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

All Inspire Development PCL / Equity Bottom-Up

We have a BUY recommendation on ALL based on a target price of Bt4.39, implying an upside of 31% from the current price. We derive our target price from a 20% discount to the PE ratio of Asia ex Japan Real Estate and apply a 15% small-cap discount.
Investment thesis:
<ul>
<li>Recent investment in shopping mall diversifies revenue stream</li>
<li>Partnership with Japanese firms as a gateway to efficient residential development</li>
<li>Pipeline residential projects ensure constant near-term growth</li>
</ul>
Interim: Although the real estate sector is severely affected by the COVID-19 pandemic, ALL has delivered strong results. The high backlog of projects and demand recovery for residential projects should unlock further upside potential.
Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.

We have a BUY recommendation on ALL based on a target price of Bt4.39, implying an upside of 31% from the current price. We derive our target price from a 20% discount to the PE ratio of Asia ex Japan Real Estate and apply a 15% small-cap discount.
Investment thesis:

Recent investment in shopping mall diversifies revenue stream
Partnership with Japanese firms as a gateway to efficient residential development
Pipeline residential projects ensure constant near-term growth

Interim: Although the real estate sector is severely affected by the COVID-19 pandemic, ALL has delivered strong results. The high backlog of projects and demand recovery for residential projects should unlock further upside potential.
Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.

ALL: Valuation Remains Undemanding, Expect Further Upside

We initiate coverage on ALL with a BUY recommendation based on a target price of Bt4.39, implying an upside of 25% from the current price. We derive our target price from a 20% discount to the PE ratio of Asia ex Japan Real Estate, and apply a 15% small-cap discount.Investment thesis:<ul>
<li>Recent investment in shopping mall diversifies revenue stream</li>
<li>Partnership with Japanese firms as a gateway to efficient residential development</li>
<li>Pipeline residential projects ensure constant near-term growth</li>
</ul>Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.

We initiate coverage on ALL with a BUY recommendation based on a target price of Bt4.39, implying an upside of 25% from the current price. We derive our target price from a 20% discount to the PE ratio of Asia ex Japan Real Estate, and apply a 15% small-cap discount.Investment thesis:
Recent investment in shopping mall diversifies revenue stream
Partnership with Japanese firms as a gateway to efficient residential development
Pipeline residential projects ensure constant near-term growth
Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.

ALL: Undemanding Valuation and Good Growth Prospects in Shunned Sector

Japan

Hoosiers Holdings provides real estate services. The Company offers real estates sales, brokerage commissions, investment, real estate consulting, and management services to individuals and businesses.

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Hoosiers Holdings (3284 JP)

ALL: Valuation Remains Undemanding, Expect Further Upside

We have a BUY recommendation on ALL based on a target price of Bt4.39, implying an upside of 31% from the current price. We derive our target price...

A. Stotz Investment Research

ALL: Undemanding Valuation and Good Growth Prospects in Shunned Sector

We initiate coverage on ALL with a BUY recommendation based on a target price of Bt4.39, implying an upside of 25% from the current price. We...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)