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.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Low correlation with Western stock markets, low core profit valuation, and more attractive to analysts relative to its sector</li><li>Broadened customer base by entering the middle-to-high income segment, together with new investments in the Bangkok CBD area, should stimulate future growth</li><li>LPN plans to launch 12 condominium projects in 2017 with a total of more than 4,000 units, of which five projects should be finished and already ready to start transferring in 2017</li><li>Attractive at 17CE* 9.1% ROE/PB versus Thai Real Estate at 4.0% and offers a nice 5% dividend yield</li><li>Risks: Unexpected delays and current restructuring of subsidiary LPS</li></ul>* Consensus Estimates

Low correlation with Western stock markets, low core profit valuation, and more attractive to analysts relative to its sectorBroadened customer base by entering the middle-to-high income segment, together with new investments in the Bangkok CBD area, should stimulate future growthLPN plans to launch 12 condominium projects in 2017 with a total of more than 4,000 units, of which five projects should be finished and already ready to start transferring in 2017Attractive at 17CE* 9.1% ROE/PB versus Thai Real Estate at 4.0% and offers a nice 5% dividend yieldRisks: Unexpected delays and current restructuring of subsidiary LPS* Consensus Estimates

LPN: Real Estate Company Is Building High-End Base

LPN Development

LPN: Real Estate Company Is Building High-End Base