External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Mirrabooka Investments / Equity Bottom-Up

<ul><li>Mirrabooka Investments (MIR) Mirrabooka Investments aims to provide attractive investment returns over the medium to long term through holding core investments in a portfolio of 50-70 small and medium sized companies and to provide attractive dividend returns.</li><li>MIR focuses on companies with attractive valuations, prospects for strong growth and the potential to benefit from takeover activity.</li><li>These companies typically exhibit ‘quality’ characteristics by targeting businesses that can demonstrate sustainable competitive advantages, have strong management, have competitive moats and demonstrate balance sheet strength. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirrabooka Investments (MIR) Mirrabooka Investments aims to provide attractive investment returns over the medium to long term through holding core investments in a portfolio of 50-70 small and medium sized companies and to provide attractive dividend returns.MIR focuses on companies with attractive valuations, prospects for strong growth and the potential to benefit from takeover activity.These companies typically exhibit ‘quality’ characteristics by targeting businesses that can demonstrate sustainable competitive advantages, have strong management, have competitive moats and demonstrate balance sheet strength. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 14th (reported today). The aggregated short interest was USD27.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Northern Star Resources, Aristocrat Leisure, Sonic Healthcare, Super Retail, DroneShield.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 14th (reported today). The aggregated short interest was USD27.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Northern Star Resources, Aristocrat Leisure, Sonic Healthcare, Super Retail, DroneShield.


ASX Short Interest Weekly (Nov 14th): Northern Star Resources, Aristocrat Leisure, Sonic Healthcare

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 26th (reported today). The aggregated short interest was USD27.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 26th (reported today). The aggregated short interest was USD27.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.


ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 5th (reported today). The aggregated short interest was USD26.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Goodman, Ramsay Health Care, WiseTech Global, Origin Energy, Ampol.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 5th (reported today). The aggregated short interest was USD26.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Goodman, Ramsay Health Care, WiseTech Global, Origin Energy, Ampol.


ASX Short Interest Weekly (Sep 5th): Goodman, Ramsay Health Care, WiseTech Global, Origin Energy

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Fonterra Co-Operative Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fonterra-co-operative-group-ltd" target="_blank" data-smartkarma-citation="entities:28146:1" rel="noopener">Fonterra Co-Operative Group (FCG NZ)</a> has agreed to sell its consumer and associated businesses to Lactalis for NZ$3.845bn, in line with prior market valuations upward of NZ$4bn for the "Mainland Group".</li>
<li>The ACCC previously commenced a formal review of Lactalis' proposed acquisition on the 2nd May, and on the 10th July, announced it would not oppose the deal.</li>
<li>There is potential for a further NZ$375mn increase from the inclusion of the Bega licences held by Fonterra’s Australian business - once a legal dispute is resolved.</li>
</ul>



Fonterra Co-Operative Group (FCG NZ) has agreed to sell its consumer and associated businesses to Lactalis for NZ$3.845bn, in line with prior market valuations upward of NZ$4bn for the "Mainland Group".
The ACCC previously commenced a formal review of Lactalis' proposed acquisition on the 2nd May, and on the 10th July, announced it would not oppose the deal.
There is potential for a further NZ$375mn increase from the inclusion of the Bega licences held by Fonterra’s Australian business - once a legal dispute is resolved.


Fonterra (FCG NZ) Inks Spin-Off With Lactalis

Australia

Bega Cheese Ltd. provides dairy food products. The Company offers a variety of cheese products including can, stringers, fingers, slice, whey powder, processed, natural, and reduced fat cheddar cheeses. Bega Cheese's exports its whey powder to Asian countries. Bega Cheese's also distributes its cheese products to international commodity markets.

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Bega Cheese Ltd (BGA AU)

Analyst Outlook December 2025

MIR focuses on companies with attractive valuations, prospects for strong growth and the potential to benefit from takeover activity.

Bell Potter

ASX Short Interest Weekly (Nov 14th): Northern Star Resources, Aristocrat Leisure, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Aristocrat Leisure, Sonic...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Washington H Soul Pattinson&Co, Northern Star...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Sep 5th): Goodman, Ramsay Health Care, WiseTech Global, Origin Energy

We analyzed ASX short interest report for the past week and highlight short interest changes in Goodman, Ramsay Health Care, WiseTech Global,...

Ke Yan, CFA, FRM

Fonterra (FCG NZ) Inks Spin-Off With Lactalis

The sale is a win for Fonterra. Nevertheless, Fonterra's market cap has increased by NZ$5.4bn since the divestment was first floated. The sale...

David Blennerhassett

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