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

<p></p><ul><li>The tightness of the operation is excellent based on the cash conversion cycle</li><li>The company is excellent at generating consistently positive operating cash flow</li><li>The company has delivered excellent sales growth, which is essential for long-term value creation</li></ul>

The tightness of the operation is excellent based on the cash conversion cycleThe company is excellent at generating consistently positive operating cash flowThe company has delivered excellent sales growth, which is essential for long-term value creation

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: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 112% versus the SET 100 Index’s return of 55%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 112% versus the SET 100 Index’s return of 55%


The Stocks to Own in Thailand – Vol. 53

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 97% versus the SET 100 Index’s return of 43%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: five stocks remain, nine new join the fray
Since inception, it has gained 97% versus the SET 100 Index’s return of 43%


The Stocks to Own in Thailand – Vol. 52

<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 72% versus the SET 100 Index’s return of 23%</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 72% versus the SET 100 Index’s return of 23%


The Stocks to Own in Thailand – Vol. 51

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 SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.</li><li>Fund outflows were a key factor weighing on the index, with no fresh catalysts and investors still waiting for government stimulus measures.</li><li>The index may dip further, but we believe the downside is limited as the overall uptrend remains intact.</li></ul>

The SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.Fund outflows were a key factor weighing on the index, with no fresh catalysts and investors still waiting for government stimulus measures.The index may dip further, but we believe the downside is limited as the overall uptrend remains intact.

Krungthai XSpring Technical Eng. September 22, 2025

Thailand

MBK Public Company Limited is a diversified holding company primarily involved in shopping center and real estate development and management. The company also operates in hotel and tourism, golf, food solutions, financial services, and auction businesses. Headquartered in Bangkok, Thailand, the company was founded in 1974.

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MBK (MBK TB)

Uncovered Thai Stocks: MBK (3Q25)

The tightness of the operation is excellent based on the cash conversion cycle The company is excellent at generating consistently positive...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 53

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 52

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

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 51

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

Krungthai XSpring Technical Eng. September 22, 2025

The SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.

Krungthai XSpring

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