Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Accelerating Tomorrow’s Independent Research

Boost Research

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Equity Bottom-Up

<ul class="">
<li><strong><a href="https://www.smartkarma.com/entities/6698" target="_blank" data-smartkarma-citation="entities:6698:1">Gold Road Resources (GOR AU)</a> continued strong BUY</strong></li>
<li>Mineral Resource increased 2% to 6.61Moz</li>
<li>2019 attributable production guided at 50–60koz Au</li>
<li><strong>AISC est. between A$1,050 to $1,150/oz, is realistic</strong></li>
<li> Using $1,300/oz attributable <strong>2019 EBIT will be between US$7.5-15m</strong>
</li>
<li><strong>2020 attributable EBIT of 150k/oz conservative $A54m</strong></li>
<li>
<strong>Price/EBIT ratio now 10.9 to 16.8</strong> (previous est. 8 to 9.1)</li>
<li>Expand AIM &amp; ASX coverage to 397 companies from next week</li>
<li>
<a href="https://www.smartkarma.com/entities/6698" target="_blank" data-smartkarma-citation="entities:6698:1">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/5124" target="_blank" data-smartkarma-citation="entities:5124:1">Azumah Resources (AZM AU)</a>, <a href="https://www.smartkarma.com/entities/11276" target="_blank" data-smartkarma-citation="entities:11276:1">Millennium Minerals (MOY AU)</a>, <a href="https://www.smartkarma.com/entities/9713" target="_blank" data-smartkarma-citation="entities:9713:1">Metals X Ltd (MLX AU)</a>, <a href="https://www.smartkarma.com/entities/6192" target="_blank" data-smartkarma-citation="entities:6192:1">De Grey Mining (DEG AU)</a> , <a href="https://www.smartkarma.com/entities/1960" target="_blank" data-smartkarma-citation="entities:1960:1">Resolute Mining (RSG AU)</a>, <a href="https://www.smartkarma.com/entities/8946" target="_blank" data-smartkarma-citation="entities:8946">Andromeda Metals (ADN AU)</a> <strong> </strong>
</li>
</ul>


Gold Road Resources (GOR AU) continued strong BUY
Mineral Resource increased 2% to 6.61Moz
2019 attributable production guided at 50–60koz Au
AISC est. between A$1,050 to $1,150/oz, is realistic
 Using $1,300/oz attributable 2019 EBIT will be between US$7.5-15m

2020 attributable EBIT of 150k/oz conservative $A54m

Price/EBIT ratio now 10.9 to 16.8 (previous est. 8 to 9.1)
Expand AIM &amp; ASX coverage to 397 companies from next week

Gold Road Resources (GOR AU), Azumah Resources (AZM AU), Millennium Minerals (MOY AU), Metals X Ltd (MLX AU), De Grey Mining (DEG AU) , Resolute Mining (RSG AU), Andromeda Metals (ADN AU)  



New J. Hutton Exploration Report (Week Ending 15/02/19)

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

<ul><li>Financial forensics remains an indispensable part of the short-seller's tool-kit. In this report, Evidente updates and expands its analysis of financial forensics, now that most ASX listed companies have reported their interim financial results <a href="https://www.smartkarma.com/insights/financial-forensic-part-i" target="_blank" data-smartkarma-citation="insights:6669">Financial Forensic - Part I</a></li><li>Since the launch of <em>Financial Forensics</em> in October 2016, the twenty stocks identified by Evidente as having the highest non-cash component of earnings have delivered a mean accumulated return -6.6%, well below the ASX200 (+9.6%).</li><li>Evidente has compiled an updated list of the twenty stocks which have the highest non-cash component of earnings, and in many cases have experienced a marked deterioration in earnings quality from the previous interim reporting season, including Blackmores, Webjet and Myer Holdings.  Some of these are growth stocks, trading on high multiples and with little margin for disappointing faithful investors.</li></ul>

Financial forensics remains an indispensable part of the short-seller's tool-kit. In this report, Evidente updates and expands its analysis of financial forensics, now that most ASX listed companies have reported their interim financial results Financial Forensic - Part ISince the launch of Financial Forensics in October 2016, the twenty stocks identified by Evidente as having the highest non-cash component of earnings have delivered a mean accumulated return -6.6%, well below the ASX200 (+9.6%).Evidente has compiled an updated list of the twenty stocks which have the highest non-cash component of earnings, and in many cases have experienced a marked deterioration in earnings quality from the previous interim reporting season, including Blackmores, Webjet and Myer Holdings.  Some of these are growth stocks, trading on high multiples and with little margin for disappointing faithful investors.

