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.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Strong net profit momentum and improving asset turnover relative to its sector</li><li>Increased tourist arrivals from China which accounted for 13% of all tourists in 1H17 should drive gaming revenue; total tourist arrivals increased 13% YoY in 1H17</li><li>BLOOM’s casino in Korea has turned around in 3Q17 and is going to increase its revenue contribution going forward supported by UAE tourists visiting Jeju island up by 20% in 1H17 YoY</li><li>Attractive at 18CE* 8.3% ROE/PB relative to Asian sector at 6.6%</li><li>Risks: New regulations or laws may affect gaming operations</li></ul><p><em>* Consensus Estimates</em></p>

Strong net profit momentum and improving asset turnover relative to its sectorIncreased tourist arrivals from China which accounted for 13% of all tourists in 1H17 should drive gaming revenue; total tourist arrivals increased 13% YoY in 1H17BLOOM’s casino in Korea has turned around in 3Q17 and is going to increase its revenue contribution going forward supported by UAE tourists visiting Jeju island up by 20% in 1H17 YoYAttractive at 18CE* 8.3% ROE/PB relative to Asian sector at 6.6%Risks: New regulations or laws may affect gaming operations* Consensus Estimates

BLOOM (BLOOM PM): Casino Turnaround in Korea

Bloomberry Resorts

BLOOM (BLOOM PM): Casino Turnaround in Korea