Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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Interesting Stocks to Consider in Thailand, Vol. 2

UTP (UTP TB): Beneficiary of Tight Global Paper Supply

Interesting Stocks to Consider in Thailand

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul>
<li>Strong long-term sales growth, share price is less volatile, and solid short-term earnings momentum relative to its sector</li>
<li>Sales growth for UTP’s cardboard paper and packaging used for corrugated boxes should be supported by an ongoing 20% ramp-up in production to 20,000 tons/month on tight global supply conditions</li>
<li>Strong demand and efficiency improvements on older cardboard paper-making equipment has expanded margins, operating margin expanded by 12 ppts in 9M18 YoY</li>
<li>UTP has shown solid improvements in asset turnover while also improving its net margin</li>
<li>Risk: Chinese moves to ramp up paper supply again</li>
</ul><p><em>* Consensus Estimates</em></p>


Strong long-term sales growth, share price is less volatile, and solid short-term earnings momentum relative to its sector
Sales growth for UTP’s cardboard paper and packaging used for corrugated boxes should be supported by an ongoing 20% ramp-up in production to 20,000 tons/month on tight global supply conditions
Strong demand and efficiency improvements on older cardboard paper-making equipment has expanded margins, operating margin expanded by 12 ppts in 9M18 YoY
UTP has shown solid improvements in asset turnover while also improving its net margin
Risk: Chinese moves to ramp up paper supply again
* Consensus Estimates

UTP (UTP TB): Continued Gain from Tight Global Paper Supply

United Paper

UTP (UTP TB): Continued Gain from Tight Global Paper Supply