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 6th (reported today) which has an aggregated short interest worth USD24.3bn.</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 Macquarie, Fortescue, Mirvac, Insurance Australia, BHP, Wesfarmers, CSL.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 6th (reported today) which has an aggregated short interest worth USD24.3bn.
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 Macquarie, Fortescue, Mirvac, Insurance Australia, BHP, Wesfarmers, CSL.


ASX Short Interest Weekly (Sep 6th): Macquarie, Fortescue, Mirvac, Insurance Australia, BHP

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After what appeared indecisiveness from Genesis Capital, Crescent Capital's National Dental Care snuck in on the 29th April and entered into a Scheme with <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a> at A$1.90/share. </li>
<li>The Scheme Meeting is the 1st August with expected implementation on the 19th August. The IE (Deloitte) reckoned terms are fair &amp; reasonable. All good right? Not quite.</li>
<li>The Takeovers Panel has concluded Genesis Capital, with 19.9% of shares out, is free to vote. Assuming Genesis votes against the Scheme, Crescent Capital's Offer is effectively dead.</li>
</ul>


After what appeared indecisiveness from Genesis Capital, Crescent Capital's National Dental Care snuck in on the 29th April and entered into a Scheme with Pacific Smiles (PSQ AU) at A$1.90/share. 
The Scheme Meeting is the 1st August with expected implementation on the 19th August. The IE (Deloitte) reckoned terms are fair &amp; reasonable. All good right? Not quite.
The Takeovers Panel has concluded Genesis Capital, with 19.9% of shares out, is free to vote. Assuming Genesis votes against the Scheme, Crescent Capital's Offer is effectively dead.


Pacific Smiles' (PSQ AU) Scheme Vote: Say “aaaarrrghhhh”?!

<ul>
<li>Back on the 17th June, diagnostic imaging provider <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a> announced it had entered into a process deed with <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a>. Terms are now firmed.
</li>
<li>
IDX will issue 0.12849 new IDX shares for each Capitol share. Scrip terms are unchanged from that announced previously. Upon completing the transaction, Integral would hold 63% in the NewCo. </li>
<li>Apart from ACCC signing off, this transaction looks priced to complete. </li>
</ul>


Back on the 17th June, diagnostic imaging provider Capitol Health (CAJ AU) announced it had entered into a process deed with Integral Diagnostics (IDX AU). Terms are now firmed.


IDX will issue 0.12849 new IDX shares for each Capitol share. Scrip terms are unchanged from that announced previously. Upon completing the transaction, Integral would hold 63% in the NewCo. 
Apart from ACCC signing off, this transaction looks priced to complete. 


Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): An Improved Image - Now Firmed

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>
<a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a> has entered a binding merger proposal with <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a> at 0.12849 Integral shares per Capitol share.</li>
<li>The transaction will require approval from the ACCC and Capitol shareholders. Due to the minimal geographic overlap, ACCC clearance should be forthcoming.</li>
<li>The offer is attractive compared to historical exchange ratios, trading ranges and peer multiples. At the last close, the gross spread was 8.0%. </li>
</ul>



Capitol Health (CAJ AU) has entered a binding merger proposal with Integral Diagnostics (IDX AU) at 0.12849 Integral shares per Capitol share.
The transaction will require approval from the ACCC and Capitol shareholders. Due to the minimal geographic overlap, ACCC clearance should be forthcoming.
The offer is attractive compared to historical exchange ratios, trading ranges and peer multiples. At the last close, the gross spread was 8.0%. 


Capitol Health (CAJ AU): Binding Merger with Integral Diagnostics (IDX AU)

<ul>
<li>Diagnostic imaging provider <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a> has announced it has entered into a process deed with <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a>
</li>
<li>This non-binding indicative Offer, by way of a Scheme, involves 0.12849 new IDX shares for each share of Capitol.  The next step is four weeks of two-way confirmatory due diligence.</li>
<li>
The implied Offer Price under the scrip terms is A$0.3284/share. Should the transaction complete, Integral would hold 63% in the combined group. This is the second Integral/Capitol merger attempt.
</li>
</ul>


Diagnostic imaging provider Capitol Health (CAJ AU) has announced it has entered into a process deed with Integral Diagnostics (IDX AU)

This non-binding indicative Offer, by way of a Scheme, involves 0.12849 new IDX shares for each share of Capitol.  The next step is four weeks of two-way confirmatory due diligence.

The implied Offer Price under the scrip terms is A$0.3284/share. Should the transaction complete, Integral would hold 63% in the combined group. This is the second Integral/Capitol merger attempt.



Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): An Improved Image

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)

ASX Short Interest Weekly (Sep 6th): Macquarie, Fortescue, Mirvac, Insurance Australia, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Macquarie, Fortescue, Mirvac, Insurance Australia,...

Ke Yan, CFA, FRM

Pacific Smiles' (PSQ AU) Scheme Vote: Say “aaaarrrghhhh”?!

HBF, with 10.03%, said it will vote in favour of the Scheme. Yet this transaction is effectively toast after Genesis announced the previous week it...

David Blennerhassett

Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): An Improved Image - Now Firmed

I'm not entirely comfortable with ACCC risk here. Without that comfort, I'd avoid the arb. I'd be looking at Healius (HLS AU) on the back on this...

David Blennerhassett

Capitol Health (CAJ AU): Binding Merger with Integral Diagnostics (IDX AU)

No substantial shareholder has vocally opposed the merger, and the offer price is attractive. The key risk is if Integral becomes a takeover...

Arun George

Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): An Improved Image

IF short IDX, long Capitol here, you're probably short Integrals FY24E final divi also. I'm not entirely comfortable with ACCC risk. Without that...

David Blennerhassett

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