1. NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Introduction to Equity Report Writing

2. Why Write Equity Report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 1. Understand WHY you buy a stock

3. Why Write Equity Report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 2. Impress Interviewers

5. 3. Spoil bell curve in FIN2004

6. Why Write Equity Report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department II. Impress Interviewers I. Understand why you buy III. A+ for FIN mods

7. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Report 3.1 Company Overview 3.2 Industry Overview 3.3 Investment Thesis & Valuation 3.4 Investment Risks 1. Research 2. Basic information

8. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 1. Research Sources of Information 1.Company Website 2.Competitors’ Websites 3.Analysts’ Reports 4.Regulatory Bodies 5.Bloomberg/Reuters

9. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Where to find Bloomberg Terminals in NUS? Contact Us Centre for Asset Management Research & Investments (CAMRI) NUS Business School 15 Kent Ridge Drive Level 3, Mochtar Riady Building Singapore 119245 Tel: (65) 6516 4165 or (65) 6601 1047 Fax: (65) 6778 0390 Email: camri@nus.edu.sgcamri@nus.edu.sg

10. 1. Company’s Name & Ticker 2. Current Trading Price 3. Market Capitalization 4. Recommended Price 5. Recommended action 6. Liquidity 7. Key Financials 8. Key Management Members 2. Basic information

11. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Report 3.1 Company Overview

12. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Report 3.1 Company Overview Business Nature Company’s product & Services

13. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Report 3.2 Industry Overview Macro environment SWOT STEEP

14. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Report 3.2 Industry Overview Micro environment High Competition within Industry Oligopolistic High Threat of new entrants Low technological requirement

15. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Report 3.2 Industry Overview Low Threat of substitutes Gloves is just glove High Bargaining Power of Buyers Many competitors to choose from Low Bargaining Power of Suppliers Many Suppliers in the nearby region Micro environment

16. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Rep ort 3.3 Investment Thesis &Valuation

17. Investment Thesis NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3 reasons why I want to buy/s ell (key drivers) 1. What is my opinion of this stoc k?

18. Investment Thesis NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Key Drivers Internal External -Expansion Plans (new factory, new products) -Acquisitions -New customer contracts -Improving operational efficienc y -End market trends -Consumer buying patterns -Macroeconomic factors -Legislative / regulatory changes

19. Investment Thesis Example NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Riverstone Holdings Ltd 1. (internal) Expansion Plans: d ouble factory production capaci ty II. (external) Depreciating MYR favo urs rubber gloves exports III. (internal & external) near zero de bt; immune to interest rate increase

20. Investment Thesis NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3 reasons why I want to buy/s ell (key drivers) 1. What is my opinion of this stoc k?

21. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Intrinsic value vs market price II. Why is the market wrong?

22. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Valuation Method s Absolute Relative Discounted Cas hflow Trading Comps - P/E - EV/EBITDA At least 2 method s!

23. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Valuation Method s Absolute Relative Discounted Cas hflow Trading Comps - P/E - EV/EBITDA FUTURE CURRENT MARKET CONDITIONS

24. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Valuation Method s Absolute Relative Discounted Cas hflow Trading Comps - P/E - EV/EBITDA Football Field Chart

25. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department DCF Output

28. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department DCF Output Range: $1.10- 1. 40

29. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Valuation Method s Absolute Relative Discounted Cas hflow Trading Comps - P/E - EV/EBITDA Football Field Chart

30. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Trading Comp s - P/E - EV/EBITDA

34. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Trading Comp s - P/E: $1.06 – 2.40 - EV/EBITDA: $1.06 – 2.19

35. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Valuation Method s Absolute Relative Football Field Chart - P/E: $1.06 – 2.40 - EV/EBITDA: $1.06 – 2.19 DCF: $1.10- 1.40

36. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Football Field Cha rt Range: $1.06 - $1. 40

37. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Intrinsic value vs market price II. Why is the market wrong? Range: $1.06 - $1. 40 Market Price: $1.0 6 BUY or HOLD?

38. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Football Field Cha rt Range: $1.06 - $1. 40

39. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Personal Opinion BUY

40. Investment Thesis NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3 reasons why I want to buy/s ell (key drivers) 1. What is my opinion of this stoc k? Intrinsic value vs market price II. Why is the market wrong?

41. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 1. (internal) Expansion Plans: dou ble factory production capacity II. (external) Depreciating MYR favo urs rubber gloves exports III. (internal & external) near zero de bt; immune to interest rate increase

42. Investment Thesis & Valuation NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Range: $1.06 - $1. 40 Market Price: $1.0 6 Personal Opinion BUY

43. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Rep ort 3.4 Investment Risks

44. Investment Risks NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Address negative industry and company develop ments that could pose a risk to investment thesis

45. Investment Risks NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Types Operational Financial Macroeconomics Regulatory Auditor’s Opinion

46. Investment Risks Example NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Types Macroeconomics – Commodity price fluctuation ( oil inputs for nitrile gloves) Regulatory – higher cost of running business in Mal aysia; VAT and wages

47. How to write equity report? NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department 3. Essentials of Equity Report 3.1 Company Overview 3.2 Industry Overview 3.3 Investment Thesis & Valuation 3.4 Investment Risks 1. Research 2. Basic information

48. Conclusion NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Writing Equity Report 11 February 2016 Ong Zi Hao | Yu Chen FA Department Contact: zihao@u.nus.eduzihao@u.nus.edu wuyuchen@u.nus.edu Objective: Overview Want to learn how to do? Join F A!

49. Upcoming Workshops NUS Invest nusinvest.com DISCLAIMER AND DISCLOSURES Please read the disclaimer and the disclosures which can be found within this report Introduction to FA 11 th February 2016 Ong Zi Hao | Yu Chen FA Department