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

<div>Welcome to Business DNA, a chance for us to dig into the essential makeup of business leaders and their organizations. Our focus is not on the short term but rather on understanding the driving forces of a business. Our guest today is Suksan Yasasin, CEO of Chayo Group Public Company Limited.</div>

Welcome to Business DNA, a chance for us to dig into the essential makeup of business leaders and their organizations. Our focus is not on the short term but rather on understanding the driving forces of a business. Our guest today is Suksan Yasasin, CEO of Chayo Group Public Company Limited.

Business DNA: Suksan Yasasin of Chayo Group

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Thai Airways International / Equity Bottom-Up

Five interesting news/developments that could impact Thai equities:<ul>
<li>
Updates on Thai Airways restructuring. The Planner gives out details about potential merger with Thai Smile and who will likely call the shots (bondholders, Boeing, Airbus) in the long run.</li>
<li>
Four New Airports. Bhumjaithai's Transport Minister pushes AOT to expand four more airports even as passenger throughput falls by more than half. Some locations such as Buriram seem politically oriented but make less business sense.</li>
<li>
Debt Exploding, as budget deficits lead Thai government to authorize Bt214bn of new loans. Public debt to GDP could rise to 57% by next year, prompting the State to raise its debt ceiling above 60%.</li>
<li>
Everyone wants power! From PTT to EA, everyone wants a piece of the action in the power sector. Increasing stakes in power companies, running electric ferries on the Chao Phrya, you name it.</li>
<li>
TTA's Ship Comes Home. The shipper is guiding for a strong revenue growth of 31% and expansion of both its fleet and restaurant outlets.</li>
</ul>

Five interesting news/developments that could impact Thai equities:

Updates on Thai Airways restructuring. The Planner gives out details about potential merger with Thai Smile and who will likely call the shots (bondholders, Boeing, Airbus) in the long run.

Four New Airports. Bhumjaithai's Transport Minister pushes AOT to expand four more airports even as passenger throughput falls by more than half. Some locations such as Buriram seem politically oriented but make less business sense.

Debt Exploding, as budget deficits lead Thai government to authorize Bt214bn of new loans. Public debt to GDP could rise to 57% by next year, prompting the State to raise its debt ceiling above 60%.

Everyone wants power! From PTT to EA, everyone wants a piece of the action in the power sector. Increasing stakes in power companies, running electric ferries on the Chao Phrya, you name it.

TTA's Ship Comes Home. The shipper is guiding for a strong revenue growth of 31% and expansion of both its fleet and restaurant outlets.


Snippets #44: More Turbulence at THAI, Four New Airports!

During this period, we visited around 10 companies. These were the two we liked best of the pack.<ul>
<li>
Osotspa, one of the country's oldest conglomerates, pointed to passing of overhangs and all-rounded strong growth in smaller businesses such as Vitamin C, canned coffee, and childcare products.</li>
<li>
Chaiyo, the country's second largest debt collector but the better performer. They've almost doubled their earnings and expanded their gross margins by a whopping 13%.</li>
</ul>

During this period, we visited around 10 companies. These were the two we liked best of the pack.

Osotspa, one of the country's oldest conglomerates, pointed to passing of overhangs and all-rounded strong growth in smaller businesses such as Vitamin C, canned coffee, and childcare products.

Chaiyo, the country's second largest debt collector but the better performer. They've almost doubled their earnings and expanded their gross margins by a whopping 13%.


We met up with Thailand's second largest debt collector CHAYO and Precious Shipping, one of Thailand's top three shippers and a member of the G Premji Group that also includes MEGA. Here's a quick run-down:<ul>
<li>
CHAYO almost doubled their net income to Bt27m in Q1'19 on the back of high margins and higher debt collections. The company is also expanding into the lending business, where interests are capped at 15% (still pretty high!)</li>
<li>
Headwinds. Admittedly, the local economy is not doing well, and collection costs will rise, but this also means less competition from the banks, who are constrained by tougher risk management standards.</li>
<li>
PSL turned from a profit to a loss of US$2m in Q1'19, but they continued to paint a rosy picture citing how little the trade wars have affected  China's steel imports and the fact that BDI isn't much higher than the all time lows back in 2016.</li>
</ul>

We met up with Thailand's second largest debt collector CHAYO and Precious Shipping, one of Thailand's top three shippers and a member of the G Premji Group that also includes MEGA. Here's a quick run-down:

CHAYO almost doubled their net income to Bt27m in Q1'19 on the back of high margins and higher debt collections. The company is also expanding into the lending business, where interests are capped at 15% (still pretty high!)

Headwinds. Admittedly, the local economy is not doing well, and collection costs will rise, but this also means less competition from the banks, who are constrained by tougher risk management standards.

PSL turned from a profit to a loss of US$2m in Q1'19, but they continued to paint a rosy picture citing how little the trade wars have affected  China's steel imports and the fact that BDI isn't much higher than the all time lows back in 2016.


Golden Land Property Development / Equity Bottom-Up

Golden Land Property Development (GOLD TB)

We had a lightning-quick series of meetings with three companies today, and noting that the biggest ones just met our pals at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> so recently, these companies must be pretty busy too. The debt collector here is CHAYO, a follow-up on the IPO we introduced earlier in <a href="https://www.smartkarma.com/insights/ipo-radar-chayo-the-next-jmt-debt-collection-biz" target="_blank" data-smartkarma-citation="insights:17078">IPO Radar: CHAYO, the Next JMT (Debt Collection Biz)</a>, and to be honest at Bt3.10/sh, they've done better than expected. We're glad to see their share prices are still holding up. It's kinda like watering a plant and finding…

We had a lightning-quick series of meetings with three companies today, and noting that the biggest ones just met our pals at Country Group so recently, these companies must be pretty busy too. The debt collector here is CHAYO, a follow-up on the IPO we introduced earlier in IPO Radar: CHAYO, the Next JMT (Debt Collection Biz), and to be honest at Bt3.10/sh, they've done better than expected. We're glad to see their share prices are still holding up. It's kinda like watering a plant and finding…

Blitzkrieg Meetings with GOLD, Glue, and Debt Collectors

Thailand

Chayo Group Public Company Limited and its subsidiaries specialize in investing and managing non-performing loans, offering debt tracking and collection services for financial institutions and private companies. They also provide customer service, money lending, and sell goods via digital channels. The company was founded on March 11, 1997, and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Chayo Group (CHAYO TB)

Business DNA: Suksan Yasasin of Chayo Group

Suksan Yasasin’s father passed away when he was only two years old. In 1997, a company was established, which later became Chayo Group Public...

A. Stotz Investment Research

Snippets #44: More Turbulence at THAI, Four New Airports!

Five interesting

Athaporn Arayasantiparb, CFA

The Best of May/June 2019 Company Visits

During this period, we visited around 10 companies. These were the two we liked best of the pack. Osotspa, one of the country's oldest...

Athaporn Arayasantiparb, CFA

Company Visits: CHAYO, Precious Shipping

We met up with Thailand's second largest debt collector CHAYO and Precious Shipping, one of Thailand's top three shippers and a member of the G...

Athaporn Arayasantiparb, CFA

Blitzkrieg Meetings with GOLD, Glue, and Debt Collectors

We had a lightning-quick series of meetings with three companies today, and noting that the biggest ones just met our pals at Country Group so...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)