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A. Stotz Investment Research

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WSKT (WSKT IJ): Massive Indonesian Toll-Road Pipeline

ROTI: Bread Goes for Abroad and Digitization

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Waskita Karya (Persero) / Equity Bottom-Up

<ul><li>Strong sales momentum, share price is less volatile, and relatively strong analyst recommendation relative to its sector</li><li>As the largest toll road contractor in Indonesia by revenue, this state-owned enterprise (SOE) is benefitting substantially from the rollout of toll roads nationwide; currently 14 concessions in the pipeline</li><li>Potential IPO of its precast concrete subsidiary in 4Q16 should inject cash for project financing</li><li>Trades at premium to the ASEAN sector at 16CE* 23.2x PE, but offers great EPS growth in a sector that is expected to contract</li><li>Risk: Unexpected delays in toll road construction</li></ul><p><em>* Consensus Estimates</em></p>

Strong sales momentum, share price is less volatile, and relatively strong analyst recommendation relative to its sectorAs the largest toll road contractor in Indonesia by revenue, this state-owned enterprise (SOE) is benefitting substantially from the rollout of toll roads nationwide; currently 14 concessions in the pipelinePotential IPO of its precast concrete subsidiary in 4Q16 should inject cash for project financingTrades at premium to the ASEAN sector at 16CE* 23.2x PE, but offers great EPS growth in a sector that is expected to contractRisk: Unexpected delays in toll road construction* Consensus Estimates

WSKT: Beneficiary of Indonesian Infrastructure Spending