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 Nov 21st (reported today). The aggregated short interest was USD26.3bn.</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 James Hardie Industries, Atlas Arteria, Sonic Healthcare, Coles, Life360.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 21st (reported today). The aggregated short interest was USD26.3bn.
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 James Hardie Industries, Atlas Arteria, Sonic Healthcare, Coles, Life360.


ASX Short Interest Weekly (Nov 21st): James Hardie Industries, Atlas Arteria, Sonic Healthcare

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 14th (reported today). The aggregated short interest was USD27.1bn.</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 Northern Star Resources, Aristocrat Leisure, Sonic Healthcare, Super Retail, DroneShield.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 14th (reported today). The aggregated short interest was USD27.1bn.
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 Northern Star Resources, Aristocrat Leisure, Sonic Healthcare, Super Retail, DroneShield.


ASX Short Interest Weekly (Nov 14th): Northern Star Resources, Aristocrat Leisure, Sonic Healthcare

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.

Event-Driven

RPMGlobal Holdings Limited / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a> at A$5.00 per share, a 32.6% premium to the undisturbed price.</li>
<li>The key scheme conditions are RPM shareholder, FIRB and ACCC approval. RPM’s benign shareholder structure facilitates completion.</li>
<li>The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.  </li>
</ul>



RPMGlobal Holdings Limited (RUL AU) entered a scheme implementation deed with Caterpillar Inc (CAT US) at A$5.00 per share, a 32.6% premium to the undisturbed price.
The key scheme conditions are RPM shareholder, FIRB and ACCC approval. RPM’s benign shareholder structure facilitates completion.
The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.  


RPMGlobal (RUL AU): Caterpillar’s Binding Proposal at A$5.00

<ul>
<li>The <a href="https://www.afr.com/street-talk/us-heavy-equipment-giant-caterpillar-lobs-bid-for-rpmglobal-20250829-p5mqv2" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a> and four other bidders are considering a privatisation bid for <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> at around A$5.00 per share.</li>
<li>In response to the article, RPM entered a trading halt the same day regarding <em>“an indicative proposal from a third party regarding a potential acquisition.</em>”  </li>
<li>RPM’s shareholder structure facilitates an offer. The rumoured offer is reasonable but is far from a knockout bid, suggesting the potential of a bidding war.  </li>
</ul>


The AFR reports that Caterpillar Inc (CAT US) and four other bidders are considering a privatisation bid for RPMGlobal Holdings Limited (RUL AU) at around A$5.00 per share.
In response to the article, RPM entered a trading halt the same day regarding “an indicative proposal from a third party regarding a potential acquisition.”  
RPM’s shareholder structure facilitates an offer. The rumoured offer is reasonable but is far from a knockout bid, suggesting the potential of a bidding war.  


RPMGlobal (RUL AU): Caterpillar Mulling a Privatisation Bid

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Nearing the end of the review period, we forecast no inclusions to the index in September. There could be up to 3 deletions at the review though.</li>
<li>Even if there are no constituent changes, capping changes will lead to one-way turnover of 3.8% and a round-trip trade of A$232m.</li>
<li>If there are 3 deletes as forecast, one-way turnover increases to 6.3% resulting in a round-trip trade of A$384m.</li>
</ul>


Nearing the end of the review period, we forecast no inclusions to the index in September. There could be up to 3 deletions at the review though.
Even if there are no constituent changes, capping changes will lead to one-way turnover of 3.8% and a round-trip trade of A$232m.
If there are 3 deletes as forecast, one-way turnover increases to 6.3% resulting in a round-trip trade of A$384m.


MV Australia Equal Weight Index Rebalance Preview: Three Potential Deletions in September

United States

Life360, Inc. designs and develops technological products. The Company offers mobile application for multi-channel messaging and tracking platform for family communication, lost item retrieving, and medical treatment services. Life360 serves customers in the United States.

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Life360 Inc (360 AU)

ASX Short Interest Weekly (Nov 21st): James Hardie Industries, Atlas Arteria, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in James Hardie Industries, Atlas Arteria, Sonic...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Nov 14th): Northern Star Resources, Aristocrat Leisure, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Aristocrat Leisure, Sonic...

Ke Yan, CFA, FRM

RPMGlobal (RUL AU): Caterpillar’s Binding Proposal at A$5.00

The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.

Arun George

RPMGlobal (RUL AU): Caterpillar Mulling a Privatisation Bid

Caterpillar and four other bidders are considering a privatisation bid. The rumoured offer is reasonable but is far from a knockout bid, suggesting...

Arun George

MV Australia Equal Weight Index Rebalance Preview: Three Potential Deletions in September

We do not forecast any inclusions but there could be 3 deletions. Just capping changes will lead to one-way turnover of 3.8% and a round-trip trade...

Brian Freitas

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