Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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Interesting Stocks to Consider in Thailand

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>Good gross margin, good chance of target-price upgrade, and share price is less volatile relative to its sector</li>
<li>Contract to construct and operate a number of Bangkok’s major expressways with a major contract renewal due 2020 to support earnings</li>
<li>The group also has an operation and management contract for two Bangkok subway lines; the Blue and Purple lines, and they are a stable source of income</li>
<li>Trades slightly below Thai Transportation at 18CE* 33.9x PE while earnings growth prospects are in line</li>
<li>Risks: Failure to renew current contract for expressway concession</li>
</ul><p><em>* Consensus Estimates</em></p>


Good gross margin, good chance of target-price upgrade, and share price is less volatile relative to its sector
Contract to construct and operate a number of Bangkok’s major expressways with a major contract renewal due 2020 to support earnings
The group also has an operation and management contract for two Bangkok subway lines; the Blue and Purple lines, and they are a stable source of income
Trades slightly below Thai Transportation at 18CE* 33.9x PE while earnings growth prospects are in line
Risks: Failure to renew current contract for expressway concession
* Consensus Estimates

BEM: Mass-Transit Expansion Above and Below Ground