OCBC also got to visit Trendlines’ headquarters, as well as the laboratories of two portfolio agtech companies which have reached various stages of progress and developed patents as well.
“We understand the group does not see itself as just a venture firm, given that they are active investors and support their portfolio companies in several aspects such as marketing and commercialisation, finance planning, legal consultancy and administrative services,” says OCBC in a Monday unrated report.
Established in 2007 and listed on Catalist since Nov 15, Trendlines is an innovation commercialisation company that invests in, incubates, and supports technology-based medical and agricultural companies.
(See also: Israeli technology incubator Trendlines to raise $25 mil)
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This is accomplished through Trendlines Incubators Israel and their own in-house innovation centre, Trendlines Labs. Last year, it also established Trendlines Medical Singapore. As at end Dec, the group held 46 portfolio companies plus 15 revenue-stage companies, as well as 12 projects under Trendlines Labs.
With the opening of Trendlines Medical Singapore’s office, the group is looking beyond Israel’s startup investment landscape with the establishment of a platform for investment in and incubation of early-stage med tech companies in Singapore.
In FY16, the group sold E.T.View Medical, generating US$3.6 million ($5.1 million) in cash.
(See also: Trendlines’ associate ET View to be sold to Denmark Ambu for US$16 mil and privatised)
“As at end Dec 31 2016, net portfolio value of the company (FMV) was US$83.7 million, comprising of 46 portfolio companies presented at their fair value. As such, the stock is currently trading at around 0.67x FY16 P/FMV,” says OCBC.
Shares of Trendlines are trading at 15 cents.
