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EQUITY RESEARCH

TNG Limited (ASX:TNG) - Vanadium Titanium Iron Project - Significant Progress Towards a Planned Mid 2018 Final Investment Decision
We have increased our base case, risked target price per share from A$0.41 to A$0.51. This is due to our increase of the risk factor from 60 to 65% given recent activities, and an increase in our...
4/2/2018 Read more...
Kalium Lakes Limited (ASX: KLL) - Scaleable Potash Project - Fully Funded to BFS - Highest Grade of Brine in Australia
Our base case is the 75Ktpa start, expanding to 150Ktpa, giving a Net Present Value at a 10% discount rate of A$1.00/sh, rising to A$1.61/sh if the project is expanded to 300Ktpa. At a share price of...
4/1/2018 Read more...
Tinybeans Group Limited (ASX: TNY) - Social Media Platform - Revenues from advertising from brands that Target the Baby / Child Sector - US Market
IIR has a 12-month price target of A$1.50 per share based on our underlying earnings assumptions and DCF valuation. The Company has a proven product and business model. TNY offers a strong selling...
3/25/2018 Read more...
Stonewall Resources Limited (ASX: SWJ) - Near Development, Fully Permitted Low Cost Gold - South Africa
We have an indicative valuation range of A$0.018 to A$0.058/share, with a preferred midpoint value of A$0.038/share. The current global resources of 28.2Mt @ 4.34g/t are relatively high grade when...
3/18/2018 Read more...
Codan Limited (ASX: CDA) - Better Than Expected Earnings Result - Valuation Revison
We have revised our target price for CDA up to $2.72 from $2.51 per share in our report published in September 2017. This represents an 11.5% premium to the share price at 13 March 2018. The Minelab...
3/14/2018 Read more...
Allegiance Coal (ASX:AHQ) - Considerable Progress - British Columbia, Canada - Valuation Revision
We have updated our valuation for Telkwa, with the total risked company value increasing from A$83.5 million to A$125.2 million. However, due to dilution from the October 2017 placement and the...
3/11/2018 Read more...

COMPANY PROFILES

Technology Metals Australia Limited (ASX: TMT) - World Class Vanadium Deposit - Metallurgical Test Work to Date Very Positive
With an undiluted enterprise value of ~ A$14 million and at a multiple below that of peers, the Company could be considered undervalued and is well leveraged to success in advancing Gabanintha and...
3/14/2018 Read more...
Riva Resources Limited (ASX: RIR) (To be Renamed Hylea Metals Limited) - Near TermCobalt & Scandium Upside
Riva’s immediate focus will now be on activities, including drilling to work towards an initial Mineral Resource Estimate (“MRE”), with positive drilling results and initial resources being a key...
3/11/2018 Read more...
Roman Kings Limited Initiation - January 2018, RTO Listing March 2018, Gold, WA.
Roman Kings Ltd (“RKG” or “the Company”), is an unlisted public company, in the process of listing on the ASX as Roman Kings Limited (under the planned code “RKG”) through a backdoor listing via...
1/28/2018 Read more...
PolarX Limited (ASX: PXX) - Copper - Compelling Exploration Targets - Alaska, United States
Exploration to date over the Project as a whole has highlighted an almost continuous zone of copper anomalism over a NE trending strike length of ~35km -With an EV of ~A$23 million, the Company has a...
1/21/2018 Read more...
Sayona Mining Limited (ASX: SYA) -
Sayona Mining Limited (ASX: SYA, “Sayona” or “the Company”) has made solid progress on all fronts since our July, 2017 initiation report. We have updated our valuation for Sayona, with this resulting...
1/21/2018 Read more...

LISTED MANAGED INVESTMENTS

Listed Investment Quarterly Review - Our Research Review of the LICs that participate in IIR's LIC Research Scheme based on data collected by our Research Team
Our Research Coverage of LICs continues to grow and we now have the widest coverage of LICs as compared to any other research house. We...
4/2/2018 Read more...
eInvest Income Generator Fund - (Expected ASX code: EIGA) - Mirrors the Strategy Perennial Value Shares for Income trust (PVSFI)
IIR holds the Manager in high regard, with a strong and stable team and investment committee, proven processes and solid performance track-record. Structurally, the Fund will benefit from its listed...
3/21/2018 Read more...
MCP Master Income Trust (ASX: MXT) - Debt-Specialist Fund Manager - Exposure To a Portfolio of Loans to Australian Companies
IIR ascribes the MCP Master Income Trust a “RECOMMENDED PLUS” rating. MXT represents something of a unique investment proposition for Australian retail clients, providing exposure to a diversified...
3/19/2018 Read more...
Antipodes Global Investment Company Limited (ASX: APL) - Global Equities, High-Conviction Portfolio, Proven Track-Record, Highly Experienced Team
The long portfolio has materially outperformed the benchmark while currency has added slightly in excess of the targeted 1.5% p.a. alpha returns. We note alpha attribution by sector and geography...
3/18/2018 Read more...
Lowell Resources Fund (Expected ASX Code: LRT) - High Risk-Return Investment - Concentrated Portfolio - Junior Resource Companies
The small investment team has diverse and directly relevant experience in the resources sector, with both members being qualified geologists and significant experience in resources financing and...
3/11/2018 Read more...

UNLISTED INVESTMENTS

Microcap Managers Continue to Outperform ETF’s
Stand out performances from the active managers in the quarter came from microcap vehicles managed by OC Funds Management, Wilson Asset Management and Acorn Capital. With Acorn’s LIC The Acorn...
1/30/2018 Read more...
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...