Theme Report: FIFA World Cup Effect

NOVEMBER 21, 2022

Market reaction to World Cup

One of the world’s top sporting events, the FIFA World Cup, kicked off last
night. The event will attract interest from more than half of the global
population and also influence stock market performances. Our
investigation, based on studying the last five World Cups, found that the
event did not have a statistically significant effect on the SET Index overall;
however, there was a significant impact on domestic-related sectors, which
showed a positive cumulative abnormal return in the range of 1.6-8.3%, with
the most pronounced effect seen during the preliminary stage. The stocks
that were the top ranked in terms of the positive average cumulative
abnormal returns have been selected as our top picks: BJC, MAKRO and BEC,
and we recommend a tactical call on TRUE.

World Cup has kicked off

The 22nd FIFA World Cup has kicked off in Qatar and will last until December
18, 2022. Unlike the past World Cups when the matches traditionally took
place from June to July, this year’s tournament is being held in November
and December in order to avoid the strong heat in the country in the months
of June and July. People in Thailand will be able to view all 64 matches for
free.

World Cup sentiment has not had a significant effect on the SET Index
The FIFA World Cup is among the world’s top sporting events. More than half
of the global population is anticipated to tune in with great interest, and
Thais are no exception. This paper investigates the relationship between
World Cup sentiment and the returns of the Thai stock market. Our
assessment shows that the sentiment during the past FIFA World Cups has
statistically insignificant extent to the market return.

Consumption-related sectors yielded cumulative abnormal returns

Assessing the extent of the impact by industry, domestic consumption-
related sectors showed positive cumulative abnormal returns in the range
of 1.6-8.3%; out of seven sectors that were tested, the results for five sectors
were statistically significant, with a confidence level of 90-95%. The tourism
sector generated the highest cumulative abnormal return of 8.3%, followed
by 7.6% for the finance sector, 7.0% for the food and commerce sectors, and
6.2% for the media sector. We recommend that investors buy on the kick-off
date and subsequently take profit before the games come to the end, given
that the cumulative abnormal returns were higher during the group stage
than the figures in the final stage.

Top picks under 2022 World Cup theme

Based on stocks offering a positive cumulative abnormal return in domestic
consumption-related sectors, BJC (24-month TP: Bt60.65), MAKRO (TP:
Bt49.62) and BEC (TP: Bt18.03) are our top picks under the 2022 World Cup
theme. In addition, we also recommend a tactical call on TRUE (TP: n.a.), the
Waraporn Wiboonkanarak, no. 2482
operator that will be allocated all the critical matches after it agreed to
Warapornw@krungthaixspring.com
financially support the purchase of the broadcast rights.
66(0)2-695-6273

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 1

 Theme Report – FIFA World Cup Effect

World Cup has kicked off

The 22nd FIFA World Cup has kicked off in Qatar and will last until December 18, 2022. Unlike the past World Cups when
the matches traditionally took place from June to July, this year’s tournament is being held in November and December
in order to avoid the strong heat in the country in the months of June and July. People in Thailand will be able to view
all 64 matches for free.

The FIFA World Cup is among the world’s top sporting events. More than half of the global population is anticipated to
tune in with great interest, including Thais, who have been able to watch live broadcasts of all matches since 1970. The
event has created huge business opportunities for operators engaging in related businesses in Thailand, as they have
been able to launch marketing campaigns to boost sales and spending throughout the event period.

In view of this, we have conducted an event study wherein we assessed the cumulative average abnormal returns (CAAR)
to investigate the reaction of share prices to the World Cup. The CAAR is the difference between the actual stock or
index return over an event window (the entire duration of an event, or approximately one month in this case) and the
normal expected return. We found that World Cup sentiment led to positive cumulative abnormal returns at a
statistically significant extent for sectors related to consumption, but not for the SET Index overall.

