Loxley (Loxley TB) Trading Buy. No Surprises. Communications - Telecommunications Target Price: THB10.6 Market Cap: USD540m Price: THB7.

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1 Results Review, Loxley (Loxley TB) Trading Buy Communications - Telecommunications Target Price: THB10.6 Market Cap: USD540m Price: THB7.65 No Surprises Macro Risks Growth Value Vol m May-12 Jul-12 Source: Bloomberg Price Close Loxley PCL (Loxley TB) Sep-12 Avg Turnover (THB/USD) Relative to Stock Exchange of Thailand Index (RHS) Nov-12 Jan-13 Mar m/15.9m Cons. Upside (%) -1.4 Upside (%) wk Price low/high (THB) Free float (%) 65 Shareholders (%) Ekpavee Co. Ltd 26.5 Thai NVDR 3.9 Loxley s 1QFY13 core earnings came in within our expectations, making up about 25% of our FY13 forecast. Revenue grew marginally y-o-y, while core earnings surged 20% on higher associate contributions and a lower effective tax rate. Maintain our forecast and Trading BUY call, with our TP unchanged at THB The proposed listing of Loxley Wireless should provide a positive catalyst for Loxley s share price. Within expectations. Loxley recorded 1QFY13 revenue and net profit of THB3.7bn and THB379.8m respectively, which included a THB180m gain on disposal of investments. Excluding the gain, core net profit came in within our expectations, making up about 25% of our full-year forecast. While core revenue grew by a modest 4.5%, core net profit surged 20% y-o-y due to higher associate contributions (up 52%) and a lower effective tax rate. We expect the group s revenue growth to accelerate in the remaining quarters, driven by higher revenue recognition from its outstanding backlog. However, the earnings growth from the ICT business will be offset by lower associate income following the partial disposal of its stake in Blue Scope JV s companies. Proposed listing of Loxley Wireless. Loxley announced today the proposed listing of its 99%-owned subsidiary Loxley Wireless Company (LWC) through new share issuance. The announcement came in as no surprise to us as Loxley had previously mentioned the possibility of listing some of its subsidiaries to unlock the value and raise capital for future expansion. Further details and the offer price of the listing will be determined upon getting the approval from the authorities. It was announced that 20% of the new share issuance will be allocated to Loxley s shareholders. Maintain Trading BUY. We maintain our forecast and Trading BUY call with an unchanged THB10.60 TP, based on 3.6x FY13 P/BV. The proposed listing of LWC should provide a positive catalyst for Loxley s share price. As a leading ICT contractor, the company is set to benefit from the rising investments in the ICT sector, which will provide it with ample opportunity to further grow its backlog. Thailand Research Team +66 (0) Ext See important disclosures at the end of this report Forecasts and Valuations Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total turnover (THBm) 10,413 14,248 14,279 18,303 20,765 Reported net profit (THBm) (139) Recurring net profit (THBm) Recurring net profit growth (%) 18.2 (16.4) Core EPS (THB) DPS (THB) Dividend Yield (%) Core P/E (x) Return on average equity (%) (3.5) P/B (x) P/CF (x) 20.7 na na EV/EBITDA (x) Net debt to equity (%) Our vs consensus EPS (%) Powered by Enhanced Datasystems EFA TM Platform

2 Financial Exhibits Profit & Loss (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total turnover 10,413 14,248 14,279 18,303 20,765 Cost of sales (8,652) (12,087) (12,093) (15,530) (17,452) Gross profit 1,761 2,160 2,185 2,773 3,313 Gen & admin expenses (1,749) (1,946) (2,016) (2,260) (2,542) Other operating costs (181) (206) Operating profit Operating EBITDA Depreciation of fixed assets (123) (128) (143) (147) (155) Operating EBIT Net income from investments Interest expense (115) (158) (232) (240) (250) Exceptional income - net (343) (12) Pre-tax profit (89) ,065 Taxation (42) (115) (115) (168) (213) Minority interests (8) (7) 3 (5) (5) Profit after tax & minorities (139) Reported net profit (139) Recurring net profit Cash flow (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Operating profit Depreciation & amortisation Change in working capital 1,425 (1,529) (1,865) (359) (583) Other operating cash flow (1,063) 451 (74) Operating cash flow 497 (734) (1,628) Interest received Interest paid (115) (158) (232) (240) (250) Dividends received Tax paid 3 (132) (106) (163) (211) Cash flow from operations 739 (651) (1,582) Other investing cash flow Cash flow from investing activities Dividends paid - (100) (150) (300) (381) Proceeds from issue of shares ,155 - Increase in debt (875) 1,643 1, Other financing cash flow 544 (809) (247) Cash flow from financing activities (331) 735 1,056 1,065 (108) Cash at beginning of period ,299 Total cash generated (372) 1, Implied cash at end of period 1,099 1, ,397 2,962 See important disclosures at the end of this report 2

