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

Indah Kiat Pulp & Paper Tbk / Equity Bottom-Up

<ul><li>Low price-to-sales, low correlation, and more attractive to analysts relative to its sector </li><li>Indonesia’s largest pulp and paper-related products producer by sales; recent suspension of capacity by Chinese competitors helping to stabilize global paper prices. INKP should benefit given its high export ratio </li><li>End-user demand has displayed evidence of gaining momentum, up 8% this year after a few years of only 2-3% growth </li><li>INKP has shown strong improvement in gross profit margin and appears cheap on current price-to-sales </li><li>Risk: Chinese moves to ramp up supply again</li></ul>

Low price-to-sales, low correlation, and more attractive to analysts relative to its sector Indonesia’s largest pulp and paper-related products producer by sales; recent suspension of capacity by Chinese competitors helping to stabilize global paper prices. INKP should benefit given its high export ratio End-user demand has displayed evidence of gaining momentum, up 8% this year after a few years of only 2-3% growth INKP has shown strong improvement in gross profit margin and appears cheap on current price-to-sales Risk: Chinese moves to ramp up supply again

INKP: Paper Producer Enjoys Stacking Demand

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Bund Center Investment / Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/3813" target="_blank" data-smartkarma-citation="entities:3813:1">Bund Center Investment Ltd (BCI SP)</a> was spun off from <a href="https://www.smartkarma.com/entities/1144" target="_blank" data-smartkarma-citation="entities:1144:1">Sinarmas Land Ltd (SML SP)</a> in 2010</li><li>BCI owns property in Shanghai and Ningbo</li><li>Core asset: Westin Bund Center in Shanghai</li><li>Independent Appraisal value over 2 billion SGD, suggesting NAV per share of 2.71 SGD</li><li>Market Value of 607 million SGD, at current 0.80 SGD/share valuation</li><li>70% discount to NAV</li><li>Net Cash on Balance Sheet and good dividend track record since 2013</li><li>Fair Value: 1 SGD (base case)- 22% upside or 1.36 SGD (bull case) - 66% upside</li></ul>

Bund Center Investment Ltd (BCI SP) was spun off from Sinarmas Land Ltd (SML SP) in 2010BCI owns property in Shanghai and NingboCore asset: Westin Bund Center in ShanghaiIndependent Appraisal value over 2 billion SGD, suggesting NAV per share of 2.71 SGDMarket Value of 607 million SGD, at current 0.80 SGD/share valuation70% discount to NAVNet Cash on Balance Sheet and good dividend track record since 2013Fair Value: 1 SGD (base case)- 22% upside or 1.36 SGD (bull case) - 66% upside

Discover Singapore: Bund Center Investment (BCI SP); 70% Discount to NAV and Churning Out Dividends

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)

<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

Indonesia

PT Indah Kiat Pulp & Paper Corporation Tbk operates a pulp and paper mill located in Perawang, a paper mill in Tangerang, and a packaging product mill in Serang. The Company manufactures various types of printing and writing paper including coated and uncoated free-sheets, photo copy paper, packaging container boards, corrugated shipping containers, and boxboards.

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Indah Kiat Pulp & Paper Tbk (INKP IJ)

INKP: Paper Producer Enjoys Stacking Demand

Low price-to-sales, low correlation, and more attractive to analystsrelative to its sector Indonesia’s largest pulp and paper-related products...

A. Stotz Investment Research

Discover Singapore: Bund Center Investment (BCI SP); 70% Discount to NAV and Churning Out Dividends

Bund Center Investment Ltd (BCI SP) was spun off from Sinarmas Land Ltd (SML SP) in 2010 BCI owns property in Shanghai and Ningbo Core asset:...

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)

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52-week Range

Market Cap (USDm)

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