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SET News 2/2018
January 5, 2018
SET market report for December 2017 BANGKOK, January 5, 2018 - The Stock Exchange of Thailand (SET) Index ended 2017 at 1,753.71 points – the year’s closing high, up 13.7 percent from end-2016, while a combined market capitalization of SET and Marker for Alternative Investment (mai) hit the fresh record high at THB 17.9 trillion (USD 542.4 billion), up 15.6 percent from end-2016. The average daily trading value of SET and mai in 2017 decreased by 4.6 percent to THB 50.1 billion. SET Senior Executive Vice President Pakorn Peetathawatchai stated the Thai stock market’s highlights in 2017 were as follows:
SET index ended 2017 at the year’s highest closing and just only less than one point behind the previous record closing high on January 4, 1994 (1,753.73 points).
The combined market capitalization of SET and mai hit the new record at THB 17.9 trillion at end-2017.
Foreign investors played an increasing role in boosting trading liquidity to the Thai stock market. Their average daily trading value last year accounted for 30.2 percent, up from 25.6 percent in the previous year.
Key highlights for December Securities:
In December, domestic institutional investors were major buyer in Thai shares, buying a net THB 104.67 billion, while foreign investors sold a net THB 9.04 billion. In 2017, foreign investors were net sellers at THB 26.1 billion, while being on buying spree in Thai bonds.
SET index ended December at 1,753.71 points, up 13.7 percent from end-2016. Three industry groups that outperformed SET Index in 2017 were Industrials, followed by Services and Resources.
Forward P/E ratio of SET was 17.46 times at end-December, while historical P/E ratio stood at 19.06 times. Both forward and historical P/E ratios of the Thai stock market were higher than the average ratio of its Asian peers’ at 16.10 times and 16.24 times, respectively.
Dividend yield ratio of SET was 2.81 percent at end-December, above Asian stock markets' average ratio of 2.47 percent.
A combined market capitalization of SET and mai at end-December was THB 17.9 trillion, rising 15.6 percent from the end of 2016.
The average daily trading value of SET and mai in December amounted to THB 51.5 billion, up 18.1 percent from the same period a year earlier, whereas the average daily trading value of both SET and mai in 2017 decreased by 4.6 percent to THB 50.1 billion.
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Derivatives:
In December, the average derivatives trading volume surged by 51.1 percent year-on-year to 391,640 contracts per day, largely driven by the increase in transactions of Single Stock Futures. From Jan - Dec 2017, the average daily trading volume also rose by 13.6 percent compared to the previous year to 324,217 contracts a day.
“SET… Make it Work for Everyone”
Members of the media please contact the Media Relations Unit, Corporate Communications Dept.: Darawan Maleesri tel: +66 (0) 2009 9484 / Arada Kultawanich tel: +66 (0) 2009 9483 / Kanokwan Khemmalai tel: +66 (0) 2009 9478.
สาํหรบัการประชุมคณะกรรมการ
SET Market Report for December 2017
8 January 2018
Agenda
• SET in the regional context
• Market Activities
2
Net buy / sell
Yearly 6 months Quarterly Monthly
2015 2016 2017 H1/17 H2/17 1/2017 2/2017 3/2017 4/20172017
Oct Nov Dec
THAILAND -4,372 2,240 -796 393 -1,189 185 208 -113 -1,075 -220 -581 -274
INDONESIA -1,580 1,259 -2,960 1,304 -4,264 626 677 -2,110 -2,154 -459 -1,376 -319
PHILIPPINES -1,194 83 1,095 408 687 -349 757 658 29 2 -28 55
VIETNAM 100 -345 1,163 406 757 154 252 219 538 7 459 72
TAIWAN 3,384 10,956 6,489 9,412 -2,922 5,970 3,443 -2,200 -722 1,724 -1,351 -1,095
INDIA 3,274 2,903 8,108 8,506 -398 6,699 1,808 -3,000 2,602 296 3,045 -739
KOREA -3,580 10,480 8,267 9,011 -743 4,766 4,246 -2,777 2,034 2,711 418 -1,097
Source: Bloomberg
Note: exclude mai
