Quantitative analysis X technical

analysis to find the best stock

Satriawan Haryono, CEWA, CTAD
Chartist
[email protected]
Mar 23rd, 2024

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 Quantitative analysis
Quantitative analysis (QA) refers to methods used to understand the behavior of financial markets
and make more informed investment or trading decisions. It involves the use of mathematical and
statistical techniques to analyze financial data. For instance, by examining past stock prices,
earnings reports, and other information, quantitative analysts aim to forecast where the market is
headed (Kenton, 2024).

Quantitative analysis seeks to discover overall tendencies or trends in the investment markets,
particularly those that are predictive of future “excess” returns. To identify these trends, the
quantitative analyst examines large numbers of companies over long periods of time. Quantitative
analysis emphasizes breadth over depth and science (testing and observation) over art. The
quantitative analyst may apply the art of investment analysis in devising investment models and
backtests, but once the models are determined, they’re often purely mechanical in their operation.
In sum, quantitative analysis relies primarily on computer-assisted inquiry (Tortoriello, 2008).

Conclusion: It involves application of advanced statistical and mathematical models to speculate

market behavior. For example - checking linear correlation between Stock A and Stock B during pair
trading, or spotting opportunities based on standard deviation of a stock price from its median.
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Quantitative analysis
• Fundamental analysis provides the
important hypotheses about
economic, industry, and company-
specific trends, upon which good
investment decisions are made.
• Technical analysis provides a
summary analysis of investor
expectations for a wide variety of
assets, and offers clues as to
timing for investment ideas.
• Quantitative analysis allows the
investor to take a wide-angle view
of a variety of fundamental trends
that might otherwise be difficult
to encompass (Tortoriello, 2008).

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 Quantitative trading vs Algorithmic Trading
While both quantitative trading and algorithmic trading rely on computers to automate the
trading process, they are quite different approaches both in terms of the types of trading tools
and how those tools are put into practice. Quantitative trading attempts to predict market
trends using mathematical and statistical models. In contrast, algorithmic trading attempts to
profit from market movements using algorithms that automatically place trades based on
predetermined rules.

Quantitative trading entails the use of statistics, mathematical models, and big datasets (previous
data related to trading) to project market transactions in the future.
Algorithmic trading basically boils down to a set of if/then rules based on historical data, which
traders then use to enter and exit positions in the future in order to maximize profitability.

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 Advantages of Quantitative Analysis
1. Data-Driven Decision Making: 5. Identifying Patterns and Trends:
Quantitative analysis relies on empirical data and statistical Quantitative techniques, such as technical analysis and
methods to inform investment decisions, reducing reliance machine learning algorithms, excel at identifying patterns
on subjective judgments and emotions. and trends in market data, aiding in the identification of
2. Efficiency and Scalability: profitable trading opportunities.
Quantitative models can process large volumes of data 6. Backtesting and Optimization:
quickly and efficiently, allowing investors to analyze Quantitative models can be backtested using historical data
numerous securities simultaneously and respond to market to evaluate their performance and refine their parameters,
changes promptly. improving their effectiveness over time.
3. Consistency and Objectivity: 7. Automation and Algorithmic Trading:
Quantitative analysis follows predefined rules and criteria, Quantitative analysis facilitates automation of trading
leading to consistent and objective decision-making. strategies through algorithmic trading platforms, allowing for
Minimizes human biases and emotions that can impact faster execution and reduced human error.
investment outcomes. 8. Adaptability to Market Conditions:
4. Risk Management: Quantitative models can be designed to adapt to changing
Quantitative models can incorporate risk management market conditions and incorporate new data in real-time,
techniques, such as portfolio diversification and position enhancing their ability to generate alpha in different market
sizing, to mitigate downside risk and enhance returns. environments.

