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

Thematic (Sector/Industry)

We highlight 15 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 15 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

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.

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

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

China’s wage has been increasing and is now higher than some of its peers. This means operating in China involves paying more in wages, which can cause the profit margin to narrow. An important question for businesses is if they can save by moving or planning future expansions in countries where wages are still below China. This article explores the implication of China’s rising wage rates for business organisations and forms a part of our upcoming briefing titled Facilitating Trade.

China’s wage has been increasing and is now higher than some of its peers. This means operating in China involves paying more in wages, which can cause the profit margin to narrow. An important question for businesses is if they can save by moving or planning future expansions in countries where wages are still below China. This article explores the implication of China’s rising wage rates for business organisations and forms a part of our upcoming briefing titled Facilitating Trade.

China Still Lucrative for Businesses Despite the Rising Wage Rates

Philippines

GT Capital Holdings Inc. is an investment holding company. The Company, through its subsidiaries, provides banking, automotive, property development, infrastructure, utilities, and insurance services.

JG Summit Holdings Inc. operates in the consumer foods, agro-industrial and commodity food products, and textiles industries. The Company also invests in real estate, manages hotel, and provides apartment management services. In addition, JG also provides banking and financial services, and invests in telecommunications, petrochemicals, and air transportation businesses.

Aboitiz Equity Ventures Inc., through its subsidiaries, distributes and generates power, provides financial services, manufactures food, and provides inter-island transportation services.

Alliance Global Group, Inc. is a holding company with interests in food and beverage, real estate development, and fast food restaurant businesses.  The Company distills brandy, manufactures glass containers, distributes wines and snacks, develops planned mixed-use communities, and either operates or sub-franchises hamburger restaurants.

San Miguel Corporation operates food, beverage, packaging, power, fuel and oil, infrastructure and telecommunications businesses.  The Company produces beverages, poultry, animal feed, meat, 
flour, dairy products, and glass and plastic packaging; generates electricity; refines and markets petroleum products; builds infrastructure; and provides telecommunications services.

Top Frontier Investment Holdings, Inc. produces, processes, and markets beverage, food, and packaging products in the Philippines and internationally. It offers alcoholic and non-alcoholic beverages. The company also engages in feeds production; poultry and livestock farming; processing and selling of poultry and meat products; processing and marketing of refrigerated and canned meat products; manufacturing and marketing of flour products, premixes and flour-based products, dairy-based products, breadfill, desserts, and cooking oil; and importation and marketing of coffee and coffee-related products. In addition, it produces and markets packaging products, such as glass containers, glass molds, PET bottles and preforms, PET recycling, plastic closures, corrugated cartons, woven polypropylene, kraft sacks and paperboard, pallets, flexible packaging, plastic crates, plastic floorings, plastic films, plastic trays, plastic pails and tubs, metal closures and two-piece aluminum cans, woven products, industrial laminates, and radiant barriers. Further, the company is involved in crate and plastic pallet leasing, PET bottle filling graphics design, packaging research and testing, packaging development and consultation, and contract packaging and trading. Additionally, it engages in power generation, distribution, and trading; coal mining; refining and marketing petroleum products; and construction and development of various infrastructure projects, such as airports, roads, highways, toll roads, freeways, skyways, flyovers, viaducts, and interchanges. The company also offers domestic and international telecommunications services; and banking services. In addition, it is involved in exploration, development, and commercial utilization of nickel, cobalt, chrome, iron, gold, and other mineral deposits; and commercial property development, sale and lease of real properties, and provision of corporate real estate services. The company is based in Makati City, the Philippines.

A. Soriano Corporation, through its subsidiaries, provides temporary health-care staffing services in the United States and the Philippines. It offers nurse/physical therapist staffing, and other healthcare and allied services. The company also provides hotel and resort accommodation, relaxation and entertainment, and other services; construction and sale of villas; air transportation, hangarage, real estate holding and management, and recruitment services; and online community management. In addition, it is involved in manufacturing, importing, exporting, buying, and selling building wires, power cables, aluminum wires and cables, copper rods, automotive wires, and other energy-related goods. The company was founded in 1930 and is based in Makati City, the Philippines.

APC Group, Incorporated operates in general services, mining and exploration and operates as a holding company.

Keepers Holdings Inc. operates as a holding company. The Company, through its subsidiaries, engages in the distribution of liquor such as wine, spirits, and other beverages. Keepers Holdings serves customers in Philippine.

PAL Holdings, Inc., through its subsidiaries, engages in the air transportation of passengers and cargo in the Philippines and internationally. As of December 31, 2014, its route network covered 32 points in the Philippines and 35 international destinations. The company was formerly known as Baguio Gold Holdings Corporation and changed its name to PAL Holdings, Inc. in January 2007. The company was incorporated in 1930 and is based in Makati, the Philippines. PAL Holdings, Inc. is a subsidiary of Trustmark Holdings Corporation.

Berli Jucker PCL is a large Thai conglomerate whose business spans various industries. The Company's operations include the distribution and manufacturing of its own products plus contract distribution and manufacturing for other firms. BJC's core lines of business are packaging, consumer, healthcare, technical and other businesses.

Keihan Holdings Co., Ltd. mainly provides passenger rail and bus transportation in Osaka and Kyoto prefectures.  The Company operates department stores, hotels, travel agents, and restaurants in the vicinity of its railway system.  The Company leases and sells real estate and offers a wide range of construction works.

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

China Baoan Group Co., Ltd. develops, leases, and manages residential and commercial real estate properties in Shenzhen, Wuhan, Hainan, and Shanghai areas.  Through its subsidiaries, the Company also produces medical products and sells its products on a retail chain stores basis.

Hap Seng Consolidated Berhad is an investment holding company.  The Company, through its subsidiaries, operates oil palm and cocoa plantations, trades heavy equipment and motor vehicles, fabricates and sells commercial trailers and tankers, provides leasing and money lending, and manufactures agricultural fertilizers, agro-chemicals, building materials, and plantation supplies.

CJ Corp. is an investment holding company.  The Company, through its subsidiaries, manufactures processed food products.  The subsidiaries' products include refined sugar, monosodium glutamate (MSG), condiment, wheat powder, flour, cooking oil, processed meats, and animal feed.

Alfa, S.A.B. de C.V. through subsidiaries, operates petrochemical, food processing, automotive and telecommunication businesses. The Company produces refrigerated food products, high-tech engine aluminum heads and blocks for gasoline and diesel.

Dubai Investments PJSC offers venture capital.  The Company invests in joint ventures and local companies.  Dubai Investments holds interests in dairy farms, publishers and real estate developers, and manufacturers of glass, pharmaceuticals, vegetable oils, building materials, and aluminum extrusions.

Shanghai Industrial Holdings Limited is an investment holding company that focuses on three core businesses: infrastructure facilities, real estate and consumer products. SIHL invests in toll road projects, water-related business, property development, investment, hotel operation, the manufacturing and sale of cigarettes, packaging materials and printed products.

Nava Bharat Ventures Limited manufactures ferro alloys which are utilized by the steel industry. The Company also generates & distributes power and manufactures sugar.

DMCI Holdings Inc., through its subsidiaries, provides general construction and infrastructure construction. DMCI also develops real estate and mines coal. In addition, DMCI manufactures cement and other products.

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DMCI Holdings (DMC 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

Interesting Stocks to Consider in ASEAN

We highlight 15 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets...

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

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

China Still Lucrative for Businesses Despite the Rising Wage Rates

China’s wage has been increasing and is now higher than some of its peers. This means operating in China involves paying more in wages, which can...

Euromonitor International Ltd.

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