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.

BDMS: Largest Hospital Operator Continues to Expand

Thai-Coons Ep.5: Great Gatsby Bangkok-Style

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Low downside risk, low correlation with Western stock markets, and slow asset growth relative to its sector</li><li>New partnership with Allianz Ayudhya should boost patient growth as it incentivizes insurance-plan holders to use BDMS’ services</li><li>BDMS’ wellness center, to be fully operational in late 2018, should expand margins by targeting the high-end market with world-class services</li><li>BDMS is trading above Asian Health Care at 18CE* 6.1x PB but offers better ROE and has seen good efficiency gains in terms of asset turnover</li><li>Risk: Poor execution of new projects, increasing competition</li></ul><p><em>* Consensus Estimates</em></p>

Low downside risk, low correlation with Western stock markets, and slow asset growth relative to its sectorNew partnership with Allianz Ayudhya should boost patient growth as it incentivizes insurance-plan holders to use BDMS’ servicesBDMS’ wellness center, to be fully operational in late 2018, should expand margins by targeting the high-end market with world-class servicesBDMS is trading above Asian Health Care at 18CE* 6.1x PB but offers better ROE and has seen good efficiency gains in terms of asset turnoverRisk: Poor execution of new projects, increasing competition* Consensus Estimates

BDMS (BDMS TB): Wellness Center Soon to Be Fully Operational