Australia

• There is 1 add/delete for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index while there are no constituent changes for the MVIS Global Uranium & Nuclear Energy Index.
• Encore Energy (EU US) will replace Boss Energy (BOE AU) in the MarketVector Global Uranium and Nuclear Energy Infrastructure Index. 
• The round-trip trade across both indices is US$445m with capping changes resulting in much bigger flow for the MVIS Global Uranium & Nuclear Energy Index.

• Context: The CAR Group (CAR AU) vs. Seek (SEK AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long CAR Group and short Seek targets a 7% 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.

• Following shareholder approval, there’ll be an index DELetion for Brickworks (BKW AU), and an index UPweight for Soul Patts (SOL AU). BKW’s last day of trading is the 15th September. 
• Minebea Mitsumi (6479 JP)‘s Offer for Shibaura Electronics (6957 JP). That leaves this to be done by Yageo Corporation (2327 TT), unopposed.
• After a protracted succession stoush, Rupert Murdoch’s son Lachlan asserts control of News Corp Class B (NWS US) and Fox (FOXA US).

• 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 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.

• The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
• The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.
• The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.

• After a protracted succession stoush, Rupert Murdoch’s son Lachlan is set to take control of News Corp (NWS US) and Fox (FOXA US).
• Preceding my comments on News Corp and 62%-held REA Group Ltd (REA AU) are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• On the 29th August, Mixi (2121 JP) cleared 50% of the voting power in PointsBet (PBH AU). It’s Offer was automatically extended, and will now close on the 12th September.
• Mixi has 51.59%. betr Entertainment (BBT AU) said it holds 20.45%, plus 6.5% in the IAF, the instructions for which can be withdrawn. betr said it won’t accept Mixi’s Offer.
• Mixi adds betr will have no PBH board representation “either now or in the future”; and betr will continue to be a clear competitor. Additionally, PBH questions betr’s buyback funding,

• Mesoblast Ltd (MSB AU)  entered into convertible note subscription agreements with SurgCenter principals and existing shareholders, Gregory George and William Gueck, to issue up to $50M of unsecured convertible notes.
• The maturity date of the convertible notes will be five years after the first issuance of notes. The convertible notes have a coupon of 5% p.a. on the face value.
• Mesoblast recorded maiden revenue of $13.2M from Ryoncil in FY25. Current revenue stream is anticipated to expand based on Ryoncil performance for existing as well as upcoming indications.

• On 5 September, Shenge increased its minimum scheme consideration for Peak Rare Earths (PEK AU) to A$0.443, a 23% premium to the previous minimum cash consideration.
• The IE considers the offer fair and reasonable. The key conditions are approval from the Fair Competition Commission of Tanzania and shareholder approval (vote scheduled for 16 September).
• This is a done deal, as Tanzania approval and the vote are low-risk. At the last close and for a 30 September payment, the gross/annualised spread is 5.5%/147%.  

• Dalrymple Bay Infrastructure (DBI AT)  is looking to raise around US$347m from a secondary placement.
• The deal is a large one to digest, representing 101.8 days of the stock’s three month ADV, despite being 24.4% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• At the Tumas Project, early-work infrastructure, detailed engineering plan, site preparation and scheduling work continues.
• Tumas is being positioned for a rapid transition to the construction of a processing plant and the initiation of mining operations when uranium market conditions warrant proceeding.
• At Mulga Rock a mini-pilot plant test leads to processing design breakthroughs for an updated MRP process design flowsheet, which will be incorporated into a revised DFS .

• Following the August 2025 reporting season, we look at key changes to consensus estimates, share price movements and outlook commentary relevant to Ricegrowers Limited, trading as SunRice (ASX:SGLLV).
• Across our selected peer group there were two notable downgrades (SHV and TWE) and two notable upgrades (CBO and GNC).
• The RaaS selected peer average has outperformed the ASX200 over the past three months, increasing 11% against +3.3%.

• Context: The Stanmore Coal (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 Coal (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.

