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ASXSpotlight
Now in its 6th year
ASX Spotlight Hong KongIsland Shangri-La, Hong Kong – 31 October 2013
A unique opportunity to hear the latest business strategies and outlooks
from a selection of emerging market leaders in the Australian market.
SUPPORTED BY
FOUNDATION PARTNER PLATINUM SPONSOR SPONSORS
Welcome
Welcome to ‘ASX Spotlight, an event that showcases some
of Australia’s leading companies and at the same time
provide a valuable snapshot of the significant investment
opportunities in the Australian Equity Market.
The ASX Spotlight conference is a global series hosted in
Hong Kong, London, New York and Singapore every year.
This event is the twenty seventh in the series and the ninth
of its kind in Hong Kong.
ASX Spotlight is the result of co-operation between the Australian Securities Exchange, the supporting brokers and investment
banks, and a selected group of listed companies. It continues to attract strong support from the broking and investment
community in Hong Kong demonstrating confidence in the considerable investment fundamentals of the Australian market.
The companies involved in the event, with capitalisations generally below A$1 billion, represent an important segment of the
Australian market that does not always get the international exposure it deserves. Importantly, from the Hong Kong investor
perspective, the event is an opportunity to meet a broad representation of companies from a variety of sectors at one single
venue.
During the course of the day, it will become clear that investment in the Australian Equity Market provides excellent exposure
to the ongoing and projected growth of emerging economies in the Asia-Pacific region – exposure that is provided within a
stable and reputable market environment.
We would like to welcome you to today’s event and thank you, our event supporters and participating ASX listed companies,
for helping to make it such a great success.
We look forward to seeing you again in May 2014.
Elmer Funke Kupper
Managing Director and CEO
ASX Limited
Thursday October 31
8.30am REGISTRATION
8.50am WELCOME ADDRESS – ASX
8.55am BBY Ltd
9.00am New Guinea Energy Ltd (NGE)
9.25am Strata-X Energy Ltd (SXA)
9.50am Buccaneer Energy Ltd (BCC)
10.15am Donaco International Ltd (DNA)
10.40am MORNING BREAK
11.00am FlexiGroup Ltd (FXL)
11.25am Freedom Foods Group Ltd (FNP)
11.50am Ingenia Communities Group Ltd (INA)
12.15pm Programmed Maintenance Services Ltd (PRG)
12.40pm LUNCH
1.30pm Troy Resources Ltd (TRY)
1.55pm Swick Mining Services Ltd (SWK)
2.20pm Dart Energy International Ltd (DTE)
2.45pm Unity Mining Ltd (UML)
3.10pm AFTERNOON TEA
3.30pm IMF (Australia) Ltd (IMF)
3.55pm Silex Systems Ltd (SLX)
4.20pm Regeneus Ltd (RGS)
DRINKS RECEPTION
8.00am-5.45pm ONE ON ONE MEETINGS
Agenda
General Information
Venue details
Island Shangri-La
Pacific Place, Supreme Court Road, Central, Hong Kong
Tel: (852) 2877 3838
Fax: (852) 2521 8742
The welcome address and presentations by the ASX listed
companies are being held in the Atrium Room, level 39, of
the Island Shangri-La Hotel.
One-on-one meetings
One-on-one meetings between investors and ASX listed
companies are being held on level 39. For each meeting
scheduled you will be informed of the room name via our
online booking agenda. To book or make changes to any
one-on-one meetings, report to Victoria Thurston on level
39. Victoria will check availability and schedule a meeting
for you.
Name badges
You should have been issued with a name badge on
registration. If you have not received one, report to the
Registration Desk.
Access to company presentations post-event
Company presentations and videos will be made available
following the conference at www.asx.com.au/asia
ASX contact details
Victoria ThurstonEvents Manager, ASX
+61 419 349 964 or [email protected]
Andrew MusgraveBusiness Development Manager, Asia
+61 414 392 905 or [email protected]
ASX/BBY Limited Financial Markets Reception
Thursday 31 October 2013, 5.30pm – 7.30pmThe ASX Financial Markets reception will be held
immediately following the conference at:
Sevva
Prince's Building 25th Floor
10 Chater Rd
Central, Hong Kong
The reception will provide a further networking opportunity
for all investors, event supporters and ASX Listed
Companies.
All content is provided by the conference supporters and listed companies; ASX takes no responsibility for the information included.
Company Profiles
* Source, Bloomberg, 16 September 2013
Company DescriptionNew Guinea Energy Ltd (ASX: NGE) focuses on oil and
gas exploration in Papua New Guinea. The company
has 5 onshore Petroleum Prospecting Licences (PPLs)
covering more than 29,500km² (7M Acres) and a
royalty right over another 4,000km2 (1M Acres) in a
PPL running parallel to the $19bn PNG LNG project.
OperationsNGE’s strategy is to monetise its gas assets to explore
and develop its oil targets. NGE has joint ventures and
commercial arrangements with the largest players in the
PNG oil and gas sector, namely ExxonMobil, Oil Search,
Mitsubishi, and Talisman Energy. The company is also a
50% owner of a fit-for-purpose onshore drilling rig.
Recent DevelopmentsMonetisation of one gas licence was completed in
December 2012 leaving NGE with potential upsides
from expansion of the PNG LNG project. In July 2013
NGE received a $40M offer for another of its gas
licences, and earlier this year announced an exploration
target that could contain more than 20 million barrels of
recoverable oil.
Resources / Reserves EstimatesPlease refer to the company website for the latest
quarterly report: www.ngenergy.com.au
Significant Contractual ArrangementsPPL 268 JV NGE (50%), Talisman (30%), Mitsubishi
(20%)
PPL 269 JV NGE (50%), Talisman (30%), Mitsubishi
(20%)
PPL 277 Sale and royalty to Oil Search (50%) and
ExxonMobil (50%). NGE received $15M(US), will
receive an additional $20M(US) upon a Petroleum
Development Licence approval, and royalty payments
on production.
Future OutlookSeismic program in 4Q 2013 to further de-risk the oil
target.
Pursue farm-out of oil licence to receive a free carry for
drilling the oil target.
Potentially complete the sale of equity in one of the gas
licences.
Tender for drilling rig contracts to secure revenue
source.
