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

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

James Hardie Industries Plc / Equity Bottom-Up

<ul><li>Stockland posted a strong FY25 result and guidance, highlighting growth potential in residential and commercial property, while addressing funding concerns.</li><li> -Stockland posts FY25 and FY26 guidance beats -Master-planned communities growth a highlight in residential -Data centre partnerships to drive commercial -Analysts praise a reduced dividend payout</li></ul>

Stockland posted a strong FY25 result and guidance, highlighting growth potential in residential and commercial property, while addressing funding concerns. -Stockland posts FY25 and FY26 guidance beats -Master-planned communities growth a highlight in residential -Data centre partnerships to drive commercial -Analysts praise a reduced dividend payout

James Hardie Industries Plc - Stockland Firing On All Cylinders

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 Aug 22nd (reported today). The aggregated short interest was USD25.6bn.</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 Bluescope Steel, CSL, Wesfarmers, Northern Star Resources, Lottery.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Aug 22nd (reported today). The aggregated short interest was USD25.6bn.
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 Bluescope Steel, CSL, Wesfarmers, Northern Star Resources, Lottery.


ASX Short Interest Weekly (Aug 22nd): Bluescope Steel, CSL, Wesfarmers, Northern Star Resources

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> announced major strategic initiatives targeting annual pre-tax cost savings of &gt;$500M by end of FY28. The initiatives will result in 15% reduction in CSL’s employee base.</li>
<li>CSL intends to demerge CSL Seqirus as a substantial ASX-listed entity by FY26. The remaining CSL group will continue to have leading market positions in multiple rare and serious diseases.</li>
<li>CSL reported on-target financial performance for FY25. The company has guided for FY26 revenue growth of 4–5% and NPATA (excluding non-recurring restructuring cost) of $3.45B–3.55B, up 7–10%.</li>
</ul>



CSL Ltd (CSL AU) announced major strategic initiatives targeting annual pre-tax cost savings of &gt;$500M by end of FY28. The initiatives will result in 15% reduction in CSL’s employee base.
CSL intends to demerge CSL Seqirus as a substantial ASX-listed entity by FY26. The remaining CSL group will continue to have leading market positions in multiple rare and serious diseases.
CSL reported on-target financial performance for FY25. The company has guided for FY26 revenue growth of 4–5% and NPATA (excluding non-recurring restructuring cost) of $3.45B–3.55B, up 7–10%.


CSL Ltd (CSL AU): Announces Job Cut and Vaccine Unit Spinout Amid Strong FY25 Financial Performance

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Aug 15th (reported today). The aggregated short interest was USD26.2bn.</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 Liontown Resources, CAR, ANZ, Light &amp; Wonder, Premier Investments.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Aug 15th (reported today). The aggregated short interest was USD26.2bn.
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 Liontown Resources, CAR, ANZ, Light &amp; Wonder, Premier Investments.


ASX Short Interest Weekly (Aug 15th): Liontown Resources, CAR, ANZ, Light & Wonder

United States

CSL Limited develops, manufactures, and markets human pharmaceutical and diagnostic products derived from human plasma. The Company provides products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

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CSL (CSL AT)

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

James Hardie Industries Plc - Stockland Firing On All Cylinders

Stockland posted a strong FY25 result and guidance, highlighting growth potential in residential and commercial property, while addressing funding...

FNArena

ASX Short Interest Weekly (Aug 22nd): Bluescope Steel, CSL, Wesfarmers, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Bluescope Steel, CSL, Wesfarmers, Northern Star...

Ke Yan, CFA, FRM

CSL Ltd (CSL AU): Announces Job Cut and Vaccine Unit Spinout Amid Strong FY25 Financial Performance

CSL announced major strategic initiatives targeting annual cost savings of >$500M by FY28. The initiatives will lead to 15% reduction in CSL’s...

Tina Banerjee

ASX Short Interest Weekly (Aug 15th): Liontown Resources, CAR, ANZ, Light & Wonder

We analyzed ASX short interest report for the past week and highlight short interest changes in Liontown Resources, CAR, ANZ, Light & Wonder,...

Ke Yan, CFA, FRM

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52-week Range

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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

James Hardie Industries Plc - Stockland Firing On All Cylinders

Stockland posted a strong FY25 result and guidance, highlighting growth potential in residential and commercial property, while addressing funding...

FNArena

ASX Short Interest Weekly (Aug 22nd): Bluescope Steel, CSL, Wesfarmers, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Bluescope Steel, CSL, Wesfarmers, Northern Star...

Ke Yan, CFA, FRM

CSL Ltd (CSL AU): Announces Job Cut and Vaccine Unit Spinout Amid Strong FY25 Financial Performance

CSL announced major strategic initiatives targeting annual cost savings of >$500M by FY28. The initiatives will lead to 15% reduction in CSL’s...

Tina Banerjee

ASX Short Interest Weekly (Aug 15th): Liontown Resources, CAR, ANZ, Light & Wonder

We analyzed ASX short interest report for the past week and highlight short interest changes in Liontown Resources, CAR, ANZ, Light & Wonder,...

Ke Yan, CFA, FRM

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