ReNeuron Group

Exosomes rise further

Flash note | Pharmaceutical & healthcare | 20/07/2018

ReNeuron’s capital markets day highlighted the potential for the company’s exosome nanomedicine platform to be a source of both product and…

Regional REIT

Retail eligible bond 4.5% 2024

Update | Property | 20/07/2018

Despite continuing Brexit uncertainty and some slowing of UK economic growth regional property markets have remained robust in recent months, with industrial…

Euromoney Institutional Investor

On track

Update | Media | 19/07/2018

Euromoney's Q3 trading update shows little change from the position at the interims in May, with overall underlying revenues flat. This, however, masks…

Pan African Resources

EGM's Parthian shot

Update | Mining | 19/07/2018

On 12 July 2018, Pan African Resources (PAF) announced that production to the end of June was 160,421oz cf prior guidance of 157-160koz for the year, with…

Oryzon Genomics

Awaiting for eventful 2019

Outlook | Pharmaceutical & healthcare | 18/07/2018

The next year is shaping up to be transformative for Oryzon with two data readouts from Phase IIa trials with ORY-2001 in Alzheimer’s disease (AD)…


RESTORE trial completed, data this quarter

Update | Pharmaceutical & healthcare | 18/07/2018

Bionomics announced on 9 July 2018 that it had completed treatment in its 193-patient Phase II clinical study of BNC210 for post-traumatic stress disorder…


Shifts in US CRC screening; major catalysts in H2

Update | Pharmaceutical & healthcare | 18/07/2018

VolitionRx has broad R&D programme and expects to announce major milestones in the coming months, culminating with CE marking and launch of both colorectal…

Carr's Group

Both divisions slightly ahead of expectations

Update | Consumer staples | 18/07/2018

The recovery in both US feed block sales and the UK manufacturing businesses noted at Carr’s Group’s AGM in January has continued through to…


US Purch-ase

Update | Media | 18/07/2018

Future is taking a major step towards realising its US ambitions with the acquisition of Purch for $132.5m/£100.1m, fully funded by a rights issue…

Avon Rubber

More M50s

Flash note | Aerospace & Defence | 17/07/2018

Avon Rubber has announced another M50 order in the final year of the 10-year sole-source contract with the US Department of Defense (DoD). This order underpins…

BlackRock Latin American Inv. Trust

New dividend and discount management policies

Review | Investment Companies | 17/07/2018

BlackRock Latin American Investment Trust (BRLA) is managed by Will Landers, who says that investor attitudes towards Latin American equities have changed.…

EMIS Group

Solid H1; on track to meet FY18 expectations

Update | Technology | 17/07/2018

In H118, EMIS traded in line with management’s expectations and generated year-on-year revenue growth. All divisions saw solid performance and management…

Allium Medical Solutions

Continuing to execute on an ambitious plan

Outlook | Pharmaceutical & healthcare | 17/07/2018

Following broad FDA approval for Gardia, Allium anticipates the publication of clinical study results in a leading cardiology journal. Allium believes…


Near-term data to define long-term strategy

Outlook | Pharmaceutical & healthcare | 16/07/2018

Transgene develops virus-based product candidates for use in oncology and infectious diseases, its five clinical products are currently in 11 clinical…

RCM Beteiligungs

Playing smart

Update | Financials | 16/07/2018

Ahead of H1 results on 15 August, Q1 showed the success of RCM Beteiligungs’ strategic focus on certain well-defined projects. Quarterly PBT of €2.3m,…

JPMorgan European Smaller Companies Trust

Building on long-term positive track record

Review | Investment Companies | 16/07/2018

JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of high-quality, reasonably valued, small-cap…

Basilea Pharmaceutica

Oncology product portfolio to drive future growth

Outlook | Pharmaceutical & healthcare | 16/07/2018

Basilea has successfully brought two anti-infective drugs to the market: Cresemba (severe mould infections) and Zevtera (bacterial infections). With the…

ASIT Biotech

All go on Phase III

Update | Pharmaceutical & healthcare | 16/07/2018

On July 11 ASIT biotech raised €12m in commitments in a heavily oversubscribed convertible bond placement. In raising this additional capital, ASIT…

ReNeuron Group

US exclusivity deal - more than non-dilutive cash

Update | Pharmaceutical & healthcare | 13/07/2018

ReNeuron ended FY18 with a healthy cash balance and the 11 July announcement of an exclusivity agreement worth up to US$5m with a US specialty pharmaceutical…

