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>Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sector</li><li>Pan Ocean is well positioned for BDI hikes in 2018, with cost-competitive vessels and 50% of bulk sales coming from spot rate</li><li>The company could benefit from <a href="https://www.smartkarma.com/entities/24493" target="_blank" data-smartkarma-citation="entities:24493:1">Suzano Papel e Celulose SA (SUZB5 BZ)</a> acquisition of <a href="https://www.smartkarma.com/entities/24497" target="_blank" data-smartkarma-citation="entities:24497:1">Fibria Celulose SA (FIBR3 BZ)</a>, already a long-term client for 10 vessels, forming the largest cellulose company in the world</li><li>Trades at 18CE* 7.1% ROE/PB versus Asian Transportation at 6.1% and offers a solid balance sheet</li><li>Risks: Lower-than-expected demand caused by tax hikes</li></ul><p><em>* Consensus Estimates</em></p>

Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sectorPan Ocean is well positioned for BDI hikes in 2018, with cost-competitive vessels and 50% of bulk sales coming from spot rateThe company could benefit from Suzano Papel e Celulose SA (SUZB5 BZ) acquisition of Fibria Celulose SA (FIBR3 BZ), already a long-term client for 10 vessels, forming the largest cellulose company in the worldTrades at 18CE* 7.1% ROE/PB versus Asian Transportation at 6.1% and offers a solid balance sheetRisks: Lower-than-expected demand caused by tax hikes* Consensus Estimates

Pan Ocean (028670 KP): Well Positioned for BDI Hikes

Brazil

Suzano S.A. develops sustainable and innovative solutions from renewable sources. The Company offers cellulose, hygiene, lignin, eucalyptus, and paper products. Suzano serves clients worldwide.

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

Suzano (SUZB3 BZ)

Pan Ocean (028670 KP): Well Positioned for BDI Hikes

Relatively strong analyst recommendation and earnings on an upcycle trend relative to its sector Pan Ocean is well positioned for BDI hikes in...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)