Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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SEAFCO (SEAFCO TB): Building Solid Foundations

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul>
<li>Sales on an upward trend, good core profit return, and earnings on an upward trend relative to its sector</li>
<li>Well-positioned to win some upcoming bids for public and private projects such as the MRT Purple Line, expressway, and high-speed train to boost earnings moving forward, net profit up by 134% in 3Q18 YoY</li>
<li>Strong backlog of public and private projects amounting to around Bt3bn to help sustain revenue growth, 104% in 3Q18 YoY</li>
<li>Trades below Thai Industrials at 19CE* 4.1x PB, offers much higher ROE, and a solid balance sheet</li>
<li>Risks: Delay in construction, volatility in raw materials prices</li>
</ul><p><em>* Consensus Estimates</em></p>


Sales on an upward trend, good core profit return, and earnings on an upward trend relative to its sector
Well-positioned to win some upcoming bids for public and private projects such as the MRT Purple Line, expressway, and high-speed train to boost earnings moving forward, net profit up by 134% in 3Q18 YoY
Strong backlog of public and private projects amounting to around Bt3bn to help sustain revenue growth, 104% in 3Q18 YoY
Trades below Thai Industrials at 19CE* 4.1x PB, offers much higher ROE, and a solid balance sheet
Risks: Delay in construction, volatility in raw materials prices
* Consensus Estimates

SEAFCO (SEAFCO TB): Solid Backlog, Solid Profitability

Seafco PCL

SEAFCO (SEAFCO TB): Solid Backlog, Solid Profitability