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.

Equity Bottom-Up

<ul><li>Good price momentum, relatively strong analyst recommendation, and low correlation with western stock markets relative to its sector</li><li>The company’s credit financing division should benefit from expected solid growth in the Malaysian economy and expanded collaboration with its other divisions</li><li>About to receive cash for debt repayment and working capital from the sale of its logistics business; the agreement was announced on 7 March 2017 and should give HAP a gain of around US$115m if completed</li><li>HAP has delivered ROE well above the ASEAN Capital Goods average and has produced a solid share price performance</li><li>Risks: Economic slowdown, fail to execute logistics deal</li></ul>* Consensus Estimates

Good price momentum, relatively strong analyst recommendation, and low correlation with western stock markets relative to its sectorThe company’s credit financing division should benefit from expected solid growth in the Malaysian economy and expanded collaboration with its other divisionsAbout to receive cash for debt repayment and working capital from the sale of its logistics business; the agreement was announced on 7 March 2017 and should give HAP a gain of around US$115m if completedHAP has delivered ROE well above the ASEAN Capital Goods average and has produced a solid share price performanceRisks: Economic slowdown, fail to execute logistics deal* Consensus Estimates

HAP (HAP MK): Leverages Credit Financing and Sale of Logistics Arm

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN offering we have some quite controversial commentary on the Singapore Banks, that suggest that there is more pain to come on credit costs. Three Insight Providers comment on Indonesia's current political standoff and the prospects for economy. We have a travel report and overview on Sri Lanka versus other Frontier Vietnam and Pakistan. We ask, can <a href="https://www.smartkarma.com/entities/497" target="_blank" data-smartkarma-citation="entities:497:1">Comfortdelgro Corp Ltd (CD SP)</a> win out against innovative competitors and improving public transport? We have interesting post…

In this week's ASEAN offering we have some quite controversial commentary on the Singapore Banks, that suggest that there is more pain to come on credit costs. Three Insight Providers comment on Indonesia's current political standoff and the prospects for economy. We have a travel report and overview on Sri Lanka versus other Frontier Vietnam and Pakistan. We ask, can Comfortdelgro Corp Ltd (CD SP) win out against innovative competitors and improving public transport? We have interesting post…

The Week That Was in ASEAN@Smartkarma - Banking Woes, the Rise of the Machines and Big Box Shopping

This week we feature an interview with <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> and his team at Centennial Asia, including <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> and <a href="https://www.smartkarma.com/profiles/49" target="_blank" data-smartkarma-citation="accounts:49">Asees Bajaj</a> to canvass their views on South East Asia, with Indonesia a clear leader in their estimation. The volume of output of Insight Providers across ASEAN has picked up significantly this week, so buckle up and enjoy the ride.<a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> sees the economic gloom in Singapore starting to clear, with a pick up in bank loan growth, though employment prospects still look bleak in <a href="https://www.smartkarma.com/insights/singapore-the-gloom-is-clearing-but-slowly" target="_blank" data-smartkarma-citation="insights:8596">The</a>…

This week we feature an interview with Manu Bhaskaran and his team at Centennial Asia, including Jason Tan and Asees Bajaj to canvass their views on South East Asia, with Indonesia a clear leader in their estimation. The volume of output of Insight Providers across ASEAN has picked up significantly this week, so buckle up and enjoy the ride.Jason Tan sees the economic gloom in Singapore starting to clear, with a pick up in bank loan growth, though employment prospects still look bleak in The…

The Week that Was in ASEAN@Smartkarma - Politics, Pain and Soap Operas

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Malaysia

Hap Seng Consolidated Berhad is an investment holding company.  The Company, through its subsidiaries, operates oil palm and cocoa plantations, trades heavy equipment and motor vehicles, fabricates and sells commercial trailers and tankers, provides leasing and money lending, and manufactures agricultural fertilizers, agro-chemicals, building materials, and plantation supplies.

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Hap Seng Consolidated (HAP MK)

HAP (HAP MK): Leverages Credit Financing and Sale of Logistics Arm

Good price momentum, relatively strong analyst recommendation, andlow correlation with western stock markets relative to its sector The company’s...

A. Stotz Investment Research

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Banking Woes, the Rise of the Machines and Big Box Shopping

In this week's ASEAN offering we have some quite controversial commentary on the Singapore Banks, that suggest that there is more pain to come on...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Politics, Pain and Soap Operas

This week we feature an interview with Manu Bhaskaran and his team at Centennial Asia, including Jason Tan and Asees Bajaj to canvass their views...

Angus Mackintosh

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)