KIM ENG Earnings Summary

25/03/2004

Fair

Net Profit (Bt mn)

EPS (Bt)

PER

Stock

Rec

Price (Bt)

Value

2002

2003

2004F

2005F

2002

2003

2004F

2005F

2002

2003

2004F

2005F

Agribusiness

CPF

FULLY VALUED

3.84

3.50

2,609

2,242

2,229

2,552

0.56

0.40

0.29

0.33

6.86

9.60

13.24

11.64

T-LUXE

LONG-TERM BUY

15.40

20.90

41

48

49

59

1.64

1.92

1.95

2.34

9.39

8.02

7.90

6.58

UVAN

LONG-TERM BUY

29.00

34.50

223

400

319

364

2.69

4.26

3.40

3.87

10.78

6.81

8.53

7.49

Bank

BAY

BUY

11.60

16.25

2,119

3,053

5,393

6,828

1.15

1.39

1.89

2.40

10.13

8.35

6.14

4.84

BBL

BUY

92.00

133.00

6,271

11,342

13,658

14,988

4.28

7.69

7.16

7.85

21.52

11.96

12.85

11.72

BOA

HOLD

5.40

5.88

(3,030)

1,818

2,061

2,127

(0.66)

0.36

0.40

0.42

Na

15.00

13.50

12.86

KTB

BUY

10.40

15.25

8,020

8,697

12,854

14,647

0.72

0.78

1.15

1.31

14.50

13.33

9.04

7.94

SCB

BUY

45.50

62.00

(12,488)

12,460

14,265

14,698

(3.99)

3.66

5.31

5.55

Na

12.43

8.57

8.20

SCIB

BUY

25.50

28.60

882

3,606

4,833

5,115

0.54

1.71

2.29

2.42

47.22

14.91

11.14

10.53

KBANK

BUY

48.75

65.00

6,684

14,814

12,520

13,802

2.84

6.30

5.32

5.86

17.16

7.74

9.16

8.31

TMB

ACCUMULATE

4.26

6.10

471

(14,050)

5,069

6,278

0.12

(3.79)

0.49

0.60

35.50

Na

8.69

7.10

Building Material

CCP

BUY

38.00

50.00

(142)

151

208

246

(3.55)

3.65

3.36

3.98

Na

10.41

11.31

9.55

DCC

ACCUMULATE

21.00

28.00

364

504

846

1,007

0.89

1.24

2.07

2.47

23.60

16.94

10.14

8.50

KWH

HOLD

3.52

4.00

55

51

80

106

0.35

0.17

0.27

0.35

10.06

20.71

13.04

10.06

MS

HOLD

2.26

2.52

(117)

(42)

526

778

(0.02)

(0.01)

0.09

0.14

Na

Na

25.11

16.14

Q-CON

FULLY VALUED

16.30

18.20

548

260

394

594

8.75

1.10

0.99

1.48

1.86

14.82

16.46

11.01

SCC

LONG-TERM BUY

216.00

308.00

14,676

19,954

21,554

25,443

12.23

16.63

17.96

21.20

17.66

12.99

12.03

10.19

SCCC

LONG-TERM BUY

226.00

282.00

2,599

3,288

4,199

4,545

10.40

13.15

16.80

18.18

21.73

17.19

13.45

12.43

SINGHA

LONG-TERM BUY

24.40

31.00

61

110

145

168

2.90

2.45

2.27

2.62

8.41

9.96

10.75

9.31

SSI

SPECULATIVE BUY

27.25

35.00

3,434

4,702

3,569

4,515

4.03

5.47

2.72

3.45

6.76

4.98

10.02

7.90

TASCO

FULLY VALUED

36.75

38.00

(91)

(5)

291

390

(0.80)

(0.05)

2.55

3.41

Na

Na

14.41

10.78

TGP

LONG-TERM BUY

4.80

6.60

514

504

552

628

0.51

0.50

0.55

0.63

9.41

9.60

8.73

7.62

TPIPL

BUY

33.75

57.00

(1,453)

4,783

7,452

5,366

(2.86)

