TGS looking good, page-11

USB has 20c target for TGS, and nothing much has changed, except the bell weather bid for SIR by IGO, which shows the premium companies are willing to pay for qua;lity assets (even those not in production)....

from April, and things haven't changed that much...

Investors looking for another takeover target in the copper space following the recent tilt at PanAust could consider Tiger Resources, particularly given the size of its resource and the fact that it is in production.
While the sharp downturn in the copper price has contributed to the steep decline in the company's share price, the other factor contributing to negative sentiment is its challenge in refinancing to complete the expansion of its Kipoi project from producing 25,000 tonnes per annum to 50,000 tonnes per annum.
Analysts at UBS ran the ruler across the company at the start of April, estimating that based on the 2014 result, a 25,000-tonne-per-annum operation will just cover the fixed-cost base and the existing debt repayment structure.
This underlines the importance of upgrading capacity, and UBS estimates refinancing of approximately $240 million would have to be undertaken in order to replace existing debt and provide capital to complete the expansion.

UBS has a "buy" recommendation on Tiger with a 12-month price target of 20¢. The important metric regarding a potential takeover is the broker's valuation of US27¢ per share (35¢), a 600 per cent premium to its recent trading range