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 Limitations of Quantitative Analysis
1. Data Limitations: 5. Human Bias:
Reliance on historical data may not always reflect future Despite being data-driven, quantitative analysis still requires
market conditions accurately. human input for model selection, parameter tuning, and
Incomplete or inaccurate data can lead to flawed analysis interpretation.
and decision-making. Cognitive biases can influence the design and
2. Model Risk: implementation of quantitative strategies.
Quantitative models are based on assumptions that may not 6. Black Swan Events:
hold true in all market environments. Quantitative models may fail to account for rare, extreme
Overfitting: Models may perform well on historical data but events (black swan events) that can have a disproportionate
fail to generalize to new data. impact on markets.
3. Market Efficiency: 7. Competition:
High-frequency trading and algorithmic trading can quickly Widespread adoption of quantitative strategies can lead to
incorporate new information into prices, challenging overcrowding in certain trades, reducing potential returns
quantitative strategies. and increasing market volatility.
4. Lack of Context: 8. Technology and Infrastructure Costs:
Quantitative analysis may overlook qualitative factors such Developing and maintaining sophisticated quantitative
as industry trends, management quality, and geopolitical models requires significant investment in technology, data,
events that can significantly impact stock performance. and talent.

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 Quantitative screening
There are countless ways to go about quantitative screening which have to be determined by the money
manager’s investment style. I am what you would consider a trend and momentum manager. As such, my
proprietary screens are designed to generate the highest quality stocks (fundamentally and technically) with
the greatest probability of advancing quickly (Fari hamzei, 2010).
Let’s first assume the market is entering a new bull trend cycle. Consequently, you may want to screen for
stocks that have been doing well in the downturn but have been under pressure from the general market. As
such, your fundamental screen may have these requirements:

• Must have 20 percent year over year quarterly earnings growth.

• Must have 15 percent year over year quarterly sales growth.
• Must have positive cash flow.
• Must have projected annual earnings growth above the following annual projected.
• P/E multiple must demonstrate growth at a reasonable price (GARP).

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Quantitative analysis
Maybank:
quant
investment
style

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 Quant style: Value
No Stock Value No Stock Value No Stock Value No Stock Value No Stock Value
1 INDY-ID 9.80 21 PWON-ID 7.00 41 BIRD-ID 6.00 61 INCO-ID 5.40
81 BRPT-ID 3.60
2 BBTN-ID 9.60 22 ASII-ID 7.00 42 BBYB-ID 6.00 62 BBRI-ID 5.00
3 LSIP-ID 9.60 23 CTRA-ID 6.80 43 SCMA-ID 6.00 63 SILO-ID 5.00 82 MTEL-ID 3.60
4 INKP-ID 9.20 24 TLKM-ID 6.80 44 PTBA-ID 6.00 64 ASLC-ID 5.00 83 MIDI-ID 3.40
5 MAIN-ID 9.20 25 DRMA-ID 6.60 45 ANTM-ID 6.00 65 OMED-ID 5.00
84 MIKA-ID 3.40
6 MNCN-ID 9.00 26 SMGR-ID 6.60 46 BFIN-ID 5.80 66 MCAS-ID 5.00
7 MEDC-ID 8.60 27 BUKA-ID 6.60 47 TOWR-ID 5.80 67 JPFA-ID 5.00 85 CMRY-ID 3.40
8 INDF-ID 8.20 28 PRDA-ID 6.60 48 RALS-ID 5.80 68 HMSP-ID 5.00 86 ARTO-ID 3.20
9 TAPG-ID 8.20 29 BTPS-ID 6.60 49 SIDO-ID 5.80 69 NCKL-ID 5.00
87 TPIA-ID 3.20
10 PGAS-ID 8.00 30 ACES-ID 6.40 50 DSNG-ID 5.80 70 MAPA-ID 4.60
11 AUTO-ID 7.80 31 JSMR-ID 6.40 51 BMRI-ID 5.60 71 AVIA-ID 4.60 88 BANK-ID 3.20
12 BNLI-ID 7.80 32 PTPP-ID 6.40 52 BBNI-ID 5.60 72 ASSA-ID 4.40 89 HILL-ID 3.00
13 DMAS-ID 7.60 33 EXCL-ID 6.20 53 ADHI-ID 5.60 73 TBIG-ID 4.20
90 AMRT-ID 3.00
14 BSDE-ID 7.60 34 ISAT-ID 6.20 54 SRTG-ID 5.60 74 KLBF-ID 4.20
15 UNTR-ID 7.60 35 ADMR-ID 6.20 55 INTP-ID 5.60 75 ROTI-ID 4.20
91 UNVR-ID 3.00
16 SMRA-ID 7.40 36 ERAA-ID 6.20 56 MAPI-ID 5.40 76 BRIS-ID 4.00 92 PANI-ID 2.20
17 ITMG-ID 7.20 37 GGRM-ID 6.20 57 AKRA-ID 5.40 77 CPIN-ID 4.00
93 BBCA-ID 2.20
18 HRUM-ID 7.20 38 AALI-ID 6.20 58 ICBP-ID 5.40 78 HEAL-ID 4.00
19 BNGA-ID 7.00 39 LPPF-ID 6.20 59 MYOR-ID 5.40 79 GOTO-ID 4.00
94 MBMA-ID 2.20
20 TBLA-ID 7.00 40 PGEO-ID 6.00 60 AMAR-ID 5.40 80 SSIA-ID 3.80 95 MDKA-ID 1.40
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 Quant style: Momentum
No Stock Momentum No Stock Momentum No Stock Momentum No Stock Momentum No Stock Momentum
1 PGEO-ID 9.0 21 MAPI-ID 7.1 41 OMED-ID 5.9 61 LSIP-ID 4.9 81 RALS-ID 3.2
2 ACES-ID 8.5 22 AKRA-ID 7.1 42 AVIA-ID 5.8 62 ASII-ID 4.8 82 INTP-ID 3.1
3 ARTO-ID 8.5 23 AUTO-ID 7.1 43 BNLI-ID 5.7 63 SCMA-ID 4.8 83 SIDO-ID 3.1
4 ISAT-ID 8.4 24 CTRA-ID 7.1 44 SSIA-ID 5.5 64 MCAS-ID 4.7
84 DSNG-ID 3.1
5 MAPA-ID 8.4 25 MAIN-ID 7.1 45 CPIN-ID 5.5 65 BUKA-ID 4.7
85 KLBF-ID 2.9
6 TPIA-ID 8.3 26 ICBP-ID 7.0 46 ASSA-ID 5.5 66 PRDA-ID 4.6
86 ANTM-ID 2.8
7 BMRI-ID 8.3 27 DMAS-ID 6.9 47 HEAL-ID 5.5 67 AMRT-ID 4.6
87 ROTI-ID 2.8
8 JSMR-ID 8.3 28 BBCA-ID 6.8 48 TAPG-ID 5.4 68 CMRY-ID 4.6
9 ADMR-ID 8.2 29 BSDE-ID 6.6 49 ERAA-ID 5.4 69 ADHI-ID 4.5
88 BTPS-ID 2.7

