Key contacts

Will Corkill

Will Corkill
Director

Simon Wilson

Simon Wilson
Director

Regional office - Australia
Level 25
Aurora Place
88 Phillip Street
Sydney
NSW 2000
Australia
Tel: +61 (0)2 9258 1161

Regional office - New Zealand
Level 15
171 Featherston Street
Wellington 6011
New Zealand
Tel: +64 (0)4 8948555

swilson@edisongroup.com
wcorkill@edisongroup.com

listed companies

Range Resources Nkwe Platinum
MEC Resources Coal of Africa
Syndicated Metals Gold One
Bionomics Allied Gold Mining
Phylogica ADX Energy
Alkane Resources Bellzone Mining
Sumatra Copper & Gold Continental Coal
Gunson Resources RedFlow
Lochard Energy Circadian Technologies
Universal Coal Biotron
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Companies with HQs in asia-pacific

Seeing Machines Forterra Trust
Greka Drilling Bezant Resources
Green Dragon Gas Baobab Resources
Endace Wynnstay Group
PXP Vietnam Fund Chatham Rock Phosphate
Tenon MMG
SeaDragon Contact Energy
Cue Energy New Zealand Oil & Gas
Rubicon Sky Network Television
Pura Vida Energy Sealegs Corporation
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Latest research

SLI Systems

29% year-on-year growth in ARR

Flash note | Technology | 29/07/2014

ARR grew 29.4% y-o-y to NZ$25m in FY14, which is slightly (and, in our opinion, immaterially) lower than our NZ$26m forecast. The outlook remains positive and the shift in focus to larger customers is encouraging. The share price has suffered over the last six months on what appears to be general sector weakness rather than anything company specific, so we remain optimistic of the long-term upside potential. We will re-evaluate our forecasts after the results in August, but for now our DCF valuation…

MMG

Mixed Q2 production, supportive metal prices

Update | Mining | 23/07/2014

MMG released a mixed set of Q214 operating results, with copper output down 12% q-o-q and zinc production up 2%. While FY14 guidance was slightly increased for copper and lowered for zinc, cash cost revisions are net-net positive and will partly offset the impact of lower zinc volumes. More importantly, commodity prices remain strong, representing the key upside risk to MMG earnings and valuation. This, as well as the progress on the Las Bambas project, should continue to support MMG shares.

Regeneus

Pipeline expansion

Update | Pharmaceutical & Healthcare | 22/07/2014

Regeneus has added another project to its portfolio, with licensing of global rights to an autologous human cancer vaccine that is expected to enter the clinic in Q115. Developed at the Kolling Institute, Sydney, the technology was already licensed to Regeneus for veterinary applications (Kvax), which is now in a US marketing trial for osteosarcoma in dogs. Cancer immunotherapy, including multiple approaches to cancer vaccines, is a biotech hotspot and we look forward to progress with Regeneus’s…

Pacific Edge

Advances in bladder cancer diagnosis

QuickView | Pharmaceutical & Healthcare | 15/07/2014

Pacific Edge is driving the commercial launch of its molecular diagnostic Cxbladderdetect in the US in 2014. The advantage of the test is its greater accuracy in detecting cancer, particularly at the early stages, than established methods, and it is a faster, less invasive, more cost-effective option. It is also preparing to launch line extension Cxbladdertriage in Q314 as an additional tool for urologists. The market opportunity for Cxbladderdetect in the US alone is greater than NZ$600m.

MMG

Las Bambas valuation revisite

Update | Mining | 14/07/2014

We believe that the Las Bambas acquisition is value accretive for MMG on both NPV and multiples. Our revised valuation of Las Bambas is US$6.9bn or US$1.0bn adjusted for the acquisition cost. Based on our estimates, the deal would put the combined company on a 2016e EV/EBITDA of 3.1x. This compares to MMG’s standalone multiple of 5.5x. We believe the deal is not fully priced in and expect the re-rating of MMG shares to continue.

About

Edison‘s Sydney and Wellington offices opened in 2011 to provide research services to companies listed on Asia-Pacific stock exchanges. Companies of all sizes benefit from our research service, which provides the highest standards of research and unrivalled distribution of our reports on a global and unrestricted basis.

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