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>Improving asset turnover, good price momentum, and low correlation with Western stock markets relative to its sector </li><li>High margin should be sustained as PRESS’ production cost is lower than global peers due to its 25-year power purchase agreement and that its selling price should be supported by Chinese government cuts in aluminum supply </li><li>The Samalaju port expansion, which is expected to start in 2Q17, to trim logistics and shipping cost should drive growth at good margins </li><li>Trades at a premium of 17CE* 3.7x PB but offers a much better ROE than Asian Materials </li><li>Risk: Lower aluminum prices would hurt profitability</li></ul>* Consensus Estimates

Improving asset turnover, good price momentum, and low correlation with Western stock markets relative to its sector High margin should be sustained as PRESS’ production cost is lower than global peers due to its 25-year power purchase agreement and that its selling price should be supported by Chinese government cuts in aluminum supply The Samalaju port expansion, which is expected to start in 2Q17, to trim logistics and shipping cost should drive growth at good margins Trades at a premium of 17CE* 3.7x PB but offers a much better ROE than Asian Materials Risk: Lower aluminum prices would hurt profitability* Consensus Estimates

PRESS: Cheaper Aluminum Serves World Markets

<ul><li>Good price momentum, improving asset turnover, and low correlation relative to its sector</li><li>PRESS should sustain its high margin moving forward as its production cost is much lower than global peers due to its 25-year power purchase agreement with Sarawak Energy</li><li>Samalaju plant capacity expansion by 50% in 2017 and the Samalaju port expansion which is expected to start in 2Q17, to trim logistics and shipping cost should drive growth at good margins</li><li>Trades at premium 17CE* 3.9x PB but offers a much better ROE than Asian Materials</li><li>Risk: Lower aluminum prices would hurt profitability</li></ul>* Consensus Estimates

Good price momentum, improving asset turnover, and low correlation relative to its sectorPRESS should sustain its high margin moving forward as its production cost is much lower than global peers due to its 25-year power purchase agreement with Sarawak EnergySamalaju plant capacity expansion by 50% in 2017 and the Samalaju port expansion which is expected to start in 2Q17, to trim logistics and shipping cost should drive growth at good marginsTrades at premium 17CE* 3.9x PB but offers a much better ROE than Asian MaterialsRisk: Lower aluminum prices would hurt profitability* Consensus Estimates

PRESS: Shiny Outlook Continues in Aluminum Market

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Petronas Chemicals Group / Equity Bottom-Up

<ul>
<li>
Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian equities
</li>
<li>
World economic growth is set to improve to 3.4 - 3.5% this year from 3.1% in 2016. A rising growth outlook in developed markets could drive strength in EM investing.
</li>
<li>
In April, the RHB economists upgraded Malaysia’s 2017 GDP growth forecast to 4.5% (2016: +4.2%) and export growth to 3.9% (2016: +0.1%).
</li>
<li>
The latest data points for March 2017 show…</li>
</ul>



Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian equities


World economic growth is set to improve to 3.4 - 3.5% this year from 3.1% in 2016. A rising growth outlook in developed markets could drive strength in EM investing.


In April, the RHB economists upgraded Malaysia’s 2017 GDP growth forecast to 4.5% (2016: +4.2%) and export growth to 3.9% (2016: +0.1%).


The latest data points for March 2017 show…


Actionable Opportunities in Malaysia as Fundamentals Improve

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

Malaysia

Press Metal Aluminium Holdings Berhad operates as a holding company. The Company, through its subsidiaries, provides aluminium ingots, billets, fluorocarbon, and other products. Press Metal Aluminium Holdings serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Press Metal Aluminium Holdin (PMAH MK)

PRESS: Cheaper Aluminum Serves World Markets

Improving asset turnover, good price momentum, and low correlationwith Western stock markets relative to its sector High margin should be...

A. Stotz Investment Research

PRESS: Shiny Outlook Continues in Aluminum Market

Good price momentum, improving asset turnover, and low correlationrelative to its sector PRESS should sustain its high margin moving forward as...

A. Stotz Investment Research

Actionable Opportunities in Malaysia as Fundamentals Improve

Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian...

David Riedel

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)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)