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 Feb 13th (reported today). The aggregated short interest was USD34.6bn.</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 ALS, Northern Star Resources, CSL, AMP, CAR.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 13th (reported today). The aggregated short interest was USD34.6bn.
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 ALS, Northern Star Resources, CSL, AMP, CAR.


ASX Short Interest Weekly (Feb 13th): ALS, Northern Star Resources, CSL, AMP, CAR

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently seven pair trade opportunities persist across three markets and two sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently seven pair trade opportunities persist across three markets and two sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Feb 2026)

Commonwealth Bank of Australia / Equity Bottom-Up

<ul>
<li>
Extreme Statistical Dislocation: The <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a> vs. <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">Insurance Australia Group (IAG AU)</a> price ratio trades &gt;7 standard deviations above its one-year mean — a tail event.</li>
<li>
 Earnings Shock Prompts Divergence: Opposing earnings outcomes triggered the spread breakout, highlighting a sector dispersion and challenging prior regime assumptions.</li>
<li>
Macro Drivers in Focus: Rate and inflation dynamics affect banks and insurers differently, raising the question whether this dispersion is cyclical — or the start of a durable bifurcation.</li>
</ul>



Extreme Statistical Dislocation: The Commonwealth Bank of Australia (CBA AU) vs. Insurance Australia Group (IAG AU) price ratio trades &gt;7 standard deviations above its one-year mean — a tail event.

 Earnings Shock Prompts Divergence: Opposing earnings outcomes triggered the spread breakout, highlighting a sector dispersion and challenging prior regime assumptions.

Macro Drivers in Focus: Rate and inflation dynamics affect banks and insurers differently, raising the question whether this dispersion is cyclical — or the start of a durable bifurcation.


Commonwealth Bank (CBA AU) Vs. Insurance Australia (IAG AU): Tail Event Splits Aussie Financials

<ul>
<li>We analysed the earning revision of component stocks of MS-Australia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.</li>
</ul>


We analysed the earning revision of component stocks of MS-Australia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.


MS-Australia Index Earning Revision (Jan): Woodside Energy, BHP, Evolution Mining, South32, Santos

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jan 16th (reported today). The aggregated short interest was USD31.5bn.</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 Goodman, Treasury Wine Estates, NEWMONT, Scentre, South32.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jan 16th (reported today). The aggregated short interest was USD31.5bn.
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 Goodman, Treasury Wine Estates, NEWMONT, Scentre, South32.


ASX Short Interest Weekly (Jan 16th): Goodman, Treasury Wine Estates, NEWMONT

Australia

Insurance Australia Group Limited (IAG) is an Australian-based international general insurance group with operations in Australia, New Zealand, and Asia. The Group provides a range of personal and commercial insurance products, primarily motor vehicle and home insurance.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Insurance Australia (IAG AU)

ASX Short Interest Weekly (Feb 13th): ALS, Northern Star Resources, CSL, AMP, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in ALS, Northern Star Resources, CSL, AMP, CAR.

Ke Yan, CFA, FRM

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Feb 2026)

Statistical methodology identifies seven pair trade opportunities across three markets and two sectors, offering unique insights into relative value.

Gaudenz Schneider

Commonwealth Bank (CBA AU) Vs. Insurance Australia (IAG AU): Tail Event Splits Aussie Financials

7 Sigma post-earnings dislocation initiates sector dispersion. Macro catalysts identified and mean reversion potential assessed.

Gaudenz Schneider

MS-Australia Index Earning Revision (Jan): Woodside Energy, BHP, Evolution Mining, South32, Santos

We analyzed MS-Australia's consensus for Jan 2026 and highlighted changes of EPS in Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jan 16th): Goodman, Treasury Wine Estates, NEWMONT

We analyzed ASX short interest report for the past week and highlight short interest changes in Goodman, Treasury Wine Estates, NEWMONT CORPORATION...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Feb 13th): ALS, Northern Star Resources, CSL, AMP, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in ALS, Northern Star Resources, CSL, AMP, CAR.

Ke Yan, CFA, FRM

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Feb 2026)

​Statistical methodology identifies seven pair trade opportunities across three markets and two sectors, offering unique insights into relative value.

Gaudenz Schneider

Commonwealth Bank (CBA AU) Vs. Insurance Australia (IAG AU): Tail Event Splits Aussie Financials

7 Sigma post-earnings dislocation initiates sector dispersion. Macro catalysts identified and mean reversion potential assessed.

Gaudenz Schneider

MS-Australia Index Earning Revision (Jan): Woodside Energy, BHP, Evolution Mining, South32, Santos

We analyzed MS-Australia's consensus for Jan 2026 and highlighted changes of EPS in Woodside Energy, BHP, Evolution Mining, South32, Santos, CSL.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jan 16th): Goodman, Treasury Wine Estates, NEWMONT

We analyzed ASX short interest report for the past week and highlight short interest changes in Goodman, Treasury Wine Estates, NEWMONT CORPORATION...

Ke Yan, CFA, FRM

Statistical methodology identifies seven pair trade opportunities across three markets and two sectors, offering unique insights into relative value.