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March 2, 2021
Equity Research Coverage

iCollege Limited (ASX: ICT) – Strong Domestiic Demand in Healthcare Training for COVID offsets Income not Generated from Overseas Students

ICT is an Vocational Education Training (VET) provider delivering accredited and non-accredited education and training solutions. In response to the economic impact stemming from the COVID-19 pandemic, the Federal, State and Territory Governments announced a number of stimulus packages for the VET sector - The company has directly benefited from these grants off setting any income that was expected from Overseas Students....
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March 2, 2021
Equity Research Coverage

BNK Banking Corporation Limited (ASX: BBC) – Update – Aggregation Segment Continues to Drive Loan Book Growth

We have upgraded our price target from $1.12 to $1.19 per share. This represents a 63% premium to the share price of $0.73 at 22 February 2021. The upgrade is driven by two key factors: (1) Faster than expected growth in the Aggregation segment in 1H’FY21 has offset a reduction in forecast net interest income due to a reduction in forecast settlements in the Wholesale segment and declining interest rates, and........
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September 7, 2020
Equity Research Coverage

BNK Banking Corporation Limited (ASX: BBC) – BBC Posts Strong Growth In Uncertain Times –

We have assigned BNK a value of $1.12 per share. The valuation is based on a PE multiple of 10x the FY21 forecast EPS plus the current value of the net trailing commission receivable per share. This represents an upside of 72.3% on the share price of $0.65 at 4 September 2020....
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February 11, 2020
Equity Research Coverage

De.mem Limited (ASX: DEM) – Singaporean-Australian Based – De-Centralised Waste Water Treatment Solutions – Modularised, Membrane Technology

IIR believes DEM is strongly positioned for growth based on its unique and proprietary portfolio of membrane technologies, its specialist engineering skills and its growth strategy, with the practical foundations of the latter now firmly in place. Its technology portfolio of different membrane technologies combined with the Company’s engineering solutions enables the Company to position itself as a ‘one-stop-shop’ water treatment solutions provider in its target markets...
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January 13, 2019
Equity Research Coverage

SelfWealth Limited (ASX:SWF) – Industrials – SMSF ETF/ Retail Broking/ Model Portfolios

SelfWealth is undoubtedly a high risk, high return investment proposition. We believe the Company’s core IP provides a compelling and unique value proposition. We expect the solution and the ETF - an ETF powered by SMSFs for SMSFs - will resonate strongly with the target market. However, notwithstanding these positives, there is substantial uncertainty regarding the degree of commercial traction of both the ETF and the core model portfolio software solution....
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October 4, 2018
Equity Research Coverage

Family Zone Cyber Safety Limited (ASX: FZO) – Internet Parental Control and Cyber Security Product and Service Provider – US/

The Family Zone platform successfully enables parents, or schools, to establish user specific internet access restrictions for any user, any device, and from anywhere....
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October 4, 2018
Equity Research Coverage

Codan Limited (ASX: CDA) – Sales Revenue Increase – Target Price Revised to $3.30 from $2.72

We have revised our target price for CDA up to $3.30 from $2.72 per share in our report published in March 2018. The Tracking Solutions division is expected to experience significant growth in FY19, although will remain a small portion of the company’s overall business....
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March 25, 2018
Equity Research Coverage

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 proposition for brands operating in the infant space. Its users are millennial parents with modern and connected families and who have a high level of trust in the platform....
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March 14, 2018
Equity Research Coverage

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 division performed better than expected which has led us to revise our expectations for the division upwards, however, the Radio Communications and Tracking Solutions divisions underperformed expectations which has led us to revise downwards our expectations...
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