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)

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Thai mainstream hospital chains are all priced at over 35x PE each. On a relative basis, we believe market leader BDMS has the best relative value, but overall we would avoid this sector. For die-hard healthcare investors, we recommend picking niche players and related stocks, such as Mega Life Sciences or MEGA (a drug maker with 80% gross margin), <a href="https://www.smartkarma.com/entities/22925" target="_blank" data-smartkarma-citation="entities:22925">Business Alignment Public Company Limited (BIZ TB)</a>  (an "insanely cheap" cancer treatment stock that is popular with hospitals but unloved by investors), and <a href="https://www.smartkarma.com/entities/22924" target="_blank" data-smartkarma-citation="entities:22924">Ekachai Medical Care PCL (EKH TB)</a>  (a childcare center trading at 2.8x PE....seriously?)Inside this review, you'll find some interesting snippets about: 1) drugmakers who intentionally produce in high-cost environment; 2) profitable companies with high margins and good potential trading at ridiculous discounts in a traditionally expensive sector simply because they are not big enough to warrant coverage; and 3) why we would pick a 43x PE stock over a 37x one. Enjoy!

Thai mainstream hospital chains are all priced at over 35x PE each. On a relative basis, we believe market leader BDMS has the best relative value, but overall we would avoid this sector. For die-hard healthcare investors, we recommend picking niche players and related stocks, such as Mega Life Sciences or MEGA (a drug maker with 80% gross margin), Business Alignment Public Company Limited (BIZ TB)  (an "insanely cheap" cancer treatment stock that is popular with hospitals but unloved by investors), and Ekachai Medical Care PCL (EKH TB)  (a childcare center trading at 2.8x PE....seriously?)Inside this review, you'll find some interesting snippets about: 1) drugmakers who intentionally produce in high-cost environment; 2) profitable companies with high margins and good potential trading at ridiculous discounts in a traditionally expensive sector simply because they are not big enough to warrant coverage; and 3) why we would pick a 43x PE stock over a 37x one. Enjoy!

Thailand

Mega Lifesciences PCL manufactures, markets and distributes nutritional and herbal supplement, OTC and ethical drugs. The Company produces products that range from treating internal issues to overall general health.

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Mega Lifesciences (MEGA TB)

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Thai Healthcare: A Sector of Extremes

Thai mainstream hospital chains are all priced at over 35x PE each. On a relative basis, we believe market leader BDMS has the best relative value,...

Athaporn Arayasantiparb, CFA

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