Equity Research Coverage Reports

US Masters Residential Property Fund (ASX:URF) - Portfolio Value Continues To Rise - Healthy Balance Sheet
Monday, May 11, 2015
The Fund has continued to expand its property portfolio albeit at a slower pace than previous years. The Fund has largely done this with equity raised to date. In the 2H’2014, the Fund expanded its bank borrowings by US$90m and raised $150m through the issue of unsecured notes.
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US Masters Residential Property Fund (ASX: URF) - FY15 Results - Revenue & Profit Increases
Wednesday, February 11, 2015
Revenue was up 62.7% in FY15 on the pcp, largely as a result of significantly improved rental income of $22m, up 58.6% on the pcp and slightly above our forecast rental income of $21.3m.
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Codan Limited (ASX: CDA) - Metal Detection Devices/ Other Communication Tech - Results Jan 16 - Revenue Down But Profit Up
Monday, January 12, 2015
1H’16 revenue was $65m, down 4.8% on the pcp, primarily as a result of the decline in revenues from the Radio Communications division. Despite the decline in revenue, gross profit improved to 54.5% from 52.7% in the pcp. EBITDA and net profit also improved. EBITDA was up 7.3% to $14.7m and net profit was up 8.9% to $6.1m, year on year. EBITDA margins improved to 22.6% in 1H’16 from 20.1% in the pcp.
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Suda Limited - (ASX: SUD) - Delivering Drugs through Oral Sprays - Transaction focus in 2014
Tuesday, January 6, 2015
Since our Initiation of Coverage in February 2014, the company has made a number of advancements in the development of the product portfolio, particularly with respect to ArtiMistTM.
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Austin Exploration Limited (ASX: AKK) - Oil & Gas - Eagleford & Colorado
Thursday, July 3, 2014
AKK has economic interests in four oil and gas projects in the USA, with net acreage of 15,135. The two key projects are the (i) Birch Eagle Ford Project, which is a 5,000 acre tenement located in Burleson County, Texas that has capacity for 64 wells; and (ii) Pathfinder Project, which is an 11,560 acre tenement
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