Sector report cover
Oil & Gas

08/08/2017
Oil & gas macro outlook
Download via: Website

The oil sector is firmly in a new cycle, with a dramatically lower cost profile across the industry. Inventories in the US remain at elevated levels (only just below last year’s record levels). Although demand growth is steady, the production growth from the US shales alone is seen to be enough to provide for this growth from (Q217-Q218), with OPEC playing a role as the swing producer to cover seasonal variation. The market agrees, and the forward curve has progressively lowered and flattened over the last 18 months. We lower our long-term oil price assumption to $70/bbl in 2022 (equivalent to c $60/bbl real in 2016).

read more...

Companies mentioned

Sector report cover
Pharmaceutical & healthcare

21/06/2017
ASCO 2017
Download via: Website

Edison attended the 2017 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, US, on 2-6 June. This year the main focus was chimeric antigen receptor (CAR) T Cell therapies, in particular CARTs targeting BCMA from Bluebird Bio and Nanjing Legend; and immuno-oncology (IO) combinations such as IDO1/PD-1 inhibitors and new targets like LAG3 and GITR. Targeted therapies also took centre stage, particularly Loxo’s larotrectinib and AstraZeneca’s Lynparza, along with Roche’s APHINITY data. Finally, we also present data from companies under our coverage: Hutchison China MediTech, MorphoSys, PharmaMar, Prima Biomed and Viralytics.

read more...

Companies mentioned

Sector report cover
Technology

29/03/2017
Reality Bytes
Download via: Website

Voice is where much excitement and hype is to be found. Every ecosystem is developing a voice controlled digital assistant with which it hopes to enrich Digital Life and control the homes of its users. However, we find that voice suffers from significant limitations meaning that the user experience and functionality that it can offer is inferior to what can be achieved using a visual device. This combined with the fact that the intelligence of voice based systems remains rudimentary at best means that voice is unlikely to replace screens any time soon.

read more...

Companies mentioned
Mobile ecosystems

Sector report cover
Technology

24/02/2017
Mobile ecosystems
Download via: Website

The difference between men and boys will be the brains of their toys. Artificial intelligence (AI) promises to substantially improve the Digital Life services offered by the ecosystems that has underpinned a period of feverish investment. Despite this activity, developments are at a very early stage with none of the big challenges of AI being close to being solved. It is the search engines that are ahead in AI followed by Apple, Microsoft and Amazon. AI remains the Achilles’ heel of Facebook.

read more...

Companies mentioned

Sector report cover
Technology

08/02/2017
Mobile ecosystems
Download via: Website

Low to zero device growth means that revenue is becoming increasingly critical to the ecosystem. Edison’s new monetisation model benchmarks ecosystems that monetise via advertising and subscription and facilitates the comparison with those that monetise through hardware. Although Google has benefited from iOS’s recent strength, there are real cracks appearing in its ecosystem that need to be addressed urgently. Elsewhere, Twitter remains gridlocked, while Yahoo fails to execute. Facebook has the most potential.

read more...

Companies mentioned

Sector report cover
Oil & Gas

14/12/2016
Oil & gas macro outlook - Accelerated rebalance
Download via: Website

On 30 November 2016, OPEC and select non-OPEC oil exporters agreed to cut output by a combined 1.76mmb/d in 2017, prompting us to review our short-term oil price assumptions. OPEC views this as a necessary catalysis of the rebalancing process to secure medium-term oil supply and the role of crude oil within the global energy mix. Assuming OPEC’s 14 members (OPEC-14) and Russia comply with >70% of pledged output reductions in early 2017, we expect global inventories to fall in Q217, reaching the top of their five-year range by the end of 2017. We estimate that OPEC compliance will accelerate crude oil inventory draws by around six months from earlier IEA forecasts (November 2016 oil market report). We maintain oil price assumptions in line with the EIA at $51.7/bbl in 2017, rising to $70/bbl (real) long term – minor adjustments from our forecasts in June 2016.

read more...

Companies mentioned

Sector report cover
Investment Companies

22/09/2016
Listed Private Equity - The opportunities and challenges for investors
Download via: Website

In the first part of a series of reports on listed private equity (LPE), we examine the key opportunities and issues for investors.

read more...

Companies mentioned

Sector report cover
Oil & Gas

09/06/2016
Oil & gas macro outlook - Tightening market buffered by abundant inventories
Download via: Website

Oil price volatility remains high, with Brent crude having risen $17/bbl or 51% since our last macro outlook in January 2016. Since then we have seen supply affected by a 1.2mmbpd reduction in Canadian output due to wildfires, combined with underinvestment and instability-driven supply interruptions across OPEC members Venezuela, Libya and Nigeria. Some of these temporary supply effects will reverse over the coming months; nonetheless, we expect the oil market to tighten over 2016. Although record levels of inventory and uncertainty over the sustainability of emerging market demand growth may limit near-term price gains, longer term, we expect prices to rise to c $70/bbl in line with levels required to incentivise non-OPEC supply expansion. Our short-term oil price assumptions remain aligned to EIA STEO forecasts at $43/bbl Brent in 2016 and $52/bbl in 2017.

read more...

Companies mentioned

Sector report cover
Mining

29/01/2016
Mining Research Principles - Finding fundamental value
Download via: Website

Launch of Mining Research Principles Edison prides itself on the quality, consistency and robustness of its research. At the heart of its mining research are principles that ensure that our coverage is insightful, accurate, comparable and relevant to all investors interested in the global mining industry. Today we are publishing for the first time a comprehensive document that takes readers through the processes and principles we apply to our mining research, which in turn ensures our coverage consistently meets the standards investors and companies expect of us. We hope you enjoy reading this important document and we welcome all comments.

read more...

Companies mentioned

Sector report cover
Oil & Gas

27/01/2016
Oil & gas macro outlook - Oversupply short term, lower break-even long term
Download via: Website

The oil markets have been in turmoil now for 16 months, with January 2016 trading the most tumultuous we have seen in years. Crude prices have plummeted to levels not seen since mid-2004 and both slowing Chinese demand growth and Iranian exports are weighing heavily on the market. We align our short-term forecasts to the EIA, which does not expect a reversal in inventory builds until H217. This reduces our forecasts for Brent in 2016 and 2017 to $40/bbl and $50/bbl respectively. Longer term, a fundamental shift in costs is likely to result in a lower break-even for marginal cost producers; this sets the base for our long-term oil price assumption. As a result, we reduce our long-term Brent assumption from $80/bbl to $70/bbl.

read more...

Companies mentioned

Sector report cover
Oil & Gas

15/10/2015
Oil & gas macro outlook - The stage is set for a firming price trend
Download via: Website

The stage is set for a firming price trend. The oil market has been in hefty surplus in 2015. This contributed to light crude prices plumbing six-year lows and falling below long-run marginal costs. However, we believe a market transformation is underway, led by sharp cutbacks in capex and recovering demand. Significantly, US production is now trending decisively down after the resilient showing in H115. We expect this trend to gather pace in the coming months and contribute to declines in non-OPEC output in 2016 and 2017. After a lacklustre fourth quarter, we see scope for firming prices in 2016-17 as evidence of market tightening becomes increasingly apparent. Despite a more cautious stance in October over global supply/demand balance, the oversupply situation is nowhere near as loose as a year ago. In the medium term, shale oil development and the Saudis’ desire to head off competition from renewables will probably keep prices well below the highs of 2011-14.

read more...

Companies mentioned

Sector report cover
Technology

13/10/2015
Mobile ecosystems
Download via: Website

The days of walled gardens have passed and users can now come and go as they please. This results in users being able to pick and choose the services they want from different ecosystems. Our analysis clearly indicates the number of services that a user takes from any one ecosystem will have a non-linear impact on the amount of value that the ecosystem owner can extract in the long term. The iPhone 6 has allowed the iOS ecosystem to extend its lead over principal competitors Google and Microsoft. Facebook and Xiaomi are the two emerging players that warrant close observation.

read more...

Companies mentioned

Sector report cover
Pharmaceutical & healthcare

09/06/2015
ASCO 2015 – key takeaways
Download via: Website

The annual American Society of Clinical Oncology (ASCO) meeting traditionally provides a snapshot of the most exciting clinical programs and science in the field of oncology, a disease category where around 40% of biopharmaceutical research is focused. After three and a half days of clinical/scientific presentations and conversations with key opinion leaders and community oncologists, you get a great sense of where the treatment of cancer is headed.

read more...

Companies mentioned

Sector report cover
*Multiple Sectors

22/05/2015
ASX Spotlight conference book May 2015
Download via: Website

Edison Investment Research is delighted to be working with ASX on its upcoming Spotlight Conferences in Singapore and Hong Kong on the 26 and 28 May. Below please find a link to the report Edison has produced for the event. It features profiles for each of the participating companies. We would like to thank ASX and the companies involved for their cooperation.

read more...

Companies mentioned
Anteo Diagnostics , Otto Energy , Bionomics

Sector report cover
Oil & Gas

18/05/2015
Nodding Donkeys - The musings of the Edison Oil and Gas team since March 2015
Download via: Website

Edison’s Oil and Gas team has a great deal of knowledge in the sector, with decades of cumulative experience on the buy side, sell side as well as technical and management roles in industry.

read more...

Companies mentioned

Sector report cover
Oil & Gas

01/05/2015
Oil & gas macro outlook - The market is returning to equilibrium
Download via: Website

Since the 2015 first quarter lows, light crude oil prices have risen by around 30% despite inventories rising to record levels. Rather than inventories, the market has chosen to focus on one of the sharpest drops in the US rig count on record and the potential for a weakening US production trend in the coming months. While the lows for this cycle have probably been seen, we believe the price trend could soften near term reflecting hefty inventories and buoyant OPEC supply. The issue of Iranian exports could also weigh on prices ahead of the end June deadline for a final agreement between the world’s major powers and Iran over its nuclear programme. Looking at the balance of 2015, however, we continue to expect an upward trend in prices as the market returns to equilibrium driven by slowing non-OPEC supply growth and firming demand.

read more...

Companies mentioned

Sector report cover
Technology

23/03/2015
NZ - Edison talks tech
Download via: Website

The rapid pace of development and diversity within the technology sector make it both one of the most rewarding and the most challenging to play from an investment perspective. As the rate of innovation accelerates across so many different disciplines and so many vertical and geographical markets, so the opportunities for value creation are increasing. Equally, gaining an in-depth understanding of the investment case becomes more challenging, as technology becomes more involved, the pace of development accelerates, business models change and competition globalises. At Edison, we feel we have built a unique global platform for bridging this gap and our inaugural Australia and New Zealand ‘Edison Talks Tech’ conferences are an important new component in this. We hope you find them enjoyable, informative and effective.

read more...

Companies mentioned
Vista Group International , Smartpay Holdings , Serko , ikeGPS Group , Rex Bionics , VMob Group , SLI Systems

Sector report cover
Consumer Support Services

23/03/2015
AUS - Edison talks tech
Download via: Website

The rapid pace of development and diversity within the technology sector make it both one of the most rewarding and the most challenging to play from an investment perspective. As the rate of innovation accelerates across so many different disciplines and so many vertical and geographical markets, so the opportunities for value creation are increasing. Equally, gaining an in-depth understanding of the investment case becomes more challenging, as technology becomes more involved, the pace of development accelerates, business models change and competition globalises. At Edison, we feel we have built a unique global platform for bridging this gap and our inaugural Australia and New Zealand ‘Edison Talks Tech’ conferences are an important new component in this. We hope you find them enjoyable, informative and effective.

read more...

