Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Lithium play <strong><a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a></strong> has now thrice rejected <strong><a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a></strong>'s proposals. </li>
<li>Liontown has labeled Albermarle's third bid of A$2.50/share as opportunistic. </li>
<li>Albemarle has picked up 2.2% in Liontown. But that is dwarfed by Tim Goyder's (chairman)'s 15% stake, who is not engaged at the current bid price. </li>
</ul>


Lithium play Liontown Resources (LTR AU) has now thrice rejected Albemarle Corp (ALB US)'s proposals. 
Liontown has labeled Albermarle's third bid of A$2.50/share as opportunistic. 
Albemarle has picked up 2.2% in Liontown. But that is dwarfed by Tim Goyder's (chairman)'s 15% stake, who is not engaged at the current bid price. 


Liontown (LTR AU) Rejects Albemarle's Advances

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> has turned down an unsolicited, conditional and non-binding offer from <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a> to acquire all outstanding shares at A$2.50/share.</li>
<li>There is huge short interest on <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> and the short covering could take the stock close to the A$2.50/share mark.</li>
<li>
<a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> is up nearly 50% today and if the price stays around this level, the stock could be added to the S&amp;P/ASX 100 Index in September.</li>
</ul>



Liontown Resources (LTR AU) has turned down an unsolicited, conditional and non-binding offer from Albemarle Corp (ALB US) to acquire all outstanding shares at A$2.50/share.
There is huge short interest on Liontown Resources (LTR AU) and the short covering could take the stock close to the A$2.50/share mark.

Liontown Resources (LTR AU) is up nearly 50% today and if the price stays around this level, the stock could be added to the S&amp;P/ASX 100 Index in September.


Liontown Resources (LTR AU) Turns Down Albemarle's A$2.5/Share Offer

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 17th (reported today) which has an aggregated short interest worth USD42.6bn.</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 Pilbara Minerals, Northern Star Re, Arafura Rare Ear, Aurizon, Suncorp, Beach Energy.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 17th (reported today) which has an aggregated short interest worth USD42.6bn.
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 Pilbara Minerals, Northern Star Re, Arafura Rare Ear, Aurizon, Suncorp, Beach Energy.


ASX Short Interest Weekly (Mar 17th): Pilbara Minerals, Northern Star Re, Arafura Rare Ear, Aurizon

Index Rebalance

<ul>
<li>There could be an addition to the S&amp;P/ASX 100 Index and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in April following <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>'s acquisition by <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a>.</li>
<li>Then there could be another change for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the regular rebalance in June.</li>
<li>Passive trackers will need to trade between 4.5-18 days of ADV on the potential adds/ deletes. Short interest has started to increase on a couple of stocks.</li>
</ul>


There could be an addition to the S&amp;P/ASX 100 Index and S&amp;P/ASX 200 (AS51 INDEX) in April following OZ Minerals Ltd (OZL AU)'s acquisition by BHP Group Ltd (BHP AU).
Then there could be another change for the S&amp;P/ASX 200 (AS51 INDEX) at the regular rebalance in June.
Passive trackers will need to trade between 4.5-18 days of ADV on the potential adds/ deletes. Short interest has started to increase on a couple of stocks.


S&P/​​​​​​ASX Index Rebalance Preview: Changes from Now to June

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 10th which has an aggregated short interest worth USD40.5bn.</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 estimate the total short interest changes of -1.9% WoW and highlight short interest changes in BHP.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 10th which has an aggregated short interest worth USD40.5bn.
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 estimate the total short interest changes of -1.9% WoW and highlight short interest changes in BHP.


ASX Short Interest Weekly (Mar 10th): BHP

Australia

Liontown Resources Ltd. explores for and mines base metals.

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Liontown Resources (LTR AU)

Liontown (LTR AU) Rejects Albemarle's Advances

What is "fair" is highly subjective, given volatile lithium prices, EV demand, and general sentiment. But I couldn't recommend chasing it here. ...

David Blennerhassett

ASX Short Interest Weekly (Mar 17th): Pilbara Minerals, Northern Star Re, Arafura Rare Ear, Aurizon

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Northern Star Re, Arafura Rare...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance Preview: Changes from Now to June

There could be one change for the ASX100 & ASX200 in April and one change for the ASX200 in June. Passive trackers will trade between 4.5-18x ADV...

Brian Freitas

ASX Short Interest Weekly (Mar 10th): BHP

We analyzed ASX short interest report for the past week (as of March 10th). We highlight the short interest changes in BHP.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Liontown (LTR AU) Rejects Albemarle's Advances

What is "fair" is highly subjective, given volatile lithium prices, EV demand, and general sentiment. But I couldn't recommend chasing it here. ...

David Blennerhassett