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 correlation with Western stock markets, low core profit valuation, and more attractive to analysts relative to its sector</li><li>Broadened customer base by entering the middle-to-high income segment, together with new investments in the Bangkok CBD area, should stimulate future growth</li><li>LPN plans to launch 12 condominium projects in 2017 with a total of more than 4,000 units, of which five projects should be finished and already ready to start transferring in 2017</li><li>Attractive at 17CE* 9.1% ROE/PB versus Thai Real Estate at 4.0% and offers a nice 5% dividend yield</li><li>Risks: Unexpected delays and current restructuring of subsidiary LPS</li></ul>* Consensus Estimates

Low correlation with Western stock markets, low core profit valuation, and more attractive to analysts relative to its sectorBroadened customer base by entering the middle-to-high income segment, together with new investments in the Bangkok CBD area, should stimulate future growthLPN plans to launch 12 condominium projects in 2017 with a total of more than 4,000 units, of which five projects should be finished and already ready to start transferring in 2017Attractive at 17CE* 9.1% ROE/PB versus Thai Real Estate at 4.0% and offers a nice 5% dividend yieldRisks: Unexpected delays and current restructuring of subsidiary LPS* Consensus Estimates

LPN: Real Estate Company Is Building High-End Base

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called Pylon. The problem they seem to be facing is that only a quarter of their revenues appear to be coming from government works, while the remainder comes from the private sector. Now, the issue with this is that at the moment…it is the government and not the private sector that is really growing if we talk about the construction sector yo.<table class="table table-striped"><tbody>
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Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called Pylon. The problem they seem to be facing is that only a quarter of their revenues appear to be coming from government works, while the remainder comes from the private sector. Now, the issue with this is that at the moment…it is the government and not the private sector that is really growing if we talk about the construction sector yo.

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Business
Shr

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Three of a Kind: Piles, Furnitures, and Lighting

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)

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF.

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. 

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

<ul>
<li>SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.</li>
<li>
Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…</li>
</ul>


SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.

Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…


Real Estate Sector Outperformed in the Year to Date

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Thailand

L.P.N. Development Public Company Limited develops real estate.  The Company's projects include residential, commercial and office buildings.

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LPN Development (LPN TB)

LPN: Real Estate Company Is Building High-End Base

Low correlation with Western stock markets, low core profit valuation,and more attractive to analysts relative to its sector Broadened customer...

A. Stotz Investment Research

Three of a Kind: Piles, Furnitures, and Lighting

Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called...

Athaporn Arayasantiparb, CFA

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

§ Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT...

Singapore Exchange Ltd (SGX)

Real Estate Sector Outperformed in the Year to Date

SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the...

Singapore Exchange Ltd (SGX)

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

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