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>High earnings quality, high level of cash sales, and good price momentum relative to its sector</li><li>Large Chinese smartphone brands are expected to follow iPhone X. Q Tech has started to send out samples of its 3-D sensing camera modules</li><li>Capacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 11% YoY and fingerprint modules 194% in 10M17</li><li>Trades above Asian Info Tech at 18CE* 20x PE but offers much better earnings growth and a net-cash position</li><li>Risks: Weakening RMB against US$ could increase costs of raw materials, hurt margins. Large capex spending on 3-D sensing modules</li></ul>* Consensus Estimates

High earnings quality, high level of cash sales, and good price momentum relative to its sectorLarge Chinese smartphone brands are expected to follow iPhone X. Q Tech has started to send out samples of its 3-D sensing camera modulesCapacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 11% YoY and fingerprint modules 194% in 10M17Trades above Asian Info Tech at 18CE* 20x PE but offers much better earnings growth and a net-cash positionRisks: Weakening RMB against US$ could increase costs of raw materials, hurt margins. Large capex spending on 3-D sensing modules* Consensus Estimates

Q Tech (1478 HK): Supplying China’s Big 4 with Cameras

<ul><li>Good price momentum, high level of cash sales, and high earnings quality relative to its sector</li><li>Q Tech should see a solid increase in revenue after starting to supply camera modules to Huawei in 2H17</li><li>Capacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 25% YoY and fingerprint 168% in 1H17</li><li>Trades above Asian Info Tech at 17CE* 36.6x PE but offers much better earnings growth and a position</li><li>Risks: Weakening RMB againet-cashnst US$ could increase costs of raw materials, hence hurt margins</li></ul>* Consensus Estimates

Good price momentum, high level of cash sales, and high earnings quality relative to its sectorQ Tech should see a solid increase in revenue after starting to supply camera modules to Huawei in 2H17Capacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 25% YoY and fingerprint 168% in 1H17Trades above Asian Info Tech at 17CE* 36.6x PE but offers much better earnings growth and a positionRisks: Weakening RMB againet-cashnst US$ could increase costs of raw materials, hence hurt margins* Consensus Estimates

Q Tech (1478 HK): Supplying China's Smartphone Players

Taiwan

Newmax Technology Company Ltd. manufactures glass and plastic lenses.  The Company produces lenses for mobile telephones, digital cameras, monitors, liquid crystal display projectors, scanners, telescopes, closed circuit television cameras, and other products.

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Newmax Technology (3630 TT)

Q Tech (1478 HK): Supplying China’s Big 4 with Cameras

High earnings quality, high level of cash sales, and good price momentum relative to its sector Large Chinese smartphone brands are expected to...

A. Stotz Investment Research

Q Tech (1478 HK): Supplying China's Smartphone Players

Good price momentum, high level of cash sales, and high earnings quality relative to its sector Q Tech should see a solid increase in revenue...

A. Stotz Investment Research

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