!

"

#

$ ! %

& '( !

! !

!

!

& !! )

!"# !$

! !

% &

%

&

# ! )

!

'

'

!

* ( ! #

'

!!

! &

! )

*

+

,

)+ #

' , ) ) ( !

-

& ! !#

&

.

&/ 0 1

-.

/2!

%

3 !!

/. (! 4"( !

(!!

5

-0

)

3&

1)

!

2

*!!(

Amos LimNIS: Belief is mkt inefficient

Amos Lim< 1y

Amos Lim> 1y

Amos LimNIS

" * # # #

$

!" %&+ & # '(

&

!!

&

&

6 & !

' 0 !

3 !& ! !

!

&/

- & # & &2$ !! $

4 0 ! ' 5 +

!" #& # "

* !# " ") & 6 ! !

7 6 ! !

-0 ! ' . ! ! )

4/

/)

+ 6 4

!! 3 7

3 /

##)

( ! 6 8

4 !

6 9 8 4

7 8 !

9 ! "!

! 9

"

7 8 9 :; !

!

Amos Lim

+ 6 ! :

/ ! 3 2

2 ! =

2!/

5

?2&2 !

////@

&

/

) ! #! #

! /

6

'

! (

!!!, !

!! !!

= '=

!! ! !5

Amos Lim

6

2 , !

!!"

#$%&'()*+,-. !!'//

%&'()+,

Amos LimConcept of PE Ratio

Amos LimThis however is susceptible to change over time.

Amos Lim

Amos Lim

, , ! (

6 9 8 "1* ! 39" >?? @,A

G

G

*G

(+G

,G

HG

DGI

II

IHI

CGI

C,I

CCC

G+C

GIC

+C

JC

**C

*DC

+C

+DC

,GC

,HC

,CC

H,C

HIC

D+C

DIC

J*C

JJC

IC

IDC

CC

CH*G

GG*G

G,*G

GC

* ! *)

4 4 !

6),

6/ 68

4 4

* ! 6 34

* ! /46), )$

$

#

3 ! "

4

/:#

7 4

3(

/)# /

!!

#!!

3 4(

$9

"/

6 ( ()

6 *)

B7!

6$

0

0#0

0

12343056

728

,"

,"3930565:

;3935?,"

!!" 2 3(4 ##

0!0! ) !

) & ! !! K & & # &! # & &

"!

&

( && 66 ! !

) /

& !#

!# "

!/

! ! '

Amos LimOvervalued: Always sell

Undervalued: Sometimes buy (depending on margin of safety)

Amos Lim

!!" 2 54 !" & 6

# ) (0( ! @C1A

7 # & # ##

"78 &&

"!!

!

5!

2

7 ! & !#

&

7 2

' ) ! 6

.2 & 2

!!" 2 54 !" & 6

# ) (0( ! @B1A

) !

! & ( !

)

=& ! &

!

!

3 2 & & (!#&) 2 2

7 # & # ##

"

"!!

!

5!

2

7 &!#

&

78 &&

7 2

&

6

.2 & ! 2

!!" 2 54 !" & 6

# ) (0( ! @1A

! !

L

- & &

D &

!&& &

) #2 # &2 &

7 # & # ##

"

"!!

!

5!

2

7 &!#

&

78 &&

7 2

&

6

.2 & ! 2

! & # # !)

2 &2 ) ! #& )

!!" 2 3(4 ##

" CL?M =2 &/FM &

2 &

!!

/

" BL? :; ! ! ! :*;

! ! &/F

" L? ! != # = &

:& #!; & !/ !#2!

/F

" EL?N 2 "!/ 2 > # = /F O & / O & /

2 ) /

3 3 7

4 5

4 5

? &2 - &P& 2 2/ !

/7

!F/

6& ) ##

)

/!!

& ) ) #& C+, 7$

/ ! ! 6!

#! 6 #2# !/

! = !&

! >? /

&6! ! ! != #!#& 2#

2 2/

5 2 & ( ) /

*GGG# & !

! 5 M ! /7 # 5M )#

2

5 &!& & !! ); /

)$ !) ) !; ! ( =# ! = ! /

6 ) & # !

#& # 2

& ! ! ! !/

D 0 5

4 )))5

!

K % *G, ,*

Amos Lim

Amos Lim

!! ! ) ( ! ; ! ? &

' +G4

>#@?A

2

#@

"! ! !! !!0 ! ; ! + ( ( 72 N# 762 !#

2

76 ! & # !!! &

! "##!#

$!! # %&!$'( # %$#!)

3 ! ( ,

; !! !

F !;C !! !!)!

#( @#7A

3, !00)@3#A

: !@D#-A

2 @2A

#! @ !"#

G @G#%G #%(A

8

(

! 72$ !& 2 !

