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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 Ceres production in FY19 and a stronger dollar offset by the removal of Holmwood. Our valuation of Egdon’s net shale resource (188,000 net acres) remains uncertain but, in our view, has the potential to be worth a risked c 100p/share based on current expectations of well cost, type curves and forward gas prices. Appraisal activity…
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 a lower underlying cost base. The upheaval in mobile advertising markets presents opportunities as well as threats and Snakk is diversifying its offering beyond geolocation in-app advertising to include a broader range of digital and data products. The group is placing shares at NZ$0.0425, raising $144k to ease its tight working capital position.
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 held FY18 gross profit guidance. An equity offer raising c $23m (net) should address any funding concerns. Capital raising aside, our forecasts are unchanged; the company still has to deliver a strong Q4, but following the China deal, confidence in the long-term story should be growing.
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 increased our forecasts to reflect the accretive effect of the recent transactions and see more upside potential to the share price following the recent recovery as valuation multiples appear undemanding and the dividend yield is attractive.
Utilities | 31/10/2018
Genesis Energy leverages its diversified energy business model to generate attractive shareholder remuneration, with Bloomberg consensus estimates implying an FY19e dividend yield of 7.2%, towards the top end of utilities globally. The company has a strong track record on delivering attractive remuneration to shareholders and on generating enough cash flow to cover dividend payments.
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