Companies mentioned
Redflex Holdings , nearmap , My Net Fone , Freelancer , Crowd Mobile , Smartpay Holdings , Catapult Group International , Serko , Migme , VMob Group , TZ Limited , SLI Systems

Sector report cover
Technology

18/03/2015
Mobile ecosystems
Download via: Website

Ecosystems are becoming more sophisticated as users do more with their devices. Consequently, how one ecosystem differs from another is becoming less obvious. We have introduced four new laws of robotics to better evaluate the different players. iOS continues to gain in strength, while Google is still struggling with software problems. The lead challengers are Microsoft, Xiaomi and Yahoo! all of which have a lot to do.

read more...

Companies mentioned

Sector report cover
Oil & Gas

25/02/2015
Catalytic converter - Five themes from oil majors’ 2015 updates
Download via: Website

As the Big Oil year-end 2014 reporting season draws to an end, we reflect on the main messages from the strategy updates. Based on current guidance, majors’ organic capex is set to fall around 13% in 2015, after four straight years of capex hikes. Spend could drop more as service costs are seen declining 20-30% from their 2014 peak. Exploration and pre-FID projects – notably expensive, complex projects such as deepwater, LNG and oil sands – are prime targets for investment cuts. Base capex in high-cost regions is also being trimmed, which should accelerate global decline rates. Majors appear keener on divestments than acquisitions for now, but we would expect to see opportunistic mid-sized asset deals. In our view, Big Oil’s focus on dividends may be preventing managements from acting more countercyclically in a downturn.

read more...

Companies mentioned

Sector report cover
Oil & Gas

25/02/2015
Exploration watch - Drilling returns to the Falklands
Download via: Website

‘Exploration watch’ is a regular Edison publication focusing on upcoming exploration activity and the impact on notable E&Ps. In this inaugural edition, we look at the upcoming campaign in the North Falklands Basin where the first well, Zebedee, is due to spud in March 2015. This campaign, targeting c 350-600mmbbl, is often referred to as ‘exploration’; however, it includes a significant element of low-risk exploration together with an appraisal opportunity, especially for those looking to expand on the existing Sea Lion footprint. With Sea Lion development FID expected in 2016, appraisal and low-risk exploration elements of the upcoming Zebedee, Chatham and Jayne East wells could all add high-value barrels to the existing 393mmboe of contingent resources identified to date. The biggest exploration targets, however, lie 40km to the south of Sea Lion where the Isobel/Elaine complex could be as big again as Sea Lion. The Falklands has seen no exploration drilling for over two years, so this campaign will be a welcome return for investors interested in what is still essentially a frontier region.

read more...

Companies mentioned
Falkland Oil & Gas , Premier Oil , Rockhopper Exploration

Sector report cover
Oil & Gas

30/01/2015
Catalytic converter - Inertia in US shale continues
Download via: Website

As the oil market awaits a negative supply response to the sharp correction in crude prices since mid-2014, we suggest a period of inertia may be ahead, with oil production, particularly from US shale, holding up in the near term. Supporting this inertia we see falling service costs, improved operating efficiencies and significant hedging as combining to sustain near-term activity. Hence, while a price correction is likely in the medium term, we forecast crude prices to remain subdued at current levels for the remainder of 2015, for which we estimate an average crude price of $52.5/bbl for the year. As 2015 capex cuts bite, hedges unwind and funding becomes increasingly difficult to secure, we expect this will form the foundation of a recovery early in 2016, where we estimate an average of $72.5/bbl will be achieved for the full year.

read more...

Companies mentioned

Sector report cover
Oil & Gas

14/01/2015
Oil & Gas - Macro Outlook: Current prices are not sustainable
Download via: Website

The oil market was late in appreciating the significance of the shale revolution and slowing demand growth. Arguably, however, the 50% plunge in prices in the second half of 2014 was excessive and is setting the scene for a rebound. Sub $60/barrel prices are below fully accounted costs for a wide swathe of projects. Sharp investment cutbacks are likely, which is particularly relevant for high depletion rate shale oil producers. The price trend may remain soft during early 2015 reflecting a continuing supply surplus. By the second half, however, we would expect a firming tendency once the significance of financing constraints and likely slowing US production growth are assimilated. Medium term, we believe a price ceiling could emerge at $75-80/barrel given the new found elasticity of supply through shale development, capacity additions in Brazil, Canada and Iraq and structural issues slowing demand growth.

read more...

Companies mentioned

Sector report cover
Oil & Gas

03/12/2014
Catalytic converter - Crude oil prices: A range-bound future
Download via: Website

Last week’s OPEC meeting has fuelled the continuing slide in crude oil prices that began back in June 2014. With crude oil prices down c 40% since that time and no sign of support from either OPEC or non-OPEC producing nations, the world has had to wake up to the burgeoning level of oversupply hampering the crude oil markets. Driven by booming oil shale activity, US oil production reached 8.9mmb/d in October, within reach of Saudi Arabia at 9.75mmb/d. From this perspective it was clear something had to be done. With the industry now beginning to cut spending in response to weaker pricing, we expect that a material reduction in US oil output, and by consequence a stabilisation in crude prices, is on the horizon. In the interim we expect pricing to remain weak, with key investment opportunities in the upstream sector being low-cost operators with significant cash and low debt. We reduce our 2015 oil price expectations to $75/bbl for Brent and $70/bbl for WTI, while leaving our long-term view unchanged at $80/bbl.

read more...

Companies mentioned

Sector report cover
Alternative Energy

24/11/2014
Renewables rising - Sector primer
Download via: Website

With regard to renewables, those lyrics, “Here Comes the Sun”, finally seem to be coming to fruition, as evidenced by the recent performance of many companies in the alternative energy/renewables sector. The recent plethora of yield company spin-offs, as well as similarly missioned “total return” companies, has provided visibility to the sector, validating it further, and offering investors a unique way to play the alternative energy/renewables space in terms of both yield and growth potential. While volatility is likely to be high, overall, we are bullish on the alternative energy/renewables sector, and believe the “total return” concept offers investors the potential for diversification, higher yield and more secured cash flows associated with renewable assets. In this report, we initiate coverage of the alternative energy/renewables sector, and present an overview of climate change, snapshots of the main subsectors and spotlights on select “yieldco/total return” companies in the space.

read more...

Companies mentioned

Sector report cover
*Multiple Sectors

11/11/2014
Deutsche Börse Eigenkapitalforum 2014 Research Guide
Download via: Website

Welcome to the Edison research guide for the Deutsche Börse Eigenkapitalforum 2014. Edison is delighted to be a partner for this event for the third time. This book profiles 75 companies that will be presenting at the Eigenkapitalforum. Connecting a large number of investors with a broad range of companies in a forum like this is moreimportant than ever. Being able to discuss the business model and outlook directly with management is hugely important for investors to identify value. In the same way, it offers quality companies the chance to stand out of the crowd and attract new investors. Thanks to all those who took the time and effort to communicate with Edison’s analysts – your contributions are reflected in the quality of this year’s research guide. The guide opens with a market strategy piece and includes an overview of each sector, as well as conference programme and maps. The company profiles include: • a discussion of the company’s strategy and market position; • a review of the business’s recent financial performance; and • a discussion on valuation based on consensus or Edison estimates. Hard copies of this guide will be available at the forum. Edison is Europe's leading investment intelligence firm, setting the standards for investor interaction with corporates. Our team of over 120 analysts and investment professionals works with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 450 retained corporate and 60 investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Our research can be accessed free of charge at http://www.edisongroup.com.

read more...

Companies mentioned
Activa Resources , Wincor Nixdorf , Reply SpA , REALTECH , Mensch & Maschine Software , INDUS Holding , Jenoptik , Durr , Arbonia-Forster-Holding , PVA TePla , Wacker Chemie , SFC Energy , First Sensor , PATRIZIA Immobilien , DATAGROUP , DO Deutsche Office , All for One Steeb AG , Vietnam Holding Asset Management , NeoStem , CropEnergies , Technotrans , Aurelius , SYZYGY , Phoenix Solar , Lotto24 , TAKKT , SNP Schneider-Neureither & Partner , TransGlobe Energy , Heartland New Zealand , Adler Real Estate , KTG Energie , ifa systems , CENIT , Grand City Properties , StemCells , ZEAL Network , InVision , SinnerSchrader , Erytech Pharma , Sartorius , Nanogate , Leifheit , Lanxess , Albioma , aap Implantate , Prosensa , Thin Film Electronics , Fair Value REIT , artnet , Grammer , Newron Pharmaceuticals , GFT , Mologen , Deutsche Börse , Global Bioenergies , Sygnis , Firstextile , Seven Principles , PSI , TXT e-solutions , BB Biotech , MagForce , Medigene , Stratec Biomedical , Deutsche Beteiligungs , Transgene , Neovacs , MorphoSys , 4SC , Evotec , Epigenomics , Innovation Group , Heidelberg Pharma , Paion , Primary Health Properties

Sector report cover
Technology

15/10/2014
Mobile ecosystems
Download via: Website

The heady days are over. Growth is slowing and competition is growing. There has always been opportunity for change in the mobile industry but both Apple and Google seem to have found the holes in the armour and are moving to address their weaknesses. This puts a time limit on any challenger as the risk is that these two become so big and so ubiquitous that users cannot be bothered to look elsewhere.

read more...

Companies mentioned

Sector report cover
Technology

15/10/2014
German Mittelstand Conference
Download via: Website

Welcome to the Edison research guide for the OktoberINVESTfest. Edison is delighted to be a partner for this event for the second time. This book profiles the 14 German and 13 American companies presenting at the Invest in Bavaria forum in New York on 20 October 2014.

read more...

Companies mentioned
ifa systems , GFT , PSI

Sector report cover
Pharmaceutical & healthcare

13/10/2014
ASX Spotlight Conference book
Download via: Website

Edison Investment Research is delighted to be working with ASX on its upcoming Spotlight Conferences in Singapore and Hong Kong on the 21 and 23 October. Below please find a link to the report Edison has produced for the event. It features profiles for each of the participating companies. We would like to thank ASX and the companies involved for their cooperation.

read more...

Companies mentioned
Benitec Biopharma , Bionomics

Sector report cover
Technology

06/10/2014
Mobile ecosystems
Download via: Website

The heady days are over. Growth is slowing and competition is growing. There has always been opportunity for change in the mobile industry but both Apple and Google seem to have found the holes in the armour and are moving to address their weaknesses. This puts a time limit on any challenger as the risk is that these two become so big and so ubiquitous that users cannot be bothered to look elsewhere.

read more...

Companies mentioned

Sector report cover
Oil & Gas

03/10/2014
Oil & Gas - Macro Outlook: Swimming in oil
Download via: Website

The oil market has finally succumbed to fundamental forces and a strong dollar over the past three months or so. Recently, Brent and WTI have been down almost 20% from the June highs. Significantly, geopolitical issues have been downplayed and instead the market has focused on surging production growth in North America and lacklustre demand. The market has indeed been swimming in oil. OPEC will probably attempt to cut production in the coming months but is likely to have difficulty in accommodating non-OPEC production growth plus rising production in Libya and potentially in Iraq and Iran. We believe OPEC has lost control of the market much as in the second half of the 1980s with the game changer this time around being the US shale revolution and the Alberta oil sands. Near to medium term the outlook remains bearish for oil prices.

read more...

