KGI's Ratings Rating Definition
Outperform (OP) The stock's excess return* over the next twelve months is ranked in the top 40% of
KGI's coverage universe in the related market (e.g. Thailand).
Neutral (N) The stock's excess return* over the next twelve months is ranked in the range
between the top 40% and the bottom 40% of KGI's coverage universe in the related
market (e.g. Thailand).
Underperform (U) The stock's excess return* over the next twelve months is ranked in the bottom 40%
of KGI's coverage universe in the related market (e.g. Thailand).
Not Rated (NR) The stock is not rated by KGI Securities.
Restricted (R) KGI policy and/or applicable law regulations preclude certain types of
communications, including an investment recommendation, during the course of
KGI's engagement in an investment banking transaction and in certain other
circumstances.