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.

The Stocks to Own in Thailand – Vol. 32

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Kerry Express Thailand / Equity Capital Markets

In an updated filing, <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a> indicated it could sell as many as 300 mn new shares in its planned IPO. Many media reports have suggested the company hopes to raise about US$300 mn in the offering, suggesting KEX will come to market at around 30 baht per share.In this note, we try to answer the following questions regarding KEX's valuation:<ul>
<li>What are the most useful 'comps' for KEX? </li>
<li>What are some appropriate valuation multiples to use in comparing KEX to peers?</li>
<li>How does KEX's valuation at 30 baht per share compare to the peer group we've identified?</li>
<li>What factors could support either a premium or discount valuation for KEX versus peers?</li>
</ul>At 30 baht per share (which implies market capitalization of US$1.7 bn), KEX would not be overvalued relative to peers, in our view, and there are reasons KEX could eventually demand a premium valuation relative to other express companies.

In an updated filing, Kerry Express Thailand (KEX TB) indicated it could sell as many as 300 mn new shares in its planned IPO. Many media reports have suggested the company hopes to raise about US$300 mn in the offering, suggesting KEX will come to market at around 30 baht per share.In this note, we try to answer the following questions regarding KEX's valuation:
What are the most useful 'comps' for KEX? 
What are some appropriate valuation multiples to use in comparing KEX to peers?
How does KEX's valuation at 30 baht per share compare to the peer group we've identified?
What factors could support either a premium or discount valuation for KEX versus peers?
At 30 baht per share (which implies market capitalization of US$1.7 bn), KEX would not be overvalued relative to peers, in our view, and there are reasons KEX could eventually demand a premium valuation relative to other express companies.

Kerry Express Thailand (KEX) IPO: Approach to Valuation

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).

This is something of a collaborative piece between MCorp Review and <a href="https://www.smartkarma.com/profiles/1646" target="_blank" data-smartkarma-citation="accounts:1646">Victor Wai, CFA</a>, a Drewry ports specialist who flew into Bangkok to discuss some issues regarding the Kra Canal, which we attack from different angles ranging from politics, historical parallels, to economic viability. While we can not agree on all aspects yet, there are certain "near consensus" or "quasi-conclusions" on some issues yo. Well, heck, let's just dig in. Our Dark Side is taking over again, and we can't help feel…

This is something of a collaborative piece between MCorp Review and Victor Wai, CFA, a Drewry ports specialist who flew into Bangkok to discuss some issues regarding the Kra Canal, which we attack from different angles ranging from politics, historical parallels, to economic viability. While we can not agree on all aspects yet, there are certain "near consensus" or "quasi-conclusions" on some issues yo. Well, heck, let's just dig in. Our Dark Side is taking over again, and we can't help feel…

South Series (Part 4): Kra Canal, A Chinese Suez Smacked Two Days North of Singapore?!

Equity Bottom-Up

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that they only IPO'd recently and the stock has already shot up almost 60% from its IPO price of just Bt4.5/sh. That's better than the average IPO, which returned about 30% this year. While this stock is no longer cheap, it's interesting to delve down into what these guys actually do and why people are so interested in them in the first place. Just as…

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that they only IPO'd recently and the stock has already shot up almost 60% from its IPO price of just Bt4.5/sh. That's better than the average IPO, which returned about 30% this year. While this stock is no longer cheap, it's interesting to delve down into what these guys actually do and why people are so interested in them in the first place. Just as…

IPO Stalker: PORT, The Merchant of Venice (Of the East)

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his ideas on the Asian shipping outlook. PSL currently has a fleet of 36 ships. The only guys bigger than this would be TTA of the Mahagitsiri fortune ( <a href="https://www.smartkarma.com/insights/hidden-tigers-season-premiere-chocolate-ship-donuts" target="_blank" data-smartkarma-citation="insights:9781">Hidden Tigers (Season Premiere): Chocolate Ship Donuts</a>) and <a href="https://www.smartkarma.com/entities/11430" target="_blank" data-smartkarma-citation="entities:11430:1">Regional Container Line Pcl (RCL TB)</a> yo. After listening to Khaleed, my sense is I'd rather buy a coal producer like Banpu, which we already own…

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his ideas on the Asian shipping outlook. PSL currently has a fleet of 36 ships. The only guys bigger than this would be TTA of the Mahagitsiri fortune ( Hidden Tigers (Season Premiere): Chocolate Ship Donuts) and Regional Container Line Pcl (RCL TB) yo. After listening to Khaleed, my sense is I'd rather buy a coal producer like Banpu, which we already own…

Thailand

Regional Container Lines Public Company Limited provides ocean freight transportation services. The Company owns and operates a fleet of container vessels covering more than 70 destinations in Asia, Australia, and the Middle East.

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Regional Container Line (RCL TB)

The Stocks to Own in Thailand – Vol. 32

A. Stotz Thai Portfolio: We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology.

A. Stotz Investment Research

Kerry Express Thailand (KEX) IPO: Approach to Valuation

What's the right valuation approach to Kerry Express (KEX), which hopes to complete its IPO in Thailand in the coming weeks?

Tracking Traffic

South Series (Part 4): Kra Canal, A Chinese Suez Smacked Two Days North of Singapore?!

This is something of a collaborative piece between MCorp Review and Victor Wai, CFA, a Drewry ports specialist who flew into Bangkok to discuss...

Athaporn Arayasantiparb, CFA

IPO Stalker: PORT, The Merchant of Venice (Of the East)

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that...

Athaporn Arayasantiparb, CFA

The View Through a Shipper's Lens & More

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his...

Athaporn Arayasantiparb, CFA

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52-week Range

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