Foreign net trading value into regional stock markets
Unit: million USD, Data as of Dec 29, 2017
SET in the regional context
3
Sources: SETSMART, Thai BMA and BOT
4
SET in the regional context
Unit: net flow (billion THB); Data as of Dec 29, 2017
Foreign net flow into Thai bond and equity markets
Net flow
Yearly Quarterly Monthly
2015 2016 2017 1/2017 2/2017 3/2017 4/20172017
Oct Nov Dec
1.Government bond (LB+TB) -71.8 16.4 113.1 51.0 44.6 33.8 -16.3 0.9 -9.2 -8.0
2.Central bank bond -40.4 46.8 104.1 11.6 -18.6 58.3 52.8 -11.7 41.8 22.7
3.Equity -155.6 78.5 -26.0 6.4 6.7 -4.1 -34.9 -7.1 -18.8 -9.0
Total (1+2+3) -267.8 141.7 191.2 69.0 32.7 88.0 1.6 -17.9 13.8 5.7
THB/USD (average) 34.25 35.28 33.92 35.12 34.30 33.37 32.92 33.23 32.92 32.63
THB/USD (end of period) 36.03 35.83 32.57 34.35 33.93 33.31 32.57 33.22 32.64 32.57
5
Source: Bloomberg; * MSCI EM = MSCI Emerging Markets Index
0.01.1 0.1 2.1
2.0 2.5 3.9 3.5 3.4 3.7 4.4 5.4 6.4
-0.9 -0.4
0.2 0.6 0.82.5 2.7 3.3 3.4 3.6 3.7 4.6
6.8
Singapore Korea Japan China Taiwan Hong Kong India Thailand MSCI EM Vietnam Philippines Malaysia Indonesia
USD Local currency
Stock index change (%MTD)
Unit: percent; (end of Nov 2017 – Dec 29, 2017)
SET in the regional context
20.925.1 25.6 27.9 23.4
19.6
37.229.9
24.036.2 34.3 35.0
48.4
9.4 13.7 15.0 18.1 19.1 20.021.8 21.8 25.1
27.934.3 36.0
48.0
Malaysia Thailand Taiwan Singapore Japan Indonesia Korea China Philippines India MSCI EM Hong Kong Vietnam
USD Local currency
Stock index change (%YTD)
Unit: percent; (end of Dec 2016 – Dec 29, 2017)
Source: Bloomberg
Stock index movement (in local currency)
Data as of Dec 29, 2017; rebased end-2016 = 100
SET in the regional context
6
90
100
110
120
130
140
150
31-D
ec-1
6
31-J
an-1
7
28-F
eb-1
7
31-M
ar-1
7
30-A
pr-1
7
31-M
ay-1
7
30-J
un-1
7
31-J
ul-1
7
31-A
ug-1
7
30-S
ep-1
7
31-O
ct-1
7
30-N
ov-1
7
Vietnam
Philippines
Singapore
Indonesia
Thailand
Malaysia90
100
110
120
130
140
150
31-D
ec-1
6
31-J
an-1
7
28-F
eb-1
7
31-M
ar-1
7
30-A
pr-1
7
31-M
ay-1
7
30-J
un-1
7
31-J
ul-1
7
31-A
ug-1
7
30-S
ep-1
7
31-O
ct-1
7
30-N
ov-1
7
MSCI asia ex
JapanMSCI emerging
marketsMSCI frontier
merketsMSCI ASEAN
MSCI world
indexThailand
29-D
ec-1
7
29-D
ec-1
7
11.3
9
12.1
1
14.6
0
15.0
1
13.9
5
16.3
6
17.5
0
16.2
8
17.4
9
16.0
0
28.9
7
10.4
8
13.1
5
14.6
1
14.9
8
15.7
7
15.8
1
17.4
7
19.6
9
20.0
9
17.0
4
36.0
6
10.4
4
13.3
0
14.6
5
15.1
3
15.6
2
16.8
2
18.4
0
19.6
4
20.9
2
17.4
6
35.6
1
Korea Hong Kong China Taiwan Singapore Malaysia Indonesia Vietnam Philippines SET mai
30-Dec-2016 30-Nov-2016 29-Dec-2017
16.8
7
12.1
7
24.1
8
11.9
6
15.1
4
17.2
7
16.4
6
19.5
6
25.3
8
18.5
5
63.2
7
9.48
11.2
1
13.5
1
13.6
4
15.4
4
16.7
5
18.6
6
22.2
8
21.8
2
18.2
9
113.
69
10.2
9
11.1
0
12.8
5
13.9
2
15.5
9
16.7
8
19.2
6
23.1
0
23.2
4
19.0
6
106.
13
Malaysia Singapore Korea Hong Kong Taiwan China Vietnam Philippines Indonesia SET mai
30-Dec-2016 30-Nov-2017 29-Dec-2017
Unit: times
Forward P/E of Thailand and regional comparisons
Source: Bloomberg, *Historical P/E of SET and mai from SETSMART
Forward P/E Ratio : The measure of the price-to-earning ratio (P/E) using forecasted earnings for the next 12 months from analyst consensus in Bloomberg data base.
Historical P/E Ratio: The measure of the price-to-earning ratio( P/E) using trailing 12 months earning in the calculation.
Average of 9 countries as of Dec 29, 2017 is 16.24
7
SET in the regional context
Unit: timesHistorical P/E of Thailand and regional comparisons
Average of 9 countries as of Dec 29, 2017 is 16.10
1.59
1.89
1.81
1.56
2.97
3.76
3.20
3.70
3.96
3.16
1.26
1.41
1.48
1.88
2.06
2.41
3.00
3.28
3.47
3.80
2.89
1.47
1.21
1.44
1.87
1.97
2.23
3.08
3.24
3.42
3.79
2.81
1.45
Korea Philippines China Indonesia Vietnam Singapore Malaysia Hong Kong Taiwan SET mai
30-Dec-2016 30-Nov-2017 29-Dec-2017
Source: Bloomberg
Market dividend yield : Previous 12-month dividend value divided by market capitalization at the end of the month.
