Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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Three of a Kind: Hotels, Snake Oil, & Truckers

ERW: Continued Expansion in Budget Hotels

The Best of August / September Company Visits

Two Outstanding Property Companies: ANANDA & LALIN

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Solid long-term earnings growth, share price is less volatile, and good price momentum relative to its sector</li><li>The company should benefit from strong Thai tourism growth which doubled during the last six years to 33m tourists in 2016. The trend continues showing 10M17 arrivals growth at 7% YoY</li><li>Strong budget portfolio expansion should stimulate growth with seven Hop Inn hotels opened in 9M17 and another three Hop Inn hotels planned to launch by end of 4Q17</li><li>Trades above the Thai sector on 18CE* 35.2x PE, EPS growth is in line and ERW has shown good margin expansion YoY</li><li>Risks: Thai tourism industry slowdown, slower than expected expansion</li></ul><p><em>* Consensus Estimates</em></p>

Solid long-term earnings growth, share price is less volatile, and good price momentum relative to its sectorThe company should benefit from strong Thai tourism growth which doubled during the last six years to 33m tourists in 2016. The trend continues showing 10M17 arrivals growth at 7% YoYStrong budget portfolio expansion should stimulate growth with seven Hop Inn hotels opened in 9M17 and another three Hop Inn hotels planned to launch by end of 4Q17Trades above the Thai sector on 18CE* 35.2x PE, EPS growth is in line and ERW has shown good margin expansion YoYRisks: Thai tourism industry slowdown, slower than expected expansion* Consensus Estimates

ERW (ERW TB): Solid Margin Expansion to Profit from Strong Tourism

Erawan Group

ERW (ERW TB): Solid Margin Expansion to Profit from Strong Tourism