Equity Research Coverage Reports

US Masters Residential Property Fund (ASX: URF) -US Residential Property - Increased Costs Overshadow Improved Revenue -
Monday, April 3, 2017
The Company reported a net loss after tax of $45.1m on the back of increasing costs. Revenue continued to improve, up 33.4% on the pcp, driven by increased rental income. Rental income continues to improve as the number of properties leased increases. The Fund reported a loss before tax of $27.0m, its first full year loss before tax since listing in 2012.
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Hastings Technology Metals Limited (ASX:HAS) - Near Development Rare Earths - WA - Price Target at $0.136
Tuesday, March 28, 2017
With combined neodymium and praseodymium (commonly referred to jointly as “didymium”) grades of ~0.4%, or 33% of the total rare earths oxide ("TREO") grade of 1.18%, Yangibana has a relatively high content of these two rare earths oxides (“REO”) that are considered to provide the strongest growth potential in the rare earths space over the short to medium term.
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Spring FG Limited (ASX: SFL) - Highly Complimentary Acquisition
Thursday, March 23, 2017
Spring FG (ASX: SFL) has announced the acquisition of financial service organisation Financial Choice Pty Ltd for a total commitment of $4.8M. While Financial Choice provides a range of financial services, SFL has more extensive capabilities related to financial management including property, taxation, mortgage and insurance services. We expect SFL to enhance the revenue stream of the merged group over time by cross selling its product suite.
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Codan Limited (ASX: CDA) - Outperformed Across All Its Business Units in 1H17
Monday, March 13, 2017
The company delivered revenue growth of 59.9% on the pcp to $103.9m and NPAT growth of 265% to $22.2m. Earnings was up across all three divisions with the Tracking Solutions division delivering its maiden profit. The sale of higher priced products saw the company deliver significantly improved margins for 1H17, with sales of the GPZ 7000 gold detector a key driver.
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Lithium Power International (ASX: LPI) - Advanced High Grade Lithium Asset - Chile
Wednesday, March 1, 2017
We have a valuation range of A$0.83 - A$1.25 per share for LPI, with a mid-point of A$1.04 per share, with 90% ascribed to Maricunga. The recently completed drilling and tenement consolidation have highlighted the potential to significantly increase the current resource at similar grades to the existing – as part of the current final feasibility study LPI will be releasing an updated JORC 2012 compliant resource in Q2, 2017.
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