Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
Turnaround Strategy in Focus: <a href="https://smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e">Healius </a>is in the midst of a significant corporate transformation, having divested its Lumus Imaging and medical center businesses to become a 'pure-play' pathology provider, supplemented by its higher-growth Agilex Biolabs clinical trials division. The success of this strategic reset is paramount for shareholder returns.</li>
 <li>
Severe Margin and Funding Pressure: The company faces significant headwinds from rising labor costs and a challenging government funding environment, with Medicare rebates for pathology services remaining largely static. Management is implementing a multi-year plan to restore EBIT margins to the high-single digits by FY27 through cost-cutting, network optimization, and a focus on higher-value tests.</li>
 <li>
Challenging Financial Performance and Valuation: Recent financial performance has been poor, with significant statutory losses and a sharp decline in market capitalization. While the balance sheet has been reset post-asset sales, the company's valuation appears low, reflecting market skepticism about the pace and success of its operational recovery.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Turnaround Strategy in Focus: Healius is in the midst of a significant corporate transformation, having divested its Lumus Imaging and medical center businesses to become a 'pure-play' pathology provider, supplemented by its higher-growth Agilex Biolabs clinical trials division. The success of this strategic reset is paramount for shareholder returns.
  
Severe Margin and Funding Pressure: The company faces significant headwinds from rising labor costs and a challenging government funding environment, with Medicare rebates for pathology services remaining largely static. Management is implementing a multi-year plan to restore EBIT margins to the high-single digits by FY27 through cost-cutting, network optimization, and a focus on higher-value tests.
  
Challenging Financial Performance and Valuation: Recent financial performance has been poor, with significant statutory losses and a sharp decline in market capitalization. While the balance sheet has been reset post-asset sales, the company's valuation appears low, reflecting market skepticism about the pace and success of its operational recovery.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 28th September, published on the 2nd October.
</li>
<li>The largest industry net increase in the past week was A$0.4bn into "Banks"; the largest industry net decrease was A$0.1bn out of "Interactive Media". Net shorts increased A$0.5bn week-on-week. 
</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/artrya-ltd" target="_blank" data-smartkarma-citation="entities:41151:1" rel="noopener">Artrya (AYA AU)</a>, <a href="https://www.smartkarma.com/entities/echoiq-limited" target="_blank" data-smartkarma-citation="entities:8230:1" rel="noopener">ECHOiQ (EIQ AU)</a>, <a href="https://www.smartkarma.com/entities/catalyst-metals-ltd" target="_blank" data-smartkarma-citation="entities:4293:1" rel="noopener">Catalyst Metals (CYL AU)</a>, and <a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium (CXO AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 28th September, published on the 2nd October.

The largest industry net increase in the past week was A$0.4bn into "Banks"; the largest industry net decrease was A$0.1bn out of "Interactive Media". Net shorts increased A$0.5bn week-on-week. 

Companies mentioned in this regular weekly report include: BHP Group (BHP AU), Steadfast (SDF AU), Artrya (AYA AU), ECHOiQ (EIQ AU), Catalyst Metals (CYL AU), and Core Lithium (CXO AU).


Aussie Shorts [28 Sep 2026]: BHP Group, Steadfast, Artrya, ECHOiQ, Catalyst Metals, Core Lithium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> has agreed to buy a 100% stake in I-MED Radiology Network (I-MED) from Permira for A$3.4bn (US$2.4bn) in an all-cash deal.</li>
<li>The outlay for the largest X-ray and medical scan provider in Australia, backs out 11.5x EBITDA for FY26E (June Y/E), excluding I-MED's minority stake in Harrison.ai.</li>
<li>The transaction remains "subject to customary closing conditions including regulatory approvals" - that should include FIRB - and is "expected to complete later in 2026".</li>
</ul>



Jardine Matheson (JM SP) has agreed to buy a 100% stake in I-MED Radiology Network (I-MED) from Permira for A$3.4bn (US$2.4bn) in an all-cash deal.
The outlay for the largest X-ray and medical scan provider in Australia, backs out 11.5x EBITDA for FY26E (June Y/E), excluding I-MED's minority stake in Harrison.ai.
The transaction remains "subject to customary closing conditions including regulatory approvals" - that should include FIRB - and is "expected to complete later in 2026".


I-Med: Jardine Matheson's Big Push Into Digital Healthcare

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics entered a strategic collaboration with Eli Lilly, to advance novel medicines in oncology and immunology. InSilico and China Medical System Holdings stuck partnership on innovative drug development.</li>
<li>Eisai’s Leqembi subcutaneous autoinjector gets priority review in China. FDA accepted Takeda’s NDA for oveporexton for the treatment of narcolepsy type 1, with a decision date in 3Q26.</li>
<li>Alteogen’s once-monthly obesity treatment candidate matches weight loss effects of Eli Lilly's once-weekly retatrutide, currently under development. Pharmaessentia plans to invest $46M to establish a manufacturing subsidiary in Puerto Rico.</li>
</ul>


Innovent Biologics entered a strategic collaboration with Eli Lilly, to advance novel medicines in oncology and immunology. InSilico and China Medical System Holdings stuck partnership on innovative drug development.
Eisai’s Leqembi subcutaneous autoinjector gets priority review in China. FDA accepted Takeda’s NDA for oveporexton for the treatment of narcolepsy type 1, with a decision date in 3Q26.
Alteogen’s once-monthly obesity treatment candidate matches weight loss effects of Eli Lilly's once-weekly retatrutide, currently under development. Pharmaessentia plans to invest $46M to establish a manufacturing subsidiary in Puerto Rico.


APAC Healthcare Weekly (February 15)–Innovent Bio, InSilico, Eisai, Takeda, Alteogen, Pharmaessentia

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

Shenton Research

Shenton 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 25th (reported today). The aggregated short interest was USD49.0bn.</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 Steadfast, Wesfarmers, Macquarie, Ampol, BHP.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.
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 Steadfast, Wesfarmers, Macquarie, Ampol, BHP.


ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

Australia

Healius Limited provides health care services. The Company offers diagnostic imaging, pathology, acute and chronic disease treatment, dental and eye care, and in vitro fertilisation services. Healius serves patients in Australia.

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Healius (HLS AU)

Primer: Healius (HLS AU) - Aug 2026

Turnaround Strategy in Focus: Healius is in the midst of a significant corporate transformation, having divested its Lumus Imaging and medical...

αSK Primers

Aussie Shorts [28 Sep 2026]: BHP Group, Steadfast, Artrya, ECHOiQ, Catalyst Metals, Core Lithium

The largest industry net increase in the past week was A$0.4bn into "Banks"; the largest industry net decrease was A$0.1bn out of "Interactive...

David Blennerhassett

I-Med: Jardine Matheson's Big Push Into Digital Healthcare

Matheson has been proactive with Hongkong Land and then Mandarin Oriental. I expected more accretion/recycling. This transformative transaction is...

David Blennerhassett

APAC Healthcare Weekly (February 15)–Innovent Bio, InSilico, Eisai, Takeda, Alteogen, Pharmaessentia

Few Chinese biotech companies entered drug development collaborations. Eisai’s Leqembi autoinjector gets priority review in China. FDA will likely...

Tina Banerjee

ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.

Ke Yan, CFA, FRM

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52-week Range

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