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

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Low downside risk, low correlation with Western stock markets, and slow asset growth relative to its sector</li><li>New partnership with Allianz Ayudhya should boost patient growth as it incentivizes insurance-plan holders to use BDMS’ services</li><li>BDMS’ wellness center, to be fully operational in late 2018, should expand margins by targeting the high-end market with world-class services</li><li>BDMS is trading above Asian Health Care at 18CE* 6.1x PB but offers better ROE and has seen good efficiency gains in terms of asset turnover</li><li>Risk: Poor execution of new projects, increasing competition</li></ul>* Consensus Estimates

Low downside risk, low correlation with Western stock markets, and slow asset growth relative to its sectorNew partnership with Allianz Ayudhya should boost patient growth as it incentivizes insurance-plan holders to use BDMS’ servicesBDMS’ wellness center, to be fully operational in late 2018, should expand margins by targeting the high-end market with world-class servicesBDMS is trading above Asian Health Care at 18CE* 6.1x PB but offers better ROE and has seen good efficiency gains in terms of asset turnoverRisk: Poor execution of new projects, increasing competition* Consensus Estimates

BDMS (BDMS TB): Wellness Center Soon to Be Fully Operational

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

NTV reported 1Q18 net profit of Bt107m (+38%YoY, +5%QoQ). The 1Q18 result was 27% of our full-year forecast and in line with our forecast.  <ul>
<li>1Q18 net profit was the record quarter driven by 15%YoY sales growth.</li>
<li>Gross profit margin was widen to 35% from 32% in 1Q17 due to manage cost of medical treatment.</li>
<li>Better product mix drove sales growth.</li>
</ul>We rate NTV as a BUY with 20% upside to our target price of Bt64.0*<a href="https://www.smartkarma.com/insights/ntv-health-provider-leads-care-in-northern-metro-bangkok" target="_blank">NTV: Health Provider Leads Care in Northern Metro Bangkok</a>*We make no changes to forecast…

NTV reported 1Q18 net profit of Bt107m (+38%YoY, +5%QoQ). The 1Q18 result was 27% of our full-year forecast and in line with our forecast.  
1Q18 net profit was the record quarter driven by 15%YoY sales growth.
Gross profit margin was widen to 35% from 32% in 1Q17 due to manage cost of medical treatment.
Better product mix drove sales growth.
We rate NTV as a BUY with 20% upside to our target price of Bt64.0*NTV: Health Provider Leads Care in Northern Metro Bangkok*We make no changes to forecast…

NTV: 15% Sales Growth Causes Increase Bottom Line Growth

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength uptrend, we reiterate our overweight EM recommendation. Energy and Health Care stocks are outperforming and remain attractive. Technology is consolidating and we would use recent weakness as a buying opportunity. Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength uptrend, we reiterate our overweight EM recommendation. Energy and Health Care stocks are outperforming and remain attractive. Technology is consolidating and we would use recent weakness as a buying opportunity. Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM Strategy: Overweight Technology, Energy, and Health Care.

NTV had 4Q17 recurring EPS of Bt0.64 (+15%YoY, -2%QoQ). The FY2017 recurring EPS was Bt2.21 (+12%YoY) and was in line of our forecast. <ul>
<li>4Q17 net profit was Bt103m (+15%YoY) in line with our forecast.</li>
<li>Reported FY2017 net profit at 354m (+15%YoY).</li>
<li>Better product mix drove sales growth.</li>
</ul>We rate NTV as a BUY with 16% upside to our target price of Bt64.0*<a href="https://www.smartkarma.com/insights/ntv-health-provider-leads-care-in-northern-metro-bangkok" target="_blank">NTV: Health Provider Leads Care in Northern Metro Bangkok</a>*We make no changes to forecast, recommendation, and target price at the time of result…

NTV had 4Q17 recurring EPS of Bt0.64 (+15%YoY, -2%QoQ). The FY2017 recurring EPS was Bt2.21 (+12%YoY) and was in line of our forecast. 
4Q17 net profit was Bt103m (+15%YoY) in line with our forecast.
Reported FY2017 net profit at 354m (+15%YoY).
Better product mix drove sales growth.
We rate NTV as a BUY with 16% upside to our target price of Bt64.0*NTV: Health Provider Leads Care in Northern Metro Bangkok*We make no changes to forecast, recommendation, and target price at the time of result…

NTV: 4% Sales Growth Causes Increase Bottom Line Growth

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Bangkok Chain Hospital / Equity Bottom-Up

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our observations about the firm's operations on-the-ground with you in this review. For those of you considering to buy the stock or simply want to know a little more about the company, we hope you find this useful.  <a href="https://www.smartkarma.com/companies/339" target="_blank" data-smartkarma-citation="companies:339">A. Stotz Investment Research</a> has already provided quite a detailed big picture description of the firm and its financial outlook as highlighted in the…

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our observations about the firm's operations on-the-ground with you in this review. For those of you considering to buy the stock or simply want to know a little more about the company, we hope you find this useful.  A. Stotz Investment Research has already provided quite a detailed big picture description of the firm and its financial outlook as highlighted in the…

Thailand

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

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Bangkok Dusit Medical Services (BDMS TB)

BDMS (BDMS TB): Wellness Center Soon to Be Fully Operational

Low downside risk, low correlation with Western stock markets, and slow asset growth relative to its sector New partnership with Allianz Ayudhya...

A. Stotz Investment Research

NTV: 15% Sales Growth Causes Increase Bottom Line Growth

NTV reported 1Q18 net profit of Bt107m (+38%YoY, +5%QoQ). The 1Q18 result was 27% of our full-year forecast and in line with our forecast. 1Q18...

Pi Securities PCL, Thailand

EM Strategy: Overweight Technology, Energy, and Health Care.

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength...

Vermilion Research

NTV: 4% Sales Growth Causes Increase Bottom Line Growth

NTV had 4Q17 recurring EPS of Bt0.64 (+15%YoY, -2%QoQ). The FY2017 recurring EPS was Bt2.21 (+12%YoY) and was in line of our forecast. 4Q17 net...

Pi Securities PCL, Thailand

On the Ground Observations at BCH

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our...

Athaporn Arayasantiparb, CFA

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