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A. Stotz Investment Research

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PTL (PTL TB): New Ultra-Efficient Plant in Indonesia

Small Cap Diary: An Exotic Expansion Plan Gone Bad

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul>
<li>Good cost management, cheap on a gross profit basis, and high level of cash sales relative to its sector</li>
<li>PTL is part of the Polyplex group which is the fifth largest manufacturer globally of polyester (plastic) film, a stable growth market thanks to high barriers to entry and ongoing demand for its use as food packaging</li>
<li>The company should have a new ultra-efficient plant, with about 20% faster line speed, in Indonesia by 2019 to serve the growth Asian markets</li>
<li>PTL has shown strong recovery in profitability and has a solid balance sheet which looks promising, with further revenue growth</li>
<li>Risk: Unexpected bottlenecks in production facilities, delays in Indonesia plant</li>
</ul>


Good cost management, cheap on a gross profit basis, and high level of cash sales relative to its sector
PTL is part of the Polyplex group which is the fifth largest manufacturer globally of polyester (plastic) film, a stable growth market thanks to high barriers to entry and ongoing demand for its use as food packaging
The company should have a new ultra-efficient plant, with about 20% faster line speed, in Indonesia by 2019 to serve the growth Asian markets
PTL has shown strong recovery in profitability and has a solid balance sheet which looks promising, with further revenue growth
Risk: Unexpected bottlenecks in production facilities, delays in Indonesia plant


PTL (PTL TB): Profitability Recovery in Stable Growth Market

Polyplex Pcl

PTL (PTL TB): Profitability Recovery in Stable Growth Market