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

<ul><li>Earnings quality is very high based on our analysis of net income relative to operating cash flow</li><li>The company is excellent at generating consistently positive operating cash flow</li><li>The tightness of the operation is excellent based on the cash conversion cycle</li></ul>

Earnings quality is very high based on our analysis of net income relative to operating cash flowThe company is excellent at generating consistently positive operating cash flowThe tightness of the operation is excellent based on the cash conversion cycle

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.

Thematic (Sector/Industry)

<ul>
<li>Yesterday, our Small Cap portfolio generated a return of -0.73% vs. the SET Index at -0.26%.</li>
<li>Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.</li>
<li>The stocks with the biggest price declines were DOHOME (-3.77%), DOD (-2.46%), (WICE -2.46%) and RS (-1.89%).</li>
</ul>


Yesterday, our Small Cap portfolio generated a return of -0.73% vs. the SET Index at -0.26%.
Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.
The stocks with the biggest price declines were DOHOME (-3.77%), DOD (-2.46%), (WICE -2.46%) and RS (-1.89%).


Cross Asset Strategy

<ul><li>We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because they have fallen out of our top rankings.</li><li>We recommend replacing them with AMANAH and KSL.</li><li>AMANAH’s 2022E net profit is expected to remain flat YoY at Bt309mn, based on our conservative assumption for loan portfolio growth of +10.0% YoY.</li></ul>

We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because they have fallen out of our top rankings.We recommend replacing them with AMANAH and KSL.AMANAH’s 2022E net profit is expected to remain flat YoY at Bt309mn, based on our conservative assumption for loan portfolio growth of +10.0% YoY.

Small Cap Top Picks - Changes in Recommended List

Thailand

Sahathai Terminal Public Company Limited provides container shipping and logistics services. The Company provides warehousing, custom clearance, container repairs and maintenance, freight forwarding, online tracking, and other terminal services. Sahathai Terminal serves customers worldwide.

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Sahathai Terminal (PORT TB)

Uncovered Thai Stocks: PORT (3Q25)

Earnings quality is very high based on our analysis of net income relative to operating cash flow The company is excellent at generating...

A. Stotz Investment Research

Small Cap Top Picks - August 3, 2022

Most stocks in the portfolio declined in line with the market’s movement after the index was unable to surpass the resistance at 1,600 points.

Krungthai XSpring

Small Cap Top Picks - Changes in Recommended List

We suggest taking profit on BAFS, M, SIS and LST (with the returns since they were added at +7.7%, +1.5%, +6.6% and +1.0%, respectively) because...

Krungthai XSpring

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