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>Low core profit valuation, more attractive to analysts, and slow asset growth relative to its sector</li><li>A very young population of 80% below 50, a rising middle class and a TV penetration rate of below 70% (but constantly growing) should support strong TV industry growth in Indonesia</li><li>The English Premier League should be a catalyst in 4Q16 supported by strong popularity with as much as half of population watching</li><li>Trades at 17CE* 2.3x PB versus ASEAN sector at 1.9x but MNCN offers almost double the ROE</li><li>Risk: Competition in the media industry could threaten audience share</li></ul><p><em>* Consensus Estimates</em></p>

Low core profit valuation, more attractive to analysts, and slow asset growth relative to its sectorA very young population of 80% below 50, a rising middle class and a TV penetration rate of below 70% (but constantly growing) should support strong TV industry growth in IndonesiaThe English Premier League should be a catalyst in 4Q16 supported by strong popularity with as much as half of population watchingTrades at 17CE* 2.3x PB versus ASEAN sector at 1.9x but MNCN offers almost double the ROERisk: Competition in the media industry could threaten audience share* Consensus Estimates

MNCN: Underutilized TV Sector a Space to Watch

Media Nusantara Citra

MNCN: Underutilized TV Sector a Space to Watch