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)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: One stocks remain, and 13 stocks are added</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 196% versus MSCI ASEAN’s 25%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: One stocks remain, and 13 stocks are added
Since its inception, the portfolio has generated a before-fee total return of 196% versus MSCI ASEAN’s 25%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Seven stocks remain, seven new join the fray</li>
<li>Since inception, it has gained 122% versus the SET 100 Index’s return of 35%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Seven stocks remain, seven new join the fray
Since inception, it has gained 122% versus the SET 100 Index’s return of 35%


The Stocks to Own in Thailand – Vol. 42

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.

Equity Bottom-Up

<ul><li>The 2Q23E sales and earnings are expected to have been very strong.</li><li>Earnings are forecast to grow by 75% YoY and 6% QoQ in 2Q23E and then hit new highs in 3Q23E due to the peak sales season for overseas markets.</li><li>We expect to see earnings growth of around 70-80% YoY in 3Q23E before entering the low season in the 4Q.</li></ul>

The 2Q23E sales and earnings are expected to have been very strong.Earnings are forecast to grow by 75% YoY and 6% QoQ in 2Q23E and then hit new highs in 3Q23E due to the peak sales season for overseas markets.We expect to see earnings growth of around 70-80% YoY in 3Q23E before entering the low season in the 4Q.

SAPPE TB - Strong Sales and Earnings Momentum in 2Q23E

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: 10 stocks remain, four new join the fray</li>
<li>Since inception, it has gained 115% versus the SET 100 Index’s return of 31%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: 10 stocks remain, four new join the fray
Since inception, it has gained 115% versus the SET 100 Index’s return of 31%


The Stocks to Own in Thailand – Vol. 41

<ul><li>KTX has revised up our 2023-25E earnings projections by 39-48% to reflect the fact that the 1Q23 earnings significantly beat our forecast.</li><li>Earnings are expected to hit a new high in 2Q-3Q23E thanks to the peak sales season in the domestic market as well as export markets.</li><li>We project earnings growth at around 70-80% YoY in 2Q-3Q23E before entering the low season in 4Q23E.</li></ul>

KTX has revised up our 2023-25E earnings projections by 39-48% to reflect the fact that the 1Q23 earnings significantly beat our forecast.Earnings are expected to hit a new high in 2Q-3Q23E thanks to the peak sales season in the domestic market as well as export markets.We project earnings growth at around 70-80% YoY in 2Q-3Q23E before entering the low season in 4Q23E.

SAPPE TB - Strong Earnings Momentum; Earnings Forecasts and Rating Revised Up

Thailand

Sappe Public Company Limited manufactures and distributes health drinks. The Company manufactures dietary and fruit juice drinks. Sappe distributes their products internationally.

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Sappe Pcl (SAPPE TB)

The Stocks to Own in ASEAN – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: One stocks remain, 13 stocks added.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 42

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: 7 stocks remain, 7 new join the fray.

A. Stotz Investment Research

SAPPE TB - Strong Sales and Earnings Momentum in 2Q23E

Earnings are forecast to grow by 75% YoY and 6% QoQ in 2Q23E and then hit new highs in 3Q23E due to the peak sales season for overseas markets.

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 41

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Since inception, it has gained 115% versus the SET...

A. Stotz Investment Research

SAPPE TB - Strong Earnings Momentum; Earnings Forecasts and Rating Revised Up

KTX has revised up our 2023-25E earnings projections by 39-48% to reflect the fact that the 1Q23 earnings significantly beat our forecast.

Krungthai XSpring

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52-week Range

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