Contact DetailsSuite 401, Level 4, 2 – 10 Loftus St, Sydney
New South Wales, 2000, Australia
t + 61 2 9252 0010
w www.ngenergy.com.au
9.00am – New Guinea Energy Ltd ASX: NGE
Market Cap* A$19.5m
* Source, Bloomberg, 16 September 2013
Company DescriptionStrata-X Energy Ltd. is an oil and gas exploration
company listed on the ASX and TSX-V. Based in
Denver, Colorado, USA. Strata-X Energy has a portfolio
of petroleum projects across the US and Australia
which provides diversification of high growth exploration
opportunities for its shareholders.
OperationsStrata-X has just successfully completed the drilling of
our first horizontal well at Vail, with oil and gas shows
indicated from two zones. Oil and gas was also seen
in the drilling mud during the drilling of the horizontal
section. We now await completion results, expected in
late October.
Recent DevelopmentsRecently, Strata-X successfully set a liner through the
1,824 foot laterally drilled oil zone on the Vail project.
Next, Strata-X will conduct a breakdown and pressure
test. This pressure data, together with rock mechanics
data derived from the core, will be used to finalize the
design of the stimulation stage.
Resources / Reserves EstimatesPlease refer to the company website for the latest
quarterly report: www.strata-x.com
Significant Contractual ArrangementsMaverick: Purchase Sale and Exploration Agreement
dated August 23, 2012 between Jadela Oil (US)
operating LLC, El Indio Investment Corp., and Gregory
Leia.
Sleeping Giant Property: Purchase and Sale Agreement
and Area of Mutual Interest (as amended) dated March
31, 2011 with White Eagle Exploration Inc., Hendricks
& Associates Inc., Fischer Oil & Gas Inc. and Cody Oil
& Gas Corporation.
Future OutlookAwaiting results from the well completion on the Vail
Project in late October, plus Strata-X is planning to
permit two additional wells.
Contact DetailsLevel 5, 10 Market Street, Brisbane
Queensland, 4000, Australia
t +1 855-463-2400
w www.strata-x.com
9.25am – Strata-X Energy Ltd ASX: SXA
Market Cap* A$27.3m
* Source, Bloomberg, 16 September 2013
Company Description Buccaneer Energy Limited (BCC) is focused on
developing its 100% owned oil and gas assets in
Alaska. The Company's flagship projects are a series
of onshore and offshore developmental and exploration
prospects in Alaska’s Cook Inlet. The Company’s
onshore and offshore Cook Inlet projects have an
independently assessed total of 154.2 MMBOE
in 2P Reserves, 2C Contingent Resources & P50
Prospective Resources.
Since 2007 the Alaskan government (AAA rated)
provides rebates to oil and gas operators in the form of
cash incentives to explore and develop within Alaska.
Buccaneer is entitled to the following cash rebates:
• 65.0%ofexplorationexpenditure;
• 45.0%ofdevelopmentexpenditure.
In the last 18 months Buccaneer has received
approximately $31.0 million in cash rebates from the
State of Alaska.
OperationsThe Company has a three-pronged strategy:
1. Developing the 100 % owned Kenai Loop onshore
gas project with independently assessed 22.3 BCF
(3.7 MMBOE) in 2P Reserves. The Kenai Loop
project is producing 9.5 - 10.0 million cubic feet per
day and being sold to ENSTAR the largest local gas
utility at an US$6.50 / MCF generating ~US$18.0 M
infreecashflowatthewellheadfortheCompany;
2. Operating the offshore jack-up rig Endeavour in the
CookInlet;and
3. Developing its offshore Cook Inlet projects that
have independently assessed 69.9 MMBOE in
2P Reserves, 23.9 MMBOE in 2C Contingent
Resources & 60.6 MMBOE in P50 Prospective
Resources using the acquired jack-up rig.
Recent DevelopmentsThe Companies most recent developments have been
as follows:
• Executedafarm-outagreementwithLosAngeles
based E&P company EOS-Petro, Inc. where EOS-
Petro will spend up to US$200 Million to earn a
50% working interest in 3 offshore projects and
1 onshore project. Buccaneer will retain a 50%
workinginterestandwillOperateallprojects;
• InJuly2013successfullycompleteda$35.0M
rightsissue;
• Drilleditsfirstoffshorewell(Cosmo#1well)in
the Cook Inlet at the 25.0% owned Cosmopolitan
ProjectwheretheCompanyisOperator;
• Cosmo#1wellintersected18gaszonesand8
oil zones that were considered exploratory prior to
drilling;
• Executedafarm-inagreementwithConocoPhillips
to earn a 100% working interest in the deep oil
rights at the North Cook Inlet project located in
the Cook Inlet. Netherland, Sewell & Associates
estimated 38.5 MMBOE in 2P Reserves with a
PV10ofUS$732.0Million;
• Commenceddrillingitssecondoffshorewellatthe
SouthernCrossUnitwhereitisOperator;
• Successfullydrilledits4thwellatthe100%owned
Kenai Loop project unitised the 100% owned
onshoreWestEagleproject;and
• CommenceddrillingitsfirstwellattheWestEagle
Unit.
Resources / Reserves EstimatesPlease refer to the company website for the latest
quarterly report: www.buccaneerenergy.com
9.50am – Buccaneer Energy Ltd ASX: BCC
Market Cap* A$167.9m
Significant Contractual Arrangements• TheCompanyhasajointventurewiththeAlaskan
Industrial Development and Export Authority (AIDEA)
who has invested $23.6 million to support the
acquisition of the Endeavour jack-up rig. The other
joint venture partner in that acquisition is Singapore
basedEzionHoldingsLimited;and
• Farm-outagreementwithEOS-Petro,Inc.aLos
Angeles based E&P company where EOS-Petro will
spend up to US$200 Million to earn a 50% working
interest in 3 offshore projects and 1 onshore project.
Buccaneer will retain a 50% working interest and will
Operate all projects.
Future OutlookThe Company anticipates drilling the following projects
during 2013 / 2014:
• KenaiLoop(onshore)–3to6wells
• WestEagle(onshore)–1well
• Cosmopolitan(offshore)–2to3wells
• NorthCookInletUnitDeepOilRights–1well
• NorthWestCookInletUnit(offshore)–1well
• SouthernCrossUnit(offshore)–1well
With additional successful drilling the Company
anticipates doubling production at Kenai Loop.
Contact DetailsLevel 9, 25 Bligh Street, Sydney
New South Wales, 2000, Australia
t + 61 416 220 007
w www.buccaneerenergy.com
Buccaneer Energy Ltd continued
* Source, Bloomberg, 16 September 2013
Company DescriptionDonaco International Limited operates leisure,
entertainment and associated technology businesses
across the Asia Pacific region.
