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)

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Regular company coverage reports
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Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

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<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Sino-Thai Engineering & Construction / Equity Bottom-Up

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.

CK Vs STEC: The Da Vinci Code for Thai Contractors

Thailand

Sino Thai Engineering & Construction Public Company Limited provides engineering and construction services to the public and private sectors.  The Company's activities include energy project construction, building construction, industrial plant construction, environment project construction, as well as transportation project and infrastructure construction.

Sino-Thai Engineering & Construction (STEC TB)

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Sino-Thai Engineering & Construction (STEC TB)

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

CK Vs STEC: The Da Vinci Code for Thai Contractors

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)