Pitt Street Research

Thanks, Pitt Street Research, for covering Weebit Nano Ltd's agreement with onsemi

Pitt Street Research has just published an initiation report on Teaminvest Private (ASX:TIP), offering detailed insights into its recent December activity. Curious about the findings or how they might impact the investment landscape? We would love to discuss them with you. Dive into the analysis to uncover performance highlights and key takeaways for informed decision-making. Share your thoughts below—what stands out to you? Read the initiation below. #InvestmentResearch #TeaminvestPrivate #MarketInsights #InvestmentStrategy #PittStreetResearch

More context on the recent onsemi deal. Click to see the full report.

We just published our first report of 2025, on Weebit Nano Ltd after it announced the third license deal for its ReRAM technology, in this case with US chip manufacturer onsemi (NASDAQ:ON), which plans to use the technology on its TREO Platform in analogue and mixed-signal applications, such as chips for power management, sensor interfaces and communication devices. These have their end use in areas such as Automotive, factory automation, robotics and healthcare. We believe this license deal is potentially Weebit Nano’s large deal yet. onsemi generated revenues of US$8.3bn in 2023 and is by far the largest of Weebit Nano’s three current customers (the others being Skywater and Db Hi-Tek). Onsemi is a Nasdaq-listed company and has a market capitalisation of US$27bn. onsemi’s ambition is to generate US$1BN in revenues from the TREO Platform by 2030, mainly from the Automotive, Industrial and Artificial Intelligence sectors. From Weebit Nano's perspective, we believe this deal validates the company as a very credible source of independent ReRAM IP (Intellectual Property), i.e. ReRAM other than from TSMC and UMC. We believe the deal will definitely open some eyes in the industry and may also expedite existing commercial discussions Weebit Nano is having with other IDM’s (Integrated Device Manufacturers), like onsemi, foundries and product companies. We expect more deals to come in 2025 and Weebit is hopeful too. Senior management’s equity remuneration for 2025 has been tied 100% to closing 3 deals with foundries/IDMs, 3 deals with product companies and finalising the qualification at DB HiTek in 2025. We reiterate our valuation of Weebit Nano of A$9.56 per share. Key share price catalysts include additional commercial deals with IDM’s, foundries and product companies as well as progress on qualification and the technology transfer with respect to DB HiTek and onsemi. Disclosure: This report is General Advice only and is one that PSR has been engaged and paid by the company to prepare. PSR directors own shares in Weebit. Please see page 4 of the note for the key investment risks as well as the final page for the full disclaimer, General Advice Warning and disclosures. #weebit #weebitnano #tech #techstocks #techboom #semiconductor #semiconductors #semiconductorindustry #WBT #israelitech #israelinnovation #techshares #stocks #equities #equityresearch #stockmarket #NVM #reram #memory #memorytechnology #flash #flashtechnology #investment #investing Marc Kennis Stuart Roberts Coby Hanoch Eran Briman Tristan Everett Jen Bernier-Santarini Ronn Bechler https://lnkd.in/fqJnW42

We just published a research update on Weebit Nano Ltd (ASX:WBT): onsemi deal is the largest yet Weebit Nano announced the third license deal for its ReRAM technology, in this case with US chip manufacturer onsemi (NASDAQ:ON), which plans to use the technology on its TREO Platform. onsemi is is by far the largest of Weebit Nano’s three current customers and we believe there's more to come in 2025! #weebitnano #ASX #RERAM #ONSEMI

We just published an update note on Resouro (ASX: RAU; OTCQB: RSGOF; TSXV: RSM; FSE: 8TX). Resouro is the 90%-owner of the Tiros project in Brazil and Tiros contains the largest JORC Rare Earths Resource in Brazil and one of the largest outside China with 1.7bn tonnes (1bn of which are Measure and Indicated) and an average grade of 3,900ppm TREO (Total Rare Earth Oxides), 1,100ppm MREO and 12% titanium. Tiros boasts several advantages including Brazil’s reputation as a mining-friendly country, having consistent homogeneity in its deposit and established infrastructure nearby. Resouro listed on the ASX in June 2024. Since then, the Company has laid the foundations for its own future and that of Tiros – and this progress is the subject of this report. Resouro has hired a new CEO, in rare earths specialist Alistair Stephens whose resume includes stints at fellow rare earths developers Arafura and Lindian Resources where he guided these companies through the feasibility study stage. At the project, exploration work has continued and it has continued to generate stellar results. Moreover, the Company has worked with regulators to bring the project into production. The key events for investors to look forward to in CY25 include further exploration work, further metallurgical testwork and a Mining License. Resouro is laying the foundations for a Scoping Study as a precursor to a formal Preliminary Feasibility Study (PFS). We could potentially see offtake discussions with potential partners for the project. As we outlined in our initiation report, we think it would be reasonable to ascribe to Resouro a market capitalisation of >$100m, which would be $0.91 per share. This equates to a valuation of ~50% of Resouro’s neighbouring peers with Completed Scoping Studies. Once Resouro releases a Scoping Study with an NPV, it would be reasonable to expect the Company to trade at a market cap of 10% of the applicable NPV. Please note that this is a commissioned report and one that Pitt Street has been commissioned to prepare. Please see p.9 for the key risks and the final page for the full General Advice Warning, disclosure and disclaimers. Marc Kennis Stuart Roberts Christopher Eager Alistair Stephens Philippe Martins Anne Landry MBA CFA #equities #equityresearch #stocks #investing #investors #equities #equitymarket #equitymarkets #tsx #asx #tsxstocks #asxstocks #rareearths #rareearthstocks #titanium #titaniumstocks #resouro