10 DRMA-ID 8.2 30 MIDI-ID 6.6 50 UNTR-ID 5.3 70 AMAR-ID 4.5 89 HMSP-ID 2.5
11 BBRI-ID 7.9 31 INKP-ID 6.5 51 TOWR-ID 5.3 71 PTPP-ID 4.4 90 UNVR-ID 2.3
12 SILO-ID 7.8 32 BIRD-ID 6.5 52 TBIG-ID 5.2 72 JPFA-ID 4.1 91 LPPF-ID 2.2
13 BRIS-ID 7.7 33 INDF-ID 6.5 53 BBYB-ID 5.2 73 INDY-ID 4.0 92 HRUM-ID 2.2
14 MEDC-ID 7.5 34 SMRA-ID 6.4 54 MYOR-ID 5.2 74 ITMG-ID 3.8 93 MDKA-ID 1.9
15 BNGA-ID 7.5 35 TBLA-ID 6.3 55 ADRO-ID 5.2 75 PTBA-ID 3.8 94 INCO-ID 1.8
16 ASLC-ID 7.5 36 BFIN-ID 6.3 56 SMGR-ID 5.1 76 SRTG-ID 3.8
17 PANI-ID 7.5 37 EXCL-ID 6.3 57 PWON-ID 5.1 77 MNCN-ID 3.6
18 BBNI-ID 7.3 38 BANK-ID 6.3 58 MTEL-ID 5.1 78 GGRM-ID 3.5
19 BBTN-ID 7.3 39 HILL-ID 6.3 59 GOTO-ID 5.0 79 PGAS-ID 3.5
20 BRPT-ID 7.2 40 TLKM-ID 6.0 60 MIKA-ID 5.0 80 AALI-ID 3.3
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 Quant style: Growth
No Stock Growth No Stock Growth No Stock Growth No Stock Growth No Stock Growth
1 PANI-ID 9.6 21 MAPI-ID 6.5 41 SMRA-ID 5.8 61 BNGA-ID 5.1 81 MNCN-ID 3.9
2 BBYB-ID 9.4 22 TAPG-ID 6.5 42 EXCL-ID 5.8 62 INDY-ID 5.1 82 BBTN-ID 3.5
3 MAIN-ID 9.3 23 SCMA-ID 6.5 43 INKP-ID 5.6 63 HRUM-ID 5.1 83 PRDA-ID 3.4
4 AMAR-ID 7.8 24 MDKA-ID 6.5 44 SRTG-ID 5.6 64 CTRA-ID 5.0 84 ITMG-ID 3.2
5 ASSA-ID 7.8 25 ELSA-ID 6.4 45 BTPS-ID 5.6 65 TLKM-ID 4.9 85 LPPF-ID 3.2
6 ISAT-ID 7.5 26 MIDI-ID 6.4 46 TPIA-ID 5.5 66 JPFA-ID 4.9
86 AALI-ID 3.1
7 SILO-ID 7.5 27 MAPA-ID 6.3 47 BSDE-ID 5.5 67 BANK-ID 4.8
87 HMSP-ID 3.0
8 MCAS-ID 7.2 28 BBRI-ID 6.3 48 MYOR-ID 5.5 68 DMAS-ID 4.7
88 UNVR-ID 2.8
9 AKRA-ID 7.1 29 BRPT-ID 6.3 49 KLBF-ID 5.5 69 GGRM-ID 4.7
89 PGAS-ID 2.6
10 BBCA-ID 7.0 30 INDF-ID 6.3 50 AUTO-ID 5.4 70 WIKA-ID 4.6
11 ERAA-ID 7.0 31 TBLA-ID 6.2 51 DSNG-ID 5.4 71 JSMR-ID 4.4
12 ARTO-ID 6.9 32 SSIA-ID 6.2 52 TBIG-ID 5.4 72 PWON-ID 4.4
13 ADMR-ID 6.9 33 TOWR-ID 6.2 53 BBNI-ID 5.3 73 CPIN-ID 4.4
14 ICBP-ID 6.9 34 HEAL-ID 6.1 54 BFIN-ID 5.3 74 UNTR-ID 4.4
15 BMRI-ID 6.8 35 AMRT-ID 6.1 55 LSIP-ID 5.3 75 SMGR-ID 4.4
16 BNLI-ID 6.7 36 AVIA-ID 6.0 56 PTPP-ID 5.3 76 ROTI-ID 4.3
17 MEDC-ID 6.6 37 BRIS-ID 5.9 57 INTP-ID 5.2 77 PTBA-ID 4.1
