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.

Equity Bottom-Up

TEAM Consulting Engineering and Management / Equity Bottom-Up

TEAM Consulting Engineering and Management

We maintain our HOLD recommendation with an unchanged target price of Bt2.41, implying a downside of 4% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.2% and a terminal growth rate of 2%. We apply a 15% small-cap discount.
Investment thesis:
<ul>
<li>Government stimulus leads to large-scale investment projects</li>
<li>Project investments as part of the new strategy help to sustain during hardship</li>
<li>Continued market expansion in neighboring countries</li>
</ul>
Interim: In 1Q21, TEAMG’s revenue fell by 10%, but the projects had a slightly higher gross margin. Based on the results, we revise down our revenue and gross margin assumptions slightly, but with no significant impact on our valuation.
Risks: Recruitment of qualified personnel, delay in project completion, changes in government policies, increased competition from overseas, failure to keep pace with technological trends.

We maintain our HOLD recommendation with an unchanged target price of Bt2.41, implying a downside of 4% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.2% and a terminal growth rate of 2%. We apply a 15% small-cap discount.
Investment thesis:

Government stimulus leads to large-scale investment projects
Project investments as part of the new strategy help to sustain during hardship
Continued market expansion in neighboring countries

Interim: In 1Q21, TEAMG’s revenue fell by 10%, but the projects had a slightly higher gross margin. Based on the results, we revise down our revenue and gross margin assumptions slightly, but with no significant impact on our valuation.
Risks: Recruitment of qualified personnel, delay in project completion, changes in government policies, increased competition from overseas, failure to keep pace with technological trends.

TEAMG: Attractive Dividend Yield at Fair Price

We change our recommendation on TEAMG to HOLD from BUY, as we decrease the target price to Bt2.41 (previously Bt2.81), implying an upside of 10% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.2% and a terminal growth rate of 2%. We apply a 15% small-cap discount.
Investment thesis:
<ul>
<li>Government stimulus leads to large-scale investment projects</li>
<li>Project investments as part of the new strategy help to sustain during hardship</li>
<li>Continued market expansion in neighboring countries</li>
</ul>
Interim: In 4Q20, TEAMG’s revenue has fallen despite a growing number of government projects. Also, these projects have a lower gross margin. Based on the 2020 results, we revise down our revenue forecast and gross margin assumption slightly.
Risks: Recruitment of qualified personnel, delay in project completion, changes in government policies, increased competition from overseas, failure to keep pace with technological trends.

We change our recommendation on TEAMG to HOLD from BUY, as we decrease the target price to Bt2.41 (previously Bt2.81), implying an upside of 10% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.2% and a terminal growth rate of 2%. We apply a 15% small-cap discount.
Investment thesis:

Government stimulus leads to large-scale investment projects
Project investments as part of the new strategy help to sustain during hardship
Continued market expansion in neighboring countries

Interim: In 4Q20, TEAMG’s revenue has fallen despite a growing number of government projects. Also, these projects have a lower gross margin. Based on the 2020 results, we revise down our revenue forecast and gross margin assumption slightly.
Risks: Recruitment of qualified personnel, delay in project completion, changes in government policies, increased competition from overseas, failure to keep pace with technological trends.

TEAMG: Dividend Play Benefits from Government Stimulus

Thailand

BCPG Public Company Limited produces and distributes electricity generated from renewable energy. The Company specializes in solar power with a focuses on the investment, development, and management of renewable power plants.

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BCPG PCL (BCPG TB)

TEAMG: Attractive Dividend Yield at Fair Price

We maintain our HOLD recommendation with an unchanged target price of Bt2.41, implying a downside of 4% from the current share price.

A. Stotz Investment Research

TEAMG: Dividend Play Benefits from Government Stimulus

We change our recommendation on TEAMG to HOLD from BUY, as we decrease the target price to Bt2.41 (previously Bt2.81), implying an upside of 10%...

A. Stotz Investment Research

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