KIM ENG RESEARCH CENTER	Thai
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• SIRI <Bt7.45 : HOLD>Share price surge leaves valuations over-stretched (21 Mar 2003)
• NPC <Bt49.50 : BUY>Slight impact from 6-day shutdown of ethylene unit (21 Mar 2003)
• CNS <Bt30 : SPECULATIVE BUY>Poor 1H03 earnings, but share offers rebound potential later this year (20 Mar 2003)
• SPSU <Bt18.50 : BUY>New aggressive strategy to launch new models and regain 20% market share (20 Mar 2003)
• DELTA <Bt25.75 : BUY>Improving margins to boost earnings in 2003 (20 Mar 2003)
• BEC <Bt204 : BUY>Jump in January ad spending bodes well for BEC's earnings prospects this year (20 Mar 2003)
• SITHAI <Bt7.25 : LONG-TERM BUY>Short-term impact from rising raw material prices but stock still offers value for longer term investors (19 Mar 2003)
• GMMM <Bt25.50 : BUY>Boost in 2003 earnings as all units benefit from growth in ad spending (19 Mar 2003)
• STANLY <Bt119 : BUY>Margin squeeze leads to disappointing earnings in final quarter (18 Mar 2003)
• NESDB revises 2003 GDP growth forecast to 4-5% after surprisingly strong 4Q02 economic growth of 6.1% (18 Mar 2003)
• KTC <Bt16.30 : BUY>Ready to do battle with the loan sharks (18 Mar 2003)
• LALIN <Bt33.75 : HOLD>Fair value at Bt39 (18 Mar 2003)
• NVL <Bt5.05 : SPECULATIVE BUY>High dividend yield likely to spur short-term interest in NVL (17 Mar 2003)
• GRAMMY <Bt20.10 : BUY>Earnings upgraded to reflect promising prospects (17 Mar 2003)
• ASSET <Bt24.70 : HOLD>Downgraded to HOLD despite attractive dividend yield (17 Mar 2003)
• GOLD <Bt7.15 : BUY>GOLD shares should regain value (14 Mar 2003)
• BECL <Bt14.30 : BUY>On the right road to strong growth (14 Mar 2003)
• STANLY <Bt121 : BUY>STANLY's 4Q03 earnings expected to more double from the previous year (13 Mar 2003)
• BRC <Bt3.30 : SPECULATIVE BUY>Debt to equity swap very positive, but earnings outlook still isn't (13 Mar 2003)
• Finance & leasing : Vehicles sales surge 48% yoy in February (13 Mar 2003)
• TRAF <Bt3.24 : HOLD>Earnings forecast slashed after poor 4Q02 results (13 Mar 2003)
• LPN <Bt22.30 : BUY>Trading at deep discount to NPV (12 Mar 2003)
• AH <Bt32.75 : BUY ON WEAKNESS>Unimpressive 1Q03 results expected (12 Mar 2003)
• Investment Strategy : Dividend stocks offer best shelter against bombs (12 Mar 2003)
• Investment Strategy : Dividend stocks offer best shelter against bombs (Continued) (12 Mar 2003)
• NVL <Bt5.00 : SELL>Interest rate cuts to put more pressure on margins (11 Mar 2003)
• BAFS <Bt7.65 : ACCUMULATE>Rising volume uplift could add earnings this year (11 Mar 2003)
• CVD <Bt12.60 : BUY>Fair value of movie distributor upgraded to Bt17.10 (11 Mar 2003)
• KGI <Bt3.90 : SELL>Last day to buy to receive Bt2.50/share cash return (11 Mar 2003)
• MATCH <Bt34>Leading TV ad production house to make its debut today (11 Mar 2003)
• PTT <Bt42.75 : BUY>Further upside this year on the back of rising gas demand and improving petrochemical businesses (10 Mar 2003)
• QH <Bt6.30 : BUY>Short-term gains expected on free warrant issue and dividends (7 Mar 2003)
• FANCY <Bt48.50 : BUY>Slightly disappointing 2002 results, but earnings growth prospects remain (7 Mar 2003)
• UV-W1 to begin trading today. (7 Mar 2003)
• JASMIN <Bt4.34 : SELL ON STRENGTH>Positive impact of debt-restructuring deal already factored into JASMIN's share price (7 Mar 2003)
• LH <Bt7.55 : BUY:>Rising margins help offset a slowdown in 4Q02 sales (6 Mar 2003)
