reports
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Update 11112024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). BLCI’s Expanded Access Program (EAP), a compassionate use study, delivered >96% probability that BCLI’s NurOwn® treatment was responsible for an improved survival rate in a test group of 10 ALS patients. BCLI recently regained Nasdaq price compliance, released two posters for NurOwn® and presented at Maxim’s healthcare summit. We infer that BCLI has a reas...
- Research Team ACF
Ciel Limited (CIEL) Post Results YE24A 07112024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity. Whilst CIEL missed our revenue target by -3.4%, it delivered very significant beats on profit measures EBITDA 23.7%, PAT +135.9% and EPS (dil) +30.7%. Group NAVPS also grew 11% and gearing fell to 25.1% vs. 28.6% y/y. CIEL beat our YE24A FCFE forecast by 5%. Operationally there is a great deal to like. We are forecasting significant improvement in Group FCFE YE25E ...
- Research Team ACF
AsiaFIN Holdings Corp (ASFH) Pre-Results 3Q24 30102024
AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates. We are expecting 3Q24 numbers in line with our expectations. Revenue and profitability appear to be subject to seasonality with 4Q being the most significant quarter. Our full year forecasts are heavily weighted towards 4Q performance. ASFH’s strategy is to expand internationally out of Malaysia via direct sales, artnership...
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Update Note 03102024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). We have stress tested our valuation vs. current global and market events as well as and BCLI’s reverse stock split (R/S) 30 Sept 2024 (to maintain Nasdaq listing). Whilst there are pros and cons – our risk adjusted WACC has increased and NPV reduced, our conservative base case expected dilution assumptions have improved with R/S and Nasdaq compliance and o...
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Flash Note 30092024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). BCLI on Friday confirmed its reverse stock split (R/S) to become effective today 30 Sept 2024 (to maintain Nasdaq listing). Reverse stock splits are often (though not always) an effective mechanism and often lead to an upwards re-rating as psychological market factors come into play. There is also a usual market clearing mechanism that often leads to net s...
- Research Team ACF
AsiaFIN Holdings Corp (ASFH) Initiation 26092024
AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates – ASFH delivers Robotic Process Automation (RPA) using Intelligent Character Recognition (ICR); Regulatory Technology (RegTech); AI driven cheque processing and; ESG reporting services. ASFH has an organic and aggressive acquisition growth plan to expand both within ASEAN and in new westward territories. Clients - 20 RegTech f...
- Research Team ACF
IXR Update Note IonicTech Magnet Recycling 05092024
Ionic Rare Earths Ltd (ASX:IXR) is a magnet (REOs) recycling (Belfast, UK) and REE mining explorer (Uganda) plus a Brazilian REE Refining JV, excluded from our NPV, with Viridis Mining and Metals Limited (VMM). ACF visited IonicTech’s magnet recycling demo plant in July 2024. Since our last IXR Flash Note, we raise our valuation by 16% to A$ 0.109 vs A$ 0.094 previously and put Makuutu in a maintenance period. IXR has a unique position in the REE recycling ecosystem. IonicTech’s patented technol...
- Research Team ACF
Ionic Rare Earths (IXR) Flash Note REE Magnet Recycling 25072024
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). ACF visited IonicTech’s magnet recycling demo plant in Belfast yesterday, July 2024. IXR has a unique position in the REE recycling ecosystem. IonicTech’s government-backed support (UK govt. £3.7m over 2 yrs) and support from its Northern Ireland constituents (Titanic Quarter and Belfast Harbour) indicate a solid growth strategy and high margin potential. The demo plant is st...
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Update 23072024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). Since initiation – CMC FDA questions resolved, commercialization team in place, raised US$ 4m (gross) enabling PIIIb rollout start, signed a CRO and lined up a commercial manufacturer, shortening the BLA timeline. Whilst the US$ 4m raise and new warrants dilution effect has reduced our value range ~5%, it remains well above our >10x return investment hypot...
- Research Team ACF
ACF Insight - Innovations in Oncology - the Future of Cancer Treatment...
Global oncology spending is projected to reach US$409bn by 2028E, up from US$223bn in 2023A at a 5yr CAGR of 11.5-14.5% from 2024-2028 (IQVIA, 2024). This growth is in part driven by US spending, which has increased to $99bn in 2023A up from $65bn in 2019A - the US makes up ~45% of global oncology spending.
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Initiation 11062024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI, Biotech) is focused on developing autologous mesenchymal stem cell (MSC) therapies for the treatment of neurodegenerative diseases (NDDs) – BCLI’s primary target is the fatal amyotrophic lateral sclerosis (ALS/MND/Lou Gehrig’s). Post hoc analysis of BCLI’s PIII trial data shows BCLI’s NurOwn® (debamestrocel, MSC-NTF), has statistically significant clinical effects on early-stage ALS sufferers and that placebo trialists deteriorate faster. Peer rev...
