Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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The Week That Was in ASEAN@Smartkarma - Virus Korona, Bank Mandiri, and DBS

AOT (AOT TB): Monopoly Growing Its Concessions Income

Interesting Stocks to Consider in Thailand

Interesting Stocks to Consider in Thailand, Vol. 2

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul>
<li>Good gross margin, earnings on an upward trend, and good chance of target-price upgrade relative to its sector</li>
<li>Bidding for new duty-free and retail concession at Suvarnabhumi airport is still possible to be concluded this year, a share price catalyst and should boost concession revenue from FY2020</li>
<li>Recovery in Chinese tourist arrivals should support AOT revenue growth. Arrivals grew by 3% during the first week of October aka the Chinese Golden Week</li>
<li>AOT trades above Thai transportation at 19CE* 5.5x PB but offers better ROE</li>
<li>Risk: Expansion delays, terrorist attacks</li>
</ul><p><em>* Consensus Estimates</em></p>


Good gross margin, earnings on an upward trend, and good chance of target-price upgrade relative to its sector
Bidding for new duty-free and retail concession at Suvarnabhumi airport is still possible to be concluded this year, a share price catalyst and should boost concession revenue from FY2020
Recovery in Chinese tourist arrivals should support AOT revenue growth. Arrivals grew by 3% during the first week of October aka the Chinese Golden Week
AOT trades above Thai transportation at 19CE* 5.5x PB but offers better ROE
Risk: Expansion delays, terrorist attacks
* Consensus Estimates

AOT（AOT TB）：中国人観光客の回復で独占が利益を得る

Airports of Thailand

AOT（AOT TB）：中国人観光客の回復で独占が利益を得る