Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>A summary of the highlights from Broker Call Extra updates throughout the week past.</li></ul>

A summary of the highlights from Broker Call Extra updates throughout the week past.

Bellevue Gold Ltd - In Case You Missed It - BC Extra Upgrades & Downgrades - 25-07-25

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 Nov 15th (reported today) which has an aggregated short interest worth USD24.6bn.</li>
<li>We tabulate league table 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 ANZ, James Hardie Industries, Endeavour, Goodman.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 15th (reported today) which has an aggregated short interest worth USD24.6bn.
We tabulate league table 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 ANZ, James Hardie Industries, Endeavour, Goodman.


ASX Short Interest Weekly (Nov 15th): ANZ, James Hardie Industries, Endeavour, Goodman

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beach-energy-ltd" target="_blank" data-smartkarma-citation="entities:795:1" rel="noopener">Beach Energy (BPT AU)</a>’s revised offer of A$0.25 per share was quickly gazumped by Hancock's revised off-market proposal of A$0.28 for <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>. All other terms remain unchanged.</li>
<li>Speculation that <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a> would also be a takeover target has resulted in its all-scrip offer rising to A$0.248 per share (at last close).</li>
<li>Expect another round of the takeover battle as the bidders are well capitalised and the strategic importance of Perth Basin as Australia’s premier onshore basin.</li>
</ul>



Beach Energy (BPT AU)’s revised offer of A$0.25 per share was quickly gazumped by Hancock's revised off-market proposal of A$0.28 for Warrego Energy (WGO AU). All other terms remain unchanged.
Speculation that Strike Energy (STX AU) would also be a takeover target has resulted in its all-scrip offer rising to A$0.248 per share (at last close).
Expect another round of the takeover battle as the bidders are well capitalised and the strategic importance of Perth Basin as Australia’s premier onshore basin.


Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing

<ul>
<li>Hancock’s offer of A$0.23 is at a 15% premium to <a href="https://www.smartkarma.com/entities/beach-energy-ltd" target="_blank" data-smartkarma-citation="entities:795:1" rel="noopener">Beach Energy (BPT AU)</a>’s A$0.20 offer and a 21.1% premium to <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>’s scrip value on 29 November. </li>
<li>The Hancock off-market offer for <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a> has no minimum acceptance condition or a material adverse change clause. The offer closes on 31 January 2023.</li>
<li>STX could be Hancock’s next logical target to facilitate Perth Basin consolidation. Between STX and BPT, BPT is more likely to return with an improved offer.  </li>
</ul>


Hancock’s offer of A$0.23 is at a 15% premium to Beach Energy (BPT AU)’s A$0.20 offer and a 21.1% premium to Strike Energy (STX AU)’s scrip value on 29 November. 
The Hancock off-market offer for Warrego Energy (WGO AU) has no minimum acceptance condition or a material adverse change clause. The offer closes on 31 January 2023.
STX could be Hancock’s next logical target to facilitate Perth Basin consolidation. Between STX and BPT, BPT is more likely to return with an improved offer.  


Warrego (WGO AU) In a Three-Way Tussle with Hancock’s A$0.23 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beach-energy-ltd" target="_blank" data-smartkarma-citation="entities:795:1" rel="noopener">Beach Energy (BPT AU)</a>’s all-cash proposal is A$0.20 per share and <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>’s all-scrip proposal is 0.775x STX shares per <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Petrel Energy (WGO AU)</a> share. </li>
<li>BPT’s all-cash offer provides value certainty. On the other hand, STX’s all-scrip offer lets shareholders get exposure to 100% interest in the West Erregulla project.</li>
<li>Both offers are reasonable but far from knockout bids, which suggests room for a further bidding round. At the last close, BPT’s offer is 3.2% higher than STX’s offer.</li>
</ul>



Beach Energy (BPT AU)’s all-cash proposal is A$0.20 per share and Strike Energy (STX AU)’s all-scrip proposal is 0.775x STX shares per Petrel Energy (WGO AU) share. 
BPT’s all-cash offer provides value certainty. On the other hand, STX’s all-scrip offer lets shareholders get exposure to 100% interest in the West Erregulla project.
Both offers are reasonable but far from knockout bids, which suggests room for a further bidding round. At the last close, BPT’s offer is 3.2% higher than STX’s offer.


Warrego (WGO AU) Bidding War Between Strike (STX AU) And Beach (BPT AU)

Australia

Amplitude Energy Limited operates as a carbon-neutral gas exploration and production company. The Company holds exploration permits and conduct exploration for new sources of natural gas supply in South-east Australia.

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Amplitude Energy (AEL AU)

Bellevue Gold Ltd - In Case You Missed It - BC Extra Upgrades & Downgrades - 25-07-25

A summary of the highlights from Broker Call Extra updates throughout the week past.

FNArena

ASX Short Interest Weekly (Nov 15th): ANZ, James Hardie Industries, Endeavour, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, James Hardie Industries, Endeavour, Goodman.

Ke Yan, CFA, FRM

Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing

Shares closed slightly above Hancock's offer. Expect another round of bids as the bidders are well capitalised and the strategic importance of...

Arun George

Warrego (WGO AU) In a Three-Way Tussle with Hancock’s A$0.23 Offer

Due to the expectation that BPT or STX returns with an improved offer, the WGO shares closed 11% above Hancock’s offer. Expect BPT to come back...

Arun George

Warrego (WGO AU) Bidding War Between Strike (STX AU) And Beach (BPT AU)

Both offers are reasonable but far from knockout bids, which suggests room for a further bidding round. At the last close, BPT’s offer is 3.2%...

Arun George

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