Australia

• 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.

• Context: The QBE Insurance (QBE AU) vs. Medibank Private (MPL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long QBE Insurance (QBE AU) and short Medibank Private (MPL AU) targets a 8% 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.

• Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets.
• BTL has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
• The Carpentaria-5H (C-5H) testing phase (IP30 data) is now expected to conclude in early December.

DUG Technology reported Q126 year-on-year revenue growth of 19% and new services project awards growth of 9% y-o-y, maintaining a flat services order book versus end-FY25. Progress with international expansion was evident in the first revenue from Brazil and a growing contribution from the Middle East. The EBITDA margin of 25.1% (Q125 18.6%) included an element of costs relating to the new Petronas contract. We expect this contract to start to contribute revenue from Q226, ramping up to the full run rate in FY27. We maintain our forecasts.

• AUB Group Limited (AUB AU), which operates a network of insurance “matchmakers”, has announced a NBIO, via a Scheme, from EQT @ A$45/share, a ~40% premium to undisturbed.
• That indicative price is up from $43/share proposed on the 13th September (but not made public). 
• AUB’s board has opted to open its books to EQT, on an exclusive basis, for six weeks. Tentatively, that expires on or around the 9th December. 

• Shares in Sandfire Resources hold their ground following first quarter results showing progress at Motheo and Matsa, while a further growth option awaits.
• -Sandfire Resources’ FY26 guidance retained for production, costs, and opex post September quarterly -Growth option via the Black Butte Copper Project in the US -Prospects for a dividend as Jarden forecasts year-end net cash -Analysts debate valuation ‘premium’

• The S&P/ASX 200 (AS51 INDEX) has stalled since mid-August 2025, possibly a consolidation period after the strong gains delivered since Apri. Or maybe it’s about to go down…
• The index started a modest pullback this week, closing at 8926.20 on Wednesday. That price is just below our model Q1 support zone, not oversold yet.
• We have identified a key support zone that could be used for buy-the-dip strats, but if the index falls below that support, it may have ended its rally (short-term forecast).

• In response to an AFR article, AUB Group Limited (AUB AU) confirmed that on 26 September, it received a non-binding proposal from EQT (EQT SS) at A$45.00.
• While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT’s history of unsuccessful ASX tilts warrants some caution. 
• The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. 

• The US-Australia critical minerals investment agreement has driven lithium miner Pilbara Minerals’ share price on sentiment, well above fundamentals, on most assessments.
• US-Australia critical minerals deal sends miner share prices surging Pilbara Minerals posts solid September quarter beat Lithium prices remain below new production threshold Most brokers see Pilbara Minerals as overvalued

• ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.
• The company released its 4C September quarter activities report and a trading update containing data points for its upcoming FY25 full year result (September year-end).
• The company delivered a solid result in what is a seasonally quiet last quarter resulting in FY25 unaudited revenue of $12.9m (directly in line with RaaS forecast), representing 4.9% growth over FY24.

• Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the S&P/ASX 200 and ten prominent Australian stocks.
• Highlights: Implied volatility across Australia’s major banks remains rich ahead of earnings and the RBA decision.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• Insignia Financial is in the midst of a significant transformation, focusing on simplification, cost reduction, and integration following the acquisition of MLC Wealth. The successful separation from NAB’s systems is a major milestone, expected to unlock cost synergies and operational efficiencies.
• Financial performance has been volatile, with a return to profitability in the most recent year after a significant loss. However, long-term trends in net income and EPS are negative, and the dividend has been suspended, reflecting the ongoing challenges and restructuring costs.
• The company’s forward strategy hinges on leveraging its scale to become a leading, efficient wealth manager by 2030, targeting substantial cost savings and driving growth through its four key business lines: Advice, Wrap, Master Trust, and Asset Management. Execution on this complex strategy remains the key risk and opportunity.

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• Fenix Resources (FEX AU) has now rallied 110% ytd. Despite its recent rally, it still trades at 6.3x PE and 2.6x EV-EBITDA. 
• The company churned out 43.9 mn AUD (176 mn annualized ~2.1x OCF) of operating cash flow in Q1 FY26, even though its third mine was still not fully ramped up.  
• We see quarterly cashflows in the vicinity of 55-58 mn AUD (220-230 mn AUD annually or 1.6x OCF) with its third mine Beebyn W11 fully ramped up. 

• Aureka Limited (ASX:AKA) is a junior gold exploration company with four projects across key current and historical gold-producing regions in the state of Victoria, Australia.
• AKA provided two exploration updates last week covering the ongoing drilling at the Irvine project with results showing the potential for high-grade gold and extensions to the existing resource under a refreshed approach to exploration.
• These results demonstrate the potential for resource extensions and significant high-grade zones at the Resolution deposit.

• PSC Insurance Group is a diversified insurance intermediary with a strong track record of growth through both organic expansion and strategic acquisitions, operating primarily in Australia, the UK, New Zealand, and Hong Kong.
• The company was recently acquired by The Ardonagh Group, a global insurance broking powerhouse, in a landmark A$2.3 billion transaction. This is expected to significantly enhance PSC’s scale, global reach, and competitive positioning.
• PSC’s business model is focused on providing a wide range of insurance broking and underwriting agency services to small-to-medium enterprises (SMEs) and corporate clients, generating revenue primarily from commissions and fees.

