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Dr. Andrew Stotz, CFA

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<ul><li>Good growth in core profit, good price momentum, and low volatility in earnings relative to its sector</li><li>The company has about 35% of all outdoor advertising market share in Thailand; this is a high growth area due to consumers spending long hours commuting, and generally out of the home</li><li>MACO is starting to switch from static billboards to offering digital billboards, and this business has higher profit margins due to higher prices</li><li>Solid earnings recovery and margin improvement in 2017 should continue in 2018 and MACO has a solid balance sheet</li><li>Risks: A slowdown in overall economic growth</li></ul><p>* Consensus Estimates</p>

Good growth in core profit, good price momentum, and low volatility in earnings relative to its sectorThe company has about 35% of all outdoor advertising market share in Thailand; this is a high growth area due to consumers spending long hours commuting, and generally out of the homeMACO is starting to switch from static billboards to offering digital billboards, and this business has higher profit margins due to higher pricesSolid earnings recovery and margin improvement in 2017 should continue in 2018 and MACO has a solid balance sheetRisks: A slowdown in overall economic growth* Consensus Estimates

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MACO (MACO TB): It’s Not All About Online Ads Nowadays