Jonathan O. Freed

Founded by Bufus Outlaw in 1997, BOE Securities, Inc. is a private, value-based SEC-registered brokerage firm located in Philadelphia, Pennsylvania. The firm is a subsidiary of the BOE Group, Inc. They are affiliated with BOE Research Private Ltd., which is located in Mumbai, India. BOE Securities is a member of FINRA, the NASD and SPIC. BOE Securities provides research services to institutional investors. Their research products and services are designed for use by chief investment officers, portfolio managers and financial analysts. The firm can function as an off-site research department for firms or simply as an input into their clients' proprietary investment processes. BOE Securities' quantitative research is produced on a weekly basis. They provide weekly ratings on U.S. large-cap stocks based on a variety of investment styles including value, growth, GARP and momentum. The firm serves as an introducing broker to Goldman Sachs Executions and Clearing LP. BOE's research team covers over 500 stocks, producing 4 annual reports on each company. Their research methodology combines top-down and bottom-up analysis and seeks to provide clients with key information required to determine the real value of a company. The firm begins with rigorous fundamental analysis that incorporates economic, industry and company data which results in forecast assumptions of a stock and its sector. BOE Securities scrutinizes all publicly-available information including SEC Filings and company transcripts and examines each company's customers, suppliers and competitors to gain overlooked insights into a company. They determine each company's intrinsic value by: (1) modeling the company's future earnings (2) understanding the company's cash flow and the forces which impact it and (3) providing a consistent, disciplined valuation framework based on discounted free cash (DCF). BOE Securities also looks at the relative valuation of each security, assessing current and historical metrics, as well as industry comparables. The combined valuation methods determine whether a stock is fairly valued and if the market has fully incorporated all relevant news into the share price. The firm's economic profit analysis provides the key information needed to determine each company's ability to create wealth for shareholders. BOE Securities uses economic data as a basis for constructing and evaluating asset valuations relative to returns on those assets. Finally, BOE Securities continuously monitors the stocks on their coverage universe, with emphasis on the key valuation drivers, and seeks to identify events which may impact stock value over time. BOE Securities offers quantitative equity research ratings on 4,000 companies. Their quantitative ratings are based on an advanced academic study of investor behavioral biases that cause the mispricing of securities. The firm's reports consist of buy alerts and sell alerts highlighting the most critical, action items. BOE Securities scores stocks according to a 4-point system that incorporates long-term contrarian factors and short-term momentum factors including: (1) PE to Growth (PEG) rankings (2) fundamental momentum, based on estimate revisions (3) relative strength and (4) shareholder value creation as based on earnings above the cost of capital. By summarizing this data into a weighted, back-tested composite score, BOE Securities then ranks the equities according to their alpha-generating abilities. Their process enables them to quantitatively grade any security from which they develop alerts and reports.

Bytes Technology Group Ltd. provides information technology training, support and consultancy services. Its services include computation of electronics conglomerates and document solutions. The company is headquartered in Rivonia, South Africa.

Concor Ltd. engages in road construction, facility management, civil engineering and earthworks. The company is headquartered in Johannesburg, South Africa.

Rand Leases Properties Ltd is a South African company that owns and manages properties. The private company is based in Roodepoort, South Africa.

Part of Sable Exploration & Mining Ltd., Vestacor Ltd operates as an investment holding South African company. The company is based in Johannesburg, South Africa. The CEO of the company is Allan Bruce Rubenstein. Vestacor was acquired by Corpcapital Ltd. on January 31, 2003.

Part of Labyrinth Resources Ltd., Durban Roodepoort Deep Pty Ltd. engages in the exploration of gold and uranium. The company is based in Randburg, South Africa.

Savcio Holdings Pty Ltd. provides repair service and maintenance for motors and transformers in industries in South Africa, including the mining, rail transportation, power generation and distribution, steel production, petrochemical, marine and paper industries. The company was founded in 2005 and is headquartered in Bruma, Ghana.

