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EQUITY RESEARCH

Creso Pharma Limited (ASX: CPH) - Mernova Acquisition Provides Direct Access To Canadian Market -
The company is set to launch its hemp-based animal health products in Switzerland through an exclusive commercialisation agreement with Virbac Switzerland AG (Virbac), a global...
11/12/2017 Read more...
Calima Energy Limited (ASX:CE1) - Drilling of Three Horizontal Wells - Liquids-Rich Areas of The Montney - British Columbia, Canada
We have a base case 6-month price target of A$0.15/share for Calima, based on a land value of C$2,500/acre, and a fully diluted structure including the current fully diluted share base plus 200...
10/22/2017 Read more...
Oneall International Limited (ASX: 1AL) - Outdoor Furniture - Sold in 42 Countries - Acquisition - Strong Balance Sheet & Growth Prospects
Revenue increased 14.4% on the pcp to $25.9m and the NPAT increased 13.0% to $5.7m. Revenue growth was realised from improved sales volumes....
10/19/2017 Read more...
Chatham Rock Phosphate (TSXV:NZP, NZAX:CRP, FSE:3GRE) - Low Capex, High Quality Phosphate
We have completed a risked DCF valuation for CRP, with the tabular form presented in our report. This is a base case valuation, with significant upside on de-risking, particularly with grant of the...
10/17/2017 Read more...
Sienna Cancer Diagnostics Limited (ASX: SDX) - IVD Test for Bladder Cancer - Distribution Agreements in the US & Europe
We have determined a base case valuation for SDX of $0.31 per share. The valuation incorporates a number of assumptions regarding the sales of the IVD product for the detection of bladder cancer in...
10/9/2017 Read more...
Allegiance Coal (ASX:AHQ) - Low Cost Metallurgical Coal - British Columbia, Canada - Expect Production late 2019
We have a base case valuation of A$0.37/share for Telkwa - this is based on the small scale operation, and we see significant upside to $0.82/share in this with the ultimate, full-scale operation,...
9/22/2017 Read more...

COMPANY PROFILES

Spitfire Materials Limited (ASX: SPI, FSE: 4SF) - Building An Australian Gold Developer - Pilbara, WA
Most recently, the Company has announced a merger with Aphrodite Gold Limited (ASX: AQQ, “Aphrodite Gold”), owners of the Feasibility-level 1.26Moz Aphrodite Gold Project (“Aphrodite”). The Company...
10/30/2017 Read more...
Gold Mountain Limited (ASX: GMN) - Set To Commence Drilling - Gold - Highlands, PNG
The Company has recently raised ~A$5.0 million at A$0.10/share, with this including a 1 for 2 free attaching A$0.15 unlisted option with an expiry two years from the date of issue. The aim of...
9/26/2017 Read more...
Tyranna Resources (ASX: TYX) - Excellent Results to Date - Gold - WA
Exploration over Jumbuck, both historically and by Tyranna, has defined a number of occurrences of gold mineralisation similar to that at Challenger, with the current Tyranna resource defined in five...
9/6/2017 Read more...
Sipa Resources Ltd (ASX:SRI) - Activities Update - Strong Exploration Results
With exploration continuing both in Western Australia and Uganda, we would expect steady news flow from Sipa -this exploration includes a diamond drilling programme due to commence shortly at Obelisk....
8/6/2017 Read more...
Middle Island Resources (ASX: MDI) - Initiation of Coverage - Gold - WA
Sandstone is differentiated by being on granted mining leases, and having a 600,000tpa CIP treatment plant and associated infrastructure on site that could be refurbished relatively quickly and for...
8/6/2017 Read more...

LISTED MANAGED INVESTMENTS

Mirrabooka Investments Limited (MIR) - Rating Upgrade
IIR has upgraded its rating to “Highly Recommended”for MIR. IIR has always held MIR and similarly its sister strategy, AFI, in high regard, with a strong team and investment committee, transparency,...
11/12/2017 Read more...
LMI Monthly Update - International LICs Performing Strongly
We look at the performance of listed investment companies and listed investment trust for the 12 months to 30 September 2017 and found that LICs with an international focus were the best performers,...
11/12/2017 Read more...
LMI Research - Rating Suspension for Aberdeen Leaders Limited (ASX:ALR) - Full Review of ALR is Underway
We are suspending our “Recommended” rating for ALR following the announcement of the change in management arrangements. This is not a comment about the internalisation of management, but a necessary...
10/19/2017 Read more...
LMI Research - Monthly Sector Review with Latest LMI News in the Sector
We cover all the listed managed investments based upon our own data collected in the sector. We also look at the most recent news in the sector....
10/4/2017 Read more...
K2 Australian Small Cap Fund (Hedge Fund) (ASX: KSM)
K2 Australian Small Cap Fund, is an Active Exchange Traded Fund (Active ETF). KSM was listed in December 2015 and is one of two Active ETFs managed by K2 Asset Management Ltd. KSM provides exposure...
9/26/2017 Read more...

UNLISTED INVESTMENTS

CBG Australian Equities Fund - ASX 100 Stocks - Benchmark Unaware, Style Neutral Approach To Investing
Prior to 2016 the Manager had a solid track-record of generating alpha. However, 2016 was a poor year for the Fund, materially under-performing the benchmark. ...
5/9/2017 Read more...
Forager International Shares Fund - Long-Only, High Conviction International Equities
The Fund’s level of historic beta and correlation to the index has been surprisingly high but, by the Manager’s own statement, we expect the high conviction nature of the portfolio to only increase...
2/26/2017 Read more...
Australian Property Opportunities Fund
The Australian Property Opportunities Fund I (the Fund or APOF I) is an unlisted property fund that provides exposure to small-to-mid-value ($15-$50M) commercial property in east coast Australia....
2/19/2017 Read more...
Australian Property Opportunities Fund II
The Fund is managed by Fort Street Real Estate Capital (the Manager), a JV between Dixon Advisory (of which Walsh & Company is a wholly owned subsidiary) and Fort Street Advisers....
2/19/2017 Read more...
URF Notes III
The URF Notes III (the Notes) are unsecured debt obligations of the US Masters Residential Property Fund (the Fund or URF), which is managed by URF Investment Management Pty Ltd (the Manager). They...
2/19/2017 Read more...