Thai Oil (TOP TB) New CDU To Lift Capacity

Company Update, 9 April 2015
Thai Oil (TOP TB)
Buy (Maintained)
Energy & Petrochemicals - Oil & Gas Services
Market Cap: USD3,431m
Target Price:
Price:
THB60.00
THB54.80
Macro
Risks
New CDU To Lift Capacity
Growth
Value
Thai Oil (TOP TB)
Relative to Stock Exchange of Thailand Index (RHS)
102
54
97
52
92
50
87
48
82
46
77
44
72
42
67
40
16
14
12
10
8
6
4
2
62
Oct-14
Aug-14
0
0
.
2
0
0
A new CDU with c.USD4bn-5.6bn estimated investment will lift capacity .
0
to 400,000bpd. Maintain BUY, with a THB60.00 TP (10% upside). We 0
opine net D/E to peak at 1.89x by 2018 should Thai Oil opt for debt 0
financing only. 1Q15F earnings are at THB4bn (4Q14: THB6.4bn net
loss). Its refinery should perform well this quarter, but aromatics and
lube base performances will be weak. Earnings forecasts are upped to
reflect better-than-expected future margins.

Feb-15
56
Dec-14
107
Jun-14
58
Apr-14
Vol m
Price Close

Source: Bloomberg
Avg Turnover (THB/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (THB)
Free float (%)
Share outstanding (m)
Shareholders (%)
253m/7.76m
45.3
9.5
41.8 - 56.8
50
2,040

PTT
Thai NVDR
State Street Bank Europe Ltd
49.1
7.1
3.7


2

.
2
0
.
2




New crude distillation unit (CDU) to lift capacity to 400,000 barrels
per day (bpd). Thai Oil is looking to retire CDUs 1 & 2, each with
50,000bpd each and invest in a new 225,000bpd CDU, bringing its total
refining capacity to 400,000bpd when completed. This is still in the
preliminary stages at the moment. The feasibility study will be completed
by June, with technical details to be completed by end-2015. If this
project moves forward, the construction can begin next year and will be
completed by 2019. Our back of envelope calculation puts total
investment in the range of USD4bn-USD5.6bn. Assuming debt is used to
finance this investment, we estimate that net D/E ratio will peak in 2018
at 1.89x. However, it is possible that total investment costs could be
significantly less than our estimated range, as Thai Oil may utilise its
existing facilities, which could provide economies of scale.
We expect 1Q15F net profit of THB4bn (excluding extra-ordinary
items). This is up from a net loss of THB6.4bn in 4Q14. We expect Thai
Oil‟s refinery to perform well, now running at 105%, optimising on the
stronger refining spreads. The aromatics business did not fare that well,
with the plant at 60% utilisation (down from 1Q14‟s 89%) as aromatics
spreads weakened. The lube base plant ran at 75% utilisation in 1Q15,
down from 80% in 4Q14, while spreads also fell due to seasonally low
demand.
Earnings and TP revision. Thai Oil‟s earnings should not be as bad as
we had previously expected. We raised our net profit forecasts as we
bump up gross refining margins (GRMs) and include higher associate
income. Our valuation is now 0.9% higher at THB60.00 (from
THB59.50), based on 1.4x P/BV, while our BUY call is maintained.
