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

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>Good cost management, earnings on an upcycle trend, and solid short-term earnings momentum relative to its sector</li><li>YZJ is currently fourth in the world by outstanding orders; higher demand for iron ore as well as the ease of overcapacity should continue to drive global demand for dry bulk carriers</li><li>It has secured total of 59 vessels worth US$1.6bn during 10M17 surpassing total order value for 2016. YZJ should further benefit from industry consolidation; the top 20% of shipyards receiving 80% of orders</li><li>Attractive at 18CE* 7.8% ROE/PB versus ASEAN Capital Goods at 6.0%</li><li>Risks: Running at high capacity, failure to deliver on time, order cancelations</li></ul>* Consensus Estimates

Good cost management, earnings on an upcycle trend, and solid short-term earnings momentum relative to its sectorYZJ is currently fourth in the world by outstanding orders; higher demand for iron ore as well as the ease of overcapacity should continue to drive global demand for dry bulk carriersIt has secured total of 59 vessels worth US$1.6bn during 10M17 surpassing total order value for 2016. YZJ should further benefit from industry consolidation; the top 20% of shipyards receiving 80% of ordersAttractive at 18CE* 7.8% ROE/PB versus ASEAN Capital Goods at 6.0%Risks: Running at high capacity, failure to deliver on time, order cancelations* Consensus Estimates

YZJ (YZJ SP): Fourth Largest Booked Ship Orders Globally

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.

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Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

In today's issue:Off-balance sheet EU, TPP farce, Singles day bonanza, How Netflix works, hedge funds should be more conventional, eSports, peripheral Europe strength, Neural Networks for forecasting inflation, Latin Allocation, and Trump.<div class="content-highlight">1.  A TPP farce.  As we noted in 21 Things on Friday, the Canadian contingent had denied the comments from Shinzo Abe that a TPP agreement had been reached in principle.  According to sources, a side meeting at the APEC summit in Vietnam between Canada and…</div>

In today's issue:Off-balance sheet EU, TPP farce, Singles day bonanza, How Netflix works, hedge funds should be more conventional, eSports, peripheral Europe strength, Neural Networks for forecasting inflation, Latin Allocation, and Trump.1.  A TPP farce.  As we noted in 21 Things on Friday, the Canadian contingent had denied the comments from Shinzo Abe that a TPP agreement had been reached in principle.  According to sources, a side meeting at the APEC summit in Vietnam between Canada and…

Singapore

Yangzijiang Shipbuilding (Holdings) Limited builds a wide range of ships. The Company produces a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.

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Yangzijiang Shipbuilding (YZJSGD SP)

YZJ (YZJ SP): Fourth Largest Booked Ship Orders Globally

Good cost management, earnings on an upcycle trend, and solid short-term earnings momentum relative to its sector YZJ is currently fourth in the...

A. Stotz Investment Research

Singapore’s STI On Track For Highest Annual Price Gain Since 2012

Singapore Exchange Ltd (SGX)

Oil & Maritime Indices Veered on Global Growth

Singapore Exchange Ltd (SGX)

FTSE ST China Index generated 25% Total Return over Past 12M

Singapore Exchange Ltd (SGX)

21 Things Worth Knowing (#13)

In today's issue:Off-balance sheet EU, TPP farce, Singles day bonanza, How Netflix works, hedge funds should be more conventional, eSports,...

Mark Artherton

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52-week Range

Market Cap (USDm)

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