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>Low earnings expectation, high earnings quality, and strong long-term sales growth relative to its sector</li>
<li>Potential large-scale contract in partnership with Japanese contractor bidding for US$2bn railway project with the auction scheduled for 4Q18</li>
<li>Coal mining subsidiary’s strong performance should continue benefitting from growing demand from China and limited supply growth, 35% YoY net income growth in 1H18</li>
<li>DMC is Attractive at 18CE* 11.5% ROE/PB versus ASEAN Capital Goods at 7.2% ROE/PB</li>
<li>Risks: Weakness in commodity price, economic slowdown</li>
</ul>* Consensus Estimates


Low earnings expectation, high earnings quality, and strong long-term sales growth relative to its sector
Potential large-scale contract in partnership with Japanese contractor bidding for US$2bn railway project with the auction scheduled for 4Q18
Coal mining subsidiary’s strong performance should continue benefitting from growing demand from China and limited supply growth, 35% YoY net income growth in 1H18
DMC is Attractive at 18CE* 11.5% ROE/PB versus ASEAN Capital Goods at 7.2% ROE/PB
Risks: Weakness in commodity price, economic slowdown
* Consensus Estimates

DMC (DMC PM): Benefits from Philippine Economic Development

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)

<h2>The Week That Was in ASEAN@Smartkarma</h2>In this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a>highlighting better numbers for February in <a href="https://www.smartkarma.com/insights/ace-hardware-consumers-are-back-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9387">ACE Hardware - Consumers Are Back!</a> and writing about more optimism on mortgages in <a href="https://www.smartkarma.com/insights/bank-central-asia-surprising-in-its-positivity-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9343">Bank Central Asia - Surprising in Its Positivity</a>. <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a>  writes on <a href="https://www.smartkarma.com/entities/23035" target="_blank" data-smartkarma-citation="entities:23035">GMA Network Inc (GMA7 PM)</a> which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus Mackintoshhighlighting better numbers for February in ACE Hardware - Consumers Are Back! and writing about more optimism on mortgages in Bank Central Asia - Surprising in Its Positivity. Henry Soediarko  writes on GMA Network Inc (GMA7 PM) which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

REAL-Economics.com

Macroeconomics

-The oil majors' favourite refining hub in ASEAN is Singapore, while the crude-oil/gas comes mainly from Indonesia, Malaysia and Brunei. Infusion of Saudi capital will help to partially redress that, although Saudi Arabia is only the 7th largest oil-refining country, and ARAMCO has moderate amounts of technological expertise (mainly from its ownership of S-Oil in Korea). -Malaysia and (especially) Indonesia have been wary of "Arabised" or Wahhabi Islam, and see Saudi offers to widen Arabic…

-The oil majors' favourite refining hub in ASEAN is Singapore, while the crude-oil/gas comes mainly from Indonesia, Malaysia and Brunei. Infusion of Saudi capital will help to partially redress that, although Saudi Arabia is only the 7th largest oil-refining country, and ARAMCO has moderate amounts of technological expertise (mainly from its ownership of S-Oil in Korea). -Malaysia and (especially) Indonesia have been wary of "Arabised" or Wahhabi Islam, and see Saudi offers to widen Arabic…

King Salman Bearing Gifts: Implications for ASEAN, Oil-Refining and Religion

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.

<table class="table table-striped"><tbody>
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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…
</td></tr>
</tbody></table>


 

§  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

Philippines

Semirara Mining and Power Corporation explores, develops, and mines coal. The company operates on Semirara Island.

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Semirara Mining And Power Corp (SCC PM)

DMC (DMC PM): Benefits from Philippine Economic Development

Low earnings expectation, high earnings quality, and strong long-term sales growth relative to its sector Potential large-scale contract in...

A. Stotz Investment Research

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus...

Angus Mackintosh

King Salman Bearing Gifts: Implications for ASEAN, Oil-Refining and Religion

-The oil majors' favourite refining hub in ASEAN is Singapore, while the crude-oil/gas comes mainly from Indonesia, Malaysia and Brunei. Infusion...

Prasenjit K. Basu

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)

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52-week Range

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