Financial Forensics - The Short-Seller's Indispensable Tool-Kit

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p><em>Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div><h2><em>Accuracy Rate:</em></h2></div><p>Our accuracy rate so far this year has been<strong> 78.3% for IPOs and 66.7% for placements.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/290/original/2016-Total-Deals-2016-Accuracy-Rate-_chartbuilder.png?1475805450" class="editor-image img-responsive" data-smartkarma-image-id="14290"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/291/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1475805459" class="editor-image img-responsive" data-smartkarma-image-id="14291"></figure><div><h2><em>Placements:<br><br></em></h2></div><p><strong>What we wrote on this week:</strong></p><p><strong><a href="https://www.smartkarma.com/insights/sime-darby-placement-ageing-trees-are-the-bearbugs" target="_blank" data-smartkarma-citation="insights:6264">Sime Darby Placement: Ageing Trees Are The Bugbears</a> </strong></p><ul>
<li>Placement was well guided in its FY2016 results but the stock didn't do well post announcement</li>
<li>Company will continue to underperform its peers in the plantation segment due to its ageing palm…</li>
</ul>

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy rate so far this year has been 78.3% for IPOs and 66.7% for placements.Placements:  What we wrote on this week:Sime Darby Placement: Ageing Trees Are The Bugbears 
Placement was well guided in its FY2016 results but the stock didn't do well post announcement
Company will continue to underperform its peers in the plantation segment due to its ageing palm…


Smartkarma - ECM Coverage Weekly Update (10 Oct 2016)

<p><em>Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div><h2><em>Accuracy Rate:</em></h2></div><p>Our accuracy rate so far this year has been <strong>79.5% for IPOs and 68.3% for placements.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/011/original/2016-Total-Deals-2016-Accuracy-Rate-_chartbuilder.png?1475210560" class="editor-image img-responsive" data-smartkarma-image-id="14011"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/012/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1475210601" class="editor-image img-responsive" data-smartkarma-image-id="14012"></figure><h2><em>Placements:</em></h2><p><strong>What we wrote on this week:</strong></p><p><strong><a href="https://www.smartkarma.com/insights/iress-small-but-accretive-acquisition" target="_blank" data-smartkarma-citation="insights:6064">IRESS - Small but Accretive Acquisition</a> </strong></p><ul>
<li>Priced at AUD11.35, a 2.4% discount to undisturbed price</li>
<li>Trading well, 3.9% above deal price</li>
<li><a href="http://www.asx.com.au/asxpdf/20160927/pdf/43bh2wxxmxl7d1.pdf" target="_blank">ASX subscribed to 1.4m of the 7.49m placement shares</a></li>
</ul><p><strong><a href="https://www.smartkarma.com/insights/ihh-placement-past-deal-did-ok-earning-hiccup-but-prospects-remain-intact" target="_blank" data-smartkarma-citation="insights:6078">IHH Placement - Past Deal Did OK, Earning Hiccup but</a></strong>…</p>

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy rate so far this year has been 79.5% for IPOs and 68.3% for placements.Placements:What we wrote on this week:IRESS - Small but Accretive Acquisition 
Priced at AUD11.35, a 2.4% discount to undisturbed price
Trading well, 3.9% above deal price
ASX subscribed to 1.4m of the 7.49m placement shares
IHH Placement - Past Deal Did OK, Earning Hiccup but…

Smartkarma - ECM Coverage Weekly Update (3 Oct 2016)

<p>Resolute Mining (RSG) is raising US$115m (AUD150m) in a primary placement to fund its capex for its Ravenswood Extension Project and drilling and evaluation of the Bibiani Project.</p><p>The deal scores well on our ECM Framework owing to its recent outperformance of track record, earnings and financials. Majority of the placement proceeds will be used to fund its start-up capital for its Ravenswood Extension Project. RSG will further strengthen its strong financial position (currently net cash) and…</p>

Resolute Mining (RSG) is raising US$115m (AUD150m) in a primary placement to fund its capex for its Ravenswood Extension Project and drilling and evaluation of the Bibiani Project.The deal scores well on our ECM Framework owing to its recent outperformance of track record, earnings and financials. Majority of the placement proceeds will be used to fund its start-up capital for its Ravenswood Extension Project. RSG will further strengthen its strong financial position (currently net cash) and…

Resolute Mining - Returning Shareholder Value

Australia

Resolute Mining Limited explores for, produces and develops gold in Mali and Queensland, Australia. The Company's gold exploration projects include Syama and Ravenswood.

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Resolute Mining (RSG AU)

New J. Hutton Exploration Report (Week Ending 15/02/19)

Gold Road Resources (GOR AU) continued strong BUY Mineral Resource increased 2% to 6.61Moz 2019 attributable production guided at 50–60koz Au AISC...

Boost Research

Financial Forensics - The Short-Seller's Indispensable Tool-Kit

Financial forensics remains an indispensable part of the short-seller's tool-kit. In this report, Evidente updates and expands its analysis of...

Sam Ferraro

Smartkarma - ECM Coverage Weekly Update (10 Oct 2016)

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy...

Zhen Zhou, Toh

Smartkarma - ECM Coverage Weekly Update (3 Oct 2016)

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy...

Zhen Zhou, Toh

Resolute Mining - Returning Shareholder Value

Resolute Mining (RSG) is raising US$115m (AUD150m) in a primary placement to fund its capex for its Ravenswood Extension Project and drilling and...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

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