Coverage Update 20 October 2026 (INA, NAB, HUB, BHP, RRL, BGL, PLS, RGN)

Ryan Lim

20 October 2026 · 3 min read

Eight companies under our coverage made announcements on Tuesday, among them an extension of the process deed deadline between Ingenia and Warburg Pincus, a restructuring at National Australia Bank, HUB24's first-quarter flows, September-quarter reports from BHP, Regis Resources and Bellevue Gold, a proposed notes offering from PLS and Region Group's annual general meeting. Codan's annual general meeting was covered in our separate note this afternoon. The complimentary notes below cover what happened; members receive our full assessment of every announcement against our published ratings and fair values, which are unchanged on all eight companies. Prices and share price moves are as at the close on Tuesday 20 October.

Ingenia Communities Group (ASX: INA)

Ingenia describes itself as a leading operator, owner and developer of communities offering affordable rental and holiday accommodation focussed on the growing seniors' market in Australia. It and Warburg Pincus did not sign the process deed that was a condition of Warburg's non-binding A$5.25 cash a security proposal by 19 October; they will seek to agree it by Friday 23 October, and in the meantime Ingenia will allow Warburg comprehensive due diligence. The Board has not determined that the proposal is superior to Ingenia's agreed acquisition of Peet, which it continues to work towards, and there is no certainty of a binding offer. The shares rose 9.7% to A$4.65, while Peet fell 7.1% to A$1.44.

National Australia Bank (ASX: NAB)

National Australia Bank is one of Australia's four major banks. It expects to reduce its internal workforce by up to 2,500 roles, about 6%, in FY27, focused on corporate functions, and to materially reduce its use of consultants and external contractors, with a restructuring charge of about A$300m pre-tax in FY27, against about A$80m in each of FY25 and FY26. NAB will provide its FY27 cost outlook with the FY26 result on 5 November. The shares fell 1.8% to A$39.20.

HUB24 (ASX: HUB)

HUB24 operates the HUB24 investment platform for financial advisers and their clients, alongside its Class, NowInfinity and myprosperity businesses. Platform net inflows were A$4.0bn in the September quarter, down 23% on a year earlier, and platform funds under administration rose 3% over the quarter to A$143.7bn. HUB24 ranked first for quarterly net inflows for an eleventh consecutive quarter in the latest Plan for Life data, to 30 June, and 5,860 advisers use the platform. The shares rose 3.9% to A$67.08.

BHP Group (ASX: BHP)

BHP mines copper, iron ore and steelmaking coal and is building the Jansen potash project. All FY27 production and unit cost guidance was unchanged. September-quarter copper production was 400.7kt, down 19% on a year earlier, and iron ore production was 66.5Mt, while realised prices were US$7.01/lb for copper, up 53%, and US$76.27/wmt for iron ore, down 9%. Jansen Stage 1 is 87% complete, with first production targeted for mid-2027. The shares fell 1.6% to A$59.50.

Regis Resources (ASX: RRL)

Regis Resources is a gold producer with its Duketon operations and a 30% interest in Tropicana. September-quarter all-in sustaining cost was A$3,617 an ounce, with gold sold at an average A$6,088 an ounce, and FY27 guidance of 360,000-400,000 ounces at A$2,990-3,390 an ounce was unchanged. On 14 October the Federal Court found the declaration over part of the McPhillamys project site legally invalid, and Regis anticipates that the Minister will be required to redetermine the application. The shares fell 1.9% to A$6.85.

Bellevue Gold (ASX: BGL)

Bellevue Gold operates its 100% owned Bellevue Gold Project. September-quarter production was 35,585 ounces at an all-in sustaining cost of A$3,096 an ounce, as the ramp-up of its new mining contractor was slower than expected; Bellevue expects to recover the deferred production in later quarters and kept FY27 guidance of 150,000-170,000 ounces unchanged. Hedge commitments fell to 57,500 ounces, and cash and gold rose to A$213m against A$100m of bank debt. The shares fell 1.0% to A$1.415.

PLS Group (ASX: PLS)

PLS describes itself as a leading global producer of lithium materials, and it owns the Pilgangoora operation in Australia. It announced a proposed offering of up to US$700m of senior unsecured notes due 2032 to institutional investors, with the proceeds for general corporate purposes including capital expenditure and other growth opportunities. The shares rose 1.0% to A$2.93.

Region Group (ASX: RGN)

Region Group describes itself as Australia's leading internally managed essential retail REIT. At its annual general meeting it maintained FY27 guidance of funds from operations of 16.5c a security and adjusted funds from operations of 14.5c, both up 3.0%, with a target payout of 100% of adjusted funds from operations, after exchanging contracts to sell three neighbourhood centres for A$73.5m. The shares fell 0.9% to A$2.19.

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