Vision. Right. Now.

Update | Technology | 19/11/2018

STEMMER IMAGING (SI) presents an opportunity to benefit from rising demand for machine vision components. This is driven by a shift in the industrial landscape…


Dynamic driving

Update | General Industrials | 19/11/2018

Despite rapid growth, paragon’s shares have performed poorly since the positive reaction to half year results in August, in part due to value attribution…


A world of new surfaces

Update | General Industrials | 19/11/2018

Nanogate’s management has created a vertically integrated platform that designs and manufactures components with the optical qualities of glass or…


Successful manufacturing of first TCR therapy

Update | Pharmaceutical & healthcare | 19/11/2018

Medigene’s MDG1011 trial in MM, AML and MDS is ongoing and the first MDG1011 TCR cell product has been successfully produced. Additionally, procedures…

Auris Medical Holding

Q318 results and business updates

Update | Pharmaceutical & healthcare | 19/11/2018

Auris Medical recently reported its Q318 results and provided a brief business update on its active programs. R&D expenditure for the period was down…

Vietnam Enterprise Investments

Correction presents long-term opportunities

Review | Investment Companies | 19/11/2018

Vietnam Enterprise Investments (VEIL) was launched in 1995 and became a member of the FTSE 250 in July 2017. It is the largest and longest established…

Hellenic Petroleum

A look ahead at 2019 after strong Q3 beat

Update | Oil & Gas | 19/11/2018

Hellenic Petroleum (ELPE) demonstrated exceptionally strong margin over-performance ($7.3/bbl) versus the benchmark in Q318, with group adjusted EBITDA…


Collaboration and supply agreement signed

Update | Pharmaceutical & healthcare | 19/11/2018

Immunicum has announced that it has signed a collaboration and supply agreement with Pfizer and Merck KGaA, Darmstadt, Germany for the checkpoint inhibitor…

ICG-Longbow SSUP

Exploiting a niche in UK real estate debt

Initiation | Financials | 19/11/2018

ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) offers investors exposure to the UK real estate debt market, mainly through investments…


FY19 likely to be a game of two halves

Update | Technology | 16/11/2018

As flagged in the October trading update, Carclo’s H119 performance was adversely affected by delays in commencing three medical programmes. Moreover,…

BMO Managed Portfolio Trust Growth Portfolio

Higher exposure to more defensive funds

Review | Investment Companies | 16/11/2018

BMO Managed Portfolio Trust (BMPT), which changed its name from F&C Managed Portfolio Trust on 9 November 2018, has a unique structure comprising two…

BMO Managed Portfolio Trust Income Portfolio

Higher exposure to more defensive funds

Review | Investment Companies | 16/11/2018

BMO Managed Portfolio Trust (BMPT), which changed its name from F&C Managed Portfolio Trust on 9 November 2018, has a unique structure comprising two…


Turnaround story on the way

Update | Pharmaceutical & healthcare | 16/11/2018

Bonesupport’s independent distributor network is now promoting CERAMENT bone void filler (BVF) in the US since Zimmer Biomet’s exclusivity…

Brunner Investment Trust (The)

Focused global equity exposure

Review | Investment Companies | 15/11/2018

The Brunner Investment Trust (BUT) is now a much more focused global equity proposition compared with mid-2016: there is a single manager, running a single…

Lighthouse Group

Strategic agreement with Tavistock Investments

Update | Financials | 15/11/2018

Lighthouse (LGT) has announced a strategic agreement with Tavistock Investments (TAVI) that will provide it with access to Tavistock’s investment…


Building mass while improving efficiency

Update | Financials | 15/11/2018

MyBucks (MBC) continues to expand its lending business organically, leveraging the acquisitions of banks from Opportunity International (in particular…

Fidelity China Special Situations

Accessing China’s superior growth prospects

Review | Investment Companies | 15/11/2018

Fidelity China Special Situations (FCSS) aims to provide an attractive way for investors to gain exposure to the faster-growing areas of the Chinese economy,…

