Cool down folks: HSBC have not rated this as a "Strong Buy"....

Cool down folks: HSBC have not rated this as a "Strong Buy". They have put together a "briefing" document on the company that contains no reccomendation and no forecasts, just historic information. The "Strong Buy" is under the "Consensus" recomendations and reflect's Wilson HTM's "Strong Buy". They also have "Consensus" EPS forecasts of 0.8cps for 2006 and 1.3cps for '07 - again, Wilson's numbers.

So keep your hat on.

HOWEVER. The research is actually conducted by Aegis Research - which is a firm that only has analysts working for them...no brokers. They "rebadge" their report with broking firms who pay Aegis. I have, for example, the same "HSBC" report with a "Tricom" logo on it. There are a few other brokers who have this same report with their logo on it...but I cannot recall the full list. See below for most of the text of the report -as you can see - it's only a briefing paper.

THe positive is that if a background report is prepared two things can happen: A) brokers at the rebadging firms may see it and b) Aegis may go to do a full report.


Company Overview
TOX is a Perth-based company, operating in hazardous waste management. The company provides remediation and recycling solutions for contaminated soils, water treatment and hazardous waste treatment. The company operates two treatment facilities at Port Hedland and Kwinana.

Differentiating Factor
The Port Hedland Facility primarily treats industrial waste generated in the Pilbara region of Western Australia. The company holds two hazardous waste
treatment licences, which are difficult to obtain under strict EPA regulations.

Industries of Operation
TOX operates in the Industrials Sector in the area of environmental and facilities services. Companies in this field provide services such as waste management,
facilities management and pollution control. The hazardous waste treatment market is affected by the degree of government legislation. The barriers to entry
within the industry are high, with licences difficult to obtain because of stringent EPA requirements