The NAGA Group

Broadening portfolio stimulates profitability

Update | Technology | 13/07/2018

NAGA Group (N4G) moved to positive EBITDA of €2.9m in FY17 on the back of higher brokerage fees and one-off ICO-related advisory fees. Management…

Standard Life Private Equity Trust

Measured addition of domestic US fund exposure

Review | Investment Companies | 13/07/2018

Standard Life Private Equity Trust (SLPET) continues to follow a long-term, conviction approach to selecting primarily European private equity buyout funds,…

Quantum Genomics

A little company going after big indications

Outlook | Pharmaceutical & healthcare | 13/07/2018

Quantum Genomics is a biopharmaceutical company investigating brain aminopeptidase A inhibitors, a new class of drug, for the treatment of hypertension…


One of the best ever quarters

Update | Pharmaceutical & healthcare | 13/07/2018

In a well-received set of quarterly results, Orexo continued to execute on Zubsolv in the US, which, for the second quarter running, continued to be the…

European Assets Trust

Capital growth objective with high yield

Review | Investment Companies | 11/07/2018

European Assets Trust (EAT) aims to achieve capital growth through investing in listed small- and medium-sized companies in Europe, excluding the UK. It…

Blancco Technology Group

Encouraging finish to a difficult year

Update | Technology | 11/07/2018

Blancco’s FY18 trading update confirms that despite weaker than expected revenue growth, work on reducing the cost base resulted in a better than…

Standard Life Equity Income Trust

Accelerating dividend growth

Review | Investment Companies | 11/07/2018

Standard Life Equity Income Trust (SLET) aims to generate a generous level of dividend as well as long-term growth in capital and income. The board has…

Lighthouse Group

Well-established adviser with a specific angle

Initiation | Financials | 10/07/2018

Lighthouse is a financial adviser and aims to provide well-researched solutions to individuals and corporates. It is differentiated by its leading position…

Ellomay Capital

Company guidance for FY18 confirmed at Q1

Update | Alternative Energy | 10/07/2018

Over 2017, Ellomay made large investments in new projects and in acquisitions, which we expect to drive significant revenue and profit growth in 2018.…

ASLAN Pharmaceuticals

ASLAN004 a go for atopic dermatitis

Update | Pharmaceutical & healthcare | 09/07/2018

ASLAN announced in July 2018 that it has received clinical trial authorisation in Singapore to conduct a Phase I study of ASLAN004 for the treatment of…

Circle Property

A strong harvest continues

Outlook | Property | 09/07/2018

Circle actively manages its assets, placing an emphasis on total returns rather than short-term income maximisation. With three significant office refurbishments…


Transition year and strengthened balance sheet

Update | General Industrials | 09/07/2018

Carbios’s 2017 results were an important staging post on the journey from a pure research operation towards a market-ready business. The balance…

Accsys Technologies

Accelerated growth

Initiation | General Industrials | 09/07/2018

Building on Accsys's established international presence the current significant investment phase (€80m+ capex) should be the catalyst for accelerated…

BioLight Life Sciences

Funding provides breathing room

Update | Pharmaceutical & healthcare | 09/07/2018

BioLight raised NIS11.4m (gross) from the issuance of 908,540 shares in May 2018. We believe these funds should allow BioLight to fund its operations until…

StatPro Group

Broadening managed-services capabilities for risk

Update | Technology | 05/07/2018

StatPro has acquired the regulatory risk services bureau from ODDO BHF for an undisclosed sum. The acquisition significantly broadens the group’s…


Strong growth continues in H1

Update | Technology | 05/07/2018

Boku’s H1 trading update confirms the company continues to see strong growth in total processed value (TPV) and revenues. Positive EBITDA for H118…


On a growth path

Update | Financials | 04/07/2018

Recent significant fund-raising and portfolio expansion by Noratis confirm the company’s ambition to benefit from favourable macro factors and the…

China Water Affairs Group

FY18 exceeds forecasts

Update | General Industrials | 04/07/2018

Better-than-expected growth in profitability in FY18, a higher than forecast DPS and a favourable market outlook are clearly positive for China Water Affairs…


NanoTherm US prostate cancer trial initiates

Update | Pharmaceutical & healthcare | 04/07/2018

MagForce has announced the enrolment of the first patient in its pivotal clinical trial evaluating NanoTherm focal ablation therapy in the US for prostate…

John Laing Group

Investments markets remain strong

Update | Financials | 04/07/2018

John Laing Group’s (JLG) pre-close statement maintained guidance for FY18 investment commitments and realisations at £250m. The investment…


Pressing ahead

Update | Media | 04/07/2018

Edel’s H118 results to March showed good top-line progress (+8%) and an uplift in EBITDA margins from 9.3% to 9.8% as digital activities gained in…