DNA holds a 75% stake in the Lao Cai International
Hotel JV, which owns and operates a successful hotel
and casino in Vietnam. The business was founded
by the late Tan Sri Lim Goh Tong in 2002, who was
also the founder of the Genting Group of Companies.
Ownership has passed to his two grandsons, who
currently own 76% of the equity.
OperationsDNA’s flagship business is the Lao Cai International
Hotel, a successful boutique casino in northern Vietnam,
on the border with Yunnan Province, China. The Lao
Cai International Hotel was established in 2002, and was
the first fully licensed table gaming business in Vietnam.
DNA also owns and operates the TAB Active TV
wagering service in Australia, in partnership with all
major TAB operators (Tabcorp Holdings Limited, Tatts
Limited and Racing and Wagering WA). We also own
and operate the Way2Bet online and mobile wagering
portal, whose customers include all major corporate
bookmakers in Australia.
Recent DevelopmentsThe Lao Cai International Hotel is currently being
expanded from a 3-star 34 room hotel, to a brand new
resort complex with 428 hotel rooms and significantly
expanded gaming capacity.
DNA has recently successfully completed a A$25
million capital raising to fund the expansion of the
casino.
DNA has recently acquired a successful mobile
services and technology business with operations
across South East Asia, together with rights to online
gaming licences in Australia.
Intellectual Property/Products/Product Development ProgramsLao Cai sits on the border of Vietnam and Yunnan
Province, China, which has a population of ~46m and
hence the casino’s customer base is predominantly
Chinese, with a skew to high rollers. The casino
operation has been benefiting from increased
dealings with junket operators as well as infrastructure
improvements in China, which has reduced travel times
to the casino significantly. This is evident in recent
patron figures with a 36% increase in patron numbers
for the 4 months ending 31 December 2012. This
bodes well for the new casino given its greater capacity.
Significant Contractual ArrangementsDNA operates the Lao Cai International Hotel and owns
a 75% interest, in a joint venture with the Government of
Vietnam. The remaining 25% is owned by Sapa Petrol
Tourism Joint Stock Company, an entity controlled by
the Government of Vietnam.
DNA also has partnerships for its wagering
technology products with all of the largest TABs and
largest corporate bookmakers in Australia.
Future OutlookDNA’s strategy is to leverage the experience of the
management and Board in the gaming sector and to
take advantage of the growth in gaming in other Asian
markets over time. This will complement the growth in
the existing casino and provide for diversification.
Contact DetailsSuite 2.05, 55 Miller Street, Pyrmont
New South Wales, 2009, Australia
t +61 2 9017 7000
w www.donacointernational.com
10.15am – Donaco International Ltd ASX: DNA
Market Cap* A$204.4m
* Source, Bloomberg, 16 September 2013
Company DescriptionFlexiGroup is a diversified financial services group
providing “no interest ever”, leasing, vendor finance
programs, interest free and visa cards, mobile
broadband, lay-by and other payment solutions to
consumers and businesses.
Through its network of 11,000 merchant, vendor
and retail partners the Group has extensive access to
four key markets: Business to Consumer, Business to
Business, Retail to Consumers (and small business
customers) and online.
Performance has been characterised by solid
profitable growth as the company has expanded
and diversified its business through organic growth,
acquisition and product innovation. This diversification
strategy has been extended to the large, high growth
online market with the 2012 acquisition of Paymate (an
online payment processing business) and to the credit
card and $5b interest free market with the acquisition of
Lombard and Once.
FlexiGroup operates in Australia, New Zealand and
Ireland within a diverse range industries including: home
improvement, solar energy, fitness, IT, electrical appliance,
navigation systems, trade equipment and point of sale
systems. Services are offered through four business
units: Certegy (no interest ever & lay-by), Flexirent (lease),
FlexiCommercial (vendor leasing programs) and Lombard
/ Once (credit card and interest free).
OperationsCertegy – Interest Free (No interest ever and take home
lay-by plan ) and cheque guarantee services offered
through diverse merchants. Key Partners: Modern Group,
Midas, Michael Hill Jewellers and Freedom furniture.
Flexirent – Leases & Loans (consumer and commercial),
includes valuable services such as Protect and Loaner.
Products offered via Computer, Electrical and other
retailers. Key Partners: Harvey Norman, The Good Guys,
Bing Lee, Noel Leeming, Apple Resellers, Flight Centre.
Blink – Mobile Broadband products and plans available
from major national retail chains and many independent
outlets. Launched in 2009 and operating on the latest
Optus dual band network Blink, is a natural inclusion when
Flexirenting a notebook.
Paymate - Sellers can receive online and mobile credit
card payments without an expensive merchant facility
issued by a bank, a secure website or gateway processor
service. Paymate is recommended as a safer payment
method by eBay and is fully integrated in the eBay.com.au
checkout.
FlexiCommercial – Lease (typically commercial and larger
sized transactions). Offered via Vendor Programs and
direct to medium and large businesses. Key Partners: M2,
Kodak, Fuji Xerox, Low Carbon Australia, Comscentre.
Lombard Finance – Credit Card and Interest Free finance.
Key Partners: IKEA, Fantastic Furniture and Beaurepaires.
Once Credit - Card and Interest free finance. Key partners:
Kitchen Group, King Furniture and Solarhart.
Recent DevelopmentsWith the arrival of Tarek Robbiati in January 2013 and a
customer centric operating model supported by a leaner
corporate centre, Flexi is well positioned to deliver full-
service financing solutions to Retailers & SME.
Future OutlookFlexi continues to keep diversification and innovation at
its core, driving growth in volume and shareholder value.
Contact DetailsLevel 8, 201 Pacific Highway, St Leonards
New South Wales, 2065, Australia
t +61 2 8905 2156
w www.flexigroup.com.au
11.00am – FlexiGroup Ltd ASX: FXL
Market Cap* A$1,265.1m
* Source, Bloomberg, 16 September 2013
Company Description Freedom Foods Group Limited is an ASX Listed
Company providing for specialised needs in the Global
Food Industry.
Freedom Foods Group Limited has a broad range
of Australian institutional shareholders and a major
shareholder, the Perich Group, a Sydney based family
owned group involved in dairy farming, agriculture and
property development.