World Cup sentiment has not had a significant effect on the SET Index
We studied data from the five most recent FIFA World Cups during 2002-2018, looking at share prices in the 100 days
prior to the kick-off dates as the estimation window, in order to determine the expected returns during the event. The
mean adjusted return was used to calculate the SET’s expected average return during the event period, with the
difference between the actual return and the expected return computed as the abnormal return. Applying this
methodology, we found that the World Cup has not had a statistically significant effect on the SET Index overall,
offering an average cumulative abnormal return of -1.0%. However, the average negative return was largely attributed
to the heavy contraction in 2020, owing to investors’ fears related to the global economic slowdown.

Figure 1: Cumulative abnormal returns of the SET Index during the World Cup (2002-2018)

Sources: SET, KTX Research

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 2

 Theme Report – FIFA World Cup Effect

Consumption-related sectors yielded cumulative abnormal returns

To assess the extent of the impact by industry, we derived the expected return using the single factor market model,
analyzing the relationship between the industry index/share prices and the market return during the event window by
means of a regression equation. We then conducted tests with seven consumption-related sectors. We found positive
cumulative abnormal returns in the range of 1.6-8.3%; out of the seven sectors we tested, the results for five sectors
were statistically significant, with a confidence level of 90-95%. The tourism sector generated the highest cumulative
abnormal return of 8.3%, followed by 7.6% for the finance sector, 7.0% for the food and commerce sectors, and 6.2% for
the media sector.

Figure 2: Industries’ cumulative abnormal returns during the event window

Food Commerce Media ICT Finance Tourism Healthcare

CAAR 7.0% 7.0% 6.2% 1.6% 7.6% 8.3% 3.6%
t-stat* 2.8650*** 2.7752*** 1.8171* 0.4950 2.2186*** 3.1397*** 1.3402
Min 0.1% -3.0% -3.2% -11.1% -1.1% -2.4% -3.1%
Year of incident 2014 2014 2014 2002 2014 2014 2014
Max 18.9% 16.9% 16.9% 12.6% 16.3% 17.0% 9.6%
Year of incident 2010 2010 2010 2010 2010 2010 2010
S.D. 0.0051 0.0052 0.0071 0.0066 0.0072 0.0055 0.0056

Note: *, **, ***Statistical significance at 90%, 95%, 99%

Sources: SET, KTX Research

Moreover, when we divided the World Cup into two periods, i.e., the group stage and the final stage, we found that the
cumulative abnormal returns were higher during the group stage than the figures during the final stage. Therefore,
investors are suggested to invest in recommended sectors on the kick-off date and subsequently sell to take profit
around the semifinals.

Figure 3: Cumulative abnormal returns classified by stage

The cumulative abnormal returns classified by stages The cumulative abnormal returns throughout the entire matches

Group Post Group

Sector t-Statistics t-Statistics
Stage Stage
Food 4.0% 2.2405*** 3.1% 1.8027*
Commerce 6.2% 3.4656*** 0.8% 0.4818
Media 4.1% 2.3312*** 2.1% 1.2094
ICT 0.1% 0.0343 1.5% 0.8811
Finance 7.9% 4.4435*** -0.2% (0.1451)
Tourism 4.9% 2.7862*** 3.4% 1.9719*
Healthcare 4.2% 2.3510*** -0.5% (0.3234)

Sources: SET, KTX Research

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 3

 Theme Report – FIFA World Cup Effect

Top picks under the World Cup theme

BJC, MAKRO and BEC are our top picks under the 2022 World Cup theme. Our selections were taken from among stocks
yielding positive cumulative abnormal returns in domestic consumption-related sectors with a twenty-year track record
in our study period and which offer room for upside to fair values. Note that, in assessing the normal returns of
securities expected to benefit from the World Cup, we added the sector index as another variable to better reflect the
corporate risks, rather than only using the market index as the singular variable. In addition, we also recommend a
tactical call on TRUE (TP: n.a.), the operator that will be allocated all the critical matches through each of the platforms
after it agreed to financially support the purchase of the broadcast rights.

