.71
HANA 21.20 24.16 14% 1,910 1,915 2,006 2.31 2.42
AP 4.82 7.20 49% 1,638 1,758 1,561 0.75 0.67
TASCO 32.25 44.00 36% (1,089) 520 728 3.41 4.77
PSL 19.30 21.50 11% 4,939 3,172 1,268 3.05 1.22
DRT 3.02 3.50 16% 285 372 394 0.37 0.39
TVO 16.70 21.00 26% 750 1,621 1,688 2.33 2.42
LPN 6.55 8.75 34% 1,205 1,423 1,488 0.96 1.01
SVI 1.99 2.40 21% 647 572 661 0.33 0.34
TOP 40.25 48.00 19% 224 12,270 13,218 6.01 6.48
KTB 9.20 11.10 21% 12,272 12,020 13,622 1.08 1.22
SENA 1.84 2.50 36% 274 277 316 0.41 0.47
SIS 8.80 10.00 14% 207 242 249 1.19 1.21
MCOT 22.70 28.00 23% 1,228 1,349 1,468 1.96 2.14
ILINK 8.00 7.00 -13% 102 108 110 1.08 1.10
GLOBAL 2.76 3.20 16% (131) 384 264 0.40 0.27
CPF 11.60 14.80 28% 3,128 10,315 8,708 1.46 1.24
TCAP 19.80 23.70 20% 2,768 5,109 3,191 3.83 2.39
TSC 7.00 7.00 0% 192 134 200 0.52 0.77
PTTAR 23.80 31.00 30% (8,465) 9,272 10,184 3.13 3.44
UMS 18.00 12.50 -31% 403 247 263 1.17 1.25
DTAC 33.50 41.00 22% 9,329 6,628 7,503 2.80 3.17
MK 2.50 2.84 14% 404 536 513 0.62 0.59
ADVANC 84.00 95.00 13% 16,409 17,207 18,579 5.81 6.27
IRC 10.70 12.50 17% 277 261 286 1.30 1.43
STANLY 113.00 145.00 28% 1,296 1,109 892 14.47 11.64
QH 2.16 3.22 49% 1,558 1,738 2,185 0.20 0.26
MAJOR 8.60 11.80 37% 626 301 449 0.34 0.50
BCP 14.00 18.00 29% (750) 7,458 2,527 6.66 2.26
TPC 18.40 21.00 14% 2,210 1,866 2,299 2.13 2.63
BIGC 41.50 47.00 13% 2,852 2,537 2,823 3.17 3.52
CPALL 23.70 25.00 5% 3,301 4,733 5,264 1.05 1.17
PS 15.50 20.50 32% 2,373 3,648 3,716 1.65 1.68
BECL 20.20 22.20 10% 1,444 1,738 1,825 2.26 2.37
EGCO 78.00 83.00 6% 6,927 7,271 6,267 13.81 11.90
BEC 22.00 26.50 20% 2,875 2,651 2,903 1.33 1.45
UVAN 80.00 79.50 -1% 1,445 567 680 6.03 7.23
THAI 17.90 25.00 40% (21,379) 5,829 5,548 3.43 3.27
TTCL 6.55 6.80 4% 312 344 328 0.72 0.68
RATCH 36.25 43.00 19% 6,493 6,740 6,193 4.65 4.27
TUF 34.00 39.50 16% 2,200 3,338 3,494 4.16 3.96
WORK 6.90 6.60 -4% 162 84 110 0.42 0.55
SMT 5.85 7.25 24% 201 268 381 0.73 1.04
SCB 79.50 99.00 25% 21,414 20,760 22,362 6.11 6.58
IRPC 4.22 4.80 14% (18,262) 7,436 8,177 0.37 0.41