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• Solactive has announced the review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.
• Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.
• The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.

• Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business.
• The latest ASX ECM data suggests raisings in the September quarter were 8% above the previous corresponding period (pcp) and 45% above the June 2025 quarter.
• In terms of market share, the latest Dealogic data suggests Bell Potter has held share relative to the pcp, while raising US$0.75b (A$1.2b) against US$0.63b (A$1.0b) year to date October 2025 (+20%).

• Kinatico Ltd (ASX:KYP) is a ‘Know Your People” regtech company providing workforce compliance monitoring and management technology and services.
• KYP announced at its 24 October AGM that its Q1 FY26 revenue had increased 14% on the previous corresponding period (pcp) to a record $9.1m, with Subscription-as-a-Service (SaaS) revenue for the quarter increasing 58% on the previous corresponding period (pcp) to $4.8m or 53% of total revenue.
• EBITDA for the quarter increased 21% to $1.4m.

• Context: The ANZ Group Holdings (ANZ AU) vs. VanEck Australian Banks ETF (MVB AU) price-ratio has deviated more than two standard deviations from its one-year average.
• Highlights: The dislocation highlights the recent outperformance of ANZ vs. the rest of the sector, pointing to a potential underweight in a portfolio context.
• 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.

Actinogen Medical reported that, due to recent accelerations in screening and enrolment for its Phase IIb/III XanaMIA study of lead candidate Xanamem in patients with mild-to-moderate Alzheimer’s disease (AD), it is closing patient biomarker screening to new participants from 31 October. The study will now enrol a total of c 240 participants (vs the initial target of 220), with the increased sample size potentially raising the statistical power of the trial. Actinogen plans to report a pre-planned interim efficacy (futility) analysis in early Q1 CY26 and final top-line study data in mid-Q4 CY26.

Freelancer reported essentially flat revenues in Q325 on a lower gross marketplace volume (GMV). Higher take rates in Escrow.com more than compensated for lower volumes, essentially offsetting a small decline in the Freelancer division’s revenue. The company saw good progress in the Loadshift division and has multiple initiatives ongoing to drive growth in the enterprise business. AI-related projects are making an increasing contribution to core marketplace volumes and the company continues to make use of AI tools to improve internal efficiency and platform quality. We maintain our forecasts.

• Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
• HRZ has released its September 2025 quarterly report which provides a progress update on mining, exploration and development activities.
• Revenue of $35.8m was generated from gold sales at Boorara with another $3.64m received as a distribution from the Phillips Find JV.

LTR Pharma is a clinical- and commercial-stage pharmaceutical company pioneering intranasal drug delivery with lead product SPONTAN, a first-in-class nasal spray for erectile dysfunction (ED). LTR has achieved compelling clinical validation, with SPONTAN demonstrating 470% faster absorption compared to oral PDE5 inhibitors such as vardenafil (Levitra) and sildenafil (Viagra), reaching peak concentration in c 12 minutes versus 56 minutes for the more traditional oral tablets. With early access having commenced in Australia and its FDA regulatory pathway progressing, LTR is expanding the application of its intranasal platform. Strategic diversifications into ROXUS (US personalised medicine) and OROFLOW (oesophageal motility disorders) position LTR to capture further value across multiple billion-dollar markets. Management estimates that its end-FY25 cash position (A$31.8m) should provide a runway through FY26.

• The VanEck Gold Miners ETF/USA (GDX US) transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.
• With float below 10%, Zijin Gold (2259 HK) should miss inclusion in the index in December, while Dundee Precious Metals (DPM CN) is a potential inclusion.
• There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.

• Context: The Bank Of Queensland (BOQ AU) vs. Commonwealth Bank (CBA AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Long Bank Of Queensland (BOQ AU) vs. short CBA (CBA AU) targets a 4% 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.

• The share market has signaled approval of Jumbo Interactive’s UK acquisition as management diversifies away from lottery retailing.
• -Jumbo Interactive acquires Dream Car Giveaways?
• in the UK -FY26 guidance unchanged, forecasts raised -Lower future volatility anticipated around jackpots -Synergies via Oz Lotteries platform & UK B2C

• Singular Health Group Limited (ASX:SHG) is an Australian medtech company focused on improving medical data interoperability.
• Its flagship software, 3DICOMTM, enables the seamless sharing of medical images across incompatible systems – reducing inefficiencies and unnecessary costs.
• The platform is FDA-cleared in the US and SHG recently secured its first major US commercial deal with Provider Network Solutions (PNS), a Managed Service Organisation (MSO) that works with health plans (health insurers), primary care providers and specialists.

• Mesoblast Ltd (MSB AU) has reported Q1FY26 product revenue of $20.6M, up from $12.9M in the previous quarter, with Ryoncil gross sales increasing 66% QoQ.
• With mandatory state CMS coverage becoming effective as of July 1 in all U.S. states and Mesoblast completing onboarding of the remaining major U.S. transplant centers, Ryoncil revenue is accelerating.
• Mesoblast ended September quarter with $145M in cash. Considering current pace of cash outgo, the company estimates that the current cash should provide runway of approximately 10 more quarters.