OperationsIts operating activities comprise:
• FreedomFoods,anintegratedleadingbrand
manufacturerofallergenfreecerealsandsnacks;
• PactumGroup,aleadingproviderofUHT(Long
Life) Packaging solutions in food and beverages
(including dairy) for branded and private label
customers;and
• Specialityseafoodbrandsoperatinginthecanned
sardines and salmon markets
The Company is the largest single shareholder
(18.04%) in A2 Corporation (NZX: ATM), which markets
A2 branded dairy milk and infant formula in Australia,
UK and China.
Recent DevelopmentsThe Company has a strong market presence in
Australia and New Zealand, with an increasing export
focus to North America (for Freedom) and China and
SE Asia (for Pactum through supply of high quality
UHT dairy milk products of branded and private label
customers).
Intellectual Property/Products/Product Development ProgramsFreedom Foods manufacturing facility at Leeton
in Riverina in regional NSW is the only integrated
large scale manufacturing capability in Australia (and
overseas) producing cereals and snacks “free from”
key allergens such as gluten, nuts and dairy to the
lowest detectable standards. All key grains utilised in
the manufacturing process are also certified non GMO
(genetic modified).
Pactum’s newly established dairy UHT facility at
Shepparton in regional Victoria is focussed on the
supply of high quality UHT dairy milk for export markets
to proprietary and private label customers in South East
Asia, including China. The new facility will be the lowest
cost UHT dairy facility in Australia providing Pactum with
the opportunity to meet growing international demand
for high quality (value added) UHT dairy milk, while
providing additional capacity for value added beverages
and food at its Sydney facility.
A2 Corporation (a2C) of which the Company is the
largest single shareholder, owns and commercialises
unique and comprehensive intellectual property rights
relating to a2™ brand milk and related dairy products in
international markets.
Significant Contractual ArrangementsThe Company recently announced the following key
initiatives:
• PactumandA2Corporationhaveagreedthekey
terms of an agreement for the exclusive supply of a2
UHT milk for Australian and Asian markets utilising
Pactum’s capabilities at its Sydney and soon to be
completed Shepparton facility. The agreement will
provide for an initial term of 5 years, with renewal
options
11.25am – Freedom Foods Group Ltd ASX: FNP
Market Cap* A$288.1m
• Aspartofitsstrategytodeveloplongtermvalue
added supply relationships into China and SE
Asia, Freedom Foods and Pactum have agreed
to enter into a licence and supply agreement with
Shenzhen JLL Group (JLL) in China. JLL will work
with Freedom to take dairy products into the China
market under long standing brands. JLL will invest
in brand marketing and distribution. JLL is owned
by parties associated with the development of
significant consumer beverage brands in the China
market
Future OutlookThe Company has continued the positive trend in
the development of its unique business platforms in
specialised areas of the food market, with two key
growth domestic and export related opportunities
in Freedom Foods and Pactum Australia, a stable
business base in Specialty Seafood and a strategic
opportunity in A2C.
Overall the Company anticipates growth in sales,
operating profitability and improving return on funds
employed in FY 14.
Contact Details80 Box Road, Taren Point
New South Wales, 2229, Australia
t +61 2 9526 2555
w www.ffgl.com.au
Freedom Foods Group Ltd continued
* Source, Bloomberg, 16 September 2013
Company DescriptionIngenia Communities, an ASX 300 property trust, is a
leading owner, operator and developer of a diversified
portfolio of seniors housing communities in Australia. At
September 2013, Ingenia’s market capitalisation was
approximately A$200 million.
Ingenia was recognised as a leader in the
BDO A-REIT Survey 2012 for achieving 74% total
securityholder returns in the calendar year. Ingenia pays
half yearly distributions, with current distribution yield of
circa 2.5% pa. based on the closing price of A$0.395
on 8 September 2013. Management aims to grow
distributions in the near term.
OperationsINA currently has 44 seniors living communities across
Australia, comprising over 3,200 units across QLD,
NSW, VIC, WA and TAS. These include 29 Garden
Villages (Rental) – 1,520 units, 9 Settlers Lifestyle
(DMF) – 950 units, and 6 Active Lifestyle Estates
(Manufactured Home Estates) – 787 sites. The Group
also has 3 student accommodation properties in
Wellington, New Zealand.
Ingenia employs over 150 staff, with its head office
in Sydney and its service office based in Brisbane.
Recent DevelopmentsIngenia has completed two successful capital raisings
since June 2013 to accelerate its growth in the
Manufactured Home Estates (MHE) market. In June it
completed a significantly oversubscribed institutional
placement of $21.2 million to fund 5 MHE acquisitions.
In September, it announced a $60 million Rights Issue
to acquire a further 9 accretive MHEs.
Future OutlookIngenia aims to continue to grow organically with
its significant development pipeline, drive earnings
growth within its existing high yielding portfolios, and
aim to acquire and develop a market leading position
within the Manufactured Home Estates market in
New South Wales. The Group reaffirms its intention to
increase distributions over the near term to maximise
securityholder returns.
Contact DetailsLevel 5, 151 Castlereagh Street, Sydney
New South Wales, 2000, Australia
t +61 2 8263 0507
w www.ingeniacommunities.com.au
11.50am – Ingenia Communities Group Ltd ASX: INA
Market Cap* A$220.6m
* Source, Bloomberg, 16 September 2013
Company DescriptionProgrammed Maintenance Services Ltd (‘Programmed”)
is a leading provider of staffing, maintenance and facility
management services.
We employ directly more than 11,000 people
across a broad range of government and private sector
businesses in the resources, infrastructure, education,
manufacturing, logistics, commercial/retail and tourism/
recreation sectors. Our ability to recruit and deploy staff
is supported by an active database of some 60,000
people.
We provide services to over 7,000 customers, often
under long-term contracts. We deliver these services
through our network of over 200 branches throughout
Australia and New Zealand.
Our business model is built around our ability to
recruit, retain and deploy a large directly-employed
workforce of professional, skilled and semi-skilled staff
with a wide range of capabilities.
OperationsProgrammed is a leading provider of staffing,
maintenance and facility management services
operating in three divisions: Property & Infrastructure,
Resources and Integrated Workforce.
The Property & Infrastructure division provides
building, maintenance and operation services to
the property and infrastructure sector. Services
include painting, grounds management, corporate
imaging and signage, building repairs, electrical
and lighting installation and repair, audio visual data
and communication installation & repairs, facility
management and complete maintenance services.
These services are provided to over 5,000 customers
across all industries, often under long term contracts
and preventative maintenance programmes.
The Resources division provides construction,
maintenance and operation services to the resources
sector, predominantly the offshore oil and gas sector.
Services include marine manning, vessel management,
catering, maintenance and construction support.