Market Dividend Yield
Unit: percent
8
SET in the regional context
Average of 9 countries as of Dec 29, 2017 is 2.47%
68.5
81.3
29.532.3
31.6 35.9
20.221.7
12.812.5
2014 2015 2016 2017 May
17
Jun
17
Jul
17
Aug
17
Sep
17
Oct
17
Nov
17
Thailand Singapore Malaysia
Indonesia Philippines
1,340.81,617.2
866.2 960.6
532.9594.1
394.6 400.6
139.2145.3
2014 2015 2016 2017 May
17
Jun
17
Jul
17
Aug
17
Sep
17
Oct
17
Nov
17
Thailand Singapore Malaysia
Indonesia Philippines
9
Share turnover velocity** (2014 - November 2017)
Unit: percent
Average daily turnover* (2014 - November 2017)
Unit: million USD
SET in the regional context
Source: World Federation of Exchanges (WFE).
* Average daily turnover calculates by trading value / number of business days** The turnover velocity is the ratio between the Electronic Order Book (EOB) turnover of domestic shares and their market capitalization. The value is annualized by multiplying the monthly average by 12.
Source: World Federation of Exchanges (WFE), * Bombay SE 10
3,887
2,096
922 904 752 680 560 268
Indi
a*
Hon
g Ko
ng
Taiw
an
Mal
aysi
a
Sing
apor
e
Thai
land
Indo
nesi
a
Philip
pine
s
4,226
2,217
1,052785 525 488 436 280
Hon
g Ko
ng
Indi
a*
Taiw
an
Sing
apor
e
Thai
land
Indo
nesi
a
Mal
aysi
a
Philip
pine
s
Domestic Market Capitalization
Unit: billion USD; data as of end Nov 2017 (...%) Percentage change (MoM); Oct 2017 - Nov 2017
Number of Listed Companies
Unit: companies; data as of end-Nov 2017(…) Change (MoM); Oct 2017 - Nov 2017
SET in the regional context
vv(2.2%) (1.9%) (1.7%) (-19) (+14) (0)(-1.5%) (1.3%) (0.6%) (0) (+3) (+3)(MoM) (+1)(2.1%) (+8)(-0.5%)
Source: World Federation of Exchanges (WFE).* BSE India Limited 11
SET in the regional context
12.5% 16.7% 20.0% 20.1% 20.9% 22.0%32.4%
42.0%
14.6%18.5%
10.4% 10.8% 14.3% 15.8%33.3% 34.4%
Indonesia Philippine Malaysia Thailand Singapore Taiwan Hong Kong India
USD Local currency
Domestic Market Capitalization (%YTD)
Unit: percent; (end of Dec 2016 - Nov 2017)
-1.5% -0.5%
0.6% 1.3% 1.7% 1.9% 2.1% 2.2%
-2.0% -0.8% -1.2%
0.3%
-0.9%
1.4%
-1.4%
2.3%
Taiwan Indonesia Thailand Singapore Philippine India Malaysia Hong Kong
USD Local currency
Domestic Market Capitalization (%MoM)
Unit: percent; (end of Oct 2017 - Nov 2017)
90
100
110
120
130
30/1
2/20
16
11/1
/201
7
19/0
1/20
17
27/0
1/20
17
6/2/
2017
15/0
2/20
17
23/0
2/20
17
3/3/
2017
13/0
3/20
17
21/0
3/20
17
29/0
3/20
17
7/4/
2017
19/0
4/20
17
27/0
4/20
17
8/5/
2017
17/0
5/20
17
25/0
5/20
17
2/6/
2017
12/6
/201
7
20/0
6/20
17
28/0
6/20
17
6/7/
2017
17/0
7/20
17
25/0
7/20
17
3/8/
2017
11/8
/201
7
22/0
8/20
17
30/0
8/20
17
7/9/
2017
15/0
9/20
17
25/0
9/20
17
4280
4
4304
9
20/1
0/20
17
4274
6
4298
9
17/1
1/20
17
27/1
1/20
17
4307
5
15/1
2/20
17
25/1
2/20
17
INDUSSERVICERESOURCSET50SETFINCIALTECHPROPCONAGROCONSUMP
Source: SETSMART
SET index classified by industry
SET index classified by industry
Unit: percent
Market Activities
(Data as of Dec 29, 2017; rebased end-2016 = 100)
12
Weight Mkt cap.2015 2016 2017 Oct 17 Nov 17 Dec 17 Dec 17
SET -14.0 19.8 13.7 2.9 -1.4 3.3 100%SET50 -18.7 18.6 17.7 2.4 -0.8 4.5 67%
Industrial -9.7 33.6 28.7 3.9 -0.3 4.6 6%Service 2.9 20.7 19.7 3.8 0.8 3.5 25%
Resource -20.7 38.5 19.6 4.7 -2.2 7.3 21%Financial -22.3 17.7 11.5 1.8 2.6 0.9 17%
Technology -34.5 7.5 7.5 0.2 -8.7 4.8 9%Property -0.9 4.0 6.6 1.6 -2.2 0.4 15%
Agro & Food -13.2 36.3 -1.9 3.4 -5.0 1.0 6%Consumption -18.3 6.2 -5.1 0.5 -1.7 1.0 1%
%YoY %MTD
425,
364
338,
836
425,
364
335,
866
331,
510
324,
089
320,
679
318,
952
320,
280
311,
257
312,
852
336,
262
341,
516