TISCO 21.10 28.30 34% 1,712 1,988 2,174 2.62 2.99
CCET 2.96 3.18 7% 2,128 1,430 1,811 0.36 0.45
SCC 212.00 250.00 18% 16,771 24,346 23,937 20.29 19.95
GRAMMY 13.30 15.10 14% 705 508 571 0.96 1.08
SCCC 216.00 250.00 16% 3,173 3,045 3,833 13.24 16.67
SF 3.08 2.90 -6% 226 177 143 0.17 0.14
PTTCH 75.00 88.00 17% 11,739 6,907 9,764 4.61 6.52
SCIB 29.75 26.70 -10% 4,114 4,147 4,980 1.96 2.36
SIM 1.75 1.08 -38% 114 163 243 0.04 0.06
CPN 18.60 24.50 32% 2,186 2,248 2,281 1.03 1.05
KBANK 79.75 101.00 27% 15,333 14,892 17,001 6.22 7.12
BBL 107.50 139.00 29% 20,243 20,764 21,578 10.88 11.30
PTT 216.00 319.00 48% 51,705 59,840 74,099 21.19 26.24
KCE 5.40 6.80 26% (399) 144 450 0.31 0.97
DCC 31.25 32.00 2% 664 996 1,285 2.44 3.15
BANPU 534.00 658.00 23% 9,228 13,732 13,228 50.53 48.68
KSL 13.80 14.20 3% 860 901 1,201 0.58 0.77
BAY 18.90 23.60 25% 4,298 6,657 8,616 1.15 1.42
STEC 5.15 6.50 26% 178 245 308 0.21 0.26
SAMART 5.40 7.50 39% 262 427 437 0.44 0.45
HMPRO 4.32 4.94 14% 959 1,115 1,237 0.30 0.33
AOT 38.50 48.00 25% 7,321 717 2,788 0.50 1.95
LH 5.80 5.60 -3% 3,428 3,754 3,447 0.37 0.34
CK 5.20 7.45 43% 545 223 339 0.15 0.20
PTTEP 131.50 195.00 48% 41,675 22,154 40,814 6.70 12.34
DSGT 8.20 6.40 -22% 227 241 281 0.80 0.94
TMB 1.25 1.17 -6% 424 1,817 3,870 0.04 0.09
Q-CON 3.90 3.20 -18% (30) 18 58 0.05 0.15
TPIPL 7.80 9.50 22% (5,433) 4,791 1,935 2.40 0.96
TSTH 1.78 2.30 29% 2,701 81 324 0.01 0.04
SSI 1.14 1.50 32% (5,166) 1,272 1,975 0.10 0.15
SHIN 26.50 25.00 -6% 5,649 6,612 6,906 2.07 2.16
THCOM 6.30 9.85 56% (713) (146) 173 (0.13) 0.16
1 2.78 3.24 17% (2,355) 1,202 739 0.17 0.10
CENTEL 3.88 4.00 3% 324 479 1,065 0.32 0.70
ERAWAN 2.36 2.00 -15% 78 198 393 0.09 0.18
AMATA 6.95 5.00 -28% 1,192 463 616 0.43 0.58
ITD 2.64 2.87 9% (2,656) 206 280 0.05 0.07
BMCL 0.72 0.91 26% (1,459) (1,296) (1,224) (0.11) (0.10)
JUTHA 4.94 4.60 -7% 124 52 25 0.62 0.30
RCL 9.75 10.60 9% (837) (2,171) (1,815) (3.27) (2.74)
TTA 24.70 31.70 28% 8,776 1,814 2,521 2.56 3.56
AH 8.50 8.00 -6% 241 (61) 204 (0.27) 0.90
SAT 12.70 15.00 18% 635 274 500 0.91 1.67