• Verbrec Limited (ASX:VBC) provides engineering, asset management, operations and maintenance, and training to the energy, mining, infrastructure and defence industries in Australia, New Zealand, PNG and the Pacific Islands.
• The company has released its FY25 full-year result delivering revenue of $85.6m (in-line with RaaS’s forecast of $85.4m) and EBITDA (underlying) of $8.8m (11.4% ahead of RaaS’s forecast).
• The EBITDA upside surprise was driven by stronger-than-expected gross margins in both the Engineering and Training businesses, and ongoing cost discipline.

• The ADDs/DELs for the ASX index family for the September 2025 index rebal event were announced after market close on Friday 5th September 2025. We got 44/47 predictions correct.
• There are 25 ADDs and 30 DELs collectively for ASX 50, ASX 100, ASX 200, and ASX 300.
• In this insight, we take a look at our final flow expectations for each of these confirmed index changes.

• Context: The Bendigo And Adelaide Bank (BEN AU) vs. NAB (NAB AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Bendigo And Adelaide Bank (BEN AU) and short National Australia Bank (NAB AU) targets a 5% 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.

• Critical Minerals Outside of China Will Command A Strategic Premium
• As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies
• We highlight eight companies as a basket of such miners which should benefit from these trends

• ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations.
• Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has delineated 24 drillable prospects across five distinct plays, with P50 prospective resources of ~247 bcf and 31 mmbbl (~72 mmboe).
• The proportion of gas in the exploration portfolio (excluding Welchau-1) has increased from ~44% % to ~68% with OHO (15 mmboe) now estimated to hold gas rather than oil.

• There is 1 change for the S&P/ASX50 Index, 3 changes for the S&P/ASX100 Index, 9 changes for the S&P/ASX200 (AS51 INDEX) and 17 adds/ 12 deletes for the S&P/ASX300 Index.
• Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.
• The adds have outperformed the deletes across all indices and performance has been especially strong for the S&P/ASX100 Index and S&P/ASX300 Index changes.

• 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 six pair trade opportunities across three markets and four 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.

• 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: Going long Bank Of Queensland (BOQ AU) and short Commonwealth Bank of Australia (CBA AU) targets a 4% return, with Bank Of Queensland (BOQ AU) supported by cheaper valuations.
• 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.

• We are now set for a decline in the benchmark grade from 62% to 61% effective January 2nd, 2026, for Platts, aligning the benchmark with more commonly traded fines.  
• Alot of exchanges have begun to adopt this change, and we will update our FY26 numbers for it as well. Iron ore remains elevated at 105 USD/ton, climbing 2.3% WoW. 
• We continue to advocate strongly for Fenix Resources (FEX AU). Read Fenix Resources (FEX AU): Exciting Value-Adding Catalyst Can Triple Production Again for a detailed outline of our thesis. 

• On the 15th May, Peak Rare Earths (PEK AU) entered into a non-binding Offer, by way of a Scheme, with Shenghe Resources (600392 CH) @A$0.389/share, a punchy 199% to undisturbed.
• Shenghe holds 19.86% in Peak, and has offtake rights to 100% of the rare earth production from the 84%-held Ngualla project in Tanzania. 
• The Scheme Booklet was registered with ASIC on the 11th August with a 16th September Scheme Meeting. Shenghe has now bumped terms to A$0.443. Declared final. Scheme Meeting remains unchanged. 

Key points (machine generated)

• Pro Medicus is known for its Visage PACS software, which outperforms legacy systems from major OEMs.
• The company’s market potential is limited due to annual contract values of $1-4 million and financial pressures on hospitals.
• Strong competitors like Sectra and potential enhancements from Epic pose threats to Pro Medicus’s market position.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
• The company has released its H1 FY25 full year result (December year-end) which is in-line with pre-released data points and commentary.
• The Q2 cashflow statement and financial and operating update was released in July 2025 and included significant detail on group and divisional performance and guidance for the FY25 year.

• BHP Group Limited has showcased a complex array of performance metrics and strategic adjustments in its fiscal year 2025 results, revealing both strengths and challenges.
• The company has delivered robust operational performance, achieving record production in key sectors such as iron ore and copper, which underscores BHP’s operational excellence and the competitiveness of its assets.
• Notably, BHP’s margins remain healthy with an EBITDA margin of 53%, suggesting that the company maintains a competitive edge despite a 10% decline due to commodity prices.