Share Performance (%)
YTD
Absolute
Relative
30.4
26.9
1m
(3.5)
(2.3)
3m
19.7
17.9
6m
11.7
11.3
12m
5.8
(6.5)
Shariah compliant
Forecasts and Valuations
Dec-12
Dec-13
Dec-14F
Dec-15F
Dec-16F
447,432
414,575
390,090
322,179
348,210
Reported net profit (THBm)
12,320
9,317
(4,026)
9,229
10,595
Recurring net profit (THBm)
12,320
9,317
(4,026)
9,229
10,595
(17.1)
(24.4)
(143.2)
Recurring EPS (THB)
6.04
4.57
(1.97)
4.52
5.19
DPS (THB)
2.70
2.30
1.16
2.28
2.62
9.1
12.0
12.1
10.5
1.29
1.23
1.35
1.28
1.21
P/CF (x)
5.2
58.3
5.6
24.3
7.4
Dividend Yield (%)
4.9
4.2
2.1
4.2
4.8
EV/EBITDA (x)
6.94
6.45
8.01
7.08
Return on average equity (%)
14.8
10.5
(4.6)
10.9
11.8
Net debt to equity (%)
20.3
32.7
38.6
48.3
38.5
0.0
0.0
0.0
Total turnover (THBm)
Recurring net profit growth (%)
Kannika Siamwalla, CFA +66 2862 9744
Recurring P/E (x)
kannika.si@rhbgroup.com
P/B (x)
Our vs consensus EPS (adjusted) (%)
na
na
na
14.8
Source: Company data, RHB
See important disclosures at the end of this report
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1
Thai Oil (TOP TB)
9 April 2015
New CDU in the pipeline
New CDU to lift capacity to 400,000bpd. Thai Oil is looking to invest in a new CDU,
which will lift its total capacity to 400,000bpd. Its existing refining capacity is
275,000bpd, which comprises CDUs 1 & 2 (each with a capacity of 50,000bpd each)
and CDU 3 (175,000bpd) capacity. The company is looking to retire CDUs 1 & 2,
which have been operating for 51 years now. The new CDU is expected to have total
capacity of 225,000bpd. Although this new configuration may result in higher bunker
oil by-products, Thai Oil is studying ways to add more value to its by-products. The
new CDU feasibility study is expected to be completed by June, with the technical
details and configuration expected to be finalised by end-2015. If this project moves
forward, Thai Oil expects to start building next year, with completion expected to take
three years, ie 2019.
Net D/E could peak in 2018 at 1.89x, but investment could be significantly less.
As feasibility and technical details have not yet been completed, Thai Oil cannot
provide investment costs and details. However, the industry‟s investment costs for
refineries is in the USD18,000-25,000/barrel (bbl) range. This translates into total
investment costs of USD4bn-USD5.6bn. TOP‟s net D/E ratio is 0.39x and its treasury
policy is 1:1. As such, the company can leverage up by another USD1.7bn before it
reaches its treasury policy. Our back of envelope calculation, assuming a USD6bn
investment, suggest that net D/E ratio could peak by 2018 at 1.89x should Thai Oil
decide to utilise only debt financing. However, it is possible that total investment
costs could be significantly less than our estimated range, as the company may
utilise its existing facilities, which could provide economies of scale.
Figure 1: Thai Oil’s new refining capacity
Capacity (kbpd)
Existing
New
CDU 1
50
Retire
CDU 2
50
Retire
CDU 3
175
175
-
225
275
400
New CDU
Total
Source: RHB
Earnings revision
We slashed our earnings forecasts in Dec 2014 with the crash in crude oil prices.
However, earnings should not be as bad as we had previously expected. As such,
we have raised our net profit forecasts as we adjust our GRM up to USD5/bbl from
USD4.50/bbl, with improved GRM as a result of lower crude oil prices and premiums
on crude oil procured. For 2016, refining margins should further improve as the
demand and supply situation is expected to be more balanced as less additional
refining capacity is added regionally. We have also included associate income in the
amount of THB700m-800m over the forecasted period. Our valuation is upped by
0.9% to THB60.00/share (based on 1.4x P/BV).
