Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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SPRC: Back to Its Normal Operation in 1Q20

Star Petroleum Placement - Just PTT Clearing up Their Remaining Shares in SPRC

Interesting Stocks to Consider in Thailand

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Star Petroleum Refining / Equity Bottom-Up

<ul>
<li>Strong long-term earnings growth, good price momentum, and low debt levels relative to its sector</li>
<li>Refining margin should remain strong from tighter supply from unplanned shutdowns of refining plants in Brazil and India in August</li>
<li>Resistant to effect of high crude premium when compared to its local competitors with cheap sources from its parent company Chevron</li>
<li>Trades in line with Asian Energy at 18CE* 1.4x PB but ROE and dividend yield are higher and SPRC is net cash</li>
<li>Risks: Changes in crude price and volatile gross refining margin</li>
</ul><p><em>* Consensus Estimates</em></p>


Strong long-term earnings growth, good price momentum, and low debt levels relative to its sector
Refining margin should remain strong from tighter supply from unplanned shutdowns of refining plants in Brazil and India in August
Resistant to effect of high crude premium when compared to its local competitors with cheap sources from its parent company Chevron
Trades in line with Asian Energy at 18CE* 1.4x PB but ROE and dividend yield are higher and SPRC is net cash
Risks: Changes in crude price and volatile gross refining margin
* Consensus Estimates

SPRC（SPRC TB）：強力な精製マージンの恩恵を受ける