SET:CSS - KTB Securities (Thailand) Co.,Ltd.

Index Values
​Communication and System Solution Public Company Limited
(SET:CSS)
​Industry
​Trading Companies and Distributors
06/10/2013
475, 477 Moo 9 Bondstreet Road Communication & System Solution Public Company Limited is engaged in the trading of electrical
Bangpood
cable and wire, and electrical engineering products in Thailand. The company trades electrical
Nonthaburi, 11120
cables and wires, lighting products, conduits, switches and plugs, fire protection materials and
Thailand
equipment, and transformers. It is also involved in the designing, procuring, and installing
Phone: 66 2 960 1001
communication system, which cover the mobile phone signal and fixed line; and fire protection
http://www.cssthai.com system for closing pole of conduits or electrical systems, pipeline systems, and air condition
systems in the wall or area of office, and residential area. The company serves private units,
shops, and government units. Communication & System Solution Public Company Limited was
incorporated in 1994 and is headquartered in Nonthaburi, Thailand.
104
102
100
98
96
94
92
90
Share Price performance (base = 100)
Communication and System Solution Public Company Limited (SET:CSS)
SET Index
*Base Value of Stock and Index is at 100
Volume (shares)
500m
400m
300m
200m
100m
0m
Volume
Revenue breakdown by segment
​Market Data
Close Price 0.00 Market cap. (mm) 2,394.0
Open Price 0.00 Shares Out. (mm) 700.0
Previous Close 3.42 Float % 0.0%
Change on Day (THB) (3.42) Shares Sold Short -
22%
78%
Distribution of Electrical Equipment
Installation Services
Change % on Day NA Dividend Yield % 90.1%
Day High/Low 0.00/0.00 Diluted EPS Excl. Extra. Items 4.07
* Segments with negative values, such as corporate eliminations, are excluded from the total and
percentage calculations and do not appear on the pie chart
​S&P Capital IQ Consensus Estimates
52 wk High/Low 3.70/2.04
P/Diluted EPS Before Extra.
Items
NA
Recommendation Buy-1.00 EPS 2013E 0.27
Volume (mm) 0.00 Avg 3M Dly Vlm (mm) 192.30
Beta 5yr 0.00 ​
Target Price 4.04 EPS 2014E 0.40
LT Growth % 0.00% 2013E P/E ​12.61
​Capitalization (THB, mm)
Share Price as of Oct-06-2013 3.42
Shares Out. 700.00
Market Capitalization 2,394.00
- Cash & Short Term Investments 120.18
+ Total Debt 598.01
+ Pref. Equity 0.00
+ Total Minority Interest 0.00
= Total Enterprise Value (TEV) 2,871.83
Book Value of Common Equity 418.59
+ Pref. Equity 0.00
+ Total Minority Interest 0.00
+ Total Debt 598.01
= Total Capital ​1,016.59
​Comparable Valuations
EV/Sales
P/E (LTM)
for FI (or)
EV/EBITDA
for Corp.
P/E (FY1)
P/B
PEG for FI
(or) EV/
Cash Flow
for Corp.
SET:CSS 0.8x 10.5x 0.8x 4.1x 0.0x
SET:BEAUTY 6.6x 22.9x 27.9x 6.6x 0.0x
SET:BIGC 1.5x 18.1x 29.5x 5.2x 73.0x
SET:CPALL 2.1x 25.8x 28.9x 14.3x 32.6x
SET:GLOBAL 3.8x 33.6x 54.9x 4.9x NM
SET:HMPRO 2.8x 20.9x 37.3x 9.4x ​NM
Investment Style – Quartile Rank
Ticker Name Overall Valuation Analyst Growth Momentum
SET:CSS Communication and System Solution Public Company Limited -5 -5 -5 -5 -5
SET:BEAUTY Beauty Community Public Company Limited 3 3 FALSE 4 2
SET:BIGC Big C Supercenter Public Company Ltd. 3 2 2 3 3
SET:CPALL CP ALL Public Company Limited 1 1 1 1 4
SET:GLOBAL Siam Global House Public Company Limited 2 2 2 1 1
SET:HMPRO Home Product Center Public Company Limited 2 3 1 3 1
Representation of Color codes: 1 - Top, 2 - Above Average, 3 - Bottom, 4 - Below Average

​Key Statistics (THB, mm)
​Key Statistics
3 Months 3 Months 12 Months 12 Months 0 Months
Mar-31-
2013Q
Mar-31-
2012Q
Dec-31-
2012A
Dec-31-
2011A
Jan-00-
1900A
Total Revenue 840.73 633.48 3,302.11 2,339.39 0.00
Growth Over Prior
Year
32.7% 0.0% 41.2% 0.0% 0.0%
Total Expenditure 64.03 59.73 250.36 218.82 0.00
EBITDA 66.22 36.95 245.22 108.22 0.00
EBIT 62.00 33.00 228.57 92.32 0.00
Net income 44.23 20.47 158.27 40.36 0.00
Diluted EPS Excl.
