Independent Investment Research

Independent Investment Research

Financial Services

Sydney, New South Wales 724 followers

Issuer Sponsored Independent Research Provider

About us

More than ever, it is essential for emerging companies to have high-quality investment research undertaken, as it is a critical factor for the investment community in terms of making better-informed decisions. This is occurring at a time when independent research is less readily available, due to perceived biases or conflicts of interest. Enter Independent Investment Research (IIR). We an independent investment research house based in Australia and the United States. IIR specialises in the production of high-quality commissioned research for Sophisticated Investors, Brokers, Family Offices and Fund Managers. IIR distributes its research into Asia, the United States and the Americas. IIR does not participate in any corporate or capital raising activity and therefore it does not have any inherent bias that may result from research that is linked to any corporate/ capital raising activity. IIR was established in 2004 under Aegis Equities Research Group of companies to provide investment research to a select group of retail and wholesale clients. Since March 2010, IIR (the Aegis Equities business was sold to Morningstar) has operated independently from Aegis by former Aegis senior executives/shareholders to provide clients with unparalleled research that covers listed and unlisted managed investments, listed companies, structured products, and IPO's. IIR takes great pride in the quality and independence of our analysis, underpinned by high caliber staff and a transparent, proven and rigorous research methodology. What is different about IIR Research? Independence Quality Analysts Informed Opinion Freedom from inherent corporate bias/inherent conflict Freedom from trading bias/inherent conflict

Industry
Financial Services
Company size
2-10 employees
Headquarters
Sydney, New South Wales
Type
Privately Held
Founded
2010
Specialties
equity research and advocacy services

Locations

Employees at Independent Investment Research

Updates

  • The below chart shows the rolling 12-month correlation of the S&P/ASX 200 Acc. Index returns and the change in the Australian Government 10-year bond yield over the 10 years to 31 October 2024. After a period of relatively uncorrelated returns, the return of the S&P/ASX 200 Acc. Index has become highly negatively correlated to the change in the bond yield.

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  • The Vaughan Nelson Global Equity SMID Fund (Quoted Managed Fund) (ASX: VNGS) (“VNGS” or the “Fund”) is an Exchange Traded Managed Fund (ETMF) that listed in June 2022. The Fund provides exposure to the Vaughan Nelson Global SMID Cap strategy, which has an inception date of June 2020. The Fund is the quoted class of the investment strategy with the strategy also being offered through an unlisted unit trust. The Fund seeks to provide exposure to small and mid cap global equities with the objective of outperforming the MSCI ACWI SMID Cap Index, after fees and expenses and before taxes, on a rolling five year basis. The Responsible Entity (RE) of the Fund is Investors Mutual Limited who has appointed Vaughan Nelson Investment Management L.P (the “Manager”) as the Manager of the Fund. The Manager is a US based asset manager that was founded in 1970 and provides equity and fixed income strategies with US$17.8b AUM as at 30 June 2024. The Manager has a fundamental, bottom up investment process with a targeted return approach. The portfolio only incorporates stocks that the Manager believes can generate returns of 50%+ over a three-year period (~15%p.a. compounded), in the event the investment thesis plays out as expected. The portfolio will typically comprise 40-80 positions with the allocation to a single investment typically not exceeding 5% at the time of investment and the top 10 holdings typically accounting for 20%-25% of the portfolio. The strategy is managed in a benchmark unaware manner with the portfolio typically having an active share of greater than 90%. The Manager uses proprietary factor analysis to ensure that the portfolio is diversified across factors and that the strategy does not have unintended factor bets. This allows the Manager to build a relatively concentrated portfolio while being representative of the investment universe from a risk profile perspective. The Manager is paid a fee of 1.12% p.a (inclusive of the net effect of GST), calculated and accrued daily and paid monthly in arrears. No performance fees are applicable.

  • We have completed an update report for Acurx following the release of the September quarterly results and business update on 13 November 2024.  Our price target has declined slightly from $11.77 to $11.57 per share ($7.57 per share on a fully diluted basis and $9.97 per share using the treasury stock method). The decline is a result of the dilution from the shares issued during the September quarter through the ATM program. The Company is progressing with the necessary requirements to advance to the Phase 3 trials. With the CMC approved, the Company is well placed to commence the first of two Phase 3 trials next year. IIR continues to view there to be material upside for Acurx with our price target representing a 536% premium to the share price as at 13 November. The capital position of the Company has been weighing on the share price, however the Company has access to sufficient capital to enable it to potentially commence the first trial on a limited enrolment basis until additional capital can be raised. While the Company continues to search for a strategic partner there are a number of potential government grants that may be available to fund (either in full or partially) the Phase 3 trials for ibezapolstat, providing the Company with options. 

  • The Pharma & Biotech market had a relatively muted month. There were a number of companies that experienced strong share price movements but this was on limited newsflow and limited liquidity. In this edition of Movers & Shakers we take a look at 4 Pharma & Biotech companies whose share prices rallied in October on the back of positive announcements.

  • In this edition of the LMI Monthly Update we take a look at the key news items and announcements during October, which included the commencement of trading of MRE and a new LIC coming to market. We also take a look at the state of play of premiums/discounts across a range of categories, with the current environment providing a number of attractive opportunities for investors to potentially enhance returns.

