Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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AGM Jardine Cycle & Carriage (JCNC SP): Betting on ASEAN; but Remains a Discount Play on Astra

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Jardine Cycle & Carriage / Equity Bottom-Up

<ul><li>Cheap on a gross profit basis, good price momentum, and low price volatility vs. the market relative to its sector </li><li>JCNC’s conglomerate businesses, which range from autos to financial services and property, are showing signs of improvement, while net profit growth rose 50% in 1Q17 YoY </li><li>The group is well positioned to take advantage of Southeast Asian demand for better cars in the long term, especially in newer markets such as Myanmar and Vietnam </li><li>JCNC trades slightly below the ASEAN sector at 17CE* 2.0x PB but offers a better ROE </li><li>Risks: Economic downturn, continued market share drop in Vietnam</li></ul>* Consensus Estimates

Cheap on a gross profit basis, good price momentum, and low price volatility vs. the market relative to its sector JCNC’s conglomerate businesses, which range from autos to financial services and property, are showing signs of improvement, while net profit growth rose 50% in 1Q17 YoY The group is well positioned to take advantage of Southeast Asian demand for better cars in the long term, especially in newer markets such as Myanmar and Vietnam JCNC trades slightly below the ASEAN sector at 17CE* 2.0x PB but offers a better ROE Risks: Economic downturn, continued market share drop in Vietnam* Consensus Estimates

Refrigeration Electrical Engineering (REE VN)

JCNC: Net Profit Rises Alongside Regional Auto Demand