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Weekly Update: December 10, 2021
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Breaking News
Regardless of whether you believe in global warming or not recent years have seen weather events inflicting unprecedented damage and devastation and the latest Tornados are another example. The costs of reparations will be in the billions and a sever hit to insurance companies driving up insurance premiums.
The long-term economic effects could be severe.
On the markets front Goldman and Morgan Stanley are optimistic about the markets and think any pullback will be minimal.
Bloomberg 12-13-21
Goldman, Morgan Stanley Say Any Drop in Stocks Likely to Be Small
Wall Street’s chief bull and bear now agree on one thing: any stock market correction next year will likely be a moderate pullback, rather than a dramatic plunge.
Morgan Stanley strategists led by Michael Wilson said Monday that they are now more confident that the S&P 500 index will drop about 6.6% by the end of 2022 to 4,400 points. While this is among the most pessimistic Wall Street estimates for next year tracked by Bloomberg, it’s far from predicting a bear market.
Over at Goldman Sachs Group Inc., strategists reiterated their forecast that stocks will continue advancing next year, although at a “slower pace.” They too, however, said that a small retreat is likely in the cards.
Corporate News
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12-5-2021Apollo Future Mobility Group (HKSE 860)
Greenridge Global Research Issues Update
WM Motors Becomes Largest Shareholder
WM Motors Becomes Largest Shareholder. Last week there were a number of transactions with AFMG’s shareholders and WM Motors, which resulted in WM Motors becoming the largest shareholder of 860, now holding 28.5% of the issued shares. The Ho family, which had been the largest shareholder, exchanged 815,000,000 shares and Agile Property [HK: 3383] exchanged its 794,386,000 shares at HK$0.68 per share for WM shares; Agile also led the recent Series D2 round of WM Motors. Li Ka Shing and Solina Chau exchanged the remainder for WM shares, however the decrease in their shareholding of 860 was less magnified as they participated in the convertible debt deal prior to the exchange, as detailed below. While no formal statements have been made about the change in largest shareholder, we view these transactions as a net positive for AFMG. It ties the Company to an established auto manufacturer with a great deal of excess production capacity, which Apollo could potentially use for its Apollo branded EVs in China, provides the potential for better pricing on components, and could result in WM working with AAT for ESO projects.
HK$163.8 Million Raised From Convertible Debt. In September, AFMG raised a total of HK$163.8 million from the issuance of three-year 9% notes convertible at HK$0.55 per share. Roughly half of the notes were purchased by Li Ka Shing, Solina Chau and Tony Ho. The proceeds will be used for continued investments in its operations, namely new vehicle development and expansion of the ESO business.
Series Of Product Showcases. AFMG had another successful showing at CIIE last month, followed up by a showcase at the Macau Grand Prix, with an invitation-only event in Hong Kong on December 9.
Operations & Model Update. We made a number of changes to the model, primarily related to the timeline for vehicle deliveries, the biggest of which was pushing out Project EVO and its large Revenue contribution to 2024. The Company appears to have settled into a defined vehicle release schedule, with the IE Roadster and EVO Track models to be released prior to the EVO. We note our estimates contain no Revenue from the EVision S, which could completely change the model with thousands of vehicles delivered annually, starting in 2024. We also note that 38.76 million options have expired since the end of the fiscal year.
Maintaining Rating & Target. We view the share exchanges with WM Motors to be a net positive as it could speed the time to market and reduce the cost to bring the Apollo EVision S to mass production. We continue to believe the Company is being substantially undervalued by the market, given the valuations standalone EV companies receive, which is just one part of AFMG. Given its broad product and service portfolio, which should turn profitable in 2022, we are reiterating our Buy rating and HK$1.50 target price on Apollo Future Mobility Group. Our target price is based on a P/E multiple of 25 times our fiscal 2023 Diluted EPS estimate of HK$5.79 cents, which falls just before the launch of the Apollo EVision S.
12-3-2021 CanB Corp (OTC CANB)
Greenridge Global Research Issues Update
Revenue Surges In Q3, Reverse Split Approved
Revenue Surges In Q3. Can B reported third quarter Revenue of $1.91 million, which surpassed the Company’s Revenue for all of 2020. The surge was related to the acquisitions of TWS and MCB, which added significant processing capacity, as noted in our initiation report. Gross Margins were strong at 71.7%. Operating expenses of $3.89 million were higher than expected related to acquisition and Reg A offering costs. Net Loss for the quarter was $3.23 million, or $0.11 per share.
