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 price volatility versus the Thai market, good price momentum, and share price is less volatile relative to its sector </li><li>PTTGC is building (80% completed) a metallocene linear low-density polyethylene (MLLDPE) plant at Map Ta Phut (on the Eastern Seaboard). It should add 300,000 tonnes in annual capacity once it is fully operational in 2018 </li><li>“Project Max” should continue to grow earnings in 2017 and beyond, with its focus on productivity gains and hundreds of operational initiatives </li><li>The 17CE* 11x PE is in line with sector but EPS growth is much higher </li><li>Risks: Declining crude oil prices hurt margins and cause inventory losses, change of government policy, plant shutdowns</li></ul>* Consensus Estimates

Low price volatility versus the Thai market, good price momentum, and share price is less volatile relative to its sector PTTGC is building (80% completed) a metallocene linear low-density polyethylene (MLLDPE) plant at Map Ta Phut (on the Eastern Seaboard). It should add 300,000 tonnes in annual capacity once it is fully operational in 2018 “Project Max” should continue to grow earnings in 2017 and beyond, with its focus on productivity gains and hundreds of operational initiatives The 17CE* 11x PE is in line with sector but EPS growth is much higher Risks: Declining crude oil prices hurt margins and cause inventory losses, change of government policy, plant shutdowns* Consensus Estimates

PTTGC: Petrochemical Company Refines Operations for Efficiency

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Lotte Chemical Titan Holding Berhad / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24159" target="_blank" data-smartkarma-citation="entities:24159:1">Lotte Chemical Titan Holding Berhad (TTNP MK)</a> is raising USD1,407–1,481m in its upcoming IPO. Proceeds will be used to fund the construction of the integrated petrochemical facility in Indonesia and expansion projects in Malaysia.We recommend readers to take some time and read through all the analyses on Smartkarma written by <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> and <a href="https://www.smartkarma.com/profiles/354" target="_blank" data-smartkarma-citation="accounts:354">Sanghyun Park</a>: <ul><li>Ke Yan analyzed in detail the company's business, growth drivers, industry and raw materials' trends as well as brief valuation…</li></ul>

Lotte Chemical Titan Holding Berhad (TTNP MK) is raising USD1,407–1,481m in its upcoming IPO. Proceeds will be used to fund the construction of the integrated petrochemical facility in Indonesia and expansion projects in Malaysia.We recommend readers to take some time and read through all the analyses on Smartkarma written by Ke Yan, CFA, FRM and Sanghyun Park: Ke Yan analyzed in detail the company's business, growth drivers, industry and raw materials' trends as well as brief valuation…

Lotte Chemical Titan IPO - Valuation up 5x in 6 Years Since Privatisation

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Lotte Chemical Titan, a major petrochemical player in Malaysia and Indonesia, is said to be raising up to US$1.2bn in its upcoming IPO. We will cover the company's fundamentals, analyse growth drivers, look at the petrochemical industry, and discuss fair value.<h2>Company background</h2>Lotte Chemical Titan (LCT) is the largest petrochemical producer in Malaysia and Indonesia. It produces two main categories of petrochemical products: polyolefins, which include polyethylene(high-density PE (HDPE)…

Lotte Chemical Titan, a major petrochemical player in Malaysia and Indonesia, is said to be raising up to US$1.2bn in its upcoming IPO. We will cover the company's fundamentals, analyse growth drivers, look at the petrochemical industry, and discuss fair value.Company backgroundLotte Chemical Titan (LCT) is the largest petrochemical producer in Malaysia and Indonesia. It produces two main categories of petrochemical products: polyolefins, which include polyethylene(high-density PE (HDPE)…

Lotte Chemical Titan IPO Preview: Beware Petrochemical Cycle Is Turning South

<ul><li>Good price momentum, and share price is less volatile relative to its sector</li><li>Acquisitions to add new downstream products, enhance integration, and open up for further expansion in high-value downstream products</li><li>Its “Project Max” should continue to grow earnings in 2017, with its focus on productivity improvements and hundreds of operational initiatives undertaken</li><li>The share trades below Thai Materials at 17CE* 10.8x PE but offers good growth in a sector that is expected to see a slight fall in earnings</li><li>Risks: Declining crude oil prices hurt margins and cause inventory losses, change of government policy, plant shutdowns</li></ul>* Consensus Estimates

Good price momentum, and share price is less volatile relative to its sectorAcquisitions to add new downstream products, enhance integration, and open up for further expansion in high-value downstream productsIts “Project Max” should continue to grow earnings in 2017, with its focus on productivity improvements and hundreds of operational initiatives undertakenThe share trades below Thai Materials at 17CE* 10.8x PE but offers good growth in a sector that is expected to see a slight fall in earningsRisks: Declining crude oil prices hurt margins and cause inventory losses, change of government policy, plant shutdowns* Consensus Estimates

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

Thailand

PTT Global Chemical PCL is a fully integrated petrochemical and chemical company. The Company's products are derived from its main product, Olefins, namely ethylene and propylene.

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PTT Global Chemical (PTTGC TB)

PTTGC: Petrochemical Company Refines Operations for Efficiency

Low price volatility versus the Thai market, good price momentum, and share price is less volatile relative to its sector PTTGC is building (80%...

A. Stotz Investment Research

Lotte Chemical Titan IPO - Valuation up 5x in 6 Years Since Privatisation

Lotte Chemical Titan Holding Berhad (TTNP MK) is raising USD1,407–1,481m in its upcoming IPO. Proceeds will be used to fund the construction of the...

Zhen Zhou, Toh

Lotte Chemical Titan IPO Preview: Beware Petrochemical Cycle Is Turning South

Lotte Chemical Titan, a major petrochemical player in Malaysia and Indonesia, is said to be raising up to US$1.2bn in its upcoming IPO. We will...

Ke Yan, CFA, FRM

PTTGC: Petrochemical Company Refines Operations for Efficiency

Good price momentum, and share price is less volatile relative to itssector Acquisitions to add new downstream products, enhance integration,and...

A. Stotz Investment Research

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)

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