• NVX has binding long-term offtake agreements to supply synthetic graphite to multiple key players, including Panasonic Energy, Stellantis, and PowerCo. In the aggregate, NVX already has 20k tonnes per annum (tpa) capacity fully allocated under these agreements.
• During 1H 2025, NVX completed the installation of nearly all the mass production equipment it needs for Panasonic.
• Moreover, in 1H25, the company supplied samples of synthetic graphite material to 13 different customers and potential customers for their evaluation & qualification.

• On the 11th July, PEP offered A$4/share for integrated building services provider Johns Lyng (JLG AU), a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder (17.62%), was supportive.
• Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.
• The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says “fair & reasonable“.

• DigiCo Infrastructure REIT (DGT AU) will be added to a global sector index at the close on 19 September while HealthCo REIT (HCW AU) will be deleted.
• Estimated passive buying in DigiCo Infrastructure REIT (DGT AU) is US$32m while the passive selling in HealthCo REIT (HCW AU) is estimated to be US$7m.
• Shorts have increased in both stocks. There could be short covering in DigiCo Infrastructure REIT followed by new shorts, while shorts could look to cover HealthCo REIT as passives sell.

• The Johns Lyng (JLG AU) IE considers PEP’s A$4.00 offer fair and reasonable as it is within its A$3.72-4.42 valuation range.
• The offer requires regulatory (FIRB and US) and shareholder approvals. The scheme vote should pass as no disinterested shareholder comes close to holding a blocking stake.  
• The offer is reasonable as the timing of an earnings recovery is highly uncertain. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%. 

• In our latest ASX200 insight, posted on Aug 22nd, we wrote: “The index could rally one more week (next week), that should be the end of this rally“. 
• The rally ended last week, as predicted: the S&P/ASX 200 (AS51 INDEX) is falling this week,  it has already reached OVERSOLD support levels according to our model.
• Attached you can find an Excel file with all the data (key supp/res level with probabilities, check row # 12), our new forecast in detailed in the insight.

DUG Technology has been awarded a significant contract with Petronas to provide software and HPCaaS services for a minimum three-year term. After paying a managed services partner to undertake part of the contract, the net minimum contract value of $18.2m is equivalent to c $6m revenue per annum. We have upgraded our forecasts factoring in a small contribution in FY26 before run-rate revenue is reached in FY27.

• Full transcript of post results interview with Pureprofile’s CEO Martin Filz and COO/CFO Melinda Sheppard.

• Context: The IGO (IGO AU) vs. Iluka (ILU AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long IGO (IGO AU) and short Iluka Resources (ILU AU) targets a 12% return to the one standard deviation level.
• 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.

• 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.
• Pureprofile has confirmed its audited results for FY25 including a 1,531% uplift in reported NPAT to $1.54m, a 50% jump in adjusted NPAT to $1.9m, previously reported revenue growth of 19% to $57.2m and an 18% uplift in EBITDA to $5.2m.
• The latter two were both measures within the company’s FY25 guidance range for FY25 revenue to fall between $57m and $58m and for EBITDA, excluding significant items, to be between $5.2m to $5.8m (company release 28 January).

• 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.
• The company has announced new revenue guidance for FY26 in the range of A$30-35m with a 40/60 split to H1/H2.
• The revenue guidance was given during a webinar following the announcement of a five-year exclusive supplier and development agreement with Titomic (ASX:TTT) for refractory and titanium alloy spherical powders.

• FMG’s FY25 earnings slumped, with net profit hitting a five-year low as weak Chinese demand and global oversupply pressured prices.
• Heavy reliance on iron ore and limited diversification keep Fortescue lagging peers Rio Tinto and BHP, amplifying downside risks ahead.
• Fragile share price recovery faces technical headwinds, while narrowing steel mill margins undermine near-term prospects for premium ore demand.

• Stockland posted a strong FY25 result and guidance, highlighting growth potential in residential and commercial property, while addressing funding concerns.
• -Stockland posts FY25 and FY26 guidance beats -Master-planned communities growth a highlight in residential -Data centre partnerships to drive commercial -Analysts praise a reduced dividend payout