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.

FGEN (FGEN PM): New Contract with Meralco to Support Cash Flow

FGEN: Expanding Profitable Power in the Philippines

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Relatively strong analyst recommendation, low price-to-sales, and strong stock price momentum relative to its sector</li><li>The company plans to start the construction of its 32MW Bubunawan hydropower project in 2017</li><li>FGEN is targeting to construct a 400-500MW geothermal plant in Latin America as soon as commodity prices recover to a sustainable level</li><li>Trades below ASEAN Utilities at 17CE* 9.5x PE and is expected to grow EPS by 18% versus a sector that is expected to remain flat</li><li>Risks: Facility breakdowns, further delay in expansion, regulatory changes</li></ul><p><em>* Consensus Estimates</em></p>

Relatively strong analyst recommendation, low price-to-sales, and strong stock price momentum relative to its sectorThe company plans to start the construction of its 32MW Bubunawan hydropower project in 2017FGEN is targeting to construct a 400-500MW geothermal plant in Latin America as soon as commodity prices recover to a sustainable levelTrades below ASEAN Utilities at 17CE* 9.5x PE and is expected to grow EPS by 18% versus a sector that is expected to remain flatRisks: Facility breakdowns, further delay in expansion, regulatory changes* Consensus Estimates

First Gen

FGEN: New Power Plants to Drive Growth