APAC

Asia Pacific equity research

Explore the most viewed and latest equity research and media content we have for listed companies based in the Asia-Pacific region.

APAC Equity Research

Broker research, valuations, and analysis on Asia-Pacific stocks

21 Mar 19

Executive interview - Actinogen Medical

09 Mar 17

Executive interview - Imugene

03 Dec 15

Fund aims to provide outperformance with lower fees

10 Feb 17

Lithium Australia - 121 Mining Investment Cape Town 2017

09 Dec 15

Are we heading into a global low return environment?

20 Jul 16

Northern Star's June 2016 Quarter Results

20 Apr 18

Bitesize briefing – AJ Lucas Group

12 Jul 16

Talking Stock: Peak Asset Management’s Niv Dagan comments on markets and opportunities

12 Apr 16

A Platform for Tech Innovation Event - Interview with Niv Dagan, Peak Asset Management and Michael Boyle, Peloton Capital.

06 Jul 16

YPB technology - John Houston

26 Nov 15

Introduction to Bennelong Twenty20 Australian Equities Fund

17 Jun 16

Talking Stock: Peak Asset Management’s Niv Dagan comments on markets and opportunities

04 Oct 17

Executive interview - Covata

14 Jun 16

Talking Stock: Peak Asset Management’s Niv Dagan comments on markets and opportunities

14 Apr 16

Executive Interview - Martin Aircraft Company

Latest Content

UNITED CO RUSAL

A weak start to the year

US sanctions were withdrawn in late January 2019. Yet, Rusal’s Q1 results – VAP sales and profitability – were materially weak. While operational normality should be gradually restored, the current market environment poses new (near-term) challenges. Fortunately, the Russian aluminium major seems well-equipped to withstand these headwinds and hence, remains an attractive, though still risky, sector bet.

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17 May 19
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STO PMO SEN TETY BLOE GENL

GMP FirstEnergy ― UK Energy morning research package

Santos (STO AU) (not covered): PNG farm-in | Premier Oil (PMO LN); BUY, £1.45: 1Q19 update | Reserves cut at Maria in Norway | Serinus Energy (SENX LN)1; Speculative Buy, £0.20: 1Q19 results | Tethys Oil (TETY SS)1,6; BUY, SEK85: Production update in Oman | Block Energy (BLOE LN) (not covered): Equity raise in Georgia | Genel Energy (GENL LN); HOLD, £3.00: Update in Kurdistan

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16 May 19
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AAU EDL SAV SGZ SML

SP Angel – Morning View

Ariana Resources (AAU LN) – Permits received for Salinbas copper, gold porphyry project in Turkey | Edenville Energy* (EDL LN) – Rukwa Coal project update | Savannah Resources* (SAV LN) – European Battery Cell Consortium investing €6bn across electric car battery industry | Scotgold Resources* (SGZ LN) BUY – Target price 57p – An acquisition of Nat le Roux options | Strategic Minerals* (SML LN) – Financials show ground work for substantial new development

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14 May 19
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AJ Lucas Group

AJ Lucas Group - Drilling recovery, but a growing debt pile

AJ Lucas (AJL) has benefited from a material recovery in profitability from its Australian onshore drilling division, with underlying EBITDA in H119 (31 December 2018) of A$13.1m (17.2% margin), up from A$5.5m (9.7% margin) in the previous year. High rig utilisation and strong coal mine degassing demand support our forecast of revenue sustained at close to H119 levels (A$76.2m). AJL’s track record and tier 1 client relationships support management guidance of FY19 drilling underlying EBITDA in excess of FY18’s A$19.7m (Edison FY19 forecast: A$22.5m). Valuing Lucas Drilling Services (LDS) at 6x Edison adjusted EBITDA (after associated overheads) equates to A$0.15/share or A$0.03/share after consideration of group net debt. This excludes our net P50 UK shale valuation of A$0.91/share. We intend to update our probabilistic value of UK shale based on an improved understanding of key inputs including initial production rate (IP rate), estimated ultimate recovery (EUR) and well costs.