Faroe Petroleum

Agar/Plantain discovery

Flash note | Oil & Gas | 15/11/2018

Faroe Petroleum has announced the results of the Agar/Plantain exploration/appraisal well in licence P1763 (Faroe has a 25% interest in Agar/Plantain and…

OTC Markets Group

Gaining domestic and international traction

Outlook | Financials | 15/11/2018

OTC Markets Group’s (OTCM’s) Q318 results showed sound revenue growth, a pick-up in corporate client numbers and a further increase in the…

JPJ Group plc

Remote gaming duty increases in April 2019

Update | Travel & Leisure | 15/11/2018

Following the resignation of Sports Minister Tracey Crouch, the UK government has bowed to pressure to bring forward the reduction in FOBT stake limits,…

GVC Holdings

Parliamentary U-turn

Update | Technology | 15/11/2018

Following the resignation of Sports Minister Tracey Crouch, the UK government has bowed to pressure to bring forward the reduction in FOBT stake limits,…


Short-term VCSEL slowdown hits profits

Update | Technology | 15/11/2018

IQE has announced an immediate slowdown in shipments of VCSEL wafers, which materially affects FY18 revenues and profitability, and has issued revised…

Marshall Motor Holdings

Strong finish to 2018 expected

Update | Automotive Retailers | 14/11/2018

Marshall Motor Holdings (MMH) released a trading update, which indicates that the group’s Q4 performance is now expected to be ahead of management…

Laboratorios Farmacéuticos ROVI

Becat on track; guidance uplifted

Update | Pharmaceutical & healthcare | 14/11/2018

Laboratorios Farmacéuticos ROVI (ROVI) has reported 9M18 operating revenue of €218.9m (+7.6% y-o-y), driven by substantial growth in the speciality…

Faroe Petroleum

Rungne uncommercial discovery

Flash note | Oil & Gas | 14/11/2018

Faroe Petroleum has announced the results of the Rungne exploration well 30/6-30 in the Norwegian North Sea in which it has a 40% working interest. The…

Location Sciences

Termination of coverage

Termination | Media | 14/11/2018

Edison Investment Research is terminating coverage on Location Sciences (LSAI). Please note you should no longer rely on any previous research or estimates…

Allium Medical Solutions

Termination of coverage

Termination | Pharmaceutical & healthcare | 14/11/2018

Edison Investment Research is terminating coverage on Allium Medical (ALMD). Please note you should no longer rely on any previous research or estimates…

Avon Rubber

Continuing to deliver

Update | Aerospace & Defence | 14/11/2018

Avon Rubber’s FY18 report demonstrates the success of the new business strategy, delivering growth across both divisions. The product portfolio has…

JPJ Group plc

Strong figures despite headwinds

Update | Travel & Leisure | 14/11/2018

Despite the deluge of negative news across the UK gaming sector, JPJ Group plc (JPJ) has produced another strong quarter, with gaming revenue growth of…

PDL BioPharma

Q318 results

Update | Pharmaceutical & healthcare | 13/11/2018

PDL reported Q318 revenues of $67.9m, up 8.2% compared to Q317 and up 45.8% sequentially, with that growth mainly due to an increase in the fair value…

TXT e-solutions

Putting cash to work

Outlook | Technology | 13/11/2018

Strong organic revenue growth in Q318 combined with the recent Cheleo acquisition resulted in revenue growth of 18.6% y-o-y, a normalised EBITDA margin…


Further order successes for MASS and EID

Flash note | Aerospace & Defence | 13/11/2018

The positive order intake news continues for Cohort. It has announced a further £3.2m contract for MASS to provide business analysis support to the…


Everything EverSweet

Update | Food & Drink | 13/11/2018

Evolva’s Q3 trading statement is mixed, but overall we believe it contains more positive than negative news. The announcement that Cargill and DSM…


