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Latest research
| Date | Reports available | Download |
|---|---|---|
| Dec 15 2008 |
MedicX Fund Limited Defensive growth model The key to the investment argument is an exceptionally secure revenue profile, derived from a fully let portfolio and 91% of rents paid by the NHS, effectively UK government risk. We regard the current valuation as too pessimistic. Rents continue to increase and lower interest rates should provide support for valuations, limiting further rises in investment yields. The gilt-edged nature of the company’s revenues should attract investors seeking better returns in a lower interest rate environment. Research type: Outlook - Initiation of coverage |
Log in to download 12 page note available |
| Dec 10 2008 |
Antisoma ASH data Antisoma has reported additional data from studies of two key pipeline products, AS1411 and AS1413, at the American Society of Hematology (ASH), a key US cancer conference. The data provide support for the two of its mid-stage programmes, but its investment case remains centred on the lead product ASA404. In particular, it requires Novartis to commit to expanding the range of indications being pursued with the vascular disrupting agent, as this will trigger milestones that may become an important source of funds. Research type: Company Comment - Clinical trial update |
Log in to download 8 page note available |
| Dec 10 2008 |
Summit Corporation Future could be sweet! Summit is focusing its research activities on exploring imino sugars as a potential source of new drug candidates and has discontinued research activities in other areas. The move, which represents a shift in its strategy, follows the signing of licensing deals and partnerships for many of its legacy R&D programmes over the past year. The company has established an industry-leading position in imino sugars – an area of chemistry that has historically been under-exploited for drug development – and believes it can exploit this to generate significant returns for shareholders via early-stage licensing deals. Research type: Review - Interim results |
Log in to download 8 page note available |
| Dec 10 2008 |
SMC Group So far so good By delivering almost 18 months of successful turnaround, including securing the financial position of the group, the reformed SMC management team has proven itself capable of growing the business during turbulent conditions, streamlining operations and delivering on targets. These are qualities we would expect to reassure investors at a time in the cycle when little else does. The scope for further improvements presents a real possibility for share price recovery as milestones are met. Research type: Update - Trading update |
Log in to download 4 page note available |
| Dec 10 2008 |
WorkPlace Systems Order book expands WorkPlace Systems’ interim results are consistent with the October trading statement, with the numbers held back by the trading challenges in the current economic backdrop. However, the pipeline is substantial and the company remains profitable. It has a strong balance sheet position and a customer proposition that has a clear economic payback in a tougher retail trading environment. Research type: Review - Interim results |
Log in to download 8 page note available |
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Peter Knowles
Director, Fyshe Horton Finney