Figure 4: Stocks with cumulative abnormal returns during the World Cup

Sources: Bloomberg, KTX Research

Figure 5: Stocks with cumulative abnormal return during world cup

Stock Nov 18 Market Cap Target Price 2023E (Bt) % Upside Norm. Profit (Btmn) Norm. EPS (Bt) Norm. EPS (%YoY) PER (x) Div. Yield (%) PBV (x)
(Bt) USDmn BB Avg. BB High BB Avg. BB High 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E
BEC 10.10 565.77 11.97 17.00 18.54 68.32 671 858 0.34 0.43 10.00 25.15 29.53 23.60 2.20 2.95 3.08 2.92
BJC 34.00 3,779.16 38.89 44.00 14.38 29.41 4,975 6,021 1.23 1.49 37.87 21.76 27.71 22.76 2.27 2.63 1.13 1.11
CENTEL 45.75 1,750.35 49.96 59.00 9.21 28.96 314 1,539 0.25 1.15 119.14 367.35 186.73 39.96 0.19 0.78 3.39 3.27
MAKRO 38.00 11,077.11 40.55 48.00 6.70 26.32 7,874 11,989 0.75 1.13 68.66 50.80 50.94 33.78 1.21 1.80 1.37 1.34
MINT 30.25 4,388.87 36.45 41.00 20.50 35.54 1,844 5,207 0.24 0.88 109.41 269.46 126.57 34.26 0.03 0.78 2.44 2.27
TRUE 4.94 4,590.13 5.34 6.40 8.15 29.55 -5,055 -1,762 -0.16 -0.05 292.50 65.61 -31.46 -91.48 2.42 1.03 2.17 2.28

Sources: Bloomberg, KTX Research

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 4

 Figure 6: Fifa World Cup Qatar 2022

Group A Group E

Qatar vs. Ecuador Germany vs. Japan

Senegal vs. Netherland Spain vs. Costarica
Qatar vs. Senegal Round of 16 (M. 49) Round of 16 (M. 51) Japan vs. Costarica
Netherland vs. Ecuador 1st Group A 1st Group E Spain vs. Germany

REFER TO DISCLOSURE SECTION AT END OF THE NOTE

Netherland vs. Qatar 2nd Group B 2nd Group F Costarica vs. Germany
Ecuador vs. Senegal Quarter Finals ( M. 58) Quarter Finals ( M. 59) Japan vs. Spain
Theme Report – FIFA World Cup Effect

W49 W55 Round of 16 (M. 55)

Group B Round of 16 (M. 54) W50 W56 1st Group F Group F
1st Group B 2nd Group E

England vs. Iran 2nd Group A Final Morocco vs. Croatia

USA vs. Wales W61 Belgium vs. Canada
Wales vs. Iran W62 Belgium vs. Morocco
England vs. USA Croatia vs. Canada
Iran vs. USA Semi-Finals (M. 61) Semi-Finals (M. 62) Canada vs. Morocco
Wales vs. England W57 W59 Croatia vs. Belgium
W58 W60
Group C Group G

Argentina vs. Saudi Arabia Quarter Finals ( M. 57) Quarter Finals ( M. 60) Switzerland vs. Cameroon
Mexico vs. Poland W53 W51 Brazil vs. Serbia
Poland vs. Saudi Arabia W54 W52 Cameroon vs. Serbia
Argentina vs. Mexico Round of 16 (M. 50) Round of 16 (M. 52) Brazil vs. Switzerland
Saudi Arabia vs. Mexico 1st Group C 1st Group G Cameroon vs. Brazil
Poland vs. Argentina 2nd Group D 3rd Place (M. 63) 2nd Group H Serbia vs. Switzerland
L61
Group D L62 Group H
Round of 16 (M. 53) Round of 16 (M56)
Denmark vs. Tunisia 1st Group D 1st Group H Uruguay vs. South Korea
France vs. Australia 2nd Group C 2nd Group G Portugal vs. Ghana
Tunisia vs. Australia South Korea vs. Ghana
France vs. Denmark Portugal vs. Uruguay
Tunisia vs. France South Korea vs. Portugal
Australia vs. Denmark Ghana vs. Uruguay

