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 Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 96% versus the SET 100 Index’s return of 29%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, it has gained 96% versus the SET 100 Index’s return of 29%


The Stocks to Own in Thailand – Vol. 40

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<div><div><div><ul><li>SAPPE’s earnings are expected to achieve a two-year CAGR of 16%, down from a 39% CAGR in 2021-23E due to the high base in 2022, with a lower dividend yield at 3-4% p.a. vs. 5% expected previously.</li><li>Our valuation matrix suggests a downgrade of our rating to Underperform because the share price is fully valued and already reflects the bright earnings prospects in the next few years.</li><li><div><div><p>KTX continues to believe that the successful expansion of Mogu Mogu products to overseas markets creates the possibility for SAPPE to expand its other products, which would drive sales growth.</p></div></div></li></ul></div></div></div>

SAPPE’s earnings are expected to achieve a two-year CAGR of 16%, down from a 39% CAGR in 2021-23E due to the high base in 2022, with a lower dividend yield at 3-4% p.a. vs. 5% expected previously.Our valuation matrix suggests a downgrade of our rating to Underperform because the share price is fully valued and already reflects the bright earnings prospects in the next few years.KTX continues to believe that the successful expansion of Mogu Mogu products to overseas markets creates the possibility for SAPPE to expand its other products, which would drive sales growth.

Sappe - Share Price Has Already Factored in Strong Earnings Prospects

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Nine stocks remain, and five new join the fray</li>
<li>Since inception, it has gained 105% versus the SET 100 Index’s return of 38%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Nine stocks remain, and five new join the fray
Since inception, it has gained 105% versus the SET 100 Index’s return of 38%


The Stocks to Own in Thailand – Vol. 39

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

<ul>
<li>Excluding onetime items, SAPPE’s 3Q22 core profit reach to an all-time-high at Bt204m (+40%YoY, +14%QoQ), beat our expectation and above BB consensus estimated. Impressive result supported</li>
<li>Record high earnings for third straight quarter Its 3Q22 net profit rose to all-time-high at Bt178m(+26%YoY,+7%QoQ).After earnings revision, the 9M22 result accounted for 85% of full-year net profit in 2022.</li>
<li>Revenue rose to all-time-high of Bt1.28bn (+28%YoY, +4%QoQ), thanks to continues growth in international markets especially from Asia (+39%YoY), EU &amp; America (+36%YoY), and Middle east (+101%YoY)</li>
</ul>


Excluding onetime items, SAPPE’s 3Q22 core profit reach to an all-time-high at Bt204m (+40%YoY, +14%QoQ), beat our expectation and above BB consensus estimated. Impressive result supported
Record high earnings for third straight quarter Its 3Q22 net profit rose to all-time-high at Bt178m(+26%YoY,+7%QoQ).After earnings revision, the 9M22 result accounted for 85% of full-year net profit in 2022.
Revenue rose to all-time-high of Bt1.28bn (+28%YoY, +4%QoQ), thanks to continues growth in international markets especially from Asia (+39%YoY), EU &amp; America (+36%YoY), and Middle east (+101%YoY)


SAPPE : Impressive Sales Form MOGU MOGU Drove 3Q22 Earnings to All-Time-High

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 new join the fray</li>
<li>Since inception, it has gained 108% versus the SET 100 Index’s return of 40%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 new join the fray
Since inception, it has gained 108% versus the SET 100 Index’s return of 40%


The Stocks to Own in Thailand – Vol. 38

Thailand

Sappe Public Company Limited manufactures and distributes health drinks. The Company manufactures dietary and fruit juice drinks. Sappe distributes their products internationally.

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Sappe Pcl (SAPPE TB)

The Stocks to Own in Thailand – Vol. 40

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

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 39

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

A. Stotz Investment Research

SAPPE : Impressive Sales Form MOGU MOGU Drove 3Q22 Earnings to All-Time-High

Excluding onetime items, SAPPE’s 3Q22 core profit reach to an all-time-high at Bt204m (+40%YoY, +14%QoQ), beat our expectation and above BB...

Pi Securities PCL, Thailand

The Stocks to Own in Thailand – Vol. 38

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Since its inception, it has gained 108% versus the...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Stocks to Own in Thailand – Vol. 40

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

A. Stotz Investment Research

Sappe - Share Price Has Already Factored in Strong Earnings Prospects

SAPPE’s earnings are expected to achieve a two-year CAGR of 16%, down from a 39% CAGR in 2021-23E due to the high base in 2022, with a lower...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 39

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

A. Stotz Investment Research

SAPPE : Impressive Sales Form MOGU MOGU Drove 3Q22 Earnings to All-Time-High

Excluding onetime items, SAPPE’s 3Q22 core profit reach to an all-time-high at Bt204m (+40%YoY, +14%QoQ), beat our expectation and above BB...

Pi Securities PCL, Thailand

The Stocks to Own in Thailand – Vol. 38

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Since its inception, it has gained 108% versus the...

A. Stotz Investment Research