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.

Thematic (Sector/Industry)

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

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

Equity Bottom-Up

<ul>
<li>Low price-to-sales, strong stock price momentum, and low correlation with Western stock markets relative to its sector</li>
<li>KOGAS’ investment in a fifth storage unit, meeting the 20% storage ratio target, to allow for faster contracts and enhance bargain power</li>
<li>The company should post higher margins from E&amp;P projects favored by high oil prices</li>
<li>Trades below Asian Utilities at 18CE* 10.1x PE and offers better earnings growth prospects in 2018-19CE*</li>
<li>Risks: Weaker-than-expected gas demand, unexpected costs in E&amp;P</li>
</ul>* Consensus Estimates


Low price-to-sales, strong stock price momentum, and low correlation with Western stock markets relative to its sector
KOGAS’ investment in a fifth storage unit, meeting the 20% storage ratio target, to allow for faster contracts and enhance bargain power
The company should post higher margins from E&amp;P projects favored by high oil prices
Trades below Asian Utilities at 18CE* 10.1x PE and offers better earnings growth prospects in 2018-19CE*
Risks: Weaker-than-expected gas demand, unexpected costs in E&amp;P
* Consensus Estimates

KOGAS (036460 KS): Monopoly and World’s Largest Gas Importer

Equity Analyst, LightStream Research

Nuzran Sahib

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

LNG buyers are seeking to renegotiate their long-term LNG contracts by capitalising on the supply glut to overcome oil-based pricing, destination restrictions and “take or pay” clauses while transferring the shipping costs by pricing on DES instead of FOB basis. Successful renegotiations involving major gas producers suggest the potential for more renegotiation as suppliers trade off flexibility and lower prices in order to increase their supply quantity. With LNG projects streaming in from Australia and North America further decreases in LNG contract prices are plausible in the short term.

LNG buyers are seeking to renegotiate their long-term LNG contracts by capitalising on the supply glut to overcome oil-based pricing, destination restrictions and “take or pay” clauses while transferring the shipping costs by pricing on DES instead of FOB basis. Successful renegotiations involving major gas producers suggest the potential for more renegotiation as suppliers trade off flexibility and lower prices in order to increase their supply quantity. With LNG projects streaming in from Australia and North America further decreases in LNG contract prices are plausible in the short term.

Renegotiation of LNG Contracts Will Be More Evident in Coming Years Amidst Depressed Spot Prices

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

This report is an update on the implementation of the "put-back option clause" for IPOs in the Korea Stock Market (for companies applying under the "Tesla requirements"), which the Korean regulators proposed last year to be implemented starting this year. The "Tesla requirements" are technology/high growth oriented companies that may not be current profitable but show much promise in their future growth potential.Just a reminder that the proposed put-back option guarantees the investors a…

This report is an update on the implementation of the "put-back option clause" for IPOs in the Korea Stock Market (for companies applying under the "Tesla requirements"), which the Korean regulators proposed last year to be implemented starting this year. The "Tesla requirements" are technology/high growth oriented companies that may not be current profitable but show much promise in their future growth potential.Just a reminder that the proposed put-back option guarantees the investors a…

Update on the Put Back Option Clause for IPOs in the Korea Stock Market

<ul>
<li>On October 26th, The Korea National Pension Fund (KNPF) announced that it will purchase 1 trillion won worth of small-mid cap stocks on the Korean Stock Market until the end of this year, many of which are listed on KOSDAQ. From January 1st to October 26th, KOSDAQ was down 6.9%. In the same period, KOSPI was up 2.7%.  KNPF will select 10 asset managers that will help to invest 1 trillion won in small-mid cap stocks on Korea Stock Market. </li>
<li>Previously, KNPF had the following investment criteria for…</li>
</ul>


On October 26th, The Korea National Pension Fund (KNPF) announced that it will purchase 1 trillion won worth of small-mid cap stocks on the Korean Stock Market until the end of this year, many of which are listed on KOSDAQ. From January 1st to October 26th, KOSDAQ was down 6.9%. In the same period, KOSPI was up 2.7%.  KNPF will select 10 asset managers that will help to invest 1 trillion won in small-mid cap stocks on Korea Stock Market. 
Previously, KNPF had the following investment criteria for…


Korea National Pension Fund - Commitment to Buy 1 Trillion Won Worth of Small Cap Stocks in Korea

South Korea

Korea Gas Corporation manufactures, wholesales, and distributes liquefied natural gas (LNG) and liquefied petroleum gas (LPG) throughout South Korea. The Company also constructs and operates LNG receiving terminals and supplying networks for domestic distribution.  Korea Gas invests in LNG suppliers in Oman and Qatar.

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Korea Gas (036460 KS)

Interesting Stocks to Consider in Asia

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

A. Stotz Investment Research

KOGAS (036460 KS): Monopoly and World’s Largest Gas Importer

Low price-to-sales, strong stock price momentum, and low correlation with Western stock markets relative to its sector KOGAS’ investment in a...

A. Stotz Investment Research

Renegotiation of LNG Contracts Will Be More Evident in Coming Years Amidst Depressed Spot Prices

LNG buyers are seeking to renegotiate their long-term LNG contracts by capitalising on the supply glut to overcome oil-based pricing, destination...

Nuzran Sahib

Update on the Put Back Option Clause for IPOs in the Korea Stock Market

This report is an update on the implementation of the "put-back option clause" for IPOs in the Korea Stock Market (for companies applying under the...

Douglas Kim

Korea National Pension Fund - Commitment to Buy 1 Trillion Won Worth of Small Cap Stocks in Korea

On October 26th, The Korea National Pension Fund (KNPF) announced that it will purchase 1 trillion won worth of small-mid cap stocks on the Korean...

Douglas Kim

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