CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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Equity Bottom-Up

Melco International Development / Equity Bottom-Up

<ul><li>Improving asset turnover, strong stock price momentum, and low price-to-sales relative to its sector </li><li>Earnings should continue to grow from last year’s stake increase in its listed casino subsidiary <a href="https://www.smartkarma.com/entities/810" target="_blank" data-smartkarma-citation="entities:810:1">(MLCO US)</a>, which reported 1Q17 earnings up almost 50% as its Philippines business has started to perform </li><li>Disposal of its interest in MelcoLot should unlock value and rid the company of concerns with regulations regarding internet lotteries </li><li>Trades above the Asian sector at 17CE* 26.7x PE but offers much better earnings growth </li><li>Risk: Further China anti-corruption crackdowns could deter biggest-revenue-producing gamers, that is, mainland high rollers</li></ul>* Consensus Estimates

Improving asset turnover, strong stock price momentum, and low price-to-sales relative to its sector Earnings should continue to grow from last year’s stake increase in its listed casino subsidiary (MLCO US), which reported 1Q17 earnings up almost 50% as its Philippines business has started to perform Disposal of its interest in MelcoLot should unlock value and rid the company of concerns with regulations regarding internet lotteries Trades above the Asian sector at 17CE* 26.7x PE but offers much better earnings growth Risk: Further China anti-corruption crackdowns could deter biggest-revenue-producing gamers, that is, mainland high rollers* Consensus Estimates

Melco (200 HK): Gaming Not a Gamble for Macau Casinos

Hong Kong

Entertainment Gaming Asia Inc. places gaming machines on a revenue share model in Asia. The Company secures long-term contracts providing its products to hotels, cruise ships, and other venues throughout Asia.

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Entertainment Gaming Asia Inc (EGT US)

Melco (200 HK): Gaming Not a Gamble for Macau Casinos

Improving asset turnover, strong stock price momentum, and lowprice-to-sales relative to its sector Earnings should continue to grow from last...

A. Stotz Investment Research

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