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 13th April, published ~9AM on the 17th April.</li>
<li>The largest industry net increase in the past week was A$1.3bn into "Diversified Banks"; the largest industry net decrease was A$144mn out of "Oil&amp;Gas". Net shorts increased A$5.3bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <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>, <a href="https://www.smartkarma.com/entities/woodside-energy-group-ltd" target="_blank" data-smartkarma-citation="entities:13190:1" rel="noopener">Woodside Energy (WDS AU)</a>, <a href="https://www.smartkarma.com/entities/droneshield-ltd" target="_blank" data-smartkarma-citation="entities:30509:1" rel="noopener">DroneShield (DRO AU)</a>, <a href="https://www.smartkarma.com/entities/straits-resources-ltd" target="_blank" data-smartkarma-citation="entities:12080:1" rel="noopener">Aeris Resources (AIS AU)</a>, and <a href="https://www.smartkarma.com/entities/mcmillan-shakespeare-ltd" target="_blank" data-smartkarma-citation="entities:3023:1" rel="noopener">Mcmillan Shakespeare (MMS 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 13th April, published ~9AM on the 17th April.
The largest industry net increase in the past week was A$1.3bn into "Diversified Banks"; the largest industry net decrease was A$144mn out of "Oil&amp;Gas". Net shorts increased A$5.3bn week-on-week.
Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Woodside Energy (WDS AU), DroneShield (DRO AU), Aeris Resources (AIS AU), and Mcmillan Shakespeare (MMS AU).


Aussie Shorts [13th Apr]: CBA, Woodside Energy, DroneShield, Aeris Res., Mcmillan Shakespeare

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

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Equity Capital Markets

Kathmandu Holdings / Equity Capital Markets

<ul><li>KMD Brands (KMD) reported 1H26 EBITDA of NZ$11.5m, slightly ahead of the 1H26 guidance provided in January 2026.</li><li>The proceeds will be used to repay existing debt and enter into a new NZ$205m debt facility (2.5-year term) to support liquidity and ongoing business transformation.</li><li>Sales through the first six weeks of 2H26 were up +11.1% in Kathmandu, with gross margins improving +50bp on the prior year, and +1.2% in Rip Curl.</li></ul>

KMD Brands (KMD) reported 1H26 EBITDA of NZ$11.5m, slightly ahead of the 1H26 guidance provided in January 2026.The proceeds will be used to repay existing debt and enter into a new NZ$205m debt facility (2.5-year term) to support liquidity and ongoing business transformation.Sales through the first six weeks of 2H26 were up +11.1% in Kathmandu, with gross margins improving +50bp on the prior year, and +1.2% in Rip Curl.

KMD Brands 1H26 Result and NZ$65m Capital Raise

<ul><li>KMD reported its 1H26 result alongside a NZ$65m capital raising to recapitalise its balance sheet and refinance its debt facilities.</li><li>1H26 group underlying EBITDA of NZ$11.3m, above the top end of its guidance range.</li><li>Trading update for first 6-weeks of 2H26: Kathmandu sales +11% on the prior year, with gross margins +50bps.</li></ul>

KMD reported its 1H26 result alongside a NZ$65m capital raising to recapitalise its balance sheet and refinance its debt facilities.1H26 group underlying EBITDA of NZ$11.3m, above the top end of its guidance range.Trading update for first 6-weeks of 2H26: Kathmandu sales +11% on the prior year, with gross margins +50bps.

KMD Brands (KMD) | 1H26 Result and Capital Raise

Equity Bottom-Up

<ul><li>KMD Brands’ (KMD) five-month FY26 trading update was broadly in line with our expectations at the underlying EBITDA level, albeit the mix was slightly different.</li><li>Sales were up +8% on the prior year, driven by an improvement in wholesale channel sales and a 2% FX translation benefit due to the weaker NZ dollar.</li><li>Despite positive top-line momentum, promotional pressure on gross margins and higher opex are impediments to near-term earnings upgrades.</li></ul>

KMD Brands’ (KMD) five-month FY26 trading update was broadly in line with our expectations at the underlying EBITDA level, albeit the mix was slightly different.Sales were up +8% on the prior year, driven by an improvement in wholesale channel sales and a 2% FX translation benefit due to the weaker NZ dollar.Despite positive top-line momentum, promotional pressure on gross margins and higher opex are impediments to near-term earnings upgrades.

Warehouse Group Limited / Equity Bottom-Up

<ul><li>We expect an improvement in real retail spend in 2026 albeit at a more modest level than some investors may be expecting.</li><li>We forecast +1% to +2% annual growth in real core retail spend in the 12 months to June 2026, with further potential upside constrained by a soft labour market, weak net migration, and a subdued wealth effect.</li><li>The Warehouse Group (WHS) and Briscoes Group (BGP) have most to benefit from an improving NZ consumer spending backdrop.</li></ul>

We expect an improvement in real retail spend in 2026 albeit at a more modest level than some investors may be expecting.We forecast +1% to +2% annual growth in real core retail spend in the 12 months to June 2026, with further potential upside constrained by a soft labour market, weak net migration, and a subdued wealth effect.The Warehouse Group (WHS) and Briscoes Group (BGP) have most to benefit from an improving NZ consumer spending backdrop.

Retail Rundown What’s In Store For 2026

New Zealand

Kathmandu Holdings Ltd. provides clothing and equipment for the travel and adventure market. The Company operates retail locations throughout Australia and New Zealand.

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Kathmandu Holdings (KMD NZ)

Aussie Shorts [13th Apr]: CBA, Woodside Energy, DroneShield, Aeris Res., Mcmillan Shakespeare

Companies mentioned in this regular weekly report include CBA (CBA AU), Woodside Energy (WDS AU), DroneShield (DRO AU), Aeris Resources (AIS AU),...

David Blennerhassett

KMD Brands 1H26 Result and NZ$65m Capital Raise

KMD Brands (KMD) reported 1H26 EBITDA of NZ$11.5m, slightly ahead of the 1H26 guidance provided in January 2026. The proceeds will be used to...

Forsyth Barr

KMD Brands (KMD) | 1H26 Result and Capital Raise

KMD reported its 1H26 result alongside a NZ$65m capital raising to recapitalise its balance sheet and refinance its debt facilities. 1H26 group...

Forsyth Barr

KMD Brands On The Trail

KMD Brands’ (KMD) five-month FY26 trading update was broadly in line with our expectations at the underlying EBITDA level, albeit the mix was...

Forsyth Barr

Retail Rundown What’s In Store For 2026

We forecast +1% to +2% annual growth in real core retail spend in the 12 months to June 2026, with further potential upside constrained by a soft...

Forsyth Barr

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