http://kelive.kimeng.co.th/kelive/userview/Home.jsp?cntry=TL&lang=enKELive Live Market Analysisen02/03/2012Copyright 2006 Kim Eng Securities(Thailand) Plc.http://kelive.kimeng.co.th/kelive/Images/th/kelive_logo.gifhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9465Gradual improvement in the first quarter. For 1Q11/12, we estimate TTA will report a 30% qoq smaller loss of -Bt130mn from a lack of fleet development expenses with a dry bulk - revenue reduction. We believe the TTA recovery will continue from 2Q11/12 onward after the end of the monsoon season with a likelihood of better freight rates from February and resumption of operations at UMS. With a Jaroonpan Wattanwong Stock Focus02/03/2012 1:51:18 PMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9464Even with the flood impact, an upgrade to BUY. The MAJOR norm profit is forecast to decline marginally yoy with an expected 2H11 dividend of Bt0.37. MAJOR will see healthy growth this year with an excellent movie line up, branch expansion, a rising ATP and higher contributions from SF. Based on a slight revision and WACC reduction, our fair value is upgraded to Bt18.20 with an upgraded rating toSuttatip Peerasub Stock Focus02/02/2012 10:54:28 AMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9463We have maintain our positive view on STEC due to the solid backlog and limited impact from the floods. We have revised our 2011 net profit projection up by 3% to Bt830mn (+87% yoy) from controlled cost management. In 2012, revenue to be recognised this year will be about Bt17.5 ? 18bn. Hence, we have upgraded our 2012 revenue projection by 9% to Bt17.498bn (+21% yoy) and upgraded the net profitTermporn Tantivivat Stock Focus02/02/2012 10:43:10 AMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9462Warrants of NEP REALTY AND INDUSTRY PUBLIC COMPANY LIMITED (NEP-W2) will begin trading on the Thai stock market on February 2, 2012. These warrants have a 5 years maturity and can be converted into common shares at a 1:1 ratio priced at Bt0.50 each. The first exercise date is March 15, 2012.Woraphon Wiroonsri (Analyst) Rungrawee Sae-Tang (Assistant Analyst) Stock Focus02/02/2012 9:08:34 AMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9461Inline core profit. PTTEP posted better-than-estimated 4Q11 earnings due mainly to a US$35mn other revenue item from ?farming out? stakes in 5 projects. When excluding this item, the earnings were inline with our estimates. In 1Q12, profits will slightly improve, as increased sales volume may be offset somewhat by higher exploration costs. Although PTTEP has a solid current financial positionSutthichai Kumworachai Stock Focus02/01/2012 11:20:03 AMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=94604Q11 recurring earnings to grow both yoy and qoq. We expect the 4Q11 recurring earnings to grow both yoy and qoq to Bt601m supported by strong food sales and hotel business that saw a limited impact from the Thai floods. MINT will also book revenue from sales of the St. Regis condo of around Bt500m and a full quarter?s revenue from Oaks. We have revised our 2011F earnings downward as MINT will Watchara Satitpornumnuay Stock Focus02/01/2012 10:59:21 AMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9459Based on seasonal impact, the CPF earnings are expected to drop qoq, however, the normalised profit should still surge 65% yoy with an estimated 2H11 dividend of Bt0.65/share. The company result will improve significantly from 1Q12 onward, thanks to the CPP consolidation from mid March. Initially, the 2012 net profit is forecast to grow 39% yoy with our fair value rising to Bt38.75 and a BUY Suttatip Peerasub Stock Focus02/01/2012 10:17:26 AMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9458Tonen General (TG) has agreed to acquire 99% of Exxon Mobil Yugen Kaisha (EMYK) a business partner with Exxon Mobil (EM). The value of the deal was set at Y302bn or US$3.94bn (including 200mn TG shares owned by EMYK) for an implied replacement cost of US$15,950/bbl for the refinery units. This deal reaffirms the possibility that EM may consider a reduction or sale of the stake in Thai asset, ESSOSutthichai Kumworachai Stock Focus02/01/2012 9:46:31 AMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9457Investment Thesis. We recommend a Buy on SMIT with a Bt4.50/share fair value for a large 40% upside with a 3-year average dividend yield of 8.5%.SMIT earns additional benefits from the machinery rehabilitation after the 2011 Thai floods damaged machinery and moulds.  SMIT is the top special steels and industrial machinery seller. SMIT growth is moving forward with the Thai automotive industry up Jaroonpan Wattanwong Stock Focus01/31/2012 4:56:55 PMhttp://kelive.kimeng.co.th/kelive/userview/DetailPage.jsp?cntry=TL&lang=en&cat=SF&contId=9456Still positive with great growth. After an analyst's meeting, we are maintaining our positive outlook for the continuing KTB improvement in fundamentals with our forecast of a 29% net profit growth this year. Concerns about a capital raising are not a serious issue, as yet. The current share price still looks cheap with a 4% yield. We reaffirm our BUY rating with a Bt18.0 target price.Woraphon Wiroonsri Stock Focus01/31/2012 11:02:33 AM