CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 21%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 21%


External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>We met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports another merger, b) will supply operators with more frequency spectrum soon, and c) is considering whether to allow operators to charge sharing fees to OTT players using their networks.</li><li>Reiterate our Overweight rating on the sector.</li><li>The ministry fully supports another merger under certain conditions.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports another merger, b) will supply operators with more frequency spectrum soon, and c) is considering whether to allow operators to charge sharing fees to OTT players using their networks.Reiterate our Overweight rating on the sector.The ministry fully supports another merger under certain conditions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telco: Positive KTAs from Our Meeting with Kemkominfo ( OVERWEIGHT)

<ul><li>We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.</li><li>Telkomsel has the upper hand by furnishing abundant data supply to users.</li><li>The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.Telkomsel has the upper hand by furnishing abundant data supply to users.The common theme for IOH and EXCL to play is the sale-lease back of fiber and some RAN equipment potentially lightening their balance sheets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telco: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. </li>
<li>The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. </li>
<li>We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> as a market proxy, with some opportunities in tech.</li>
</ul>


Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. 
The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. 
We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and Astra International as a market proxy, with some opportunities in tech.


Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

<ul><li>Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.</li><li>Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)</li><li>We expect this to result in sector revenues growth of 1.0-1.5%qoq</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telco3Q23 preview: expect positive qoq revenues growth, with foundations for more growth to come.Our 3Q23 preview suggests that idle capacity from new capex spent during the quarter shall drive an increase in subs and/or bump existing subs onto higher quota packs in a seasonally low traffic period (3Q)We expect this to result in sector revenues growth of 1.0-1.5%qoqContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indonesia

PT Indosat Tbk is a telecommunication and information service provider in Indonesia that provides cellular services (prepaid and postpaid), fixed data services or MIDI (Multimedia, Internet & Data Communication) and fixed voice services including fixed wireless access services.

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Indosat Tbk PT (ISAT IJ)

The Stocks to Own in ASEAN – Vol. 45

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight stocks added.

A. Stotz Investment Research

Telco: Positive KTAs from Our Meeting with Kemkominfo ( OVERWEIGHT)

We met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports...

BRI Danareksa Research

Telco: Positive Industry Outlook from Asset-Light Model and Revenue Momentum

We met with a CEO, CMO and 2 CFOs from the 3 leading telcos who share some common objectives in driving usage, the payload and increasing ARPU.

BRI Danareksa Research

Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

We explore the prospects across different sectors in Indonesia with a positive view on banks, retail, consumer staples, property, and Astra...

Angus Mackintosh

Telco: 3Q23 Preview

We see a different EBITDA margin narrative for each player but foresee a positive trajectory for the sector overall in 3Q23.

BRI Danareksa Research

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