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.

FNH: Resolving Bottlenecks and Riding a Sweet Trend

Interesting Stocks to Consider in Thailand

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Fraser & Neave Holdings / Equity Bottom-Up

<ul>
<li>Low price volatility vs. the market, good chance of target-price upgrade, and low price volatility relative to its sector</li>
<li>Expected dairy sales boost from newly implemented dairy product tax exemption under Sales and Services Tax system</li>
<li>Protection from cost pressures as FNH stocked up its sugar and milk powder to last until year-end during the oversupply in 1H18</li>
<li>Trades above Asian Consumer Staples at 18CE* 35.2x PE but offers better earnings growth and a has a solid balance sheet</li>
<li>Risks: Greater-than-expected packaging or raw materials prices</li>
</ul><p><em>* Consensus Estimates</em></p>


Low price volatility vs. the market, good chance of target-price upgrade, and low price volatility relative to its sector
Expected dairy sales boost from newly implemented dairy product tax exemption under Sales and Services Tax system
Protection from cost pressures as FNH stocked up its sugar and milk powder to last until year-end during the oversupply in 1H18
Trades above Asian Consumer Staples at 18CE* 35.2x PE but offers better earnings growth and a has a solid balance sheet
Risks: Greater-than-expected packaging or raw materials prices
* Consensus Estimates

FNH (FNH MK): Milking ASEAN Markets for Growth