Putting Investors FIRST 

Fundamental Research Corp., Vancouver

Fundamental Research Corp. is an independent equity research firm. We provide our subscribers with the highest quality fundamental research on smaller cap companies from a value-based perspective.  We are registered as a securities adviser with the British Columbia Securities Commission (registration is in no way an endorsement from the BCSC). 

Founded in 2003, during the time when the large investment banks were being investigated for producing research influenced by investment banking, we thought to ourselves "there must be a better way to produce research".  We then applied the same model used for many years in independent debt research, by firms such as Moody's and S&P, to equity research.  Like the debt rating agencies, revenues are generated by selling research to issuers and subscribers; we have no corporate finance or brokerage operations to potentially influence our research.  To learn more about the problems of traditional research visit Be in the Know!

Our competitive advantage lies in our research team.  For highly technical industries such as mining and biotech, we pair our financial analysts together with experienced industry experts to ensure thoroughness and quality.


Brian Tang, BBA, CFA

Prior to Fundamental Research Corp., Brian was an analyst in the corporate banking group of one of the world's largest international banks where he performed fundamental analysis on Financial Post 500 companies (the Canadian equivalent of the Fortune 500). Prior to this, he worked at a financial advisory firm where he analyzed and published research on Canadian equity mutual funds.  Brian also serves as VP Finance on a consulting basis for a local privately held design build construction firm. 

Brian holds a Bachelorís Degree in Business Administration (Finance with a minor in Economics) from Simon Fraser University. He also holds the Chartered Financial Analyst (CFA) designation. Brian is a member of the CFA Institute (formerly the Association for Investment Management and Research) and CFA Vancouver (formerly the Vancouver Society of Financial Analysts).

Brian's article in CFA Magazine's "Point/Counterpoint"

Oliver Agala, CFP
Vice President

Before joining Fundamental Research Corp, Oliver spent the past four years working for companies within the Canadian Medical Association. Recently, he worked as a Financial Consultant with MD Management and was registered with the Investment Dealers Association. His primary role was conducting Financial Planning for his book of 140 Physician clients. He was also instrumental in developing new business in this role. Prior to this, Oliver assisted two discretionary Investment Counsellors at MD Private Investment Management Ltd.

Oliver graduated from the Financial Management Program at British Columbia Institute of Technology, with a focus on Financial Planning. He also has his Certified Financial Planner designation and is a Level III candidate in the CFA Program.

Michelle J. Tang
Corporate Secretary

Prior to joining Fundamental Research, Michelle held positions in office management and customer support. At Fundamental Research she is responsible for accounting, finance, and office administration.

Michelle has a certificate in Business Administration from Capilano College.



Access to Analysts and Industry Experts
Although we do not provide individual-specific or tailored investment advice, subscribers have access to our analysts and industry experts should they wish to discuss research reports, companies, industries, and/or have questions about anything we have published.  Brokers have access to their own in-house analysts, and as a subscriber, now you will too!

Research Reports Public and Private Companies - Subscription
Fundamental Research Corp. provides individual and institutional investors with high-quality industry, company specific, and academic-type research reports.  The quality of our research is maintained by pairing highly qualified analysts and industry experts.  For example, for companies in the mining sector, we would utilize a team consisting of a geologist with industry experience and one of our financial analysts.  We only use fundamental analysis, and our investment style is value-oriented.

In general we look for companies that are trading at attractive valuations, have demonstrated the ability to earn profits, generate free cash flow, and have a modest capital structure.  We will also cover more speculative issues if we determine that the risk/ expected reward trade-off is favourable.

Research may be commissioned by a wide range of entities including investors, issuers, and institutions.  To learn more about the improvements of our research model over more traditional forms of research, visit Be in the Know!  Our independence is maintained by:

  • Having no banking or brokerage business with companies under coverage; our focus is strictly on research
  • Setting and collecting research fess in advance
  • Adopting the CFA Institute's Standards of Professional Conduct and Code of Ethics
  • Prohibiting analysts from trading in any security under coverage
  • Protecting our editorial control over research, timing of release, and release of liability for negative reports by contract

Our subscribers receive real-time access to all research.  After a period of time, the reports are made available to delayed users for a limited period.  You can find announcements of research as it becomes available on:

  • Financial Sites tracking analyst actions such as Newratings.com, Baystreet.ca, Stockhouse.ca, Smallcapcenter.com and others
  • First Call, Research Connect
  • or by being placed on our delayed access distribution list

You can also find our research on:

  • Major Institutional Delivery Channels: Thomson and Zack's
  • Our website
  • Through various third party brokers

Research coverage of companies by brokerages and investment banks is dropping (see the table below).  Fundamental Research Corp is committed to providing you with the independent research you deserve as a shareholder.  This is especially crucial in the area of small and micro caps where it is essential to have a professional opinion.

Top Investment Banks/Brokerages -
Number of Companies Under Coverage

  2000 2003 Change
Merrill Lynch 3,500 2,469 -29.50%
CSFB 3,077 2,373 -22.90%
Smith Barney 3,000 2,300 -23.30%
J.P. Morgan 2,400 2,260 -5.80%
Goldman Sachs 2,315 1,950 -15.80%
Morgan Stanley 2,150 1,925 -10.50%
Lehman 1,650 1,605 -2.70%
Average 2,585 2,126 -15.79%

Source: Wall Street Journal

Interactive Valuation Models
Available only to subscribers, these Excel-based models (scroll to bottom at link) allow investors to determine the fair value of any stock or option based on user-defined inputs.  Subscribers who do not have a full version of MS Excel can download a FREE viewer.

Fundamental Research Corp.
Suite 505, 905 West Pender St.
Vancouver, BC V6C 1L6

Phone: 604-682-7010 (Vancouver Area & Lower Mainland)
Fax: 604-682-7001

Email :