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A. Stotz Investment Research

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MCS: Thai Likely to Produce Olympic Steel

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Cheap on a gross profit basis relative to its sector and low price volatility versus the Thai market</li><li>Thanks to its production of high-grade, earthquake-resistant steel beams, and stable pricing from yen-denominated contracts, it was able to enjoy a 2016 rise in export-revenue of 57%</li><li>It is particularly well positioned to benefit from Olympic-related building demand for Tokyo 2020</li><li>MCS has shown a strong and increasing trend in profitability in 2016 and the company is net cash</li><li>Risk: Overdependence on one major Japanese customer, Kajima</li></ul>

Cheap on a gross profit basis relative to its sector and low price volatility versus the Thai marketThanks to its production of high-grade, earthquake-resistant steel beams, and stable pricing from yen-denominated contracts, it was able to enjoy a 2016 rise in export-revenue of 57%It is particularly well positioned to benefit from Olympic-related building demand for Tokyo 2020MCS has shown a strong and increasing trend in profitability in 2016 and the company is net cashRisk: Overdependence on one major Japanese customer, Kajima

MCS: Thai Steel Firm Unshakeable on Path to Olympic Gold

M.C.S. Steel

MCS: Thai Steel Firm Unshakeable on Path to Olympic Gold