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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 holding company affiliated to IDG Capital with assets under management of c $20bn. The share placement raised gross proceeds of A$28.2m at a price of A$0.5/share (a 14.1% premium to 30-day volume weighted average price to 1 June 2018). We believe the share placement will cover Magnolia pre-FID costs and cash burn through to mid-2020. In…
Mining | 15/06/2018
Volt has received binding commitments from sophisticated and institutional investors to raise gross proceeds of A$2m via the issue of 87m shares at A$0.023, an 8% discount to the prevailing share price. It represents c 6% of the outstanding share capital. With Volt’s eagerly anticipated Stage 1 Bunyu FS to be released and a US$40m Tanzanian Bond Issue due shortly, these funds will hopefully allow Volt to transition to the project financing stage without any further shareholder dilution.
Technology | 14/06/2018
Covata has raised A$1.5m from a share placement and is also targeting a raise of up to A$1.8m from an ongoing entitlement offer. The company intends to use the proceeds to strengthen its sales and technical resources in Europe, for product development and for general working capital. The recently acquired dataglobal data classification technology should be available to use in Covata solutions from Q119.
Oil & Gas | 11/06/2018
The development of Hurricane’s Lancaster early production system (EPS) remains on track for H119 first oil. We estimate a 1 January 2018 point-forward IRR of 63% for the EPS phase based on current commodity price forecasts. We use the EIA’s short-term oil forecast with Brent at $66/bbl for 2019 and long-term $70/bbl (from 2022). We believe the market is fully valuing a 10-year Lancaster EPS phase (34.7p/share net of debt), a project that has the potential to significantly de-risk our…
Media | 08/06/2018
The restructuring initiated in FY17 started to benefit the group in Q218 and Snakk Media finally returned to profit in its second half. Revenues for FY18 were close to the prior year at NZ$10.3m (NZ$10.6m), with increased self-service mobile advertising revenues offset by a decline in business in Southeast Asia (where overheads have been pared back). The cost base in FY19e will be lower with the full-year benefit. The group had year-end cash of NZ$1.1m, just below the current market capitalisation…
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