no interest whatsoever, page-7

Morgans published a new report August 30, price target 40 cents. Key points:

• RFX ended FY16 with A$12.3m of cash at bank and the first batteries to be turnkey manufactured by Flextronics shipped.
• Timing on the residential ZCell has slipped but a full roll-out is expected before November 2016 and the last obstacle has nearly been overcome.
• With manufacturing under control, the focus is on generating revenue from commercial orders. This remains the key inflection point for RFX and we maintain our Hold for now but will reassess as RFX begins generating meaningful revenue.