Morgans, June, 16We reinstate coverage of RFX following its recent capital raising. We expect RFX
to end FY16 with ~A$12.5m of net cash and sales ramping up.

  •  After many years of trials RFX recently received its first small commercial orders from a variety of system integrators. We expect sales to accelerate as commercial orders generate revenue and cash.
  • RFX now fully outsources contract manufacturing to global giant Flextronics, has a Battery Management System for ease of installation and use, and is generating small commercial sales, which places RFX one step closer to success, in our view.
  • That said, after a stellar share price performance, RFX is now trading in-line with our price target so we move to a Hold recommendation.

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