The transformation continues

Update | Technology | 13/11/2018

The acquisition of I-New transforms Cyan’s scale and growth prospects still further. Recent interim results highlighted a business on track to exceed…

Quantum Genomics

Strong Phase IIb data in hypertension

Update | Pharmaceutical & healthcare | 13/11/2018

Quantum Genomics released data from the Phase IIb NEW-HOPE trial, which strongly suggests that firibistat is an efficacious, safe drug with a differentiated…

The NAGA Group

Further development of the ecosystem

Update | Technology | 12/11/2018

NAGA Group continues to ramp up volumes on its NAGA Trader platform, while eliminating commission expenses through the acquisition of Hanseatic Brokerhouse…

Pan African Resources

On track for 170koz in FY19

Update | Mining | 12/11/2018

On 6 November, Pan African (PAF) announced that it had produced 37,729oz gold in Q119 (an annualised production rate of 150,916oz) and that it was confident…

Centrale del Latte d'Italia

Deteriorating consumer environment

Update | Food & Drink | 12/11/2018

The economic and consumer environment in Italy remained challenging in Q3, and Centrale del Latte d’Italia (CLI) also faced tough comparatives as…

Carr's Group

Recovery in both divisions confirmed

Update | Consumer staples | 12/11/2018

The FY18 results for Carr’s Group show that it has delivered the promised recovery in both divisions. This is the result of (1) market conditions…


Near-term filings in the US and Japan on track

Update | Pharmaceutical & healthcare | 12/11/2018

Paion is approaching several important milestones, with partners on track to file for approval of remimazolam in the US, Japan and Russia in the next few…

Egdon Resources

UK shale appraisal in focus

Update | Oil & Gas | 12/11/2018

We have slightly increased our valuation of Egdon’s conventional asset base from 12.5p/share to 12.7p/share (+2%). Moving parts include higher forecast…

Oxford BioMedica

Diversified strategy showing its strength

Update | Pharmaceutical & healthcare | 09/11/2018

Strong operational momentum at Oxford BioMedica (OXB), as evidenced by its interim maiden operating profit of £9.4m (vs a loss of £2.2m in…

Sunesis Pharmaceuticals

Dosing update at ASH

Update | Pharmaceutical & healthcare | 09/11/2018

Sunesis released its abstracts for the upcoming American Society of Hematology (ASH) meeting, which included an update on the company’s ongoing Phase…

Endeavour Mining

Maiden resource paves way for potential project

Update | Mining | 09/11/2018

On 29 October, Endeavour (EDV) announced a maiden resource at its Fetekro property in north central Côte d’Ivoire of 719koz Au, contained within…

Martin Currie Asia Unconstrained Trust

Deep discount and attractive yield

Review | Investment Companies | 09/11/2018

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


Maintaining performance

Update | Automotive Retailers | 09/11/2018

Lookers maintained its outlook for the current year, notwithstanding supply-side disruption that created volatility in new car markets in Q318. Used car…

Oryzon Genomics

Ramping up R&D activity; catalysts in 2019

Update | Pharmaceutical & healthcare | 09/11/2018

The €13m (gross) private placement announced on 30 October 2018 will support Oryzon’s expanding R&D programme with a total of five clinical…


Aiming to be ready to use in solid tumour combos

Update | Pharmaceutical & healthcare | 09/11/2018

Immunicum’s Q318 results detailed progress on a number of levels including regulatory, scientific and financing. The clinical progress resulted in…


Strong organic growth in Q1

Update | Technology | 08/11/2018

Claranova’s Q1 revenue growth of 61% y-o-y was made up of 33% organic growth and 27% growth from the recent acquisitions in the Avanquest business.…

Game Digital

Game on for BELONG

Update | Consumer Support Services | 08/11/2018

In a challenging market Game Digital (GMD) continues to make ground, meeting our 26% EBITDA growth forecast after achieving planned cost savings, despite…