These services are provided to many oil, gas and
mining companies both offshore and onshore across
Australia and New Zealand.
The Integrated Workforce division provides
recruitment and labour hire services to a range of
industries including mining and construction, industrial,
manufacturing, transport and logistics. The services are
tailored to suit customer needs, from the provision of a
single staff member to complete workforce and contract
labour management. The division operates through a
network of more than 40 branches across Australia and
New Zealand and is supported by extensive health,
safety and environmental management systems,
industrial relations and payroll services.
Recent DevelopmentsOver the past 12 months the company has been
managed conservatively. Revenue has grown, net profit
has been maintained, debt has been reduced and
dividends have increased.
The company recently updated its strategy to grow,
focusedinfourareas;
– further marketing and customer development across
the group (many opportunities remain to sell more
services to our customers)
– building of scale (have a strong workforce / HR
platform that is readily scalable)
– expansion in resources (many new assets have
been built that need ongoing operations and
maintenance support)
– expansion in public infrastructure (aging assets and
increasing population will drive growth in operations
and maintenance expenditures)
12.15pm – Programmed Maintenance Services Ltd
ASX: PRG
Market Cap* A$315.7m
Intellectual Property/Products/Product Development ProgramsOur business is built around the provision of people.
Customers contract our staffing service, a task-based
service or a complete management or maintenance
solution, often under a long-term contract.
No matter what the service, we want our customers
to value the “Programmed Difference”. These are the
things that make us different from the many firms that
offer one of our services, often only in one location:
– ourabilitytorecruitanddeveloppeople;
– our ability to deploy the right person with the right
competencytoeachjob;
– ourabilitytogetsafetyrightontheground;
– our ability to manage industrial relations in an
increasinglydifficultenvironment;
– our ability to manage human resources (training,
payroll, awards, superannuation, diversity,
apprenticeships, and career development) in an
increasinglyregulatedenvironment;
– our ability to deliver operational improvements,
flexibility and high levels of satisfaction to our
customers.
Significant Contractual ArrangementsOne of Programmed’s key strengths is its diversity of
customers and industry sectors, as it reduces the risk
of being over exposed to one sector or one customer.
There is no contract that represents a material
component of revenue (ie more than 5%).
Future OutlookProgrammed believes that maintenance of net profit in
FY13, along with a reduction in debt and an increase in
dividend, represents a good result for shareholders in
challenging market conditions. Activity in some of our
sectors remains subdued, while we have good visibility
of future work from both the oil and gas and public
infrastructure sectors. Our business model providing
staffing, maintenance and facility management
services across all industry sectors, gives Programmed
considerable strength and we will continue to manage
the group conservatively, while taking advantage of
growth opportunities that arise.
Contact Details47 Burswood Road, Burswood
Western Australia, 6100, Australia
t +61 8 9216 2123
w www.programmed.com.au
Programmed Maintenance Services Ltd continued
* Source, Bloomberg, 16 September 2013
Company DescriptionTroy is a successful gold and silver producer with
a track record of low cost mine development and
production. The Company is unique amongst its peers
having paid 13 fully franked cash dividends over the last
13 years.
Troy has been operating in South America since
2002 and, following development of the Casposo
project in Argentina, the Company’s annual gold
production is now above 100,000oz of gold per
annum.
Troy’sgoldandsilverproductionisunhedged;
allowing its shareholders access to the full benefit of
current and future gold price upside.
Troy is a responsible corporate citizen, committed
to the best practice of health and safety, environmental
stewardship and social responsibility.
OperationsFY2013 annual gold equivalent production 127,060oz
at a cash cost of US$818/oz Au_Eq.
Argentina, Casposo
• FY2013goldequivalentproductionof93,372oz
• Recordfinancialyearsilverproductionof
1,361,133oz up 45% on FY2012
• Installedsecondmill
• Transitioningfromopencuttounderground
production
• Movedfromcontract-minertoowner-minerinthe
underground
Brazil, Andorinhas
• FY2013goldproductionof33,688oz
Recent Developments• Groupannualgoldequivalentproductionof
127,060oz
• HighgradeinterceptsatbothCasposoand
Andorinhas
• TakeoverofferforAzimuthResourcesLimitedby
Troy moved to compulsory acquisition in mid-July
resulting in Troy having the largest land package in
Guyana (~8,000km2) over the Guiana Shield
• WestOmaiProjectinGuyanaInferredResourcesof
1.6Moz @ 3.1g/t including 1.0Moz at 5.0 g/t
Resources / Reserves Estimates Please refer to the company website for the latest
quarterly report: www.troyres.com.au
Significant Contractual Arrangements• A$40millionloanfacilitywithInvestecBank
(Australia) Limited
Future OutlookGuyana, West Omai Project
• Stage2InfilldrillingtoconvertfromInferredto
Indicated Resource status by the end of the
December quarter 2013
• Pre-feasibilitystudytobecompletedbyendof
March quarter 2014
• OngoingexplorationofWestOmaitargets
Argentina, Casposo
• ExplorationdrillingtorecommenceinJunequarter
2014
Contact DetailsUnit 12, 1st Floor, 11 Ventnor Avenue, West Perth
Western Australia, 6005, Australia
t +61 8 9481 1277
w www.troyres.com.au
1.30pm – Troy Resources Ltd ASX: TRY
Market Cap* A$249.8m
* Source, Bloomberg, 16 September 2013
Company DescriptionSwick Mining Services (ASX:SWK) is one of Australia's
largest mineral drilling contractors, providing high quality,
high value underground and surface drilling services to
a diverse group of mining houses in precious and base
metals, and bulk commodities.
Swick also has operations in Canada, the USA, and
more recently, Portugal.
OperationsThe Company specialises in Underground Diamond
drilling, and has a reputation for providing high quality
mineral drilling services and for pioneering innovative
rig designs that deliver improvements in productivity,
safety, versatility and value. Swick's competitive
advantage is underpinned by its strong engineering
acumen and dedicated R&D focus.
Recent DevelopmentsSwick’s world leading underground diamond drilling
division has recently been awarded new contracts and
successfully renewed contracts already in place.
New Contracts
1. Somincor, Neves-Corvo Mine, Portugal. 4 to 5 rigs,
two years with a one year option.
2. North-West Queensland, Queensland, Australia. 2
to 3 rigs, three years. Selected as the successful
tenderer for the underground diamond drilling at a
world class Silver/Lead Mine.
