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 Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 91% versus the SET 100 Index’s return of 7%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 91% versus the SET 100 Index’s return of 7%


The Stocks to Own in Thailand – Vol. 48

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.

<ul><li>The appreciation of the baht has attracted foreign capital inflows into the Thai bond market, with net purchases exceeding Bt6.8bn MTD since early February.</li><li>As a result, the Thai 10Y bond yield has declined to 2.31%, approaching the policy rate of 2.25%.</li><li>Historically, when the 10Y bond yield falls close to the policy rate, the SET typically reverses within 3-4 months, as foreign capital begins to flow into the Thai stock market, with this pattern observed in 2011, 2016, and 2020 (Figure 1).</li></ul>

The appreciation of the baht has attracted foreign capital inflows into the Thai bond market, with net purchases exceeding Bt6.8bn MTD since early February.As a result, the Thai 10Y bond yield has declined to 2.31%, approaching the policy rate of 2.25%.Historically, when the 10Y bond yield falls close to the policy rate, the SET typically reverses within 3-4 months, as foreign capital begins to flow into the Thai stock market, with this pattern observed in 2011, 2016, and 2020 (Figure 1).

Cross Asset Strategy

<ul><li>KTX's strategy team has a positive outlook on the Thai stock market in 1Q25.</li><li>The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de-ratings for high-growth stocks.</li><li>In contrast, the Bank of Japan’s (BoJ) potential shift toward tighter monetary policy creates an opportunity for capital to flow back into the Asian region. </li></ul>

KTX's strategy team has a positive outlook on the Thai stock market in 1Q25.The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de-ratings for high-growth stocks.In contrast, the Bank of Japan’s (BoJ) potential shift toward tighter monetary policy creates an opportunity for capital to flow back into the Asian region. 

Special Report: Stock Valuation - January 2, 2025

<ul><li>The 4Q24E earnings of the agribusiness and food sector are expected to recover YoY but decline QoQ, particularly for major livestock companies (with swine businesses in Thailand, Vietnam, and China), which are projected to turn from losses in 4Q23 to profits in 4Q24E.</li><li>This should be supported by continued momentum in profit margins due to lower raw material costs.</li><li>However, profits are expected to decline QoQ owing to the strong seasonal performance of the broiler export business in 3Q. </li></ul>

The 4Q24E earnings of the agribusiness and food sector are expected to recover YoY but decline QoQ, particularly for major livestock companies (with swine businesses in Thailand, Vietnam, and China), which are projected to turn from losses in 4Q23 to profits in 4Q24E.This should be supported by continued momentum in profit margins due to lower raw material costs.However, profits are expected to decline QoQ owing to the strong seasonal performance of the broiler export business in 3Q. 

Agribusiness and Food Sector - DECEMBER 9, 2024

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Seven stocks remain, seven new join the fray</li>
<li>Since inception, it has gained 126% versus the SET 100 Index’s return of 34%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Seven stocks remain, seven new join the fray
Since inception, it has gained 126% versus the SET 100 Index’s return of 34%


The Stocks to Own in Thailand – Vol. 47

Thailand

Charoen Pokphand Foods Public Company Limited is an agro-industrial and food conglomerate. It operates integrated businesses spanning animal feed production, livestock and aquaculture farming (including chicken, duck, pigs, shrimp, and fish), and the manufacturing and distribution of processed food products. The company is headquartered in Bangkok, Thailand, and was founded in 1978.

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Charoen Pokphand Foods (CPF-R TB)

The Stocks to Own in Thailand – Vol. 48

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

A. Stotz Investment Research

KTX AHEAD - February 17, 2025

Select stocks poised to benefit from accelerating FDI inflows, supported by a surge in industrial estate land transfers.

Krungthai XSpring

Special Report: Stock Valuation - January 2, 2025

The expansionary fiscal policy of the incoming US president is expected to keep US bond yields high for an extended duration, posing risk of de...

Krungthai XSpring

Agribusiness and Food Sector - DECEMBER 9, 2024

The 4Q24E earnings of the agribusiness and food sector are expected to recover YoY but decline QoQ, particularly for major livestock companies

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 47

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

A. Stotz Investment Research

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