Pluristem Therapeutics

FY18 results and top-line claudication data

Update | Pharmaceutical & healthcare | 07/11/2018

Pluristem ended FY18 with an operating loss of $33.7m mostly attributed to R&D expenditure ($22.6m) and as of 30 June 2018 had $30.6m in net cash.…


On track for commercial roll-out in 2019

Update | Technology | 07/11/2018

So far this year, Mynaric has made significant advances in terminals for space deployment. This keeps it on track for commercial roll-out during 2019 and…

Banca Sistema

Strong lending growth and capital position

Update | Financials | 07/11/2018

Lending has grown by more than 40% year-on-year but mix changes and some lumpiness associated with late payment interest (LPI) have constrained earnings…

Snakk Media

Broadening out the offering

Update | Media | 07/11/2018

The benefits of the restructuring initiated in FY17 and continuing through FY18, should be more apparent in FY19 as the business runs for a full year on…

FCR Immobilien

High-growth German property investor

Initiation | Financials | 07/11/2018

FCR Immobilien has demonstrated rapid portfolio expansion over the last several years. It has been able to monetise attractive buying opportunities, as…


Scale Update - 2019 a pivotal year

Update | Pharmaceutical & healthcare | 07/11/2018

MagForce continues to implement its two-pillar strategy. A gross $9.0m capital raise secured by subsidiary MagForce USA in August will enable financing…

Acacia Pharma

BARHEMSYS NDA resubmitted to FDA

Update | Pharmaceutical & healthcare | 07/11/2018

Acacia Pharma has resubmitted a New Drug Application (NDA) to the FDA for its lead asset BARHEMSYS (repurposed amisulpride) for the management of post-operative…


Very busy second half

Update | Pharmaceutical & healthcare | 06/11/2018

Immunicum’s second-quarter financial results have been superseded by significant product development and financing news. The agreement of the Phase…

BioPharma Credit

Oversubscribed offering fuels further growth

Review | Investment Companies | 06/11/2018

BioPharma Credit (BPCR) provides access to a diverse portfolio of debt instruments for life science companies, consisting mainly of senior secured loans…

EMIS Group

Acquiring blockchain expertise

Update | Technology | 06/11/2018

EMIS has announced two investments: the acquisition of the remaining 21.1% minority interest in Rx Systems and the acquisition of Dovetail Digital, a healthcare…

MedicX Fund

Quality portfolio, performing well

Update | Property | 06/11/2018

MedicX will report its results for the year ended 30 September 2018 in December. H218 included a significant portfolio acquisition and an important restructuring…

JPMorgan Global Convertibles Income Fund

Positive outlook for niche asset class

Review | Investment Companies | 05/11/2018

JPMorgan Global Convertibles Income Fund (JGCI) is the UK’s only listed closed-end fund focused on the convertible bond market. Convertibles usually…


$1m application lifecycle management deal

Flash note | Technology | 05/11/2018

WANdisco’s $1m application lifecycle management (ALM) deal with a leading Chinese tech company will add support to our FY18 forecasts, although big…

Attica Bank

Innovative approach to de-risking

Initiation | Financials | 05/11/2018

Through innovative securitisations, Attica has de-risked its portfolio, reducing net impaired loans from over 250% to just 79% of net tangible assets incorporating…


Record maiden full year results

Update | Technology | 05/11/2018

STEMMER IMAGING (SI) started its life as a listed company by posting the highest full-year revenues in its history. We expect further improvement as SI…

Fluence Corporation

Delivering on expectations

Update | General Industrials | 02/11/2018

Q3 saw Fluence delivering on expectations. It signed its first multiproduct Aspiral deal in China ($45m), reported in-line revenue (up 140% y-o-y) and…

PPHE Hotel Group

Keeping busy

Flash note | Travel & Leisure | 02/11/2018

Q318 has seen PPHE deliver (eg like-for-like RevPAR +6%) against a strong comparative. London, the company's largest profit source, shared in a weather-led…

