Sector commentary

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Oil & Gas

27/08/2014
Onshore down under - Oil & gas sector report
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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.

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Companies mentioned

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Pharmaceutical & Healthcare

30/06/2014
Edison healthcare quarterly: It’s getting personal
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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.

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Companies mentioned
Simavita , Verisante Technology , Regeneus , TESARO , SQI Diagnostics , Cardio3 BioSciences , Erytech Pharma , Onconova Therapeutics , Can-Fite BioPharma , aap Implantate AG , BioAlliance Pharma , Bellus Health , Mesoblast , Newron Pharmaceuticals , Athersys , DBV Technologies , Mologen AG , Derma Sciences , Sygnis , ArQule , Clinigen , Prima BioMed , 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 , Wilex , Paion , Biotie Therapies Corp , Consort Medical , Allergy Therapeutics , Deltex Medical , Oxford BioMedica , GW Pharmaceuticals , Lombard Medical Technologies , BTG , Skyepharma , Futura Medical

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Oil & Gas

02/05/2014
Oil & gas macro outlook: Ukraine supports prices for now
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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.

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Companies mentioned

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Pharmaceutical & Healthcare

05/03/2014
Edison healthcare quarterly: A boost for allergy immunotherapy
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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.

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Companies mentioned
TESARO , SQI Diagnostics , Cardio3 BioSciences , Erytech Pharma , Onconova Therapeutics , Can-Fite BioPharma , aap Implantate AG , Bionor Pharma , Viralytics , BioAlliance Pharma , Bellus Health , Nanobiotix , Mesoblast , Athersys , DBV Technologies , Mologen AG , Derma Sciences , OvaScience , Sygnis , ArQule , Clinigen , 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 , Wilex , Paion , Biotie Therapies Corp , Consort Medical , Allergy Therapeutics , Deltex Medical , Oxford BioMedica , GW Pharmaceuticals , Lombard Medical Technologies , BTG , Skyepharma , Imperial Innovations , Animalcare Group , Futura Medical

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Mining

04/03/2014
ASX Spotlight Conference – London, 6 March 2014
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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)

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Companies mentioned
Anteo Diagnostics , Benitec Biopharma , Wolf Minerals , Bionomics , See more..., GBST Holdings, Invion, Kina Petroleum, Nanosonics, Petrel Energy, RCR Tomlinson, Real Energy Simavita, Strata-X Energy, Tissue Therapies, Universal Biosensors

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Oil & Gas

03/03/2014
Africa drilling: A defining year - Pan-African 2014 drilling in focus
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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.

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Companies mentioned
Genel Energy , Pura Vida Energy , Fastnet Oil & Gas , Tower Resources , See more..., Canadian Overseas Petroleum, Africa Oil, Chariot Oil & Gas, BG Group, FAR, Bowleven Oil & Gas, Cairn Energy, Hyperdynamics, ExxonMobil, Longreach Oil & Gas, Freeport McMoRan, Pancontinental Oil & Gas, GALP, Sterling Energy, HRT, Taipan Resources, Jacka Resources, Tangiers Petroleum, Kosmos EnergyPetrobras, Repsol, Tullow Oil

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Mining

26/02/2014
Making a case for uranium: Life after Fukushima
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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.

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Companies mentioned
Denison Mines , Energy Fuels , See more..., Kivalliq Energy, Laramide Resources, Peninsula Energy, Toro Energy, UEX, Uranerz Energy, Uranium Energy, Ur-Energy

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Mining

24/02/2014
ASX Spotlight Conference – New York, 27 February 2014
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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)

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Companies mentioned
Doray Minerals , Anteo Diagnostics , Benitec Biopharma , Bionomics , See more..., Mobile Embrace, Petrel Energy, RCR Tomlinson, Real Energy, Silex Systems, Simavita, Starpharma, Strata-X Energy, Troy Resources, Universal Biosensors