Source: KTX Research

5
BIG Theme
CAPReport
UPDATE
– FIFA World Cup Effect

Berli Jucker (BJC)

November 21, 2022
KTX’s Value Bt60.61 FAIR VALUE 2022E 2023E
Closing Price: Bt34.00 Consensus Estimates
EPS Estimates 1.46 1.69
KTX and OBSERVED BETA Expected EPS Growth 23.2% 15.89%
1.00
Risk-Free Rate (Thai 10Y gov't bond yield) 3.20% 2.79%
0.90

0.80

0.70
Implied Market View
0.60
- Equity Market Risk Premium 3.03% 5.91%
0.50 - Observed Beta 0.38 0.38
0.40 - Required Return 4.33% 5.01%
0.30

0.20 KTX's View

0.10
- Equity Market Risk Premium 3.20% 3.89%
0.00
- Estimated Beta -0.27 -0.10
- Required Return 3.20% 2.79%
Historical Beta Calc. Beta

FAIR VALUE (Bt) 45.75 60.61

QUARTERLY EARNINGS
Period EPS (A) EPS (F) Surprise % Change in Future Fair Value 35.55% 79.58%
3Q22 0.240 0.410 -41.46% - 2Y annualized EPS growth consensus estimate 98.31%
2Q22 0.270 0.410 -34.15% - 2Y required EPS growth to justify current price 47.98%
1Q22 0.310 0.410 -24.39%
*diluted EPS
4Q21 0.330 0.340 -2.94%
3Q21 0.110 0.297 -62.96% VALUATIONS CHART
Source: Bloomberg 70.0

EARNINGS ESTIMATE REVISIONS 60.0

(Bt) 50.0
2022E 2023E
2.5 40.0
2.0 30.0
1.69
1.5 20.0
1.46
1.0 10.0
0.5 -
0.0
Oct-20
Apr-20

Apr-22
Apr-21
Jul-20

Oct-21
Jul-21

Oct-22
Jan-20

Jan-22

Jul-22
Jan-21

Fair Price Mkt Price Avg Fair Value

EVENTS AND CORPORATE ACTIONS INVESTMENT HIGHLIGHTS

DATE UPCOMING EVENT  BJC is statistically significantly responsive to the World Cup, with a cumulative
November 21, 2022 Opportunity Day average abnormal return of 9.5%. The firm generated positive cumulative
Presentation returns during the three latest World Cups.
 To benefit from the World Cup during the sales season: Spending on
COMPANY PROFILE marketing activities amid the World Cup fever in November to December 2022
BJC is a firm under the TCC Group which is will liven up spending further during the peak sales season, when it will
engaged in the production and manufacturing of accelerate in tandem with the recovery of domestic economic activities and
packaging, consumer products, and medical and the return of tourist arrivals. In particular, sales of consumer and packaging
technical products, as well as the modern trade products (except beverages) are anticipated to increase. Sales of modern trade
business, with the revenue breakdown at 16%, (BigC) are also expected to grow well. The consensus estimate calls for the
14%, 6% and 63% of the total revenue in 9M22. 2022E earnings to grow by 39% YoY to Bt4.98bn and expand further by 21%
YoY to Bt6.02bn in 2023E.
Mkt. Cap: Bt136,265.09mn
Free Float: 25.57%

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 6

BIG Theme
CAPReport
UPDATE
– FIFA World Cup Effect

SIAM MAKRO (MAKRO)

