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2016
Dec 2016 | Download as pdf

Soluble Therapeutics Acquired by CytoBioscience more

Nov 2016 | Download as pdf

Young Living Essential Oils Partners with TFS Sandalwood Farms more

Nov 2016 | Download as pdf

Beaufort Memorial Using Xenex Germ-Zapping Robot to Destroy Pathogens That Can Cause Hospital-Acquired Infections more

Nov 2016 | Download as pdf

DNAtrix to Present Clinical Data at the 21st Annual Meeting of the Society for Neuro-Oncology more

Nov 2016 | Download as pdf

Cartersville Medical Center Unveils Xenex Germ-Zapping Robot more

Nov 2016 | Download as pdf

DNAtrix enters into license agreement with University of Florida to develop new oncolytic virus platform more

Nov 2016 | Download as pdf

DNAtrix Licenses Myxoma Virus for New Immunotherapy Platform more

Nov 2016 | Download as pdf

Supportive Data for the Use of Santalis Pharmaceuticals’ East Indian Sandalwood Oil (EISO) for the Treatment of Psoriasis is Presented at International Conference more

Nov 2016 | Download as pdf

Santalis Pharmaceuticals Obtains FDA Allowance To Start A Phase 2 Clinical Study For The Treatment Of Mild To Moderate Atopic Dermatitis (AD) more

Nov 2016 | Download as pdf

DNAtrix Announces First Patients Treated in Phase 2 Trial with DNX-2401 and KEYTRUDA more

Oct 2016 | Download as pdf

Robotics: Germ-Zappers Are Saving Lives more

Oct 2016 | Download as pdf

DHR first in RGV with xenon UV disinfection systems more

Oct 2016 | Download as pdf

neoSurgical® Announces CE Mark Approval of the neoClose® Laparoscopic Port Closure Device more

Oct 2016 | Download as pdf

Germ-zapping robot named 'Gronk' helped kill MRSA at Mass. high school more

Oct 2016 | Download as pdf

Doctors Hospital at Renaissance is First in Rio Grande Valley to Deploy Xenex Germ-Zapping Robots more

Oct 2016 | Download as pdf

Bio2 Medical's Angel Catheter successfully placed in first two patients more

Oct 2016 | Download as pdf

Cardiovate Develops First Bioabsorbable Vascular Graft more

Oct 2016 | Download as pdf

Funding San Antonio’s Biotech Ecosystem more

Oct 2016 | Download as pdf

A biotech groups to share in major military contract to manufacture stem cells more

Sept 2016 | Download as pdf

Robot disinfecting rooms at Life Line Hospital in Wintersville more

Sept 2016 | Download as pdf

Life Line Hospital is the First Long Term Acute Care Hospital in Ohio to Enhance Patient Safety by Deploying a Xenex Germ-Zapping Robot more

Sept 2016 | Download as pdf

Robots show Marin, Sonoma hospitals the light on disinfection more

Sept 2016 | Download as pdf

Santalis Pharmaceuticals Announces Issuance of Patent for the Use of Sandalwood Oil to Treat Cancers more

Sept 2016 | Download as pdf

Santalis Pharmaceuticals Initiates a Phase 2 Study of Mild, Moderate and Severe Atopic Dermatitis - Enrolls First Patient Into Its Australian Clinical Trial Site more

Sept 2016 | Download as pdf

With Scaffold for Regenerating Arteries, Cardiovate Raises $350,000 more

Aug 2016 | Download as pdf

Bluegrass Vascular Secures CE Mark Approval and Announces Successful Commercial Use of The Surfacer® Inside-Out® Access Catheter System more

Aug 2016 | Download as pdf

Bio2 Medical® Closes on $3 Million of Venture Debt Financing more

Aug 2016 | Download as pdf

Tropical Forestry Services prepares for first Indian sandalwood shipment to China more

Aug 2016 | Download as pdf

Bio2 Medical® Announces 510(k) Clearance from the FDA for the Angel® Catheter, the First Ever Prophylactic Use Indication for a Medical Device for Pulmonary Embolism more

Aug 2016 | Download as pdf

International perfumery competition winner tours Indian sandalwood plantations in the Kimberley more

Aug 2016 | Download as pdf

SA biotech firm drawing global interest year after moving from Germany more

Aug 2016 | Download as pdf

TFS Corporation makes bond offer more

Aug 2016 | Download as pdf

New robot system at USC Verdugo Hills Hospital uses UV light to disinfect hospital rooms more

