Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Equity Bottom-Up

AsiaFIN Holdings Corp. operates as a holding company. The Company, through its subsidiaries, provides market research studies and consultancy services on payment processing, regulatory technology, robotic process automation, and self service unattended payments. AsiaFIN Holdings serves customers worldwide.

<ul>
<li>AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point.</li>
<li>ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates.</li>
<li>3Q24A numbers were beats for revenue, EBITDA, EBIT, EAT, adjusted Net Income and adjusted fully diluted EPS.</li>
</ul>


AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point.
ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates.
3Q24A numbers were beats for revenue, EBITDA, EBIT, EAT, adjusted Net Income and adjusted fully diluted EPS.


AsiaFIN Holdings Corp (ASFH) - 3Q24A Beats

BrainStorm Cell Therapeutics I / Equity Bottom-Up

BrainStorm Cell Therapeutics Inc. is a biotechnology company developing autologous adult stem cell therapies for neurodegenerative disorders such as Amyotrophic Lateral Sclerosis (ALS), Multiple Sclerosis (MS) and Parkinson's disease (PD).

<ul><li>BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s).</li><li>BLCI’s Expanded Access Program (EAP), a compassionate use study, delivered >96% probability that BCLI’s NurOwn® treatment was responsible for an improved survival rate in a test group of 10 ALS patients.</li><li>BCLI recently regained Nasdaq price compliance, released two posters for NurOwn® and presented at Maxim’s healthcare summit.</li></ul>

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s).BLCI’s Expanded Access Program (EAP), a compassionate use study, delivered >96% probability that BCLI’s NurOwn® treatment was responsible for an improved survival rate in a test group of 10 ALS patients.BCLI recently regained Nasdaq price compliance, released two posters for NurOwn® and presented at Maxim’s healthcare summit.

BrainStorm Cell Therapeutics (BCLI) Update 11112024

Ciel Limited operates as a diversified investment company. The Company targets investments involved in the agricultural industry and property, financial services, healthcare, hospitality, and textiles industries. Ciel focuses on portfolio holdings across Mauritius, Africa and Asia.

<ul>
<li>CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity.</li>
<li>Whilst CIEL missed our revenue target by -3.4%, it delivered very significant beats on profit measures EBITDA 23.7%, PAT +135.9% and EPS (dil) +30.7%.</li>
<li>Group NAVPS also grew 11% and gearing fell to 25.1% vs. 28.6% y/y.</li>
</ul>


CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity.
Whilst CIEL missed our revenue target by -3.4%, it delivered very significant beats on profit measures EBITDA 23.7%, PAT +135.9% and EPS (dil) +30.7%.
Group NAVPS also grew 11% and gearing fell to 25.1% vs. 28.6% y/y.


Ciel Limited (CIEL)  - Conglomerate Strategy Fixes Textile Challenge

<ul>
<li>AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point.</li>
<li>ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates.</li>
<li>We are expecting 3Q24 numbers in line with our expectations.</li>
</ul>


AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point.
ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates.
We are expecting 3Q24 numbers in line with our expectations.


AsiaFIN Holdings Corp (ASFH) Pre-Results 3Q24 30102024

<ul><li>BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s).</li><li>We have stress tested our valuation vs. current global and market events as well as and BCLI’s reverse stock split (R/S) 30 Sept 2024 (to maintain Nasdaq listing).</li><li>Whilst there are pros and cons – our risk adjusted WACC has increased and NPV reduced, our conservative base case expected dilution assumptions have improved with R/S and Nasdaq compliance and our base case return has risen to 8.5x, up 0.5x.</li></ul>

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s).We have stress tested our valuation vs. current global and market events as well as and BCLI’s reverse stock split (R/S) 30 Sept 2024 (to maintain Nasdaq listing).Whilst there are pros and cons – our risk adjusted WACC has increased and NPV reduced, our conservative base case expected dilution assumptions have improved with R/S and Nasdaq compliance and our base case return has risen to 8.5x, up 0.5x.

BrainStorm Cell Therapeutics (BCLI) Update Note 03102024

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate readers, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

ACF Equity Research
Research from ACF Equity Research
• ACF Equity Research

AsiaFIN Holdings Corp (ASFH) - 3Q24A Beats

AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial...

ACF Equity Research

BrainStorm Cell Therapeutics (BCLI) Update 11112024

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou...

ACF Equity Research

Ciel Limited (CIEL) - Conglomerate Strategy Fixes Textile Challenge

CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity.

ACF Equity Research

AsiaFIN Holdings Corp (ASFH) Pre-Results 3Q24 30102024

AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial...

ACF Equity Research

BrainStorm Cell Therapeutics (BCLI) Update Note 03102024

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). We...

ACF Equity Research