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)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 121% versus the SET 100 Index’s return of 20%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 121% versus the SET 100 Index’s return of 20%


The Stocks to Own in Thailand – Vol. 45

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Two stocks remain, 12 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Two stocks remain, 12 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%


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

Equity Bottom-Up

<ul>
<li>PRM’s vessels delivery is on time after adding two VLCCs to serve Thai Oil PCL (BUY TP: Bt64), two floating storages (one for replacement) and one medium-sized tanker in 9M22.</li>
<li>3Q22 core profit expand QoQ and YoY to nine-quarter high Report 3Q22 net profit at Bt1.1bn.Excluding FX item and profit from vessel disposal,core earnings would be at Bt439m (+126%YoY +67%QoQ)</li>
<li>Total revenue hit all-time high at Bt2.2bn along with fleet expansion (62 vessels as of 3Q22) int. trading business and FSU were the key earnings drivers in 3Q22,despite a QoQ </li>
</ul>


PRM’s vessels delivery is on time after adding two VLCCs to serve Thai Oil PCL (BUY TP: Bt64), two floating storages (one for replacement) and one medium-sized tanker in 9M22.
3Q22 core profit expand QoQ and YoY to nine-quarter high Report 3Q22 net profit at Bt1.1bn.Excluding FX item and profit from vessel disposal,core earnings would be at Bt439m (+126%YoY +67%QoQ)
Total revenue hit all-time high at Bt2.2bn along with fleet expansion (62 vessels as of 3Q22) int. trading business and FSU were the key earnings drivers in 3Q22,despite a QoQ 


PRM : Earnings Growth Momentum in 1H23 Seems to Price In

<ul>
<li>Maintain HOLD recommendation for PRM but raised target price to Bt6.60 (Previous TP: Bt6.30) after revised earnings up by 16-25% in 2022-23E. We are positive toward 2H22 fleet expansion plan</li>
<li>2Q22 core profit dropped QoQ and YoY Report 2Q22 net profit at Bt199m. Excluding FX item,core earnings would be at Bt262m (-38%YoY -2%QoQ) YoY drop was due to high base </li>
<li>Core revenue hit all-time high at Bt1.7bn along with fleet expansion(59 vessels as of 2Q22)and an increase in transportation volume for domestic trading business (45% of total revenue in 2Q22)</li>
</ul>


Maintain HOLD recommendation for PRM but raised target price to Bt6.60 (Previous TP: Bt6.30) after revised earnings up by 16-25% in 2022-23E. We are positive toward 2H22 fleet expansion plan
2Q22 core profit dropped QoQ and YoY Report 2Q22 net profit at Bt199m. Excluding FX item,core earnings would be at Bt262m (-38%YoY -2%QoQ) YoY drop was due to high base 
Core revenue hit all-time high at Bt1.7bn along with fleet expansion(59 vessels as of 2Q22)and an increase in transportation volume for domestic trading business (45% of total revenue in 2Q22)


Thailand

Prima Marine Public Company Limited operates as a marine vessel management firm. The Company offers oil-tanker, crude oil, liquefied petrochemicals, and petroleum products transportation services. Prima Marine also provides shipbuilding, shipping, and storage services. Prima Marine serves customers in the Asia Pacific region.

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Prima Marine PCL (PRM TB)

The Stocks to Own in ASEAN – Vol. 47

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 45

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight new join...

A. Stotz Investment Research

The Stocks to Own in ASEAN – Vol. 46

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Since its inception, the portfolio has generated a before...

A. Stotz Investment Research

PRM : Earnings Growth Momentum in 1H23 Seems to Price In

PRM’s vessels delivery is on time after adding two VLCCs to serve Thai Oil PCL (BUY TP: Bt64), two floating storages (one for replacement) and one...

Pi Securities PCL, Thailand

PRM : Excited Fleet Expansion Plan

Maintain HOLD recommendation for PRM but raised target price to Bt6.60 (Previous TP: Bt6.30) after revised earnings up by 16-25% in 2022-23E. We...

Pi Securities PCL, Thailand

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