This research report is prepared for general circulation. It does not have regard to the specific investment objectives, finan
Excluding 273,228 383,292 430,645
Banks 2 82,578 88,154
190,650 295,138
-45.83% 54.81%

1,039,740 1,039,740
4,409,469 4,409,469
3,369,730 3,369,730
17.67 11.42

Excluding PTT, 273,228 383,292 430,645

TOP & PTTAR 43,464 81,382 97,501
229,764 301,910 333,144
-0.02% 31.40% 10.35%

764,322 764,322 764,322

4,409,469 4,409,469 4,409,469
3,645,148 3,645,148 3,645,148
15.86 12.07 10.94
 PER BVPS DPS
2009F 2010F 2009F 2010F 2008 1H09 2H09F 2009F 2010F

8.24 11.57 8.20 7.90 0.70 0.00 1.20 1.20 0.80

7.60 12.77 15.90 15.10 1.75 0.60 1.40 2.00 1.07
6.74 6.74 1.20 1.30 0.72 0.14 0.26 0.40 0.40
11.85 9.72 2.90 3.00 0.45 0.00 0.35 0.35 0.40
9.41 7.34 14.10 15.00 1.10 0.00 1.20 1.20 1.50
7.50 10.71 1.90 1.80 0.09 0.06 0.10 0.16 0.11
4.19 4.25 3.91 4.34 0.30 0.25 0.39 0.64 0.63
6.22 6.69 14.50 15.50 2.80 1.25 1.75 3.00 2.80
10.90 6.48 19.80 20.90 0.82 0.00 1.00 1.00 1.50
4.24 4.11 8.10 8.80 0.25 0.00 0.23 0.23 0.24
15.11 6.80 1.70 1.80 0.18 0.00 0.08 0.08 0.16
5.06 6.20 3.60 4.00 0.30 0.15 0.25 0.40 0.35
9.18 8.76 16.00 17.30 1.20 0.00 1.20 1.20 1.30
6.43 7.19 3.13 3.60 0.25 0.00 0.26 0.26 0.23
9.46 6.76 14.70 17.80 0.00 0.00 1.71 1.71 2.39
6.33 15.82 15.80 16.10 2.80 0.80 1.00 1.80 0.37
8.16 7.74 1.60 1.70 0.25 0.15 0.15 0.30 0.32
7.17 6.90 6.50 7.10 1.20 0.95 0.82 1.77 1.59
6.82 6.49 3.18 3.64 0.41 0.16 0.32 0.48 0.50
6.03 5.85 1.40 1.40 0.06 1.05 0.10 1.15 0.22
6.70 6.21 32.90 37.40 1.75 1.05 1.95 3.00 3.00
8.52 7.54 9.88 10.66 0.44 0.00 0.44 0.44 0.50
4.49 3.91 2.43 2.79 0.15 0.076 0.08 0.16 0.19
7.39 7.27 4.90 5.60 0.35 0.00 0.40 0.40 0.46
11.58 10.61 10.80 11.20 1.60 0.75 1.00 1.75 1.92
7.41 7.27 6.10 6.80 0.32 0.00 0.35 0.35 0.44
6.90 10.22 2.53 2.69 0.00 0.00 0.12 0.12 0.08
7.95 9.35 7.62 8.12 0.19 0.23 0.50 0.73 0.62
5.17 8.28 25.00 22.57 0.90 0.35 0.85 1.20 1.00
13.46 9.09 5.80 6.20 0.47 0.00 0.30 0.30 0.46
7.60 6.92 19.90 22.30 0.50 0.00 1.00 1.00 1.00
15.38 14.40 4.60 5.30 1.25 0.00 0.75 0.75 0.80
11.96 10.57 26.40 27.50 1.50 0.00 1.39 1.39 1.90
4.03 4.24 5.59 6.03 0.15 0.10 0.10 0.20 0.20
14.46 13.40 24.10 24.10 6.30 3.00 3.30 6.30 6.30
8.23 7.48 8.90 9.90 0.45 0.00 0.42 0.42 0.50
7.81 9.71 88.20 95.50 5.30 0.00 4.34 4.34 3.49
10.80 8.31 1.56 1.74 0.08 0.00 0.08 0.08 0.10
25.29 17.20 5.86 5.99 0.64 0.00 0.31 0.31 0.40
2.10 6.19 22.80 24.00 0.50 1.00 0.50 1.50 0.90
8.64 7.00 14.80 15.70 1.65 0.75 0.65 1.40 1.70
13.09 11.79 23.20 25.30 1.63 0.00 1.42 1.42 1.59
22.57 20.26 4.20 4.50 0.60 0.00 0.80 0.80 0.88
9.39 9.23 6.20 7.40 0.33 0.00 0.50 0.50 0.51