Low-cost, high-impact onshore oil exploration

Initiation | Oil & Gas | 04/07/2018

Petro Matad offers investors exposure to a fully funded exploration campaign targeting near-field, low-risk prospects as well as basin opening, high-impact…


Transformative acquisition

Update | General Industrials | 04/07/2018

IBU-tec has completed the acquisition of speciality chemicals company BNT Chemicals in a transformative deal that substantially expands the type of chemical…

Seneca Global Income & Growth Trust

Continuing to reduce equity exposure

Review | Investment Companies | 03/07/2018

Seneca Global Income & Growth Trust (SIGT) aims to generate an average total return of at least CPI +6% pa, with low volatility, over the course of…

Scottish Oriental Smaller Companies

Small-cap specialist, repositioned for growth

Review | Investment Companies | 03/07/2018

Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth from investing in smaller Asia ex-Japan listed companies, typically…

Thin Film Electronics

Enabling next phase of mobile marketing

Outlook | Technology | 03/07/2018

Thin Film Electronics (Thinfilm) is benefitting from a renewed interest in NFC (near-field communication) based mobile marketing solutions following Apple’s…

SDX Energy

Looking ahead at 2019 work programme

Outlook | Oil & Gas | 03/07/2018

In this note, we revisit SDX’s 2017/2018 gas discoveries in Morocco and Egypt and look ahead at the company’s plans to leverage this success…


Marching on

Update | Aerospace & Defence | 03/07/2018

Cohort has delivered better than-expected operating profit growth in FY18 as it continues to address the changing dynamics of its end markets. The company…

Marshall Motor Holdings

Progression in still challenging markets

Flash note | Automotive Retailers | 03/07/2018

The company has release its pre-close update for H118, which indicates modest progress has been made against last year’s record period: a commendable…


Ready to make a dent in the fibrosis market

Update | Pharmaceutical & healthcare | 03/07/2018

Genkyotex has initiated a Phase II investigator-sponsored trial in patients with Type 1 diabetes (T1D) and kidney disease (DKD). Separately, it has announced…

TR European Growth Trust

Finding opportunities in European small-caps

Review | Investment Companies | 02/07/2018

TR European Growth Trust (TRG) lead manager Ollie Beckett says he and his team are still finding plenty of investment opportunities, in spite of the global…

ERM Power

US update and focus on energy solutions

Update | General Industrials | 02/07/2018

ERM Power’s strategy is focused on sustaining growth in its cash-generative core Australian activities while developing two new growth areas: energy…

Ultra Electronics

Herley investment masks underlying progress

Update | Aerospace & Defence | 02/07/2018

Ultra’s pre-close trading statement certainly contains reasons for optimism, especially better than expected order development. However, the continuing…

Oncology Venture

PARP inhibitor Phase II study initiates

Update | Pharmaceutical & healthcare | 02/07/2018

Oncology Venture (OV) recently announced the initiation of its open-label Phase II study of 2X-121, a dual PARP-1/2 and TNKS-1/2 inhibitor, as a single…


Completion of financing heralds a new dawn

Update | Industrial Support Services | 29/06/2018

As flagged in Leclanché's March trading update, FY17 revenue development was held back by lack of funding. Management has recently completed a sequence…


Explicit growth aspirations

Update | Construction & Building Materials | 29/06/2018

Variable underlying markets did not prevent Norcros from delivering both organic and acquired progress in FY18. Moreover, a new target of almost doubling…

PPHE Hotel Group

Creating value

Flash note | Travel & Leisure | 29/06/2018

PPHE has accompanied news of its proposed transfer to a premium listing with a significant increase in market valuations of its properties (up c £140m…


Progress across pipeline; Services sales up 53%

Update | Pharmaceutical & healthcare | 29/06/2018

Over the past several months Selvita has been executing on its new R&D-focused multi-year strategy funded by the share issue in March 2018 raising…


Building on success

Update | General Industrials | 29/06/2018

Confirmation of a “very successful” start to 2018 is reassuring, given a softening in H217 after marked progress in the preceding half. Albeit…


An “impressive start” to 2018

Update | Technology | 29/06/2018

SCISYS has released an upbeat AGM trading update, noting that progress has been made across all its four divisions. The order book has reached £100m,…


Progress made, more expected

Update | General Industrials | 28/06/2018

A good all-round performance in FY18 provided some positive markers of progress including rising UK margins, a steep step-up in the Indian JV order book…


