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>Strong cash levels, good price momentum and improving asset turnover relative to its sector</li><li>TNH is a private hospital operator based east of Bangkok, with patient numbers rising steadily thanks to increasing population in the area and improving longevity</li><li>Despite double-digit net profit margins, hospital room utilization rates are only 70%, so there is plenty of room for further growth</li><li>TNH has delivered years of above-sector ROE, is solid net cash</li><li>Risk: Possible staff shortages and lack of participation in social security governmental program</li></ul><p><em>* Consensus Estimates</em></p>

Strong cash levels, good price momentum and improving asset turnover relative to its sectorTNH is a private hospital operator based east of Bangkok, with patient numbers rising steadily thanks to increasing population in the area and improving longevityDespite double-digit net profit margins, hospital room utilization rates are only 70%, so there is plenty of room for further growthTNH has delivered years of above-sector ROE, is solid net cashRisk: Possible staff shortages and lack of participation in social security governmental program* Consensus Estimates

TNH: Health-Care Pick Has Wards of Room for Growth

Thai Nakarin Hospital

TNH: Health-Care Pick Has Wards of Room for Growth