18 CMRY-ID 6.6 38 MIKA-ID 5.9 58 SIDO-ID 5.2 78 ADRO-ID 4.0
19 INCO-ID 6.6 39 ADHI-ID 5.9 59 BIRD-ID 5.2 79 RALS-ID 4.0
20 MTEL-ID 6.6 40 ACES-ID 5.9 60 ANTM-ID 5.1 80 ASII-ID 3.9
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 Quant style: Quality
No Stock Quality No Stock Quality No Stock Quality No Stock Quality No Stock Quality
1 SIDO-ID 9.5 21 LPPF-ID 7.6 41 GGRM-ID 6.5 61 ADMR-ID 5.3 81 MBMA-ID 3.8
2 HMSP-ID 9.4 22 MIKA-ID 7.5 42 INTP-ID 6.3 62 PGAS-ID 5.2 82 ASSA-ID 3.6
3 ARNA-ID 9.4 23 ROTI-ID 7.5 43 TOWR-ID 6.2 63 HEAL-ID 5.2 83 PTPP-ID 3.5
4 UNVR-ID 9.1 24 KLBF-ID 7.4 44 MAPI-ID 6.2 64 DSNG-ID 5.2 84 ASLC-ID 3.5
5 DMAS-ID 8.4 25 ACES-ID 7.3 45 ELSA-ID 6.1 65 MTEL-ID 5.1 85 AMAR-ID 3.1
6 AVIA-ID 8.3 26 ADRO-ID 7.2 46 RALS-ID 6.0 66 MEDC-ID 5.0 86 BELI-ID 3.0
7 UNTR-ID 8.2 27 MIDI-ID 7.2 47 ANTM-ID 6.0 67 SMRA-ID 4.8 87 EXCL-ID 2.9
8 ASII-ID 8.2 28 PRDA-ID 7.1 48 PGEO-ID 5.9 68 SCMA-ID 4.8 88 PANI-ID 2.8
9 ITMG-ID 8.2 29 NCKL-ID 7.1 49 TBLA-ID 5.9 69 MNCN-ID 4.7 89 ARTO-ID 2.7
10 AKRA-ID 8.1 30 BFIN-ID 7.0 50 BIRD-ID 5.8 70 TBIG-ID 4.7 90 GOTO-ID 2.6
11 PTBA-ID 8.1 31 HRUM-ID 7.0 51 SILO-ID 5.7 71 BNLI-ID 4.6 91 MCAS-ID 2.5
12 BBCA-ID 8.0 32 BNGA-ID 6.9 52 INCO-ID 5.7 72 INKP-ID 4.5 92 BRPT-ID 2.4
13 AMRT-ID 8.0 33 MAPA-ID 6.9 53 ERAA-ID 5.7 73 HILL-ID 4.5 93 MAIN-ID 2.4
14 DRMA-ID 7.9 34 ICBP-ID 6.9 54 INDY-ID 5.7 74 CPIN-ID 4.4 94 BUKA-ID 2.4
15 BBRI-ID 7.9 35 INDF-ID 6.9 55 JSMR-ID 5.6 75 ISAT-ID 4.3 95 ADHI-ID 2.3
16 BTPS-ID 7.9 36 TAPG-ID 6.8 56 BRIS-ID 5.6 76 BSDE-ID 4.3 96 MDKA-ID 2.1
17 BMRI-ID 7.7 37 OMED-ID 6.7 57 SMGR-ID 5.5 77 BBTN-ID 4.3 97 BANK-ID 2.1
18 MYOR-ID 7.7 38 BBNI-ID 6.5 58 AALI-ID 5.5 78 JPFA-ID 4.3 98 SSIA-ID 1.9
19 TLKM-ID 7.7 39 PWON-ID 6.5 59 LSIP-ID 5.4 79 KEEN-ID 4.2 99 BBYB-ID 1.9
20 CMRY-ID 7.6 40 AUTO-ID 6.5 60 CTRA-ID 5.4 80 SRTG-ID 4.1 100 TPIA-ID 1.5
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 Quant style: Low volatility
No Stock Low Vol. No Stock Low Vol. No Stock Low Vol. No Stock Low Vol. No Stock Low Vol.