November 21, 2022

KTX’s Value Bt47.80 FAIR VALUE 2022E 2023E
Closing Price: Bt38.00 Consensus Estimates
KTX and OBSERVED BETA EPS Estimates 1.08 1.36
0.90
Expected EPS Growth -30.0% 25.44%
0.80 Risk-Free Rate (Thai 10Y gov't bond yield) 3.20% 2.79%
0.70
0.60
0.50 Implied Market View
0.40 - Equity Market Risk Premium 24.34% -53.64%
0.30
- Observed Beta -0.01 -0.01
0.20
0.10 - Required Return 2.84% 3.57%
0.00
-0.10
KTX's View
Historical Beta Calc. Beta
- Equity Market Risk Premium 3.20% 3.89%
- Estimated Beta -0.02 0.01
QUARTERLY EARNINGS - Required Return 3.20% 2.84%
Period EPS (A) EPS (F) Surprise
3Q22 0.160 0.220 -27.27% FAIR VALUE (Bt) 33.80 47.80
2Q22 0.150 0.220 -31.82%
1Q22 0.190 0.220 -13.64% % Change in Future Fair Value -11.05% 25.80%
4Q21 0.450 0.180 150.00% - 2Y annualized EPS growth consensus estimate 77.58%
3Q21 0.330 0.148 122.97% - 2Y required EPS growth to justify current price 58.33%
Source: Bloomberg
VALUATION CHART
EARNINGS ESTIMATE REVISIONS 60.0

(Bt) 50.0
2022E 2023E
2.0 40.0

1.36 30.0
1.5
20.0

1.0 10.0
1.08
-
0.5

0.0
Mkt Price Fair Price Avg Fair Value
Oct-20
Apr-20

Apr-22
Apr-21
Jul-20

Oct-21
Jul-21

Oct-22
Jan-20

Jan-22

Jul-22
Jan-21

INVESTMENT HIGHLIGHTS
 MAKRO generated a cumulative average abnormal return of 4.5% in the
EVENTS AND CORPORATE ACTIONS past five World Cups: The firm yielded positive cumulative returns from the
DATE UPCOMING EVENT last four World Cups in the range of -11.5% (in 2018) to 11.0% (in 2002).
- -  To benefit from the World Cup during the sales season: The local live
broadcast times in the early evenings are expected to encourage out-of-
home gatherings to watch the matches, which is likely to boost the sales of
COMPANY PROFILE MAKRO’s food services. However, the firm’s earnings may not prove to be
MAKRO is a firm under the CP Group, engaging in the outstanding in 4Q22E due to the increases in spending on store renovations
cash-and-carry store business under the brand and the improvement of online sales channels.
MAKRO. In 2021, MAKRO strengthened its business  Earnings to regain momentum in 2023E: The consensus estimate calls for
by acquiring Lotus in Thailand and Malaysia. earnings to grow by 52% YoY to Bt12.0bn in 2023E. Apart from its organic
growth, MAKRO’s earnings are expected to be further bolstered by the
Mkt. Cap: Bt402,052.29mn recovery in purchasing power following the resumption of economic
Free Float: 13.53% activities. The effectiveness of the firm’s cost control has also been
enhanced. There is upside to the earnings forecast next year from the
potential refinancing of loans in order to increase the portion of debts with
fixed interest rates.

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 7

BIG Theme
CAPReport
UPDATE
– FIFA World Cup Effect

BEC WORLD (BEC)

November 21, 2022

KTX’s Value Bt17.53 FAIR VALUE 2022E 2023E
Closing Price: Bt10.10 Consensus Estimates
KTX and OBSERVED BETA EPS Estimates 0.42 0.49
0.80 Expected EPS Growth 10.7% 16.99%
0.60 Risk-Free Rate (Thai 10Y gov't bond yield) 3.20% 2.79%
0.40

0.20 Implied Market View

0.00
- Equity Market Risk Premium 2.84% 6.19%
-0.20
- Observed Beta 0.33 0.33
-0.40
- Required Return 4.14% 4.84%
-0.60

-0.80

-1.00
KTX's View
-1.20 - Equity Market Risk Premium 3.20% 3.89%
-1.40 - Estimated Beta -0.16 -0.18
2-Jan-19 2-Jan-20 2-Jan-21 2-Jan-22

