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

06 Nov 18

THE MONTHLY November 2018

In addition to Hardman’s monthly analysis of client stocks, the thorny issue of market disruption – a popular theme currently - is also addressed. In a wide-ranging article, Hardman’s utilities analyst, Nigel Hawkins, assesses the impact that market disruption has already made. In some sectors, notably telecoms and aviation, market disruption has been apparent for many years, as the rise of Vodafone, Ryanair and easyJet demonstrates. However, in some sectors, such as oil and housebuilding, structural changes have been modest – the dominance of the big players endures. For investors, there is real interest in those sectors where changes are underway. The UK groceries market, which may shortly become a duopoly, is a case in point. And, intriguingly, who knows if there is a company currently languishing in AIM, which will attain a £50bn market valuation within the next decade?

Companies: OPM AVO AGY APH ARBB AVCT DISH BNO BUR CMH CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TON VAL VTA W7L

09 Nov 17

The Joy of Techs

This quarter we use finnCap’s Slide Rule to provide both top-down and bottom-up analysis of the UK’s Technology and Telecoms sectors. Our findings are very reassuring: the Tech sector scores the best (across all sectors) when considering Growth and Quality – Taptica*, Frontier Developments* and dotDigital* in particular stand out on these metrics. Given these attractive characteristics and growth prospects, the Tech sector is unsurprisingly one of the most expensive – currently trading at 17.2x FY1 EV/EBIT and 23.8x FY1 P/E, versus 15.0x and 18.5x respectively for the wider market. Despite valuations appearing high, we believe there are value opportunities. For example, Proactis* features in finnCap’s QVGM+ portfolio (ranked 17/462) – the company offers attractive organic and inorganic growth, with earnings forecast to grow by 26% CAGR over the next two years, but despite this, only trades on 15x FY1 earnings and offers 8% FCF yield in FY2.

Companies: 7DIG ALT AMO ARTA BOTB BLTG CTP CITY D4T4 DTC DOTD ELCO ESG FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE SRT STR TAP TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV

03 Sep 18

The Monthly September 2018

September’s Hardman Monthly features an article from guest contributor, Tim Ward. Tim is the Chief Executive of the Quoted Companies Alliance (QCA), an organisation that champions the interests of small to mid-size quoted companies.

Companies: OPM AVO AGY APH ARBB AVCT BNO CMH DNL EVG GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SCE SIXH TRX TON VAL W7L

04 Sep 18

H2 2018

Graphite is an allotrope (a chemically similar, structural modification of carbon), exhibiting both metallic and non-metallic properties which favour a vast number of end-use markets. Further to traditional steel manufacturing, the unique qualities of graphite, including very high thermal and electrical conductivity, lend itself to innovative battery and emerging technologies.

Companies: VRS HAYD SYR TON KNL MNS NGC FMS LLG TLG

04 Oct 18

THE MONTHLY October 2018

We are in the midst of the Conference season for political parties and trade unions in Britain. We all have a lot on our minds, with generational constitutional issues to the fore, but these have come to the fore after many years of concerns building up about citizens’ ‘place in the world’.

Companies: OPM AGY ARBB AVCT DISH BNO BUR CMH CLIG DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TRX TON VAL VTA W7L

30 Oct 15

Stone & Chalk: Cover Genius Promo Video

04 Oct 17

Executive interview - Covata

20 Apr 18

Bitesize briefing – AJ Lucas Group

10 Feb 17

Lithium Australia - 121 Mining Investment Cape Town 2017

03 Dec 15

Fund aims to provide outperformance with lower fees

21 Nov 16

Lithium Australia - Update at 121 Tech Investment

26 Jul 15

Northern Star June Quarterly Update

20 Jul 16

Northern Star's June 2016 Quarter Results

17 Jun 16

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

12 Jul 16

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

19 May 16

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

06 Jul 16

YPB technology - John Houston

09 Nov 18

Executive interview - ERM Power

14 Jun 16

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

09 Mar 17

Executive interview - Imugene

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ERM Power

Executive interview - ERM Power

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09 Nov 18

Nostrum Oil & Gas FAR

GMP FirstEnergy ― UK Energy morning research package

Nostrum Oil & Gas (NOG LN)1,6; BUY, £5.50: What if Chinarevskoye West does not work? | Far (FAR AU) (not covered): Dry hole in the Gambia

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09 Nov 18
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Snakk Media

Snakk Media - Broadening out the offering

The benefits of the restructuring initiated in FY17 and continuing through FY18, should be more apparent in FY19 as the business runs for a full year on a lower underlying cost base. The upheaval in mobile advertising markets presents opportunities as well as threats and Snakk is diversifying its offering beyond geolocation in-app advertising to include a broader range of digital and data products. The group is placing shares at NZ$0.0425, raising $144k to ease its tight working capital position.