1 INDF-ID 9.8 21 MYOR-ID 7.5 41 JSMR-ID 6.0 61 DSNG-ID 4.5 81 OMED-ID 3.3

2 BELI-ID 9.3 22 TBLA-ID 7.3 42 BSDE-ID 6.0 62 MBMA-ID 4.5 82 ERAA-ID 3.3
83 INDY-ID 3.3
3 BNLI-ID 9.0 23 MTEL-ID 7.3 43 BIRD-ID 6.0 63 MAPA-ID 4.3
84 SCMA-ID 3.0
4 HMSP-ID 8.8 24 AKRA-ID 7.0 44 MIKA-ID 6.0 64 AUTO-ID 4.3
85 MCAS-ID 3.0
5 ARNA-ID 8.8 25 TBIG-ID 7.0 45 GGRM-ID 6.0 65 ASSA-ID 4.3
86 BTPS-ID 3.0
6 ICBP-ID 8.5 26 ASII-ID 7.0 46 PGAS-ID 6.0 66 ADRO-ID 4.3
87 LPPF-ID 3.0
7 BBCA-ID 8.5 27 UNVR-ID 7.0 47 AVIA-ID 5.8 67 PTBA-ID 4.3 88 MDKA-ID 2.8
8 BNGA-ID 8.0 28 ELSA-ID 7.0 48 UNTR-ID 5.5 68 INCO-ID 4.3 89 DRMA-ID 2.3
9 DMAS-ID 8.0 29 TAPG-ID 6.8 49 CTRA-ID 5.3 69 MAIN-ID 4.0 90 ASLC-ID 2.3
10 LSIP-ID 8.0 30 PWON-ID 6.8 50 TOWR-ID 5.3 70 MIDI-ID 4.0 91 HILL-ID 2.3
11 AALI-ID 8.0 31 AMRT-ID 6.8 51 CMRY-ID 5.3 71 BANK-ID 4.0 92 PTPP-ID 2.3
12 RALS-ID 8.0 32 SIDO-ID 6.8 52 ITMG-ID 5.3 72 PGEO-ID 3.8 93 TPIA-ID 1.8