Companies mentioned

Sector report cover
Oil & Gas

27/08/2014
Onshore down under - Oil & gas sector report
Download via: Website

The evolution of the Australian onshore unconventional sector is nearing the sharp end. JVs are largely bedded down, key work programmes are mapped and funded, and the next two years is about execution. In this report we update our August 2013 report by tracking progress of a subset of onshore players. We review macro developments, track well and seismic activity and compare deal flow with our previous report. We also analyse equity performance, and assess how the market has moved relative to company progress. Short-term investor focus appears to be on take-over targets, but we think that focus will revert to activity. With the Cooper Basin programmes in full swing, the event horizon may not be far off. Medium-term focus is on those driving the activity, while investing in the resource plays is more about longer-term positioning.

read more...

Companies mentioned

Sector report cover
Oil & Gas

07/07/2014
Nigeria briefing – Increasing independent presence
Download via: Website

Nigeria is Africa’s major oil producing country, with 2013 volumes of 2.3mmb/d. By far the largest producer in Africa and with the second largest reserves, Nigeria has the potential to grow much further if exploration and development can be encouraged. Civil unrest and thefts have hit investment in the country over the last decade and despite incidents declining, the country still has problems on these fronts, key reasons given for the divestment programmes announced by many of the majors. In this report, we hope to introduce the Nigeria petroleum sector to investors; we discuss the geology and politics and provide brief summaries of the Nigerian sector, from Afren down to micro-caps. Nigeria represents an ever growing investment opportunity in our view. With this in mind, and in conjunction with Instinctif Partners, we look forward to welcoming Century Group, Sea Trucks Group, Seven Energy, Seplat and Control Risks Group to a Nigeria-focused investor day on Tuesday 8 July at our London office.

read more...

Companies mentioned

Sector report cover
Pharmaceutical & healthcare

30/06/2014
Edison healthcare quarterly: It’s getting personal
Download via: Website

Welcome to the Edison healthcare quarterly, which contains profiles of 75 companies under coverage. The book opens with an overview of biomarker programmes within drug development by Philippa Gardner, and the challenges and opportunities these present for the pharma and biotech industry. Incorporating a biomarker programme into drug development with the aim of identifying companion diagnostics (CDx) could offer a number of advantages. These include the ability to identify patients most likely to respond to or better tolerate a given agent, potentially improving the chances of clinical success, regulatory approval and reimbursement from healthcare payers. However, it is only recently that the rate of development and regulatory approvals for targeted agent/diagnostic combinations has accelerated. Herceptin was the flagship for the CDx field and unsurprisingly, the majority of drugs with a requirement for genetic testing remain in cancer. However, biomarker development is broadening to other indications, and companies now seem to be more proactively considering biomarker development at earlier stages of development.

read more...

Companies mentioned
Simavita , Verisante Technology , Regeneus , TESARO , SQI Diagnostics , Celyad , Erytech Pharma , Onconova Therapeutics , Can-Fite BioPharma , aap Implantate , Bellus Health , Mesoblast , Newron Pharmaceuticals , Athersys , DBV Technologies , Mologen , Derma Sciences , Sygnis , ArQule , Clinigen Group , Immutep , LeMaitre Vascular , Cytori Therapeutics , CytRx Corporation , Hutchison China MediTech , Diaxonhit , Proteome Sciences , BioLineRx , TiGenix , MagForce , Orexo , BioInvent , Medigene , Arrowhead Research Corporation , Alexza Pharmaceuticals , Stratec Biomedical , Phylogica , Bavarian Nordic , Dechra Pharmaceuticals , e-Therapeutics , Neovacs , MorphoSys , Evolva , 4SC , Hybrigenics , Evotec , Bionomics , Topotarget , Oncolytics Biotech Inc , Omega Diagnostics Group , Vernalis , Heidelberg Pharma , Paion , Biotie Therapies Corp , Consort Medical , Allergy Therapeutics , Deltex Medical , Oxford BioMedica , GW Pharmaceuticals , Lombard Medical Technologies , BTG , Skyepharma , Futura Medical

Sector report cover
Oil & Gas

02/05/2014
Oil & gas macro outlook: Ukraine supports prices for now
Download via: Website

The trend in international oil prices has been less than robust in early 2014 but firmer than fundamentals might have suggested. Once again, the explanation is geopolitical developments, with Ukraine very much to the fore of late (see pg 6). The Ukraine crisis, however, is unlikely to intensify to the extent necessary to disrupt Russian exports. Neither Russia nor the west could afford such a cataclysmic event, although it is possible that a low-level crisis over Ukraine lingers for some time. We continue to believe that the medium-term outlook is bearish for oil, reflecting burgeoning non-OPEC supplies, the upward trend in Iraq production and likely modest demand growth. A key area of medium-term uncertainty relates to the response of OPEC to rising non-OPEC and Iraqi output.

read more...

Companies mentioned

Sector report cover
Pharmaceutical & healthcare

05/03/2014
Edison healthcare quarterly: A boost for allergy immunotherapy
Download via: Website

Welcome to the Edison healthcare quarterly, which contains profiles of 77 companies under coverage. The book opens with an overview of allergy immunotherapy by Lala Gregorek. Investor interest in allergy immunotherapy (AIT) has been revived by the announcement of Circassia's intended £200m IPO on the London Stock Exchange coupled with positive FDA Advisory Committee (AdCom) recommendations for the approval of three respiratory allergy immunotherapy tablets. These AdCom discussions also have important repercussions for the wider therapeutic modality. The expert panel confirmed significant US market potential for novel AITs and provided insight into FDA requirements for trial design and approval of respiratory AIT products, facilitating the path to approval for other companies looking to enter the US market, including Circassia.

read more...

Companies mentioned
TESARO , SQI Diagnostics , Celyad , Erytech Pharma , Onconova Therapeutics , Can-Fite BioPharma , aap Implantate , Bionor Pharma , Viralytics , Bellus Health , Nanobiotix , Mesoblast , Athersys , DBV Technologies , Mologen , Derma Sciences , OvaScience , Sygnis , ArQule , Clinigen Group , LeMaitre Vascular , Cytori Therapeutics , CytRx Corporation , Cytos Biotechnology , Hutchison China MediTech , NovaBay Pharmaceuticals , Diaxonhit , Proteome Sciences , BioLineRx , TiGenix , MagForce , Orexo , BioInvent , Medigene , Arrowhead Research Corporation , Alexza Pharmaceuticals , Aastrom Biosciences , Sunesis Pharmaceuticals , Stratec Biomedical , Innate Pharma , Phylogica , Circadian Technologies , Transgene , Bavarian Nordic , Synta Pharmaceuticals , e-Therapeutics , Neovacs , MorphoSys , Evolva , 4SC , Hybrigenics , Ablynx , Evotec , Addex Therapeutics , Bionomics , Medcom Tech , Topotarget , Epigenomics , Oncolytics Biotech Inc , Omega Diagnostics Group , Vernalis , Heidelberg Pharma , Paion , Biotie Therapies Corp , Consort Medical , Allergy Therapeutics , Deltex Medical , Oxford BioMedica , GW Pharmaceuticals , Lombard Medical Technologies , BTG , Skyepharma , Touchstone Innovations , Animalcare Group , Futura Medical

Sector report cover
Mining

04/03/2014
ASX Spotlight Conference – London, 6 March 2014
Download via: Website

Edison Investment Research is delighted to be working with ASX on its upcoming Spotlight Conference in London on 6 March. Below please find a link to the report Edison has produced for the event. It features profiles for each of the participating companies. We would like to thank ASX and the companies involved for their cooperation. For more information please contact Will Corkill: (JavaScript must be enabled to view this email address)

read more...

Companies mentioned
Anteo Diagnostics , Benitec Biopharma , Wolf Minerals , Bionomics

Sector report cover
Oil & Gas

03/03/2014
Africa drilling: A defining year - Pan-African 2014 drilling in focus
Download via: Website

2014 is set to be a landmark year in terms of African exploration, especially for investors in smaller independent E&Ps. In this report we look at a group of E&Ps that are targeting over 27bnboe from wells being drilled over the next 12 months that could, in the success case, open up more than 70bnboe of play opening resource. Our analyses take into consideration a range of criteria including resource size, geological and commercial risks, funding constraints and fiscal terms as we seek to identify those companies with the most compelling valuation upside. While almost all companies offer value at current share prices, a few consistently shine brightest across our various analytical lenses.

read more...

Companies mentioned
Genel Energy , Pura Vida Energy , Fastnet Oil & Gas , Tower Resources

Sector report cover
Mining

26/02/2014
Making a case for uranium: Life after Fukushima
Download via: Website

While the uranium sector is still recovering from the Fukushima-induced demand shock, the supply-demand balance is gradually improving supported by production cuts and the HEU expiration. We suggest this creates a base for the spot uranium price to recover from current lows. The potential turnaround in uranium prices should be supportive of uranium equities. As such, we suggest a strategy to play the uranium sector through high-quality exploration companies and near-term producers that offer a low opex/capex entry to the market.

read more...

Companies mentioned
Denison Mines , Energy Fuels

Sector report cover
Mining

24/02/2014
ASX Spotlight Conference – New York, 27 February 2014
Download via: Website

Edison Investment Research is delighted to be working with ASX on its upcoming Spotlight Conference in New York on 27 February. Below please find a link to the report Edison has produced for the event. It features profiles for each of the participating companies. We would like to thank ASX and the companies involved for their cooperation. For more information please contact Will Corkill: (JavaScript must be enabled to view this email address)

read more...

Companies mentioned
Doray Minerals , Anteo Diagnostics , Benitec Biopharma , Bionomics

Sector report cover

06/02/2014
Alternext Review, February 2014
Download via: Website

Edison's analysts have been in contact with the 150 Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company's activities, strategy, recent newsflow and upcoming catalysts. Our analysts have relied on consensus earnings estimates, but have reflected feedback from companies on historic and forecast numbers. Diaxonhit, Esker, Global Bioenergies, Deinove, Hybrigenics, Prodware and Neovacs are clients of Edison Investment Research, and their forecasts are those of the analyst.

read more...

Companies mentioned

Sector report cover
Mining

28/01/2014
Indaba special, 2014
Download via: Website

Welcome to our special Indaba edition of Edison Insight, with brief profiles of our mining coverage list together with a sector overview by sector head Charles Gibson. Our coverage ranges from market leaders through to junior explorers. Our approach is global and we write on companies on several different exchanges, including the TSX, ASX and JSE.

read more...

