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.

Thematic (Sector/Industry)

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Interesting Stocks to Consider in Thailand

Equity Bottom-Up

<ul>
<li>Good gross margin, share price is less volatile, and more attractive to analysts relative to its sector</li>
<li>M launched 8 new outlets in 1Q18 (2 MK, 5 Yayoi and 1 Hakata) and plans to open another 40 in 2018 which should support sales growth</li>
<li>Gross margin should remain solid as much of production taking place at central kitchen provides economies of scale; 88 bps wider YoY in 1Q18</li>
<li>Trades in line with sector at 17CE* 3.9% ROE/PB versus the sector at 3.6%, has a solid net-cash position and offers a nice 3.5% dividend yield</li>
<li>Risks: Increase in raw material costs, slower than planned expansion and higher competition in restaurant business</li>
</ul>* Consensus Estimates


Good gross margin, share price is less volatile, and more attractive to analysts relative to its sector
M launched 8 new outlets in 1Q18 (2 MK, 5 Yayoi and 1 Hakata) and plans to open another 40 in 2018 which should support sales growth
Gross margin should remain solid as much of production taking place at central kitchen provides economies of scale; 88 bps wider YoY in 1Q18
Trades in line with sector at 17CE* 3.9% ROE/PB versus the sector at 3.6%, has a solid net-cash position and offers a nice 3.5% dividend yield
Risks: Increase in raw material costs, slower than planned expansion and higher competition in restaurant business
* Consensus Estimates

M (M TB): Cash-Loaded Hot-Pot Chain Continues to Expand

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).

When we discussed MINT and CENTEL extensively in the past, it was in the context that they were the country's largest hotel operators, but these two firms are also the largest umbrella of restaurants in Thailand. Yet, they represent just a small portion of Thailand's restaurant industry. In this review, we highlight over ten groups that play a major role. As highlighted in Part 1, the sector is so fragmented that no one can really be said to dominate it. In this episode, we discuss the five…

When we discussed MINT and CENTEL extensively in the past, it was in the context that they were the country's largest hotel operators, but these two firms are also the largest umbrella of restaurants in Thailand. Yet, they represent just a small portion of Thailand's restaurant industry. In this review, we highlight over ten groups that play a major role. As highlighted in Part 1, the sector is so fragmented that no one can really be said to dominate it. In this episode, we discuss the five…

The two largest restaurant groups in Thailand, MINT and CENTEL, are both hotel operators. Yet, there are two things MCorp Review highlights here. Firstly, there is little or no synergy between hotels and restaurants. In fact, a better match would have been retailing, since most chain restaurants are located in malls. Secondly, the word "dominant" should never be associated with MINT and CENTEL. Despite their obvious size, we suspect that they do not account for even half of the industry. This is…

The two largest restaurant groups in Thailand, MINT and CENTEL, are both hotel operators. Yet, there are two things MCorp Review highlights here. Firstly, there is little or no synergy between hotels and restaurants. In fact, a better match would have been retailing, since most chain restaurants are located in malls. Secondly, the word "dominant" should never be associated with MINT and CENTEL. Despite their obvious size, we suspect that they do not account for even half of the industry. This is…

Thai Restaurants (Part I): Industry Structure and Key Success Factors

Osaka Earthquake. We normally don't go into much detail on natural disasters or terrorism, because these things just happen so often they become routine. But it just so happens that we were planning to fly to Osaka for the holidays, when the tour company had to cancel because a major earthquake (6.1 on the Richter scale) leveled the place. Heck, some of the tours that had gone to Osaka before us were stranded or at least had their flights delayed. One of the stocks in our portfolio, AOT (second…

Osaka Earthquake. We normally don't go into much detail on natural disasters or terrorism, because these things just happen so often they become routine. But it just so happens that we were planning to fly to Osaka for the holidays, when the tour company had to cancel because a major earthquake (6.1 on the Richter scale) leveled the place. Heck, some of the tours that had gone to Osaka before us were stranded or at least had their flights delayed. One of the stocks in our portfolio, AOT (second…

Thai Macro Watch: Osaka, Trump, & Automation

Thailand

MK Restaurants Group PCL operates restaurants. The Company supplies traditional Thai food.

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MK Restaurants Group (M TB)

Interesting Stocks to Consider in Thailand

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai...

A. Stotz Investment Research

M (M TB): Cash-Loaded Hot-Pot Chain Continues to Expand

Good gross margin, share price is less volatile, and more attractive to analysts relative to its sector M launched 8 new outlets in 1Q18 (2 MK, 5...

A. Stotz Investment Research

Thai Restaurants (Part 2): Major Players

When we discussed MINT and CENTEL extensively in the past, it was in the context that they were the country's largest hotel operators, but these...

Athaporn Arayasantiparb, CFA

Thai Restaurants (Part I): Industry Structure and Key Success Factors

The two largest restaurant groups in Thailand, MINT and CENTEL, are both hotel operators. Yet, there are two things MCorp Review highlights here....

Athaporn Arayasantiparb, CFA

Thai Macro Watch: Osaka, Trump, & Automation

Osaka Earthquake. We normally don't go into much detail on natural disasters or terrorism, because these things just happen so often they become...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)