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 Bursa stocks as of Apr 10th. The aggregated short interest is USD521m.</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 Public Bank, Datasonic, Westports, Sime Darby, Dayang Enterprise.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Apr 10th. The aggregated short interest is USD521m.
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 Public Bank, Datasonic, Westports, Sime Darby, Dayang Enterprise.


Bursa Short Interest Weekly (Apr 10th): Public Bank, Datasonic, Westports, Sime Darby

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Apr 3rd. The aggregated short interest is USD512m.</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 Top Glove, Public Bank, Petronas Chemicals, Dialog, YTL Power International.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Apr 3rd. The aggregated short interest is USD512m.
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 Top Glove, Public Bank, Petronas Chemicals, Dialog, YTL Power International.


Bursa Short Interest Weekly (Apr 3rd): Top Glove, Public Bank, Petronas Chemicals, Dialog

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 27th. The aggregated short interest is USD526m.</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 Public Bank, Malaysian Resources, IJM, FARM FRESH, ITMAX System.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 27th. The aggregated short interest is USD526m.
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 Public Bank, Malaysian Resources, IJM, FARM FRESH, ITMAX System.


Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday (26th March), <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway (SWB MK)</a> shareholders approved (99.27% FOR) the Offer for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm (IJM MK)</a>. This was a simple majority (50%) vote, or ordinary resolution. Jeffrey Cheah holds 60.5%.</li>
<li>
What now? The Offer is conditional on  a 50% acceptance hurdle and 13.7% of shares out - up until the 26th March - have tendered. </li>
<li>The 6th April is labelled the "First Closing Date"; but effectively the last day for the Offer to turn unconditional. At a ~24% gross spread, this could/should still get up. </li>
</ul>


Yesterday (26th March), Sunway (SWB MK) shareholders approved (99.27% FOR) the Offer for Ijm (IJM MK). This was a simple majority (50%) vote, or ordinary resolution. Jeffrey Cheah holds 60.5%.

What now? The Offer is conditional on  a 50% acceptance hurdle and 13.7% of shares out - up until the 26th March - have tendered. 
The 6th April is labelled the "First Closing Date"; but effectively the last day for the Offer to turn unconditional. At a ~24% gross spread, this could/should still get up. 


Sunway Greenlights IJM (Of Course). Tendering Closes On The 6th April

<ul>
<li>On the 12th January 2026, <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> launched a voluntary RM3.15 cash/scrip Offer for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">IJM Corp Bhd (IJM MK)</a>, a 14.55% premium to undisturbed.</li>
<li>IJM subsequently confirmed on the 20th January it had met with the Malaysian Anti-Corruption Commission (MACC). Undeterred, Sunway reiterated it intended to proceed with the Offer. </li>
<li>
The MACC has now cleared IJM. No clarification whether Chairman Tan Sri Krishnan Tan has also been cleared. This development will reinforce the independent advisor's and PNB's rejection of terms.</li>
</ul>


On the 12th January 2026, Sunway Bhd (SWB MK) launched a voluntary RM3.15 cash/scrip Offer for IJM Corp Bhd (IJM MK), a 14.55% premium to undisturbed.
IJM subsequently confirmed on the 20th January it had met with the Malaysian Anti-Corruption Commission (MACC). Undeterred, Sunway reiterated it intended to proceed with the Offer. 

The MACC has now cleared IJM. No clarification whether Chairman Tan Sri Krishnan Tan has also been cleared. This development will reinforce the independent advisor's and PNB's rejection of terms.


Malaysia

Gamuda Berhad is an investment holding and civil engineering construction company. Through its subsidiaries, the Company provides earthwork construction, manufactures and supplies road surfacing materials, and operates quarry and road laying projects. Gamuda also has operation in hiring and rental of plant and machinery, develops properties, and manufactures and sells paper.

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Gamuda Bhd (GAM MK)

Bursa Short Interest Weekly (Apr 10th): Public Bank, Datasonic, Westports, Sime Darby

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Public Bank, Datasonic, Westports,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Apr 3rd): Top Glove, Public Bank, Petronas Chemicals, Dialog

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Top Glove, Public Bank, Petronas...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Public Bank, Malaysian Resources, IJM,...

Ke Yan, CFA, FRM

Sunway Greenlights IJM (Of Course). Tendering Closes On The 6th April

The gross spread to terms remains at a hefty - and stubborn - ~24%. Despite the IA's and PNB's rejection, that wide spread may/should be attractive...

David Blennerhassett

MACC Clears IJM Corp (IJM MK)

The gross spread remains chunky at ~23%. IJM is down 12% since the Offer was announced. Sunway and peers are down 6% and 2%. The IA analysis to be...

David Blennerhassett

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