Figure 2: Thai Oil’s earnings revised upwards
2015F
2016F
Net profit (THBm, revised)
9,229
10,595
Net profit (THBm, old)
7,974
7,770
15.7
36.4
EPS (THB, revised)
4.52
5.19
EPS (THB, old)
3.91
3.81
15.7
36.4
% change
% change
TP (THB/sh, revised)
60.00
TP (THB/sh, old)
59.49
% change
0.9
Source: RHB
See important disclosures at the end of this report
2
Thai Oil (TOP TB)
9 April 2015
1Q15F earnings flash
Refinery to perform well in 1Q15F. We expect Thai Oil‟s refinery to perform well in
1Q15. The refinery ran at 105%, optimising on the stronger refining spreads. With
market GRM at USD8.70/bbl, stock loss at USD1/bbl and lower cost or market (LCM)
reversal of USD2/bbl, this brought accounting GRM to USD9.70/bbl for 1Q15F. This
is a vast improvement from 4Q14, where the company posted negative accounting
GRM of USD3.50/bbl with a stock loss of USD12/bbl. The aromatics business did not
fare that well, with the plant at 60% utilisation (down from 89% in 4Q14), as
aromatics spreads weakened. Paraxylene spread to unleaded gasoline 95 (ULG95)
was relatively stable at USD255/ton, but benzene spread to ULG95 fell 52.5% QoQ
to USD98/ton as more supply entered the market. The lube base plant ran at 75%
utilisation in 1Q15, down from 80% in 4Q14, while spreads also fell due to seasonally
low demand. Excluding any extra-ordinary items, we expect net profit for 1Q15 to be
THB4bn, up from a net loss of THB6.4bn in 4Q14.
Figure 3: Thai Oil’s major operating variables
1Q14
4Q14
1Q15
% YoY
% QoQ
Utilisation rate (%)
105%
108%
105%
Total intake („000bpd)
289.0
296.0
5.1
8.2
289.0
-
(2.4)
8.7
70.6
(1.7)
6.1
(11.7)
1.0
(158.8)
(108.5)
3.4
(3.5)
9.7
185.3
(377.1)
95%
89%
60%
197
188
127
(35.5)
(32.4)
100%
80%
75%
(25.0)
(6.3)
47.5
Refinery
Market GRM (USD/bbl)
Stock g/l and LCM
Accounting GRM
Aromatics
Utilisation rate (%)
Production („000 ton)
Lube Base
Base oil utilisation rate (%)
Base oil production („000
ton)
68
54
51
1Q14
4Q14
1Q15
Refining spreads
(USD/bbl)
Local LPG-DB
N/A
(24)
(13)
N/A
ULG-DB
15
13
15
4.8
13.9
Jet-DB
17
18
17
0.6
(3.2)
Diesel-DB
18
16
16
(8.4)
2.1
HSFO-DB
Aromatic spreads
(USD/ton)
(9)
(6)
(2)
(78.8)
(67.9)
PX-ULG95
273
252
255
(6.6)
1.2
MX-ULG95
N/A
57
86
N/A
50.8
BZ-ULG95
285
207
98
(65.5)
(52.5)
TOL-ULG95
N/A
77
45
N/A
(41.2)
500SN-HSFO
486
493
370
(24.0)
(25.1)
Bitumen-HSFO
(69)
85
23
(133.9)
(72.5)
Lube Base spreads (USD/ton)
Source: RHB
See important disclosures at the end of this report
3
Thai Oil (TOP TB)
9 April 2015
Financial Exhibits
Profit & Loss (THBm)
Dec-12
Dec-13
Dec-14F
Dec-15F
Total turnover
447,432
414,575
390,090
322,179
348,210
Cost of sales
(432,312)
(397,542)
(394,150)
(308,724)
(333,337)
Gross profit
15,119
17,033
(4,060)
13,454
14,873
Gen & admin expenses
(2,631)
(2,582)
(2,641)
(2,641)
(2,641)
Operating profit
12,488
14,451
(6,701)
10,813
12,232
Operating EBITDA
19,092
20,484
(189)
18,240
19,806
Depreciation of fixed assets
(6,604)
(6,033)
(6,512)
(7,426)
(7,574)
Operating EBIT
12,488
14,451
(6,701)
10,813
12,232
Net income from investments
Other recurring income
73
676
744
744
744
2,240
2,469
4,303
2,000
2,000
Interest income
-
-
-
Interest expense
(2,343)
(3,786)
(3,966)
Exchange gains
1,987
(3,111)
Pre-tax profit
14,445
10,699
Taxation
(1,789)
(1,160)
(336)
(222)
Minority interests
Dec-16F
996
(4,624)
920
(322)
757
(2,985)
788
(2,736)
-
-
11,329
13,028
(1,814)
(2,105)
(285)
(328)
Profit after tax & minorities
12,320
9,317
(4,026)
9,229
10,595
Reported net profit
12,320
9,317
(4,026)
9,229
10,595
Recurring net profit
12,320
9,317
(4,026)
9,229
10,595
Cash flow (THBm)
Dec-12
Dec-13
Dec-14F
Dec-15F
Dec-16F
Operating profit