Reverse Split Approved. Yesterday, the Company filed a Proxy notifying shareholders that the Board approved a reverse stock split, which could range between 1:2 and 1:15. A full shareholder vote was not required due to the voting rights on the Series A and Series D Preferred Shares. We expect this move was done in anticipation of an uplisting.
Model Update. Despite beating on the topline in Q3, we are leaving the remainder of our estimates in place and will wait to make adjustments based on Q4, which will be the first full quarter with all of the processing equipment owned and operated.
Maintaining Rating & Target. With no material changes to our model, third quarter results that beat our estimate, and a potential uplisting on the horizon, we are reiterating our Buy rating and $1.20 target price on Can B Corp. We expect that a full quarter of operating results in the fourth quarter will be significant in showing the Revenue and Earnings potential of the re-made Can B. Our target price is based on a P/E multiple of 20 times our fiscal 2023 Diluted EPS estimate of $0.06, discounted one year at 10%.
12-2-21 Perpetual Industries Inc. OTC (PRPI)
Perpetual Industries Launches 506(c) Series A Preferred Share Offering for Stage One of Its Cryptocurrency Mining Division Expansion Plan
Perpetual Industries seeks to raise $7 million from accredited investors interested in diversifying their investments in the fast-growing cryptocurrency mining industry with a Series A Preferred Share Offering
AUBURN, Ind. , Dec. 02, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Perpetual Industries Inc. (OTCMARKETS:PRPI) (“Perpetual” or the “Company”), a diversified research and development company of energy-efficient technologies and commercialization of niche products today announces that it will offer up to 140 shares of its Series A Preferred Stock at $50,000 per share for an aggregate offering amount of $7 million. The shares will be offered to accredited investors and institutional investors only pursuant to Regulation D, Rule 506(c) under the Securities Act of 1933, as amended (the “Securities Act”). Although general solicitation is permitted under Rule 506(c) offerings, purchasers must be accredited investors and meet certain Securities and Exchange Commission (“SEC”) verification requirements for validation of their “accredited investor” status.
12-1- 2021 Antibe Therapeutics Inc. OTC ATBF (TSXV:ATE)
Zacks Research
Antibe Pivoting to Acute Pain Management for Otenaproxesul
On October 14, 2021, Antibe Therapeutics, Inc. (OTC:ATBPF) (TSX:ATE.TO) provided an update on the development of otenaproxesul following a comprehensive review of the absorption, metabolism, and excretion (AME) study that was previously paused due to six patients experiencing liver transaminase elevations (LTEs) exceeding five times the upper limit of normal (ULN). The company has determined that the best path forward for otenaproxesul is in the management of acute pain, with an initial indication of postoperative pain.
READ THE FULL ATE.TO RESEARCH REPORT
11-18-21 Perpetual Industries Inc. OTC (PRPI)
Perpetual Industries Reports Solid Third-Quarter Financial Growth
AUBURN, Ind., Nov. 18, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Perpetual Industries Inc. (OTCMARKETS:PRPI) (“Perpetual” or the “Company”), a diversified research and development company of energy-efficient technologies and products, is pleased to announce its financial and operating results for the third quarter of 2021.
Third Quarter 2021 Highlights for the Period Ending Sept. 30, 2021:
- Gross revenues increased $5,142,718 in the nine months ending Sept. 30, 2021, over the same period in 2020
- Gross profits increased $2,869,103 in the nine months ending Sept. 30, 2021, over the same period in 2020
- Net income recorded of $566,676 in the three months ending Sept. 30, 2021, a growth of 443% over the same period in 2020
- Cash reported on a consolidated basis of $3,471,679, an increase of 489% over year ending December 2020.
- Total current assets recorded of $3,553,323, an increase of 450% over year ending December 2020.
Read Complete Release
11-01- 2021 Antibe Therapeutics Inc. OTC ATBF (TSXV:ATE)
Antibe Therapeutics Reports Q2 2022 Interim Financial and Operating Results
Otenaproxesul’s acute pain clinical program set to begin early next quarter
– Ended quarter with a $60 million cash position
TORONTO, November 16, 2021–(BUSINESS WIRE)–Antibe Therapeutics Inc. (TSX:ATE, OTCQX:ATBPF), a clinical stage company leveraging its unique hydrogen sulfide platform to develop safer medicines for pain and inflammation, has filed its financial and operating results for the fiscal quarter ended September 30, 2021.
