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.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Good price momentum, earnings on an upcycle trend, and good price momentum relative to its sector</li><li>As the largest toll-road operator by market share of transactions and contractor in Indonesia, this state-owned enterprise (SOE) is particularly well placed to benefit from nationwide mandated rollout of toll roads</li><li>The introduction of an obligatory e-toll payment system from October 2017 should cut operating costs and boost profits</li><li>Trades above ASEAN Transportation at 18CE* 2.7x PB in line with JSMR offering a better ROE</li><li>Risk: Unexpected delays in toll road financing</li></ul><p><em>* Consensus Estimates</em></p>

Good price momentum, earnings on an upcycle trend, and good price momentum relative to its sectorAs the largest toll-road operator by market share of transactions and contractor in Indonesia, this state-owned enterprise (SOE) is particularly well placed to benefit from nationwide mandated rollout of toll roadsThe introduction of an obligatory e-toll payment system from October 2017 should cut operating costs and boost profitsTrades above ASEAN Transportation at 18CE* 2.7x PB in line with JSMR offering a better ROERisk: Unexpected delays in toll road financing* Consensus Estimates

JSMR (JSMR IJ): No. 1 Toll-Road Operator in Indonesia

Jasa Marga (Persero)

JSMR (JSMR IJ): No. 1 Toll-Road Operator in Indonesia