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

29 Jun 18

The Monthly

We have analysed every IPO on the London Stock Exchange (LSE) between January 2015 and February 2018. Our analysis proves that, as expected, liquidity does dry up after float. The scale varies between markets and sectors.

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

21 Nov 16

Joy of Techs

ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.

Companies: 7DIG AMO ARTA BVC BOTB CTP CITY D4T4 DTC DOTD EGS ELCO ESG FDSA FDEV GBG IDEA IDOX IMTK IMG IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP WAND ZOO ARC ONEV

20 Mar 17

5 Interesting Microcap & Nanocap Stocks for 2017

As anyone who has read some of my previous articles they will note I don’t attach a buy, hold or sell recommendation to stocks. I let readers of my pieces determine that for themselves. The pieces merely state a stock looks interesting to me at least at the present moment. This can be due to a confluence of factors related to the stock. Factors can include apparent attractive valuation, new management teams or boards, outcomes of strategic reviews other assorted near term catalysts.

Companies: ICS STL UCM

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

02 May 18

The Monthly

Prior to the financial crisis of 2008/09, it was widely believed in the stock market that certain sectors – most notably utilities, pharmaceuticals, food retailing and tobacco – were far less vulnerable to market downturns.

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

18 Jun 18

SP Angel – Morning View

Arc Minerals* (ARCM LN) – Arc raises stake in Zamsort to 61% | Erris Resources (ERIS LN) – Swedish exploration update | KEFI Minerals* (KEFI LN) – 2017 results | Scotgold Resources* (SGZ LN) BUY, Target 61p – Scotgold appoints Peter Hetherington and Bill Styslinger III as new non-exec directors

Companies: ERIS KEFI SGZ

11 Jul 18

Targeting the LAG-3 immune checkpoint

We initiate coverage on Immutep with an OUTPERFORM recommendation and a target price (“TP”) of A$0.078 per share. Immutep develops therapeutics targeting the Lymphocyte Activation Gene-3 (“LAG-3”) immune checkpoint (“IC”) involved in T cell regulation. IC inhibitors (“ICIs”) targeting CTLA-4 and PD-1 / L1 have revolutionised cancer care owing to their ability to elicit durable responses in advanced cancers. The current focus is on combination therapy to increase response rates. Immutep’s lead asset eftilagimod alpha (IMP321, “efti”) has shown encouraging efficacy in metastatic melanoma and metastatic breast cancer (“mBC”). We forecast launch in 2020E for mBC based on an ongoing Phase IIb trial expected to read out in 2019E and estimate $2.4bn in peak sales across indications, with Immutep expected to sign a licensing deal.

Companies: Immutep

14 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

21 Oct 15

Executive Interview - Tourism Holdings Ltd

05 Jun 16

Bennelong Kardinia Absolute Return Fund performance update

06 Jul 16

YPB technology - John Houston

22 May 16

(ASX:YPB) – Placement at 18.6% discount to Friday’s closing price at $0.24

07 Jun 16

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

01 May 16

Minotaur identifies new targets near Prominent Hill

19 May 16

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

12 Apr 16

A Platform for Tech Innovation Event - Pureprofile Company Profile

03 Dec 15

Fund aims to provide outperformance with lower fees

12 Apr 16

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

20 Apr 18

Bitesize briefing – AJ Lucas Group

15 Mar 16

Major technological advancement of its SNAP technology

17 Jun 16

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

Latest Content

Bionomics

Bionomics - RESTORE trial completed, data this quarter

Bionomics announced on 9 July 2018 that it had completed treatment in its 193-patient Phase II clinical study of BNC210 for post-traumatic stress disorder (PTSD). The RESTORE clinical study completed the treatment phase on time and the company stated that it intends to provide topline data by the end of calendar Q318.

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18 Jul 18
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ALS AAL AAZ GEO RIO

SP Angel – Morning View

Altus Strategies* (ALS LN) – Exploration update | Anglo American (AAL LN) – Anglo American Platinum investing US$100m in venture capital funds | Anglo Asian Mining* (AAZ LN) – Operationally on course for 78-84koz GEO target; nearly debt free financially | Georgian Mining* (GEO LN) – Appointment of new Cabinet in Georgia Rio Tinto (RIO LN) – Rio Tinto Q2 production

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17 Jul 18
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Immutep

Targeting the LAG-3 immune checkpoint

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11 Jul 18
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AAU bmn EMH PGD RIO

SP Angel – Morning View

Arc Minerals* (ARCM LN) – Arc further consolidates Zamsort where drilling is underway | Ariana Resources (AAU LN) – Preliminary Q2 production report for Kiziltepe | Bushveld Minerals* (BMN LN) – BUY, Target 25p – Ferrovanadium prices hit new peak - Bushveld Energy operating update | European Metals (EMH LN) – Latest test work shows improved recovery rates | Patagonia Gold (PGD LN) – Q2 Cap Oeste production and revised 2018 guidance | Rio Tinto (RIO LN) - Minerals sands operation in South Africa shut by protests

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11 Jul 18
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CHINA WATER AFFAIRS GROUP

China Water Affairs Group - FY18 exceeds forecasts

Better-than-expected growth in profitability in FY18, a higher than forecast DPS and a favourable market outlook are clearly positive for China Water Affairs (CWA). We forecast continuing growth over the next few years and have raised our valuation to HK$10 per share. At that price, CWA would trade on a forward-looking P/E multiple of 13.1x, a c 15% discount to our group of selected peers.

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04 Jul 18
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ERM Power

US update and focus on energy solutions

ERM Power’s strategy is focused on sustaining growth in its cash-generative core Australian activities while developing two new growth areas: energy solutions and US supply. While we have reduced our short-term forecasts for the US activities to reflect lower margins and volumes, as guided by the company, we have increased our forecasts for energy solutions on the back of our new assessment following a recent investor briefing. Our analysis suggests this business could drive up to 40% growth in group EBITDA in the medium term (16% mid-case). Overall, our FY18-21e EBITDA forecasts change by -6%, -14%, -9% and +7% respectively. Our base case valuation, which includes core Australian business only, is unchanged at A$2.6/share.

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02 Jul 18
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OPM AGY ARBB AVCT BNO CMH COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SIXH TRX TON VAL W7L

The Monthly

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29 Jun 18
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AAL BHP CRA KOD TSTR

SP Angel – Morning View

Anglo American (AAL LN) – De Beers diamond sales | BHP Billiton (BLT LN) – Update on conditional agreement on Samarco civil claims | Cradle Arc (CRA LN) (Formerly Alecto Minerals) – Mowana copper mine update and guidance | Kodal Minerals* (KOD LN) – Receipt of £1.2m from Suay Chin | Tri-Star Resources* (TSTR LN) – Successful completion of £13m fund-raising

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26 Jun 18
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Viralytics

Termination of coverage

Edison Investment Research is terminating coverage on Viralytics (VLA). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

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