Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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BLOOM (BLOOM PM): Casino Turnaround in Korea

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Strong sales, net profit and price momentum relative to its sector</li><li>Increased tourist arrivals from China should support growth in gaming revenue, Chinese accounts for about 35% of BLOOM’s gaming revenue and Chinese tourist arrivals grew by 43% to about 1m in 2017</li><li>BLOOM has bid about US$700m for the land where Solaire stands; should be a long-term positive lowering risk and opens up for expansion</li><li>Trades above the Asian sector at 18CE* 3.9x PB, in line with a much better ROE</li><li>Risks: New regulations or laws may affect gaming operations and competition from Okada Manila</li></ul><p><em>* Consensus Estimates</em></p>

Strong sales, net profit and price momentum relative to its sectorIncreased tourist arrivals from China should support growth in gaming revenue, Chinese accounts for about 35% of BLOOM’s gaming revenue and Chinese tourist arrivals grew by 43% to about 1m in 2017BLOOM has bid about US$700m for the land where Solaire stands; should be a long-term positive lowering risk and opens up for expansionTrades above the Asian sector at 18CE* 3.9x PB, in line with a much better ROERisks: New regulations or laws may affect gaming operations and competition from Okada Manila* Consensus Estimates

Bloomberry Resorts

BLOOM: Benefits from Gambling Chinese