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: Four stocks remain, 10 stocks added into the portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 223% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added into the portfolio
Since its inception, the portfolio has generated a before-fee total return of 223% versus MSCI ASEAN’s 30%


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, and 11 stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 259% versus MSCI ASEAN’s 44%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, and 11 stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 259% versus MSCI ASEAN’s 44%


Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPU</li><li>Recent suburban launches seen strong sales despite economic headwinds</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%Parkway Life REIT (PREIT SP) acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPURecent suburban launches seen strong sales despite economic headwinds

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

<ul><li><a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> 1H22 Business Updates – No distributions in 1H22, loan facilities extended until 31Dec22</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 1H22 DPU -32.1% YoY; Dragged by one-off refinancing cost and forex losses, though occupancy remains robust</li><li><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> 1H22 PATMI +306% YoY; Robust residential, retail, and hotel operations offset weaknesses in office portfolio</li></ul>

Dasin Retail Trust (DASIN SP) 1H22 Business Updates – No distributions in 1H22, loan facilities extended until 31Dec22BHG Retail REIT (BHGREIT SP) 1H22 DPU -32.1% YoY; Dragged by one-off refinancing cost and forex losses, though occupancy remains robustUOL Group (UOL SP) 1H22 PATMI +306% YoY; Robust residential, retail, and hotel operations offset weaknesses in office portfolio

ASEAN Builder's Scoop (15Aug22) - DASIN Defers Distributions, Extends Loan Facilities

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
<li>
<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
<li>
<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

Singapore

Centurion Corporation Limited is a Singapore-based investment holding company that owns, develops, and manages specialized accommodation assets globally. It provides purpose-built worker accommodation under the "Westlite Accommodation" brand and purpose-built student accommodation under the "Dwell" and "EPIISOD" brands, alongside an optical storage media manufacturing business. The company was established in 1981 and is headquartered in Singapore.

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Centurion (CENT SP)

The Stocks to Own in ASEAN – Vol. 50

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Since its inception, the portfolio has generated a...

A. Stotz Investment Research

The Stocks to Own in ASEAN – Vol. 49

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 stocks added.

A. Stotz Investment Research

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

PREIT expands into Japan nursing home; GLS tenders received fewer bids; Condo resale prices marched higher in Aug22; TRCB inks 3 land acq in 2022

SCCM Asia Research

ASEAN Builder's Scoop (15Aug22) - DASIN Defers Distributions, Extends Loan Facilities

BHGREIT dragged by one-off costs; UOL hotel ops leading the way; ART buys 9 props with +2.8% DPU accretion; STRTR divvy specie in ESR shares; ALI...

SCCM Asia Research

ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

SASSR hit by weak variable income; CERT weakness in I&L reversions; IREIT low gearing opportunities; UHU occupancies trending up; PWON reached 44%...

SCCM Asia Research

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