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 Mar 20th. The aggregated short interest is USD534m.</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 Telekom Malaysia, UEM Sunrise, Datasonic, WCT, KPJ Healthcare.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 20th. The aggregated short interest is USD534m.
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 Telekom Malaysia, UEM Sunrise, Datasonic, WCT, KPJ Healthcare.


Bursa Short Interest Weekly (Mar 20th): Telekom Malaysia, UEM Sunrise, Datasonic, WCT

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back 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> tabled 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 so-so 14.55% premium to undisturbed.</li>
<li>The independent advisor concluded terms were not fair and not reasonable with a punchy RM5.84-RM6.48/share fair value range.  State-owned fund manager PNB (13.3% shareholder) concurred and announced it won't tender. </li>
<li>IJM is down 16% since reports emerged of an alleged money laundering Scheme. IJM denies any wrongdoing. The IA flagged MACC's investigation could affect IJM's pricing. You think? </li>
</ul>


Back on the 12th January 2026, Sunway Bhd (SWB MK) tabled a voluntary RM3.15 cash/scrip Offer for Ijm Corp Bhd (IJM MK), a so-so 14.55% premium to undisturbed.
The independent advisor concluded terms were not fair and not reasonable with a punchy RM5.84-RM6.48/share fair value range.  State-owned fund manager PNB (13.3% shareholder) concurred and announced it won't tender. 
IJM is down 16% since reports emerged of an alleged money laundering Scheme. IJM denies any wrongdoing. The IA flagged MACC's investigation could affect IJM's pricing. You think? 


IJM (IJM MK): The IA & PNB Reject Sunway's Offer Despite MACC Probe

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 13th. The aggregated short interest is USD538m.</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 Bumi Armada, KPJ Healthcare, Inari Amertron, Hibiscus Petroleum, Telekom Malaysia.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 13th. The aggregated short interest is USD538m.
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 Bumi Armada, KPJ Healthcare, Inari Amertron, Hibiscus Petroleum, Telekom Malaysia.


Bursa Short Interest Weekly (Mar 13th): Bumi Armada, KPJ Healthcare, Inari Amertron

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.

<ul>
<li>The <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> Board unanimously recommends that the shareholders REJECT <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a>’s cash/scrip conditional voluntary offer. </li>
<li>Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. </li>
<li>The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.</li>
</ul>


The Ijm Corp Bhd (IJM MK) Board unanimously recommends that the shareholders REJECT Sunway Bhd (SWB MK)’s cash/scrip conditional voluntary offer. 
Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. 
The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.


IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> released its circular regarding its cash/scrip conditional voluntary 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>, valued at RM3.15. The Sunway EGM is on 26 March. </li>
<li>Sunway shareholder approval will be forthcoming. The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way.</li>
<li>Risk/Reward is favourable. The shares trade marginally above the "true" undisturbed price while the gross spread at last close is 35.2% (23.8% based on Sunway’s last close). </li>
</ul>



Sunway Bhd (SWB MK) released its circular regarding its cash/scrip conditional voluntary offer for Ijm Corp Bhd (IJM MK), valued at RM3.15. The Sunway EGM is on 26 March. 
Sunway shareholder approval will be forthcoming. The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way.
Risk/Reward is favourable. The shares trade marginally above the "true" undisturbed price while the gross spread at last close is 35.2% (23.8% based on Sunway’s last close). 


IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

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 (Mar 20th): Telekom Malaysia, UEM Sunrise, Datasonic, WCT

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Telekom Malaysia, UEM Sunrise,...

Ke Yan, CFA, FRM

IJM (IJM MK): The IA & PNB Reject Sunway's Offer Despite MACC Probe

The gross spread may be enough for Sunway to secure control. I find the IA analysis to be flawed. The anti-graft probe? Perhaps there is no...

David Blennerhassett

Bursa Short Interest Weekly (Mar 13th): Bumi Armada, KPJ Healthcare, Inari Amertron

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Bumi Armada, KPJ Healthcare, Inari...

Ke Yan, CFA, FRM

IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

Sunway has few credible options to respond. The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back...

Arun George

IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way. Nevertheless, the risk...

Arun George

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