Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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HMPRO: Home Improver Expands Brands and Outlets

Three of a Kind: Piles, Furnitures, and Lighting

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Relatively strong analyst recommendation and low correlation with Western stock markets relative to its sector</li><li>SPCG has raised its goal for the solar roof business by 30% from last year with good prospects to achieve it based on growth and gov’t support</li><li>Revenue should also grow from a 30MW project starting commercial operations in April and the 480MW in Ukujima, Japan, involving construction and operation, which should start contributing in 2019</li><li>SPCG is attractive at 2018CE* 13.4% ROE/PB versus Thai Utilities at 7.9% and offers a nice 5% dividend yield</li><li>Risk: Limited growth opportunities with only one planned project</li></ul><p><em>* Consensus Estimates</em></p>

Relatively strong analyst recommendation and low correlation with Western stock markets relative to its sectorSPCG has raised its goal for the solar roof business by 30% from last year with good prospects to achieve it based on growth and gov’t supportRevenue should also grow from a 30MW project starting commercial operations in April and the 480MW in Ukujima, Japan, involving construction and operation, which should start contributing in 2019SPCG is attractive at 2018CE* 13.4% ROE/PB versus Thai Utilities at 7.9% and offers a nice 5% dividend yieldRisk: Limited growth opportunities with only one planned project* Consensus Estimates

SPCG: New Projects in Japan to Drive Growth

SPCG PCL

SPCG: New Projects in Japan to Drive Growth