9.77

9.23

6.65

Na

3.45

3.66

5.08

TYCN

LONG-TERM BUY

14.20

23.50

450

555

994

1,293

0.89

1.08

1.58

2.06

15.96

13.15

8.99

6.89

VNG

BUY

12.20

18.00

1,153

1,022

1,566

2,154

1.18

0.88

1.20

1.65

10.34

13.86

10.17

7.39

Chemical

NPC

BUY

99.50

149.00

1,375

2,317

3,075

3,976

4.43

7.47

9.92

12.82

22.46

13.32

10.03

7.76

TCB

LONG-TERM BUY

21.50

27.20

628

541

552

582

2.09

1.80

1.84

1.94

10.29

11.94

11.68

11.08

TOC

ACCUMULATE

55.00

75.00

132

1,407

2,797

4,406

0.12

2.27

3.41

5.37

458.33

24.23

16.13

10.24

TPC

BUY

199.00

315.00

1,217

1,306

1,839

2,020

13.91

14.93

21.01

23.08

14.31

13.33

9.47

8.62

VNT

BUY

15.00

21.00

802

871

1,289

1,620

0.89

0.96

1.36

1.71

16.85

15.63

11.03

8.77

Commerce

BIGC

LONG-TERM BUY

18.10

22.20

1,287

1,413

1,513

1,635

1.61

1.76

1.89

2.04

11.24

10.28

9.58

8.87

CP7-11

LONG-TERM BUY

65.00

69.00

964

1,339

1,623

1,840

2.41

3.35

3.69

4.18

26.97

19.40

17.62

15.55

HMPRO

BUY

4.00

5.60

109

207

262

304

0.18

0.27

0.28

0.32

22.22

14.81

14.29

12.50

LOXLEY

BUY

5.00

6.80

1,890

543

847

959

0.95

0.27

0.42

0.48

5.29

18.52

11.90

10.42

MAKRO

LONG-TERM BUY

43.75

47.00

942

902

942

999

3.92

3.76

3.92

4.16

11.16

11.64

11.16

10.52

ROBINS

HOLD

4.40

4.14

15,178

515

541

583

46.94

0.46

0.49

0.52

0.09

9.57

8.98

8.46

Commun

ADVANC

BUY

89.50

104.00

11,430

18,529

19,745

19,996

3.89

6.31

6.72

6.80

23.01

14.18

13.32

13.16

AIT

BUY

40.75

53.00

92

117

150

174

3.10

3.30

3.74

4.36

13.15

12.35

10.90

9.35

INET

BUY

8.20

12.30

80

95

154

208

0.32

0.38

0.61

0.62

25.62

21.58

13.44

13.23

MFEC

ACCUMULATE

7.90

11.40

90

70

143

167

4.51

0.61

0.71

0.83

1.75

12.95

11.13

9.52

SAMART

ACCUMULATE

8.30

10.64

(685)

1,790

554

715

(0.73)

1.89

0.59

0.76

Na

4.39

14.07

10.92

SATTEL

BUY

28.00

46.75

1,411

1,080

678

1,237

3.22

2.47

1.25

2.27

8.70

11.34

22.40

12.33

SIM

BUY

19.40

24.20

(26)

240

444

542

(0.17)

0.56

1.03

1.26

Na

34.64

18.83

15.40

SHIN

BUY

34.50

42.50

5,281

9,723

8,150

8,795

1.80

3.31

2.77

2.99

19.17

10.42

12.45

11.54

TA

SPECULATIVE BUY

7.70

9.10

(5,394)

(5,674)

(5,303)

(8,404)

(1.80)

(1.89)

(1.77)

(2.81)

Na

Na

Na

Na

TT&T

SPECULATIVE BUY

5.30

3.5-7.3

569

984

(46)

174

0.20

0.35

(0.01)

0.06

26.50

15.14

Na

88.33

UCOM

SPECULATIVE BUY

43.75

49.25

350

1,169

1,760

2,023

0.81

2.69

4.05

4.65

54.01

16.26

10.80

9.41

Electric

CEI

HOLD

10.80

12.60

749

362

(79)

164

3.98

1.92

(0.42)

0.87

2.71

5.63

Na

12.41

CTW

HOLD

11.20

11.00

301

359

360

375

0.83

0.99

1.00

1.04

13.49

11.31

11.20

10.77

Energy

BAFS

HOLD

11.20

11.00

320

313

323

329

0.94

0.92

0.95

0.97

11.91

12.17

11.79

11.55

BANPU

LONG-TERM BUY

129.00

169.00

835

2,046

2,746

3,189

3.87

7.75

10.10

11.74

33.33

16.65

12.77

10.99

BCP

NO RATING

14.00

15.70 (DR)

534

(1,275)

352

913

1.02

(2.44)

