Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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Sino-ASEAN Strategy: Is There No Stopping This Bull Run? - Part II

Asia Market Strategy: Is There No Stopping This Bull Run?

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Strong sales momentum, good growth in core profit, and good price momentum relative to its sector </li><li>One of Malaysia’s largest construction and engineering companies, which is set for long-term benefit from record high orders related to the government rollout of the capital’s MRT subway and national railways </li><li>Property sales are enjoying a recovery thanks to new development launches overseas and presales that have risen 100% in 1HFY17, while the projected sale of a water concession should also boost profits </li><li>Trades above Asian Capital Goods at 17CE* 1.8x PB but offers slightly higher ROE and showed a solid turn in sales in 2QFY17 </li><li>Risk: Delays in government infrastructure spending</li></ul>* Consensus Estimates

Strong sales momentum, good growth in core profit, and good price momentum relative to its sector One of Malaysia’s largest construction and engineering companies, which is set for long-term benefit from record high orders related to the government rollout of the capital’s MRT subway and national railways Property sales are enjoying a recovery thanks to new development launches overseas and presales that have risen 100% in 1HFY17, while the projected sale of a water concession should also boost profits Trades above Asian Capital Goods at 17CE* 1.8x PB but offers slightly higher ROE and showed a solid turn in sales in 2QFY17 Risk: Delays in government infrastructure spending* Consensus Estimates

GAM: Subway and Overseas Projects Progress

Gamuda Bhd

GAM: Subway and Overseas Projects Progress