Historical Beta Calc. Beta

- Required Return 3.20% 2.79%

QUARTERLY EARNINGS FAIR VALUE (Bt) 13.07 17.53

Period EPS (A) EPS (F) Surprise
3Q22 0.060 0.068 -11.76% % Change in Future Fair Value 29.41% 73.53%
2Q22 0.080 0.880 -90.91% - 2Y annualized EPS growth consensus estimate 6.64%
1Q22 0.080 n.a. n.a. - 2Y required EPS growth to justify current price -19.05%
4Q21 0.170 0.155 9.68% VALUATION CHART
3Q21 0.070 0.073 -4.11%
30.0
Source: Bloomberg
25.0

EARNINGS ESTIMATE REVISIONS 20.0

(Bt)
15.0
2022E 2023E 10.0
0.8
0.49
5.0
0.6
-

0.4 -5.0
0.42
0.2 -10.0

0.0 -15.0
2-Mar-19

2-Nov-19

2-Mar-21
2-Jan-19

2-Sep-19

2-Jan-20
2-Mar-20

2-Nov-20
2-Jan-21

2-Jan-22
2-Mar-22
2-Nov-21

2-Nov-22
2-Jul-19

2-Jul-20
2-Sep-20

2-Jul-21
2-Sep-21

2-Jul-22
2-Sep-22
2-May-19

2-May-20

2-May-21

2-May-22
-0.2
Apr-20

Oct-21
Jul-21

Jan-22
Apr-21

Apr-22
Oct-20

Oct-22
Jan-20

Jul-20

Jul-22
Jan-21

Fair Price Avg Fair Value Mkt Price

INVESTMENT HIGHLIGHTS
 BEC generated positive cumulative abnormal returns during the past
EVENTS AND CORPORATE ACTIONS five World Cups, with a cumulative average abnormal return of 3 . 2 %
DATE UPCOMING EVENT (ranging from 0.63% in 2010 to 6.2% in 2014).
November 23, 2022 Opportunity Day  Earnings to be maintained in the short term: The fact that the World
presentation Cup is taking place during the festive season is expected to provide a
boost to ad spending, particularly around the yearend. This should
COMPANY PROFILE enable BEC’s 4Q22E earnings to grow QoQ.
BEC generates and produces TV content and sells  Wait for recovery in 2023E: The consensus estimate calls for BEC’s
advertising time. The firm has been granted a license to earnings to grow by 28% YoY to Bt857mn in 2023E thanks to the
operate digital TV for HD channel 33. rebound of ad spending and other media, such as events and concerts,
in response to the economic recovery. In addition, the firm has shifted
Mkt. Cap: Bt20,200.00mn toward new revenue sources from other businesses, such as digital
Free Float: 38.35% platforms and movies, in order to reduce its dependence on TV revenue
— the firm targets reducing its exposure to TV revenue to 5 0 % of total
revenue from 87-88% currently within five years.

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 8

 Theme Report – FIFA World Cup Effect

Note:
Krungthai XSpring has two major shareholders, Krungthai Bank Plc. (KTB) and XSpring Capital Plc. (XPG). Therefore, prior to making
investment in the securities of KTB and XPG, investors should consider the risk factors carefully.
An executive of Krungthai XSpring is also a board member of VNG, SVH, PACE, MAJOR, KBS, XPG, NVD, KTC, IVL, SAWAD,
CI and SABUY.
A management member of Krungthai XSpring is also a board member of NFC.
Krungthai XSpring is a financial advisor for XPG, TSE, STOWER, NVD, BTS, AHC, SGC, ITC and THCOM.

Disclaimer
This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The
statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment.
The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the
solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion
and risk of the user.