Buy-and-build strategy fuels expansion

Update | General Industrials | 28/06/2018

Successful turnarounds supported by add-on acquisitions allowed Mutares (MUX) to post record FY17 results. Improvements across the P&L resulted from…

Windar Photonics

Global distribution agreement with Vestas

Flash note | Alternative Energy | 28/06/2018

Windar Photonics has signed a global distribution agreement with wind turbine manufacturer Vestas Wind Systems. Vestas will now be selling and marketing…

Walker Greenbank

Seeing improving signs

Update | General Industrials | 28/06/2018

Comments at the AGM point to lower headline sales ytd but underlying patterns and indications of further improvement in H2 offer encouragement. Our estimates…

Max 21

Growing profits and recurring revenues

Update | Technology | 28/06/2018

Max 21’s repositioning, with the sale of loss-making NECDIS at end 2017 and its refocus on creating recurring revenues from hybrid business communications…

Quantum Genomics

The QUORUM trial

Update | Pharmaceutical & healthcare | 28/06/2018

In April, Quantum Genomics announced it would be moving forward with the Phase IIb trial in heart failure and has recently announced the design of this…

Elbit Medical Technologies

Two promising private assets

Initiation | Pharmaceutical & healthcare | 28/06/2018

Elbit Medical Technologies is an Israel-based healthcare investment company traded on the TASE. It is invested in two private companies: InSightec is a…

JPJ Group plc

Moving to a premium listing

Flash note | Travel & Leisure | 27/06/2018

As a validation of its maturing business model and strengthened corporate governance, Jackpotjoy plc (JPJ) has announced a proposed transfer of its entire…

Custodian REIT

Income-driven returns continuing

Outlook | Property | 27/06/2018

Custodian REIT (CREI) continued to deliver strong returns in FY18, with a NAV total return of 9.6% (FY17: 8.5%), 6.0% from dividends paid and the balance…

Osirium Technologies

On track for continued strong bookings growth

Update | Technology | 27/06/2018

Osirium’s FY17 results confirmed that it is growing bookings for its subscription-based software in line with expectations and has kept tight control…

Park Group

Continued growth in earnings and cash

Update | Financials | 27/06/2018

Park Group continued to grow billings, profits, cash and the well-covered dividend in FY18. Billings growth was modest, with the previously flagged delayed…

Lowland Investment Company

Seeking opportunities in unloved UK stocks

Review | Investment Companies | 26/06/2018

Lowland Investment Company (LWI) invests for income and capital growth in a diversified portfolio of mainly UK stocks of all sizes, from high-risk early-stage…

Martin Currie Global Portfolio Trust

Co-manager appointed as part of succession plan

Review | Investment Companies | 26/06/2018

Martin Currie Global Portfolio Trust (MNP) aims to generate long-term capital growth and real dividend growth from a diversified portfolio of high-quality…


Winning ways

Flash note | Industrial Support Services | 26/06/2018

Medserv has announced the signature of a second contract for Shore Base Logistics for offshore Cyprus for an international oil company (IOC). Cyprus is…

Daldrup & Söhne

Increased profits and business activity

Update | General Industrials | 26/06/2018

Daldrup & Söhne made progress in building its presence in geothermal generation during FY17 and this is expected to yield additional benefits in FY18.…

TXT e-solutions

Diversifying the banking and finance business

Update | Technology | 26/06/2018

TXT has announced an agreement to acquire an Italian financing software company for an enterprise value of €7.6m. This marks the first acquisition…

Picton Property Income

FY18 builds on successful track record

Outlook | Financials | 25/06/2018

In a successful FY18, Picton Property Income again outperformed the MSCI IPD Quarterly Benchmark property return, as it has now done over one, three, five…

Avanti Communications

Final positioning for commercial relaunch

Update | Aerospace & Defence | 25/06/2018

Avanti had a busy Q3 ahead of its April conversion to equity of its 2023 notes. Following the $20.1m settlement due from the government of Indonesia at…


Project Atlas helps map the future

Update | Industrial Support Services | 22/06/2018

Trifast delivered another record financial performance. FY18 results were modestly ahead of market expectations, but significantly ahead of expectations…

Wheaton Precious Metals

Kobold ex machina

Update | Mining | 21/06/2018

On 11 June, Wheaton Precious Metals (WPM) announced that it had entered into an agreement with Vale to acquire 42.4% of cobalt production from Voisey’s…

Reworld Media

Termination of coverage

Termination | Media | 21/06/2018

Edison Investment Research is terminating coverage on Reworld Media (ALREW). Please note you should no longer rely on any previous research or estimates…


