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A. Stotz Investment Research

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AP (AP TB): Raised Property-Launch Target in 2018 and Nice Dividend Yield

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Good price momentum, low volatility in earnings, and low core profit valuation relative to its sector</li><li>Strong presales should drive earnings moving forward. As of 10M17, AP had surpassed its full-year presales target of Bt26bn by 16% and had a backlog of Bt39bn</li><li>Profit contribution from its JV with Mitsubishi Estate should grow further, driven by new project launches such as Life Asoke-Rama 9, equity income in 9M17 was 99% of full-year 2016 equity income</li><li>Attractive as it trades below Thai Real Estate at 18CE* 7.8x PE but offers earnings growth that is in line</li><li>Risks: Project delays and increasing competition</li></ul><p>* Consensus Estimates</p>

Good price momentum, low volatility in earnings, and low core profit valuation relative to its sectorStrong presales should drive earnings moving forward. As of 10M17, AP had surpassed its full-year presales target of Bt26bn by 16% and had a backlog of Bt39bnProfit contribution from its JV with Mitsubishi Estate should grow further, driven by new project launches such as Life Asoke-Rama 9, equity income in 9M17 was 99% of full-year 2016 equity incomeAttractive as it trades below Thai Real Estate at 18CE* 7.8x PE but offers earnings growth that is in lineRisks: Project delays and increasing competition* Consensus Estimates

AP (AP TB): Cheap Real Estate Developer Reaping Benefits from JV

AP Thailand PCL

AP (AP TB): Cheap Real Estate Developer Reaping Benefits from JV