3. Independence Group, Lightning Nickel, Long Nickel
Operations, Kambalda, WA. 3 rigs, one year.
Renewals
1. Newmont Asia Pacific (Jundee and Granites Mines)–
13 rigs 3 year contract
2. Sandfire Resources (Degrussa Copper Mine) – 2
rigs2yeartermwithaoneyearoption;
3. Inova Resources ( Osborne and Kulthar Operations)
– 1 rig 1 year contract
4. La Mancha Resources (Frogs Leg Mine) -1 rig 1
year contract
Intellectual Property/Products/Product Development ProgramsThe Company specialises in Underground Diamond
drilling, and has a reputation for pioneering innovative
rig designs that deliver improvements in productivity,
safety, versatility and value. Swick's competitive
advantage is underpinned by its strong engineering
acumen and dedicated R&D focus.
Significant Contractual ArrangementsIn addition to the recently awarded and renewed
contracts, Swick has provided drilling services to many
of the world's largest mining companies, including BHP
Billiton, Rio Tinto, Xstrata, Glencore, Newmont, Barrick,
Vale, Gold Fields, Newcrest, Goldcorp and Agnico-
Eagle Mines.
Future OutlookSince the end of the financial year 2013, global financial
and commodity markets continue to see volatility, with
some mining companies showing reluctance to commit
to ongoing programs.
The Drilling Services market particularly has seen a
reduction in demand which has also fuelled increased
competition between market participants.
Although confident of our business model delivering a
safe, efficient and productive low unit cost solution, due
to current market volatility and uncertainty, the Company
has chosen to refrain from providing specific market
guidance until the first quarter of FY14 is complete. Given
existing market activity an overall reduction of activity of
approximately 15% could be expected in FY14.
Contact DetailsPO Box 74, Guildford
Western Australia, 6935, Australia
t +61 (0) 417 960 974
w www.swickmining.com
1.55pm – Swick Mining Services Ltd ASX: SWK
Market Cap* A$72.6m
* Source, Bloomberg, 16 September 2013
Company DescriptionDart Energy is an unconventional gas company with
extensive shale gas potential in the UK and certain
other CBM and shale gas assets in Australia and Asia.
OperationsDart Energy has up to 110 Tcf shale gas potential
(independently assessed) in Bowland Shale in England.
In addition, Dart Energy has a supply agreement in
place with with UK utility SSE and subject to gaining
approvals, expects gas sales from the end of 2013.
The eight year gas contract could generate revenues in
excess of US$500million.
Recent Developments• CompletedcorporaterestructureinlinewithitsUK
strategic focus
• CompletedinstitutionalplacementtoraiseA$11.9
million and has a fully underwritten entitlement offer
underway to raise a further A$8.8 million
• CompletedsaleofaCBMassetinChina(Liulin
project) for US$20.88 million
Resources / Reserves EstimatesPlease refer to the company website for the latest
quarterly report: www.dartgas.com
Future OutlookDart Energy is focussed on progressing activity
across its shale prospects in the UK and subject to
planning permissions, progress the Airth CBM project
into development and production and expects to
commence commercial gas sales during 2015.
Contact Details#19-03/04,TheGatewayEast,
152 Beach Road, Singapore 189721
t +65 6508 9840
w www.dartgas.com
2.20pm – Dart Energy International Ltd ASX: DTE
Market Cap* A$126.3m
UNITYMining Limited
* Source, Bloomberg, 16 September 2013
Company DescriptionUnity Mining Limited (ASX:UML) is an Australian gold
explorer, developer and producer which owns and
operates the Henty Gold Mine in Tasmania and is
developing the Dargues Gold Mine in Southern New
South Wales. Unity is also involved in gold exploration
in West Africa through its investment in GoldStone
Resources Limited. Unity holds tenure over the Bendigo
Goldfield in Victoria.
OperationsHenty Gold Mine
• Productionof43,851ozinFY13
• 1.3millionouncesofundergroundgoldproduction
from 1996 to date
• Historicproductionhasaveragedc.80,000oz/yat
11 g/t gold
• Thehigh-gradeReadZonecontinuestoevolve
as a resource and the zone remains open as an
extensive exploration target
Dargues Gold Mine
• Targeting50,000oz/yeargoldproduction,withan
initial 5 year mine life, exploration upside
• Strongexplorationupsideonhighlyprospective
tenements
Recent Developments• ProductionfromtheHentyGoldMineinFY13
was 43,851 ounces of gold at an average cash
operating cost of $1114/oz
• SuccessfulconclusiontomergerwithCortona
Resources in January 2013
• Commencementofpre-constructionearthworks
at Dargues Gold Mine in February 2013. First gold
expected in the first half of FY15
Resources / Reserves EstimatesPlease refer to the company website for the latest
quarterly report: www.unitymining.com.au
Future OutlookThe Company's goal is to be a profitable mid-tier
gold mining company, operating multiple mines in a
responsible manner and achieving strong financial
returns. Our strategy is to discover, operate and
acquire quality gold assets to transform the Company
into a mid-tier gold producer. With cashflow, no debt,
no hedging, a robust balance sheet and growing
production profile, Unity has a strong platform for future
growth.
Contact DetailsLevel 10, 350 Collins Street, Melbourne
Victoria, 3000, Australia
t +61 3 8622 2300
w www.unitymining.com.au
2.45pm – Unity Mining Ltd ASX: UML
Market Cap* A$54.1m
* Source, Bloomberg, 16 September 2013
Company DescriptionIMF is the largest litigation funder in Australia and has
been listed on the ASX since 2001. IMF’s principal
activities are the investigation, management and
funding of litigation in Australia and other jurisdictions.
Bentham IMF is IMF’s wholly owned subsidiary in the
United States.
OperationsIMF employs a large team of professional investment
managers with diverse legal and investigative
experience and expertise. In Australia, IMF has offices
in Sydney, Perth, Melbourne, Brisbane and Adelaide.
Bentham IMF has offices in New York and Los Angeles.
Recent DevelopmentsLast year, IMF successfully funded clients in a claim
against Standard & Poor’s and others for its ratings of
Constant Proportion Debt Obligation (CPDO). We have
funded similar cases in Australia and in the Netherlands.
We are looking at other cases against rating agencies in
the United Kingdom and Europe.
Future OutlookIMF is in a strong financial position moving forward and
is capable of capitalising on opportunities to fund cases
with larger potential returns.
IMF currently has an investment portfolio of $1.635B.
We aim to increase our investment portfolio to $2B in
the short term.