Companies mentioned
Atalaya Mining , Hambledon Mining , Nkwe Platinum , Gold One , Anglesey Mining , Bezant Resources , Red Rock Resources , Ariana Resources , Alkane Resources , Arian Silver , Sumatra Copper & Gold , Pan African Resources , Avnel Gold Mining , African Barrick Gold , Amara Mining , Regency Mines , Caledonia Mining , Central Asia Metals , Veris Gold Corp , Minera IRL , Zanaga Iron Ore Company , Celamin Holdings , Asa Resource , Ormonde Mining , Condor Gold , Nordgold , Chatham Rock Phosphate , Pan American Goldfields , Duluth Metals , Orpheus Energy , Gold Road Resources , Bushveld Minerals , Ncondezi Energy , Avalon Rare Metals , Northern Dynasty Minerals , Antofagasta , Euromax Resources , Rare Element Resources , W Resources , MMG , PolyMet Mining

Sector report cover
Oil & Gas

28/01/2014
Oil & gas macro outlook: North America is shifting the supply needle
Download via: Website

We continue to believe that the near- to medium-term outlook for crude oil prices is bearish. Non-OPEC controlled supply is growing strongly driven by North America, and barring unplanned outages should run ahead of modest global demand growth. The key wildcard is OPEC's response to the growing supply pressure. It is worth noting in this context that Iraq has the freedom and probably the capacity to boost output, and Libya and Iran both wish to increase production as circumstances allow. Significantly, Saudi Arabia seems to be suggesting that it will not necessarily offset production gains elsewhere within OPEC. It also has no interest in providing a price umbrella for relatively high-cost non-OPEC producers.

read more...

Companies mentioned

Sector report cover
Oil & Gas

16/12/2013
Africa Oil Week conference wrap
Download via: Website

Last month's Africa Oil Week conference in Cape Town ably demonstrated that interest in the E&P sector across the continent remains strong. Against a backdrop of extensive geopolitical uncertainty, attractive geoscience opportunities remain plentiful. While much of the focus was on established provinces, most particularly Nigeria, we see exploration will provide the real buzz for the sector, with 2014 set to be a bumper year on this front.

read more...

Companies mentioned
Genel Energy , Afren

Sector report cover
Pharmaceutical & healthcare

06/11/2013
Edison healthcare quarterly: Immuno-oncology 2: The combos come
Download via: Website

Immuno-oncology – which groups immune checkpoint blockers with immunotherapies and cancer vaccines – is undoubtedly becoming the highest-profile area of drug development from the investor's point of view. This has been driven by the remarkable data seen in early clinical studies of the anti-PD-1/PDL-1 agents that has marked out this drug class as the potential future cornerstone of therapy for many solid tumours. Checkpoint inhibitors have eclipsed cancer vaccines, but we consider there could be merit if the two approaches are combined. 2014 should see a number of key study readouts of anti-PD-1 agents, as well as the start of new studies that look set to define the emerging competitive landscape. In this report, we update our recent overview.

read more...

Companies mentioned
Futura Medical , Animalcare Group , ImmuPharma , Skyepharma , BTG , Genedrive , Lombard Medical Technologies , GW Pharmaceuticals , Oxford BioMedica , Deltex Medical , Allergy Therapeutics , Consort Medical , Vectura , Biotie Therapies Corp , Paion , Heidelberg Pharma , Abcam , Vernalis , Algeta , Omega Diagnostics Group , Oncolytics Biotech Inc , Epigenomics , Topotarget , Medcom Tech , Bionomics , Addex Therapeutics , Evotec , Ablynx , Hybrigenics , 4SC , Evolva , MorphoSys , Neovacs , e-Therapeutics , Synta Pharmaceuticals , Transgene , AmpliPhi Biosciences , Circadian Technologies , Phylogica , Innate Pharma , Stratec Biomedical , Sunesis Pharmaceuticals , Aastrom Biosciences , Alexza Pharmaceuticals , Arrowhead Research Corporation , Medigene , BioInvent , TiGenix , Sucampo Pharmaceuticals , Proteome Sciences , Diaxonhit , Mast Therapeutics , NovaBay Pharmaceuticals , Hutchison China MediTech , Cytos Biotechnology , CytRx Corporation , LeMaitre Vascular , ArQule , Sygnis , OvaScience , Cleveland BioLabs , Verastem , Derma Sciences , Mologen , Athersys , Nanobiotix , Bellus Health , Viralytics , Bionor Pharma , aap Implantate , Can-Fite BioPharma

Sector report cover
Financials

06/11/2013
Deutsche Börse Eigenkapitalforum research guide
Download via: Website

Welcome to the 2013 edition of the Deutsche Böerse Eigenkapitalforum research guide. This guide profiles a selection of companies from each sector, which will be presenting at this year’s investor conference. Hard copies of the guide will be available at the forum. Thanks to all those who took the time and effort to communicate with Edison’s analysts – your contributions are reflected in the quality of this year’s research guide. The guide opens with a market strategy piece and includes an overview of each sector, as well as conference maps.

read more...

Companies mentioned

Sector report cover
Oil & Gas

10/10/2013
Fallen angels, rising stars: Old LatAm basins creating fresh opportunities
Download via: Website

A new production trend has been emerging in Latin America. Smaller independent E&P companies have significantly contributed to increased production levels in Colombia, with similar results possible in Argentina, Peru, Paraguay and Trinidad. In this report we introduce three valuation screens based on cash flow, market value and risk, from which we segment our universe of 18 independent oil companies. Our top picks for the region are GeoPark, Americas Petrogas, Madalena, Canacol,Petroamerica and Suroco. Also seen as high potential but slightly higher risk are Crown Point, President, Touchstone and Range.

read more...

Companies mentioned
Touchstone Exploration , President Energy , Range Resources

Sector report cover
Oil & Gas

04/10/2013
Oil & gas macro outlook: The market remains well supplied
Download via: Website

Oil prices were bid higher in late August by exaggerated fears concerning geopolitical developments in the Middle East and supply disruptions in Libya. The reality, however, is that the market continues to be well supplied while demand growth is subdued. Supply is effectively being comfortably underpinned by rising Saudi and non-OPEC production. In all probability major supply disruptions will be avoided in the coming months and Libyan exports will gradually come back on-stream. This could leave scope for prices to weaken somewhat in the near term. A rapprochement between the US and Iran is a wildcard, but if it happens will be bearish for oil prices.

read more...

Companies mentioned

Sector report cover
Engineering

27/09/2013
German Mittelstand Conference
Download via: Website

Edison is proud to support the 10 German Mittelstand companies from the IT, software, transportation, machinery, automotive and base industry sectors taking part in the annual OktoberINVESTfest in New York, hosted by the Bavarian Ministry of Economic Affairs. Our research guide provides investors with a rationale for investing and a context for discussions with management. German unemployment is at a 20-year low and the budget deficit is a fraction of that of the US, Japan or the UK. The Mittelstand (defined as companies with less than €50m in revenue) accounts for 38% of German corporate revenue. Characterised by a high level of engineering sophistication and quality, the German Mittelstand has proved resilient to cheaper competition by maintaining a technical edge and a focus on exports.

read more...

Companies mentioned

Sector report cover
Oil & Gas

19/09/2013
Australia oils conferences: Much food for investor thought Down Under
Download via: Website

On the coattails of our Onshore down under report, we recently attended two major Australian E&P sector conferences. The first event, DUG Australia, delivered a dose of cautionary top-down reality from those from North America who have done it all before. The second event, Good Oil, provided a strong offset by reminding of the sheer scale of the opportunity set on offer to investors in Australia. The two events served strong support for the overarching conclusion we reached in Onshore down under: careful E&P stock selection in Australia is critical.

read more...

Companies mentioned
Range Resources

Sector report cover
Oil & Gas

14/08/2013
Oil & Gas - Oil & gas research principles
Download via: Website

Valuing oil and gas companies requires both a clear understanding of the potential value of each asset within a portfolio, and an ability to rigorously risk these to reflect asset specific, company and macroeconomic uncertainties. This document introduces the principles by which Edison conducts its research into such companies, our approach to identifying the key criteria that drive our risk weightings, and the process by which we define the macroeconomic assumptions that ultimately drive our company valuations.

read more...

Companies mentioned

Sector report cover
Pharmaceutical & healthcare

31/07/2013
Edison healthcare quarterly: Immunotherapy takes centre stage
Download via: Website

A few years ago, cancer immunotherapy papers that made it into ASCO would be scheduled for presentation on the last half day of conference when most attendees were already heading out of town. Not so this year, when immunotherapies were featured in the prime Sunday and Monday sessions. Moreover, this year additional sessions were dedicated to this topic at ASCO, such has been its change of fortune. This reflects the progression the field has made in the last few years as well as the importance this type of therapy is set to play in cancer management. In this report we provide an overview of the immunotherapy field.

read more...

Companies mentioned
Trillium Therapeutics , Stentys , KaloBios Pharmaceuticals , Insmed , Halozyme Therapeutics , Viralytics , REVA Medical , Aegerion Pharmaceuticals , Oncothyreon , Bellus Health , Medicago , Nanobiotix , Sirtex Medical , Merrimack Pharmaceuticals , Alchemia , Mesoblast , Newron Pharmaceuticals , Ion Beam Applications , Athersys , DBV Technologies , Delcath Systems , Surgical Innovations , Stallergenes , Karolinska Development , Mologen , Gilead Sciences , Derma Sciences , Nektar Therapeutics , LCA-Vision , UCB , Verastem , Cleveland BioLabs , Vivalis , OvaScience , Orexigen Therapeutics , Resverlogix , OPMEDIC Group , Sygnis , Smith & Nephew , MethylGene , Exact Sciences , ArQule , Amarin , Tekmira , Synergy Health , GI Dynamics , Patheon , ALK Abello , Vertex Pharmaceuticals , Incyte Corporation , Onyx Pharmaceuticals , Threshold Pharmaceuticals , Acorda Therapeutics , Alkermes , Paladin Labs , Clinigen Group , Nordion , NPS Pharmaceuticals , Ironwood Pharmaceuticals , Immutep , Benitec Biopharma , Scancell , LeMaitre Vascular , Cytori Therapeutics , CytRx Corporation , ViroPharma , Cytos Biotechnology , Hutchison China MediTech , NovaBay Pharmaceuticals , Mast Therapeutics , Diaxonhit , Biota Holdings , Proteome Sciences , QRxPharma , Source Bioscience , EKF Diagnostics , NicOx , ThromboGenics , Celldex Therapeutics , Sarepta Therapeutics , Keryx Biopharmaceuticals , Anthera Pharmaceuticals , Sucampo Pharmaceuticals , BioLineRx , BioCryst Pharmaceuticals , Alnylam Pharmaceuticals , Array BioPharma , Genfit , TiGenix , AB Science , MagForce , Sangamo BioSciences , Orexo , Pharmaxis , BioInvent , AVEO Pharmaceuticals , Clinuvel , Medigene , Arrowhead Research Corporation , Ardea Biosciences , Ariad Pharmaceuticals , Pharmacyclics , Idenix , Exelixis , Infinity Pharmaceuticals , Biotron , Ligand Pharmaceuticals , Endocyte , Curis , Alexza Pharmaceuticals , OncoGenex Pharmaceuticals , Aastrom Biosciences , DiaSorin , Sunesis Pharmaceuticals , Stratec Biomedical , Immune Pharmaceuticals , Active Biotech , PharmaMar , Innate Pharma , Phylogica , Ziopharm Oncology , Circadian Technologies , MolMed , Ipsogen , AmpliPhi Biosciences , Transgene , Advanced Medical Solutions , Bavarian Nordic , Synta Pharmaceuticals , Dechra Pharmaceuticals , Medivir , NorDiag , e-Therapeutics , Basilea Pharmaceutica , Zealand Pharma , Photocure , Genmab , Neovacs , MorphoSys , Evolva , 4SC , Clavis Pharma , Cellectis , Hybrigenics , Ablynx , Arena Pharmaceuticals , Evotec , ProMetic Life Sciences , Agennix , Galapagos , Sosei Group Corporation , Addex Therapeutics , Bionomics , Medcom Tech , Astex Pharmaceuticals , Topotarget , Epigenomics , Oncolytics Biotech Inc , Omega Diagnostics Group , Algeta , Pharming Group , Optos , Merrion Pharmaceuticals , Vernalis , Abcam , Alliance Pharma , Heidelberg Pharma , Sinclair Pharma , Lifeline Scientific , Vivus , Paion , Biotie Therapies Corp , Vectura , Consort Medical , WaferGen Biosystems , Allergy Therapeutics , Deltex Medical , Immunodiagnostic Systems Holdings , Oxford BioMedica , GW Pharmaceuticals , Lombard Medical Technologies , Genedrive , Ark Therapeutics Group , BTG , Skyepharma , ImmuPharma , Animalcare Group , Ixico , Futura Medical , Esperion Therapeutics

Sector report cover
Basic Industries

15/07/2013
German industrials spotlight: Abenomics is working!
Download via: Website

Abenomics may actually be working! The Bank of Japan’s closely watched Tankan survey, which measures sentiment among large manufacturers, was +4 in June. That is the highest reading since March 2011 (+6). Industrial production rose 2% in May vs April, the fourth consecutive monthly rise.

read more...