Witan Pacific Investment Trust

Diversified exposure to pan-Asian equities

Review | Investment Companies | 02/11/2018

Witan Pacific Investment Trust (WPC) offers investors broad exposure to Asian equities, including Japan. While global equities, and emerging markets in…

SNP Schneider-Neureither & Partner

Strong Q3 profits recovery

Update | Technology | 02/11/2018

Q3 results reveal that SNP is stabilising after the July profit warning. While underlying revenues showed a small contraction, profits recovered strongly.…

Primary Health Properties

Ireland enhancing overall growth

Update | Property | 02/11/2018

Primary Health Properties (PHP) recently held a capital markets day in the Republic of Ireland (RoI), where it now has eight assets and looks for further…

Auris Medical Holding

Treating vertigo

Initiation | Pharmaceutical & healthcare | 01/11/2018

Auris Medical is a clinical-stage biopharmaceutical company developing pharmacotherapies for neurologic disorders of the inner ear. The company’s…

Target Healthcare REIT

Growing strongly with asset quality focus

Update | Property | 01/11/2018

Target is continuing to grow its portfolio and income strongly, supporting dividend growth. Capital values also continue to increase. LTV remains modest…


Support for Abeta theory from Biogen/Eisai

Outlook | Pharmaceutical & healthcare | 01/11/2018

We believe one of the main reasons for the devaluation of Probiodrug’s shares over the past year was the largely disappointing industry newsflow…

ERM Power

Refocusing on core business

Update | General Industrials | 01/11/2018

ERM Power is refocusing on its core business by selling the US business and investing in the highest growth part of its Australian activities. We have…

4imprint Group

Branding awareness

Update | Media | 01/11/2018

4imprint’s trading update shows the spring 2018 brand marketing campaign continuing to generate supplementary revenues, as was the case at the interims.…

Telix Pharmaceuticals

Novartis/Endocyte deal illustrates upside potential

Update | Pharmaceutical & healthcare | 31/10/2018

Novartis’s US$2.1bn acquisition of Endocyte highlights the considerable potential upside that exists for Telix, if it can successfully develop its…

Stride Gaming

RGD marginally higher than expected

Update | Travel & Leisure | 30/10/2018

The UK government has raised remote gaming duty (RGD) from 15% to 21%. This was better than recent rumours of 25%, but 1% higher than market expectations…

GVC Holdings

Budget not as bad as feared

Update | Technology | 30/10/2018

The Budget has provided long-awaited clarity on a number of gaming-related issues. The implementation of the £2 FOBT stake reduction will begin in…

Fidelity Asian Values

Good businesses, good management, good price

Initiation | Investment Companies | 30/10/2018

Fidelity Asian Values (FAS) is managed by Nitin Bajaj, who aims to generate long-term capital growth by finding ‘good businesses’ run by ‘good…

Canadian General Investments

Successful active management in Canada

Review | Investment Companies | 30/10/2018

Canadian General Investments (CGI) aims to generate an attractive total return from a portfolio of primarily Canadian equities. Manager Greg Eckel describes…

KEFI Minerals

Counting down to production

Update | Mining | 30/10/2018

Since our last note, KEFI has: 1) raised £5.5m (US$7.4m) in equity; 2) signed a binding agreement with a consortium of Ethiopian investors for US$30m…

Stobart Group

H119 results boosted by Aviation and Energy

Update | Industrial Support Services | 30/10/2018

We see investor opportunity in Stobart’s main divisions of Aviation and Energy, which continue to perform well and will benefit from planned investment,…

Eddie Stobart Logistics

Outsourcing and e-commerce boosting growth

Outlook | Industrial Support Services | 30/10/2018

Eddie Stobart Logistics (ESL) saw a strong level of new contract wins in H118, which contributed to its 25% revenue growth, of which 10% was organic. We…


CANFOUR interim Phase I presented at ESMO

Update | Pharmaceutical & healthcare | 30/10/2018

On 20 October 2018, Cantargia presented interim data from part I of its Phase I/IIa CANFOUR trial with nidanilimab (IL1RAP antibody) at the ESMO congress…