12,488
14,451
(6,701)
10,813
12,232
Depreciation & amortisation
6,604
6,033
6,512
7,426
7,574
Change in working capital
4,473
(16,091)
19,049
(11,599)
(2,712)
2,240
2,469
4,303
2,000
2,000
25,806
6,862
23,163
8,641
19,094
Source: Company data, RHB
Other operating cash flow
Operating cash flow
Interest received
-
-
-
(2,343)
(3,786)
(3,966)
Tax paid
(1,789)
(1,160)
(1,814)
(2,105)
Cash flow from operations
21,674
1,916
20,117
4,598
15,041
Capex
(8,050)
(6,977)
(20,030)
(12,420)
(3,607)
(1,323)
-
-
Interest paid
Other new investments
2,120
828
920
757
(2,985)
Other investing cash flow
(17,791)
(14,298)
1,625
Cash flow from investing activities
(23,721)
(20,446)
(19,728)
(6,732)
(4,692)
(4,692)
(2,366)
(4,615)
1,110
28,066
5,237
18,754
(10,605)
Dividends paid
Increase in debt
Other financing cash flow
-
(1)
-
(641)
788
(2,736)
(13,061)
0
61
(3,546)
-
Cash flow from financing activities
(5,623)
23,373
545
16,388
(15,220)
Cash at beginning of period
18,129
10,460
15,303
16,237
24,162
Total cash generated
(7,670)
4,843
934
7,925
(3,726)
Implied cash at end of period
10,460
15,302
16,237
24,162
20,436
Source: Company data, RHB
See important disclosures at the end of this report
4
Thai Oil (TOP TB)
9 April 2015
Financial Exhibits
Balance Sheet (THBm)
Dec-12
Dec-13
Dec-14F
Dec-15F
Dec-16F
Total cash and equivalents
28,412
43,815
46,483
54,408
50,682
Inventories
40,004
48,509
28,533
32,812
35,464
Accounts receivable
28,745
30,159
17,786
24,450
26,300
Other current assets
3,220
4,393
2,662
2,662
2,662
100,381
126,876
95,464
114,332
115,108
Total current assets
Total investments
2,370
12,661
13,373
12,430
12,430
66,577
67,521
81,039
86,032
82,066
1,348
1,604
2,927
2,927
2,927
70,295
81,786
97,339
101,389
97,423
170,676
208,662
192,803
215,722
212,531
4,635
13,479
12,835
17,194
17,755
28,857
34,852
21,741
20,534
22,193
1,679
1,245
1,059
1,611
1,741
Total current liabilities
35,171
49,576
35,635
39,339
41,689
Total long-term debt
42,162
61,384
67,265
81,660
70,494
2,619
2,721
2,863
2,784
2,784
Total non-current liabilities
44,781
64,105
70,128
84,444
73,278
Total liabilities
79,952
113,681
105,763
123,783
114,967
Share capital
20,400
20,400
20,400
20,400
20,400
Retained earnings reserve
63,678
68,071
59,845
64,460
69,757
2,456
2,456
2,456
2,456
2,456
86,535
90,927
82,701
87,316
92,613
4,623
4,951
Tangible fixed assets
Total other assets
Total non-current assets
Total assets
Short-term debt
Accounts payable
Other current liabilities
Other liabilities
Other reserves
Shareholders' equity
Minority interests
4,189
4,054
4,339
Other equity
-
-
-
Total equity
90,724
94,981
87,040
91,939
97,564
170,676
208,662
192,803
215,722
212,531
Dec-12
Dec-13
Dec-14F
Dec-15F
Dec-16F
0.3
(7.3)
(5.9)
(17.4)
Operating profit growth (%)
(39.0)
15.7
(146.4)
na
13.1
Net profit growth (%)
(17.1)
(24.4)
(143.2)
na
14.8
EPS growth (%)
(17.1)
(24.4)
(143.2)
na
14.8
Bv per share growth (%)
8.9
5.1
(9.0)
5.6
6.1
Operating margin (%)
2.8
3.5
(1.7)
3.4
3.5
Net profit margin (%)
2.8
2.2
(1.0)
2.9
3.0
Return on average assets (%)
7.6
4.9
(2.0)
4.5
4.9
Return on average equity (%)
14.8
10.5
(4.6)
10.9
11.8
Net debt to equity (%)
20.3
32.7
38.6
48.3
38.5
DPS
2.70
2.30
1.16
2.28
2.62
Recurrent cash flow per share
10.6
0.9
9.9
2.3
7.4
Total liabilities & equity
(0)
-
Source: Company data, RHB
Key Ratios (THB)
Revenue growth (%)
8.1
Source: Company data, RHB
See important disclosures at the end of this report
5
Thai Oil (TOP TB)
9 April 2015
SWOT Analysis
 Thai Oil is PTT‟s (PTT TB, BUY, TP: THB378.00)
flagship for the refinery business. Any potential deals
in the future may be granted to the former.