Companies mentioned

Sector report cover

04/07/2013
NYSE Alternext Revue Semestrielle
Download via: Website

Suite aux feedback du marché, nous avons étendu la portée de l'analyse dans chaque profil. Les analystes d'Edison ont été en contact avec les 150 sociétés cotées sur NYSE Alternext dont le profil est établi dans cette analyse. Elle vise à fournir aux investisseurs un aperçu des activités, de la stratégie et des derniers résultats financiers de chaque entreprise, ainsi qu'un commentaire sur leur valorisation. Les analystes d'Edison se sont fondés sur les estimations de bénéfices du consensus tout en tenant compte des commentaires reçus par les entreprises quant aux chiffres rétrospectifs et prévisionnels. Deinove, Diaxonhit Global Bioenergies, Hybrigenics, Esker et Neovacs sont des clients d'Edison Investment Research et leurs prévisions sont réalisées par nos analystes.

read more...

Companies mentioned

Sector report cover
Aberdeen New Thai Investment Trust

03/07/2013
Aberdeen Investment Trusts
Download via: Website

In this document we provide an overview of the UK-listed investment trusts managed by Aberdeen Asset Management and Aberdeen Private Equity Fund, which is managed by AberdeenSVG, with an introductory section that gives an insight into the investment processes used and discussion of the investment outlook for the market areas covered by the trusts.

read more...

Companies mentioned
Aberdeen New Thai Investment Trust

Sector report cover
Aberdeen New Thai Investment Trust

12/06/2013
Investment Trusts Quarterly: Asia
Download via: Website

Asia is a vast region, with countries in differing stages of political and economic development. The economies of China, Japan and India dominate the region and asset allocation to, and stock selection within, these markets is a core part of managing Asian portfolios. Each of the big three is at a different stage of development, offering investors distinct opportunity sets.

read more...

Companies mentioned
JPMorgan Indian Investment Trust , Acorn Income Fund , Fidelity European Values , Invesco Asia Trust , Foreign & Colonial Investment Trust , BB Biotech , Seneca Global Income & Growth Trust , Henderson International Income Trust , New City Energy , Finsbury Growth & Income Trust , AcenciA Debt Strategies , International Biotechnology Trust , Invesco Income Growth Trust , Vision Opportunity China Fund , Dexion Commodities , City Natural Resources , British Portfolio Trust , The Biotech Growth Trust , Gartmore Growth Opportunities , Henderson Global Trust , Miton Income Opportunities Trust , Worldwide Healthcare Trust , The Merchants Trust , Aberdeen New Thai Investment Trust

Sector report cover
Basic Industries

11/06/2013
German industrials spotlight: Sand in the gears
Download via: Website

The German auto industry is under threat from cheaper Asian imports. Despite the recent correction, the yen has weakened by 14% vs the euro year to date (to 31 May). This is principally due to the Bank of Japan’s plans to double the monetary base and give Japanese auto manufacturers a significant price advantage over European peers. Furthermore, Japan’s reflationary policies are likely to provoke reciprocal action from key trading partners such as China and South Korea. If a series of competitive devaluations develops, then the euro will automatically appreciate vs both the yen and the won. Under this scenario, Asian cars will offer increasing value to eurozone consumers and German manufacturers may begin losing market share in their home continent. These developments coincide with deepening concern about China’s economic outlook. China is an increasingly important export market for German auto manufacturers and lower demand growth from this region would have a noticeable impact on revenues and profits.

read more...

Companies mentioned

Sector report cover
Oil & Gas

11/06/2013
Macro Outlook: A price rout is possible
Download via: Website

The near- to medium-term outlook for oil prices is looking increasingly bearish. Largely driven by North America, non-OPEC supplies are growing robustly, OPEC production is buoyant, demand growth is subdued and inventories are very comfortable. There is clearly the possibility of a price rout over the next year or two. However, we suspect that, in the near term at least, geopolitical uncertainties, fears concerning the fragility of production infrastructure and bullish financial market sentiment will help support prices. An extended period of soft prices could be on the cards through mid-decade. The analogy could be the second half of the 1980s.

read more...

Companies mentioned

Sector report cover

10/06/2013
NYSE Alternext Half Year-Review, June 2013
Download via: Website

In response to market feedback, we have extended the scope of analysis provided in each profile. Edison's analysts have been in contact with the 150 NYSE Alternext listed companies profiled in this review, aiming to provide investors with a snapshot of each company’s activities, strategy, recent financial performance as well as comment on valuation. Edison’s analysts have relied on consensus earnings estimates but have reflected feedback received by companies on historic and forecast numbers. Deinove, Diaxonhit Global Bioenergies, Hybrigenics, Esker and Neovacs are clients of Edison Investment Research, and their forecasts are those of the analyst.

read more...

Companies mentioned

Sector report cover
Oil & Gas

07/06/2013
APPEA 2013: The next wave?
Download via: Website

The Australian petroleum production and exploration association (APPEA) 2013 conference provided much food for thought. Unlike past years when the sense of collective buoyancy was palpable, this year there was a definite theme of reflection. The sector is now deeply aware that much of its cost structure is no longer globally competitive. With the current fleet of mega-liquefied natural gas (LNG) projects now each well advanced towards completion, there was much talk about needing to prepare for ‘the next wave’ of investment. In our view, the next wave is likely to look very different to the last. We think the smaller and more nimble players are best placed to benefit from market dynamics over the next five or more years.

read more...

Companies mentioned

Sector report cover
Basic Industries

15/05/2013
German industrials spotlight: Industrial machinery
Download via: Website

We find it interesting that several industrial machinery stocks appear at the top of our rising revisions screen this month. Earnings in this sector are sensitive to the economic cycle, which appears at odds with weak macroeconomic data released in recent weeks. In particular, German GDP fell by -0.6% in Q412 and the Ifo business expectations survey fell to 101.6 in April (vs 103.6 in March). In addition, GDP growth in China slowed to +7.7% year-on-year in Q1 vs market expectations of +8%. We believe there are other, more specific, factors at play including the continued success of German global exports and the potential for gross margins across the sector to expand as metal prices decline. On a wider scale, central banks continue to provide ongoing liquidity and maintain interest rates at low levels; this encourages capital flow into cheaper, riskier assets such as industrial machinery stocks. We identify three companies in this sector that screen well and should attract investors; Koenig & Bauer, KSB and Schaltbau. Koenig & Bauer is a company we have previously highlighted and is one of only three stocks to make the top 20 in both our value and momentum screens.

read more...

Companies mentioned

Sector report cover
Oil & Gas

08/05/2013
Oil & Gas - Falklands oils: Time to pause and draw breath
Download via: Website

After a busy three years of drilling up to the end of 2012, activity in the Falklands in 2013 is significantly quieter, with the focus switching to 3D seismic acquisition. Much was learnt in the 2012 South Falklands drill programme, although an oil discovery remains elusive. Borders exited the 2012 campaign with what could be a commercial condensate development in Darwin, while in the north Rockhopper secured a partner for its Sea Lion discovery. This success still gives investors much to buy into; however, the reality is that with no drilling likely in either basin until late-2014, a lack of near-term drill catalysts may keep investors away for some months.

read more...

Companies mentioned
Falkland Oil & Gas

Sector report cover
Pharmaceutical & healthcare

10/04/2013
Edison healthcare quarterly: German (drug) reformation
Download via: Website

The book opens with an overview of the new German drug pricing system (AMNOG) by Dr Michael Aitkenhead. He writes that AMNOG, which sets reimbursed prices based on added benefit over existing therapies, presents a major barrier to market access for new drugs in Europe’s largest market. Recent negative pricing decisions for newly licensed drugs (ie GW Pharma’s Sativex) and the initiation of reviews for already marketed products (DPP-4 inhibitors) have brought AMNOG back into focus. Results of AMNOG benefit assessments to date, which are undertaken by IQWiG/G-BA, suggest four factors are critical for a positive outcome: (1) clinical data versus G-BA’s chosen comparator therapy, (2) supportive evidence based on hard endpoints, (3) trial results including patient sub-groups relevant to G-BA, and (4) negotiations with G-BA once IQWiG’s initial results are published.

read more...

