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

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

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

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

24 Apr 18

Radiant in cancer therapy

With radio-pharmaceutical valuations riding high, Telix has assembled a unique product portfolio that exploits the natural synergy between radio-imaging and radiotherapy; meeting urgent unmet needs in kidney, prostate and brain cancer. Addressing substantial markets, the commercial strategy balances risk against reward. Well characterised and heavily de-risked imaging products and a niche orphan therapy sold direct by Telix lead the charge; a much anticipated renal cancer diagnostic entering pivotal phase III. The higher value clinical stage therapeutic programmes for big pharma partnering following close behind. De-risked and diversified, the stock looks substantially undervalued on the basis of our DCF, as well as the multi-billion dollar acquisitions and several-fold market capitalisations of key peers. We initiate with an OUTPERFORM recommendation and a target price of AUD 2.5 / share.

Companies: Telix Pharmaceutical

20 Aug 18

Telix Pharmaceuticals - Targeted radiation to image and treat cancer

Telix has assembled a portfolio of promising molecularly targeted radiation (MTR) therapeutic and imaging products for three different cancers. Each product has been validated by clinical studies or compassionate use in patients, thus reducing development risk. Telix is positioned to add significant value, such as by refining the products or developing them as a combination therapy. Preparations for a confirmatory Phase III study for kidney cancer imaging agent TLX250-CDx and for multiple Phase I/II studies of other agents are underway. It has begun commercialisation of an investigational prostate cancer imaging kit in the US, and plans are being developed for a short pivotal study to allow full approval. Our initial valuation is A$303m or A$1.39 per share.

Companies: Telix Pharmaceutical

19 Sep 18

Kazia Therapeutics - GDC-0084 and Cantrixil trials progressing

Kazia Therapeutics has commenced the Phase II programme for GDC-0084 in glioblastoma (GDC-0084 was in-licensed from Genentech in 2016). Initial data from the Phase IIa dose optimisation component are expected in H119, with a subsequent Phase IIb study expected to read out in 2021. The Phase I study of Cantrixil in ovarian cancer is in the final stages of determining the maximum tolerated dose (MTD). Our valuation range is unchanged at A$73m to A$133m (A$1.46–2.65 per share).

Companies: Novogen

27 Apr 16

Northern Star's March 2016 Quarter Results

09 Mar 17

Executive interview - Imugene

19 May 16

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

21 Nov 16

Lithium Australia - Update at 121 Tech Investment

10 Feb 17

Lithium Australia - 121 Mining Investment Cape Town 2017

20 Jul 16

Northern Star's June 2016 Quarter Results

28 Jun 15

Minotaur's discovery expertise recognised by multiple state government authorities

05 Jun 16

Bennelong Kardinia Absolute Return Fund performance update

09 Jun 16

Minotaur RAMPS UP FIELD ACTIVITY in June

14 Apr 16

Executive Interview - Martin Aircraft Company

02 Nov 15

Stone & Chalk: Piggy Money Promo video

12 Apr 16

A Platform for Tech Innovation Event - Pureprofile Company Profile

02 Aug 15

Minotaur Exploration Update on Artemis and Sandy Creek

12 Apr 16

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

07 Jun 16

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

Latest Content

Novogen

Kazia Therapeutics - GDC-0084 and Cantrixil trials progressing

View

19 Sep 18
-
-

Novogen

Kazia Therapeutics - GDC-0084 and Cantrixil trials progressing

Kazia Therapeutics has commenced the Phase II program for GDC-0084 in glioblastoma (GDC-0084 was in-licensed from Genentech in 2016). Initial data from the Phase IIa dose optimization component are expected in H119, with a subsequent Phase IIb study expected to read out in 2021. The Phase I study of Cantrixil in ovarian cancer is in the final stages of determining the maximum tolerated dose (MTD). Our valuation range is unchanged at $56m to $101m ($11.10–20.16 per share).

View

19 Sep 18
-
-

Sli Systems

SLI Systems - Cost savings underpin PBT turnaround

SLI’s results reflect the business’s transitional status. Substantial savings were made to sales and marketing expenditure, which underpinned the company’s first year of profitability. We continue to forecast margin compression in the near term as the business begins its transition to an indirect sales model. Successful implementation of this shift remains the critical determinant of the business’s prospects.

View

12 Sep 18
-
-

ARCM AAL bmn MKA TLG

SP Angel – Morning View

Arc Minerals (ARCM LN) – STRONG BUY – Drill results indicate significant scale copper project at Kalaba, Zambia | Anglo American (AAL LN) 1455 pence, Mkt Cap £18.8bn – De Beers diamond sales | Bushveld Minerals (BMN LN) – Bushveld proposes return to work on basis of continuous engagement | Mkango Resources Ltd (MKA LN) – Completed major drill programme intersects further extensive zones of rare earth mineralisation | Talga Resources Ltd (TLG AU) - Talga expands industry potential for graphene products with multiple agreements

View

11 Sep 18
-
-

Rubicon

Rubicon - Pure play, clear focus

The simplified corporate structure presents investors in Rubicon (RBC) with a pure-play, advanced forestry genetics business with leading positions in large international markets for its seedlings. The conversion of these positions into profitable growth through customer migration to more advanced seedlings is the likely driver of further share price outperformance in our view. Our own DCF analysis – implicitly more conservative than the company’s – yields a NZ$0.74 per share valuation.

View

10 Sep 18
-
-

Prada

Prada shines again

Prada is finally back to positive growth and margins have improved markedly. However, the restructuring is still taking too long.

View

07 Sep 18
-
-

ERM Power

ERM Power - Acquisition strengthens Energy Solutions

ERM Power has announced the acquisition for up to A$16m of Out Performers, a provider of energy services to large energy customers. This is consistent with a refocusing on core Australian activities, following the recent announcement of the upcoming US business disposal. We estimate the acquisition implies a P/E multiple at a large discount to ERM Power and <5% EPS accretion on a full-year basis.

View

07 Sep 18
-
-

BHP KOD SAV DGR

SP Angel – Morning View

BHP Billiton - Stake in SolGold indicates growing interest in Junior miners | DGR Global (DGR AU) – Update on project portfolio | Kodal Minerals* (KOD LN) – Initial resource estimate at Bougouni | Savannah Resources (SAV LN) – Further drilling at Grandao intersects widest mineralisation to date at Mina do Barroso

View

06 Sep 18
-
-

BHP JAY CRA KOD SOLG

SP Angel – Morning View

BHP Billiton (BLT LN) – BHP acquires Guyana Goldfields stake in Solgold at a premium | Bluejay Mining* (JAY LN) – General manager appointed for Dundas project | Cradle Arc* (CRA LN) – Strengthening the Board | Kodal Minerals* (KOD LN) – Initial resource estimate at Bougouni | SolGold* (SOLG LN) – BHP pays a premium for Guyana Goldfields stake in Solgold - BUY

View

05 Sep 18
-
-

Regeneus

Regeneus - Several interested parties in Japan

Regeneus has revised expected timing of an osteoarthritis (OA) clinical development licence deal for Progenza in Japan to Q4 CY18 (vs Q218); it is currently in active discussions with several parties. A licence deal would trigger a US$5m milestone payment from partner AGC and would effectively see Progenza commence a Phase II trial in knee OA in Japan. Regeneus is in separate discussions with potential licensees for other indications and territories for Progenza, as well as for its other pipeline products. We roll forward our rNPV model to FY19, which lifts our valuation to A$181m (vs A$170m) or A$0.87/share. Depending on the terms, we estimate an OA licence deal could add up to ~A$50m to our valuation.

View