 Changes in the
oil and gas
industry
landscape can
have huge
implication on
the company‟s
investment
 Good growth
potential in the
region
 The company is in a commodity-based business,
which is susceptible to highly volatile earnings
P/E (x) vs EPS growth
P/BV (x) vs ROAE
200
3,000%
180
2,650%
1.5
25%
1.4
160
2,300%
20%
140
120
1,950%
1.4
15%
1,600%
100
1,250%
1.3
10%
5%
0
-500%
1.1
-10%
P/E (x) (lhs)
EPS growth (rhs)
Source: Company data, RHB
P/B (x) (lhs)
Jan-16
-5%
Jan-15
1.2
Jan-14
-150%
Jan-13
20
Jan-12
0%
Jan-16
1.2
200%
Jan-15
550%
40
Jan-14
60
Jan-13
900%
Jan-12
80
1.3
Return on average equity (rhs)
Source: Company data, RHB
Company Profile
Thai Oil, Thailand‟s largest oil refinery, has a total capacity of 275,000 barrels per day (bpd). It is also involved in the aromatics, lubebased, power, solvent and marine transportation businesses.
See important disclosures at the end of this report
6
Thai Oil (TOP TB)
9 April 2015
Recommendation Chart
Price Close
59.5
48.0
63.2
65.6
71.8
77
53.5
73.6
71.8
69.1
74.9
69.1
74.0
87
73.0
Recommendations & Target Price
na
97
67
57
47
Buy
37
Apr-10
Neutral
Sell
Jul-11
Trading Buy
Oct-12
Take Profit
Not Rated
Jan-14
Source: RHB, Bloomberg
Date
Recommendation
Target Price
Price
2015-02-17
Buy
59.5
52.5
2014-12-16
Buy
48.0
42.3
2014-11-03
Buy
53.5
45.8
2014-10-03
Buy
63.2
51.0
2014-08-08
Buy
65.6
51.5
2014-02-19
Buy
71.8
54.8
2014-02-17
Buy
71.8
54.3
2014-01-28
Buy
73.6
53.5
2013-10-09
Buy
74.9
61.0
2013-09-03
Buy
69.1
55.3
Source: RHB, Bloomberg
See important disclosures at the end of this report
7
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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8
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This report is issued and distributed in Malaysia by RHB Research Institute Sdn Bhd. The views and opinions in this report are our own as of the date
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Thailand
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9
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OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST
Malaysia
RHB does not have qualified shareholding (1% or more) in the subject company (ies) covered in this report except for:
a)
RHB and/or its subsidiaries are not liquidity providers or market makers for the subject company (ies) covered in this report except for:
a)
RHB and/or its subsidiaries have not participated as a syndicate member in share offerings and/or bond issues in securities covered in this report in the
last 12 months except for:
a)
RHB has not provided investment banking services to the company/companies covered in this report in the last 12 months except for:
a)
Thailand
RHB OSK Securities (Thailand) PCL and/or its directors, officers, associates, connected parties and/or employees, may have, or have had, interests
and/or commitments in the securities in subject company(ies) mentioned in this report or any securities related thereto. Further, RHB OSK Securities
(Thailand) PCL may have, or have had, business relationships with the subject company(ies) mentioned in this report. As a result, investors should
exercise their own judgment carefully before making any investment decisions.