  • We initiated coverage of Toubani Resources (ASX: TRE) in June @ $0.175 (current price $0.285) based on its strong fundamentals as an emerging, low-cost gold producer of significant scale. Encouragingly, the company has since gone from strength-to-strength in the space of just a few short months. The primary catalyst has been the release of TRE's much-anticipated Definitive Feasibility Study (DFS) for its Kobada Gold Project in southern Mali, which has confirmed Kobada as a significant gold development asset - underpinned by its large scale, free-dig and open pittable oxide resource. Kobada ranks as one of the few +150,000oz p.a. gold development projects in West Africa, whilst also possessing one of the lowest capital intensities in the sector. The DFS revealed project post-tax NPV8% of US$635 million and an IRR of 58% at a gold price assumption of US$2,200/oz - but there is significant upside at current gold price levels - with post-tax NPV8% increasing to US$897 million, with an IRR of 73% at US$2,600/oz. All-in Sustaining Costs (AISC) of US$1,004/oz and C1 Cash Costs of US$825/oz are ultra-low and were prepared on the basis of the current cost environment, leading to rapid post-tax payback period of 1.5 years at a gold price of US$2,200/oz (1.25 years at US$2,600/oz). #gold #equities #ausbiz #commodities #resources #exploration #Mali #Africa #resources

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  • The ASX Small Ordinaries Resources Index (AXSRD) has continued its solid recovery since its September 2024 low, now trading at close to its highest level for the past 12 months and having closed the performance deficit relative to the ASX All Ordinaries Index, as demonstrated in the graphic below. The ASX Small Ordinaries Resources Index (blue line – up 13%) and the ASX All Ordinaries Index (purple line – up 18%) over the past 12 months. The junior sector has benefitted from the implementation of concrete China economic stimulus measures, accompanied by a coincident recovery in various commodity prices – with stabilization in iron ore and crude oil, gains in the uranium and lithium sector, and the continuing outperformance of gold and silver.

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  • We have updated our rolling 12-month commodity price graphic. We see that aluminium, silver, gold, tin and copper are continuing to lead the way, whilst lithium is the biggest laggard. Aluminium – up 74%, Silver – up 47%, Gold – up 38%, Tin – up 25%, Copper – up 22%, Uranium – up 9%, Nickel – down 12%, Iron Ore – down 12%, Crude Oil – down 16%, Lithium – down 60%. #commodities #resources #gold #silver #aluminium #tin #copper #uranium #nickel #ironore #crudeoil #lithium

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  • We are pleased to initiate coverage of Southern Hemisphere Mining Limited (ASX: SUH), which is an advanced copper exploration company operating in Chile. Recent targeting work on the company's flagship 100%-owned Llahuin Porphyry Cu-Au-Mo Project (located less than 70km from the 6.1 billion tonne Los Pelambres porphyry deposit), has defined several compelling drill targets. These are at a range of depths, and highlight the potential for additional discoveries to significantly grow the current Mineral Resource Estimate (MRE) of 169 Mt @ 0.43% CuEq. The company has recently commenced a ~5,000m drilling programme that will look at expanding the current defined mineralisation, as well as test several of the newly defined targets, with an updated MRE expected in H1, 2025. The current Resource inventory is restricted to three relatively shallow deposits, with work to date that includes significant drilling, barely scratching the surface of an intrusive complex with a strike length of between 5km and 6km, and with mineralisation thus far recognised over a strike length of 3.7 km. This has also so far been poorly tested at depth, highlighting the potential (supported by targeting work) for the higher grades and larger zones commonly found deeper in these systems. On the technical front, first-pass metallurgy has highlighted excellent flotation characteristics, and the overall resources defined to date include relatively shallow, low strip ratio higher grade cores, that could prove feasible as low cost starter pits on any future operation. There is also the potential to include molybdenum as a valuable credit to the copper and gold. The Los Pelambres Project has several advantages that should overcome what to some may seem a relatively low grade (although similar to that of many operations globally and with upside) - being located at a low elevation within the Coastal Cordillera of North-Central Chile, close to infrastructure, including road, electricity and ports, and in an active mining district, just 375km from Santiago. It is also located just 8km from Santiago-listed Pucobre’s El Espino IOCG development project. #copper #equities #exploration #commodities #resources #Chile #mining #ausbiz

  • Switzer Dividend Growth Fund (Managed Fund) (ASX: SWTZ) (“SWTZ” or the “Fund”) is an exchange traded managed fund (ETMF) that seeks to provide an income stream that exceeds the S&P/ASX 100 Accumulation Index (“benchmark”) over rolling 12-month periods with the potential for capital growth over the long-term. The Fund is targeted towards retirees, with the Fund paying a monthly distribution franked to a material extent. In addition to an above market yield, the Fund seeks to provide lower volatility and downside protection in down markets. The Fund seeks to achieve this through investing in a concentrated portfolio of domestic equities with the portfolio typically comprising 20-40 securities. In addition to the dividend/distribution income received from the underlying investments in the portfolio, the Fund will seek to generate additional income by writing options and through a dividend capture strategy. The Responsible Entity (RE) for the Fund is AGP Investment Management Limited, a wholly owned subsidiary of Associate Global Partners Limited, an ASX listed multi-boutique asset management company. The RE announced it had appointed Vertium Asset Management Pty Ltd (the “Manager”) as the Manager of the portfolio, effective 28 March 2024. The change in Manager was aimed at improving the performance of the Fund, both from an income and capital growth perspective, with the Fund not consistently delivering on its investment objectives prior to the appointment of the new Manager. Vertium is a specialist domestic asset manager that was established in 2017 and currently manages a single strategy, the Vertium Equity Income Fund (VEIF). VEIF is an equity strategy designed to deliver an above market distribution yield with lower volatility than the market and preserve capital in negative markets. While there are some differences in the VEIF and SWTZ mandates, Vertium will be employing the same strategy and philosophy that is employed for VEIF. The fees remain unchanged with the Manager paid a fee of 0.89% p.a. (including GST and RITC). No performance fee is applicable.

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