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 net profit momentum, low correlation with Western stock markets, and cheap on a gross profit basis relative to its sector</li><li>Scope for profit upside due to upcoming M&amp;A deals and IVL’s track record of mostly acquiring discounted assets, as recently seen from the gains on bargain purchases of BP Amoco and Cepsa Spain in 1H16</li><li>Focus on integration of bought assets; acquisitions have focused on controlling cost of inputs and diversifying output to high-value-added products, moving away from being a commoditized business</li><li>Attractive at 16CE* 0.25 PEG ratio versus ASEAN Materials at 1.6</li><li>Risks: High volatility of spreads likely to affect earnings abruptly</li></ul><p><em>* Consensus Estimates</em></p>

Strong net profit momentum, low correlation with Western stock markets, and cheap on a gross profit basis relative to its sectorScope for profit upside due to upcoming M&amp;A deals and IVL’s track record of mostly acquiring discounted assets, as recently seen from the gains on bargain purchases of BP Amoco and Cepsa Spain in 1H16Focus on integration of bought assets; acquisitions have focused on controlling cost of inputs and diversifying output to high-value-added products, moving away from being a commoditized businessAttractive at 16CE* 0.25 PEG ratio versus ASEAN Materials at 1.6Risks: High volatility of spreads likely to affect earnings abruptly* Consensus Estimates

IVL: Plastics Giant Shores up Bargain Acquisitions

Indorama Ventures

IVL: Plastics Giant Shores up Bargain Acquisitions