0.67

1.75

13.73

Na

20.90

8.00

EGCOMP

HOLD

68.00

89.00

2,958

5,994

4,691

5,003

5.64

11.39

8.91

9.50

12.06

5.97

7.63

7.16

LANNA

HOLD

5.80

5.30

119

185

249

15

3.39

5.29

7.11

0.43

1.71

1.10

0.82

13.40

PICNI

BUY

15.00

19.70

616

265

875

870

27.40

3.29

1.46

1.45

0.55

4.56

10.27

10.34

PTT

BUY

148.00

227.00

24,485

39,401

42,400

44,020

8.75

14.09

15.16

15.74

16.91

10.50

9.76

9.40

PTTEP

BUY ON WEAKNESS

264.00

284.00

12,054

12,028

14,834

14,921

18.49

18.45

22.75

22.89

14.28

14.31

11.60

11.53

RATCH

ACCUMULATE

37.00

46.00

4,722

5,436

6,675

6,546

3.26

3.75

4.60

4.51

11.35

9.87

8.04

8.20

RPC

TAKE PROFIT

31.00

35.00

179

236

254

352

3.93

3.62

3.06

4.20

7.89

8.56

10.13

7.38

SUSCO

SPECULATIVE BUY

1.16

1.75

138

92

100

123

0.39

0.10

0.08

0.10

2.97

11.60

14.50

11.60

Entertainment

BEC

ACCUMULATE

18.20

24.10

1,669

1,970

2,096

2,253

0.83

0.98

1.05

1.13

21.93

18.57

17.33

16.11

CVD

SPECULATIVE BUY

27.00

37.00

(68)

94

81

86

0.72

1.50

2.24

2.39

37.50

18.00

12.05

11.30

EGV

HOLD

6.05

8.30

29

89

119

125

0.15

0.24

0.27

0.28

40.33

25.21

22.41

21.61

GMMM

BUY

31.25

38.20

285

386

441

498

4.34

1.97

2.25

2.54

7.20

15.86

13.89

12.30

GRAMMY

HOLD

16.20

20.20

664

525

582

655

1.34

1.07

1.19

1.34

12.09

15.14

13.61

12.09

ITV

TAKE PROFIT

17.10

9.98-26.84

(770)

(660)

(582)

(494)

(0.70)

(0.57)

(0.42)

(0.35)

Na

Na

Na

Na

MAJOR

BUY

14.00

21.00

315

423

570

655

0.57

0.72

0.94

0.87

24.56

19.44

14.89

16.09

MEDIAS

BUY

24.30

42.00

480

459

552

670

4.90

1.76

1.68

2.04

4.96

13.81

14.46

11.91

RS

FULLY VALUED

24.90

28.00

59

108

245

282

25.00

0.83

1.75

2.01

1.00

30.00

14.23

12.39

UBC

TAKE PROFIT

21.00

23.00

(259)

131

337

508

(0.35)

0.18

0.45

0.68

Na

116.67

46.67

30.88

Electronics

CCET

BUY

32.75

45.00

1,597

1,485

1,611

1,740

5.24

4.87

5.28

5.70

6.25

6.72

6.20

5.75

DELTA

BUY ON WEAKNESS

26.50

30.00

3,323

1,896

3,747

5,108

2.80

1.60

3.16

4.30

9.47

16.56

8.39

6.16

DRACO

HOLD

28.50

38.00

69

60

75

92

4.30

3.76

4.71

5.75

6.63

7.58

6.05

4.96

HANA

ACCUMULATE

136.00

155.00

(866)

1,615

2,010

2,339

(5.62)