Companies mentioned
Merrimack Pharmaceuticals , Alchemia , Mesoblast , Newron Pharmaceuticals , Ion Beam Applications , Athersys , DBV Technologies , Delcath Systems , Surgical Innovations , Stallergenes , Karolinska Development , Mologen , Gilead Sciences , Derma Sciences , Nektar Therapeutics , LCA-Vision , UCB , Verastem , Cleveland BioLabs , Vivalis , OvaScience , Orexigen Therapeutics , Resverlogix , OPMEDIC Group , Sygnis , Smith & Nephew , MethylGene , Exact Sciences , ArQule , Amarin , Tekmira , Synergy Health , GI Dynamics , Patheon , ALK Abello , Vertex Pharmaceuticals , Incyte Corporation , Onyx Pharmaceuticals , Threshold Pharmaceuticals , Acorda Therapeutics , Alkermes , Paladin Labs , Clinigen Group , Nordion , NPS Pharmaceuticals , Ironwood Pharmaceuticals , Immutep , Benitec Biopharma , Scancell , LeMaitre Vascular , Cytori Therapeutics , CytRx Corporation , ViroPharma , Cytos Biotechnology , Hutchison China MediTech , NovaBay Pharmaceuticals , Mast Therapeutics , Diaxonhit , Biota Holdings , Proteome Sciences , QRxPharma , Source Bioscience , EKF Diagnostics , NicOx , ThromboGenics , Celldex Therapeutics , Sarepta Therapeutics , Keryx Biopharmaceuticals , Anthera Pharmaceuticals , Sucampo Pharmaceuticals , BioLineRx , BioCryst Pharmaceuticals , Alnylam Pharmaceuticals , Array BioPharma , Genfit , TiGenix , AB Science , MagForce , Sangamo BioSciences , Orexo , Pharmaxis , BioInvent , AVEO Pharmaceuticals , Clinuvel , Medigene , Arrowhead Research Corporation , Ardea Biosciences , Ariad Pharmaceuticals , Pharmacyclics , Idenix , Exelixis , Infinity Pharmaceuticals , Biotron , Ligand Pharmaceuticals , Endocyte , Curis , Alexza Pharmaceuticals , OncoGenex Pharmaceuticals , Aastrom Biosciences , DiaSorin , Sunesis Pharmaceuticals , Stratec Biomedical , Immune Pharmaceuticals , Active Biotech , PharmaMar , Innate Pharma , Phylogica , Ziopharm Oncology , Circadian Technologies , MolMed , Ipsogen , AmpliPhi Biosciences , Transgene , Advanced Medical Solutions , Bavarian Nordic , Synta Pharmaceuticals , Dechra Pharmaceuticals , Medivir , NorDiag , e-Therapeutics , Basilea Pharmaceutica , Zealand Pharma , Photocure , Genmab , Neovacs , MorphoSys , Evolva , 4SC , Clavis Pharma , Cellectis , Hybrigenics , Ablynx , Arena Pharmaceuticals , Evotec , ProMetic Life Sciences , Agennix , Galapagos , Sosei Group Corporation , Addex Therapeutics , Bionomics , Medcom Tech , Astex Pharmaceuticals , Topotarget , Epigenomics , Oncolytics Biotech Inc , Omega Diagnostics Group , Algeta , Pharming Group , Optos , Merrion Pharmaceuticals , Vernalis , Abcam , Alliance Pharma , Heidelberg Pharma , Sinclair Pharma , Lifeline Scientific , Vivus , Paion , Biotie Therapies Corp , Vectura , Consort Medical , WaferGen Biosystems , Allergy Therapeutics , Deltex Medical , Immunodiagnostic Systems Holdings , Oxford BioMedica , GW Pharmaceuticals , Lombard Medical Technologies , Genedrive , Ark Therapeutics Group , BTG , Skyepharma , ImmuPharma , Animalcare Group , Ixico , Futura Medical , Sirtex Medical , Nanobiotix , Medicago , Bellus Health , Oncothyreon , Aegerion Pharmaceuticals , REVA Medical , Viralytics , Halozyme Therapeutics , Insmed , KaloBios Pharmaceuticals , Stentys , Trillium Therapeutics , Esperion Therapeutics

Sector report cover
Basic Industries

10/04/2013
German industrials: Global ambitions
Download via: Website

Corporate releases suggest that German industrials plan to grow international sales through direct foreign investment in regions such as China and the US. For example, Grammer and SHW both outlined plans for acquisitions and/or greenfield developments in the US in order to align costs and revenues in the NAFTA region. Their confidence is borne out of export success, often on the back of supply contracts with German OEMs. We think it signals a belief that economic growth in these regions will outperform Europe over the long term (note, the US now has 14 consecutive quarters of GDP expansion and a recovering housing market). FDI outside Europe also helps German companies to diversify eurozone currency risk. Across the industrials sector, corporate balance sheets are healthy and cash generation is strong. Both act as great facilitators for FDI. Using our value and momentum tools we highlight four companies with international operations that screen well and have low financial gearing (and thus capital to invest): Steico, Deutz, WashTec and Krones.

read more...

Companies mentioned

Sector report cover
Basic Industries

06/03/2013
German industrials spotlight: Synchronicity
Download via: Website

Over the past three years the weaker euro has boosted exports for the German industrials sector. If exports continue to prosper and industrial production (IP) growth cyclically recovers then we could see a ‘demand nirvana’ in the sector akin to conditions in 2010. The Ifo business confidence indicator, which rose sharply in February, lends credibility to this synopsis. Using our proprietary value and momentum screens, we highlight four companies we recently met that screen well and could potentially re-rate: Koenig & Bauer, Deufol, Homag Group and R Stahl.

read more...

Companies mentioned

Sector report cover
Mining

01/03/2013
ASX Small to Mid Caps Conference – London, 7 March 2013
Download via: Website

Edison Investment Research is delighted to be working with ASX on its upcoming Small to Mid Caps Conference in London on 7 March. Below please find a link to the report Edison has produced for the event. It features profiles for each of the participating companies. We would like to thank ASX and the companies involved for their cooperation. For more information please contact Will Corkill: (JavaScript must be enabled to view this email address)

read more...

Companies mentioned
Altona Energy

Sector report cover
Mining

28/02/2013
Asia-Pacific resources quarterly: February 2013 edition
Download via: Website

Welcome to the February edition of Edison’s Asia-Pacific resources quarterly, designed to raise the profile of a selection of the region’s listed companies with investors both in the region and internationally. The book opens with sector focus pieces from our oil & gas and mining teams.

read more...

Companies mentioned
Lemur Resources , Syndicated Metals , Orpheus Energy , Chatham Rock Phosphate , Cabral Resources , Celamin Holdings , Gunson Resources , Sumatra Copper & Gold , Alkane Resources , Coal of Africa

Sector report cover
Oil & Gas

26/02/2013
Macro Outlook: Prices look vulnerable
Download via: Website

Prior to the 21 February setback, Brent was close to $120/barrel, the upper end of the trading range and a level that has historically had negative implications for economic activity. We believe that the upward trend in Brent in the early weeks of 2013 was divorced from the fundamentals and reflected unduly bullish expectations for the world economy and the potential for supply disruptions. In the coming months we think that oil prices could trend down in the face of a comfortably balanced market.

read more...

Companies mentioned

Sector report cover
Mining

25/02/2013
ASX Small to Mid Caps Conference - New York
Download via: Website

Australian Securities Exchange (ASX) is a multi-asset class, vertically integrated exchange group, and one of the world’s top-10 listed exchange groups measured by market capitalisation. ASX’s activities span primary and secondary market services, central counterparty risk transfer, and securities settlement for both the equities and fixed income markets. It functions as a market operator, clearing house and payments system facilitator. It monitors and enforces compliance with its operating rules, promotes standards of corporate governance among Australia’s listed companies and helps to educate retail investors.

read more...

Companies mentioned

Sector report cover
Oil & Gas

08/02/2013
Seismic reflections: Seismic Elections
Download via: Website

The value of an oil field is not only subject to field specific risks (such as geological, technical and commercial uncertainties) but also affected by global events that influence macroeconomic trends. It is the depth and breadth of all of these elements that make oil investing both so complex and interesting. Elections in particular can be a source of uncertainty that can influence investor sentiment. In this report we highlight some forthcoming political events that investors should keep abreast in coming months.

read more...

Companies mentioned
Gulfsands Petroleum , Afren , ADX Energy , Simba Energy , Po Valley Energy

Sector report cover
Mining

01/02/2013
Indaba special, 2013
Download via: Website

Welcome to our special Indaba edition of Edison Insight, with profiles on our mining companies and a sector focus piece by Charles Gibson. In the last year, our mining coverage has increased dramatically. The team is led by Charles Gibson, who is supported by a team of 11 other analysts. Today the team covers 65 companies, 60 of which are corporate clients of Edison. Our clients range from well-established FTSE 100 companies to junior explorers on AIM. Our approach is global and we write on companies on several different exchanges, including the TSX, ASX and JSE. Over the last year, our research has been read by over 3,500 unique institutional investors.

read more...

Companies mentioned
Atalaya Mining , MDM Engineering Group , Hambledon Mining , Coal of Africa , Gold One , Eastern Platinum , Aurizon Mines , Bezant Resources , Red Rock Resources , Goldplat , Baobab Resources , Bellzone Mining , Kopy Goldfields , Sumatra Copper & Gold , Continental Coal , Pan African Resources , Avnel Gold Mining , Gemfields , Gunson Resources , Regency Mines , Caledonia Mining , Universal Coal , Central Asia Metals , Veris Gold Corp , Minera IRL , Zanaga Iron Ore Company , Celamin Holdings , Asa Resource , Ormonde Mining , Condor Gold , Nordgold , Cabral Resources , Chatham Rock Phosphate , Pan American Goldfields , Aurcana Corporation , Orpheus Energy , Syndicated Metals

Sector report cover
Oil & Gas

28/01/2013
Seismic reflections: 2013: A year of opportunity?
Download via: Website

Oil and gas stocks failed to keep up with the recovery in equities seen across most other sectors in 2012, driven by both downside commodity price pressure and a less-than-stellar exploration success rate. This leaves an interesting opportunity for risk diversification in 2013 that could work even for those looking to build cautious portfolios.

read more...

Companies mentioned

Sector report cover
Aberdeen New Thai Investment Trust

24/01/2013
Investment Trusts Quarterly: Europe
Download via: Website

Negative sentiment towards Europe affected demand for European equities during 2012 and, as we show in the report, this was reflected in retail investors’ demand for open-ended funds focused on Europe, although there was a marked shift in sentiment as markets rallied following Draghi’s comments in July. Inevitably, managers of open-ended funds will have had to contend with these swings in funds flows, but this will not have been a problem for their equivalents in the investment company world. By and large the European investment companies had a good year, outperforming both their benchmarks and the open-ended peers, on average. It may be that their closed-end structure contributed to this.

read more...

Companies mentioned
Fidelity European Values , Invesco Asia Trust , Foreign & Colonial Investment Trust , BB Biotech , Seneca Global Income & Growth Trust , New City Energy , Finsbury Growth & Income Trust , AcenciA Debt Strategies , International Biotechnology Trust , Invesco Income Growth Trust , Dexion Commodities , City Natural Resources , British Portfolio Trust , The Biotech Growth Trust , Miton Income Opportunities Trust , Worldwide Healthcare Trust , The Merchants Trust , Aberdeen New Thai Investment Trust

Sector report cover
Oil & Gas

11/01/2013
Seismic reflections: Cheap US chemical feedstock
Download via: Website

Cheap natural gas liquids are providing a major boost to the competitiveness of the US chemical industry. As a result, interest in capacity expansion in US bulk chemicals is surging while the industry in Europe is increasingly concerned. Enhanced competitiveness is, of course, a function of the rapidly increasing availability of domestic feedstock following the development of liquids-rich shale gas resources, especially in the Eagle Ford and Marcellus formations of Texas and Appalachia respectively. The barely tapped Utica shale of western Appalachia offers further massive potential.

read more...

Companies mentioned

Sector report cover
Oil & Gas

14/12/2012
Seismic reflections: Frack on track
Download via: Website

The embryonic UK shale industry has received a significant vote of confidence in the last couple of weeks. The government has created a new office to handle unconventional resource regulation, begun a consultation around the fiscal regime and most importantly lifted the suspension on fracking. However, significant challenges lie ahead. If UK shale is proved to be commercial, we consider the play to be transformational to the UK energy mix. We would expect those companies with first-mover advantage, namely Cuadrilla, IGAS, Dart and Egdon, to be beneficiaries of this.

read more...

Companies mentioned

Sector report cover
Pharmaceutical & healthcare

07/12/2012
Edison healthcare quarterly: Boom times for US biotech
Download via: Website

The book opens with an overview from Christian Glennie. He writes that discrepancies in valuation and finance between the European and US healthcare markets has long been marked, but 2012 has seen the gap grow ever wider. While the NASDAQ Biotechnology Index now matches the highs of the dot.com boom in 2000, European equivalent indices show modest gains. The European pharma/biotech sector has often lagged the US, but with opposing trends in drug prices, IPOs and venture/public equity financing, a significant turnaround is required while European economic shackles will be tough to break. Yet with the US likely to build further on an encouraging year in 2012, we remain hopeful the European market will benefit from the US biotech boom.

read more...