“With the clinical program for post-operative pain slated to begin early next quarter and third-party commercial studies underway, the scientific and strategic review we initiated during the quarter will soon be yielding results,” commented Dan Legault, Antibe’s CEO. “Our goal is to rapidly deliver a safe and effective alternative for physicians, surgeons and patients who today must choose between GI-damaging NSAIDs and addictive, side effect-prone opioids. With a strong balance sheet and extensive safety and efficacy data on otenaproxesul already in hand, we are well-equipped to target one of the most intractable problems in healthcare.”
11-5-2021 CanB Corp (OTC CANB)
Can B Corp. Reports 316% Revenue Growth to a Quarterly Revenue Record of $1.9 Million for its Third Quarter 2021
HICKSVILLE, NY / ACCESSWIRE / November 5, 2021 / Can B Corp. (OTCQB:CANB) (“Can B” or the “Company”), a health and wellness company specializing in developing, producing and selling hemp derived cannabinoid products, today announced the Company’s financial results for the third quarter ended September 30, 2021 (“Q3 2021”).
Key Financial Highlights during Q3 2021
- Revenue increased 316% in 3rd quarter 2021 to $1.9 million compared to Q3 2020- (a trend expected to continue into subsequent quarters into 2023
- Gross profit increased 261% to $1.4 million compared to Q3 2020
- Total assets increased to 14.2 million
- Total stockholders’ equity increased to $5.7 million
11-1-2021Guangdong Land Holdings Limited (HKSE 0124)
Greenridge Global Equity Research announced:
We are terminating coverage of Guangdong Land Holdings Limited in order to focus on other areas of interest to our institutional clients. As a result our previous rating, estimates and target price should no longer be relied upon.
11-01- 2021 Antibe Therapeutics Inc. OTC ATBF (TSXV:ATE)
Antibe Therapeutics Outlines Plan for Otenaproxesul’s Acute Pain Program
TORONTO, November 01, 2021–(BUSINESS WIRE)–Antibe Therapeutics Inc. (TSX: ATE, OTCQX: ATBPF), a clinical stage company leveraging its hydrogen sulfide platform to develop next-generation safer therapies for a wide range of inflammatory conditions, is pleased to provide further detail on otenaproxesul’s development plan for acute pain indications. Further to its October 14th press release, Antibe has now identified timing for the program’s key regulatory and development milestones for post-operative pain, the Company’s initial acute indication for otenaproxesul.
“With otenaproxesul’s impressive 14-day efficacy and GI safety profile, which is ideally suited for acute pain, we are well-positioned to rapidly bring to market a novel and safe non-opioid analgesic,” commented Dan Legault, Antibe’s CEO. “From a commercial standpoint, we see the $13 billion post-operative pain segment as an ideal springboard to the much broader acute pain market. Combined with the lack of innovation in oral analgesics and the urgent global need for non-addictive alternatives, we expect otenaproxesul to be especially attractive to potential partners. And with the option of funding the entire Phase III program with our current cash position, Antibe has a unique opportunity to shift the treatment paradigm of acute pain.”
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| December 9, 2021 COMPANY QUOTES, LISTINGS RESEARCH AND NEWS Antibe Therapeutics, Inc (ATBPF) Profile 11/11/2018 News Can B Corp (CANB) Profile News Endurance Exploration Group, Ltd (EXPL) Profile 03-26/19 News Social Reality, Inc. (SRAX) Profile 02/05/19 News Apollo Future Mobility Ltd. (HK 0860) Profile 2/23/2020 News |
ValuEngine Weekly Report
By: Herb Blank
Dividend-oriented ETFs
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Event Calendar Updates
Not Surprisingly many conference events are cancelled or postponed- but are now getting back in action.
Rocky Mountain Microcap Conference VIII.
November 3, 2021 conference at TopGolf in Centennial Colorado was a great success with a higher than normal turnout.
Check it out and watch the presentations at:
LD Micro Main Event
October 12-14 Los Angeles.
This conference was a great success
All presenting company video calls will be available to view for 3 months. Visit the event website to see all the presentations: https://ldmicrojune2021.mysequire.com/
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