Key contacts

Will Corkill

Will Corkill

Simon Wilson

Simon Wilson

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

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

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
Sealegs Corporation Kreuz Holdings
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Latest research


Moving to human clinical trials for key products

Outlook | Pharmaceutical & Healthcare | 17/04/2015

Regeneus will take a significant step forwards in the current quarter when it launches first-in-man trials for its Progenza off-the-shelf stem cell therapy and its human cancer therapeutic vaccine. The cancer vaccine could make Regeneus a player in the buoyant immuno-oncology space. Licensing deals, particularly for Kvax, CryoShot and Cell Secretions cream are further potential catalysts in 2015. After reviewing our clinical development timelines, our valuation is now A$106m (A$0.51 per share).

Prima BioMed

LAG-3 comes to the fore

Outlook | Pharmaceutical & Healthcare | 14/04/2015

Prima BioMed has switched its focus from CVac to IMP321 since acquiring the French immunotherapy company Immutep for A$26m. A Phase II study in metastatic breast cancer with IMP321 is due to start in H215; the product has potential across many tumours, with other immunotherapies and chemotherapy. CVac still has potential in ovarian cancer and other epithelial tumours, and Prima is looking for a partner to develop it further. Prima's two other assets gained with Immutep are partnered with GSK and…


On track for anti-tumour vaccine trial in H215

Update | Pharmaceutical & Healthcare | 13/04/2015

Imugene is on track to initiate a Phase Ib/II trial of its gastric (stomach) cancer therapeutic vaccine, HER-Vaxx, in H215. HER-Vaxx aims to replicate and improve on the combination of two proven therapeutic antibodies, Herceptin and Perjeta (Roche), which significantly improves survival in breast cancer and may do so in gastric cancer. Global gastric cancer incidence is 934,000 cases with few current therapeutic options and low survival. Imugene raised A$3.6m in H214, which gives it sufficient funds…


Value overlooked

Update | Construction & Building Materials | 09/04/2015

Our analysis suggests that the market is undervaluing Rubicon’s two investments individually and, therefore, the company itself. Tenon’s ongoing profit recovery and increased penetration of advanced genetics seedlings and a potential financing/liquidity event for ArborGen are likely to be the key drivers of a higher Rubicon share price, in our view. We see a fundamental valuation range of between NZ$0.64 and NZ$1.06 per share.

South Boulder Mines

Robust economics in Colluli potash project PFS

Update | Mining | 07/04/2015

The recently released PFS for South Boulder’s (STB) 50%-owned Colluli potash project in Eritrea demonstrates strong economics, underpinning the board’s decision to proceed with the DFS. We have developed a valuation model for the project that has verified the PFS NPV10 (US$846m for Phase 1 and 2) and IRR (24.7% Phase 1 and 2). Here, we summarise the key outcomes of the PFS and present our valuation analysis.


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