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)

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

The Stocks to Own in Thailand – Vol. 33

The Stocks to Own in Thailand – Vol. 32

The Stocks to Own in Thailand – Vol. 31

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

HTC reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast.<ul class="">
<li>Sales grew (+6%YoY, +10%QoQ) due to demand growth.</li>
<li>Gross profit margin widened to 32.8% from 31.5% in 1Q17 due to economies of scale.</li>
<li>Rising utilization of the second factory continues to be a major contributor for both sales growth and margin expansion.</li>
</ul>We rate HTC as a BUY with 31% upside to our target price of Bt27.0*Please refer to our previous report: …

HTC reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast.
Sales grew (+6%YoY, +10%QoQ) due to demand growth.
Gross profit margin widened to 32.8% from 31.5% in 1Q17 due to economies of scale.
Rising utilization of the second factory continues to be a major contributor for both sales growth and margin expansion.
We rate HTC as a BUY with 31% upside to our target price of Bt27.0*Please refer to our previous report: …

HTC: Second Factory Drove Both Sales Growth and Margin Expansion

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. <ul>
<li>4Q17 net profit was Bt56m (+4%YoY) in line with our forecast.</li>
<li>Reported FY2017 net profit at 283m (+14%YoY).</li>
<li>Gross margin improve by economies of scale from second factory.</li>
<li>Upside from sugar price floating which do not include in our forecast yet.</li>
</ul>We rate HTC as a BUY with 2% upside to our target price of Bt27.0*<a href="https://www.smartkarma.com/insights/htc-soft-drink-king-rules-in-southern-thailand" target="_blank">HTC: Soft Drink King Rules in Southern Thailand</a>*We…

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. 
4Q17 net profit was Bt56m (+4%YoY) in line with our forecast.
Reported FY2017 net profit at 283m (+14%YoY).
Gross margin improve by economies of scale from second factory.
Upside from sugar price floating which do not include in our forecast yet.
We rate HTC as a BUY with 2% upside to our target price of Bt27.0*HTC: Soft Drink King Rules in Southern Thailand*We…

HTC: 4Q17 Result Was in Line but Floating Sugar Price Will Be an Upside

Thailand

Haad Thip Public Company Limited manufactures and distributes soft drinks. The Company produces sparkling beverages and drinking water. Haad Thip serves customers in Thailand.

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Haad Thip (HTC TB)

The Stocks to Own in Thailand – Vol. 33

Our Thai portfolio has gained 85% versus the SET 100 Index’s return of 30%. Since the last rebalancing, it has had 10 major outperformers: RCL,...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 32

A. Stotz Thai Portfolio: We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 31

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai...

A. Stotz Investment Research

HTC: Second Factory Drove Both Sales Growth and Margin Expansion

HTC reported 1Q18 net profit of Bt88m (+3%YoY, +56%QoQ). The 1Q18 result was 25% of our full-year forecast and was in line with our forecast. Sales...

Pi Securities PCL, Thailand

HTC: 4Q17 Result Was in Line but Floating Sugar Price Will Be an Upside

HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. 4Q17 net...

Pi Securities PCL, Thailand

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