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A. Stotz Investment Research

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

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Cheap on a gross profit basis, good price momentum, and more attractive to analysts relative to its sector</li><li>Raised launch value target for 2018 by 30% should drive presales further, 1Q18 saw presales up by 168% YoY</li><li>More low-rise project launches should pay off as AP has proven to be successful in this segment, gross margin expansion of almost 4 ppts in 1Q18 YoY at strong low-rise presales</li><li>Attractive at 18CE* 12.8% ROE/PB versus Thai Real Estate at 3.5% and AP offers a nice 4.3% dividend yield</li><li>Risks: Project delays and increasing competition</li></ul><p><em>* Consensus Estimates</em></p>

Cheap on a gross profit basis, good price momentum, and more attractive to analysts relative to its sectorRaised launch value target for 2018 by 30% should drive presales further, 1Q18 saw presales up by 168% YoYMore low-rise project launches should pay off as AP has proven to be successful in this segment, gross margin expansion of almost 4 ppts in 1Q18 YoY at strong low-rise presalesAttractive at 18CE* 12.8% ROE/PB versus Thai Real Estate at 3.5% and AP offers a nice 4.3% dividend yieldRisks: Project delays and increasing competition* Consensus Estimates

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

AP Thailand PCL

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