10
Indonesia
PT RHB OSK Securities Indonesia is not affiliated with the subject company(ies) covered in this report both directly or indirectly as per the definitions of
affiliation above.
Pursuant to the Capital Market Law (Law Number 8 Year 1995) and the supporting regulations thereof, what constitutes as affiliated parties are as follows:
1.
Familial relationship due to marriage or blood up to the second degree, both horizontally or vertically;
2.
Affiliation between parties to the employees, Directors or Commissioners of the parties concerned;
3.
Affiliation between 2 companies whereby one or more member of the Board of Directors or the Commissioners are the same;
4.
Affiliation between the Company and the parties, both directly or indirectly, controlling or being controlled by the Company;
5.
Affiliation between 2 companies which are controlled, directly or indirectly, by the same party; or
6.
Affiliation between the Company and the main Shareholders.
PT RHB OSK Securities Indonesia is not an insider as defined in the Capital Market Law and the information contained in this report is not considered as
insider information prohibited by law.
Insider means:
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b.
a substantial shareholder of an Issuer or Public Company;
c.
an individual, who because of his position or profession, or because of a business relationship with an Issuer or Public Company, has access to
inside information; and
d.
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Singapore
RHB Research Institute Singapore Pte Ltd and/or its subsidiaries and/or associated companies do not make a market in any securities covered in this
report, except for:
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The staff of RHB Research Institute Singapore Pte Ltd and its subsidiaries and/or its associated companies do not serve on any board or trustee positions
of any issuer whose securities are covered in this report, except for:
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Hong Kong
RHBSHK or any of its group companies may have financial interests in in relation to an issuer or a new listing applicant (as the case may be) the securities
in respect of which are reviewed in the report, and such interests aggregate to an amount equal to or more than (a) 1% of the subject company‟s market
capitalization (in the case of an issuer as defined under paragraph 16 of the Code of Conduct for Persons Licensed by or Registered with the Securities
and Futures Commission (the “Code of Conduct”); and/or (b) an amount equal to or more than 1% of the subject company‟s issued share capital, or issued
units, as applicable (in the case of a new listing applicant as defined in the Code of Conduct). Further, the analysts named in this report or their associates
may have financial interests in relation to an issuer or a new listing applicant (as the case may be) in the securities which are reviewed in the report.
RHBSHK or any of its group companies may make a market in the securities covered by this report.
RHBSHK or any of its group companies may have analysts or their associates, individual(s) employed by or associated with RHBSHK or any of its group
companies serving as an officer of the company or any of the companies covered by this report.
RHBSHK or any of its group companies may have received compensation or a mandate for investment banking services to the company or any of the
companies covered by this report within the past 12 months.
Note: The reference to “group companies” above refers to a group company of RHBSHK that carries on a business in Hong Kong in (a) investment
banking; (b) proprietary trading or market making; or (c) agency broking, in relation to securities listed or traded on The Stock Exchange of Hong Kong
Limited.
