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>Cheap on a gross profit basis relative to its sector and low price volatility versus the Thai market</li><li>Thanks to its production of high-grade, earthquake-resistant steel beams, and stable pricing from yen-denominated contracts, it was able to enjoy a 2016 rise in export-revenue of 57%</li><li>It is particularly well positioned to benefit from Olympic-related building demand for Tokyo 2020</li><li>MCS has shown a strong and increasing trend in profitability in 2016 and the company is net cash</li><li>Risk: Overdependence on one major Japanese customer, Kajima</li></ul>

Cheap on a gross profit basis relative to its sector and low price volatility versus the Thai marketThanks to its production of high-grade, earthquake-resistant steel beams, and stable pricing from yen-denominated contracts, it was able to enjoy a 2016 rise in export-revenue of 57%It is particularly well positioned to benefit from Olympic-related building demand for Tokyo 2020MCS has shown a strong and increasing trend in profitability in 2016 and the company is net cashRisk: Overdependence on one major Japanese customer, Kajima

MCS: Thai Steel Firm Unshakeable on Path to Olympic Gold

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.

Thematic (Sector/Industry)

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

<ul><li>Good price momentum, cheap on a gross profit basis, and low price volatility versus the market relative to its sector</li><li>Thanks to its production of high-grade, earthquake-resistant steel beams, and stable pricing from yen-denominated contracts, it was able to enjoy a 9M16 rise of 74% in steel exports</li><li>It is particularly well positioned to benefit from Olympic-related building demand for Tokyo 2020</li><li>MCS has shown a strong and increasing trend in profitability in 9M16 and the company is net cash</li><li>Risk: Overdependence on one major Japanese customer, Kajima</li></ul>* Consensus Estimates

Good price momentum, cheap on a gross profit basis, and low price volatility versus the market relative to its sectorThanks to its production of high-grade, earthquake-resistant steel beams, and stable pricing from yen-denominated contracts, it was able to enjoy a 9M16 rise of 74% in steel exportsIt is particularly well positioned to benefit from Olympic-related building demand for Tokyo 2020MCS has shown a strong and increasing trend in profitability in 9M16 and the company is net cashRisk: Overdependence on one major Japanese customer, Kajima* Consensus Estimates

MCS: Thai Likely to Produce Olympic Steel

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Thailand

MCS Steel PCL is a steel manufacturing and agricultural company. The Company manufactures and sells Structural Steel Fabrication for large construction projects domestically and abroad and researches and develops organic fertilizers.

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M.C.S. Steel (MCS TB)

MCS: Thai Steel Firm Unshakeable on Path to Olympic Gold

Cheap on a gross profit basis relative to its sector and low pricevolatility versus the Thai market Thanks to its production of high-grade,...

A. Stotz Investment Research

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

MCS: Thai Likely to Produce Olympic Steel

Good price momentum, cheap on a gross profit basis, and low price volatility versus the market relative to its sector Thanks to its production of...

A. Stotz Investment Research

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

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