Contact DetailsLevel 10, 39 Martin Place, Sydney
New South Wales, 2000, Australia
t +61 2 8223 3567
w www.imf.com.au
3.30pm – IMF (Australia) Ltd ASX: IMF
Market Cap* A$237.8m
* Source, Bloomberg, 16 September 2013
Company DescriptionSilex Systems Limited (ASX: SLX) (OTCQX: SILXY)
is a world leader in research, development and
commercialisation of leading edge technologies in key
strategic markets, including nuclear power, solar power,
semiconductor materials and instrumentation. Silex is a
member of the S&P/ASX 300 index and also listed on
the OTCQX.
OperationsSilex’s two main divisions focus on:
• ‘SILEX’laser-baseduraniumenrichmenttechnology
which has been licenced to GE- Hitachi Global
Laser Enrichment (GLE), a business venture
comprising GE (51%), Hitachi (25%) and Cameco
(24%) for potential commercial deployment in the
USA
• Deploymentofunique‘DenseArray’Concentrating
Photovoltaic (CPV) utility scale solar power stations
in key global markets by 100% owned subsidiary,
Solar Systems Pty Ltd
Recent Developments• SILEXuraniumenrichmenttechnologycompleted
Phase I of a two phase commercialisation
program. Phase I involved advanced technology
demonstration. This followed receipt of approval
from the US Nuclear Regulatory Commission in
September 2012 for a combined construction
and operating license for the first commercial plant
planned for Wilmington, North Carolina
• SolarSystems’1.5MWCPVsolardemonstration
facility was commissioned and connected to the
national grid under a power off-take agreement with
Diamond Energy
Intellectual Property/Products/Product Development ProgramsSilex has an extensive intellectual property portfolio
providing extensive coverage and protection for all
of its proprietary technologies. The SILEX process is
a classified technology and is protected by nuclear
safeguards legislation covering matters of Australian
and US national interest. Our products include ‘Dense
Array’ CPV dish systems for utility scale solar power
station deployment, novel semiconductor materials and
test and measurement instrumentation solutions.
Significant Contractual Arrangements• Silexhaslicensedits‘SILEX’laser-baseduranium
enrichment technology to Global Laser Enrichment
(GLE), a business venture comprising GE (51%),
Hitachi (25%) and Cameco (24%).
• SolarSystemshasapoweroff-takeagreement
in place with Diamond Energy for its 1.5 MW
demonstration facility at Mildura, Victoria and also for
its 600kW Test and Reliability facility at Bridgewater,
Victoria.
Future OutlookIn accordance with the license agreement with GLE,
Silex may receive a perpetual revenue royalty of between
7 – 12% (based on the capital cost per unit of capacity
deployed). In addition, business and project development
activities are underway for Solar Systems unique CPV
solar dish systems. Opportunities for commercial
deployment of the company’s novel semiconductor
materials and instrumentation are also being considered.
Contact DetailsPO Box 364, Sydney
New South Wales, 2001, Australia
t +61 2 9704 8888
w www.silex.com.au
3.55pm – Silex Systems Ltd ASX: SLX
Market Cap* A$422.2m
* Source, Bloomberg, 19 September 2013
Company DescriptionRegeneus is a Sydney-based regenerative medicine
company. Founded in 2007, Regeneus develops and
commercialises proprietary cell-based technologies
for the creation and manufacture of innovative cell
treatments for humans and animals.
Regeneus' cell technologies enable the application of
the regenerative capacities of adipose-derived cells
(cells derived from fat) including mesenchymal stem
cells, for the treatment of musculoskeletal and other
inflammatory conditions.
OperationsRegeneus has successfully developed and has
commercialised an autologous (using a patient's own
cells) "point-of-care" cell therapy for the treatment of
musculoskeletal conditions in humans (HiQCell®).
HiQCell is currently available through a network of
specialist medical practitioners in Australia. In FY13,
over 335 patients and over 700 joints were treated with
HiQCell in Sydney. Clinical data from these treatments
is included in Australia’s largest ethics approved cell
therapy joint registry.
Regeneus has also developed and manufactures
an allogeneic (using donor cells) "off-the-shelf" product
for canine and equine musculoskeletal conditions
(CryoShot®). Since early 2012, CryoShot has been
trialed by over 70 equine and canine veterinarians in
Australia.
Recent DevelopmentsHiQCell Commercialisation
Regeneus is dedicated to expanding the commercial
roll-out of HiQCell processing laboratories in hospitals
and day surgeries in Australia. In September 2013,
HiQCell treatments commenced at John Flynn Private
Hospital in the Gold Coast.
CryoShot US Clinical Trial
In July 2013, Regeneus announced the successful
submission of an Investigational New Animal Drug
Application (INADA) to the Centre for Veterinary
Medicine (CVM) with the Food and Drug Administration
(FDA) in the United States for CryoShot® Canine. This
is an important step towards product registration in the
US.
Intellectual Property/Products/Product Development ProgramsRegeneus has filed 9 families of patent applications
that if granted substantially as claimed cover the current
products including HiQCell, CryoShot and a range
of future products. The 9 patent families have been
developed and are owned by Regeneus. Regeneus
has licensed from Northern Sydney Local District
exclusive rights to commercialise IP rights relating to
technology developed at the Kolling Institute of Medical
Research for vaccines for the treatment of prevention of
cancer in animals and humans.
Significant Contractual Arrangements• MacquarieUniversityR&DCollaborationAgreement
– on projects undertaken by Dr Herbert relating to
the use and measurement of stem cells for clinical
applications in humans and animals
• KollingInstituteofMedicalResearchCollaboration
Agreement – agreement investigating a combined
vaccine and adipose-derived cell therapy to treat
cancer with exclusive commercial rights to the
autologous cancer vaccine for the animal market
and first rights for the human market
• RegeneushascommerciallicenceswithallMedical
Practitioners and Licenced Facilities for the use of
HiQCell
4.20pm – Regeneus Ltd ASX: RGS
Market Cap* A$36.6m
Future OutlookThe below outlines the key business initiatives that
Regeneus plans to pursue over the next 2 years with
the funds raised under the Offer:
1. Expand HiQCell footprint to capital cities and major
population centres in Australia
2. Expand HiQCell to other indications by leveraging
existing treatment networks, including neuropathic
pain, other immune-mediated conditions and cancer
3. Broaden market usage of CryoShot and finalise
CryoShot specification for registration
4. Commence FDA approved CryoShot trial in USA for
canine osteoarthritis
5. Launch HiQCell in UK and Singapore for
musculoskeletal conditions
6. Proof of principle and safety study of human
CryoShot
Contact Details77 Ridge Street, Gordon
New South Wales, 2072, Australia
t +61 450 253 059
w www.regeneus.com.au
Regeneus Ltd continued
Supporter Profiles
Supporter Profiles
BBY is Australia and New Zealand’s largest non-bank
owned stockbroker. With an extensive global reach, BBY’s
mission is to service the local and international needs
of Australian and New Zealand high growth companies,
institutional investors, broker dealers and private investors.
