Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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Thai-Coons (Season Premiere): The Richest Man in Thailand

Interesting Stocks to Consider in Thailand, Vol. 2

Interesting Stocks to Consider in Thailand

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul>
<li>Improving asset turnover, low price-to-sales, and low price volatility vs. the market relative to its sector</li>
<li>Solid overseas units should continue to support growth, especially China and Vietnam where sales were up by 16% and 24% in 3Q18 YoY respectively</li>
<li>Continued rise in swine price due to limited supply should improve gross margin which expanded by 1.7 ppts in 3Q18 QoQ</li>
<li>Attractive at 19CE* 6.9% ROE/PB versus Consumer Staples at 4.2%</li>
<li>Risks: Climate change and disaster risks which cause quality and quantity deterioration</li>
</ul><p><em>* Consensus Estimates</em></p>


Improving asset turnover, low price-to-sales, and low price volatility vs. the market relative to its sector
Solid overseas units should continue to support growth, especially China and Vietnam where sales were up by 16% and 24% in 3Q18 YoY respectively
Continued rise in swine price due to limited supply should improve gross margin which expanded by 1.7 ppts in 3Q18 QoQ
Attractive at 19CE* 6.9% ROE/PB versus Consumer Staples at 4.2%
Risks: Climate change and disaster risks which cause quality and quantity deterioration
* Consensus Estimates

CPF (CPF TB): China and Vietnam Should Continue to Drive Growth

CP FOODS

CPF (CPF TB): China and Vietnam Should Continue to Drive Growth