Daily Brief Australia: Qbe Insurance, Beetaloo Energy Australia, DUG Technology Ltd and more

• 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.