Jupiter UK Growth Investment Trust

Depressed UK equities may present opportunities

Review | Investment Companies | 30/10/2018

Jupiter UK Growth Investment Trust (JUKG) aims to deliver long-term capital appreciation, primarily through investing in UK equities. The fund has few…

Genesis Emerging Markets Fund

Emerging markets specialist, unloved asset class

Initiation | Investment Companies | 30/10/2018

Genesis Emerging Markets Fund (GSS) was launched in July 1989, making it one of the first emerging markets funds to be listed in the UK. It seeks to generate…

HarbourVest Global Private Equity

Diverse and selective

Review | Investment Companies | 30/10/2018

HarbourVest Global Private Equity’s (HVPE) first-half results showed good progress in NAV (+6.8% in US$ terms), ahead of its listed equity benchmark…

JPJ Group plc

RGD increase marginally higher than expected

Update | Travel & Leisure | 30/10/2018

The UK government has raised remote gaming duty (RGD) from 15% to 21%. This is 1% higher than expected by the market and we now include a c £12m annual…

HBM Healthcare Investments

Strong results show success of strategy

Review | Investment Companies | 29/10/2018

HBM Healthcare Investments (HBMN) has reported extremely strong results for the first half of FY19 (to 30 September), with net earnings of CHF177m. While…

Diverse Income Trust (The)

UK equities present interesting opportunities

Review | Investment Companies | 29/10/2018

The Diverse Income Trust (DIVI) aims to generate a good and increasing level of income, as well as capital gains over the long term. It primarily invests…


Blue Skies

Update | Pharmaceutical & healthcare | 29/10/2018

The growing US Zubsolv franchise continues to drive Orexo’s quarterly performance. Total Q3 revenue growth of c 30% puts Orexo in an attractive position…

Kazia Therapeutics

New indications for GDC-0084

Update | Pharmaceutical & healthcare | 29/10/2018

Kazia has added two further indications to the development programme for its brain-penetrant PI3K inhibitor GDC-0084 through collaborations with prestigious…

Borussia Dortmund

Scoring for fun

Update | Travel & Leisure | 29/10/2018

Bundesliga leaders and unbeaten in their last 13 matches in all competitions, Borussia Dortmund could not have wished for a stronger start under new head…

CollPlant Holdings

Enters into licensing and commercialisation agreement

Update | Pharmaceutical & healthcare | 29/10/2018

In late October 2018, CollPlant and United Therapeutics (NASDAQ: UTHR) announced a licensing, development and commercialisation agreement for 3D bioprinted…

Kazia Therapeutics

New indications for GDC-0084

ADR Update | Pharmaceutical & healthcare | 29/10/2018

Kazia has added two further indications to the development program for its brain-penetrant PI3K inhibitor GDC-0084 through collaborations with prestigious…


First half of CE mark-enabling trial fully enrolled

Update | Pharmaceutical & healthcare | 26/10/2018

In July, Carmat announced the enrolment of the 10th and final patient included in the first leg of its EU pivotal study investigating the surgical implantation…

Fidelity European Values

Outperforming in an uncertain market

Review | Investment Companies | 26/10/2018

Fidelity European Values (FEV) is a relatively defensively positioned trust investing primarily in continental European equities. Recent performance has…

Seneca Global Income & Growth Trust

Ongoing moves to a more defensive portfolio

Review | Investment Companies | 26/10/2018

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…


MASS success verifies core capabilities

Flash note | Aerospace & Defence | 26/10/2018

Cohort’s largest division, MASS, has been selected as the preferred bidder for a £50m, eight-year contract for the UK Ministry of Defence (MOD).…

StatPro Group

In-line trading, underpinned by Infovest contract

Update | Technology | 25/10/2018

In an in-line Q3 trading update, StatPro says that its annualised recurring revenue (ARR) rose by 3% at constant currencies over the past 12 months to…