337,
670
338,
836
616 540
616 646 613 597 577 569
566 551 547 571 575 547 540
50150250350450550650750
0100,000200,000300,000400,000500,000
2016
2017
(YTD
)
Dec
16
Jan
17
Feb
17
Mar
17
Apr 1
7
May
17
Jun
17
Jul 1
7
Aug
17
Sep
17
Oct
17
Nov
17
Dec
17
15,0
79,2
72
17,5
87,4
33
15,0
79,2
72
15,5
17,9
73
15,3
43,5
15
15,4
91,4
97
15,4
74,2
33
15,4
69,3
37
15,6
12,7
55
15,5
75,6
90
16,0
23,4
41
16,4
71,1
17
17,0
40,7
21
16,8
37,2
77
17,5
87,4
33
1,543 1,754 1,543 1,577 1,560 1,575 1,566 1,562 1,575 1,576 1,616 1,673 1,721 1,697 1,754
100
600
1,100
1,600
0
5,000,000
10,000,000
15,000,000
20,000,000
2016
2017
(YTD
)
Dec
16
Jan
17
Feb
17
Mar
17
Apr 1
7
May
17
Jun
17
Jul 1
7
Aug
17
Sep
17
Oct
17
Nov
17
Dec
17
SET Market capitalization and SET index Unit: Market cap.(million THB) (LHS); Index (RHS)
mai Market capitalization and mai index
Source: SETSMART, data as of Dec 29, 2017.13
Market Activities
Unit: Market cap.(million THB) (LHS); Index (RHS)
SET Market Cap Index
High 17,587,433(Dec 29, 17)
1,753.71(Dec 29, 17)
Low 15,099,014(Mar 13, 17)
1,535.51(Mar 13, 17)
Average 15,954,643
%YTD 16.63% 13.66%
mai Market Cap Index
High 436,825(Jan 5, 17)
646.02(Jan 31, 17)
Low 301,559(Aug 16, 17)
532.37(Aug 21, 17)
Average 326,385
%YTD -20.34% -12.32%
2017 (YTD)
2017 (YTD)
2,2812,358 2,528 2,165 2,339 2,397 2,502
2,429 2,255
616.27
540.37 597.45 565.71 570.66 540.37 574.95 547.16540.37
0
100
200
300
400
500
600
700
800
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2016
2017
Q1/
2017
Q2/
2017
Q3/
2017
Q4/
2017
Oct
17
Nov
17
Dec
17
50,24547,755 48,337
39,924 46,804
55,969
62,11356,458
49,259
1,542.94
1,753.71
1,575.11 1,574.74 1,673.16
1,753.711,721.37 1,697.391,753.71
0
400
800
1,200
1,600
2,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2016
2017
Q1/
2017
Q2/
2017
Q3/
2017
Q4/
2017
Oct
17
Nov
17
Dec
17
SET average daily trading value and SET Index
SET and mai(THB million)
2016 2017(YTD)
H1/2016 H2/2016 H1/2017 H2/2017 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Oct 17 Nov 17 Dec 17
Average daily trading value % YOY
52,52618.56%
50,114-4.59%
46,669-2.16%
58,19441.60%
46,549-0.26%
58,366-7.76%
50,8659.29%
42,089-10.09%
49,143-19.84%
58,3665.96%
64,6151.69%
58,8871.85%
51,51418.09%
Source: SETSMART
Average daily trading value SET Index at the end of period
mai average daily trading value and mai Index
Average daily trading value mai Index at the end of period
14
Unit: Trading value (million THB (LHS); Index (RHS) Unit: Trading value (million THB) (LHS); Index (RHS)
Market Activities
28,265 24,208 22,847 25,569 25,797 19,798 22,986 28,23917,989 19,576
31,080 32,966 27,626 24,221
13,433 15,151 13,703 16,598 14,35213,032 15,482
17,751
14,054 13,964
18,365 18,41618,678 16,014
5,304 5,517 5,2005,834 5,608
4,7785,595
6,081
5,170 5,258
6,332 6,1016,398
5,6955,523 5,238 4,799 5,677 5,107
4,4815,080
6,295
4,270 4,508
6,411 7,1326,186
5,584
53.81% 48.31% 49.08% 47.63% 50.72% 47.04% 46.77% 48.38% 43.36% 45.20% 49.98% 51.02% 46.91% 47.02%
25.57% 30.23% 29.44% 30.92% 28.22% 30.96% 31.51% 30.41% 33.88% 32.24% 29.53% 28.50% 31.72% 31.09%
10.10% 11.01% 11.17% 10.87% 11.03% 11.35% 11.38% 10.42% 12.46% 12.14% 10.18% 9.44% 10.86% 11.05%10.52% 10.45% 10.31% 10.58% 10.04% 10.65% 10.34% 10.79% 10.29% 10.41% 10.31% 11.04% 10.51% 10.84%
2016 2017 H1/2017 H2/2017 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17
Local Investors Foreign Investors Local Institutions Proprietary Trading
15
Average daily trading value and trading proportion classified by investor types
Unit: million THB
Unit: percent
