CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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<ul><li>Improving asset turnover, strong sales momentum, and slow asset growth relative to its sector</li><li>Signed MoU for fully integrated transpacific JV between Korean Air and Delta Air Lines (DAL US) to expand network and benefit from the upcoming winter Olympic games in PyeongChang in 2018</li><li>The IPO of leading low-cost carrier Jin Air Co. Ltd. toward the end of the year would inject cash into the company</li><li>Trades below Asian Transportation at 17CE* 0.9x PB, offers much better ROE, associate loss from Hanjin Shipping’s bankruptcy should be priced in</li><li>Risks: Fuel price rises, surprise losses from Hanjin Shipping’s bankruptcy, growing losses from associates</li></ul>* Consensus Estimates

Improving asset turnover, strong sales momentum, and slow asset growth relative to its sectorSigned MoU for fully integrated transpacific JV between Korean Air and Delta Air Lines (DAL US) to expand network and benefit from the upcoming winter Olympic games in PyeongChang in 2018The IPO of leading low-cost carrier Jin Air Co. Ltd. toward the end of the year would inject cash into the companyTrades below Asian Transportation at 17CE* 0.9x PB, offers much better ROE, associate loss from Hanjin Shipping’s bankruptcy should be priced inRisks: Fuel price rises, surprise losses from Hanjin Shipping’s bankruptcy, growing losses from associates* Consensus Estimates

Hanjin (180640 KS): The Sky Is the Limit for This Transport Titan

United States

Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes throughout the United States and internationally.

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Hanjin (180640 KS): The Sky Is the Limit for This Transport Titan

Improving asset turnover, strong sales momentum, and slow assetgrowth relative to its sector Signed MoU for fully integrated transpacific JV...

A. Stotz Investment Research