10.30

12.80

14.90

Na

13.20

10.63

9.13

KCE

BUY

12.60

18.00

148

299

460

555

0.48

0.96

1.48

1.78

26.25

13.13

8.51

7.08

Finance

AST

BUY

79.50

116.00

268

786

1,213

1,259

2.06

5.99

6.20

6.43

38.59

13.27

12.82

12.36

ASSET

BUY

81.00

118.50

112

465

448

494

2.26

7.75

7.46

8.23

35.84

10.45

10.86

9.84

CNS

BUY

78.50

88.00

91

123

517

559

1.26

1.71

7.22

7.80

62.09

45.91

10.87

10.06

FNS

LONG-TERM BUY

41.00

65.00

227

579

677

703

2.27

5.59

6.15

6.39

18.03

7.33

6.67

6.42

KGI

ACCUMULATE

4.52

6.20

534

916

933

1,045

0.31

0.49

0.48

0.54

14.58

9.22

9.42

8.37

KK

BUY

40.75

55.75

1,406

2,065

2,479

2,637

4.03

5.74

6.60

7.00

10.12

7.10

6.17

5.82

KTC

ACCUMULATE

23.80

35.00

141

353

542

747

1.41

2.91

2.17

2.99

16.88

8.18

10.97

7.96

NFS

BUY

15.10

21.25

1,723

2,669

2,812

2,932

1.29

2.00

2.11

2.20

11.68

7.55

7.16

6.87

TISCO

ACCUMULATE

28.75

33.50

1,154

1,890

1,987

2,380

1.63

2.66

2.79

3.34

17.64

10.81

10.30

8.61

TNITY

HOLD

31.00

43.00

70

191

247

262

0.51

1.37

1.77

1.88

61.38

22.63

17.51

16.49

US

HOLD

15.20

19.75

86

216

240

260

0.87

1.43

2.07

2.23

17.47

10.63

7.34

6.82

ZMICO

BUY

10.80

15.10

241

730

959

1,019

0.39

1.05

1.14

1.24

27.69

10.29

9.47

8.72

Food

S&P

BUY

25.00

30.00

203

176

244

239

2.90

2.14

3.49

3.41

8.62

11.68

7.16

7.33

TIPCO

BUY

5.70

9.50

193

298

334

378

0.55

0.76

0.78

0.88

10.36

7.50

7.31

6.48

Hotel

DTC

ACCUMULATE

40.50

52.00

441

314

447

486

5.19

3.72

5.26

5.71

7.80

10.89

7.70

7.09

LRH

BUY

55.00

62.00

153

501

578

659

1.80

5.91

6.83

7.78

30.49

9.31

8.05

7.07

Health Care Services

BH

SELL

58.50

50.00

226

666

794

643

1.31

3.87

4.61

3.73

44.66

15.12

12.69

15.68

Household

FANCY

LONG-TERM BUY

6.70

9.25

449

254

447

487

0.96

0.55

0.95

1.04

6.98

12.18

7.05

6.44

SITHAI

HOLD

8.00

8.00

525

159

171

183

1.84

0.56

0.60

0.64

4.35

14.29

13.33

12.50

MODERN

LONG-TERM BUY

34.50

44.00

96

203

233

255

1.20

2.54

2.91

3.18

28.75

13.58

11.86

10.85

OGC

LONG-TERM BUY

89.00

111.00

216

180

216

226

10.45

8.72

10.44

10.90

8.52

10.21

8.52

8.17

Mining

PDI

SELL

13.90

9.00

(29)

0

83

149

(0.13)

0.00

0.37

0.66

Na

Na

37.57

21.06

Packaging

CSC

HOLD

22.50

32.00

105

180

167

172

2.03

3.47

3.21

3.30

11.08

6.48

7.01

6.82

Printing

MATI

HOLD

110.00

83.50

112

163

171

179

5.45

7.97

8.35

8.74

20.18

13.80

13.17

12.59

NMG

FULLY VALUED

16.30

15.57

(240)

151

145

174

(1.49)

0.94

0.70

0.85

Na

17.34

23.29

19.18

POST

LONG-TERM BUY

58.00

48.75

104

104

169

198

2.08

2.07

3.38

3.95

27.88

28.02

17.16

14.68

Property

AP

BUY

4.88

8.00

688

1,192

1,395

1,479

0.36

0.60

0.60

0.70

13.56

8.13

8.13

6.97

AMARIN

LONG-TERM BUY

13.00

15.90

113

316

328

352

0.47

1.31

1.36

1.46

27.66

9.92

9.56

8.90

AMATA

BUY

12.00

17.20

896

812

910

846

0.84

0.76

0.85

0.79

14.29

15.79

14.12

15.19

BLAND

SPECULATIVE BUY

1.17

2.21

(1,923)

19,030

476

895

(0.03)

1.87

0.05

0.09

Na

0.63

23.40

13.28

CK

BUY

19.00

21.00

(179)

285

909

1,334

(1.70)

0.27

0.87

1.27

Na

70.37

21.84

14.96

CPN

LONG-TERM BUY

47.50

49.00

948

1,197

1,603

1,824

2.57

2.99

3.68

4.19

18.48

15.89

12.91

11.34

EMC

BUY

5.25

6.40

97

109

195

228

1.65

1.85

0.53

0.62

3.18

2.84

9.91

8.47

GOLD

BUY

10.60

17.00

253

454

713

865

0.49

0.73

1.14

1.38

21.50

14.52

9.30

7.68

ITD