52,52652,526 50,11450,114
Average daily
trading value 46,54946,549
Source: SETSMART, Data as of Dec 29, 2017
Market Activities
58,36658,366 50,86550,865 42,08942,089 41,48341,483 43,30643,306 62,18862,18849,14349,143 64,61564,615 58,88758,887 51,51451,51458,36658,366
Unit: million THB
78,546
-26,103
13,022
-39,126
6,371 6,652
-4,075 -35,051 -7,121 -18,894 -9,036
2016 2017 H1/2017 H2/2017 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Oct 17 Nov 17 Dec 17
Source: SETSMART; Data as of Dec 29, 2017 16
Market Activities
-95,185-26,103
104,66616,622
Local Investors Foreign Investors Local Institutions Proprietary Trading
Unit: million THB
Net trading position classified by investor type (YTD)
Net trading value of foreign investors
18% 20% 18% 22% 17% 20% 20% 24% 22% 22% 28%
13% 12% 12%12%
12% 12% 12% 11% 11% 10%12%
14% 8% 10% 7%11% 8% 8% 7% 7% 7%
6%8%
9% 7% 8% 7% 6% 9% 7% 8% 7%7%
7% 7% 6% 7% 7% 6%7% 7% 6% 8%
7%6% 6% 7% 6% 6% 7%
6% 6% 6% 6%5%
5% 4% 5% 5% 5% 5%4% 5% 7% 5%
4%2% 3% 5% 3% 5% 3%
3% 4% 5% 3%2%
4% 3% 3% 3% 3%2%
3% 2% 3% 2% 2%
23% 26% 27% 27% 27% 32% 26% 27% 26% 29% 26%
2016 2017 H1/2017 H2/2017 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Oct 17 Nov 17 Dec 17
Proportion of trading value by sector
Unit: percent , data as of Dec 29, 2017
Source: SETSMART
Market Activities
Daily average trading value (Unit: million THB)
SET10
SET11-30
SET31-50SET51-100
Non SET100 and mai
Proportion of trading value by market cap
Unit: percent , data as of Dec 29, 2017
46,54950,114 58,366
28% 25% 25% 25% 24% 25% 26% 23% 23% 22% 25%
21% 18% 18% 18% 18% 17% 20% 17% 16% 18% 18%
9%11% 11% 11% 11% 12% 11% 11% 11% 9% 11%
12% 14% 13% 15% 12% 14% 14% 16% 16% 16% 14%
30% 32% 34% 31% 35% 32% 29% 33% 34% 34% 32%
17
CommerceTransportation
Bank
Information & Communication Technology
Energy
Construction materialsFood & Beverage
Others
50,865 42,08952,526 49,143
FinanceConstruction
64,615 58,88758,366 51,514
Number of active investors and active rate* Unit: No. of accounts (LHS); % active rate (RHS)
Source: SET; Note: 1. 12-month average 2. December info
* calculated by number of active accounts / total accounts; active account is account which trade at least once a month** Data as of Dec 21, 2017 18
Market Activities
311,907 335,302 370,530 336,901 384,835 366,720 358,135 323,271351,170 351,331 332,783 354,027 388,357 389,465 390,421
26.2% 25.7% 27.6% 24.9%28.2% 26.6% 25.7%
23.1% 24.8% 24.6% 23.1% 24.4% 26.5% 26.4% 26.1%
0%
10%
20%
30%
40%
0
200,000
400,000
600,000
800,000
2015 2016 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17
clients active rate
2015 20162016 2017
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Number of investors (accounts) 1,244,9072 1,353,2252 1,344,897 1,353,225 1,364,720 1,376,839 1,391,818 1,402,234 1,414,331 1,426,178 1,437,826 1,450,697 1,464,845 1,477,606 1,496,421
% YoY of Number of accounts 13.3%2 8.7% 2 7.4% 8.2% 8.7% 9.3% 9.5% 9.6% 9.7% 9.5% 10.1% 10.0% 10.1% 11.0% 11.3%
Trading Value / Accounts
(Million baht)
2.872 3.182 3.43 2.59 3.03 2.71 2.77 2.11 2.57 2.68 2.37 2.69 3.36 3.15 3.32
% YoY of trading value / Accounts -10.8% 10.8% 26.0% -11.1% -8.7% -15.2% -30.7% -18.7% -2.9% -20.8% -23.2% -20.6% 2.8% -2.2% -3.3%
1 1
Source: SET; Note: 1. monthly average value 2. calculated by average of monthly internet trading value / average of monthly total trading value Active internet investors is account which trade at least once a month. ; Data as of Dec 21, 2017. 19
Market Activities
224,726 235,570 257,634 234,997 269,618 257,421 251,161 244,579 244,637243,864 227,873 244,646 270,587 272,254 273,364