3 Financial Exhibits Balance Sheet (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total cash and equivalents ,301 2,127 Inventories 665 1,316 1,233 1,504 1,706 Accounts receivable 2,332 2,208 1,885 2,356 2,632 Other current assets 1,106 2,726 4,196 4,510 5,064 Total current assets 4,973 7,233 7,874 10,671 11,530 Total investments 3,563 3,572 3,974 4,045 4,145 Tangible fixed assets 975 1,066 1,121 1,177 1,236 Intangible assets Total other assets Total non-current assets 4,820 5,019 5,456 5,600 5,772 Total assets 9,793 12,252 13,330 16,271 17,302 Short-term debt 1,117 1,956 3,214 3,300 3,400 Accounts payable 1,796 2,827 2,001 2,573 2,919 Other current liabilities 1,988 1,610 1,785 1,991 2,195 Total current liabilities 4,901 6,393 7,000 7,864 8,515 Total long-term debt 324 1,129 1,323 1,386 1,428 Other liabilities Total non-current liabilities 757 1,604 1,829 1,935 2,022 Total liabilities 5,658 7,996 8,828 9,799 10,537 Share capital 2,000 2,000 2,000 2,265 2,265 Retained earnings reserve ,173 1,511 Other reserves 1,554 1,496 1,395 2,833 2,786 Shareholders' equity 3,920 4,047 4,300 6,270 6,563 Minority interests Other equity - (0) (0) (0) (0) Total equity 4,135 4,256 4,502 6,472 6,765 Total liabilities & equity 9,793 12,252 13,330 16,271 17,302 Key Ratios (THB) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Revenue growth (%) Operating profit growth (%) (93.6) (21.2) Net profit growth (%) (144.8) EPS growth (%) (144.8) Bv per share growth (%) (2.8) (7.6) Operating margin (%) Net profit margin (%) (1.3) Return on average assets (%) (1.4) Return on average equity (%) (3.5) Net debt to equity (%) DPS Recurrent cash flow per share 0.37 (0.33) (0.79) See important disclosures at the end of this report 3

4 SWOT Analysis Good track record Strong relationship with existing clients Rising competition Increasing pressure on margins Massive ICT spending in the country Unlocking assets value through listing of its subsidiaries Lacks business focus with overly diversified exposure Lower profit margin against its peers P/E (x) vs EPS growth P/BV (x) vs ROAE 200 5,000% % ,400% 3,800% 3,200% 2,600% 2,000% 1,400% 800% 200% -400% % 11% 9% 6% 4% 1% -1% -4% 0-1,000% 0.0-6% Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 P/E (x) (lhs) EPS growth (rhs) P/B (x) (lhs) Return on average equity (rhs) Company Profile Loxley is a Thai conglomerate company that engages in ICT business, trading, service and investments in JV companies. See important disclosures at the end of this report 4

5 Recommendation Chart Price Close May-08 Aug-09 Nov-10 Mar-12 Source: RHB Estimates, Bloomberg Date Recommendation Target Price Price Source : RHB Estimates, Bloomberg See important disclosures at the end of this report 5

6 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 Disclosure & Disclaimer All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or financial advice to independently evaluate the particular investments and strategies. RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this research report. RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature. The term RHB shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies. All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect. Malaysia This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd ( M), Level 11, Tower One, RHB Centre, Jalan Tun Razak, Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Singapore This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No N), a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as RHBIB, which in turn is a whollyowned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG & Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this report is therefore classified as a non-independent report. As of 15 May 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have proprietary positions in the securities covered in this report, except for: a) - As of 15 May 2013, none of the analysts who covered the securities in this report has an interest in such securities, except for: a) - Special Distribution by RHB Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG & Partners Securities Pte Ltd. Hong Kong This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited ( RHBSHK ) (formerly known as OSK Securities Hong Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as RHBIB ), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company. RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company. 6

7 Risk Disclosure Statements The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK does not maintain a predetermined schedule for publication of research and will not necessarily update this report Indonesia This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Thailand This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Other Jurisdictions In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and regulations of the jurisdictions. Kuala Lumpur Hong Kong Singapore Malaysia Research Office RHB Research Institute Sdn Bhd Level 11, Tower One, RHB Centre Jalan Tun Razak Kuala Lumpur Malaysia Tel : +(60) Fax : +(60) RHB OSK Securities Hong Kong Ltd. (formerly known as OSK Securities Hong Kong Ltd.) 12th Floor World-Wide House 19 Des Voeux Road Central, Hong Kong Tel : +(852) Fax : +(852) DMG & Partners Securities Pte. Ltd. 10 Collyer Quay #09-08 Ocean Financial Centre Singapore Tel : +(65) Fax : +(65) Jakarta Shanghai Phnom Penh PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia) Plaza CIMB Niaga 14th Floor Jl. Jend. Sudirman Kav.25 Jakarta Selatan 12920, Indonesia Tel : +(6221) Fax : +(6221) RHB OSK (China) Investment Advisory Co. Ltd. (formerly known as OSK (China) Investment Advisory Co. Ltd.) Suite 4005, CITIC Square 1168 Nanjing West Road Shanghai China Tel : +(8621) Fax : +(8621) Bangkok RHB OSK Indochina Securities Limited (formerly known as OSK Indochina Securities Limited) No. 1-3, Street 271 Sangkat Toeuk Thla, Khan Sen Sok Phnom Penh Cambodia Tel: +(855) Fax: +(855) RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL) 10th Floor, Sathorn Square Office Tower 98, North Sathorn Road,Silom Bangrak, Bangkok Thailand Tel: +(66) Fax : +(66)

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