Conference Calls

Singular Research Analyst’s call – April 20, 2015; 23 minutes:

Streaming recording link: https://singularresearch.webex.com/singularresearch/ldr.php?RCID=f364fcc38d64dd6933708fc6c8f4e52c

 

TIMELY GROWTH & VALUE UPDATES

Here is summary of today’s analysts notes. Access to analysts and research reports are available upon request.

 

EQUITY INITITION

IntelGenx Technologies Corp. (IGXT:BUY) 

We expect this growing developer of oral drug delivery technologies to drive value by supplying repurposed drugs to the market using new drug delivery technology. Initiating coverage with a BUY rating and $1.50 price target.

  1. IGXT is a growing drug delivery company with one product currently on the market and three additional products expected to start generating sales by the beginning of 2018, with an extensive pipeline behind that.
  2. Company has developed three drug delivery technologies for administering drugs orally. These technologies can be applied to a wide variety of existing approved drugs, hastening the approval process.
  3. IntelGenx is executing rapid sales growth in its one drug currently on the market, which is expected to provide the cash flow sufficient to maintain the company’s operations until the point where follow-on drug launches start to carry the business.
  4. We forecast EPS of $0.01 in FY:15 and $0.09 in FY:16. Our 12-month price target is $1.50.

 

EQUITY UPDATE

Banco Latinoamericano (BLX:BUY) 

Q1:15 EPS came in 4c ahead of our estimate as provision reversals more than offset weaker than expected Interest Income and Net Interest Margin. With the 2015 macro outlook remaining subdued, we maintain our price target at $31.50 as well as our rating of BUY – Long Term.

  1. Net interest income rose 11% from Q1:14 levels to $35.7 million. Net interest margin came in at 1.84%, versus 1.92% in Q4:14 and 1.79% in Q1:14. Fees and commissions were $2.3 million in the quarter, compared to $4.9 million in Q4:14.
  2. Q1:15 diluted EPS of $0.74 was ahead of our $0.70 estimate and up $0.13 from a year ago. The solid earnings result was due to a $2.7 million accrual reversal, which added 7c to EPS.
  3. The Commercial Loan Portfolio grew 8.7% over Q1:14 levels to $6.6 billion but declined 1.5% versus Q4:14. The average interest rate declined slightly to 3.06% from 3.09% last quarter and 3.07% a year ago.
  4. The company announced its quarterly dividend payable at $0.385, which is unchanged.
  5. We have adjusted our FY:15 estimate to $2.85 from $2.99 previously.  Additionally, we maintain our price target at $31.50  along with our BUY – LT rating.

Singular Research Active Coverage-4-20-15 (PDF)