16% 5% 21% 15% 43% 38% 17% 10% 14% 3% -12% -13% -1% -1%6%
-100%0%100%200%300%
0
100,000
200,000
300,000
2015 2016 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17
339,746 372,805478,158
320,529 425,657325,478 320,370
204,788 285,124310,820
228,179 285,833
450,532 431,925 416,499
-2% 10% 56% 12% 41% 13% -22% -18% 5% -21% -44% -42% 6% 1% -13%-200%-100%0%100%200%300%
0
200,000
400,000
600,000
2015 2016 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17
Number of active internet investor’s account
% Internet trading value 20152 20162 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17
Comparing with total trading value (%) 37.9 34.9 37.6 36.7 36.5 32.8 32.3 30.0 31.6 33.1 29.0 30.0 34.5 35.2 32.1
Comparing with trading value of local investors,
excludes local institution (%)
64.0 64.9 63.4 67.5 66.0 68.0 67.3 66.3 67.4 68.2 66.8 66.4 69.0 69.0 68.5
Unit: No. of accounts (LHS); %YoY (RHS)
1 1
Internet Trading Value Unit: million THB (LHS); %YoY (RHS)
1 1
Fund type
2016 2017 Sep 17 Oct 17 Nov 17 Dec 17
Equity Fund 1,141,779 1,375,319 1,230,173 1,273,936 1,294,235 1,375,319 20.5% 27.6%
Fixed Income Fund 2,508,995 2,712,984 2,712,954 2,725,396 2,697,347 2,712,984 8.1% 54.4%Mixed Fund 297,695 371,759 338,092 350,280 359,379 371,759 24.9% 7.5%Property Fund 287,629 204,053 215,301 215,788 215,115 204,053 -29.1% 4.1%Infrastructure fund 235,937 247,296 243,118 244,838 248,497 247,296 4.8% 5.0%Others 87,511 76,434 66,525 69,223 71,293 76,434 -12.7% 1.5%Total 4,559,545 4,987,846 4,806,163 4,879,462 4,885,866 4,987,846 9.4% 100.0%
Domestic Equity Fund (Exclude Vayupak Fund) 619,808 773,357 709,704 701,318 712,304 773,357 24.8% 56.2%Vayupak Fund 328,726 369,250 359,191 359,918 359,145 369,250 12.3% 26.8%Foreign Equity Fund 193,245 232,712 205,041 212,701 222,785 232,712 20.4% 16.9%Total 1,141,779 1,375,319 1,273,936 1,273,936 1,294,235 1,375,319 20.5% 100.0%
Long-Term Equity Fund (LTF) 337,392 397,126 345,260 356,838 359,241 397,126 17.7% 28.9%Retirement Mutual Fund - Equity (RMFEQ) 73,467 100,576 84,841 88,694 90,626 100,576 36.9% 7.3%Trigger Equity Fund 18,859 2,059 3,512 2,612 1,775 2,059 -89.1% 0.1%Other Equity fund 383,334 506,307 437,368 465,875 483,448 506,307 32.1% 36.8%Vayupak Fund 328,726 369,250 359,191 359,918 359,145 369,250 12.3% 26.8%Total 1,141,779 1,375,319 1,230,173 1,273,936 1,294,235 1,375,319 20.5% 100.0%
Net asset value
End of year End of Month%YTD % proportion
Equity fund classified by destination
Equity fund classified by special fund group
Source: Summation of Asset Size by Classification report, Association of Investment Management Companies
Note: In Jan 2017, AIMC adjusted fund type of 1 Mixed funds to Others fund
Asset under management
20
Market Activities
Unit: million THB; as of Dec 29, 2017
Average daily trading contract classified by instruments
Unit: contracts; Data as of Dec 29, 2017
2016 2017 %YOY3 H1/2017 H2/2017 Q1/17 Q2/17 Q3/17 Q4/17 Nov 17 Dec 17 %MOM4
SET50 Index Futures1
131,938 107,873 -18.24% 95,626 120,120 100,757 90,324 114,374 126,059 118,477 122,548 3.44%
SET50 Index Options 1,757 4,433 152.13% 2,795 6,072 2,450 3,151 6,992 5,121 3,913 5,358 36.93%
Single Stock Futures 138,634 194,593 40.36% 173,986 215,201 189,815 157,628 185,388 246,007 211,763 244,754 15.58%
50 Baht Gold Futures 747 783 4.82% 658 909 693 622 1,139 670 638 723 13.32%
10 Baht Gold Futures1
11,155 14,347 28.61% 11,117 17,577 9,093 13,209 19,721 15,362 15,091 15,555 3.07%
Interest Rate Futures1
- - n.a. - - -- - - - - - n.a.
