Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Low correlation with Western stock markets, low core profit valuation, and good price momentum relative to its sector</li><li>Its Ashton, Ideo and Elio branded condominiums are within 300-600 meters of Bangkok’s mass-transit system, which supports strong presales</li><li>Seventeen new projects to be launched in 2017 including ten condos and seven landed housing. Ten will be ANAN’s own investment while seven will be done through its JV with Mitsui Fudosan (8801 JP)</li><li>The stock trades at an attractive 17CE* 12.8% ROE/PB relative to Thai Real Estate at 4.3%</li><li>Risks: Lower marketing activities in November due to the mourning period may hurt presales. Economic slowdown in Thailand</li></ul><p><em>* Consensus Estimates</em></p>

Low correlation with Western stock markets, low core profit valuation, and good price momentum relative to its sectorIts Ashton, Ideo and Elio branded condominiums are within 300-600 meters of Bangkok’s mass-transit system, which supports strong presalesSeventeen new projects to be launched in 2017 including ten condos and seven landed housing. Ten will be ANAN’s own investment while seven will be done through its JV with Mitsui Fudosan (8801 JP)The stock trades at an attractive 17CE* 12.8% ROE/PB relative to Thai Real Estate at 4.3%Risks: Lower marketing activities in November due to the mourning period may hurt presales. Economic slowdown in Thailand* Consensus Estimates

ANAN: Prime Location Condos and Solid 2016 Pipeline

Ananda Development

ANAN: Prime Location Condos and Solid 2016 Pipeline