The Future Growth of Stocks and Investments in Thailand

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1 35 th Bangkok International Motor Show 2014 The Future Growth of Stocks and Investments in Thailand Mr. Charamporn Jotikasthira President The Stock Exchange of Thailand March 2014

2 I. SET: Overview The Thai stock market has played a major role in facilitating investment, promoting the efficient allocation of resources, and stimulating long-term economic growth throughout the past decades. Outstanding value of bank lending, equity market and bond market Billion USD 1, Bank lending Equity Bond % Growth Bond +56% Outstanding USD 274 Billion % 13% 35% 38% Equity 90% of GDP +101% (Market capitalization) USD 356 Billion Bank lending +61% USD 376 Billion ท มา: Bloomberg, The Stock Exchange of Thailand 2

3 I. SET: Overview SET s market capitalization has leapt ahead with regards to IPOs and newly listed companies as well as equity capital raising. Market capitalization from IPO and newly listed companies (Mil Baht) ,506 Equity capital raising of Thai listed companies in SET (Mil Baht) 257, ,008 11,587 12,588 40, ,715 80,584 85,250 28, * 2013 Note: 2012 number includes equity capital raising of PTTEP KTB and SSI of 146,000 million baht. 3

4 I. SET: Overview SET today holds the largest numbers of listed companies with market capitalization above US$1billion, and registers the highest value traded in ASEAN. Average Daily Trading Value Unit: billion USD; Data are as of Dec ,576 End of 2012 End of 2013 Number of listed companies having market capitalization >= $1 billion and daily average trading value* >= $10 million Data are as of Dec ,124 1,002 1, Thailand Singapore Malaysia Indonesia Thailand Singapore Malaysia Indonesia Source : World Federation of Exchanges (WFE), Bloomberg *Average daily trading value during Jan Dec **Large-cap listed companies mean companies having market capitalization>= $1 billion and daily average trading value >= $10 million 4

5 II. SET: A Place to Invest Long-term stock performance of SET has been remarkable amid short-term volatility. 1,800 1,600 1,400 1,200 1, Dec 2005 Tsunami Sep 2006 Military Coup Aug 2008 Lehman Brothers bankruptcy 1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 Source: The Stock Exchange of Thailand SET index Oct 2008 Political unrest May 2010 Political unrest Nov 2011 Flood Oct 2013-Mar 2014 Political unrest 5

6 II. SET: A Place to Invest Over the past decade, investment in Thai stocks has yielded the highest returns among financial assets, domestic and foreign. Real returns on financial assets (Nominal returns deducted by inflation) Unit: CAGR (%) Comparisons of returns on investment on Thai and foreign stocks (Nominal returns) Unit: CAGR (%) Thai Stocks Gold Thai Bonds Time Deposit Thailand Thailand Asia Asia excl. World USA World USA Europe Japan Europe Japan (1 year) Japan excl. Source: Stock Exchange of Thailand, Ministry of Commerce, Bloomberg Japan

7 III. Opportunities in the Thai Stock Market 10 (%) The Thai economy has shown impressive resilience to shocks, and will continue to grow over the medium term. Thailand s GDP growth f 2015f Dec 2005 Sep 2006 Aug Global Tsunami Coup Lehman Brothers bankruptcy Sep-Nov 2008 Political unrest and Airport closure Financial Crisis Apr-May 2010 Political unrest Nov-Dec 2011 Flood Oct Mar 2014 Political unrest 5.0 Source: NESDB 7

8 III. Opportunities in the Thai Stock Market In addition, earnings of Thai listed companies have grown robustly. 11, , , , , , Earning of Thai Listed Companies, Unit: Bil Baht 7,274 8,878 10,533 11, Source: SET Income Net profit 3, , , , ,

9 III. Opportunities in the Thai Stock Market Thai listed companies have also shown significant improvement on corporate governance, marking the highest score on ASEAN corporate governance scorecard Hong Kong (67) 2.Singapore (65) 3.India (56) 4.Taiwan (54) 5.Japan (52) 6. Korea (49) 6. Malaysia (49) 8.Thailand (47) 9.China (45) 10.Philippines (41) 11.Indonesia (37) ACGA s CG Watch market scores: 2007 to Singapore (67) 2.Hong Kong (65) 3.Japan (57) 4.Thailand (55) 4.Taiwan (55) 6.Malaysia (52) 7.India (49) 7.China (49) 9.Korea (45) 10.Indonesia (40) 11.Philippines (37) Source: Asian Corporate Governance Association Singapore (69) 2.Hong Kong (66) 3.Thailand (58) 4.Japan (55) 4.Malaysia (55) 6.Taiwan (53) 7.India (51) 8.Korea (49) 9.China (45) 10.Philippines (41) 11.Indonesia (37) ASEAN corporate governance scorecard* % 62.3% 56.1% 48.9% 43.4% Thailand Malaysia Singapore Philippines Indonesia Source: Joint Initiative of the ASEAN Capital Markets Forum and the Asian Development Bank * average total corporate governance score of the country s 100 largest listed companies based on market capitalization Numbers of listed companies invited to Dow Jones Sustainability Index in 2013 Included in DJSI Index component Not included in DJSI Index component Invited list Singapore Thailand * Malaysia Indonesia Philippines

10 IV. Global and Regional Opportunities through Thailand More importantly, Thai listed companies have become global and regional players. Number of Thai listed companies invested abroad Source : The stock exchange of Thailand 10

11 IV. Global and Regional Opportunities through Thailand 3,401 7,474 4,027 8,371 4,864 9,591 5,560 8,375 6,023 10,252 9,290 12,701 11,504 15,133 Foreign trade and investments of Thai listed companies have generated significant portions of foreign revenues. During , revenue from both investment abroad and exports grew rapidly at the annual rates of 19% and 9%, respectively. Revenue of trade and investment abroad reached 40 percent of total revenue of listed companies in recent years. Foreign income of listed companies (million USD) 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Revenue from investment abroad* (19% CAGR) Revenue from exports** (9% CAGR) Notes: * 42 listed companies revenue, ** 85 listed companies revenue Source : The stock exchange of Thailand Revenue of trade and investment abroad to total revenue (%)

12 IV. Global and Regional Opportunities through Thailand In particular, Thailand stands to benefit from our connectivity to high-growth CLMV GDP and Expected GDP growth SET as connectivity for investing in CLMV USD 53 billion 7.0% USD 377 billion 4.7% USD 303 billion 5.2% China USD 14 billion 7.5% Malaysia USD 8,227 billion 7.0% USD 9 billion 7.6% USD 138 billion 5.5% Equity investment in listed companies operating in and exporting to CLMV Investing in holding companies operating abroad Infrastructure funds for infrastructure projects in CLMV Source: : IMF's World Economic Database, forecast as of October

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