Silver Futures1 - - n.a. - - - - - - - - n.a.
Brent Crude Oil Futures1 119 - n.a. - - - - - - - - n.a.
USD Futures1 838 1,422 69.69% 1,073 1,770 907 1,244 1,927 1,609 1,747 1,960 12.19%
Sector Index Futures1 - - n.a. - - - - - - - - n.a.
Agricultural Futures6 1 44 4,300.00% 31 56 7 55 79 32 24 25 4.17%
Gold Deferred,6- 722 n.a. - 722 - - 828 713 639 718 12.36%
All Products2
285,189 324,217 13.68% 285,284 362,427 303,721 266,234 330,448 395,573 352,292 391,640 11.17%
Source: SETSMART
Note1 Calculate from the total volume traded during
that period, divided by the number of
business days in that period.2 Calculate by total trading volume of each
instrument / number of business days of
each instrument.3 Calculated from the average daily trading
volume of 2016 with 2017 (YTD).4 Calculated from the average daily trading
volume in November 2017 compared with
October 2017.5 TFEX ready for first agricultural trading
"RSS3 Futures" on Feb 15, 20166 TFEX ready for gold deferred futures trading
on Sep 4, 2017
Market Activities: TFEX
21
Source: SET; Data as of January 4, 2018. 22
Market Activities
Accumulated fund raising value in 2017
Unit: million THBFund raising value
Accumulated fund raising value in December 2017
New IPOs:1. GULFEnergy
Development Plc. (GULF). Value 28,999 million baht
2. Thonburi Healthcare Group Plc. (THG). Value 3,230 million baht
3. Humanica Plc. (HUMAN). Value 720 million baht
4. CPT Drives And Power Plc. (CPT) Value 621 million baht
5. Grand Prix International Plc (GPI). Value 350 million baht
6. Vintcom Technology Plc. (ADB).Value 230 million baht
7. Dusit Thani Freehold And Leasehold Real Estate Investment Trust (DREIT).
8. CPN Retail Growth Leasehold REIT (CPNREIT).
Property
66,488
Resources
61,120
mai
22,633
Financials
23,141
Industrials
22,412Services
21,941 Concumption
4,731
Technology
4,084
Others
181
Agro and
Foods
31,913
Property
5,117
Resources
23,999
mai
3,180
Services
5,705
Technology
1,673
Consumption
4,028
Type Yearly % YoY Quarterly Monthly
2016 2017 2/2016 3/2016 4/2016 1/2017 2/2017 3/2017 4/2017 Oct 17 Nov 17 Dec 17
Initial Public Offering 52,781 106,280 101.36% 9,195 11,062 31,168 2,346 29,949 23,550 50,433 6,897 6,070 37,467
Secondary Offering 199,529 152,363 -23.64% 75,407 93,821 16,487 25,314 34,498 67,807 24,744 6,162 11,727 6,855
- Public Offering 1,339 2,083 55.56% - - 1,339 - 1,351 - 732 - - 732
- Private Placement 20,245 56,622 179.68% 1,538 1,712 8,511 21,038 4,100 25,314 6,170 1,242 1,263 3,666
- Convertible Bond - - n.a. - - - - - - - - - -
- Warrant 63,672 31,805 -50.05% 51,328 7,445 3,207 1,740 2,486 17,364 10,216 341 9,702 173
- Right Offering 114,272 61,852 -45.87% 22,541 84,664 3,430 2,536 26,562 25,129 7,625 4,579 763 2,284
Grand Total 252,310 258,642 2.51% 84,602 104,884 47,655 27,660 64,447 91,358 75,178 13,059 17,797 44,322
Appendix 1 Market Statistics
As end of December 2017 2015 2016 2017 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Oct 2017 Nov 2017 Dec 2017
SET
SET Index 1,288.02 1,542.94 1,753.71 1,575.11 1,574.74 1,673.16 1,753.71 1,721.37 1,697.39 1,753.71
Market Dividend Yield (%) 3.36 3.04 2.70 3.13 3.09 2.89 2.70 2.79 2.83 2.70
Market P/E Ratio 1/ 22.57 18.55 19.06 17.38 16.32 17.90 19.06 18.56 18.29 19.06
Market P/BV 1.74 1.96 2.13 1.93 1.89 2.02 2.13 2.09 2.02 2.13
Total Turnover Value (M.Baht) 9,997,371.76 12,259,773 11,652,311.49 2,996,891.18 2,395,435.55 2,901,836.71 3,358,148.05 1,180,152.73 1,242,069.44 935,925.88
Daily Turnover Value (M.Baht) 41,141.45 50,245 47,755.37 48,336.95 39,923.93 46,803.82 55,969.13 62,113.30 56,457.70 49,259.26
