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A. Stotz Investment Research

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Low correlation with Western stock markets, strong cash levels, and relatively strong analyst recommendation relative to its sector</li><li>As Thailand’s largest independent biomass producer, TPCH is well-positioned to win government bids. Capacity expansion drove net profits up 837% YoY in 3Q16</li><li>Its Laos hydroelectric power production, set to start within two years, should increase capacity by 230% and diversify revenue streams</li><li>TPCH trades at an attractive 17CE* 0.2 PEG ratio versus Thai Utilities at a PEG of 2.8</li><li>Risks: Higher feedstock costs as well as project delays and/or issues</li></ul><p><em>* Consensus Estimates</em></p>

Low correlation with Western stock markets, strong cash levels, and relatively strong analyst recommendation relative to its sectorAs Thailand’s largest independent biomass producer, TPCH is well-positioned to win government bids. Capacity expansion drove net profits up 837% YoY in 3Q16Its Laos hydroelectric power production, set to start within two years, should increase capacity by 230% and diversify revenue streamsTPCH trades at an attractive 17CE* 0.2 PEG ratio versus Thai Utilities at a PEG of 2.8Risks: Higher feedstock costs as well as project delays and/or issues* Consensus Estimates

TPCH: Thailand's Largest Independent Biomass Producer

TPC Power Holdings

TPCH: Thailand's Largest Independent Biomass Producer