• CFRESH <Bt4.60 : HOLD>Provisioning on inventory leads to a big 4Q02 loss (6 Mar 2003)
• VNT <Bt9.45 : BUY>2002 slightly below our expectations but outlook is bright (6 Mar 2003)
• ITD <Bt17.50 : HOLD>Strong 4Q02 results but doubts remain over near-term prospects (5 Mar 2003)
• EGCOMP <Bt39.75 : HOLD>Maintenance costs pull down 4Q02 earnings (5 Mar 2003)
• S&P <Bt24.40 : BUY>Restaurant chain offers growth potential and high dividend yield of 7.78% (5 Mar 2003)
• AMATA <Bt3.86 : BUY>166% jump in 2002 earnings from industrial land sales (5 Mar 2003)
• FNS <Bt18.70 : BUY>2002 earnings rise 55% to Bt227mn (5 Mar 2003)
• TA <Bt4.50 : ACCUMULATE>Weaker 4Q02 results from TAO and non-recurring items (5 Mar 2003)
• UBC <Bt15 : BUY>Bt160 hike in subscribers should boost UBC's performance (5 Mar 2003)
• TRAF <Bt4.06 : HOLD>Rating downgrade on disappointing 4Q02 results (5 Mar 2003)
• MS <Bt1.30 : AVOID>6-month results show no clear sign of recovery (5 Mar 2003)
• TRU <Bt8 : HOLD>Delays in Isuzu D-MAX model depress 4Q02 results (4 Mar 2003)
• January economic numbers look very promising (4 Mar 2003)
• AH <Bt35 : BUY ON WEAKNESS>Slump in jig sales triggers 74% qoq plunge in 4Q02 earnings (4 Mar 2003)
• HANA <Bt72 : BUY>Earnings (minus AIT) exceed expectations (4 Mar 2003)
• PTT <Bt44 : BUY>Very impressive 2002 earnings of Bt24,507mn (4 Mar 2003)
• BANPU <Bt39 : BUY>Indocoal production lifts 2002 earnings (4 Mar 2003)
• CPF <Bt4.12 : BUY ON WEAKNESS>Disappointing 4Q02 results as margins continue to narrow (4 Mar 2003)
• GMMM <Bt26 : BUY>Full effect of subsidiary contributions not yet seen in 2002 results (4 Mar 2003)
• SHIN <Bt12 : BUY>SHIN’s improving status will help narrow the gap between market price and NAV (4 Mar 2003)
• GRAMMY <Bt20.30 : BUY>Bird success lifts GRAMMY's earnings to new highs (4 Mar 2003)
• PF <Bt7.30 : BUY>Asset reappraisal boosts bottom line (3 Mar 2003)
• SUSCO <Bt0.73 : ACCUMULATE>2002 earnings slightly better than expected (3 Mar 2003)
• APC <Bt3.32 : AVOID>APC turns slightly profitable in 4Q02, but future earnings prospects still unclear (3 Mar 2003)
• INET <Bt4.38 : BUY>Disappointing 2002 earnings, but INET is still paying out dividend yielding 4.4% (3 Mar 2003)
• THANI <Bt12.10 : HOLD>Par split and free warrants boosts interest in THANI shares (3 Mar 2003)
• GFPT <Bt37 : SELL>Cash call isn’t good for short-term investors (3 Mar 2003)
• CPN <Bt25.25 : BUY>Strong earnings performance expected to continue into this year  (3 Mar 2003)
• ROBINS <Bt2.34 : LONG-TERM BUY>Earnings downgrade due to lower-than-expected results (3 Mar 2003)
• SITHAI <Bt7.60 : LONG-TERM BUY>2002 earnings below expectations due to rising raw material prices (3 Mar 2003)
• BAFS <Bt7.85 : ACCUMULATE>Full-year earnings of Bt320mn in line with expectations (3 Mar 2003)
• SPSU <Bt18.10 : BUY>Smashing 4Q02 earnings due to Smash Junior (3 Mar 2003)
• BAT-3K <Bt40.25 : BUY>Impressive 77% yoy increase in 4Q02 earnings (3 Mar 2003)
• BECL <Bt15 : BUY>Earnings beat expectations (3 Mar 2003)
• SMC <Bt2.26 : SELL>Investment losses and weak Volvo sales drive SMC into the red (28 Feb 2003)
• KTC <Bt16.40 : BUY>Credit card boom helps KTC's 2002 earnings climb 17% (28 Feb 2003)
• YUASA <Bt27.50 : LONG-TERM BUY>Depreciation costs and production changes trim 4Q02 earnings (28 Feb 2003)
• UCOM <Bt10.10 : SWITCH>Asset impairment expense worsens UCOM's results (28 Feb 2003)
• NOBLE <Bt8.20 : BUY>Earnings hit the target (28 Feb 2003)
• SATTEL <Bt10.10 : HOLD>Disappointing results add to market worries about Thaicom 3 and iPSTAR (28 Feb 2003)