Companies mentioned
Ixico , Animalcare Group , ImmuPharma , Skyepharma , BTG , Ark Therapeutics Group , Genedrive , Lombard Medical Technologies , GW Pharmaceuticals , Oxford BioMedica , Deltex Medical , Allergy Therapeutics , Consort Medical , Vectura , Biotie Therapies Corp , Paion , Heidelberg Pharma , Abcam , Vernalis , Algeta , Omega Diagnostics Group , Oncolytics Biotech Inc , Epigenomics , Topotarget , Astex Pharmaceuticals , Medcom Tech , Addex Therapeutics , Agennix , ProMetic Life Sciences , Evotec , Ablynx , Hybrigenics , Clavis Pharma , 4SC , Evolva , MorphoSys , Neovacs , e-Therapeutics , Synta Pharmaceuticals , Transgene , AmpliPhi Biosciences , Circadian Technologies , Phylogica , Innate Pharma , Immune Pharmaceuticals , Sunesis Pharmaceuticals , Aastrom Biosciences , Arrowhead Research Corporation , Medigene , BioInvent , TiGenix , Sucampo Pharmaceuticals , Diaxonhit , Mast Therapeutics , NovaBay Pharmaceuticals , ArQule

Sector report cover
Mining

30/11/2012
Asia-Pacific resources quarterly: November edition
Download via: Website

Welcome to the November edition of Edison’s Asia-Pacific resources quarterly, designed to raise the profile of a selection of the region’s listed companies with investors both in the region and internationally. The book opens with a strategy piece from Alastair George, who examines the evidence for a structural break in economic growth.

read more...

Companies mentioned
Chatham Rock Phosphate , Atlantic Gold NL , Cabral Resources , Celamin Holdings , Universal Coal , Gunson Resources , Sumatra Copper & Gold , Alkane Resources , Baobab Resources , Gold One , Coal of Africa

Sector report cover
Oil & Gas

16/11/2012
Seismic reflections: Oil market dynamics turn bearish
Download via: Website

Five years or so ago, the peak oil theory was very much in vogue. Peak oil combined with surging demand in the developing world was supposed to lead to tight oil markets and a consequent upward spiral in prices. A rather different scenario is emerging, involving a much slacker near- to medium-term supply/demand balance and arguably a less bullish outlook for prices than consensus opinion expects. The key game changers are the deep malaise in the world economy, the shale oil revolution, advances in automotive technology and declining vehicle use in the OECD.

read more...

Companies mentioned

Sector report cover
Oil & Gas

06/11/2012
Macro Outlook: North American supply gathers pace
Download via: Website

The oil price outlook over the balance of 2012 and into 2013 is decidedly bearish in the absence of supply shocks. The market is in significant surplus, inventories are plentiful and demand is subdued and furthermore likely to continue so. Growing North American supplies are a key factor in the bearish equation not only domestically but also internationally given the potential for greatly reduced US imports. Shale oil development is indeed a game changer.

read more...

Companies mentioned

Sector report cover
Oil & Gas

02/11/2012
Seismic reflections: North Sea resurgence
Download via: Website

It looks as if things may be starting to turn around for the North Sea after the lows of 2011. Last year saw the lowest exploration in the region for many decades and a hike in the marginal tax rate that together left many concerned that a downward trend was being established for the area. In recent weeks, however, a different story appears to be emerging with majors and medium-size companies alike announcing plans to significantly invest in older fields, while independents are well represented in the 27th offshore licensing round awards.

read more...

Companies mentioned

Sector report cover

01/11/2012
Deutsches Eigenkapitalforum: 12-14 November 2012 – Frankfurt
Download via: Website

Welcome to the Edison research guide for the Deutsche Börse Eigenkapitalforum 2012. This book profiles over 180 companies that will be presenting at the Investors Forum. We open with a strategy piece from Alastair George, who points out that since 2009 equity investors have rationally re-priced equities to reflect the lower growth environment. However, following several rounds of QE, price/book multiples in the US have expanded to levels not seen outside the US stock market bubble of 1995-2000. German non-financials are now trading near the top of the post-2009 trading range and UK equities are at their average for the period. As we cannot exclude the possibility of a growth disappointment by the end of the year, these are challenging levels to be fully invested in to fully-priced equities.

read more...

Companies mentioned

Sector report cover
Oil & Gas

19/10/2012
Seismic reflections: Offshore bonanza?
Download via: Website

Last week’s reservoir analysis update from Providence Resources on its Barryroe discovery adds to the positive industry news coming out of Ireland this year and it looks as if there is more to come. Barryroe was discovered in the 1970s but it is only now that technological developments and a strong oil price have come together to bring interest back to the region. It is the first commercial discovery of oil offshore Ireland, but there are also potentially large gas condensate targets to the west of the country in prospects analogous to successful plays elsewhere in the Atlantic Margin. The first of these, Dunquin, is due to spud in early 2013.

read more...

Companies mentioned

Sector report cover
Aberdeen New Thai Investment Trust

09/10/2012
Investment Trusts Quarterly: Smaller companies
Download via: Website

Many investors might think it is reasonable that funds invested in smaller companies would tend to underperform during periods of risk aversion. So far in 2012 we have seen Europe lurch from one debt crisis to another with little resolution in sight, with some signs of life in the US economy but no sensible suggestions for addressing the deficit, and the uncertainty of a finely balanced presidential election to come. In China, the engine of the world economy, we have seen clear indications that growth is slowing and what some commentators are calling the biggest upheaval in government in 30 years. However, against that backdrop, many investment companies that specialise in small caps have been outperforming their large-cap peers. This quarterly report looks at a few of these companies and the reasons for their recent success.

read more...

Companies mentioned
Foreign & Colonial Investment Trust , BB Biotech , Seneca Global Income & Growth Trust , New City Energy , Finsbury Growth & Income Trust , AcenciA Debt Strategies , International Biotechnology Trust , Invesco Income Growth Trust , City Natural Resources , The Biotech Growth Trust , Henderson Global Trust , Miton Income Opportunities Trust , Worldwide Healthcare Trust , The Merchants Trust , Aberdeen New Thai Investment Trust

Sector report cover
Oil & Gas

05/10/2012
Seismic reflections: Sentiment vs reality
Download via: Website

Attending the recent World Independent Oil Companies Congress in London gave us the opportunity to assess both industry sentiment and investor reality up close and personal in one room, with some fascinating results. While smaller companies rightly continue to view exploration as the bedrock on which to deliver material capital growth, this was coming up against stories of difficult debt markets and capital flights to lower-risk large caps. While this should naturally play into the hands of M&A, the reality seems to be one of unrealistic bid/ask spreads. Fortunately, time does seem to be the one ally to doing a deal, but at what cost remains tantalisingly difficult to value.

read more...

Companies mentioned
Bridge Energy , Faroe Petroleum , Gulfsands Petroleum

Sector report cover
Mining

02/10/2012
Edison mining quarterly: October 2012
Download via: Website

Welcome to the Edison mining quarterly, which contains profiles of 47 companies under coverage. This edition leads with Edison’s head of mining, Charlie Gibson, who analyses the likely effect on the gold price of the latest round of US quantitative easing.

read more...

Companies mentioned
Papillon Resources , Chatham Rock Phosphate , Atlantic Gold NL , Cabral Resources , Western Areas , Nordgold , Anglo Pacific Group , Condor Gold , Ormonde Mining , Asa Resource , Woulfe Mining , Celamin Holdings , Wolf Minerals , Zanaga Iron Ore Company , South American Silver Corp , Minera IRL , Aureus Mining , Frontline Gold , Veris Gold Corp , Central Asia Metals , Universal Coal , Caledonia Mining , Regency Mines , Wits Gold , Amara Mining , Gunson Resources , Afferro Mining , African Barrick Gold , Gemfields , Avnel Gold Mining , Pan African Resources , Amur Minerals , Continental Coal , Sumatra Copper & Gold , African Eagle Resources , Kopy Goldfields , Bellzone Mining , Fronteer Gold , Arian Silver , Alkane Resources , Ironwood Gold , Baobab Resources , Ariana Resources , Allied Gold Mining , Nevsun Resources , Frontier Mining , Sirius Minerals , Goldplat , Blackthorn Resources , Altona Energy , U3O8 Holdings , Mariana Resources , Red Rock Resources , Bezant Resources , All Star Minerals , Anglesey Mining , Aurizon Mines , Angel Mining , Eastern Platinum , Gold One , Titanium Resources Group , Rio Tinto , Petropavlovsk , Coal of Africa , Aquarius Platinum , Oracle Coalfields , KEFI Minerals , Platmin , European Goldfields , Nkwe Platinum , Hambledon Mining , Highland Gold , Randgold Resources , Caledon Resources , Discovery Metals , MDM Engineering Group , GMA Resources , Atalaya Mining , Medusa Mining , ECR Minerals

Sector report cover
Oil & Gas

21/09/2012
Seismic reflections: East Africa: Ready to roar?
Download via: Website

The East African offshore play has proven to be extremely prolific, with gas discoveries off Mozambique, Tanzania and Kenya. While exploration continues, much of the frontier drilling has finished, leaving appraisal and development as the next steps. As a result, we believe many investors will look for the next exploration province. One candidate is East Africa onshore, which we wrote about in our 1 June report East Africa: More to explore? Exploration is still in its early stages. A number of basins are the subject of frontier drilling in the coming quarters, leaving considerable uncertainty, but also potentially high rewards. Ngamia-1 found over 100m of net pay in multiple zones and Africa Oil has seen a 2.5x rise in its share price since April 2012 and 5x since January.

read more...

Companies mentioned
Range Resources , Simba Energy

Sector report cover
Mining

14/09/2012
Mining catalyst: China’s new stimulus
Download via: Website

Following the speculations on the increased provincial investment activity in China, the Chinese government (National Development and Reform Commission) has reportedly approved the stimulus package to the tune of RMB1trn (US$160bn). This money will be spent on steel intensive infrastructure, with at least 25 new urban railway and 13 highway projects expected to be implemented over the next few years. While the announced stimulus is dwarfed by the one introduced in China in 2008, its objectives are similar – propping up the slowing economy through the increase in fixed assets investments. The improved FAI growth should, in turn, lead to higher domestic steel consumption, reducing the oversupply risks within the global industry and therefore supporting the international steel pricing.

read more...

Companies mentioned
African Barrick Gold , Bellzone Mining

Sector report cover
Oil & Gas

07/09/2012
Seismic reflections: Take me out
Download via: Website

In our North Sea sector report Northern Lights, published in March 2011, we focused on 12 North Sea players. Since then, half these companies have been involved in takeover bids or strategic reviews, demonstrating the level of M&A activity occurring in the North Sea. As we mentioned in Seismic Reflections: Funding troubles, M&A bubbles in January 2012, we continue to believe further consolidation in the sector will occur, with the industry capitalising on the disconnect between current market values and fundamental asset valuation.

read more...

