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.

Wijaya Karya:  A Leading Infrastructure Contractor

WIKA: SOE Contractor to Benefit from Tax Amnesty

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

PT Wijaya Karya (Persero) Tbk / Equity Bottom-Up

<ul><li>Cheap on a core profit basis, more attractive to analysts, and earnings on an upcycle trend relative to its sector</li><li>As one of  Indonesia’s top three building contractors ranked by revenue, and a state-owned enterprise, WIKA is particularly well placed to get orders for major infrastructure projects to be rolled out through 2019</li><li>The high-speed rail project (HSR), a key order for WIKA has kicked off in mid July; the construction should be completed by mid 2019</li><li>Trades below ASEAN Capital Goods at 17CE* 14.6x PE, but offers better earnings growth and a solid balance sheet</li><li>Risk: Further delay in government tenders for construction projects</li></ul><p><em>* Consensus Estimates</em></p>

Cheap on a core profit basis, more attractive to analysts, and earnings on an upcycle trend relative to its sectorAs one of  Indonesia’s top three building contractors ranked by revenue, and a state-owned enterprise, WIKA is particularly well placed to get orders for major infrastructure projects to be rolled out through 2019The high-speed rail project (HSR), a key order for WIKA has kicked off in mid July; the construction should be completed by mid 2019Trades below ASEAN Capital Goods at 17CE* 14.6x PE, but offers better earnings growth and a solid balance sheetRisk: Further delay in government tenders for construction projects* Consensus Estimates

WIKA: SOE to Benefit from High-Speed Rail Project