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

<ul><li>Relatively strong analyst recommendation, low correlation with Western stock markets, and share price is less volatile relative to its sector</li><li>New residential, commercial and landed property developments happening through 2016 should further propel revenue from the property division, which accounted for 39% of operating profit in 1H16</li><li>The company’s credit financing division should benefit from an expected solid 5% growth in the Malaysian economy; operating profit from credit financing grew 13% YoY in 1H16</li><li>HAP has delivered an ROE well above ASEAN Capital Goods and shown a good improvement in operating profit</li><li>Risks: Unexpected and sharp economic slowdown</li></ul>* Consensus Estimates

Relatively strong analyst recommendation, low correlation with Western stock markets, and share price is less volatile relative to its sectorNew residential, commercial and landed property developments happening through 2016 should further propel revenue from the property division, which accounted for 39% of operating profit in 1H16The company’s credit financing division should benefit from an expected solid 5% growth in the Malaysian economy; operating profit from credit financing grew 13% YoY in 1H16HAP has delivered an ROE well above ASEAN Capital Goods and shown a good improvement in operating profitRisks: Unexpected and sharp economic slowdown* Consensus Estimates

HAP: Property and Palm Farms Grow Profitability

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David Riedel

Founder

Independent equity research on GEM Markets

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Thematic (Sector/Industry)

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.On the supply side, growth continued to be driven…

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.On the supply side, growth continued to be driven…

Malaysia: Manufacturing and Services Drive GDP

Malaysia

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.

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Hap Seng Consolidated (HAP MK)

HAP: Property and Palm Farms Grow Profitability

Relatively strong analyst recommendation, low correlation with Western stock markets, and share price is less volatile relative to its sector New...

A. Stotz Investment Research

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

Malaysia: Manufacturing and Services Drive GDP

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption...

Rajan Govil

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