CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Four stocks remain, 10 new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 332% versus the MSCI Asia ex Japan of 216%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Four stocks remain, 10 new join the fray
Since its inception, it has generated a before-fee total return of 332% versus the MSCI Asia ex Japan of 216%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 141% versus the SET 100 Index’s return of 67%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: five stocks remain, nine new join the fray
Since inception, it has gained 141% versus the SET 100 Index’s return of 67%


The Stocks to Own in Thailand – Vol. 54

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>4Q25 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).</li><li>We reiterate Buy and raise our 12M FV to Bt42.00 (from Bt40.00), based on a 14% required return (from 15.3%).</li><li>2025 core profit rose 67% YoY to Bt10.2bn, mainly driven by strong 4Q25 earnings (~40% of full-year core profit).</li></ul>

4Q25 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).We reiterate Buy and raise our 12M FV to Bt42.00 (from Bt40.00), based on a 14% required return (from 15.3%).2025 core profit rose 67% YoY to Bt10.2bn, mainly driven by strong 4Q25 earnings (~40% of full-year core profit).

Bangchak Corporation Plc. (BCP): Strong 4Q25 Core And Net Profits

<ul><li>4Q25E core profit likely grew strongly YoY and QoQ, driven by a high market GRM base (~USD10.5/bbl) and stronger-than-expected Monsoon contributions.</li><li>We maintain a Buy call with a 12M FV of Bt40.00, based on a required return of 15.3% (from Bt43.00; 14.2% earlier).</li><li>We expect 4Q25E core profit of Bt4.3bn (+141% YoY, +36% QoQ), driven by record crude runs, a high market GRM base, and strong BCPG earnings from Monsoon and US CCGT.</li></ul>

4Q25E core profit likely grew strongly YoY and QoQ, driven by a high market GRM base (~USD10.5/bbl) and stronger-than-expected Monsoon contributions.We maintain a Buy call with a 12M FV of Bt40.00, based on a required return of 15.3% (from Bt43.00; 14.2% earlier).We expect 4Q25E core profit of Bt4.3bn (+141% YoY, +36% QoQ), driven by record crude runs, a high market GRM base, and strong BCPG earnings from Monsoon and US CCGT.

BANGCHAK CORPORATION Plc. (BCP): 4Q25E Core And NP Surge; Strong 3Y Earnings Outlook

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we present our latest capping flow expectations for the March 2026 index rebal event.</li>
<li>Separately, we have also shown our expectations for index changes in the next index review in June 2026.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we present our latest capping flow expectations for the March 2026 index rebal event.
Separately, we have also shown our expectations for index changes in the next index review in June 2026.


Quiddity Leaderboard SET50 Jun26: Delta Capping in Mar26; One Index Change Likely in Jun26

Thailand

Bangchak Corporation is a Thai energy conglomerate engaged in petroleum refining, marketing, and distribution of petroleum products, alongside renewable energy, biofuels, and green technologies. The company operates two world-class refineries and a network of over 2,000 service stations, while also investing in solar, wind, and hydropower. It was founded in 1984 and is headquartered in Bangkok, Thailand.

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Bangchak Corporation (BCP TB)

The Stocks to Own in Asia – Vol. 54

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Four stocks remain, 10 new join the fray.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 54

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: five stocks remain, nine new join...

A. Stotz Investment Research

Bangchak Corporation Plc. (BCP): Strong 4Q25 Core And Net Profits

4Q25 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).

Krungthai XSpring

BANGCHAK CORPORATION Plc. (BCP): 4Q25E Core And NP Surge; Strong 3Y Earnings Outlook

4Q25E core profit likely grew strongly YoY and QoQ, driven by a high market GRM base (~USD10.5/bbl) and stronger-than-expected Monsoon contributions.

Krungthai XSpring

Quiddity Leaderboard SET50 Jun26: Delta Capping in Mar26; One Index Change Likely in Jun26

There are multiple potential DELs close to the border. If they underperform other names sharply, more index changes could be triggered in June 2026.

Janaghan Jeyakumar, CFA

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