Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Good growth in core profit, good price momentum, and more attractive to analysts relative to its sector </li><li>Four new projects to increase RATCH’s capacity by 14% to 7,373MW by 2021 which in turn could boost top-line growth </li><li>Higher utilization rate of Hongsa in Laos should drive earnings in 2017 on better operational reliability and low-cost structure </li><li>RATCH appears more attractive at 17CE* 8.5% ROE/PB versus Thai Utilities at 7.5% and has a solid balance sheet </li><li>Risks: Unplanned power plant shutdown and lower-than-expected utilization rate</li></ul>* Consensus Estimates

Good growth in core profit, good price momentum, and more attractive to analysts relative to its sector Four new projects to increase RATCH’s capacity by 14% to 7,373MW by 2021 which in turn could boost top-line growth Higher utilization rate of Hongsa in Laos should drive earnings in 2017 on better operational reliability and low-cost structure RATCH appears more attractive at 17CE* 8.5% ROE/PB versus Thai Utilities at 7.5% and has a solid balance sheet Risks: Unplanned power plant shutdown and lower-than-expected utilization rate* Consensus Estimates

Sino-Thai Engineering & Construction (STEC TB)

RATCH：発電事業は拡大を続けている

Ratch Group PCL

RATCH：発電事業は拡大を続けている