Daily Brief Australia: Weebit Nano Ltd, 4DS Memory Ltd, PolyNovo Ltd, Ricegrowers Ltd and more

• Weebit Nano is a pre-revenue semiconductor company developing a next-generation non-volatile memory (NVM) technology called Resistive RAM (ReRAM).
• The company’s primary business model is licensing its ReRAM intellectual property (IP) to semiconductor foundries and integrated device manufacturers (IDMs).
• Weebit’s ReRAM technology aims to be a successor to flash memory, offering significant improvements in performance, power consumption, and endurance, particularly for applications in IoT, AI, and automotive sectors.

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• 4DS Memory is a semiconductor technology company developing a proprietary Interface Switching Resistive Random Access Memory (ReRAM) for high-bandwidth and high-endurance applications, particularly targeting the AI and high-performance computing markets.
• The company is in a pre-revenue stage, focusing on research and development. Recent developments include a strategic review and a pause in its collaboration with imec and Infineon to reassess its technology pathway, creating significant uncertainty.
• Financially, 4DS is reliant on capital raisings to fund its operations, with no revenue generated to date and consistent net losses. The company’s future is contingent on the successful development and commercialization of its ReRAM technology.

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• PolyNovo is a rapidly growing medical device company whose patented NovoSorb® biodegradable polymer technology is disrupting the advanced wound care market, particularly in burns and trauma.
• The company has demonstrated exceptional revenue growth, recently achieving profitability, driven by the increasing adoption of its flagship product, NovoSorb BTM, in key markets like the United States.
• Future growth is expected to be fueled by geographic expansion into new markets, the launch of new products and indications (such as NovoSorb MTX), and potential tailwinds from favorable reimbursement changes in the U.S.

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• Ricegrowers Limited, trading as SunRice (ASX:SGLLV) has been the strongest performing stock across our selected FMCG peer group from a share price perspective since June 2025, rising 66% against a peer average +10% and closest peer (Ebro Foods) +4%.
• ASX300 index inclusion (September 2025) appears the driver of the most recent price rally, closing the historical EV/EBITDA multiple discount to peers.
• While wary of chasing the share price, we have previously alluded to some wiggle room with the beta we use in deriving our DCF valuation.