Aug 2016 | Download as pdf

DNAtrix wins $2 million FDA grant for cancer immunotherapy more

Aug 2016 | Download as pdf

DNAtrix Awarded FDA Orphan Products Development Grant for DNX-2401 more

Aug 2016 | Download as pdf

TFS Corporation - July 2016 Update more

Aug 2016 | Download as pdf

StemBioSys reaches European distribution agreement for its products more

Aug 2016 | Download as pdf

BRIEF-Diamyd Medical: Cellaviva appointed European distributor for StemBioSys more

July 2016 | Download as pdf

DNAtrix Receives European Medicines Agency PRIME Designation more

July 2016 | Download as pdf

DNAtrix Announces Successful Intratumoral Delivery of DNX-2401 via Alcyone's MEMS Cannula for the Targeted Treatment of Recurrent Glioblastoma more

July 2016 | Download as pdf

Australia forestry company TFS Corp gets two ratings upgrades more

July 2016 | Download as pdf

Tour of Texas: Valence, Stellarray, Flux Farms, A&M, StemBioSys more

July 2016 | Download as pdf

StemBioSys reaches distribution agreement for its products in South Korea more

July 2016 | Download as pdf

Camden Clark Medical Center Introduces Newest Xenex Germ-Zapping Robot more

June 2016 | Download as pdf

MPR Client Innovative Trauma Care Wins Gold at 2016 Medical Design Excellence Awards more

June 2016 | Download as pdf

Santalis Pharmaceuticals Announces Positive Results From a Study Using 10% East Indian Sandalwood Oil (EISO) Serum Formulation for the Treatment of Mild-to-Moderate Plaque Psoriasis more

June 2016 | Download as pdf

Texas among top states in foreign investments more

June 2016 | Download as pdf

How Your Family Drives Business Decisions more

June 2016 | Download as pdf

StemBioSys enters distribution agreement for its products in Japan more

May 2016 | Download as pdf

San Antonio biotech firm takes big step toward global expansion more

May 2016 | Download as pdf

Vidant Edgecombe Hospital adds Xenex Germ-Zapping Robot to reduce HAIs more

May 2016 | Download as pdf

This hospital spent $300,000 on giant, superbug-killing robots more

May 2016 | Download as pdf

Santalis Announces First Subject Enrolled in Phase 2 Trial of East Indian Sandalwood Oil (EISO) to Treat Mild to Moderate Plaque Psoriasis more

May 2016 | Download as pdf

SA biotech company backing fed stem cell bill to cut red tape from regulatory pathway more

May 2016 | Download as pdf

Bexar County added 4,350 jobs last year, study says more

April 2016 | Download as pdf

Springfield Clinic unveils Xenex Germ-Zapping Robot for infection control more

April 2016 | Download as pdf

San Antonio venture capital funding fell last year more

April 2016 | Download as pdf

neoSurgical Limited Expands Indications For neoClose Device more

April 2016 | Download as pdf

Bio2 Medical Closes Series D Preferred Stock more

April 2016 | Download as pdf

TFS undertakes $60 million placement more

April 2016 | Download as pdf

Bluegrass Vascular Technologies’ catheter system used on first patient more

March 2016 | Download as pdf

Cytocentrics refunds $100,000 in economic development funds to city more

March 2016 | Download as pdf

Bluegrass Vascular Technologies Announces First Clinical Use of the Surfacer® Inside-Out® Access Catheter System in Europe. more

March 2016 | Download as pdf

Long-term acute care facility in California implements Xenex germ-zapping robot more

March 2016 | Download as pdf

Robotic housekeeper disinfects the rooms at Modesto hospital more

March 2016 | Download as pdf

Aerin Medical raises $16.7M, adds new board members more

March 2016 | Download as pdf

Brokers Sniff Sweet Potential In TFS Corp more

March 2016 | Download as pdf

East Indian sandalwood oil (EISO) is the key ingredient in these grooming products for dogs more

Feb 2016 | Download as pdf

Santalis Pharmaceuticals Completes the Spin-Off of Roxy’s Remedies Inc. more

Feb 2016 | Download as pdf

TFS Corporation - January 2016 Update

Summary
Stellar FY earnings reported in August.
Annual dividend yield of 2%+.
Market cap is roughly equal to NAV.

TFS Corporation (OTC:TFSCF)
Featured In: July 2015
Partnership Average Cost per Share: $1.86 AUD
Current Market Price (January 15, 2016): $1.52 AUD

TFS Corporation was the Partnership's featured investment in July 2015. The company remains my favorite forestry pick - I see deep value with minimal downside risk. In H2 2015, the company reported the following significant events: (1) three new additions to the company's already impressive stakeholder base, (2) stellar earnings from the trailing 12 months, and (3) distribution of the company's annual dividend payment.

