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>Solid short-term sales momentum, sales on an upcycle trend, and low correlation with western stock markets relative to its sector</li><li>DLG is well positioned to benefit from the growing demand for oil and gas storage facilities, which is supported by growing demand for oil in Asia</li><li>The company has announced to expand the storage capacity of PDT Phase 1 by more than 30% with the completion expected by 2019</li><li>The stock trades above ASEAN Industrials at 17CE* 3.4x PB, but offers better ROE and a solid balance sheet</li><li>Risk: Delay in construction of storage facilities</li></ul>* Consensus Estimates

Solid short-term sales momentum, sales on an upcycle trend, and low correlation with western stock markets relative to its sectorDLG is well positioned to benefit from the growing demand for oil and gas storage facilities, which is supported by growing demand for oil in AsiaThe company has announced to expand the storage capacity of PDT Phase 1 by more than 30% with the completion expected by 2019The stock trades above ASEAN Industrials at 17CE* 3.4x PB, but offers better ROE and a solid balance sheetRisk: Delay in construction of storage facilities* Consensus Estimates

DLG: Beneficiary of High Oil and Gas Storage Demand

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Our Emerging Market Screen &amp; Chart Book helps pinpoint leading stocks, weeding out lagging and stagnating trends.  This is performed through a relative strength price screen.  Only stocks trading within 5% of a 26-week relative strength high make the cut. From this list, we scan through each chart and highlight the most favorable set-ups.

Our Emerging Market Screen &amp; Chart Book helps pinpoint leading stocks, weeding out lagging and stagnating trends.  This is performed through a relative strength price screen.  Only stocks trading within 5% of a 26-week relative strength high make the cut. From this list, we scan through each chart and highlight the most favorable set-ups.

<ul><li>Low correlation with Western stock markets, low debt levels, and good price momentum relative to its sector </li><li>DLG is well positioned to benefit from the growing demand for oil and gas storage facilities, which is supported by growing demand for oil in Asia </li><li>Its LNG regasification and refinery projects through a joint venture (JV) with <a href="https://www.smartkarma.com/entities/10026" target="_blank" data-smartkarma-citation="entities:10026:1">Petronas Gas Bhd (PTG MK)</a> (PDT Phase 2 and 3) worth US$2bn are under construction, with progressive completion in 2017-2019 </li><li>The stock trades above ASEAN Industrials at 17CE* 3.9x PB, but offers better ROE and a solid balance sheet </li><li>Risk: Delay in construction of storage facilities</li></ul>* Consensus Estimates

Low correlation with Western stock markets, low debt levels, and good price momentum relative to its sector DLG is well positioned to benefit from the growing demand for oil and gas storage facilities, which is supported by growing demand for oil in Asia Its LNG regasification and refinery projects through a joint venture (JV) with Petronas Gas Bhd (PTG MK) (PDT Phase 2 and 3) worth US$2bn are under construction, with progressive completion in 2017-2019 The stock trades above ASEAN Industrials at 17CE* 3.9x PB, but offers better ROE and a solid balance sheet Risk: Delay in construction of storage facilities* Consensus Estimates

DLG: Major Oil and Gas Storage Increases to Start Soon

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)

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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…
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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…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

<ul>
<li>In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd (SIA SP)</a>, <a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114">Oversea Chinese Banking Corp. Limited (OCBC SP)</a>, <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894">Global Logistic Properties Ltd (GLP SP)</a>, <a href="https://www.smartkarma.com/entities/765" target="_blank" data-smartkarma-citation="entities:765">Olam International Ltd (OLAM SP)</a> and <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22">DBS Group Holdings Ltd (DBS SP)</a> ranked highest in terms of buyback consideration value over the calendar year.</li>
<li>More recently, for the month of December 2016, there were a total of 13,915,200 shares…</li>
</ul>


In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. Singapore Airlines Ltd (SIA SP), Oversea Chinese Banking Corp. Limited (OCBC SP), Global Logistic Properties Ltd (GLP SP), Olam International Ltd (OLAM SP) and DBS Group Holdings Ltd (DBS SP) ranked highest in terms of buyback consideration value over the calendar year.
More recently, for the month of December 2016, there were a total of 13,915,200 shares…


Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

Malaysia

Dialog Group Berhad is an investment holding company.  The Company, through its subsidiaries, provides engineering, procurement, construction and commissioning services, and plant maintenance services. Dialog also retails petroleum to oil, gas, and petrochemical industries, as well as markets specialty chemical and equipments.

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Dialog Group (DLG MK)

DLG: Beneficiary of High Oil and Gas Storage Demand

Solid short-term sales momentum, sales on an upcycle trend, and low correlation with western stock markets relative to its sector DLG is well...

A. Stotz Investment Research

EM Relative Strength Screen & Chart Book

Our Emerging Market Screen & Chart Book helps pinpoint leading stocks, weeding out lagging and stagnating trends. This is performed through a...

Vermilion Research

DLG: Major Oil and Gas Storage Increases to Start Soon

Low correlation with Western stock markets, low debt levels, and goodprice momentum relative to its sector DLG is well positioned to benefit from...

A. Stotz Investment Research

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

Market Cap (USDm)

P/E

Dividend (Yield)

DLG: Beneficiary of High Oil and Gas Storage Demand

Solid short-term sales momentum, sales on an upcycle trend, and low correlation with western stock markets relative to its sector DLG is well...

A. Stotz Investment Research

EM Relative Strength Screen & Chart Book

Our Emerging Market Screen & Chart Book helps pinpoint leading stocks, weeding out lagging and stagnating trends. This is performed through a...

Vermilion Research

DLG: Major Oil and Gas Storage Increases to Start Soon

Low correlation with Western stock markets, low debt levels, and goodprice momentum relative to its sector DLG is well positioned to benefit from...

A. Stotz Investment Research

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)

Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million....

Singapore Exchange Ltd (SGX)