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

Bualuang Office Leasehold Real Estate Investment Trust / Equity Bottom-Up

Bualuang Office Leasehold Real Estate Investment Trust

We initiate coverage on B-WORK with a BUY recommendation based on a target price of Bt12.80, implying an upside of 13% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.1% and no terminal period.
Investment thesis:
<ul>
<li>Group affiliation assures a high occupancy rate and stable revenue</li>
<li>Impact from COVID-19 should be limited</li>
<li>Addition of new assets offer upside to our target price</li>
<li>Pays higher dividend yield than Thai peers</li>
</ul>
Risks: Conflict of interest due to the largest unitholder and tenant being within the same conglomerate, rising bond yields, falling occupancy rate, and higher-than-expected renovation and overhaul costs.

We initiate coverage on B-WORK with a BUY recommendation based on a target price of Bt12.80, implying an upside of 13% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.1% and no terminal period.
Investment thesis:

Group affiliation assures a high occupancy rate and stable revenue
Impact from COVID-19 should be limited
Addition of new assets offer upside to our target price
Pays higher dividend yield than Thai peers

Risks: Conflict of interest due to the largest unitholder and tenant being within the same conglomerate, rising bond yields, falling occupancy rate, and higher-than-expected renovation and overhaul costs.

B-WORK: Offers Price Upside and a Good Dividend Yield

Thailand

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

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True Corp PCL (TRUE-R TB)

B-WORK: Offers Price Upside and a Good Dividend Yield

We initiate coverage on B-WORK with a BUY recommendation based on a target price of Bt12.80, implying an upside of 13% from the current share...

A. Stotz Investment Research

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