iCar Asia Ltd

ICQ Details
 
Record quarter performance: The shares of iCar Asia Ltd (ASX: ICQ) surged about 19.61% in the last six months (as at February 05, 2016) and the company released its quarterly figures indicating cash receipts in the 4Q15 rising 69% to $1.84m over prior corresponding period (pcp). Accordingly, the total cash collections for FY15 reached $6.20m, which is a rise of 113% on FY14. The net operating cash outflow in 4Q reduced to $2.76m. ICQ attained positive EBITDA for Malaysia and Thailand for the quarter. The company has also come up with new depth products such as the Showcase.
 

Cash Collections (Source: Company Reports)
 
The company continues to grow satisfactorily and we would rate the stock as a Speculative Buy at the current price of  $0.905.
 
 
ICQ Daily Chart (Source: Thomson Reuters)
 

Starpharma Holdings Ltd

SPL Details
 
Encouraging HER2-targeted DEP conjugate results: Starpharma Holdings Ltd (ASX: SPL) announced the final results of the preclinical study of the HER2-targeted DEP conjugate, which achieved complete tumour regression at the last study time point of 120 days, post dosing. The results are in extension of the previously announced findings at 60 days post dosing. The conjugate also significantly outperformed all other treatment groups with respect to both tumour regression and survival. The study was conducted for the company by an internationally recognised cancer organisation as part of a wider programme. The top three antibody-based treatments in cancer had total sales in excess of USD 20 billion in 2014. Targeted therapies for cancer had combined sales in excess of USD $ 1 billion in 2014. The market is expected to grow to USD 9 billion annually by 2023. The company also released its quarterly cash flow report for the period ended 31 December 2015 and indicated that the cash balance at 31 December 2015 was $ 54.7 million compared to a cash balance of $ 26.1 million at 30 September 2015. The increase in cash for the quarter includes net proceeds of $ 30.7 million from the share placement completed in December. Proceeds from partners and grants during the quarter totalled $ 6.6 million including the R&D tax incentive or $ 3.4 million associated with the previous financial year. Like many early-stage healthcare treatment companies, this is a speculative investment and we would rate it as a Speculative Buy at the current price of $0.64
 
 
SPL Daily Chart (Source: Thomson Reuters)
 

RedFlow Ltd

RFX Details
 
Capital position and cost reductions: RedFlow Ltd (ASX: RFX), operating in flow battery technology, reported for cash at the end of the quarter to be $4.2 million and an R&D tax refund of approximately $1,970,000 which was received after the December quarter 2015. The company further stated that its normal operating cash overheads were maintained at about $600,000 per month. Other non-recurring expenditure towards activities such as ongoing product development has been estimated to be about $0.75m. Manufacturing costs have been reduced by over 15% in 2015, with further reductions scheduled for 2016. Moreover, the company could deliver reduced lifetime cost per kWh by over 50%. We believe that this company has considerable future potential for growth and profitability and rate the stock as a Speculative Buy at the current price of  $0.255
 
 
RFX Daily Chart (Source: Thomson Reuters)
 

Sunland Group Ltd

SDG Details
 
Portfolio expansion through acquisitions: Sunland Group Ltd (ASX: SDG), the leading national property developer, recently acquired a prime development site in Ingleside for $7.25 million. This attributes to SDG’s third residential site acquisition in Sydney’s Northern beaches and contributes towards portfolio expansion to >420 dwellings worth $408 million. SDG’s portfolio represents in excess of 6000 residential homes, urban land lots and multi-storey apartments representing the value of around $ 3.6 billion. Among the milestones for FY 2015, the company indicated capitalising on inherent value within the portfolio by undertaking strategic assets sales of $ 90.1 million and the proceeds were used to redeploy capital to the development portfolio with a particular focus on the multi-story sector. This resulted in a special dividend of 6 cents per share and a guidance upgrade from $ 20 million to $ 28 million. New projects worth $ 228 million were launched.
 

Sales and Settlements (Source: Company Reports)
 
For FY 2015, statutory net profit after tax grew to $ 30.1 million from $14.3 million reported in FY 2014, and EPS by 111% to 16.9 cents per share. Sales grew by 31% in value to $ 509 million and in volume by 20% to 754 and the average price to $ 675,000. In our opinion, the stock can be classified as a Speculative Buy at the current price of  $1.54
 
 
SDG Daily Chart (Source: Thomson Reuters)
 

Mint Payments Ltd

MNW Details
 
Strong half year performance: Mint Payments Ltd (ASX: MNW) announced its half year results to 31 December 2015, wherein the company achieved healthy outcomes with regards to growth of its recurring revenues, active user base, transaction values and volumes and product development and commercialisation of the payment processing service. Operating revenue for the half year rose 20% to $ 1.4 million and, more importantly, recurring revenues and services surged by 241%, representing 65% of the half year revenues. The growth in active user base was approximately 6600 users processing $ 59.1 million in annualised transaction value and 697,300 in annualised transaction volumes.
 

Result Overview (Source: Company Reports)
 
The company has strengthened its distribution strategic partnerships by entering into 32 new direct agreements for mobile and online payments products including eWAY and goCatch. The reported loss from ordinary activities after income tax was $ 3.75 million, 15% lower than the previous period; and, after taking into account share payments and options expenses, the underlying loss was $ 3.20 million, which is an improvement of 26% over the previous corresponding period. The continued strength in key operating metrics is an impressive performance and we would rate the stock as a Speculative Buy at the current price of  $0.083
 
 
MNW Daily Chart (Source: Thomson Reuters)

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