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 May 23rd (reported today). The aggregated short interest was USD26.7bn.</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 National Australia Bank, Goodman, ANZ, Asx.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 23rd (reported today). The aggregated short interest was USD26.7bn.
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 National Australia Bank, Goodman, ANZ, Asx.


ASX Short Interest Weekly (May 23rd): National Australia Bank, Goodman, ANZ, Asx

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 25 November 2024, <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a> (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).</li>
<li>On the 4th December, both parties entered into a SID on the same terms. SGF's largest shareholder, <a href="https://www.smartkarma.com/entities/super-group-ltd" target="_blank" data-smartkarma-citation="entities:20972:1" rel="noopener">Super Group (SUPER SP)</a> (53.58%), was supportive. </li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250221/pdf/06fsctwmjwcj5f.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting on the 8th April. Expected implementation on the 30th April. The IE (Grant Thornton) says fair &amp; reasonable.</li>
</ul>


On the 25 November 2024, SG Fleet (SGF AU) (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).
On the 4th December, both parties entered into a SID on the same terms. SGF's largest shareholder, Super Group (SUPER SP) (53.58%), was supportive. 

The Scheme Booklet is now out, with a Scheme Meeting on the 8th April. Expected implementation on the 30th April. The IE (Grant Thornton) says fair &amp; reasonable.


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>The <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> IE considers Pacific Equity Partners’ A$3.50 offer fair and reasonable. </li>
<li>The key conditions are shareholder (<a href="https://www.smartkarma.com/entities/super-group-limited" target="_blank" data-smartkarma-citation="entities:44114:1" rel="noopener">Super Group (SPG SJ)</a> and SG Fleet) and regulatory (FIRB, OIO and FCA) approval. </li>
<li>The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross/annualised spread is 1.5%/8.5%.  </li>
</ul>


The Sg Fleet (SGF AU) IE considers Pacific Equity Partners’ A$3.50 offer fair and reasonable. 
The key conditions are shareholder (Super Group (SPG SJ) and SG Fleet) and regulatory (FIRB, OIO and FCA) approval. 
The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross/annualised spread is 1.5%/8.5%.  


SG Fleet (SGF AU): Scheme Vote on 8 April

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$3.50 per share, a 31.1% premium to the undisturbed price. </li>
<li>The key conditions are shareholder and regulatory approvals (FIRB, OIO and UK FCA). <a href="https://www.smartkarma.com/entities/super-group-limited" target="_blank" data-smartkarma-citation="entities:44114:1" rel="noopener">Super Group (SPG SJ)</a>, the largest shareholder with a 53.58% stake, will support the offer. </li>
<li>The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end payment, the gross/annualised spread is 2.3%/7.6%.</li>
</ul>



Sg Fleet (SGF AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$3.50 per share, a 31.1% premium to the undisturbed price. 
The key conditions are shareholder and regulatory approvals (FIRB, OIO and UK FCA). Super Group (SPG SJ), the largest shareholder with a 53.58% stake, will support the offer. 
The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end payment, the gross/annualised spread is 2.3%/7.6%.


SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

<ul>
<li>Back on the 25 November, <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a> (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).</li>
<li>The initial due diligence period was <a href="https://announcements.asx.com.au/asxpdf/20241129/pdf/06c17q4c4p8l66.pdf" target="_blank" rel="noopener">extended</a> one week to the 6th December. That short timeframe suggested a firm Offer was imminent. Both parties have now <a href="https://announcements.asx.com.au/asxpdf/20241204/pdf/06c76g0843bt53.pdf" target="_blank" rel="noopener">entered into a SID</a>. </li>
<li>Terms remains the same as the NBIO. SGF's largest shareholder, <a href="https://www.smartkarma.com/entities/super-group-limited" target="_blank" data-smartkarma-citation="entities:44114:1" rel="noopener">Super Group (SPG SJ)</a> (53.58%), is supportive. Implementation is expected in the 1Q25. </li>
</ul>


Back on the 25 November, SG Fleet (SGF AU) (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).
The initial due diligence period was extended one week to the 6th December. That short timeframe suggested a firm Offer was imminent. Both parties have now entered into a SID. 
Terms remains the same as the NBIO. SGF's largest shareholder, Super Group (SPG SJ) (53.58%), is supportive. Implementation is expected in the 1Q25. 


SG Fleet (SGF AU): Now PEP's A$3.50/Share Firm Offer

Australia

McMillan Shakespeare Limited provides salary packaging services.  The Company also offers services like procurement of motor vehicles, insurance, finance and fuel and service maintenance programs.

Price Gauge
52-week Range	0.00 - 0.00
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Mcmillan Shakespeare (MMS AU)

ASX Short Interest Weekly (May 23rd): National Australia Bank, Goodman, ANZ, Asx

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Goodman, ANZ, Asx.

Ke Yan, CFA, FRM

SG Fleet (SGF AU): 8th April Scheme Vote

This is done and trading tight. Currently trading at 1.4%/8.4% gross/annualised spread. Get involved here and on (any) dips.

David Blennerhassett

SG Fleet (SGF AU): Scheme Vote on 8 April

The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross...

Arun George

SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

This is done. The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (May 23rd): National Australia Bank, Goodman, ANZ, Asx

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Goodman, ANZ, Asx.

Ke Yan, CFA, FRM

SG Fleet (SGF AU): 8th April Scheme Vote

This is done and trading tight. Currently trading at 1.4%/8.4% gross/annualised spread. Get involved here and on (any) dips.

David Blennerhassett

SG Fleet (SGF AU): Scheme Vote on 8 April

The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross...

Arun George

SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

This is done. The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end...

Arun George

SG Fleet (SGF AU): Now PEP's A$3.50/Share Firm Offer

SGF's largest shareholder, Super Group (53.58%), is supportive of the Scheme. This is done and will trade tight. Currently trading at 2.8%/9% gross...

David Blennerhassett