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Dr. Andrew Stotz, CFA

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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

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Petronas Chemicals Group / Equity Bottom-Up

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

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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 Berhad manufactures and markets aluminum products.  The Company, through its subsidiaries, contracts and fabricates aluminum and stainless steel products, operates in property development, and provides construction work. Press Metal also operates environmental business such as treats toxic waste, recycles waste, markets gypsum board, and carries out environmental projects.

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Press Metal (PRESS 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)