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EQUITY RESEARCH

De.mem Limited (ASX: DEM) - Singaporean-Australian Based - De-Centralised Waste Water Treatment Solutions - Modularised, Membrane Technology
IIR believes DEM is strongly positioned for growth based on its unique and proprietary portfolio of membrane technologies, its specialist engineering skills and its growth strategy, with the...
2/11/2020 Read more...
Golden Deeps Limited (ASX: GED) - Vanadium Lead Zinc Project located in Namibia
Through the JV with GMC, Abenab is fully funded through development and operations, and in our view should be low cost by virtue of the style of mineralisation. One key benefit is that the Project...
2/11/2020 Read more...
MetalsTech Limited (ASX: MTC) - Gold Project in Slovakia - Currently Navigating Approvals on Processing
Assuming that the requisite approvals can be obtained we have a valuation range on peer comparison of A$0.18/sh to A$1.11/sh and funded NPV of A$0.56/sh to A$1.73/sh at current gold prices...
2/11/2020 Read more...
TNG Limited (ASX: TNG) - Permitting and Offtake - Cashed Up - Subjected to German Bank - KfW IPEX-Bank Due Diligence & Approved
Our risked, after tax and funded (using a conceptual funding model with a diluted share structure of 2.9 B shares) technical valuation of TNG has reduced to A$0.369/share from our previous valuation...
11/17/2019 Read more...
Bardoc Gold Limited (ASX:BDC) - Gold - Kalgoorlie - Successful Consolidation- Cashed Up -
Since the October 2018 merger with Excelsior Gold, Bardoc Gold Limited has continued to make major progress - Having just raised A$15.2 million through a placement and oversubscribed SPP...
11/11/2019 Read more...
Theta Gold Mines Limited (ASX:TGM) - Gold - South Africa - Advanced Brownfield Project - High Grades with Significant Resource & Reserve Upside
We have an indicative valuation range of A$0.17 to A$0.51/share, with a preferred midpoint of A$0.34/share, equivalent to an EV of A$30.58/oz of gold in Resources...
11/11/2019 Read more...

COMPANY PROFILES

Hexagon Energy Materials Limited (ASX: HXG) - Advancing REE Downstream Processing, Looking to Commercialise new Technology with the Potential to Disrupt the Chinese Domination
Our view is that Hexagon represents an excellent ‘ground-floor’ opportunity for investors to gain exposure to REE through a lower-risk, more commercially advanced business strategy than a typical...
2/11/2020 Read more...
Talisman Mining Limited (ASX: TLM) - Exploration - Copper/ Gold - Cobar, NSW - Healthy Balance Sheet
Since rewarding shareholders with a A$0.22/share return of capital and fully franked dividend from the sale of the 30% share in the Springfield JV to Sandfire Resources - Talisman Mining is now...
11/11/2019 Read more...
Navarre Minerals Limited (ASX: NML) - Gold - Victoria - Drilling Program To Commence - Highly Prospective Holdings
Navarre is set to commence an expansive drilling program in the Stawell Corridor, which is expected to contribute towards Navarre’s first Mineral Resource....
11/11/2019 Read more...
Altech Chemicals Limited (ASX: ATC, FRA: A3Y) - High Purity Alumina - Patented Acid Leach Process - German Partner - Malaysia
Altech is now looking to finalise the equity portion of the expected remaining US$380 million finance requirements (which includes an allowance of US$100 million for working capital, debt service etc...
5/20/2019 Read more...
Marenica Energy Limited (ASX: MEY) - Improving Sentiment for Uranium -Proven Tenements - Disruptive technology - Central Namibia
The Company has recently commenced exploration, including electromagnetic (“EM”) surveying and a 60 hole drilling programme over a 11 km long by 2 km wide palaeochannel target within the 100% owned...
4/15/2019 Read more...

LISTED MANAGED INVESTMENTS

IIR Stamping Fee Observations for Treasurers' Consultation Process
The purpose of this submission from Independent Investment Research (IIR) is not put forward a position one way or the other on stamping fees. As an independent research house IIR is removed from...
2/11/2020 Read more...
NB Global Corporate Income Trust (ASX Code: NBI) -
IIR maintains its “RECOMMENDED PLUS” rating to the NB Global Corporate Income Trust. IIR retains conviction in the Investment Manager’s ability to achieve the stated investment objectives,...
2/11/2020 Read more...
KKR Credit Income Trust - 7 Year Track Record - A Weighted Average All-in-Yield of 8.5% - Listing Late November
The Trust provides exposure to two underlying credit investment strategies, specifically a long-term target portfolio allocation of 50-60% to the Global Credit Opportunities Fund (‘GCOF’) and a...
11/11/2019 Read more...
Magellan High Conviction Trust (ASX:MHH) - An ASX-listed trust investing in 8 - 12 of Global Stocks Targeting a 3% Cash Distribution Yield
MHH will replicate the Magellan High Conviction Fund (‘MHCF’), which has a 6.5 year track record and has performed strongly. The Trust is an extremely concentrated global equities mandate that...
11/11/2019 Read more...
SelfWealth SMSF Leaders ETF (ASX: SELF) - Globally Unique Product - Seed Investment by Graham Tuckwell’s ETFS - Underlying IP Behind the Investment Strategy
The methodological basis for the portfolio construction of the Index utilises a combination of time weighted performance, equal weighting diversification, valuation and a Solactive A200 Index filter...
11/11/2019 Read more...

UNLISTED INVESTMENTS

Moelis Australia Private Credit Fund -
The Manager has a very proactive approach to structuring and managing its credits. It facilitates this by being either the sole-lender or, in the case of syndicated corporate loans, being the lead...
2/11/2020 Read more...
Moelis Australia Secured Loan Series - Class A and Class B
The Manager is targeting a distribution yield of 6.0% p.a. net of fees for Class A and 10.0% p.a. net of fees for Class B. IIR stresses that all loans will be first mortgage and subject to exactly...
2/11/2020 Read more...
Moelis Australia Fixed Income Fund
Moelis Australia is particularly well placed to identify, pursue, manage and deliver on specific credit investment initiatives capable of delivering attractive through-cycle, risk-adjusted returns...
5/20/2019 Read more...
Nucleus Wealth Tactical Growth Strategy - Model Portfolio - SMA/IMA - High Growth - Experienced Manager
The ability to generate stock selection returns in a manner consistent with the Investment Manager’s expectations (which are largely derived from quantitative models it utilises) plus the ability to...
5/20/2019 Read more...
Clime CBG Australian Equities Fund - Australian Equities - 75% Invested in S&P/ASX 200 with the Maximum of 25% Invested outside the Top 200.
The Fund will continue to benefit from an enlarged and experienced investment team, that is not only well resourced across the market cap spectrum but also from a top-down macro and investment...
4/15/2019 Read more...