Company Quick Comment

KEX (Neutral, TP4.8)  Huge cash call
•  We maintain Neutral rating for now. KEX calls for capital increase, raising about 2.81b newly shares via RO at Bt3.2. Yes, the share and EPS dilution from this cash call is huge at around 61%. It is RO and the offering price close to the market price, this means subscription from existing shareholder won't affect much on the value. The proceed will be used for paying down debt. But we believe value of the firm will depend largely on its operation. Revisiting EPS.

Strategist Team
Suwat Wattanapornprom,AISA: Analyst Registration (No.044015)
Fundamental Investment Analyst on Securities
Suwat. Wattanapornprom @krungsricapital.com 02-081-2871
Takit Chardcherdsak,AISA: Analyst Registration (No.087636)
Fundamental Investment Analyst on Capital Market and Technical
Takit.Chardcherdsak@krungsricapital.com 02-081-2873
Thian Kanokpongsak
Assistant Analyst