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13 May 19
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ABM JAY bmn bmn MML SML

SP Angel – Morning View

African Battery Metals (ABM LN) – Acquisition and earn-in agreement – Botswana project | Bluejay Mining* (JAY LN) STRONG BUY - Target Price 45p – Ordering of new machinery and training of staff for new ilmenite mine at Dundas in Greenland | Bushveld Minerals* (BMN LN) BUY – Target price 90p from 87p – Ferro-vanadium prices stabilise in Western Europe | Medusa Mining (MML AU) – Production guidance upgrade | Strategic Minerals* (SML LN) – Contract for the consolidation of the Redmoor mine executed

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13 May 19
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ALS ACA BMV LIT RMM SOLG VRS

SP Angel – Morning View

Altus Strategy* (ALS LN) – Agdz returns high grade Cu/Ag/Au in rock chips – IP survey to follow | Acacia Mining (ACA LN) – Revised mine plan at North Mara delivers | Bluebird Merchant Ventures* (BMV LN) – Korea state funds confirm grant funding for drilling at Kochang mine | Lithium Australia (LIT AU) – Alliance forms with leading Chinese battery producer | Rambler Metals & Mining* (RMM LN) – Record quarterly throughput in Q1 2019 | Solgold* (SOLG LN) – New copper/gold target identified in northern Ecuador | Versarien (VRS LN) – US update

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09 May 19
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Actinogen Medical

Actinogen Medical - Phase II XanADu trial results

Yesterday Actinogen announced the initial results from its Phase II clinical trial of Xanamem in patients with mild dementia due to Alzheimer’s disease (AD). The safety of the drug was confirmed and the data showed Xanamem was effectively inhibiting cortisol production, as demonstrated by the expected increase in adrenocorticotropic hormone. However, the 10mg dose of Xanamem was not effective in demonstrating statistical significance on any of the endpoints. We note that both primary and secondary endpoints were robust ‘gold standard’ psychiatric tests used to measure cognition in AD patients, hence the trial was well designed, but the hurdle was high. Actinogen indicated it will analyse the data and make a decision on future steps once that is complete and the results from other supporting trials are released. Specifically, the company indicated that a higher dose and longer treatment could potentially be a way forward, given the drug appears safe and pharmacologically active.

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08 May 19
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MKA PEK HAS GGG ABM ALS ARCM IRR PGM SML

NdPr – the nascent green economy metals

Fundamental to green technology application, rare earth oxide consumption is benefiting expanding ‘high-tech’ markets. Weight-saving potential of permanent magnets (PMs) is creating the biggest blind spot in the raw metals EV supply chain for rare earth elements. NdPr-based (neodymium-praseodymium) motors enable 15-20% battery capacity savings in Li-ion EVs to enhance driving range and usability. ~600kg/MW rare earth requirement is creating significant wind turbine demand as global capacity forecast to rise by up to 1.9TW by 2050. Unprecedented role of rare earth PMs in global miniaturisation. International Federation of Robotics forecast 1.7m new robots transforming global factories by 2020. NdPr permanent magnets will be essential in growing global drone market – a US$100m market opportunity. Industry consolidation and broad upgrading of production quotas have mitigated rife illegal mining across China, providing improved global supply clarity and price stability, while limiting environmentally degrading practises. Global trend of ethical metal sourcing is highlighting the substantial cost of rehabilitating unsanctioned activity, estimated at $30bn. Chinese government environmentally-focused legislation is restricting oversupply, drawing down swollen inventories and bringing the market into balance. China inflection point as net importer expected 2019/2020

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03 May 19
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Alkane Resources

Alkane Resources - Forecast and valuation upgraded

Q319 was a strong quarter for Alkane Resources, with gold production from the stockpile at Tomingley Gold Mine above expectations. As a result, we have increased forecast gold production for FY19 to 44,000oz from 40,000oz and increased gold sold to 48,800oz from 41,500oz. We have also decreased our forecast all-in sustaining cost to A$1,059/oz Au from A$1,108/oz Au.

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02 May 19
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Immutep

Unlocking the value of LAG-3 in autoimmunity

The biopharma industry is racing to develop combination therapies with approved immune checkpoint (“IC”) inhibitors targeting mainly PD-1 / L1 to augment response rates. These include agents targeting other ICs such as LAG-3, TIM-3 and TIGIT. Discovered by Immutep’s CSO / CMO in 1990, LAG-3 has been gaining increasing attention in the last few years, with c.50 trials involving >10,400 patients ongoing. Immutep has the broadest LAG-3 targeting pipeline, which includes four molecules with different mechanisms of action, and to our knowledge is the only company (with partner GSK) to have LAG-3 targeted molecules for autoimmune disease. In this note, we review the industry’s overall LAG-3 pipeline and provide a detailed analysis of Immutep’s autoimmune assets, which are not yet adequately reflected in our valuation. Hence, we see room for upside to our target price ("TP") of A$0.078, which largely reflects the value of Immutep’s oncology assets. Reiterate OUTPERFORM.