• KCE <Bt54 : BUY>Strong growth despite pricing pressures (28 Feb 2003)
• VNG <Bt6.75 : BUY>39% jump in 2002 earnings to Bt1,153mn (28 Feb 2003)
• MODERN <Bt22.80 : BUY>2002 earnings decline 39% from impairment loss, but dividend pay out still attractive and prospects still bright (28 Feb 2003)
• PTTEP <Bt127 : BUY>PTTEP rewards shareholders with dividend of Bt6.75 from 2002 earnings of Bt12bn. (28 Feb 2003)
• ITV <Bt4.70 : BUY ON WEAKNESS>Improving performance, but bottom line remains in the red (28 Feb 2003)
• TASCO <Bt17.30 : HOLD>Huge 4Q02 loss from extra items and delayed spending by Highway Department (27 Feb 2003)
• BAT-3K <Bt38.25 : LONG-TERM BUY>Expectations of strong 4Q02 earnings (27 Feb 2003)
• ATC <Bt8.95 : SHORT-TERM BUY>Stronger petrochemical prices boosts 4Q02 results and 2003 earnings outlook  (27 Feb 2003)
• BEC <Bt208 : BUY>4Q02 results disappointing, but outlook remains positive (27 Feb 2003)
• ADVANC <Bt36.25 : BUY>Better than expected EBITDA and dividend payout (27 Feb 2003)
• TT&T <Bt2.42 : TAKE PROFIT>Lower-than-expected normalised profit for 2002 (26 Feb 2003)
• TNITY <Bt5.80 : SELL>Earnings meet forecast despite Bt7mn loss in 2H02 (26 Feb 2003)
• SUPALI <Bt2.64 : SELL>4Q02 results slightly below expectations (26 Feb 2003)
• MLINK <Bt36.50 : TAKE PROFIT>Market looking forward to MLINK's dividends from 2H02 earnings (26 Feb 2003)
• HMPRO <Bt2.04 : BUY>Earnings forecast revised up and target price upgraded to reflect growth prospects (26 Feb 2003)
• SPL <Bt34.50 : BUY>Earnings rise 15% in 2002 on strong demand for auto loans (25 Feb 2003)
• PDI <Bt9.55 : SELL>Disappointing 2002 loss of Bt29mn on falling zinc prices (25 Feb 2003)
• TASCO <Bt17.30 : HOLD>Expect 4Q02 loss on delayed spending by the Rural Highway Department (25 Feb 2003)
• BIGC <Bt14.60 : BUY>BIGC's shares yet to reflect big jump in 4Q02 earnings (25 Feb 2003)
• GFPT <Bt38 : SELL>Avoid a dividend trap (24 Feb 2003)
• NPC <Bt50.50 : BUY>2002 earnings in line with expectations/2003 earnings prospects look good on rising petrochemical prices (24 Feb 2003)
• NMG <Bt12.70 : BUY>Lower-than-expected results, but outlook remains positive (24 Feb 2003)
• MAKRO <Bt35 : SELL>Poor 4Q02 results on narrowing margins (24 Feb 2003)
• KWH <Bt2.46 : HOLD> KWH continues to disappoint with lower 4Q02 earnings (21 Feb 2003)
• AMATA <Bt18.90 : BUY>Leader in Thailand's industrial estate market (21 Feb 2003)
• Energy sector preview : Strong 4Q02 earnings and high dividend yields (21 Feb 2003)
• HMPRO <Bt1.99 : BUY>Housing boom helps HMPRO's earnings surge 77% qoq in 4Q02 (21 Feb 2003)
• SHIN <Bt11.50 : BUY>2002 earnings forecast trimmed by 4.1% (20 Feb 2003)
• UCOM <Bt10.80 : SWITCH>4Q02 loss and slowdown in network solution business to cap UCOM's near-term upside (20 Feb 2003)
• BECL <Bt14.60 : BUY>Traffic is good business (20 Feb 2003)
• UBC <Bt15.20 : BUY>Results were better than expect (20 Feb 2003)
• KGI <Bt4.04 : SELL>SEC approves KGI’s cash return of Bt2.50 per share (20 Feb 2003)
• GFPT <Bt44.75 : SELL>4Q02 earnings plunge 88% yoy (20 Feb 2003)
• CCET <Bt31.50 : BUY>Earnings rebound ahead after weak 4Q (19 Feb 2003)
• MAKRO <Bt33.50 : SELL>No real excitement expected in 4Q02 results or 2003 prospects (19 Feb 2003)
• THAI <Bt30.25 : ACCUMULATE>THAI reports impressive 234% yoy increase in 1Q02/03 earnings (19 Feb 2003)
• US <Bt11.50 : SELL>4Q02 surge in operating expenses trims US’s full-year earnings to just Bt86mn (19 Feb 2003)
