Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>More attractive to analysts, low correlation with Western stock markets, and low core profit valuation relative to its sector</li><li>PSH is set to diversify into the premium market segment which accounts for about 25% of the total housing market in Bangkok; customers with strong purchasing power and less sensitivity to economic conditions</li><li>By restructuring into a holding company PSH aims to diversify its business into hotels, hospitals and other rental properties</li><li>Attractive on 17CE* 20.4% ROE/PB versus Thai Real Estate at 4.3%, and an outstanding 9% dividend yield</li><li>Risks: Construction delays, lack of market specialty for high-end market</li></ul><p><em>* Consensus Estimates</em></p>

More attractive to analysts, low correlation with Western stock markets, and low core profit valuation relative to its sectorPSH is set to diversify into the premium market segment which accounts for about 25% of the total housing market in Bangkok; customers with strong purchasing power and less sensitivity to economic conditionsBy restructuring into a holding company PSH aims to diversify its business into hotels, hospitals and other rental propertiesAttractive on 17CE* 20.4% ROE/PB versus Thai Real Estate at 4.3%, and an outstanding 9% dividend yieldRisks: Construction delays, lack of market specialty for high-end market* Consensus Estimates

PSH: Step up in the Game for Premium Market

Pruksa Real Estate

PSH: Step up in the Game for Premium Market