Edison Investment Research

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AGBA

A transformational deal

Outlook | Technology | 26/04/2024

On 18 April, AGBA announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller is privately-owned but has been independently valued at US$3.2bn. AGBA’s management is using a US$4bn valuation for the combined entity, in which AGBA shareholders will own 20% and Triller shareholders 80%. Triller recorded FY23 revenues of US$45m on 450m user accounts and 2.2m creators but is loss-making. In FY23, AGBA reported revenues…

Biodexa Pharmaceuticals

In a period of transition

Update | Pharmaceuticals & healthcare | 26/04/2024

FY23 was a transitional year for Biodexa, following the restructuring announced in March 2023 into a therapeutic company from a drug delivery specialist, and the implementation of cost-saving initiatives in light of the macroeconomic environment. The pipeline expansion primarily de-risks the business, partially fulfilled with the acquisition of lyn kinase activator tolimidone, for type 1 diabetes (T1D), in late 2023. Management estimates gross cash of £5.97m at end-FY23 to provide a runway into…

Henderson Far East Income

Repositioning to raise total returns

Update | Investment trusts | 25/04/2024

Henderson Far East Income (HFEL) has consistently delivered on its objective to provide a rising dividend. However, like many investors, HFEL’s managers overestimated the potential for a post-pandemic rebound in China. The trust’s resultant overweight to Chinese consumer and other cyclicals led to a fall in portfolio revenues and underperformance in the financial year ended 31 August 2023 (FY23). With a view to improving future returns, HFEL’s board has since indicated an increased…

International Public Partnerships

Consistently and responsibly delivering

Initiation | Investment trusts | 24/04/2024

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are…

Triple Point Energy Transition

Termination of coverage

Update | Investment trusts | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

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