KTX Research – Recommendation Definitions

KTX’s fair value Sector Recommendations

Our fair value is calculated by the 12-month rolling EPS estimate OVERWEIGHT: The industry, as defined by the analyst's coverage
divided by the required rate of return based on the Capital Asset universe, is expected to outperform the relevant primary market
Pricing Model (CAPM). index by at least 10% over the next 12 months.
NEUTRAL: The industry, as defined by the analyst's coverage universe,
Stock Recommendations is expected to perform in line with the relevant primary market index
In determining our recommendations for each stock, we combine the over the next 12 months.
fundamental value and the tactical trading overlay to factor in the UNDERWEIGHT: The industry, as defined by the analyst's coverage
anticipated market trend. The fundamental value takes into account universe, is expected to underperform the relevant primary market
both the current fair value as mentioned above and the valuation
index by 10% over the next 12 months.
trend over the next 24 months, incorporating the future performance.
Each of the three aforementioned criteria is assigned a score in the
range of -5 to +5, evaluated against our benchmark. The equally
weighted scores are then summed into a single score, which is used
to assign stock recommendations.

REFER TO DISCLOSURE SECTION AT END OF THE NOTE 9

 Krungthai XSpring Securities Company Limited
Head Office
8th, 15th-17th Floor, Liberty Square Bldg.,
287 Silom Road, Bangrak, Bangkok, Thailand 10500
Telephone: (66-2) 695-5555 Fax: (66-2) 695-5173
WWW.KRUNGTHAIXSPRING.COM

Hat Yai Branch Amarin Branch Viphavadee Branch

200/301, 200/303
JULDIS HATYAI PLAZA Floor 3,
Niphat-Uthit 3 Rd, Hatyai,
Songkhla 90110
Telephone: (+66) 074-355-530-3
Fax: (+66) 074-355-534
22nd Floor, Amarin Tower,
496-502 Ploenchit Road, Lumpini,
Pathumwan, Bangkok 10330
Telephone: (+66) 02-018-6200
Fax: (+66) 02-018-6298,
(+66) 02-018-6299
G Floor, Lao Peng Nguan 1 Bldg.,
333 Soi Cheypuand, Viphavadee-Rangsit
Road,Ladyao, Jatujak, Bangkok 10900
Telephone: (+66) 02-013-8600
Fax: (+66) 02-618-8569

Phuket Branch Chachoengsao Branch Nakhon Pathom Branch

22/61-63, Luang Por Wat Chalong Road,
Talat Yai, Mueang Phuket, Phuket 83000
Telephone: (+66) 076-222-811,
(+66) 076-222-683
Fax: (+66) 076-222-861
422 Rajabhat Rajanagarindra University
(RRU),
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A.Muang, Chachoengsao 24000
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Fax: (+66) 038-513-384
River Hotel (Building 3rd),1156
Petchakasem Road,
Sanamchan Subdistrict,
Amphoe Meuang,
Nakhon Pathom Province 73000
Telephone: (+66) (034) 271-300
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Korat Branch Chiang Mai Branch Chonburi Branch

624/9 Changphuek Road,
T.Naimaung, A.Maung,
Nakhon Ratchasima 30000
Telephone: (+66) 044-247-222
Fax: (+66) 044-247-171
422/49 Changklan Road,
Changklan Subdistrict,
Amphoe Meuang, Chiang Mai 50100
Telephone: (+66) 053-270-072
Fax: (+66) 053-272-618
170/11 Prayasatcha Road, T.Samet,
A.Muang-Cholburi, Cholburi 20000
Telephone: (+66) 038-287-635
Fax: (+66) 038-287-637

Pattaya Branch Khon Kaen Branch

Easy Point 2, 392/65 Moo.9,
T.Nong Prue, A. Bang Lamung,
Chonburi 20150
Telephone: (+66) 038-420-965
Fax: (+66) 038-420-968
5th Floor, Charoen Thani Princess Hotel,
260 Srichan Road, T. Naimuang,
A. Muang, Khon Kaen 40000
Telephone: (+66) 043-043-900
Fax: (+66) 043-043-999