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 price-to-sales, more attractive to analysts, and low debt levels relative to its sector</li><li>As a top-10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentiment</li><li>YLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou valued at more than US$1.5bn in 2016, which is expected to support YLLG’s future investments over the next five years</li><li>Trades at attractive 17CE* 0.8x PB, with higher ROE versus ASEAN Real Estate. YLLG has a solid balance sheet</li><li>Risk: Weaker than expected Chinese economy</li></ul>* Consensus Estimates

Low price-to-sales, more attractive to analysts, and low debt levels relative to its sectorAs a top-10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentimentYLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou valued at more than US$1.5bn in 2016, which is expected to support YLLG’s future investments over the next five yearsTrades at attractive 17CE* 0.8x PB, with higher ROE versus ASEAN Real Estate. YLLG has a solid balance sheetRisk: Weaker than expected Chinese economy* Consensus Estimates

YLLG: Singapore's Yanlord Grows as China Landlord

<ul><li>More attractive to analysts, low debt levels, and improving asset turnover relative to its sector</li><li>As a top-10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentiment</li><li>YLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou worth over US$1.5bn during 10M16 to support future growth</li><li>Trades at attractive 17CE* 0.7x PB, with higher ROE versus ASEAN Real Estate and YLLG has a solid balance sheet</li><li>Risk: Weaker than expected Chinese economy</li></ul>* Consensus Estimates

More attractive to analysts, low debt levels, and improving asset turnover relative to its sectorAs a top-10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentimentYLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou worth over US$1.5bn during 10M16 to support future growthTrades at attractive 17CE* 0.7x PB, with higher ROE versus ASEAN Real Estate and YLLG has a solid balance sheetRisk: Weaker than expected Chinese economy* Consensus Estimates

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.

<ul><li>In the month of October 2016, there were a total of 19,911,700 shares repurchased by 22 companies, with a total consideration of S$25,901,379. This compared to S$73 million in September 2016 and S$127 million in October 2015.</li><li>The five stocks with the largest buyback consideration value in October 2016 were Olam International, SIA Engineering Company, Zhongmin Baihui Retail Group, Yanlord Land Group and New Silkroutes Group.</li><li>Buybacks in October 2016 have taken the total share buyback consideration for the 2016 YTD to S$778 million, which compares to S$1.8 billion for the same period last year.</li></ul>

In the month of October 2016, there were a total of 19,911,700 shares repurchased by 22 companies, with a total consideration of S$25,901,379. This compared to S$73 million in September 2016 and S$127 million in October 2015.The five stocks with the largest buyback consideration value in October 2016 were Olam International, SIA Engineering Company, Zhongmin Baihui Retail Group, Yanlord Land Group and New Silkroutes Group.Buybacks in October 2016 have taken the total share buyback consideration for the 2016 YTD to S$778 million, which compares to S$1.8 billion for the same period last year.

22 Companies Bought Back Their Own Shares in October

<ul><li>Improving asset turnover, low price-to-sales, and more attractive to analysts relative to its sector</li><li>As a top 10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentiment</li><li>YLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou worth over US$1bn during 7M16 to support future growth</li><li>Trades at attractive 16CE* 0.7x PB, with higher ROE versus ASEAN Real Estate and YLLG has a solid balance sheet</li><li>Risk: Weaker than expected Chinese economy</li></ul>* Consensus Estimates

Improving asset turnover, low price-to-sales, and more attractive to analysts relative to its sectorAs a top 10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentimentYLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou worth over US$1bn during 7M16 to support future growthTrades at attractive 16CE* 0.7x PB, with higher ROE versus ASEAN Real Estate and YLLG has a solid balance sheetRisk: Weaker than expected Chinese economy* Consensus Estimates

§ In the month of September 2016, there were a total of 38,972,100 shares repurchased by 35 companies, with a total consideration of S$72,597,027. This compared to S$64 million in August 2016 and S$445 million in September 2015§ The five stocks with the largest buyback consideration value in September were DBS Group Holdings, Singapore Airlines, Olam International, Yanlord Land Group and GSH Corporation§ Buybacks in September 2016 have taken the total share buyback consideration for the first…

§ In the month of September 2016, there were a total of 38,972,100 shares repurchased by 35 companies, with a total consideration of S$72,597,027. This compared to S$64 million in August 2016 and S$445 million in September 2015§ The five stocks with the largest buyback consideration value in September were DBS Group Holdings, Singapore Airlines, Olam International, Yanlord Land Group and GSH Corporation§ Buybacks in September 2016 have taken the total share buyback consideration for the first…

35 Companies Bought Back Their Own Shares in September

Singapore

Yanlord Land Group Limited is a real estate developer specializing in high-end residential, commercial, and integrated property projects across the People's Republic of China and Singapore. The company also provides property management services and invests in commercial properties for rental income. It is headquartered in Singapore and was founded in 1993.

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Yanlord Land (YLLG SP)

YLLG: Singapore's Yanlord Grows as China Landlord

Low price-to-sales, more attractive to analysts, and low debt levelsrelative to its sector As a top-10 foreign-owned property developer in China...

A. Stotz Investment Research

YLLG: Singapore's Yanlord Grows as China Landlord

More attractive to analysts, low debt levels, and improving asset turnover relative to its sector As a top-10 foreign-owned property developer in...

A. Stotz Investment Research

22 Companies Bought Back Their Own Shares in October

In the month of October 2016, there were a total of 19,911,700 shares repurchased by 22 companies, with a total consideration of S$25,901,379....

Singapore Exchange Ltd (SGX)

YLLG: Singapore's Yanlord Grows as China Landlord

Improving asset turnover, low price-to-sales, and more attractive to analysts relative to its sector As a top 10 foreign-owned property developer...

A. Stotz Investment Research

35 Companies Bought Back Their Own Shares in September

§ In the month of September 2016, there were a total of 38,972,100 shares repurchased by 35 companies, with a total consideration of S$72,597,027....

Singapore Exchange Ltd (SGX)

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