Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Strong cash levels, low correlation with Western stock markets, and relatively strong analyst recommendation relative to its sector</li><li>ICBP has around 70% of market share in the instant noodle segment in Indonesia and its effective pricing strategy brought sales of this business up 8% YoY in 1H16</li><li>Its aim to grow further its market share of 25% in the dairy industry  was bolstered by sales of dairy business growing 18% YoY in 1H16</li><li>The stock trades above ASEAN Consumer Staples at 16CE* 6.4x PB but offers double the sector ROE and is net cash</li><li>Risks: Higher commodity prices and IDR depreciation increase costs</li></ul><p><em>* Consensus Estimates</em></p>

Strong cash levels, low correlation with Western stock markets, and relatively strong analyst recommendation relative to its sectorICBP has around 70% of market share in the instant noodle segment in Indonesia and its effective pricing strategy brought sales of this business up 8% YoY in 1H16Its aim to grow further its market share of 25% in the dairy industry  was bolstered by sales of dairy business growing 18% YoY in 1H16The stock trades above ASEAN Consumer Staples at 16CE* 6.4x PB but offers double the sector ROE and is net cashRisks: Higher commodity prices and IDR depreciation increase costs* Consensus Estimates

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