8.94 8.52 23.20 24.50 1.10 0.55 0.65 1.20 1.26
5.65 6.55 94.90 102.20 5.00 2.50 2.50 5.00 5.00
16.54 15.17 3.40 3.60 1.35 0.50 0.70 1.20 1.30
13.27 11.07 16.00 18.70 11.50 2.00 2.50 4.50 6.40
5.22 5.47 30.30 33.00 0.00 0.00 0.55 0.55 0.75
9.10 9.63 3.30 3.90 0.13 0.15 0.20 0.35 0.34
 7.80 8.49 30.70 32.80 2.20 1.10 1.10 2.20 2.20
8.17 8.59 18.78 20.86 1.26 0.92 0.96 1.88 1.98
16.43 12.55 4.80 5.00 0.57 0.11 0.18 0.29 0.38
8.01 5.63 4.80 5.50 0.00 0.14 0.15 0.29 0.41
13.01 12.08 41.49 42.89 2.00 0.00 2.00 2.00 2.25
11.41 10.29 3.70 3.90 0.18 0.08 0.10 0.18 0.18
8.05 7.06 17.10 19.78 1.00 0.50 0.50 1.00 1.10
8.22 6.58 3.90 4.20 0.20 0.05 0.07 0.12 0.15
10.45 10.63 87.10 98.50 7.50 3.50 5.00 8.50 10.00
13.85 12.31 5.40 5.60 1.25 0.55 0.31 0.86 0.97
16.31 12.96 71.10 76.80 11.00 6.00 5.00 11.00 12.50
18.12 22.00 2.53 2.60 0.00 0.00 0.07 0.07 0.06
16.27 11.50 68.40 72.00 4.00 0.60 1.65 2.25 3.25
15.18 12.61 20.42 21.69 0.70 0.00 0.60 0.60 0.70
43.75 29.17 0.50 0.50 0.045 0.000 0.04 0.035 0.045
18.06 17.71 7.40 8.00 0.33 0.00 0.36 0.36 0.37
12.82 11.20 50.69 54.80 2.00 0.50 1.50 2.00 2.25
9.88 9.51 103.09 106.88 3.00 1.00 2.00 3.00 3.50
10.19 8.23 149.10 167.40 8.00 4.00 4.00 8.00 9.00
17.42 5.57 4.80 5.70 0.00 0.00 0.10 0.10 0.19
12.81 9.92 6.60 7.60 1.25 1.53 0.55 2.08 3.00
10.57 10.97 182.50 214.20 12.00 8.00 9.00 17.00 17.00
23.79 17.92 5.70 6.20 0.22 0.00 0.23 0.23 0.31
16.43 13.31 15.21 15.80 0.30 0.15 0.30 0.45 0.55
24.52 19.81 3.80 3.97 0.00 0.00 0.08 0.08 0.10
12.27 12.00 4.90 5.20 0.10 0.08 0.08 0.16 0.20
14.40 13.09 1.46 1.64 0.35 0.10 0.05 0.15 0.17
77.00 19.74 51.20 52.70 2.58 0.00 0.42 0.42 0.50
15.68 17.06 2.96 3.04 0.27 0.24 0.06 0.30 0.28
34.67 26.00 3.48 3.94 0.10 0.00 0.05 0.05 0.06
19.63 10.66 43.20 51.70 5.42 1.48 1.20 2.68 4.69
10.25 8.72 4.00 4.50 0.33 0.28 0.05 0.33 0.37
31.25 13.89 1.08 1.17 0.00 0.00 0.00 0.00 0.00
78.00 26.00 3.20 3.30 0.00 0.00 0.00 0.00 0.00
3.25 8.13 27.00 27.70 0.00 0.00 0.00 0.00 0.00
178.00 44.50 1.90 2.00 0.08 0.00 0.00 0.00 0.02
11.40 7.60 1.30 1.40 0.00 0.00 0.00 0.00 0.00
12.80 12.27 11.20 11.00 2.40 2.40 0.00 2.40 2.40
Na 39.38 14.20 14.40 0.00 0.00 0.00 0.00 0.03
16.35 27.80 1.80 1.90 0.00 0.00 0.00 0.00 0.00
12.13 5.54 3.20 3.80 0.13 0.15 0.15
26.22 13.11 1.98 2.13 0.01 0.03 0.03
16.16 11.98 4.70 5.00 0.40 0.20 0.25
52.80 37.71 2.87 2.94 0.00 0.00 0.00 0.00 0.01
Na Na 0.30 0.20 0.00 0.00 0.00 0.00 0.00
7.97 16.47 7.30 7.60 0.00 0.00 0.00 0.00 0.12
Na Na 20.40 17.70 0.00 0.00 0.00 0.00 0.00
9.65 6.94 37.20 40.30 2.85 0.00 0.00 0.54 1.60
Na 9.44 19.10 20.00 0.29 0.00 0.00 0.00 0.23
13.96 7.60 9.10 10.80 0.30 0.00 0.00 0.00 0.67

