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

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. </li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We remain NEUTRAL on Hyphens as we think the stock currently trades at fair value. 


Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores Ltd (BKL AU)</a> has entered a binding proposal with <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin Holdings (2503 JP)</a> at A$95.00 per share, a 23.7% premium to the undisturbed price (16 April).</li>
<li>The offer is attractive. Marcus Blackmore, the largest shareholder, will vote in favour of the offer. Regulatory approvals should be forthcoming.   </li>
<li>The scheme meeting is in July. At the last close, the gross and annualised spread for a late August payment is 0.8% and 2.2%, respectively.</li>
</ul>



Blackmores Ltd (BKL AU) has entered a binding proposal with Kirin Holdings (2503 JP) at A$95.00 per share, a 23.7% premium to the undisturbed price (16 April).
The offer is attractive. Marcus Blackmore, the largest shareholder, will vote in favour of the offer. Regulatory approvals should be forthcoming.   
The scheme meeting is in July. At the last close, the gross and annualised spread for a late August payment is 0.8% and 2.2%, respectively.


Blackmores (BKL AU): Kirin’s Binding A$95.00 Offer

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

<ul>
<li>Despite the challenges in Myanmar. MEGA reported all-time-high level of net profit at Bt659m (+8%YoY, +16%QoQ), higher than our forecast and 19% above BB consensus estimated.</li>
<li>Solid 3Q22 result thanks to solid distribution business Excluding extraordinary items, core profit was at Bt669m (+25%YoY, +23%QoQ). The 9M22 result accounted for 84% of our 2022E.</li>
<li>Mega We Care’s revenue (Branded products business) reach to Bt2bn (flat YoY,+2%QoQ) driven by a recovery in revenue from prescription pharmaceutical products along with rebounding number of patient in hospitals</li>
</ul>


Despite the challenges in Myanmar. MEGA reported all-time-high level of net profit at Bt659m (+8%YoY, +16%QoQ), higher than our forecast and 19% above BB consensus estimated.
Solid 3Q22 result thanks to solid distribution business Excluding extraordinary items, core profit was at Bt669m (+25%YoY, +23%QoQ). The 9M22 result accounted for 84% of our 2022E.
Mega We Care’s revenue (Branded products business) reach to Bt2bn (flat YoY,+2%QoQ) driven by a recovery in revenue from prescription pharmaceutical products along with rebounding number of patient in hospitals


MEGA : 3Q22 Profit Reach to All-Time-High Level

<ul>
<li>MEGA’s share price corrected 30%from its peak, which we believe it has mostly priced in obstacles to business operation in Myanmar.We upgrade to BUY with a target price of Bt54</li>
<li>Expect 3Q22 result to be another strong quarter Mega We Care’s revenue (Branded products business) is expected to reach at Bt2bn (+1%YoY,+3%QoQ) driven by a recovery in revenue from prescription</li>
<li>Maxxcare’s revenue (Distribution business) is expected to drop to Bt1.75bn (-7%YoY, -6%QoQ) pressured by lower consumer purchasing power following a rising inflation and Myanmar’s Kyat depreciation</li>
</ul>


MEGA’s share price corrected 30%from its peak, which we believe it has mostly priced in obstacles to business operation in Myanmar.We upgrade to BUY with a target price of Bt54
Expect 3Q22 result to be another strong quarter Mega We Care’s revenue (Branded products business) is expected to reach at Bt2bn (+1%YoY,+3%QoQ) driven by a recovery in revenue from prescription
Maxxcare’s revenue (Distribution business) is expected to drop to Bt1.75bn (-7%YoY, -6%QoQ) pressured by lower consumer purchasing power following a rising inflation and Myanmar’s Kyat depreciation


MEGA : Attractive Valuation with Sustainable Growth Outlook

Thailand

Mega Lifesciences is a leading international pharmaceutical and nutraceutical company that manufactures, markets, sells, and distributes quality pharmaceutical products, medicinal supplements, and personal health products. The company also operates through its branded products segment, Mega We Care, and a distribution platform, Maxxcare, for third-party products. It is headquartered in Bangkok, Thailand, and was founded in 1982.

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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

Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

We remain NEUTRAL on Hyphens Pharma as we think the stock currently trades at fair value, with Vietnam being the primary drag.

Evolve Capital Advisory Pte Ltd

Blackmores (BKL AU): Kirin’s Binding A$95.00 Offer

The offer is attractive. Regulatory approvals should be forthcoming. At the last close, the annualised spread for a late August payment is 2.2%.

Arun George

MEGA : 3Q22 Profit Reach to All-Time-High Level

Despite the challenges in Myanmar. MEGA reported all-time-high level of net profit at Bt659m (+8%YoY, +16%QoQ), higher than our forecast and 19%...

Pi Securities PCL, Thailand

MEGA : Attractive Valuation with Sustainable Growth Outlook

MEGA’s share price corrected 30% from its peak, which we believe it has mostly priced in obstacles to business operation in Myanmar. We upgrade to...

Pi Securities PCL, Thailand

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