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.

Intel Guides a Pause in 4Q16; Losing Short Term Momentum

Intel Raises Guidance on Improving PC Demand; Finding Beneficiaries

What Drives Memory Contract Hike of over 20% in 2H16?

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Macronix International / Equity Bottom-Up

<ul><li>Good price momentum and low correlation relative to its sector </li><li>Strong global sales of high end smartphones with AMOLED and several devices with OLED panels should support sales of Macronix NOR flash </li><li><a href="https://www.smartkarma.com/entities/5415" target="_blank" data-smartkarma-citation="entities:5415:1">Nintendo Co Ltd (7974 JP)</a>, one of Macronix’s biggest customers, is expected to launch new portable console which should boost sales of ROM memory </li><li>Trades in line with Asian Info Tech at 17CE* 2.6x PB but offers much better ROE following the turnaround in profits initiated in 2H16 </li><li>Risks: Delay of Nintendo launch and lower than expected sales of smartphones and other devices with AMOLED and OLED panels</li></ul>

Good price momentum and low correlation relative to its sector Strong global sales of high end smartphones with AMOLED and several devices with OLED panels should support sales of Macronix NOR flash Nintendo Co Ltd (7974 JP), one of Macronix’s biggest customers, is expected to launch new portable console which should boost sales of ROM memory Trades in line with Asian Info Tech at 17CE* 2.6x PB but offers much better ROE following the turnaround in profits initiated in 2H16 Risks: Delay of Nintendo launch and lower than expected sales of smartphones and other devices with AMOLED and OLED panels

Macronix: Devices Depend on Company's Memory