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>Cheap on a gross profit basis, slow asset growth, and share price is less volatile relative to its sector </li><li>Strong sales of in-house products drive operating profit of in-house business up 44% YoY in 1Q17 and the overall profit by 6% YoY over the same period. The trend should continue due to new product rollouts </li><li>Sustainable turnaround is taking place throughout most of Doosan’s subsidiaries and debt has been reduced through the IPO of <a href="https://www.smartkarma.com/entities/23592" target="_blank" data-smartkarma-citation="entities:23592:1">Doosan Bobcat Inc. (241560 KS)</a>, which began trading on 18 November 2016 </li><li>Trades in line with sector at 17CE* 7.7% ROE/PB, nice dividend yield </li><li>Risks: Delays in turnaround of duty-free shop business and Doosan Engine, subsidiary engaged in marine diesel engines</li></ul>* Consensus Estimates

Cheap on a gross profit basis, slow asset growth, and share price is less volatile relative to its sector Strong sales of in-house products drive operating profit of in-house business up 44% YoY in 1Q17 and the overall profit by 6% YoY over the same period. The trend should continue due to new product rollouts Sustainable turnaround is taking place throughout most of Doosan’s subsidiaries and debt has been reduced through the IPO of Doosan Bobcat Inc. (241560 KS), which began trading on 18 November 2016 Trades in line with sector at 17CE* 7.7% ROE/PB, nice dividend yield Risks: Delays in turnaround of duty-free shop business and Doosan Engine, subsidiary engaged in marine diesel engines* Consensus Estimates

Doosan: Home-Grown Gear Sparks Ample Profits

Doosan Corp

Doosan: Home-Grown Gear Sparks Ample Profits