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

Melco International Development / Equity Bottom-Up

<ul><li>Improving asset turnover, strong stock price momentum, and low price-to-sales relative to its sector </li><li>Earnings should continue to grow from last year’s stake increase in its listed casino subsidiary <a href="https://www.smartkarma.com/entities/810" target="_blank" data-smartkarma-citation="entities:810:1">(MLCO US)</a>, which reported 1Q17 earnings up almost 50% as its Philippines business has started to perform </li><li>Disposal of its interest in MelcoLot should unlock value and rid the company of concerns with regulations regarding internet lotteries </li><li>Trades above the Asian sector at 17CE* 26.7x PE but offers much better earnings growth </li><li>Risk: Further China anti-corruption crackdowns could deter biggest-revenue-producing gamers, that is, mainland high rollers</li></ul>* Consensus Estimates

Improving asset turnover, strong stock price momentum, and low price-to-sales relative to its sector Earnings should continue to grow from last year’s stake increase in its listed casino subsidiary (MLCO US), which reported 1Q17 earnings up almost 50% as its Philippines business has started to perform Disposal of its interest in MelcoLot should unlock value and rid the company of concerns with regulations regarding internet lotteries Trades above the Asian sector at 17CE* 26.7x PE but offers much better earnings growth Risk: Further China anti-corruption crackdowns could deter biggest-revenue-producing gamers, that is, mainland high rollers* Consensus Estimates

Melco (200 HK): Gaming Not a Gamble for Macau Casinos

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

The despatch of <a href="https://www.smartkarma.com/entities/19341" target="_blank" data-smartkarma-citation="entities:19341:1">Television Broadcasts Ltd (511 HK)</a>'s Offer Document has been delayed thrice since TLG’s <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0307/LTN20170307602.pdf" target="_blank">"bid"</a> failed to materialise.The last two despatch delays hinged on when the Takeovers and Mergers Panel (the “Panel”) would rule on the whitewash waiver. That Panel hearing, originally tabled for the 5 April, has been rescheduled for the 27 April.In this note, I detail why the whitewash waiver is required, recent decisions handed down by the Panel and whether or not this could jeopardise the outcome of the buyback/partial offer.

The despatch of Television Broadcasts Ltd (511 HK)'s Offer Document has been delayed thrice since TLG’s "bid" failed to materialise.The last two despatch delays hinged on when the Takeovers and Mergers Panel (the “Panel”) would rule on the whitewash waiver. That Panel hearing, originally tabled for the 5 April, has been rescheduled for the 27 April.In this note, I detail why the whitewash waiver is required, recent decisions handed down by the Panel and whether or not this could jeopardise the outcome of the buyback/partial offer.

Hong Kong

Crypto Flow Technology Limited offers data center services. The Company provides data analysis, data storage, data processor rental, and other services. Crypto Flow Technology also offers lottery related services.

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Crypto Flow Technology (8198 HK)

Melco (200 HK): Gaming Not a Gamble for Macau Casinos

Improving asset turnover, strong stock price momentum, and lowprice-to-sales relative to its sector Earnings should continue to grow from last...

A. Stotz Investment Research

TVB - Whitewash Musings

The despatch of Television Broadcasts Ltd (511 HK)'s Offer Document has been delayed thrice since TLG’s "bid" failed to materialise.The last two...

David Blennerhassett

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