• MAJOR <Bt77 : BUY>As expected, MAJOR announces impressive 4Q02 earnings (19 Feb 2003)
• CVD <Bt13 : BUY>CVD shares jump 30% on expectations of a continuing turnaround in earnings (19 Feb 2003)
• TGP <Bt3.46 : BUY>Rainy season fails to dampen TGP’s earnings growth (18 Feb 2003)
• PL <Bt25.25 : HOLD>1Q03’s earnings jump 41% yoy (18 Feb 2003)
• ITD <Bt20.30 : Short-term SELL>Weak earnings outlook in the short-term (18 Feb 2003)
• IRC <Bt61.50 : HOLD>Strong fundamentals but stock is nearly fully-valued – downgrade to HOLD (14 Feb 2003)
• IT CITY : Leading PC / Peripheral Retailer (14 Feb 2003)
• FANCY <Bt50 : BUY>Furniture Stock with Strong Growth Potential (14 Feb 2003)
• YUASA <Bt28 : BUY>Depreciation costs and production changes to trim 4Q02 earnings (14 Feb 2003)
• SPSU <Bt16.50 : BUY>Earnings forecast revised up 16% to Bt274mn after motorcycle sales growth accelerates in January (13 Feb 2003)
• ATC <Bt10 : TAKE PROFIT>Despite recent increase in paraxylene prices, ATC shares are fully valued (13 Feb 2003)
• MODERN <Bt23.70 : BUY>Benefiting from recovery in office/home furnishing market (13 Feb 2003)
• ASSET <Bt27 : BUY>Revival of IPO market boosts 2002 earnings to Bt112mn (13 Feb 2003)
• METCO <Bt136 : BUY>1Q03 earnings surge 115% to Bt273mn (12 Feb 2003)
• ITV <Bt4.86 : BUY ON WEAKNESS>Lower losses expected in 4Q02 (12 Feb 2003)
• DELTA <Bt30.50 : BUY>Margins on the mend (11 Feb 2003)
• SATTEL <Bt12.20 : HOLD>Market over-reacts to potential loss of Thaicom 3 transponders (11 Feb 2003)
• HANA <Bt70 : BUY>Short-term pain for long-term gains (11 Feb 2003)
• TGP <Bt3.56 : BUY>Oct-Dec earnings expected to fall 8.1% qoq to Bt65.5mn (10 Feb 2003)
• New Finance Minister brings wealth of experience on government revenues (10 Feb 2003)
• SCCC <Bt230 : TAKE PROFIT> 4Q02 bottom line up on extraordinary gain, but operating performance disappointing (7 Feb 2003)
• PICNIC <Bt16.60 : NOT RATE>Picnic Gas and Chemicals Public Company Limited (7 Feb 2003)
• METCO <Bt140 : BUY>Stepping up the technology ladder (7 Feb 2003)
• BAFS <Bt8.50 : ACCUMULATE>4Q02 pickup in flights/volume uplift expected to boost earnings (7 Feb 2003)
• NMG <Bt12.90 : BUY>Expectations of a 107% yoy jump in 4Q02 earnings (7 Feb 2003)
• THANI <Bt10.20 : BUY>THANI on course for strong lending growth in 2003 (6 Feb 2003)
• BEC <Bt220 : BUY>Projected 104% jump in 4Q02 earnings due to ad rate hike and strong ad spending (6 Feb 2003)
• GOLD <Bt8.95 : BUY>Gold to regain its giltter in 2003 (5 Feb 2003)
• Investment Strategy : Waiting for Gulf War II to begin - and end (5 Feb 2003)
• Investment Strategy : Waiting for Gulf War II to begin - and end (Continued) (5 Feb 2003)
• ZMICO <Bt27.25 : BUY>4Q02 earnings jump 63% qoq to Bt33mn (4 Feb 2003)
• GRAMMY <Bt17.90 : BUY>Grammy expected to record very strong earnings growth in 4Q02 (4 Feb 2003)
• SSI <Bt8.95 : HOLD>2003 earnings expected to fall back to normal level (4 Feb 2003)
• ADVANC <Bt35.25 : BUY>Benefits from switch in strategy from growth to improving margins (3 Feb 2003)
• ASL <Bt8.10 : SELL>Fixed rate structure fails to trigger turnaround (3 Feb 2003)
• SCC <Bt1,304 : HOLD>SCC sees further growth in core businesses in 2003, led by 10-15% rise in cement sales (3 Feb 2003)
• December economic data remains favourable, BOT raised 2002-2003 GDP growth up. (3 Feb 2003)
• BCP <Bt4.08 : AVOID>Despite return to profitability in 2002, outlook still tough due to narrowing margins (3 Feb 2003)

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