Termination of coverage

Termination | Pharmaceutical & healthcare | 21/06/2018

Edison Investment Research is terminating coverage on Vernalis (VER). Please note you should no longer rely on any previous research or estimates for this…


Termination of coverage

Termination | Pharmaceutical & healthcare | 21/06/2018

Edison Investment Research is terminating coverage on Viralytics (VLA). Please note you should no longer rely on any previous research or estimates for…


Innovative orthobiologics company

Initiation | Pharmaceutical & healthcare | 21/06/2018

BONESUPPORT is commercialising synthetic bone graft substitutes. The company invests in R&D to support continued development of innovative products…

European Investment Trust (The)

Managing risk in a transition period

Review | Investment Companies | 21/06/2018

The European Investment Trust (EUT) adopts a strict valuation-based investment approach to construct a relatively concentrated portfolio of stocks that…

Heliad Equity Partners

Strong returns being driven by listed holdings

Review | Investment Companies | 21/06/2018

Heliad Equity Partners (Heliad) achieved a NAV total return of 47.3% in 2017, driven by the strong performance of its listed holdings, including its largest…


Termination of coverage

Termination | Industrial Support Services | 21/06/2018

Edison Investment Research is terminating coverage on WYG (WYG). Please note you should no longer rely on any previous research or estimates for this company.…


Developing a sophisticated clinical strategy

Update | Pharmaceutical & healthcare | 21/06/2018

Celyad has reached the potentially crucial three billion natural killer receptor (NKR) CAR T-cell dose (CYAD-01) in acute myeloid leukaemia (AML) with…

Martin Currie Asia Unconstrained Trust

Capital growth with attractive yield

Review | Investment Companies | 21/06/2018

Martin Currie Asia Unconstrained Trust (MCP) aims to deliver returns in line with nominal Asia ex-Japan GDP growth on a rolling three-year basis. It aims…


Maintaining client commitment

Update | Financials | 20/06/2018

Record is in its 35th year and underlying its longevity are expertise and service levels that have sustained a client base through changing markets. FY18…

Blue Cap

Locking in growth

Update | General Industrials | 20/06/2018

Blue Cap is gearing up for further expansion by joining forces with like-minded counterpart, PartnerFonds, its new major shareholder (44%) and planned…


EU launch milestone achieved

Update | Pharmaceutical & healthcare | 19/06/2018

Yesterday Orexo announced the launch of Zubsolv in the EU by its partner Mundipharma, triggering a €3m (c SEK30.6m) milestone payment. Zubsolv is…


FY18 results – clouds lifting

Update | Pharmaceutical & healthcare | 19/06/2018

Following a stronger H2 and Abzena’s FY18 results, we have made major changes to our model across both the services business and the Abzena Inside…

MagneGas Corporation

Securing future through sales of cutting gas

Initiation | General Industrials | 19/06/2018

MagneGas has recently been transformed through three acquisitions. This has created a platform for selling its alternative metal cutting fuel in California…


Focusing on earnings recovery and cash

Update | Industrial Support Services | 19/06/2018

WYG faced a number of challenges in FY18 but ended the year with an improved market backdrop, higher divisional order books and benefits from management…

Liquefied Natural Gas

Strategic investor enhances credibility in China

Update | Oil & Gas | 19/06/2018

On 4 June 2018, Liquefied Natural Gas Ltd (LNGL) announced a strategic investment by IDG Energy Investment Group (IDG Energy), a Hong Kong-listed investment…

Templeton Emerging Markets Investment Trust

Continuation of strategy under new lead manager

Review | Investment Companies | 19/06/2018

Templeton Emerging Markets Investment Trust (TEMIT) has been managed by Chetan Sehgal since the beginning of February 2018, when he took over from prior…

Kape Technologies

Unveiling Kape

Initiation | Technology | 19/06/2018

Kape has made solid progress in refining its product set and is now fully focused on the consumer cyber security segment. By leveraging its marketing platform…


A note of confidence

Update | Technology | 18/06/2018

1Spatial recently held its first capital markets day for a number of years. We see this as a positive signal that, following a substantial transformation…

Lazard World Trust Fund

Global opportunities with new 6% dividend policy

Review | Investment Companies | 15/06/2018

Lazard World Trust Fund (WTR) is differentiated from the majority of peers by its focus on discounted assets. Its portfolio is a blend of closed-end funds,…

Atossa Genetics

Atossa raises $13.4m in rights offering

Update | Pharmaceutical & healthcare | 15/06/2018

Atossa’s previously announced rights offering closed on 30 May 2018, generating $13.3m in gross proceeds ($12.1m net) through the issue of 13,324…