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 Sep 20th (reported today) which has an aggregated short interest worth USD26.9bn.</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 Goodman, Evolution Mining, Woodside Energy, Macquarie, Australia And New Zealand Banking, Technology One, Computershare.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 20th (reported today) which has an aggregated short interest worth USD26.9bn.
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 Goodman, Evolution Mining, Woodside Energy, Macquarie, Australia And New Zealand Banking, Technology One, Computershare.


ASX Short Interest Weekly (Sep 20th): Goodman, Evolution Mining, Woodside Energy, Macquarie

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 13th (reported today) which has an aggregated short interest worth USD25.4bn.</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 Mineral Resources, Westpac, Gpt, Australian Clinical Labs, Aristocrat Leisure, James Hardie Industries Plc.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 13th (reported today) which has an aggregated short interest worth USD25.4bn.
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 Mineral Resources, Westpac, Gpt, Australian Clinical Labs, Aristocrat Leisure, James Hardie Industries Plc.


ASX Short Interest Weekly (Sep 13th): Mineral Resources, Westpac, Gpt, Australian Clinical Labs

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Since being spun out from BHP in 2015, <strong><a href="https://www.smartkarma.com/entities/south32-ltd" target="_blank" data-smartkarma-citation="entities:22654:1" rel="noopener">South32 Ltd (S32 AU)</a></strong> has doggedly addressed its vast asset portfolio. </li>
<li>This strategy has not been without issue, such as the US$1.3bn writedown in Hermosa base metals project (zinc, lead) earlier this year due to inflationary pressure from inputs (steel, cement).</li>
<li>Not unlike other major miners, commodities tethered to the energy transition form a key cornerstone of South32’s forward objective, potentially leading to coal asset divestment and further copper (lithium?) acquisitions. </li>
</ul>


Since being spun out from BHP in 2015, South32 Ltd (S32 AU) has doggedly addressed its vast asset portfolio. 
This strategy has not been without issue, such as the US$1.3bn writedown in Hermosa base metals project (zinc, lead) earlier this year due to inflationary pressure from inputs (steel, cement).
Not unlike other major miners, commodities tethered to the energy transition form a key cornerstone of South32’s forward objective, potentially leading to coal asset divestment and further copper (lithium?) acquisitions. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>'s Second Court hearing is scheduled for 15 June and the stock is likely to stop trading at the close on that day. </li>
<li>Estimated passive tracker selling is 62m shares (A$809m; 31.2 days of ADV) of <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> and that could open up some arb opportunities.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/whitehaven-coal-ltd" target="_blank" data-smartkarma-citation="entities:14253:1" rel="noopener">Whitehaven Coal (WHC AU)</a> will be added to the S&amp;P/ASX 100 Index, while <a href="https://www.smartkarma.com/entities/coronado-global-resources-inc" target="_blank" data-smartkarma-citation="entities:27473:1" rel="noopener">Coronado Global Resources Inc (CRN AU)</a> could be added to the <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>. </li>
</ul>



Crown Resorts (CWN AU)'s Second Court hearing is scheduled for 15 June and the stock is likely to stop trading at the close on that day. 
Estimated passive tracker selling is 62m shares (A$809m; 31.2 days of ADV) of Crown Resorts (CWN AU) and that could open up some arb opportunities.
We expect Whitehaven Coal (WHC AU) will be added to the S&amp;P/ASX 100 Index, while Coronado Global Resources Inc (CRN AU) could be added to the S&amp;P/ASX 200 (AS51 INDEX). 


Crown Resorts (CWN AU): Passive Sell Flow and Potential ASX100/200 Replacements

Index Rebalance

<ul>
<li>There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the <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>. </li>
<li>Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.</li>
</ul>


There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the S&amp;P/ASX 200 (AS51 INDEX). 
Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.

Core Lithium Ltd (CXO AU) is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.


S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Australia

Coronado Global Resources Inc. operates as a coal mining company. The Company produces and develops metallurgical coal portfolios. Coronado Global Resources serves customers worldwide.

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Coronado Global Resources Inc (CRN AU)

ASX Short Interest Weekly (Sep 20th): Goodman, Evolution Mining, Woodside Energy, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Goodman, Evolution Mining, Woodside Energy,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Sep 13th): Mineral Resources, Westpac, Gpt, Australian Clinical Labs

We analyzed ASX short interest report for the past week and highlight short interest changes in Mineral Resources, Westpac, Gpt, Australian...

Ke Yan, CFA, FRM

Reshaping South32's Low-Carbon Footprint

Currently trading bang in line with its average trailing metrics; and marginally up on its forward metrics. I'd probably tilt positive here, but...

David Blennerhassett

Crown Resorts (CWN AU): Passive Sell Flow and Potential ASX100/200 Replacements

Crown Resorts has received all reg approvals. The court hearing takes place 15 Jun & the stock could stop trading at the close. There will be large...

Brian Freitas

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

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52-week Range

Market Cap (USDm)

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ASX Short Interest Weekly (Sep 20th): Goodman, Evolution Mining, Woodside Energy, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Goodman, Evolution Mining, Woodside Energy,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Sep 13th): Mineral Resources, Westpac, Gpt, Australian Clinical Labs

We analyzed ASX short interest report for the past week and highlight short interest changes in Mineral Resources, Westpac, Gpt, Australian...

Ke Yan, CFA, FRM

Reshaping South32's Low-Carbon Footprint

Currently trading bang in line with its average trailing metrics; and marginally up on its forward metrics. I'd probably tilt positive here, but...

David Blennerhassett

Crown Resorts (CWN AU): Passive Sell Flow and Potential ASX100/200 Replacements

Crown Resorts has received all reg approvals. The court hearing takes place 15 Jun & the stock could stop trading at the close. There will be large...

Brian Freitas

S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes