Rojana Industrial Park Tough year ahead

Rojana Industrial Park (ROJN.BK/ROJNA TB): Tough year ahead
We maintain a rating of Underperform on ROJNA as we believe huge loss in 4Q11 will
pressure the share price and our new target price of Bt5.40 implies 12.9% downside from
the current price. Recent flooding is expected to cause a huge 4Q11 loss for the company
and delay future projects. We cut our 2011 forecast to a net loss of Bt2.3bn due to the huge
loss on its asset in 4Q11 and revised 2012 down to a net profit of Bt935mn due to the
disappearance of revenue from utilities, mainly electricity, for at least six months.