G/+Q

72 ) C

!

5

232/

B 72 & (

5 & 6&26622R

6&266 22/

72$ ! & 2 )(00(

5 & 2 & ?!FR ?F

72$ 9:

2 /

) & ! ( 2 ://#6&; 2/

) & 0 ' L! !# !

$ %!&

' (

Amos LimReturn compared against benchmark

Amos LimText

Amos Lim

Amos Lim

Amos Lim

Amos Lim

Amos Lim

Amos Lim

!! ) ; ) ! !! ! ; !

M

7$ 8

N6' 2

3!

#0

E E

(

3( #

!

52 & 7

!! /D66!

) *+ ,

# !

P 2

2

52 !66&2

+DQ &

& )67

4

2)

!

K % *G, ,D

) ! !

& (

/6 ) 0( !

-0 ! ' . ! ! )

4/

/)

+ 6 4

!! 3 7

3 /

##)

). / : 3 /

"))

' & ( ( / ) ! ! "! &(! ) !!/

2 & & & & L H

@

9 && "

0

& 2L #&/M

2 / ) ( R ) /

O ! ) (# /

6 " 26# & !"! ! ! 2 2/

0 2 #& ! &

!

K % *G, ,C

Amos Lim

Amos Lim

. " # #)

" H

2

7 6 ! !&& = #!6 &=

, /

" H . % )

. ! &

! ;

(!&))!!#

& != &

& 2 ! ; !& 2!/

" (

*' ! >0

3

& )

*!

3

2 !!

)

2

+

/!

,H

! "

!

!:

!#

;

&

L!

'

L

! :; L 5

5

>

!!

! !!

3& & L 5

! 5

)! L 6 #

!

76!

Amos LimE.g. P/E multiple

& ) ;

8 5 '!:

#

##E;

5!! 3 &

/ ://2#3 2;

/ ://

!#! # K 2 ! ;

(!;

'

B

7

5&

5!!

(P!

(

P (

7).2

B).2

& ) !! ' ! !

3 +

2) . N-% S 9 :N'; K '':N'; 9 "! !

/'' 9 & 2/

& ! ( (

!

! K (!

B6!& 2 K 2&!

& &!3& KP!

:

6

!!!

! !& ! :

;

!& #

& ! !

"

-'

/

' P7-# !#/

P

@

/

2) : #K

:&26 & ( (

=& ! &

$: # K

5

! :35; ! :3; ( ! :3(;

2/

Amos LimIf think coy going to liquidate in future, should not use DDM. Residual Income model might be more appropriate

Amos Lim

Amos Lim

Amos Lim

Amos Lim

/ !

7 !!! !!

! !

,

/

4 ! 5

&

&

6&

!!/

4 ) ' !5

& !! ! /

&

3 !!/

4 ! 5

&

2 &

& # !! & ! &

$ /

30!00

@

!L -!

3 !

! !

!/

5# !! !#

& /

!! 2 !&

, !! 2 !& & /

!!

&2

2$

& # $! # &/

3+

3

Amos Lim

Amos Lim

Amos Lim

Amos Lim

2 ) ! H

2 6

1

3(3

0 ! &"!1

!

#(

*;

0

1

*/*

! 1

0

1

*3

N

& 1

/

2 3

0

! 1

2"

0

!1

/0

*!! =H

! $ !

!!! !

'

#

& !

)+

# ( /0 !! !# ! ! ) ! #

2 # ! !

(#

6 2 !

# #

#

2 ( ! !

!

! ! &

*!! =( ' (

K ' !

H

3 #; "

/

8 > P2 !!

9/"

C> B! ! !3!/B !T #!T K /

3 B? B

# B

!#5

: B? . #&

2 B? !#)

#

!! /

D > . !&

$( C> . !2 #'2

/

C??

Amos LimUse this as guideline for research proj

") ! !

H

3 " / /

#2 5 !* (

)!

!

& ( ! (! ! " R!" (> ! !2

.> !

' !> - >

@

! (! ! ' (

!

!*

!/

(!

& "!

"! ! N

!

/

= 2

& !&

!& !!'2 - 2

'

2 ! /

, (

! :; '! !5

'

/

> & ?6

- ! !!

75

. !

7 5 /

2 ) !(

H

P / > )! !

! )

N

! !

.2!

## !

##

2 !

M ! !!3

! .

$( #

$

7 3

' 2 B !

! ! 2 !

(6&

(!& ! ://#3# 3

)7@#@37); M .! 5

)! !3

/

:

"

$ *

! & 5

M (!!#7

!

/

M &33!

.> P .

*

!

&

A5A42BFF-8BC5-44E2-980E-CFF025C84FBD: