Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for ten prominent Australian stocks and the benchmark.</li>
<li>
Highlights: December implied volatility tends to be rich for the banks and cheap for the miners. <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> implied volatility is cheap across the curve.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for ten prominent Australian stocks and the benchmark.

Highlights: December implied volatility tends to be rich for the banks and cheap for the miners. S&amp;P/ASX 200 (AS51 INDEX) implied volatility is cheap across the curve.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


From Banks to Miners: Cheap Vs. Rich Volatility Across Australia

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<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

Event-Driven

<ul>
<li>The Reserve Bank of Australia (RBA) meets on Tuesday, 30 September 2025, with a rate decision due at 14:30h AEST. 
</li>
<li>
Highlights: Consensus is firmly for a hold (96% probability), but surprise cuts have historically doubled the market’s typical daily move. Sector impacts—banks vs. resources—closely examined.</li>
<li>
Why Read: An actionable roadmap to sector sensitivities, highlighting bank and resource ETFs as tactical vehicles if the RBA deviates from expectations.</li>
</ul>


The Reserve Bank of Australia (RBA) meets on Tuesday, 30 September 2025, with a rate decision due at 14:30h AEST. 


Highlights: Consensus is firmly for a hold (96% probability), but surprise cuts have historically doubled the market’s typical daily move. Sector impacts—banks vs. resources—closely examined.

Why Read: An actionable roadmap to sector sensitivities, highlighting bank and resource ETFs as tactical vehicles if the RBA deviates from expectations.


RBA Rate Watch: Navigating ASX 200, Banks, and Resources

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 19th (reported today). The aggregated short interest was USD26.4bn.</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 Northern Star Resources, Ramelius Resources, Brambles, Evolution Mining, Regis Resources.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 19th (reported today). The aggregated short interest was USD26.4bn.
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 Northern Star Resources, Ramelius Resources, Brambles, Evolution Mining, Regis Resources.


ASX Short Interest Weekly (Sep 19th): Northern Star Resources, Ramelius Resources, Brambles

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Zijin Mining Group Co Ltd H / Equity Bottom-Up

<ul>
<li>Copper &amp; Gold Torque: Zijin has crossed US$100bn market cap as copper tops US$10,300/t and gold nears US$3,770/oz, with shares up ~60% in 3M and ~83% in 12M.</li>
<li>Spin-Off Catalyst: Zijin Gold International IPO raised US$3.2bn at HK$71.6/sh; on our quality-weighted view, fair value is ~US$38.5bn EV vs ~US$24bn at IPO.</li>
<li>Valuation Upside: 2027E SOTP points to HK$34.8/sh base (+12%), HK$38–39/sh spot (+25%), and HK$39–41/sh bull (+30%); detailed Zijin Gold valuation in our companion report.</li>
</ul>


Copper &amp; Gold Torque: Zijin has crossed US$100bn market cap as copper tops US$10,300/t and gold nears US$3,770/oz, with shares up ~60% in 3M and ~83% in 12M.
Spin-Off Catalyst: Zijin Gold International IPO raised US$3.2bn at HK$71.6/sh; on our quality-weighted view, fair value is ~US$38.5bn EV vs ~US$24bn at IPO.
Valuation Upside: 2027E SOTP points to HK$34.8/sh base (+12%), HK$38–39/sh spot (+25%), and HK$39–41/sh bull (+30%); detailed Zijin Gold valuation in our companion report.


Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

Australia

BHP Group Limited operates as a mining company.  The Companyengages in the exploration, development, production and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP LN)

From Banks to Miners: Cheap Vs. Rich Volatility Across Australia

Volatility cones help evaluate options trading, showing Australian banks are rich and miners are cheap in December. Spot opportunities and manage...

Gaudenz Schneider

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

RBA Rate Watch: Navigating ASX 200, Banks, and Resources

30 September 2025 – RBA Rate Decision: Consensus points to a hold, but a surprise cut could shake markets. Key sectors—banks and resources—are...

Gaudenz Schneider

ASX Short Interest Weekly (Sep 19th): Northern Star Resources, Ramelius Resources, Brambles

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

Ke Yan, CFA, FRM

Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

From Banks to Miners: Cheap Vs. Rich Volatility Across Australia

​Volatility cones help evaluate options trading, showing Australian banks are rich and miners are cheap in December. Spot opportunities and manage...

Gaudenz Schneider

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

RBA Rate Watch: Navigating ASX 200, Banks, and Resources

30 September 2025 – RBA Rate Decision: Consensus points to a hold, but a surprise cut could shake markets. Key sectors—banks and resources—are...

Gaudenz Schneider

ASX Short Interest Weekly (Sep 19th): Northern Star Resources, Ramelius Resources, Brambles

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

Ke Yan, CFA, FRM

Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

​Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...

Rahul Jain

Volatility cones help evaluate options trading, showing Australian banks are rich and miners are cheap in December. Spot opportunities and manage...

Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...