Companies mentioned
Lochard Energy , Xcite Energy , Valiant Petroleum , Ithaca Energy , Faroe Petroleum , Premier Oil

Sector report cover
Pharmaceutical & healthcare

30/08/2012
Edison healthcare quarterly: Crisis? What crisis?
Download via: Website

The book opens with an overview from Franc Gregori. He writes that the Q2 reporting season produced no nasty surprises but did highlight the (still) rising pressures facing the pharmaceutical industry. Yet we believe the worst will soon be over, with the five-year earnings outlook set to improve. He believes that from an investment perspective there are clear opportunities, especially within the smaller companies’ universe, and we re-iterate our view that stock selection remains the key.

read more...

Companies mentioned
Cytos Biotechnology , Hutchison China MediTech , NovaBay Pharmaceuticals , Mast Therapeutics , Diaxonhit , Biota Holdings , Proteome Sciences , QRxPharma , Source Bioscience , EKF Diagnostics , NicOx , ThromboGenics , Celldex Therapeutics , Sarepta Therapeutics , Keryx Biopharmaceuticals , Anthera Pharmaceuticals , Sucampo Pharmaceuticals , BioLineRx , BioCryst Pharmaceuticals , Alnylam Pharmaceuticals , Array BioPharma , Genfit , TiGenix , AB Science , MagForce , Sangamo BioSciences , Orexo , Pharmaxis , BioInvent , AVEO Pharmaceuticals , Clinuvel , Medigene , Arrowhead Research Corporation , Ardea Biosciences , Ariad Pharmaceuticals , Pharmacyclics , Idenix , Exelixis , Infinity Pharmaceuticals , Biotron , Ligand Pharmaceuticals , Endocyte , Curis , Alexza Pharmaceuticals , OncoGenex Pharmaceuticals , Aastrom Biosciences , DiaSorin , Sunesis Pharmaceuticals , Stratec Biomedical , Immune Pharmaceuticals , Active Biotech , PharmaMar , Innate Pharma , Phylogica , Ziopharm Oncology , Circadian Technologies , MolMed , Ipsogen , AmpliPhi Biosciences , Transgene , Advanced Medical Solutions , Bavarian Nordic , Synta Pharmaceuticals , Dechra Pharmaceuticals , Medivir , NorDiag , e-Therapeutics , Basilea Pharmaceutica , Zealand Pharma , Photocure , Genmab , Neovacs , MorphoSys , Evolva , 4SC , Clavis Pharma , Cellectis , Hybrigenics , Ablynx , Arena Pharmaceuticals , Evotec , ProMetic Life Sciences , Agennix , Galapagos , Sosei Group Corporation , Addex Therapeutics , Bionomics , Medcom Tech , Astex Pharmaceuticals , Topotarget , Epigenomics , Oncolytics Biotech Inc , Omega Diagnostics Group , Algeta , Pharming Group , Optos , Merrion Pharmaceuticals , Vernalis , Abcam , Alliance Pharma , Heidelberg Pharma , Sinclair Pharma , Lifeline Scientific , Vivus , Paion , Biotie Therapies Corp , Vectura , Consort Medical , WaferGen Biosystems , Allergy Therapeutics , Deltex Medical , Immunodiagnostic Systems Holdings , Oxford BioMedica , GW Pharmaceuticals , Lombard Medical Technologies , Genedrive , Ark Therapeutics Group , BTG , Skyepharma , ImmuPharma , Animalcare Group , Ixico , Futura Medical

Sector report cover
Oil & Gas

24/08/2012
Seismic reflections: Unstoppable force?
Download via:

The objections to investing in Kurdistan have centred on the political tensions between the Kurdistan Regional Government and the central Baghdad government. Baghdad has continually sought to assert that deals done in Kurdistan are against the constitution and hence illegal, and has blacklisted companies signing PSCs in Kurdistan. However, of the top 10 oil and gas companies by market cap globally, four are now in Kurdistan, while another (Statoil) has publicly said it is looking at opportunities. It will soon be easier to list the large companies not in Kurdistan. If you measure political risk by the positioning of the majors, we are beyond the tipping point. There is a wall of oil coming and politics will have to bend to economics in the long term.

read more...

Companies mentioned

Sector report cover
Mining

20/08/2012
Asia-Pacific resources quarterly: August edition
Download via: Website

Welcome to the August edition of Edison’s Asia-Pacific resources quarterly, designed to raise the profile of a selection of the region’s listed companies with investors both in the region and internationally. This edition opens with a strategy piece from Alastair George, who believes it may be time to be more cautious on equities. In his introduction Charlie Gibson, Edison’s head of mining, says the bottom could be reached in commodity prices in the not too distant future, and Ian McLelland, head of oil & gas, looks at how explorers are accessing risk capital.

read more...

Companies mentioned
Universal Coal , Gunson Resources , Continental Coal , Sumatra Copper & Gold , Alkane Resources , Gold One , Coal of Africa

Sector report cover
Oil & Gas

10/08/2012
Seismic reflections: Stick or twist – looks like twist
Download via: Website

While Falklands investments have historically been for small-cap investors, the landscape is now starting to change with the arrival of UK mid-cap leader Premier Oil and, most recently, US independent Noble Energy. This should signal a step change in investor sentiment both around the commerciality of existing discoveries and the longer-term exploration intent of operators in the region. Rather than the perennial investment issues being around funding and ‘what next’, there is now a firm commitment to continue to promote exploration and development, with some interesting nuances appearing around preferred geological play types.

read more...

Companies mentioned
Falkland Oil & Gas , Premier Oil , Rockhopper Exploration

Sector report cover

27/07/2012
Seismic reflections: Best fiscal regime in the world?
Download via: Website

In our opinion, Morocco has one of the most attractive fiscal regimes in the world. Low royalties, corporate tax holidays on discovery and low state participation make a recoverable barrel one of the most valuable in Africa. Currently importing 95% of its energy may explain why Morocco is very supportive of oil and gas exploration. The presence of well-known explorers, such as Anadarko, means Morocco is one to watch as a potential exploration hot spot.

read more...

Companies mentioned

Sector report cover
Mining

24/07/2012
Edison mining quarterly: July 2012
Download via: Website

This edition leads with Edison’s head of mining, Charlie Gibson’s view that the balance of probability has swung towards a further round of quantitative easing by the Federal Reserve. Despite the confusing message from the Fed, he believes that with continuing weakness in the real economy, and the fact that the last rounds were only sufficient to refinance the banks, means that QE3 is inevitable.

read more...

Companies mentioned
Condor Gold , Ormonde Mining , Woulfe Mining , Celamin Holdings , South American Silver Corp , Minera IRL , Veris Gold Corp , Central Asia Metals , Caledonia Mining , Regency Mines , Wits Gold , Amara Mining , Gunson Resources , African Barrick Gold , Gemfields , Pan African Resources , Amur Minerals , Continental Coal , African Eagle Resources , Arian Silver , Alkane Resources , Baobab Resources , Ariana Resources , Sirius Minerals , Goldplat , Red Rock Resources , Aurizon Mines , Eastern Platinum , Gold One , Coal of Africa , Hambledon Mining , Atalaya Mining

Sector report cover
Oil & Gas

24/07/2012
Macro Outlook: Supply issues resurface
Download via: Website

Oil prices have rebounded of late, reflecting renewed supply concerns and anticipated stimulatory economic measures in the US and elsewhere. Supply concerns, however, are probably overblown as they were earlier in 2012, while more US quantitative easing is unlikely to have more than a transitory impact on prices and to have little effect on activity. We expect the market to remain in surplus over the rest of 2012, which should dampen the current price rally.

read more...

Companies mentioned

Sector report cover
Oil & Gas

13/07/2012
Seismic reflections: What’s next for UK North Sea?
Download via: Website

The annual Oil & Gas UK Economic Report highlights the difficulties that the UK North Sea is facing in attracting investment and staving off production declines. In 2011, the UK produced 19% less oil and gas than in 2010, a significantly larger decline than its 7.5% recent trends. Exploration wells drilled were at the lowest levels since at least 2002 and, while forecasts suggest an increase in 2012-14, production is unlikely to be above 2011 levels. The industry faces an uphill battle to keep production levels steady.

read more...

Companies mentioned

Sector report cover
Oil & Gas

29/06/2012
Seismic reflections: Drilling suspension?
Download via: Website

When Italy introduced a drilling ban in its coastal waters in August 2010 in response to BP’s Macondo disaster, few expected that almost two years later it would still be in place. After all, even the US ban in the Gulf of Mexico was lifted within one year. However this looks set to change, with the Italian government passing a decree in June that could restart offshore activity, albeit with a 3% increase in royalty payments.

read more...

Companies mentioned
Mediterranean Oil & Gas

Sector report cover
Oil & Gas

15/06/2012
Seismic reflections: The next major US resource play
Download via: Website

This week’s EnerCom Oil & Gas Conference, probably the premier London event featuring US E&P independents, provided a number of insights. Arguably the most interesting of all concerned Goodrich Petroleum’s comments on the prospectivity of the Tuscaloosa Marine Shale (TMS) in Louisiana and Mississippi. This is effectively an extension of the prolific Eagle Ford play of Texas. We believe interest in the TMS is likely to grow in the coming months as new drilling results are reported.

read more...

Companies mentioned
Range Resources , Nautical Petroleum , Gasol

Sector report cover
Oil & Gas

01/06/2012
Seismic reflections: East Africa: More to explore?
Download via: Website

The East African Rift System (EARS) is rapidly emerging as a major new petroleum province. The most recent manifestation of this was Tullow’s announcement of a major discovery at its Ngamia-1 well in Kenya. This follows the large scale discoveries made in the Albertine Basin since 2005, which are now pointing to reserves of over 2.5bn barrels. The EARS is one of the world’s most prospective, yet lightly-explored onshore rift plays. The scope for giant finds is excellent.

read more...

Companies mentioned
DEO Petroleum , Forum Energy , Mediterranean Oil & Gas

Sector report cover
Pharmaceutical & healthcare

28/05/2012
Edison healthcare quarterly: How to please some of the people some of the time
Download via: Website

There’s just no pleasing some people. Take AstraZeneca’s investors, for instance. A $1.3bn acquisition, an innovative risk-sharing deal with the world’s biggest biotech company, Amgen, and the departure of an unpopular CEO – all within the space of four weeks – was still not enough to stem a haemorrhaging share price and prevent over £2bn being wiped off the UK company’s market cap in a day.

read more...

Companies mentioned
ImmuPharma , Skyepharma , BTG , Ark Therapeutics Group , Lombard Medical Technologies , GW Pharmaceuticals , Oxford BioMedica , Deltex Medical , Allergy Therapeutics , Consort Medical , Vectura , Biotie Therapies Corp , Paion , Heidelberg Pharma , Abcam , Vernalis , Pharming Group , Algeta , Omega Diagnostics Group , Oncolytics Biotech Inc , Topotarget , Medcom Tech , Addex Therapeutics , Agennix , ProMetic Life Sciences , Evotec , Ablynx , Hybrigenics , Clavis Pharma , 4SC , Evolva , MorphoSys , e-Therapeutics , Synta Pharmaceuticals , Advanced Medical Solutions , Transgene , AmpliPhi Biosciences , Circadian Technologies , Immune Pharmaceuticals , Sunesis Pharmaceuticals , Aastrom Biosciences , OncoGenex Pharmaceuticals , Medigene , BioInvent , TiGenix , Proteome Sciences , Diaxonhit , Mast Therapeutics