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07 Nov 18
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OPM AVO AGY APH ARBB AVCT DISH BNO BUR CMH CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TON VAL VTA W7L

THE MONTHLY November 2018

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06 Nov 18
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ERM Power

ERM Power - Refocusing on core business

ERM Power is refocusing on its core business by selling the US business and investing in the highest growth part of its Australian activities. We have increased our forecasts to reflect the accretive effect of the recent transactions and see more upside potential to the share price following the recent recovery as valuation multiples appear undemanding and the dividend yield is attractive.

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01 Nov 18
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BHP GSC IKA KEFI MTL RRS ABX

SP Angel – Morning View

BHP (BLT LN) 1599p, mkt cap £92.8bn – Special dividend and off-market buy-back | Golden Star Resources (GSC CN) C$4.6, Mkt Cap C$505m – Wassa underground contributes to Q3 results | Ilika (IKA LN) 18p Mkt. Cap. £18m – Ilika improves Bluetooth battery performance | KEFI Minerals* (KEFI LN) 1.5p, Mkt Cap £8.0m – Saudi Arabia exploration licenses renewal | Metals Exploration (MTL LN) 1.4p, Mkt Cap £29m – Typhoon Rosita update | Randgold Resources (RRS LN) 6180p, Mkt Cap £5.84bn – Merger receives SA Competition Tribunal approval | Barrick Gold (ABX US) US$12.55, Mkt Cap US$14.7bn | RioZim – closes three mines in Zimbabwe due to shortage of US dollars

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01 Nov 18
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Telix Pharmaceutical

Telix Pharmaceuticals - Novartis/Endocyte deal illustrates upside potential

Novartis’s US$2.1bn acquisition of Endocyte highlights the considerable potential upside that exists for Telix, if it can successfully develop its pipeline of molecularly targeted radiation (MTR) therapeutic and imaging products. It continues to make rapid progress across the portfolio, with the Atlab acquisition completed, Cardinal Health appointed as a sales and distribution agent for illumet (TLX591-CDx) in the US, a Phase I/II study of TLX101 in brain cancer initiated and the confirmatory Phase III study of TLX-250-CDx for imaging kidney tumours about to commence. Our valuation is unchanged at A$303m; value per share increases to A$1.43.

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31 Oct 18
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CRA CAS EUZ GEMD MML SRES TSTR VAST

SP Angel – Morning View

Cradle Arc* (CRA LN) – Placing | Crusader (CAS LN) – Stock remains suspended, publishes quarterly activities report | Europa Metals Limited (EUZ LN) – Extension drilling at the Toral zinc, lead, silver project in Spain | Gem Diamonds (GEMD LN) – Letseng increases diamond production 27% during quarter | Medusa Mining (MML AU) – E15 Service shaft commissioning | Sunrise Resources Plc (SRES LN) – Additional perlite discoveries in Nevada | Tri-Star Resources* (TSTR LN) – SPMP project update | Vast Resources (VAST LN) – Vast secures 29% interest in the polymetallic Blueberry Project

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31 Oct 18
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Novogen

Kazia Therapeutics - New indications for GDC-0084

Kazia has added two further indications to the development program for its brain-penetrant PI3K inhibitor GDC-0084 through collaborations with prestigious US-based cancer centers. The collaborations further validate the potential of GDC-0084, which was in-licensed from Genentech in 2016. Importantly, the two additional indications will provide alternative pathways to a potential first marketing approval for GDC-0084, increasing the overall likelihood of success. Kazia’s ongoing Phase IIa study of GDC-0084 in glioblastoma (GBM) is expected to report first data in early 2019. Kazia raised $2.6m through a recent share placement and has a share purchase plan (SPP) underway to raise additional funds. We increase our valuation range to between $63m and $105m.

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