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

Thai Foods Group Public Company Limited / Equity Bottom-Up

<ul><li>Improving operating profit, strong net profit momentum, and strong sales momentum relative to its sector </li><li>Focus on cost management and production expansion for broiler and swine businesses should continue to drive earnings, already resulting in turning a 2016 net profit of Bt1.5bn versus a net loss of Bt1.6bn in 2015 </li><li>Growth should be supported by increased production volume, a fairly good price outlook for chicken and live pigs, and low raw material costs for wheat and soybean meal </li><li>Attractive at a 17CE* PEG ratio of 0.3 relative to the Thai sector at a PEG of 2.2 </li><li>Risks: High price sensitivity to change in demand/supply</li></ul>* Consensus Estimates

Improving operating profit, strong net profit momentum, and strong sales momentum relative to its sector Focus on cost management and production expansion for broiler and swine businesses should continue to drive earnings, already resulting in turning a 2016 net profit of Bt1.5bn versus a net loss of Bt1.6bn in 2015 Growth should be supported by increased production volume, a fairly good price outlook for chicken and live pigs, and low raw material costs for wheat and soybean meal Attractive at a 17CE* PEG ratio of 0.3 relative to the Thai sector at a PEG of 2.2 Risks: High price sensitivity to change in demand/supply* Consensus Estimates

TFG: Poultry and Swine Producer Gets Lean for Fat Earnings

<ul><li>Improving operating profit, good price momentum, and improving asset turnover relative to its sector</li><li>Focus on cost management and production expansion for broiler and swine businesses should continue to drive earnings, already resulting in turning a 2016 net profit of Bt1.5bn versus a net loss of Bt1.6bn in 2017</li><li>TFG has hedged against the upsurge in raw material costs, wheat and soybean meal, until July 2017</li><li>Good sales growth and efficiency improvements make TFG look most appealing</li><li>Risks: High price sensitivity to change in demand/supply</li></ul>

Improving operating profit, good price momentum, and improving asset turnover relative to its sectorFocus on cost management and production expansion for broiler and swine businesses should continue to drive earnings, already resulting in turning a 2016 net profit of Bt1.5bn versus a net loss of Bt1.6bn in 2017TFG has hedged against the upsurge in raw material costs, wheat and soybean meal, until July 2017Good sales growth and efficiency improvements make TFG look most appealingRisks: High price sensitivity to change in demand/supply

TFG: Poultry and Swine Producer Focused on Efficiency

Thailand

Thaifoods Group Public Company Limited is the manufacturer and processor of poultry and swine products. The Company's business involves hatcheries, contract farming, raw chicken meat processing for export, and domestic distribution. Thaifoods Group operates in Southeast Asia.

Thai Foods Group Public Company Limited (TFG TB)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Thai Foods Group Public Company Limited (TFG TB)

TFG: Poultry and Swine Producer Gets Lean for Fat Earnings

Improving operating profit, strong net profit momentum, and strongsales momentum relative to its sector Focus on cost management and production...

A. Stotz Investment Research

TFG: Poultry and Swine Producer Focused on Efficiency

Improving operating profit, good price momentum, and improving asset turnover relative to its sector Focus on cost management and production...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)