BBY is located in Adelaide, Auckland, Gold Coast,
London, Melbourne, New York, Perth, Sydney (Head
Office) and Wellington. Our clients benefit from our local
knowledge and global distribution.
BBY’s research capabilities include money making calls
which have delivered significant value to our clients.
Someofthesecallsinclude;
• FortescueMetalsGroup(FMG,+1,580%)
• BuruEnergyLimited(BRU,+420%)
• LincEnergyLtd(LNC,+380%)
• OricaLimited(ORI,+280%)
• G8EducationLimited(GEM,230%)
Moreover, with three recent additions to our research
team, BBY continues to extend its knowledge across
diverse sectors of the market in order to better service our
clients.
Glenn RosewallExecutive ChairmanBBY Limited
Level 17, 60 Margaret Street
Sydney, NSW 2000, Australia
t +61 2 9226 0032
w www.bby.com.au
Fortbridge is an independent media and investor relations
consultancy that specialises in representing listed mining,
energy and mining services companies. We work with clients
to build corporate reputation and promote shareholder value
in key investment centres around the world.
Our investor communications programs target a range of
stakeholders including shareholders, institutional investors,
funds and the financial media in the markets in which our
clients operate. We also work with clients to target strategic
and industrial investors in India, China and Russia.
With up-to-date research and investor contact information
in all major financial centers, Fortbridge targets relevant
institutional investors and funds to engage their support for
our clients’ IPOs, institutional placements, capital raisings,
SPPs and on-market trades.
Fortbridge consultants have a track-record of working
with clients to enhance shareholder value and grow
theirbusinesses;tocommunicatethevalueofnew
developments and to manage significant issues that
impact reputation.
Bill KemmeryManaging DirectorFortbridge Consulting
Suite 1402, Level 14
East Sydney NSW 2010, Australia
t +61 2 9003 0477
w www.fortbridge.com
Christine WootliffInvestor Relations Consultant – Hong KongFortbridge Consulting
t +852 9087 2327
w www.fortbridge.com
Australian Institutional Research, Sales & Trading
Australia and New Zealand’s Largest Non-Bank Owned Stockbroker
This document has been prepared by BBY Limited (ACN 006 707 777) (Australian Financial Services Licence No 238 095) a participant of ASX and SmarTrader (ACN 115 752 102) (Australian Financial Services Licence No 295 337) (part of the BBY Group)
All material contained in this document is general advice only and does not take into account any individual’s personal financial situation, needs or objectives. Please note that BBY makes important disclosures of its interests at www.bby.com.au/Disclaimer
BBY delivers knowledgeable insights and money making ideas on Australian Securities Exchange (ASX) listed companies. Clients of BBY benefit from our local market knowledge and global distribution with offices located in Australia, New Zealand, New York and London.
With an extensive global reach, BBY’s mission is to service the local and international needs of our investors.
BBY’s ASX equities turnover is over $2.1 billion per month. In 2012, BBY was ranked Australia’s 4th Best Equity Capital Markets Bank and 10th Best Investment Bank.
Why do Leading Institutional Clients use BBY?
BBY holds a unique place in the Australian and New Zealand securities markets and has been operating since 1987. BBY has invested in leading-edge technology to ensure we have a scalable business.
BBY understands that choosing the right investment partner is not always easy. It is our goal to ensure that clients are beyond satisfied working with a persistent, determined and knowledgeable team.
BBY strives to make certain that we are our client’s partner of choice for the long-term and we are 100% committed to achieving our clients’ investment objectives.
What Does BBY Offer?
With a strong sales presence in Australia, New Zealand, UK, US and Asia, our teams are well positioned to service the local and global capital information needs of our clients. Our Research, Sales and Trading teams generate value and money making opportunities for our clients via;
ASX Block trades
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Prudent Marketing of BBY’s Ideas.
Money Making Ideas
BBY is devoted to generating valuable ideas for clients for example;
BBY is proud to have backed 7 ASX listed companies from less than A$200 million market cap through to their significant achievements of over A$1 billion. BBY’s Billion Dollar club has seen 7 join in the last few years including Fortescue Metals Group (FMG), Karoon Gas Australia (KAR), Linc Energy (LNC) and Extract Resources (EXT).
On FMG for example, BBY was the first broker to recommend the company in 2005, where we were instrumental in multiple transactions returning over 1,300% for many investors. FMG is now the fourth largest Iron ore producer in the world and with the help of a strong US share register introduced by BBY, FMG reached its high watermark of A$41 billion in 2008.
Since recommending child care service provider G8 Education (GEM) in October 2011 at A$0.50, their market cap has grown from A$160 million to A$900 million and the company’s share price has increased by more than 560%. Based on a target price of A$4.30 versus a share price of A$3.30, GEM is expected to be the next member of BBY’s Billion Dollar club.
Speak to a BBY advisor about our High Conviction (HC) Portfolio, which is based on inputs from our Research Team where a stock has a strong enough conviction to be included. The portfolio currently holds 52 stocks and will consist of between 50 to 75 stocks when BBY expands its coverage to 150 stocks by November 2013. BBY’s HC Portfolio has returned 21.3% annualised over the past 5 financial years versus an ASX300 return of 2.8% since 2009.
Glenn Rosewall Executive Chairman +61 438 685 003 International Client Sales +61 2 9226 0030 Australian Client Sales +61 2 9226 0065
bby.com.au
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www.fortbridge.com
Supporter Profiles
Morningstar provides investment research for stocks, funds,
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Fabian PazmiñoProduct Manager
Morningstar Australasia Pty Ltd
Level 36, Australia Square, 264 George St, Sydney
New South Wales, 2000, Australia
t +61 2 9276 4522
w www.morningstar.com.au
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About ASX
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© Copyright 2013 ASX Limited ABN 98 008 624 691. All rights reserved 2013.
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t +61 414 392 905
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About ASX
Global Index Performance 2000-2013*
* January 2013Source: Bloomberg
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