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 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 141% versus the SET 100 Index’s return of 67%</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 141% versus the SET 100 Index’s return of 67%


The Stocks to Own in Thailand – Vol. 54

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

Sri Trang Agro-Industry / Equity Bottom-Up

<ul><li>STA reported another net loss in 3Q25, pressured by a sharp drop in STR sales amid tax uncertainty.</li><li>Our estimates, rating, and FV are under review.</li><li>We preliminarily expect 4Q25E performance to recover QoQ, driven by a potential rebound in STR demand from restocking ahead of 2026 tire production.</li></ul>

STA reported another net loss in 3Q25, pressured by a sharp drop in STR sales amid tax uncertainty.Our estimates, rating, and FV are under review.We preliminarily expect 4Q25E performance to recover QoQ, driven by a potential rebound in STR demand from restocking ahead of 2026 tire production.

SRI TRANG AGRO-INDUSTRY Plc. (STA): 3Q25 Loss Extended On Weaker Margins

Technical Analysis

Bangkok Dusit Medical Services / Technical Analysis

Bangkok Dusit Medical Services (BDMS-R TB)

<ul><li>Asian equity markets continued to trade mixed.</li><li>The pullback did not alter the index's upward trajectory toward the 1,600-point resistance.</li><li>We therefore expect the index to rebound quickly, with the 1,600-point level remaining the key upside target.</li></ul>

Asian equity markets continued to trade mixed.The pullback did not alter the index's upward trajectory toward the 1,600-point resistance.We therefore expect the index to rebound quickly, with the 1,600-point level remaining the key upside target.

Krungthai XSpring Technical Eng. July 2, 2026

Equity & Credit Research

Duncan Chan

Commodities

OSE Rubber Future Contract RSS3 / Commodities

OSE Rubber Future Contract RSS3 (JNA COMDTY)

<ul>
<li>ANRPC projects 2025 production growth of 0.3% versus demand growth of 1.8%, suggesting tighter balances may persist if demand remains supportive.</li>
<li>SHFE rubber inventories stood at 125,410 tonnes versus a long-term median of 508,990 tonnes, indicating reduced visible supply buffers.</li>
<li>Thailand accounts for roughly one-third of global production, while slower biological supply responses increase market sensitivity if demand conditions strengthen.</li>
</ul>


ANRPC projects 2025 production growth of 0.3% versus demand growth of 1.8%, suggesting tighter balances may persist if demand remains supportive.
SHFE rubber inventories stood at 125,410 tonnes versus a long-term median of 508,990 tonnes, indicating reduced visible supply buffers.
Thailand accounts for roughly one-third of global production, while slower biological supply responses increase market sensitivity if demand conditions strengthen.


Natural Rubber: Weather Disruption Underpins Supply Tightness, as Demand Weighs In

<ul>
<li>ENSO remained broadly neutral during early 2026, although probabilities of El Niño later increased, suggesting weather risk remains more forward-looking than physically visible.</li>
<li>Palm oil appears most exposed, with Malaysia and Indonesia dominating global supply and 2015–2016 El Niño contributing to 13–17% production declines and 20–30% CPO gains.</li>
<li>Natural rubber follows because Thailand accounts for roughly one-third of global production, while late-2025 flooding affected 656,000 hectares and reduced supply flexibility.</li>
</ul>


ENSO remained broadly neutral during early 2026, although probabilities of El Niño later increased, suggesting weather risk remains more forward-looking than physically visible.
Palm oil appears most exposed, with Malaysia and Indonesia dominating global supply and 2015–2016 El Niño contributing to 13–17% production declines and 20–30% CPO gains.
Natural rubber follows because Thailand accounts for roughly one-third of global production, while late-2025 flooding affected 656,000 hectares and reduced supply flexibility.


El Niño / La Niña: Which ASEAN Commodities Have The Smallest Buffers?

Thailand

Sri Trang Agro-Industry Public Company Limited is an integrated producer and distributor of natural rubber and natural rubber products, including ribbed smoked sheets, concentrated latex, and block rubber, as well as natural gloves. The company also engages in rubber plantations and provides engineering, logistics, and IT services. Headquartered in Songkhla, Thailand, the company was founded in 1987.

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Sri Trang Agro-Industry (STA SP)

The Stocks to Own in Thailand – Vol. 54

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

SRI TRANG AGRO-INDUSTRY Plc. (STA): 3Q25 Loss Extended On Weaker Margins

STA reported another net loss in 3Q25, pressured by a sharp drop in STR sales amid tax uncertainty. Our estimates, rating, and FV are under review.

Krungthai XSpring

Krungthai XSpring Technical Eng. July 2, 2026

Asian equity markets continued to trade mixed. The pullback did not alter the index's upward trajectory toward the 1,600-point resistance. We...

Krungthai XSpring

Natural Rubber: Weather Disruption Underpins Supply Tightness, as Demand Weighs In

Weather may initiate supply tightening, but lower inventories and downstream demand determine whether tighter rubber conditions become investable.

Duncan Chan

El Niño / La Niña: Which ASEAN Commodities Have The Smallest Buffers?

Weather risk alone is not investable; palm oil and rubber matter because ASEAN supply buffers are thinner and transmission can show up in...

Duncan Chan

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