The White Rabbit

Briscoe Group Limited
Verdict: Accumulate
BGP continues to show healthy financials with strong FY22 results and an attractive dividend. We question their continued growth in brick-and-mortar stores and the associated costs, given the strong online growth, but only time will tell if consumers return to stores or stay online. They are currently trading 14% below our target price, giving an appealing entry point for those willing to bear the wider market uncertainty.

AFT PHARMACEUTICALS LIMITED
Verdict: Reduce
Overall AFT Pharmaceuticals showed healthy growth over FY22 and impressed investors with the announcement of their intent to pay dividends off of FY23. However, their recent Phase 2 failure with Pascomer reminds us that Maxigesic is their primary driving force, with other product lines supplementary at best. Ultimately, we still feel they are overpriced as a result of Covid and would like to see the price come off further before considering a purchase