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

Jardine Cycle & Carriage / Equity Bottom-Up

<ul><li>Cheap on a gross profit basis, good price momentum, and low price volatility vs. the market relative to its sector </li><li>JCNC’s conglomerate businesses, which range from autos to financial services and property, are showing signs of improvement, while net profit growth rose 50% in 1Q17 YoY </li><li>The group is well positioned to take advantage of Southeast Asian demand for better cars in the long term, especially in newer markets such as Myanmar and Vietnam </li><li>JCNC trades slightly below the ASEAN sector at 17CE* 2.0x PB but offers a better ROE </li><li>Risks: Economic downturn, continued market share drop in Vietnam</li></ul>* Consensus Estimates

Cheap on a gross profit basis, good price momentum, and low price volatility vs. the market relative to its sector JCNC’s conglomerate businesses, which range from autos to financial services and property, are showing signs of improvement, while net profit growth rose 50% in 1Q17 YoY The group is well positioned to take advantage of Southeast Asian demand for better cars in the long term, especially in newer markets such as Myanmar and Vietnam JCNC trades slightly below the ASEAN sector at 17CE* 2.0x PB but offers a better ROE Risks: Economic downturn, continued market share drop in Vietnam* Consensus Estimates

JCNC: Net Profit Rises Alongside Regional Auto Demand

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)

This week's ASEAN offering comes from the pre-fasting traffic-clogged streets of Jakarta. The trip in from the airport took three hours (versus the "normal" hour), with a combination of excuses such as a "demo" or a surge in shopping activity to stock up before fasting begins in earnest. It is one of those weeks to avoid if you are attempting to criss-cross the city visiting companies. Apart from my trip in from the airport, I was lucky and blessed with a highly skilled driver kindly lent to me…

This week's ASEAN offering comes from the pre-fasting traffic-clogged streets of Jakarta. The trip in from the airport took three hours (versus the "normal" hour), with a combination of excuses such as a "demo" or a surge in shopping activity to stock up before fasting begins in earnest. It is one of those weeks to avoid if you are attempting to criss-cross the city visiting companies. Apart from my trip in from the airport, I was lucky and blessed with a highly skilled driver kindly lent to me…

The Week that Was in ASEAN@Smartkarma - Fasting, Market Malaise and Motoring

<ul><li>Good growth in core profit, cheap on a gross profit basis, and good price momentum relative to its sector</li><li>JCNC’s conglomerate businesses, which range from autos to financial services and property, are showing signs of improvement, with profit growth up 7% in 2016</li><li>The group is well positioned to take advantage of Southeast Asian demand for better cars over the longer term, especially in newer markets such as Myanmar and Vietnam</li><li>JCNC trades in line with the ASEAN sector at 17CE* 2.1x PB but offers a better ROE</li><li>Risks: Economic downturn</li></ul>* Consensus Estimates

Good growth in core profit, cheap on a gross profit basis, and good price momentum relative to its sectorJCNC’s conglomerate businesses, which range from autos to financial services and property, are showing signs of improvement, with profit growth up 7% in 2016The group is well positioned to take advantage of Southeast Asian demand for better cars over the longer term, especially in newer markets such as Myanmar and VietnamJCNC trades in line with the ASEAN sector at 17CE* 2.1x PB but offers a better ROERisks: Economic downturn* Consensus Estimates

JCNC: Motoring Along with Growth and Price Momentum

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

On Friday 28th of April I attended the AGM of <a href="https://www.smartkarma.com/entities/347" target="_blank" data-smartkarma-citation="entities:347:1">Jardine Cycle &amp; Carriage Ltd (JCNC SP)</a> in Singapore. It is the only AGM of all the Jardines Group companies outside of Bermuda. About 80 shareholders attended. The quality of the questions was refreshingly good and were answered at length by Chairman Benjamin Keswick and his board members. All resolutions presented at the AGM were passed.Jardines, via its cross holdings <a href="https://www.smartkarma.com/entities/15081" target="_blank" data-smartkarma-citation="entities:15081:1">Jardine Strategic Hldgs Ltd (JS SP)</a> and <a href="https://www.smartkarma.com/entities/19718" target="_blank" data-smartkarma-citation="entities:19718:1">Jardine Matheson Hldgs Ltd (JM SP)</a>, has…

On Friday 28th of April I attended the AGM of Jardine Cycle &amp; Carriage Ltd (JCNC SP) in Singapore. It is the only AGM of all the Jardines Group companies outside of Bermuda. About 80 shareholders attended. The quality of the questions was refreshingly good and were answered at length by Chairman Benjamin Keswick and his board members. All resolutions presented at the AGM were passed.Jardines, via its cross holdings Jardine Strategic Hldgs Ltd (JS SP) and Jardine Matheson Hldgs Ltd (JM SP), has…

AGM Jardine Cycle & Carriage (JCNC SP): Betting on ASEAN; but Remains a Discount Play on Astra

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>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

Thailand

Siam City Cement Public Company Limited produces and distributes cement under branded names with various type of cement for different applications.  The Company also also produces and distributes ready-mix concrete and aggregates under branded names, as well as branded wood-replacement products.

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Siam City Cement (SCCC TB)

JCNC: Net Profit Rises Alongside Regional Auto Demand

Cheap on a gross profit basis, good price momentum, and low price volatility vs. the market relative to its sector JCNC’s conglomerate businesses,...

A. Stotz Investment Research

The Week that Was in ASEAN@Smartkarma - Fasting, Market Malaise and Motoring

This week's ASEAN offering comes from the pre-fasting traffic-clogged streets of Jakarta. The trip in from the airport took three hours (versus the...

Angus Mackintosh

JCNC: Motoring Along with Growth and Price Momentum

Good growth in core profit, cheap on a gross profit basis, and good price momentum relative to its sector JCNC’s conglomerate businesses, which...

A. Stotz Investment Research

AGM Jardine Cycle & Carriage (JCNC SP): Betting on ASEAN; but Remains a Discount Play on Astra

On Friday 28th of April I attended the AGM of Jardine Cycle & Carriage Ltd (JCNC SP) in Singapore. It is the only AGM of all the Jardines Group...

Nicolas Van Broekhoven

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)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)