It is well documented that Harvard, the Church of England, and at least one Middle Eastern sovereign wealth fund have invested either alongside TFS or directly into the company. (Remember that while TFS directly owns ~4k hectares of sandalwood plantations, it also manages over ~6k hectares for institutional/high net worth clients. This speaks to its deep knowledge and experience in this field.) Within the past 6 months, we've seen 3 new institutions become substantial TFS shareholders through common share purchases on the open market. First, in early July, a T. Rowe Price fund took a 5% stake in TFS shares. Less than a month later, seven separate Merrill Lynch funds became involved - for a collective 5% stake. More recently, in Q4, nine UBS-affiliated funds have taken a collective 5% TFS position. While these transactions have yet to spur a major rise in TFS' share price, it is encouraging to see shares consolidating into stronger hands. This will continue into 2016.

On August 31st, TFS reported earnings for the trailing 12 months (the company's fiscal year ends on June 30th). These earnings reiterated the immense opportunity presented by TFS shares at current prices. From a valuation standpoint, the company is very cheap - with a P/E multiple of ~4.8 at current. That said, the majority of earnings were non-cash (i.e. increased valuations of the company's biological assets due to the continued rise in sandalwood prices); TFS' cash EBITDA multiple is higher at ~17. While this number does not look as enticing, it is still impressive given that every year TFS invests a significant percentage of its earnings into new plantations. For some perspective, the company hopes to have 25k hectares under management/direct ownership by 2025 (versus a current total of 10k hectares). Over this period, near-term cash earnings will be depressed as the company pursues longer-term value. This may deter investors with shorter time horizons, but this is exactly what the Partnership wants to see.

Another development was the distribution of TFS' once annual dividend payment in early October. This is the third year in a row in which we saw a $0.03 AUD distribution - implying an annual divided yield of 2% at current share prices. While there are bigger yields out there, 2% isn't something to scoff at in today's low interest rate environment. I fully expect the company to maintain this distribution going forward and, considering that TFS' next harvest will be its biggest yet, wouldn't be surprised to see it increased in either 2016 or 2017.

Looking forward to H1 2016, there are two main milestones of note. The first involves the continued planting of additional hectares of Sandalwood (some of these additional trees will be directly owned by TFS; some will be planted on behalf of the company's institutional clients). More specifically, the company anticipates that over 1,500 new hectares will be planted in the period between June 2015 and June 2016. We will know whether this goal is hit when TFS reports FY earnings in August 2016. Secondly, the company is expected to announce long-term supply agreements with both Chinese and Middle Eastern customers within the next 6 months. The successful completion of these agreements would boost market confidence in TFS' business and potentially provide more clarity on market prices on Indian Sandalwood (it's unclear whether the agreed upon price will be publicly disclosed).

In sum, the opportunity still exists to buy TFS' shares on the cheap. For those with longer-term time horizons, TFS' shares offer compelling upside with minimal risk. (Keep in mind that the company's current market capitalization is roughly 10% below the value of TFS' net assets - implying very limited downside.) The market clearly doubts the credibility of TFS' core plantation ownership/management business. Continued operational execution and consistent dividend payments will slowly change this sentiment going forward.

Source: http://seekingalpha.com/article/3856636-tfs-corporation-january-2016-update back

Feb 2016 | Download as pdf

DNAtrix's Oncolytic Immunotherapy, DNX-2401, Awarded EU Orphan Medicine Designation more

Feb 2016 | Download as pdf

Strategic partnering deal with Cytocentrics more

Feb 2016 | Download as pdf

Cytocentrics CEO: San Antonio to get big boost from new deal more

Feb 2016 | Download as pdf

GhostBuster the Lab Mix Reviews Roxy’s Remedies Pure Relief Spray Gel more

Feb 2016 | Download as pdf

Avera McKennan Addresses Patient Safety with Germ-Zapping Robots more

Feb 2016 | Download as pdf

Santalis Pharmaceuticals Announces Positive Results from a Study of Pediatric Patients with Eczema more

Feb 2016 | Download as pdf

Santalis announces positive results for pediatric atopic dermatitis treatment more

Feb 2016 | Download as pdf

Here’s why the TFS Corporation Limited share price soared 28% today more

Jan 2016 | Download as pdf

Cytocentrics gaining traction in San Antonio more

Jan 2016 | Download as pdf

The Drugstore Acne Fighters Dermatologists Swear By more

Jan 2016 | Download as pdf

neoSurgical® Begins Postmarket Surveillance Study more

Jan 2016 | Download as pdf

Santalis Announces First Subject Enrolled in Phase 2 Trial more

Jan 2016 | Download as pdf

BiO2 Medical Reports Positive Advancement of the Series D Round of Funding more

Jan 2016 | Download as pdf

Germany’s Axiogenesis to collaborate with new San Antonio biotech company more