13 KLBF-ID 8.0 33 CNMA-ID 6.8 53 MNCN-ID 5.3 73 SILO-ID 3.8 94 ADMR-ID 1.8
95 BRPT-ID 1.8
14 BBNI-ID 7.8 34 ISAT-ID 6.5 54 ACES-ID 5.0 74 INKP-ID 3.8
96 NCKL-ID 1.8
15 SMGR-ID 7.8 35 BBTN-ID 6.5 55 MAPI-ID 5.0 75 SSIA-ID 3.8
97 MEDC-ID 1.5
16 ROTI-ID 7.8 36 JPFA-ID 6.5 56 BFIN-ID 4.8 76 ADHI-ID 3.8
98 GOTO-ID 1.5
17 BMRI-ID 7.5 37 INTP-ID 6.5 57 BRIS-ID 4.5 77 BUKA-ID 3.5 99 ARTO-ID 1.3
18 BBRI-ID 7.5 38 CPIN-ID 6.3 58 SMRA-ID 4.5 78 SRTG-ID 3.5 100 WIKA-ID 1.3
19 TLKM-ID 7.5 39 PRDA-ID 6.3 59 EXCL-ID 4.5 79 HRUM-ID 3.5 101 PANI-ID 1.0
20 HEAL-ID 7.5 40 ANTM-ID 6.3 60 AMAR-ID 4.5 80 KEEN-ID 3.5 102 BBYB-ID 1.0
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 Quant style: Dividend yield
No Stock Div. Yield No Stock Div. Yield No Stock Div. Yield No Stock Div. Yield No Stock Div. Yield
1 PTBA-ID 37.88 21 LSIP-ID 5.92 41 ACES-ID 3.69 61 BNLI-ID 1.60 81 ASSA-ID 0.15
2 ITMG-ID 33.15 22 SIDO-ID 5.79 42 SCMA-ID 3.63 62 CMRY-ID 1.56 82 TPIA-ID 0.10
3 LPPF-ID 28.91 23 BNGA-ID 5.76 43 BMRI-ID 3.61 63 MYOR-ID 1.48 83 ARTO-ID 0.00
4 UNTR-ID 27.78 24 AUTO-ID 5.74 44 MTEL-ID 3.41 64 JSMR-ID 1.46 84 ADMR-ID 0.00
5 ADRO-ID 20.18 25 AKRA-ID 5.62 45 BBNI-ID 3.19 65 HILL-ID 1.42 85 PANI-ID 0.00
6 PGAS-ID 15.40 26 PRDA-ID 5.61 46 PGEO-ID 3.10 66 MNCN-ID 1.42 86 MAIN-ID 0.00
7 INDY-ID 14.78 27 HRUM-ID 5.15 47 BBTN-ID 3.07 67 MIKA-ID 1.37 87 BSDE-ID 0.00
8 DMAS-ID 13.58 28 UNVR-ID 4.98 48 TOWR-ID 2.61 68 SMRA-ID 1.31 88 BANK-ID 0.00
9 ASII-ID 12.31 29 DSNG-ID 4.92 49 KLBF-ID 2.61 69 CTRA-ID 1.23 89 SSIA-ID 0.00
10 RALS-ID 8.79 30 SRTG-ID 4.85 50 PWON-ID 2.56 70 SILO-ID 0.85 90 CPIN-ID 0.00
11 TBLA-ID 8.48 31 ANTM-ID 4.83 51 INCO-ID 2.17 71 MIDI-ID 0.83 91 BBYB-ID 0.00
12 ROTI-ID 8.08 32 BBRI-ID 4.67 52 ISAT-ID 2.13 72 AMRT-ID 0.83 92 GOTO-ID 0.00
13 ARNA-ID 7.73 33 ERAA-ID 4.46 53 BBCA-ID 2.06 73 KEEN-ID 0.79 93 MCAS-ID 0.00
14 BTPS-ID 7.10 34 BFIN-ID 4.42 54 DRMA-ID 1.92 74 INKP-ID 0.64 94 BUKA-ID 0.00
15 ELSA-ID 6.68 35 TLKM-ID 4.23 55 TBIG-ID 1.90 75 HEAL-ID 0.54 95 ADHI-ID 0.00
16 TAPG-ID 6.44 36 SMGR-ID 4.23 56 ICBP-ID 1.72 76 MAPI-ID 0.41 96 AMAR-ID 0.00
17 HMSP-ID 6.40 37 JPFA-ID 4.13 57 EXCL-ID 1.71 77 MAPA-ID 0.39 97 PTPP-ID 0.00
18 NCKL-ID 6.31 38 BIRD-ID 4.10 58 INTP-ID 1.71 78 BRIS-ID 0.34 98 MDKA-ID 0.00
19 GGRM-ID 6.02 39 INDF-ID 4.00 59 MEDC-ID 1.71 79 ASLC-ID 0.32 99 MBMA-ID 0.00
20 AALI-ID 5.98 40 AVIA-ID 4.00 60 OMED-ID 1.60 80 BRPT-ID 0.16 100 BELI-ID 0.00
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Technical X quant

