Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Slow asset growth, good price momentum, and low correlation relative to its sector</li><li>Malaysia Airlines’ business strategy to restrict its focus to premium clients should enable AIRA to capture higher budget carrying market share</li><li>Fuel hedging to boost earnings on lower jet fuel cost; hedged 74% of its 2H16 fuel requirement at US$55/bbl and 40% in 2017 at US$58/bbl</li><li>AIRA trades below ASEAN Transportation at 16CE* 1.4x PB but offers more than double the ROE</li><li>Risk: Accidents, terrorist incidents, and higher fuel prices</li></ul><p><em>* Consensus Estimates</em></p>

Slow asset growth, good price momentum, and low correlation relative to its sectorMalaysia Airlines’ business strategy to restrict its focus to premium clients should enable AIRA to capture higher budget carrying market shareFuel hedging to boost earnings on lower jet fuel cost; hedged 74% of its 2H16 fuel requirement at US$55/bbl and 40% in 2017 at US$58/bblAIRA trades below ASEAN Transportation at 16CE* 1.4x PB but offers more than double the ROERisk: Accidents, terrorist incidents, and higher fuel prices* Consensus Estimates

AirAsia: Budget Carrier's Momentum Is Cruising Nicely

AirAsia Berhad

AirAsia: Budget Carrier's Momentum Is Cruising Nicely