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.

SSG (SSG SP): Solid Fundamentals in Singaporean Supermarkets

SSG: New Shops Spur Singapore Supermarket Value Play

SSG: New Shops Drive Cashed up Singapore Value Play

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Capable of funding growth internally, low volatility in sales, and low core profit valuation relative to its sector</li><li>Stronger consumer spending in Singapore should support SSG’s four planned store openings in 1H18 and further market share increase from its current 19%</li><li>China, which is still dominated by traditional wet markets, could be the next growth driver for SSG. It opened its first supermarket in 4Q17 in Kunming, Yunan province</li><li>Trades above ASEAN sector at 18CE* 5x PB but offers much better ROE</li><li>Risks: Price war, competition from online grocery shopping, limited land availability for new stores</li></ul><p><em>* Consensus Estimates</em></p>

Capable of funding growth internally, low volatility in sales, and low core profit valuation relative to its sectorStronger consumer spending in Singapore should support SSG’s four planned store openings in 1H18 and further market share increase from its current 19%China, which is still dominated by traditional wet markets, could be the next growth driver for SSG. It opened its first supermarket in 4Q17 in Kunming, Yunan provinceTrades above ASEAN sector at 18CE* 5x PB but offers much better ROERisks: Price war, competition from online grocery shopping, limited land availability for new stores* Consensus Estimates

SSG: Cash-Loaded Singaporean Supermarket Operator

Sheng Siong

SSG: Cash-Loaded Singaporean Supermarket Operator