Australia

• EQT’s A$45/share bid for AUB, with a 16% spread, follows a month of exclusive due diligence.
• CVC Asia Pacific proposed forming a consortium with EQT, potentially increasing buyout success likelihood and financial commitment sharing.
• AUB’s valuation metrics include 14.5x FY25 EBITDA and 26.2x P/E, with historical trading at lower multiples.

• The Seven West Media (SWM AU) IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.
• The merger requires approval from SWM shareholders, ACMA, and the ACCC. The ACCC’s findings will be announced on 18 December. 
• The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.  

• The ETFS FANG+ ETF (FANG AU) offers concentrated exposure to 10 of the most highly-traded, technology-focused growth companies.
• The underlying NYSE FANG+® Index is equally weighted, which differentiates it from market-cap-weighted technology indices and provides a more balanced exposure to its constituents.
• While the ETF has demonstrated strong historical performance, its concentrated nature and focus on the volatile technology sector present a high-risk, high-reward investment proposition.

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• Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using and sharing massive 3D point clouds and geo-spatial datasets.
• Pointerra3D is a proprietary digital twin Software-as-a-Service (SaaS) platform which delivers predictive digital insights and definitive answers to complex physical asset management questions.
• Pointerra has reported Q1 FY26 cash receipts of $1.98m, down 36% on the previous corresponding period (pcp) but up 25% on Q4 FY25.

• FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts.
• Today’s idea is Pro Medicus.
• Brokers reassess Pro Medicus after share price correction Quiet period offsets long-term growth momentum and contract wins AI, cloud certification, and flagship deployments strengthen outlook

• Megaport Ltd (MP1 AU) is looking to raise around US$131m via a fully underwritten primary placement.
• The company will use the proceeds to fund the acquisition of Latitude.sh and accelerate its network expansion into India.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• REA Group’s September quarter results broadly met expectations, though investors continue to question management over competition and AI-related risks.
• REA Group’s September quarter meets expectations Unchanged yield guidance allays market concerns Analysts use conference call to ask questions about artificial intelligence and competition risks Morgans maintains REA is one of the highest-quality franchises under its ASX coverage

• Four stock pairs have triggered new mean-reversion trade signals, with price ratios deviating more than two standard deviations from their one-year averages.
• Two of the opportunities involve companies in the same industry and two pairs involve companies in different industries within the same sector.
• Essential for quantitative traders seeking mean-reversion opportunities, outlining opportunities and key risk considerations.

• Treasury Wine Estates (TWE AU — US$3.0 billion) is one of the world’s largest wine producers globally. And it’s one of the very few large companies in Australia trading at a reasonable valuation multiple.

• It started as the wine division of brewery giant Forster’s Group. From the 1990s onwards, Foster’s acquired vineyards and brands such as Penfolds, Lindeman’s and Beringer.

• But throughout the 2000s, this wine division underperformed, draining cash from Foster’s highly profitable beer business. So in 2011, it was eventually spun off into a separately listed entity called Treasury Wine Estates (TWE).

• Elementos is strategically positioned to capitalize on a forecast tin supply deficit, with two world-class projects in stable jurisdictions: the development-ready Oropesa project in Spain and the exploration-focused Cleveland project in Australia.
• The recently completed Definitive Feasibility Study (DFS) for the Oropesa project demonstrates robust economics, underpinning a clear development pathway. The company is also pursuing a mine-to-metal strategy in Europe to capture additional value.
• Exploration at the Cleveland project continues to uncover significant mineralization of not only tin and copper but also critical minerals like tungsten and fluorite, offering substantial long-term upside potential.

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• Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
• It is currently at clinical-stage and focused on two key antiviral assets – Galidesivir (a broad-spectrum RNA antiviral initially for Marburg) and ISLA-101 (a repurposed small-molecule drug initially for dengue).
• We like ILA’s approach of focusing on existing drugs that can be repurposed, as considerable time, effort and investment has already been spent, while also increasing the probability of success for approval.

• Fairmont Equities’ Michael Gable continues to see upside for the gold sector with a pull back in Genesis shares now seen offering opportunity.

• URF is an Australian-listed property trust in a wind-down phase, focused on the orderly sale of its portfolio of residential properties in the New York metropolitan area to return capital to unitholders.
• The Fund trades at a significant discount to its Net Asset Value (NAV), with a Price-to-Book ratio of approximately 0.62, offering potential value uplift as assets are liquidated. However, this is contingent on successful asset sales in a dynamic property market.
• Financial performance has been weak, characterized by declining revenues, significant net losses, and negative operating cash flow in recent years, reflecting the challenges of its transition and wind-down strategy. The Fund has suspended dividend distributions.

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• Post-Mortem Analysis: Wiluna Mining Corporation (WMC) entered voluntary administration in July 2022 and was delisted from the ASX on April 5, 2024, following significant operational and financial challenges. This report serves as a post-mortem analysis for institutional investors, examining the factors that led to the company’s failure.
• Operational Failure and Financial Distress: The company’s collapse was precipitated by its inability to achieve the targeted production ramp-up for its Stage 1 concentrator, compounded by skilled labor shortages, inflationary cost pressures, and equipment delays. This led to a severe cash flow shortfall that repeated capital raisings could not resolve, culminating in insolvency.
• Asset Status and Future Outlook: The company is now subject to a Deed of Company Arrangement (DOCA) managed by FTI Consulting, who are exploring options for recapitalization or sale of the Wiluna gold operation. While the company as an entity has failed, the underlying assets, which include a substantial gold resource, may offer potential value under new ownership and a revised operational strategy.