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Technical X quant

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Technical X quant

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Technical X quant

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 Literature review

Fari Hamzei. Master Traders. John Wiley & Sons, 21 Dec. 2010.

Kenton, Will. “Quantitative Analysis (QA): What It Is and How It’s Used in Finance.” Investopedia. Investopedia, n.d.
Accessed March 20, 2024.

“Quant Trading vs Algorithmic Trading.” 2022. Trality Blog. July 29, 2022. https://www.trality.com/blog/quantitative-
trading-vs-algorithmic-trading.

Tortoriello, Richard. 2008. Quantitative Strategies for Achieving Alpha. McGraw Hill Professional.

Tucker, Hank. n.d. “The Richest Hedge Fund Managers 2023.” Forbes. Accessed March 21, 2024.
https://www.forbes.com/sites/hanktucker/2023/04/04/the-richest-hedge-fund-managers-2023/?sh=5158ff725713.

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THANK YOU

22
 APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

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This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and
its Representatives accepts no liability whatsoever for the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to
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foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.

Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-
related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.

Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in
Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as
defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
 APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES
(continued)
Thailand
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Securities (Thailand) Public Company Limited. Maybank Kim Eng Securities (Thailand)
Public Company Limited (“MBKET”) accepts no liability whatsoever for the actions of third parties in this respect.
Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research Department may differ in either recommendation or target price, or both. MBKET Retail Research is
intended for retail investors (http://kelive.maybank-ke.co.th) while Maybank Kim Eng Institutional Research is intended only for institutional investors based outside Thailand only.
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information
of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation
of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. MBKET does not confirm nor certify the
accuracy of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of
the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration
Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment of operation and
is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, MBKET does
not confirm, verify, or certify the accuracy and completeness of the assessment result.

US
This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a
broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. This report is not
directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning
investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned within must do so with: Maybank Kim Eng Securities USA Inc. 400 Park Avenue,
11th Floor, New York, New York 10022, 1-(212) 688-8886 and not with, the issuer of this report.

UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Conduct Authority and is for Informational Purposes only. This document is not intended for distribution to
anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and
that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not
part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

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 APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES
(continued)
DISCLOSURES
Legal Entities Disclosures
Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission
in Malaysia. Singapore: This report is distributed in Singapore by Maybank KERPL (Co. Reg No 198700034E) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities (“PTMKES”) (Reg. No. KEP-251/PM/1992) is a
member of the Indonesia Stock Exchange and is regulated by the Financial Services Authority (Indonesia). Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities
and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number:
117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the
National Stock Exchange of India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010538). KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708)
and as Research Analyst (Reg No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Conduct Authority.

Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities
and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 29 September 2017, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment
decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 29 September 2017, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
India: As of 29 September 2017, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their associate / relative does not hold any financial interest or any actual or beneficial ownership in
any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the research report on any account what so ever except as otherwise
disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided
within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific
recommendations or views expressed in the report.

Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may
be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any
investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

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