Number of Listed Securities 1,646 1,879 2,083 1,891 1,962 2,077 2,083 2,095 2,161 2,083
Newly Listed Companies 22 11 22 2 3 6 11 3 2 6
Raising value of New Listed Securities (M.Baht) 2/ 179,880.20 135,864 390,660.95 4,620.60 94,929.61 76,749.83 214,360.91 51,036.00 7,895.00 155,429.91
Total value of Newly Listed Securities (M.Baht) 3/ 35,306.59 46,868 97,546.66 1,422.44 28,541.61 21,083.78 46,498.83 6,681.00 3,341.96 36,475.87
Delisted Listed Companies 9 8 7 1 2 2 2.00 2 - -
No. of Companies moved from mai to SET 3 1 2 1 - 1 - - - -
No. of Companies moved from SET to mai 1 - 1 1 - - - - - -
Total Capitalization (M.Baht) 12,282,755 15,079,272.11 17,587,433.31 15,491,497 15,612,755 16,471,117 17,587,433 17,040,721 16,837,277 17,587,433
mai
mai Index 522.62 616.27 540.37 597.45 565.71 570.66 540.37 574.95 547.16 540.37
Market Dividend Yield (%) 1.00 1.24 1.42 1.44 1.53 1.43 1.42 1.42 1.43 1.42
Market P/E Ratio 1/ 52.94 63.27 106.13 90.93 92.13 99.14 106.13 99.17 113.69 106.13
Market P/BV 3.29 3.82 2.83 3.05 2.85 2.93 2.83 2.96 2.81 2.83
Total Turnover Value (M.Baht) 768,097.73 556,487 575,436.58 156,712.91 129,891.07 145,007.67 143,824.93 47,538.38 53,445.83 42,840.72
Daily Turnover Value (M.Baht) 3,160.90 2,280.68 2,358.35 2,527.63 2,164.85 2,338.83 2,397.08 2,502.02 2,429.36 2,254.77
Number of Listed Securities 166 1,047 203 184 192 195 2,083 196 203 203
Newly Listed Companies 13 16 17 3 2 3 9 1 6 2
Raising value of New Listed Securities (M.Baht) 2/ 18,729.54 21,902 35,688.14 3,696.00 6,738.24 10,995 14,258.50 720.00 10,159.00 3,379.50
Total value of Newly Listed Securities (M.Baht) 3/ 4,593.83 5,912 8,732.96 924.00 1,407.64 2,467 3,934.63 216.00 2,727.73 990.90
Delisted Listed Companies - - - - - - - - - -
No. of Companies moved from mai to SET 3 1 2 1 - 1 - - - -
No. of Companies moved from SET to mai - - 1 1 - - - - - -
Total Capitalization (M.Baht) 323,478.44 425,364.18 338,836.35 324,089.06 320,279.80 336,262 338,836 341,515.82 337,670.23 338,836.35
Appendix 1 Market Statistics
As end of December 2017 2015 2016 2017 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Oct 2017 Nov 2017 Dec 2017
SET & mai
Trading value proportion separated by investor types 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Local Investors 59.21% 53.81% 48.31% 50.72% 49.08% 46.77% 48.38% 51.02% 46.91% 47.02%
Foreign Investors 22.20% 25.57% 30.23% 28.22% 29.44% 31.51% 30.41% 28.50% 31.72% 31.09%
Local Institutions 9.39% 10.10% 11.01% 11.03% 11.17% 11.38% 10.42% 9.44% 10.86% 11.05%
Proprietary Trading 9.20% 10.52% 10.45% 10.04% 10.31% 10.34% 10.79% 11.04% 10.51% 10.84%
Net Buying Position(M.Baht)
Local Investors 79,895.83 -104,054.06 95,184.57- -34,362.26 -28,918.70 -17,860.09 14,043.53- -1,032.42 14,155.76 -27,166.86
Foreign Investors -155,630.70 78,545.98 26,103.49- 6,370.85 6,651.60 -4,074.92 35,051.02- -7,120.81 -18,893.71 -9,036.49
Local Institutions 82,133.01 132.09 104,665.62 28,422.95 23,011.92 10,746.07 42,484.68 6,021.19 5,490.25 30,973.24
Proprietary Trading -6,398.13 25,375.98 16,622.44 -431.53 -744.83 11,188.94 6,609.86 2,132.04 -752.30 5,230.11
Daily Turnover Value (M.Baht) 44,302.35 52,525.65 50,113.72 50,864.58 42,088.78 49,142.65 58,366.22 64,615.32 58,887.06 51,514.03
Total Capitalization (M.Baht) 12,606,233.14 15,504,636.29 17,926,269.66 15,815,585.99 15,933,034.84 16,807,378.56 17,926,269.66 17,382,236.94 17,174,946.73 17,926,269.66
Source: The Stock Exchange of Thailand
Note:
1/ Historical P/E which calculated from market price of common stock divided / earnign per share
2/ Calculated from IPO Price multiplies with number of listed shares
3/ Calculated from IPO Price multiplies with IPO shares