Extra. Items
YOY % Change
Diluted EPS Excl.
Extra. Items
Total Cash and ST
investments
Total current
assets
0.11 0.05 3.96 1.01 0.00
106.3% 0.0% 292.5% 0.0% 0.0%
120.18 17.16 60.26 17.16 0.00
1603.31 0.00 1695.30 919.23 0.00
Net PPE 261.96 0.00 116.80 97.65 0.00
Total Assets 2067.97 0.00 1987.41 1160.15 0.00
Total Current
Liabilities
1623.27 0.00 1550.80 872.93 0.00
Short term debt 576.99 0.00 437.07 360.86 0.00
Long term debt 4.25 0.00 6.21 13.81 0.00
Gross Profit
Margin (%)
Net Income
Margin (%)
3 Months 3 Months 12 Months 12 Months 0 Months
Mar-31-
2013Q
Mar-31-
2012Q
Dec-31-2012A Dec-31-2011A Jan-00-1900A
14.99% 14.64% 14.50% 13.30% 0.00%
5.26% 3.23% 4.79% 1.73% 0.00%
ROE(%) 0.00% 0.00% 47.40% 0.00% 0.00%
ROA(%) 0.00% 0.00% 9.08% 0.00% 0.00%
ROCE(%),
Return on
capital
employed
Total Asset
Turnover
Fixed Asset
Turnover
Inventory
Turnover
0.00% 0.00% 18.90% 0.00% 0.00%
0.00x 0.00x 2.10x 0.00x 0.00x
0.00x 0.00x 30.80x 0.00x 0.00x
0.00x 0.00x 11.64x 0.00x 0.00x
Current Ratio 0.99x 0.00x 1.09x 1.05x 0.00x
Quick Ratio 0.76x 0.00x 0.90x 0.80x 0.00x
Cash
Conversion
Cycle (Days)
EBIT Interest
Coverage
EBITDA
Interest
Coverage
0.00 0.00 64.72 0.00 0.00
8.63x 6.01x 11.35x 3.54x 0.00x
9.22x 6.73x 12.18x 4.15x 0.00x
Debt/Equity 1.43x 1.47x 1.13x 1.47x ​0.00x
Total Liabilities 1649.39 0.00 1579.99 899.81 0.00
Common Stock &
APIC
250.00 0.00 200.00 200.00 0.00
Minority Interest 0.00 0.00 0.00 0.00 0.00
Preferred Stock 0 0 0 0 0
Total Equity 418.59 260.35 407.42 260.35 ​0.00
​Key Developments
​Top Holders
Date/Time
Aug-30-2013
Aug-30-2013
Mar-26-2013
Key Development
Communication and System Solution Public Company Limited Reports Consolidated and
Company Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
Communication And System Solution Public Company Limited has completed an IPO in the
amount of THB 600.00 million.
​Communication And System Solution Public Company Limited has filed an IPO.
Holder
Common Stock
Equivalent Held
% of Total
Shares
Outstanding
Market Value
(THB mm)
0 0 0.00 0.0
0 0 0.00 0.0
0 0 0.00 0.0
0 0 0.00 0.0
0 0 0.00 0.0
0 0 0.00 ​0.0
​Board Members
​Key Executives
Kangsawiwat, Sompong
Sawatwannarat, Panida
Temeesrisuk, Nongnuch
Tiyawattanaroj, Opas
Mekmanee, Kittirat
Chairman and Chief Executive Officer
Chief Financial Officer and Executive Director
Acting Chief Administrative Officer and Executive Director
Chief Telecommunication Officer and Executive Director
Chief Business Officer and Executive Director
Kangsawiwat,
Sompong
Sawatwannarat,
Panida
Temeesrisuk,
Nongnuch
Tiyawattanaroj, Opas
Mekmanee, Kittirat
Chataccaraphat,
Pitiphat
Chairman and Chief Executive Officer
Chief Financial Officer and Executive Director
Acting Chief Administrative Officer and Executive Director
Chief Telecommunication Officer and Executive Director
Chief Business Officer and Executive Director
​Independent Director and Chairman of Audit Committee
Tharnthong, Banyawake ​Deputy Chief Telecommunication Officer 2
Source: S&P Capital IQ