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, good growth in core profit, and cheap on a core profit basis relative to its sector </li><li>Organic volume growth could be sustained in 2017 driven by new ports and a strong global economy, 1Q17 volume rose 11% YoY </li><li>Greenfield projects in Australia, Colombia and DR Congo to drive revenue growth, and should add a combined capacity of 2 million TEU, equivalent to almost 15% capacity expansion </li><li>Trades above ASEAN Transportation at 17CE* 4.0x PB but offers about double the sector ROE </li><li>Risk: Local foreign currencies depreciation against the dollar dampens ICT’s earnings</li></ul>* Consensus Estimates

Good price momentum, good growth in core profit, and cheap on a core profit basis relative to its sector Organic volume growth could be sustained in 2017 driven by new ports and a strong global economy, 1Q17 volume rose 11% YoY Greenfield projects in Australia, Colombia and DR Congo to drive revenue growth, and should add a combined capacity of 2 million TEU, equivalent to almost 15% capacity expansion Trades above ASEAN Transportation at 17CE* 4.0x PB but offers about double the sector ROE Risk: Local foreign currencies depreciation against the dollar dampens ICT’s earnings* Consensus Estimates

ICT: World Economy and New Ports Lift Dock Operator

<ul><li>Low correlation with Western stock markets, good price momentum, and good growth in core profit relative to its sector</li><li>Organic volume growth could be sustained in 2017 driven by new ports and a strong global economy, 2016 volume rose 11% YoY</li><li>Greenfield projects in Australia, Colombia and DR Congo to drive revenue growth, and should add a combined capacity of 2 million TEU, equivalent to almost 15% capacity expansion</li><li>Trades above ASEAN Transportation at 17CE* 3.6x PB but offers about double the sector ROE</li><li>Risk: Local foreign currencies depreciation against the dollar dampens ICT’s earnings</li></ul>* Consensus Estimates

Low correlation with Western stock markets, good price momentum, and good growth in core profit relative to its sectorOrganic volume growth could be sustained in 2017 driven by new ports and a strong global economy, 2016 volume rose 11% YoYGreenfield projects in Australia, Colombia and DR Congo to drive revenue growth, and should add a combined capacity of 2 million TEU, equivalent to almost 15% capacity expansionTrades above ASEAN Transportation at 17CE* 3.6x PB but offers about double the sector ROERisk: Local foreign currencies depreciation against the dollar dampens ICT’s earnings* Consensus Estimates

ICT (ICT PM): Rising Price and Profit on near Horizon

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

ICTSI (ICT PM, Neutral, PHP 97) - Downgrade to Neutral on valuation headwindsInternational Container Terminal Services Inc (ICTSI) was one of our top picks in the port sector in 2017. As market sentiments turned positive, our high-conviction trade returned close to 60% (~30% year-to-date) since our upgrade in August 2016. The Philippines-based terminal operator reaches our fair value sooner-than-expected, prompting us to revisit our high-case assumptions. Story of a turnaround remains intact,…

ICTSI (ICT PM, Neutral, PHP 97) - Downgrade to Neutral on valuation headwindsInternational Container Terminal Services Inc (ICTSI) was one of our top picks in the port sector in 2017. As market sentiments turned positive, our high-conviction trade returned close to 60% (~30% year-to-date) since our upgrade in August 2016. The Philippines-based terminal operator reaches our fair value sooner-than-expected, prompting us to revisit our high-case assumptions. Story of a turnaround remains intact,…

ICTSI (ICT PM, Neutral, PHP 97) - Downgrade to Neutral on Valuation Headwinds

DFRS Trading Idea 2017 #5 - ICTSI (ICT PM, Attractive, PHP 95)- Top Pick in the Port Sector in 2017International Container Terminal Services Inc (ICTSI)is one of our top picks for the port sector in 2017. The 15th largest global terminal operator remains on solid fundamentals. Without the burden of ICTSI Oregon and substantial start-up costs, profitability is expected to climb in 2017. For a portfolio of emerging market assets with significant growth potential, the current valuation is at a…

DFRS Trading Idea 2017 #5 - ICTSI (ICT PM, Attractive, PHP 95)- Top Pick in the Port Sector in 2017International Container Terminal Services Inc (ICTSI)is one of our top picks for the port sector in 2017. The 15th largest global terminal operator remains on solid fundamentals. Without the burden of ICTSI Oregon and substantial start-up costs, profitability is expected to climb in 2017. For a portfolio of emerging market assets with significant growth potential, the current valuation is at a…

DFRS Trading Idea 2017 #5 - ICTSI (ICT PM, Attractive, PHP 95)- Top Pick in the Port Sector in 2017

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

Philippines

International Container Terminal Services, Inc. provides containerized cargo handling services. The Company also manages and operates the Manila International Container Terminal and port.

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ICTSI (ICT PM)

ICT: World Economy and New Ports Lift Dock Operator

Good price momentum, good growth in core profit, and cheap on acore profit basis relative to its sector Organic volume growth could be sustained...

A. Stotz Investment Research

ICT (ICT PM): Rising Price and Profit on near Horizon

Low correlation with Western stock markets, good price momentum,and good growth in core profit relative to its sector Organic volume growth could...

A. Stotz Investment Research

ICTSI (ICT PM, Neutral, PHP 97) - Downgrade to Neutral on Valuation Headwinds

ICTSI (ICT PM, Neutral, PHP 97) - Downgrade to Neutral on valuation headwindsInternational Container Terminal Services Inc (ICTSI) was one of our...

Drewry Maritime Financial Research

DFRS Trading Idea 2017 #5 - ICTSI (ICT PM, Attractive, PHP 95)- Top Pick in the Port Sector in 2017

DFRS Trading Idea 2017 #5 - ICTSI (ICT PM, Attractive, PHP 95)- Top Pick in the Port Sector in 2017International Container Terminal Services Inc...

Drewry Maritime Financial 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

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52-week Range

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