External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Clover Corporation Limited produces and refines natural oils along with the sale and distribution of chemicals and related products to the pharmaceutical industry. The Company also researches, develops, and supplies DHA products.

<ul><li>CLV is currently experiencing cyclically low demand for its products due to a backlog of infant formula in China and lower birth numbers in many developed nations.</li><li>We believe backlog issues in China should be rectified in the next six months as infant formula reaches its use by date.</li><li>Additionally many developed nations have incorporated increasing birth rates as crucial policy initiatives.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CLV is currently experiencing cyclically low demand for its products due to a backlog of infant formula in China and lower birth numbers in many developed nations.We believe backlog issues in China should be rectified in the next six months as infant formula reaches its use by date.Additionally many developed nations have incorporated increasing birth rates as crucial policy initiatives.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Clover Corporation Limited (CLV) - 1H24 Result – Infant Formula Continues to Be Tough

Centrex Limited operates as a mineral resource exploration and development company. The Company focuses on the development of phosphate rock deposits and base metal projects in Western Australia. Centrex serves customers worldwide.

<ul><li>Centrex Limited’s (CXM.ASX) Ardmore Phosphate Mine in QLD is the newest phosphate mining operation in Australia and Centrex is aiming to complete the “Stage 1.5” expansion plan by the end of CY2024 to increase output to 625ktpa.</li><li>Centrex is on the cusp of transitioning Ardmore to a more cost-efficient operation that will benefit from economies-of-scale with only modest capital expenditure required.</li><li>Funding for the Stage 1.5 Expansion (total Capex $17.6m) has been secured from the share placement in Q1 CY2024 and the A$10 million National Australia Bank financing package.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Centrex Limited’s (CXM.ASX) Ardmore Phosphate Mine in QLD is the newest phosphate mining operation in Australia and Centrex is aiming to complete the “Stage 1.5” expansion plan by the end of CY2024 to increase output to 625ktpa.Centrex is on the cusp of transitioning Ardmore to a more cost-efficient operation that will benefit from economies-of-scale with only modest capital expenditure required.Funding for the Stage 1.5 Expansion (total Capex $17.6m) has been secured from the share placement in Q1 CY2024 and the A$10 million National Australia Bank financing package.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Centrex Limited (CXM.ASX) - Ardmore Phosphate Mine – Stage 1.5 Expansion Fully Financed

Percheron Therapeutics  / Equity Bottom-Up

Percheron Therapeutics Limited is a biopharmaceutical drug discovery and development company. The Company creates and develops novel antisense therapeutics for a variety of drug candidates including duchenne muscular dystrophy (DMD), multiple sclerosis (MS), and acromegaly. Percheron Therapeutics serves customers in Australia.

<ul><li>PER announced that 34 out of a total target of 45 patients have commenced treatment in its randomised Phase IIb trial of lead drug ATL1102 in non- ambulant patients with Duchenne muscular dystrophy (DMD).</li><li>Recruitment has accelerated since late January, with 14 patients enrolled in the past two months.</li><li>With a further 11 subjects needed to reach the target of 45, we expect enrolment to be completed before the end of May.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PER announced that 34 out of a total target of 45 patients have commenced treatment in its randomised Phase IIb trial of lead drug ATL1102 in non- ambulant patients with Duchenne muscular dystrophy (DMD).Recruitment has accelerated since late January, with 14 patients enrolled in the past two months.With a further 11 subjects needed to reach the target of 45, we expect enrolment to be completed before the end of May.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Percheron Therapeutics (PER) - Recruitment Accelerated - Data Readout Likely Q1 CY25

3P Learning Limited provides educational services. The Company owns and operates a website for students, teachers, and mathematics coordinators with a focus on e-learning of mathematics. 3P Learning serves the kindergarten through twelfth grade curriculum worldwide.

<ul><li><span data-sheets-root="1" data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>Acknowledging this result was largely transitional, we believe 3PL is in a strong position to capitalise on the opportunities that lie ahead, with all key strategies now in place. </li><li><span data-sheets-root="1" data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>The re-acquisition of Reading Eggs US schools’ distribution rights in 1H24 means 3PL owns distribution of all products globally and allows management to focus on the lucrative US schools market. </li><li><span data-sheets-root="1" data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>We continue to monitor for definitive signs that 3PL’s rebuilt product suite is gaining traction over the short- term (management has stated the goal to achieve double digit B2B billings growth in all key markets from FY25). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Acknowledging this result was largely transitional, we believe 3PL is in a strong position to capitalise on the opportunities that lie ahead, with all key strategies now in place. The re-acquisition of Reading Eggs US schools’ distribution rights in 1H24 means 3PL owns distribution of all products globally and allows management to focus on the lucrative US schools market. We continue to monitor for definitive signs that 3PL’s rebuilt product suite is gaining traction over the short- term (management has stated the goal to achieve double digit B2B billings growth in all key markets from FY25). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3P Learning Limited (3PL) - 1H24 Result – Margin Expansion on the Horizon

Academies Australasia Group Limited grants baccalaureate and graduate degrees. The College offers degrees in accounting, language, information technology, management, marketing, tourism, and sports and fitness. Academies Australasia Group serves students in Australia and Singapore.

<ul><li>AKG’s 1H24 result was below our expectations with headwinds felt industry-wide the main cause.</li><li>We acknowledge continued uncertainty in government policy surrounding international student visa regulation, adjusting our forecasts and valuation accordingly.</li><li>The A$5M 1H24 impairment charge from a course closure only adds to our disappointment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AKG’s 1H24 result was below our expectations with headwinds felt industry-wide the main cause.We acknowledge continued uncertainty in government policy surrounding international student visa regulation, adjusting our forecasts and valuation accordingly.The A$5M 1H24 impairment charge from a course closure only adds to our disappointment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Academies Australasia Group Limited - 1H24 Result