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• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently 14 pair trade opportunities across four markets and five sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• On the 28th October 2025, AUB Group Limited (AUB AU), an insurance “matchmaker”, announced a NBIO, via a Scheme, from EQT at A$45/share, a ~40% premium to undisturbed.
• The share price has consistently traded wide to terms, not just because of the transactions’ indicative nature; but EQT’s track record on progressing from indicative to firm is not optimum.
• This morning AUB announced CVC was teaming up with EQT, at $45/share; and concurrently requested additional due diligence. This has been granted by AUB. 

• Fenix Resources (FEX AU) has pulled back 25% from its recent highs, as iron ore prices have fallen 6% from their highs, amid the Simandou project nearing completion. 
• Despite the negative sentiment, with steel mill margins hovering around -300 RMB/ton, we still see iron ore at 95-110 USD/ton, as China’s imports were a record in September. 
• We like Fenix Resources (FEX AU) and are pounding the table on the name. Read our recent update, Fenix Resources (FEX AU) Q1 FY26 Report: Multibagger In The Making 

• Six Australian stock pairs have triggered new mean-reversion trade signals, with price ratios deviating more than two standard deviations from their one-year averages.
• Upcoming earnings announcements could add volatility and shape short-term trade outcomes.
• Essential for quantitative traders seeking mean-reversion opportunities, outlining opportunities and key risk considerations.

• Analysts are impressed by an ambitious five-year plan issued by Ramelius Resources.
• FY26 marks the low point of ongoing gold production, according to management.
• Ramelius Resources’ quarterly, guidance and 5-year plan Management is targeting a 170% increase on FY26 production guidance by FY30 Clever acquisitions and operational excellence receive thumbs up from sector analysts Ramelius considered the standout ASX-listed gold producer

• Context: The Bluescope Steel (BSL AU) vs. Sims Metal (SGM AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Bluescope (BSL AU) and short Sims (SGM AU) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Australia’s largest banks are due to report within the next four trading days. Collectively, they account for 23% of the S&P/ASX 200 (AS51 INDEX).
• A beat or miss of expectations can result in a strong move, up or down. This Insight analyzes options to provide an indication of how big a move to expect.
• Option traders price in outsized moves for several but not all banks, with ANZ (ANZ AU) as the largest outlier.

• Cardinal Resources was a single-asset gold development company whose primary value was derived from its 100%-owned Namdini Gold Project in Ghana, a large-scale, long-life asset.
• In 2020, the company became the subject of a prolonged and competitive bidding war, primarily between Russia’s Nordgold and China’s Shandong Gold, which significantly drove up its valuation and highlighted the strategic appeal of the Namdini project.
• The company was ultimately acquired by Shandong Gold Mining (HongKong) Co., Limited in a transaction that concluded in early 2021, leading to the delisting of Cardinal Resources from the ASX and TSX in February 2021.

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• D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa.
• The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation compared to its listed upstream peers.
• D3E has delivered significantly positive results through its first stage drilling and testing activity, independent certification of initial reserves and resources, and a Production Right Area (PRA) application that could see the company at a project sanction stage by end-2026.

• Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
• The company released an update on its third quarter (Q3) performance (note December year-end), its quarterly 4C cash-flow statement and progress for September year to date.
• Q3 was clearly the strongest quarter to date this year with revenue of US$19.3m and EBITDA of US$1.2m.

• Pureprofile Ltd (ASX:PPL) is a data analytics and consumer insights company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.
• In its annual general meeting presentation, Pureprofile announced its Q1 FY26 results which included a 15% increase in revenue to $16.1m, driven by a 34% increase in Rest of World (RoW) revenue to $8.1m, and EBITDA of $1.9m, up 15% on the previous corresponding period (pcp).
• The EBITDA margin was maintained at 12%, relative to the margin in Q1 FY25.

• Martin Filz, Managing Director/CEO, and Melinda Sheppard, COO/CFO, are interviewed by RaaS post the Q1 FY26 update.

• 3Q25 WI sales averaged 251 boe/d, in line with expectations.
• The company held ~A$4 mm in cash at the end of September, also in line with forecasts.
• A busy operational period is anticipated in 1H26.

• Context: TheStanmore Resources (SMR AU) vs. Champion Iron (CIA AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Stanmore Resources (SMR AU) and short Champion Iron (CIA AU) targets a 9% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• Releasing its Q1 FY26 results, the company has reaffirmed its guidance for FY26 revenue to be between $30-35m.
• Amaero reported Q1 FY26 revenue of $4.7m which included powder sales of $4.1m and $0.6m in sales from powder metallurgy hot isotastic pressing (PM-HIP) manufacturing, which was an increase of 445% over the previous corresponding period (pcp).

• 88 Energy is a high-risk, high-reward oil and gas exploration company with a primary focus on large-scale, early-stage projects in the politically stable and well-developed hydrocarbon province of Alaska’s North Slope.
• The company’s strategy centers on identifying and de-risking significant prospective resources and then farming out interests to larger partners to fund capital-intensive drilling and development, thereby minimizing shareholder dilution and financial risk.
• Recent divestment from production assets in Texas has sharpened the company’s focus on its core Alaskan exploration portfolio (Projects Phoenix and Leonis) and a new frontier opportunity in Namibia, positioning it as a pure-play exploration entity with significant potential upside contingent on drilling success.

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• Krakatoa Resources Limited (ASX:KTA) is a junior resource company focusing on critical minerals projects located in Georgia and Western Australia (WA) which are prospective for antimony-gold and rare earths respectively.
• KTA’s focus pivoted to antimony-gold with the acquisition of an option on the Zopkhito project in December 2024.
• KTA is currently drilling at the project with the aim of converting the foreign resource into a JORC-compliant resource as well as delineating extensions to the resource.