Our Research

Equity Research Coverage

IIR provides analyst coverage on companies providing fundamental analysis complete with a valuation, and commentary on all market sensitive announcements over the term of coverage, which is generally twelve (12) months not that dis-similar to a Broker style coverage Our research does not provide a recommendation (eg Buy, Sell & Hold) (without any corporate activity inherent bias).

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March 2, 2021

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

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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March 2, 2021

IIR Pharma & Biotech Index

We thought we’d kick off the year by taking a look at the top performing companies in the index for 2020. The top 10 performers are tabled below. There were some impressive returns for some of the companies in the index with 29 companies share prices rising by 100% or more....
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November 10, 2020

Pan Asia Metals Limited (ASX: PAM) – Tungsten and Lithium Projects located in Thailand – By-products including, sulphate of potash (“SoP”), a high quality Potassium Fertiliser

Pan Asia Metals (“Pan Asia” or “the Company”) is a recent listing on the ASX, with a focus on developing “critical” metals projects in the emerging economic powerhouse of SE Asia....
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October 12, 2020

Great Southern Mining (ASX:GSN) – Ongoing Exploration Success – The Company has Assembled a highly Prospective Portfolio of Properties in Western Australia and Queensland

Activities over the past 11 months have yielded very encouraging results for Great Southern Mining...
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September 7, 2020

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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August 24, 2020

Prescient Therapeutics Limited (ASX: PTX) – Next Gen CAR-T Platform a Potential Game Changer

PTX is a clinical stage oncology company with a focus on developing targeted and cellular cancer therapies. Targeted therapies are a focus for anticancer drug development, with the aim of personalising treatment based on a person’s genes and proteins to prevent, diagnose and treat the disease...
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June 18, 2020

Triangle Energy (Global) Limited – Leverage to Recovering Oil Prices – Low Cost Pathway to Production

Our base case valuation of Triangle Energy is A$0.14/sh per share. 50% of that value is driven by risked exploration upside. Our risk factor is 20%. The valuation ranges in the table below assume long term oil prices of A$55/bbl at the low end to A$95/bbl at the high end. Given historical oil prices, this is not an aggressive price range....
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June 18, 2020

Blue Star Helium Limited (ASX: BNL) – Highly Prospective Geology – Strong Competitive Position – Colorado, USA

We cannot value Prospective Resources and there are no easily comparable pure play helium companies that can be used as valuation comparisons. We have constructed a Indicative Financial Model of what a project would look like based on reserves the same size as the announced Prospective Resource. At an ex-field selling price of US$200/Mscf for A Grade helium, that Indicative Project would be worth between US$18 million and US$176 million...
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