Daily Brief Australia: Aspen Group, Stockland, Cleanspace Holdings Ltd, AF Legal Group Ltd, Collins Foods and more

• Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
• Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
• Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.

• Context: The GPT Group (GPT AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Stockland (SGP AU) and short The GPT Group (GPT AU) targets a 4% return, with Stockland (SGP AU) supported by a lower P/E multiple.
• 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.

• CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).
• CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.
• Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.

• AFL is executing a roll-up strategy in the highly fragmented Australian family law market, driving strong revenue growth through acquisitions.
• Significant profitability challenges persist, evidenced by a statutory net loss in 2023 and razor-thin margins in 2025, raising concerns about the sustainability of its acquisition-led model.
• The company’s valuation appears stretched, with a P/E ratio of 100, which seems disconnected from its volatile earnings and the inherent risks of integrating numerous small law practices.

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• Collins Foods produced record interim results in a difficult environment, prompting management to issue a ‘conservative’ upgrade to FY26 guidance.
• Collins Foods delivers record interim revenue Margin ‘beats’ in Australia & Europe Market disappointed by management’s rather conservative FY26 profit upgrade UBS highlights outperformance of KFC Australia relative to peers