11
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Bangkok
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12
Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2014
Excellent
BAFS
BCP
BTS
CPN
EGCO
GRAMMY
HANA
INTUCH
IRPC
IVL
KBANK
KKP
KTB
MINT
PSL
PTT
PTTEP
PTTGC
SAMART
SAMTEL
SAT
SC
SCB
SE-ED
SIM
SPALI
TISCO
TMB
TOP
Very Good
AAV
ACAP
ADVANC
ANAN
AOT
ASIMAR
ASK
ASP
BANPU
BAY
BBL
BECL
BIGC
BKI
BLA
BMCL
BROOK
CENTEL
CFRESH
CIMBT
CK
CNT
CPF
CSL
DELTA
DRT
DTAC
DTC
EASTW
EE
ERW
GBX
GC
GFPT
GUNKUL
HEMRAJ
HMPRO
ICC
KCE
KSL
LANNA
LH
LHBANK
LOXLEY
LPN
MACO
MC
MCOT
NBC
NCH
NINE
NKI
NMG
NSI
OCC
OFM
PAP
PE
PG
PHOL
PJW
PM
PPS
PR
PRANDA
PS
PT
QH
RATCH
ROBINS
RS
S&J
SAMCO
SCC
SINGER
SIS
SITHAI
SNC
SNP
SPI
SSF
SSI
SSSC
STA
SVI
TCAP
TF
THAI
THANI
THCOM
TIP
TIPCO
TK
TKT
TNITY
TNL
TOG
TRC
TRUE
TSTE
TSTH
TTA
TTW
TVO
UAC
VGI
VNT
WACOAL
Good
2S
AF
AH
AHC
AIT
AJ
AKP
AKR
AMANAH
AMARIN
AMATA
AP
APCO
APCS
AQUA
ARIP
AS
ASIA
AYUD
BEAUTY
BEC
BFIT
BH
BJC
BJCHI
BOL
BTNC
BWG
CCET
CGD
CGS
CHOW
CI
CKP
CM
CMR
CSC
CSP
CSS
DCC
DEMCO
DNA
EA
ESSO
FE
FORTH
FPI
GENCO
GL
GLOBAL
GLOW
GOLD
HOTPOT
HTC
HTECH
HYDRO
IFS
IHL
INET
IRC
IRCP
ITD
KBS
KGI
KKC
KTC
L&E
LRH
LST
MAJOR
MAKRO
MATCH
MBK
MBKET
MEGA
MFC
MFEC
MJD
MODERN
MONO
MOONG
MPG
MTI
NC
NTV
NUSA
NWR
NYT
OGC
OISHI
PACE
PATO
PB
PDI
PICO
PPM
PPP
PREB
PRG
PRIN
PTG
QLT
QTC
RCL
SABINA
SALEE
SCBLIF
SCCC
SCG
SEAFCO
SEAOIL
SFP
SIAM
SIRI
SKR
SMG
SMK
SMPC
SMT
SOLAR
SPC
SPCG
SPPT
SST
STANLY
STEC
STPI
SUC
SWC
SYMC
SYNEX
SYNTEC
TASCO
TBSP
TEAM
TFD
TFI
THANA
THIP
THREL
TIC
TICON
TIW
TKS
TLUXE
TMI
TMT
TNDT
TPC
TPCORP
TRT
TRU
TSC
TTCL
TUF
TVD
TWFP
UMI
UP
UPF
UPOIC
UT
UV
UWC
VIH
WAVE
WHA
WIN
WINNER
YUASA
ZMICO
IOD (IOD Disclaimer)
การเปิดเผลผลการสารวจของสมาคมส่งเสริมสถาบันกรรมการบริษัทไทย (IOD) ในเรื่องการกากับดูแลกิจการ (Corporate Governance) นี้เป็นการ
ดาเนินการตามนโยบายของสานักงานคณะกรรมการกากับหลักทรัพย์และตลาดหลักทรัพย์ โดยการสารวจของ IOD เป็นการสารวจและประเมินจากข้อมูลของบรษัทจด
ทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยและตลาดหลักทรัพย์เอ็มเอไอ ที่มีการเปิดเผยต่อสาธารณะและเป็นข้อมูลที่ผลู้ งทุนทั่วไปสามารถเข้าถึงได้ ดังนั้นผลสารวจ
ดังกล่าวจึงเป็นการนาเสนอในมุมมองของบุคคลภายนอกโดยไม่ได้เป็นการประเมินการปฏิบัติและมิได้มีการใช้ข้อมูลภายในในการประเมิน
อนึ่ง ผลการสารวจดังกล่าว เป็นผลการสารวจ ณ วันที่ปรากฎในรายงานการกากับดูและกิจการบริษัทจดทะเบียนไทยเท่านั้น ดังนั้นผลการสารวจจึงอาจ
เปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้ นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการสารวจดังกล่าวแต่อย่างใด