vestment objectives, financial situation, or particular needs of any specific person who may receive this report. The information containe
 Dividend Yield
2008 1H09 2H09F 2009F

6.8% 0.0% 11.7% 11.7%

11.5% 3.9% 9.2% 13.2%
23.2% 4.5% 8.4% 12.9%
9.3% 0.0% 7.2% 7.2%
6.3% 0.0% 6.9% 6.9%
6.0% 4.0% 6.7% 10.7%
5.0% 4.2% 6.6% 10.8%
10.5% 4.7% 6.5% 11.2%
4.9% 0.0% 5.9% 5.9%
6.4% 0.0% 5.9% 5.9%
13.2% 0.0% 5.9% 5.9%
6.8% 3.4% 5.7% 9.1%
5.7% 0.0% 5.7% 5.7%
5.2% 0.0% 5.4% 5.4%
0.0% 0.0% 5.3% 5.3%
14.5% 4.1% 5.2% 9.3%
8.3% 5.0% 5.0% 9.9%
7.2% 5.7% 4.9% 10.6%
6.3% 2.4% 4.9% 7.3%
3.0% 52.9% 4.9% 57.8%
4.3% 2.6% 4.8% 7.5%
4.8% 0.0% 4.8% 4.8%
8.2% 4.1% 4.6% 8.7%
4.0% 0.0% 4.5% 4.5%
7.0% 3.3% 4.4% 7.7%
4.0% 0.0% 4.4% 4.4%
0.0% 0.0% 4.3% 4.3%
1.6% 2.0% 4.3% 6.3%
4.5% 1.8% 4.3% 6.1%
6.7% 0.0% 4.3% 4.3%
2.1% 0.0% 4.2% 4.2%
6.9% 0.0% 4.2% 4.2%
4.5% 0.0% 4.1% 4.1%
6.0% 4.0% 4.0% 8.0%
7.5% 3.6% 3.9% 7.5%
4.2% 0.0% 3.9% 3.9%
4.7% 0.0% 3.8% 3.8%
3.7% 0.0% 3.7% 3.7%
7.4% 0.0% 3.6% 3.6%
3.6% 7.1% 3.6% 10.7%
9.0% 4.1% 3.5% 7.6%
3.9% 0.0% 3.4% 3.4%
2.5% 0.0% 3.4% 3.4%
2.1% 0.0% 3.2% 3.2%
5.4% 2.7% 3.2% 5.9%
6.4% 3.2% 3.2% 6.4%
6.1% 2.3% 3.2% 5.5%
14.4% 2.5% 3.1% 5.6%
0.0% 0.0% 3.1% 3.1%
2.0% 2.3% 3.1% 5.3%
 6.1% 3.0% 3.0% 6.1%
3.7% 2.7% 2.8% 5.5%
8.3% 1.6% 2.6% 4.2%
0.0% 2.4% 2.6% 5.0%
2.5% 0.0% 2.5% 2.5%
4.3% 1.9% 2.4% 4.3%
4.7% 2.4% 2.4% 4.7%
6.8% 1.7% 2.4% 4.1%
3.5% 1.7% 2.4% 4.0%
9.4% 4.1% 2.3% 6.5%
5.1% 2.8% 2.3% 5.1%
0.0% 0.0% 2.3% 2.3%
5.3% 0.8% 2.2% 3.0%
2.4% 0.0% 2.0% 2.0%
2.6% 0.0% 2.0% 2.0%
1.8% 0.0% 1.9% 1.9%
2.5% 0.6% 1.9% 2.5%
2.8% 0.9% 1.9% 2.8%
3.7% 1.9% 1.9% 3.7%
0.0% 0.0% 1.9% 1.9%
4.0% 4.9% 1.8% 6.7%
2.2% 1.5% 1.7% 3.2%
1.6% 0.0% 1.7% 1.7%
1.6% 0.8% 1.6% 2.4%
0.0% 0.0% 1.6% 1.6%
1.9% 1.5% 1.5% 3.0%
8.1% 2.3% 1.2% 3.5%
6.7% 0.0% 1.1% 1.1%
4.7% 4.1% 1.0% 5.2%
1.9% 0.0% 1.0% 1.0%
4.1% 1.1% 0.9% 2.0%
4.0% 3.4% 0.6% 4.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
4.5% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
9.1% 9.1% 0.0% 9.1%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
3.4% 0.0% 0.0% 3.9%
0.4% 0.0% 0.0% 1.3%
5.8% 0.0% 0.0% 2.9%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
11.5% 0.0% 0.0% 2.2%
3.4% 0.0% 0.0% 0.0%
2.4% 0.0% 0.0% 0.0%

report. The information contained herein is provided on the basis of information received or provided to us, but its completeness and ac
s, but its completeness and accuracy are not guaranteed. Opinions expressed in this report are subject to change without notice, and n
to change without notice, and no part of this publication is to be construed as an offer, or solicitation of an offer, to buy or sell any secu
an offer, to buy or sell any securities or financial instruments whether referred to therein or otherwise. We do not accept any liability wh
We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report, o
mation contained in this report, or a reliance on our opinion expressed in this report. Kim Eng Securities (Thailand) Public Company Lim
(Thailand) Public Company Limited, its associates, directors, connected parties and/or employees may from time to time have interests
from time to time have interests and/or underwriting commitments in the securities mentioned in this report.