Sector commentary

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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

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06/02/2014
Alternext Review, February 2014
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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.

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Companies mentioned
Show companies...1000mercis, A2micile, Acces Industrie, Acropolis Telecom, ADA, Adthink Media, AgroGeneration, Ales Groupe, Antevenio, Aquila, Assima, Astellia, Auplata, BD Multimedia, Bernard Loiseau, Biosynex, Bricorama, BSB, Budget Telecom, CARMAT, Cellectis, Cerep, Clasquin, CO.BR.HA, Cofidur, Cogra, Concoursmania, CRM Company Group, Custom Solutions, D.L.S.I., Damartex, Deinove, Delfingen, Delta Drone, Demos, Diaxonhit, Dietswell, Direct Energie, DL Software, Easyvista, Emakina Group, Entreparticuliers.com, Environnement SA, Esker, Eurasia Groupe, Eurogerm, Europlasma, Evolis, Fashion B Air, Fountaine Pajot, Gaussin, Geci Aviation, Genfit, GenOway, Gévelot, Global Bioenergies, Global Ecopower, Global Investment Services, Gold by Gold, Groupe Guillin, Groupe Proméo, Groupe Sporever, Groupe O2i, H2O Innovation, Harvest, Heracles, Heurtey Petrochem, Hiolle Industries, Hitechpros, Homair Vacances, Hybrigenics, i2S, IDSUD, IntegraGen, Intrasense, ISA, IsCool Entertainment, Ivalis, Keyyo, LeGuide.com, Les Hotels Baverez, Lets Gowex, Login People, Makazi, MakHeiA, Mastrad, Maximiles, Median Technologies, MEDICREA International, MGI Digital Graphic Technology, Microwave Vision, Millet Innovation, Mobile Network Group, Monceau Fleurs, Moulinvest, Neotion, Neovacs, NetBooster, NEXEYA, Nextedia, Notrefamille.com, Novacyt, NSE Industries, Ober, OCTO Technology, Orolia, Pairi Daiza, Phenix Systems, Piscines Desjoyaux, Piscines Groupe, Poujoulat, Prodware, ProwebCE, Qiagen Marseille, Relaxnews, Richel Serres, Rougier S.A., Royalreesink, Sapmer, Serma Technologies, Sical, Sidetrade, Siparex Croissance, Softimat, Solutions 30, Solving Efeso, Sopheon, SpineGuard, Spineway, Stadium – Espace Finances, StreamWIDE, STS Group, Theradiag, Toolux Sanding, Traqueur, Trilogiq, Travel Technology Interactive, Turenne, Tuto4pc.com, TXCOM, UCAR, VDI Group, Velcan Energy, Vergnet, Vexim, Visiomed Group, Vision IT Group, Voyageurs du Monde, Weborama, Wedia,

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Mining

28/01/2014
Indaba special, 2014
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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.

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Companies mentioned
EMED 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 , Mwana Africa , 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

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Oil & Gas

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

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Companies mentioned