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

Symphony Communication / Equity Bottom-Up

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

The company is very good at generating consistently positive operating cash flowThe tightness of the operation is very good based on the cash conversion cycleEarnings quality is very high based on our analysis of net income relative to operating cash flow

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

The tightness of the operation is very good based on the cash conversion cycleThe company is very good at generating consistently positive operating cash flowEarnings quality is very high based on our analysis of net income relative to operating cash flow

<ul>
<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>
<li>Its competitive strategy appears excellent based on the gross profit margin</li>
</ul>


The company is excellent at generating consistently positive operating cash flow
The tightness of the operation is excellent based on the cash conversion cycle
Its competitive strategy appears excellent based on the gross profit margin


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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day and 75-day EMAs), pending clarity on the FOMC meeting (the result will be known tonight).</li><li>KTX anticipates the Fed to reduce the policy interest rate for the first time in 4Q24E and adjust the dot plot to indicate one rate cut (vs. three rate cuts previously).</li><li>KTX views that for China to achieve its 5% growth target this year, the authorities must employ more robust measures than those utilized last year.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day and 75-day EMAs), pending clarity on the FOMC meeting (the result will be known tonight).KTX anticipates the Fed to reduce the policy interest rate for the first time in 4Q24E and adjust the dot plot to indicate one rate cut (vs. three rate cuts previously).KTX views that for China to achieve its 5% growth target this year, the authorities must employ more robust measures than those utilized last year.

Keep a Close Watch on FOMC Meeting and China's Policy Interest Rates

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Thematic (Sector/Industry)

You know how movies like to show you the present-day episodes and then they later rewind back to a prequel of how it all started. Well, this is something like that. While it is true that MCorp Review has probably mentioned some of these guys in the Thai-Coons and Big Brother series before, we never really put them in the same place. It's a little like talking about the Starks in isolation of the Lannisters in Game of Thrones, so we're gonna let them do their fist bumps here, even if it means…

You know how movies like to show you the present-day episodes and then they later rewind back to a prequel of how it all started. Well, this is something like that. While it is true that MCorp Review has probably mentioned some of these guys in the Thai-Coons and Big Brother series before, we never really put them in the same place. It's a little like talking about the Starks in isolation of the Lannisters in Game of Thrones, so we're gonna let them do their fist bumps here, even if it means…

Telecom Review: A Brief Background on Sector Players

Thailand

Symphony Communication Public Company Limited is a telecommunication network and service provider in Thailand, offering high-speed domestic and international connectivity through terrestrial and submarine fiber optic cable networks and Internet services. The company also provides information and communications technology (ICT) and digital solutions including cloud, data center, and managed security services. It was incorporated in 2005 and is headquartered in Bangkok, Thailand.

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Symphony Communication (SYMC TB)

Uncovered Thai Stocks: SYMC (2Q26)

The company is very good at generating consistently positive operating cash flow The tightness of the operation is very good based on the cash...

A. Stotz Investment Research

Uncovered Thai Stocks: SYMC (1Q26)

The tightness of the operation is very good based on the cash conversion cycle The company is very good at generating consistently positive...

A. Stotz Investment Research

Uncovered Thai Stocks: SYMC (3Q25)

The company is excellent at generating consistently positive operating cash flow The tightness of the operation is excellent based on the cash...

A. Stotz Investment Research

Keep a Close Watch on FOMC Meeting and China's Policy Interest Rates

Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day...

Krungthai XSpring

Telecom Review: A Brief Background on Sector Players

You know how movies like to show you the present-day episodes and then they later rewind back to a prequel of how it all started. Well, this is...

Athaporn Arayasantiparb, CFA

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