- Research Team ACF
Regenerative Healthcare - Stem Cells & ALS Thematic 10062024
Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential. In spite of the usual setbacks in valuation and strategy, the sub-sector has pivoted and the market remains innovative and attracts investment capital. Rather than replace entire tissues, which is a complex activity, we believe the immediate future for stem cells is more likely to be in the successful stimulation of the bodies on repair mechanisms. Within regenerative medicine we believe there ...
NOVN NOVARTIS AG
CG3 CELGENE CORPORATION
QURE UNIQURE NV
MRK MERCK & CO. INC.
JNJ JOHNSON & JOHNSON
GILD GILEAD SCIENCES INC.
CYTK CYTOKINETICS INCORPORATED
BMY BRISTOL-MYERS SQUIBB COMPANY
BIIB BIOGEN INC.
BCLI BRAINSTORM CELL THERAPEUTICS
SAN SANOFI
4523 EISAI CO. LTD.
IONS IONIS PHARMACEUTICALS INC.
WVE WAVE LIFE SCIENCES
PFE PFIZER INC.
ABBV ABBVIE INC.
AMRX AMNEAL PHARMACEUTICALS INC. CLASS A
TEVA TEVA PHARMACEUTICAL INDUSTRIES LIMITED
NOVO NOVO NORDISK A/S-B
- Research Team ACF
Ciel Limited (CIEL) Post Results 9M24A 06062024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company and one of the last great growth opportunities - Asia and Africa. CIEL operates across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s 9M24 results put CIEL very comfortably ahead of our YE24E forecasts for EBITDA, EAT and EPS. FCFF (the basis of our DCF valuation) is in line for YE24A assuming Textiles is back ‘online’ for 4Q FCF, and or there are further land sales/increa...
AsiaFIN (ASFH) Core Investment Case 23052024
AsiaFIN Holdings Corp. (OTCQB : ASFH) has moved to an aggressive growth inflection point. ASFH provides IP protected fintech solutions for payment processing to financial institutions and other segments – it delivers Robotic Process Automation (RPA) using ICR, Regulatory Technology (RegTech), AI driven check processing and an ESG reporting platform. Clients are financial institutions currently concentrated in the ASEAN region, ~680m pop YE23A. ASFH has an organic and aggressive acquisition growt...
- Research Team ACF
Ionic Rare Earths (IXR) Flash Note AUD5.5m Placement 16052024
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation at this stage. IXR is currently ahead of its most recently published schedule. Catalysts since ACF’s IXR Update note published on 06 Feb 2024 include IXR’s A$5.5m placement (funds will be used to support Makuutu and advance Ionic Technologies’ Belfast magnet recycling plant) and a 50:50 JV with Viridis Mining and Minerals ...
- Research Team ACF
Itaconix Plc Core Investment Case 01052024
Itaconix Plc’s (AIM: ITX.L, OTC: ITXXF) vision - safer chemicals in consumer goods. ITX makes IP protected innovative bio-polymers that replace acrylic acid and styrene based polymers (US$ 20bn market) in consumer products. IA polymers have commercial applications in consumer and specialty chemicals markets including detergents markets as water softeners and dispersants; odour capture markets and hair products markets for hold, texture and flexibility. ITX’s innovations are protected by 16 paten...
- Research Team ACF
Ciel Limited (CIEL) Finance Cluster 08042024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company. In this update we focus on CIEL’s Finance Cluster which in 1H24 accounted for 35.9% of Group (Grp) FCF, 25.8% of Grp EBITDA and 15.5% of Grp revenues. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Agro and Finance. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL Finance 1H24A de...
- Research Team ACF
Ionic Rare Earths (IXR) Post-Results 1H24 21032024
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation at this stage. IXR is currently ahead of its most recently published schedule. Catalysts since ACF’s IXR Update note published on 06 Feb 2024 include 1st mixed rare earth concentrate (MREC) produced, Makuutu’s exploration target upgrade by 40%, and Belfast plant produces its 1st high purity terbium oxide (Tb4O7). In our pr...
- Research Team ACF
BrainStorm Cell Therapeutics Inc Core Investment Case 13032024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) is a biotechnology company focused on developing autologous mesenchymal stem cell (MSC) therapies for the treatment of neurodegenerative diseases – BCLI’s primary target is the fatal amyotrophic lateral sclerosis (ALS/MND/Lou Gehrig’s). BCLI’s’s proprietary technology platform, NurOwnTM, stimulates Mesenchymal Stem Cells to emit neurotrophic factors (MSC-NTF), which promote the survival of neurons across multiple disease states.
- Research Team ACF
Greenland mining
Unloved…Unknown…But Excellent? Greenland’s extraordinary potential for critical raw materials mining was again recognized in 2023, this time by the Centre for Minerals and Materials (MiMa, report published in June 2023). Greenland's stated aim is to attract greater (and sustainable) exploration and ultimately mining interest in Greenland’s estimated 400k km2 ice-free land blocks. Greenland's mineral potential is considered…vast.
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