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)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Seven stocks remain, and seven stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 27%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Seven stocks remain, and seven stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 27%


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</li>
<li>We see <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/harum-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:1604:1" rel="noopener">Harum Energy (HRUM IJ)</a> as higher probability inclusions in the LQ45 Index.</li>
<li>Given the focus is on liquidity, we see <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> as higher probability deletion candidates.</li>
</ul>


The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
We see Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and Harum Energy (HRUM IJ) as higher probability inclusions in the LQ45 Index.
Given the focus is on liquidity, we see Jasa Marga (Persero) (JSMR IJ), Bumi Serpong Damai (BSDE IJ) and AKR Corporindo (AKRA IJ) as higher probability deletion candidates.


LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.</li>
<li>The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.</li>
<li>Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  </li>
</ul>



Bundamedik Tbk PT (BMHS IJ) is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.
The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.
Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  


PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div>
<p>The overall Indonesian market has traded sideways this year, rising by only +2.45% YTD, despite a strong economic recovery in 2Q2021. This is mainly due to the Emergency PPKM measures put in place as the COVID-19 cases spiked in June, with strict measures coming into effect on 3rd July</p>
</div>
<p>In fact, new cases peaked out in Indonesia on 15th July and have been on a steep decline since herd immunity and increased vaccinations helped to calm the situation.</p>
<p>Recent conversations with retailers such as <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ),</a> <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, and <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> reveal a significantly improved picture in August.</p>
<div>One positive impact from last year's pandemic is that companies in a number of different sectors have adopted operational policies that allow them to operate more efficiently even in a lockdown situation.</div>
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<div>With the Indonesian market massively under-owned by foreign investors, we see this recent market correction as an opportunity.  Foreigner positioning is at the lowest level in a decade, which suggests potential inflows as recovery comes through.</div>
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<div>We recommend buying banks, autos, retailers, cement, digital economy proxies, telcos as data enablers, and property as a reflation trade. We remain positive on healthcare but see some pricing risk for testing services and declining COVID-19 related revenues. </div>
</div>
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The overall Indonesian market has traded sideways this year, rising by only +2.45% YTD, despite a strong economic recovery in 2Q2021. This is mainly due to the Emergency PPKM measures put in place as the COVID-19 cases spiked in June, with strict measures coming into effect on 3rd July

In fact, new cases peaked out in Indonesia on 15th July and have been on a steep decline since herd immunity and increased vaccinations helped to calm the situation.
Recent conversations with retailers such as Mitra Adiperkasa (MAPI IJ), Ace Hardware Indonesia (ACES IJ), and Matahari Department Store (LPPF IJ) reveal a significantly improved picture in August.
One positive impact from last year's pandemic is that companies in a number of different sectors have adopted operational policies that allow them to operate more efficiently even in a lockdown situation.


With the Indonesian market massively under-owned by foreign investors, we see this recent market correction as an opportunity.  Foreigner positioning is at the lowest level in a decade, which suggests potential inflows as recovery comes through.

We recommend buying banks, autos, retailers, cement, digital economy proxies, telcos as data enablers, and property as a reflation trade. We remain positive on healthcare but see some pricing risk for testing services and declining COVID-19 related revenues. 










CrossASEAN Indonesia Strategy - The Stars Are Aligned

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>, <a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a>, and <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>.</li>
<li>There was also a macro insight on the Singapore economy from <a href="https://www.smartkarma.com/profiles/manu-bhaskaran" target="_blank" data-smartkarma-citation="accounts:35" rel="noopener">Manu Bhaskaran</a> and a Thai banking sector post-results review from <a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" data-smartkarma-citation="accounts:3251" rel="noopener">Victor Galliano</a> with <a href="https://www.smartkarma.com/entities/krung-thai-bank-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:298:1" rel="noopener">Krung Thai Bank</a> as top pick.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Bank Central Asia (BBCA IJ), Thai Beverage (THBEV SP), Sheng Siong (SSG SP), and Delta Electronics Thailand (DELTA TB).
There was also a macro insight on the Singapore economy from Manu Bhaskaran and a Thai banking sector post-results review from Victor Galliano with Krung Thai Bank as top pick.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - BCA Stands Out, Thai Bev, and Delta Electronics Fully Valued

Indonesia

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

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Mitra Keluarga Karyasehat Tbk (MIKA IJ)

The Stocks to Own in ASEAN – Vol. 42

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Since its inception, the portfolio has generated a...

A. Stotz Investment Research

LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

Changes to the LQ45 Index will be announced soon & become effective after the close on 31 Jan. We see three potential changes. The adds outperform...

Brian Freitas

PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Bundamedik is seeing recovery in its hospital business. Its dominant positioning in Indonesia IVF market sharpens Bundamedik's competitive edge...

Tina Banerjee

CrossASEAN Indonesia Strategy - The Stars Are Aligned

Indonesia has been through the worse in terms of the recent covid surge and is now on the cusp of a steep recovery at a time when foreign weighting...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - BCA Stands Out, Thai Bev, and Delta Electronics Fully Valued

The past week saw insights on Bank Central Asia (BBCA IJ), Thai Beverage (THBEV SP), Sheng Siong (SSG SP), and Delta Electronics Thailand (DELTA TB).

Angus Mackintosh

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52-week Range

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