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Disclaimer:

SumZero is not a registered investment advisor or broker-dealer, and is not licensed nor qualified to provide investment advice. There is no requirement that any of our Information Providers be registered investment advisors or broker-dealers. Nothing published or made available by or through SumZero should be considered personalized investment advice, investment services or a solicitation to BUY, SELL, or HOLD any securities or other investments mentioned by SumZero or the Information Providers. Never invest based purely on our publication or information, which is provided on an "as is" basis without representations. Past performance is not indicative of future results. YOU SHOULD VERIFY ALL CLAIMS, DO YOUR OWN DUE DILIGENCE AND/OR SEEK YOUR OWN PROFESSIONAL ADVISOR AND CONSIDER THE INVESTMENT OBJECTIVES AND RISKS AND YOUR OWN NEEDS AND GOALS BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTMENT DOES NOT GUARANTEE A POSITIVE RETURN AS STOCKS ARE SUBJECT TO MARKET RISKS, INCLUDING THE POTENTIAL LOSS OF PRINCIPAL. You further acknowledge that SumZero, the Information Providers or their respective affiliates, employers, employees, officers, members, managers and directors, may or may not hold positions in one or more of the securities in the Information and may trade at any time, without notification to you, based on the information they are providing and will not necessarily disclose this information to subscribers, nor the time the positions in the securities were acquired. You confirm that you have read and understand, and agree to, our full disclaimer and terms of use, a copy of which can be accessed by clicking here and that neither SumZero nor any of its Information Providers is in any way responsible for any investment losses you may incur under any circumstances.

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About the Top Stocks Challenge

Ideas within this report were selected as the 15 Winners/Finalists of the 2nd Annual Top Stocks Challenge. The contest was run within the SumZero platform, an online community of 15,000+ buyside investment professionals.

All SumZero members are current investment professionals at hedge funds, private equity funds, or mutual funds, or have substantial prior fund experience. The complete research history of individuals featured in this report, as well as bios, and work history can be found on SumZero.

Contest submissions were independently assessed and voted on by a panel of over 40 senior fund professionals and asset allocators. The following, multi-factor criteria was utilized to determine the Winners/Runners-Up:

? Validity of the Thesis; ? Strength of the Supporting Argument; ? Feasibility of the Trade; ? Originality.

The 15 ideas in this report were consensus favorites across 5 thematic categories.

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Table of Contents

Special Situations.........................................................................................................6

Kyushu Railway Co Ord.....................................................................................................................................7 Liberty Media Corp Cl C Siriusxm.................................................................................................................20 Papa John's Intl Inc..........................................................................................................................................26

Small Caps..................................................................................................................35

Andina Acquisition Corp Ii Com....................................................................................................................36 Techtarget.........................................................................................................................................................44 Summerset Group Holdings Ltd Ord............................................................................................................52

Mid/Large Caps..........................................................................................................60

Tripadvisor Inc...................................................................................................................................................61 Walt Disney Co/The.........................................................................................................................................78 Micron Technology Inc....................................................................................................................................86

Yield-Payers...............................................................................................................95

Ddr Corp Com...................................................................................................................................................96 Boc Aviation Ltd Ord......................................................................................................................................102 Eastman Kodak Company.............................................................................................................................108

Shorts.........................................................................................................................117

Tactile Systems Technology Inc Com...........................................................................................................118 Xxl Asa..............................................................................................................................................................126 Snap Inc Cl A.....................................................................................................................................................131



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1 Special Situations All ideas within this category are special situation theses with a tangible trigger event. Catalysts include bankruptcy, spin-offs, litigation, regulatory changes, etc. About 25% of research on SumZero is Special Situation focused.



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Winner Best Special Situations

Kyushu Railway Co Ord

Asset Class: Equity Symbol: 9142:JP Updated: 1/16/2018

Submitted: 12/29/2017

BY: Adam Holzman

BADGES:

FORMERLY AT: Paradigm Capital Management

EXPECTED RETURN

40%

COMMUNITY RATING

LONG

ATTACHMENTS:

TIMEFRAME: 1-2 Years

SITUATION: Value

MARKET CAP: 570.4B JPY

Recently IPO'd rail business with attractive real estate holdings goes underappreciated due to mediocre rail segment. Business undervalued at current levels even if rail segment is a zero.

AboutAbAodutaMmorHgaonlzHmouasenl

Adam was most recently a PhD student in Financial Economics at the University of Chicago Booth School of Business. Prior to pursuing a PhD, he served as an equity analyst on the buy side, covering investment opportunities across geographies and sectors. He focuses on opportunities to purchase shares of companies at a discount to intrinsic value. Adam graduated with honors from Yale University with a BA in Economics and Ethics, Politics & Economics. He has also been recognized for his work in baseball analytics.



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Kyushu Railway Co Ord

Asset Class: Equity Symbol: 9142:JP Submitted: 12/30/2017 Updated: 1/16/2018

BY: Adam Holzman

BADGES:

FORMERLY AT: Paradigm Capital Management

COMMUNITY RATING:

PERCENTILE: 84%

Pricing & Return Details EXPECTED RETURN INITIAL PRICE TARGET PRICE

LONG

40%

3,515.00 JPY 4,948.00 JPY

Recently IPO'd rail business with attractive real estate holdings goes underappreciated due to mediocre rail segment. Business undervalued at current levels even if rail segment is a zero.

ASSET CLASS:

Equity

SITUATION:

Value

TARGET ALLOCATION:

2% - 5%

CATALYSTS:

Spin Off and Dividend

Distribution

TIMEFRAME:

1-2 Years

Investment Thesis

Overview

Kyushu Railway Company ("KRC") is a rail operator on the southern Japanese island of Kyushu with significant real estate holdings in the vicinity of its local rail stations and elsewhere. It was owned by the Japanese government until its IPO in late 2016. Relatively positive local demographic developments, growing tourism, and management initiatives should support measured growth in rail traffic, while cost-cutting efforts (further encouraged by privatization) will improve rail profitability in the coming years. More importantly, KRC's real estate profile ? accounting for over 40% of company EBITDA ? is highly attractive and superior to those of the other privatized Japanese Railways ("JRs"). However, KRC trades at a multiple similar to those of the other private JRs, and half those of Japanese rail operators with similar real estate

portfolios. As analysts become more familiar with KRC's structure, they should give the company more credit for its real estate, and they should grow more comfortable with the rail business once it demonstrates more consistent operating margins. Post-IPO accounting complexities which cloud the strength of KRC's balance sheet will also dissipate in the coming years, giving analysts better clarity into the value of KRC. Appropriate multiple revisions would result in shares trading ~40% above current prices. Even if we assign KRC's weaker rail business no value, the real estate business alone may be more valuable than the market's valuation of KRC.

Business History

KRC was created in 1987 with the restructuring of Japanese National Railways (JNR). The system was divided into six



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