Hamilton Beach Brands, Inc. designs, markets, and distributes small electric kitchen and household appliances. It offers beverage products, such as blenders, coffee grinders, coffee makers, drink mixers, electric kettles, espresso makers, hand blenders, home carbonation, iced tea makers, and juicers. The company was founded in 1904 and is headquartered in Glen Allen, VA.

Part of KPMG International Cooperative, KPMG, Inc. (South Africa) is a South African company that provides auditing services. The company is based in South Africa, South Africa.

Usko Ltd. is a South African company that manufactures semiconductor devices. The private company is based in Rivonia, South Africa.

SizweNtsaluba VSP is a South African company that provides accounting services. The private company is based in Sandton, South Africa.

Part of PricewaterhouseCoopers International Ltd., PricewaterhouseCoopers, Inc. is a South African company that provides accounting, auditing, and bookkeeping services. The company is based in Sunninghill, South Africa.

The South African Institute of Chartered Accountants operates as an institute of chartered accountants. The private company is based in Bruma Lake, South Africa. Sithembiso Nomvalo has been the CEO of the South African company since 2019.

Gearing Moss Supplies Pty Ltd. distributes sawmill equipment. Its products include machines, tooling, edging, power tools, and adhesives. The company was founded in 1980 and is headquartered in Roodepoort, South Africa.

The Rusfurn Group Ltd. is a South African company that retails furniture, household appliances, and consumer durables.

Anglo American Coal Corp. Ltd. provides coal mining services. It also provides supporting activities for metal mining services. The company is located in Johannesburg, South Africa

Part of Claude Group Pty Ltd., Claude Neon Ltd. is a South African company that provides traditional signage, neon, LED, and digital custom signage services to businesses in Brisbane. The company is based in Johannesburg, South Africa. The company's in-house design team creates great designs that translate brands into the 3-dimensional environment. The company has been involved in digital signage strategies since its inception.

Unispin Holdings Ltd. is a South African company that manufactures textile goods.

G4S Kenya Ltd. is the country's leading security, cash and courier solutions provider and a founder member of the Kenya Security and Courier Industry Associations. Part of the worldwide G4S group of companies, it draws extensive resources of its UK based parent company. They provide the global expertise. It provides local understanding. With nearly 10,000 employees in over 100 locations across Kenya, it covers every aspect of security and courier needs.

Grant Thornton South Africa provides audit, tax and business advisory services. It offers services to the large privately held businesses and private equity backed organizations. The company was founded in 1920 is headquartered in Johannesburg, South Africa.

G4S Secure Solutions SA Pty Ltd. provides security solutions. The company is headquartered in Pretoria, South Africa.

G4S Cash Solutions (SA) Pty Ltd. engages in the provision of cash management solutions. It offers ATM solutions and engineering, banking solutions, cash processing, cash-in-transit, electronic solutions, cash online, manned security, risk solutions, and monitoring and response services. The company was founded on October 20, 1964 and is headquartered in Centurion, South Africa.

New Way Power Pty Ltd. manufactures and distributes diesel engines. It offers diesel power generators, electrical distribution and control, UPS solutions, bespoke solutions, contract manufacturing, and generator refurbishments. The company was founded in 1983 and is headquartered in Alberton North, South Africa.

Absa Capital (Pty) Ltd. engages in investing activities. It provides merchant banking, corporate banking, and treasury products. The firm services include international banking services, custodial services and securities lending. The company is headquartered in Johannesburg, South Africa.

3G Mobile (Pty) Ltd. supplies and distributes mobile phones and tablet to major retailers across South Africa and Sub-Saharan Africa. It operates in eight African countries, with offices in South Africa, Namibia, Botswana, Mauritius, and distribution channels into Zambia, Zimbabwe, Swaziland, and Lesotho. The firm has distribution rights for all major tier one and tier two mobile device and handset manufacturers, including, inter alia, Apple, Samsung, Huawei, HiSense, ZTE, and Nokia. The company is headquartered in Johannesburg, South Africa.