We just published an initiation on Teaminvest Private (ASX:TIP). TIP is one of only a handful of investment companies listed on the ASX and arguably the most unique. It a diversified financial institution with a funds management business, private equity and investment education. This strategy is paying off as evidenced by its $1.6bn of funds in its Education & Advice business and a further $244m in Funds Under Management (FUM). TIP has made an 11.2% compounded annual return on its passive investments, a 16.3% gross return on its Education & Advice funds and a 2.7x Money on Invested Capital in private equity. During FY24, it made $158m in revenue and $17.8m in EBITDA. And FY25 has begun on a positive note across all segments. We believe TIP is substantially undervalued. Using a conservative price/book value multiple of 1x, we think the company is worth $3.09 per share in a base case and $3.71 in our optimistic case, using a a 1.2x P/B valuation. As we outline in our valuation section, one could derive higher valuations using P/E multiples – either the multiple at the IPO price or the current market average. Moreover, the current book value may be an underestimation given that the company does not revalue its private equity holdings upwards. We see potential for the shares to re-rate as TIP continues to grow its FUM, its education businesses and racks up successes with investee businesses. Please note that this report is General Advice only and one Pitt Street has been commissioned to prepare. Please see p.25 for the key risks and the final page for the full General Advice Warning, disclosure and disclaimers. Andrew Coleman Howard Coleman Marc Kennis Stuart Roberts Ian Kadish Regan Passlow Dean Robinson

We just published an initiation note on Proteomics International - a biotech company that is developing precision diagnostic medical tests that identify protein biomarkers via blood samples and consequently, medical indications. The company is poised to commercialise 3 of them in the first half of CY25 (1H25) – PromarkerD for Diabetic Kidney Disease (DKD), PromarkerEndo for Endometriosis and PromarkerEso and Esophageal cancer – all named after the Promarker platform these tests were developed from. All 3 tests offer a simpler and more cost-effective diagnosis potentially enabling earlier intervention and a more effective treatment. Moreover, there is an extensive pipeline of indications the company could develop tests for in the future, based on the work it has done to date. The next 12 months are set to be pivotal for PIQ. In 1H25, the company intends to launch PromarkerD in the USA, Australia and Europe. Investors appear to be sceptical about PIQ’s ambitions because the company had an exclusive licensing agreement with Sonic Healthcare USA to commercialise PromarkerD in the USA for DKD, but PIQ severed the deal in September 2024 after it was clear that the deal would not deliver the outcomes the company desired. The company now intends to use multiple Go-to-Market strategies, rather than license to any one company. This could result in the company making higher revenues than would otherwise be the case. Using an SOTP/NPV methodology, we value PIQ at $295.3m in a base case and $446.6m in an optimistic (or bull) case, equating to $2.19 per share and $3.31 per share respectively. The key catalyst for creating shareholder value will be the successful commercialisation of the suite of Promarker diagnostic tests. Please note that this report is General Advice only and one that Pitt Street has been commissioned to prepare. Please see p.23 for the key risks and the final page for the full General Advice warning, disclosure and disclaimers. https://lnkd.in/gMtW6W5z

Pitt Street Research has released its latest report on Island Pharmaceuticals following our ISLA-101 Phase 2a #dengue fever clinical trial results, reiterating its valuation of the company at A$83m (base case scenario) and A$109.1m (optimistic case scenario). The report concludes, “We expect shares to continue to re-rate subject to continued success in the current clinical trial.” You can access a copy of the Pitt Street Research report here: https://shorturl.at/18yI1

We just published an update note on Island Pharmaceuticals in light of last week's initial data from the long-awaited Phase II trial of its flagship drug ISLA-101 for Dengue fever. Less than 2 months after commencing the trial, Island has received data from the first Phase of the trial (Phase 2a). The cohort in Phase 2a received ISLA-101 and were then exposed to a weakened version of the virus. Evidence of anti-dengue virus activity was observed, and the Safety Review Committee (SRC) found no safety concerns. The SRC recommended the trial proceed to the next Phase (Phase 2b) and Island plans for this cohort to commence in January 2025. The aim of Phase 2b will be to deduce if ISLA-101 can work as a treatment in patients who have been infected with dengue. Results could occur within Q1 of CY25 and if these are positive, Island could potentially proceed to a Phase 3 trial. We reiterate our valuation of ILA at A$83m in a base case scenario and A$109.1m in an optimistic (or bull) case scenario – equating to $0.31 per share and $0.41 per share respectively under the current number of shares on issue. We expect shares to continue to re-rate subject to continued success in the current clinical trial. Please note that this report is General Advice only and one that has been commissioned by the company Please see p.8 for the key risks and the final page for the full general advice warning, disclosure and disclaimers. https://lnkd.in/gTfMrRdr