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
Pura Vida Energy Sealegs Corporation
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Latest research

Seeing Machines

Scaling up the opportunities

Outlook | Technology | 01/09/2014

SM has been actively planning its new strategy, following its £16m fund raisings, and has chosen to focus on areas where its IP can be used to enhance operator safety and performance. SM is now moving rapidly to enhance R&D to fast track technology for the auto industry and other OEM products. On our new forecasts, SM is loss making until FY17. However, it is planning to bring a lower-priced unit to the road transport (fleet) market by FY16 that could significantly accelerate revenue growth.

SLI Systems

Results broadly in line

Update | Technology | 29/08/2014

On 26 August SLI Systems reported its full FY14 results, following the trading update on 28 July. As reported in the update, annual recurring revenue (ARR) and growth costs (sales, marketing and engineering expense for new clients) were lower than management’s forecasts as a result of it taking longer than expected to find and train appropriate sales and marketing staff. The net effect was a NZ$1.2m (16.5%) better than forecast loss before tax. In our opinion, the difference between forecast…


Manuka honey: health and well-being play

Initiation | Food & Drink | 28/08/2014

Comvita is a natural health products manufacturer and marketer focused on manuka honey, bee products and fresh olive leaf extract. It sells a range of manuka honey-based health products via a range of distribution and sales channels, and has an exclusive licensing agreement with Derma Sciences for medical-grade manuka honey based products to the professional wound care market. Our valuation of the company is NZ$4.57 per share, 23.5% above the current share price.

Tourism Holdings

Roam free

Initiation | Travel & Leisure | 28/08/2014

Tourism Holdings (THL) is a New Zealand-based provider of tourism products for the ‘roam free’ free independent traveller (FIT) market. It has operations in New Zealand, Australia and the US. Its main product is motorhome rental and it also offers attractions and guided tours in New Zealand. THL has a rejuvenated board and is on a journey to restore return on capital employed (ROCE) to 14%, after a period where overcapacity in the New Zealand market reached 25% and THL’s FY13 ROCE…

Smiths City Group

Expansion awaits

Initiation | General Retailers | 26/08/2014

Smiths City Group is a New Zealand focused retailer of furnishings and appliances. The company was significantly affected by the Christchurch earthquakes in 2010 and 2011, but is now ready for expansion and growth. It does not have national coverage and is not yet present in the important Auckland market. Our valuation of 83c/share is 69% above the current share price, with the company offering an attractive yield of 7.8%.


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