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

Shenton Research

Shenton 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 Sep 4th (reported today). The aggregated short interest was USD51.0bn.</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 CAR, Cochlear, Predictive Discovery, Sonic Healthcare, Qantas Airways.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 4th (reported today). The aggregated short interest was USD51.0bn.
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 CAR, Cochlear, Predictive Discovery, Sonic Healthcare, Qantas Airways.


ASX Short Interest Weekly (Sep 4th): CAR, Cochlear, Predictive Discovery, Sonic Healthcare

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 13th July 2026, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, Australia's No.1 player in outdoor advertising, announced three suitors had reconfirmed their NBIOs, and confirmatory due diligence was afforded.</li>
<li>This morning (10th August), OML announced it had entered into an Offer, by way of a Scheme, with I-Squared, at A$1.70/share, in cash, less any dividends.</li>
<li>That's a 100% premium to undisturbed. Optically/valuation-wise, it looks fair. Reportedly, neither Pacific Equity Partners nor Oaktree lodged final bids last Friday. That may be telling. </li>
</ul>


Back on the 13th July 2026, oOh!Media Ltd (OML AU), Australia's No.1 player in outdoor advertising, announced three suitors had reconfirmed their NBIOs, and confirmatory due diligence was afforded.
This morning (10th August), OML announced it had entered into an Offer, by way of a Scheme, with I-Squared, at A$1.70/share, in cash, less any dividends.
That's a 100% premium to undisturbed. Optically/valuation-wise, it looks fair. Reportedly, neither Pacific Equity Partners nor Oaktree lodged final bids last Friday. That may be telling. 


OOh!Media (OML AU): I-Squared's A$1.70/Share Offer Is Fair. More So After PEP & Oaktree Walked

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.afr.com/street-talk/i-squared-wins-ooh-media-s-pe-shootout-with-900m-bid-20260809-p60mrk" target="_blank" rel="noopener">AFR reports</a> that I Squared emerged with a winning binding proposal for <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a> at A$1.70, a 100.0% premium to the undisturbed price of A$0.85 (28 April).</li>
<li>The offer is light compared to peer and precedent transactions and is below the 52-week high of A$1.73.</li>
<li>However, shareholders should be supportive, as the offer was the highest in a competitive auction, and it is uncertain whether the Board’s strategic execution could outperform a 100% takeover premium.</li>
</ul>


The AFR reports that I Squared emerged with a winning binding proposal for oOh!Media Ltd (OML AU) at A$1.70, a 100.0% premium to the undisturbed price of A$0.85 (28 April).
The offer is light compared to peer and precedent transactions and is below the 52-week high of A$1.73.
However, shareholders should be supportive, as the offer was the highest in a competitive auction, and it is uncertain whether the Board’s strategic execution could outperform a 100% takeover premium.


OOh!media (OML AU): I Squared Emerges with the Winning Bid

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">OOh!Media Ltd (OML AU)</a> disclosed that it had received revised non-binding proposals from PEP, ISquared and Oaktree Capital at A$1.60, a 10.3% premium to the previous ISquared A$1.45 offer. </li>
<li>The offer would not be reduced for the 1H26 dividend. The Board will provide the bidders with additional due diligence access, which is expected to take six weeks to complete.</li>
<li>The revised A$1.60 offer still has headroom for improvement compared to precedent transactions and peer multiples. A three-way tussle increases the odds of a higher binding offer.</li>
</ul>



OOh!Media Ltd (OML AU) disclosed that it had received revised non-binding proposals from PEP, ISquared and Oaktree Capital at A$1.60, a 10.3% premium to the previous ISquared A$1.45 offer. 
The offer would not be reduced for the 1H26 dividend. The Board will provide the bidders with additional due diligence access, which is expected to take six weeks to complete.
The revised A$1.60 offer still has headroom for improvement compared to precedent transactions and peer multiples. A three-way tussle increases the odds of a higher binding offer.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">OOh!Media Ltd (OML AU)</a>, Australia's No.1 player in outdoor advertising, has announced the three known suitors have reconfirmed their NBIOs, and confirmatory due diligence has been afforded. </li>
<li>Pacific Equity Partners, I Squared Capital, and Oaktree remain in the mix, with indicative offers between A$1.60-A$1.65/share. </li>
<li>The final process is expected to take up to four weeks,</li>
</ul>



OOh!Media Ltd (OML AU), Australia's No.1 player in outdoor advertising, has announced the three known suitors have reconfirmed their NBIOs, and confirmatory due diligence has been afforded. 
Pacific Equity Partners, I Squared Capital, and Oaktree remain in the mix, with indicative offers between A$1.60-A$1.65/share. 
The final process is expected to take up to four weeks,


OOh!Media (OML AU): Three-Way Bidding Progresses

Australia

Nine Entertainment Company Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, broadcast news and current affairs, sporting events, comedy, entertainment, and lifestyle programs. Nine Entertainment serves customers throughout Australia.

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Nine Entertainment Co Holdings (NEC AU)

ASX Short Interest Weekly (Sep 4th): CAR, Cochlear, Predictive Discovery, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in CAR, Cochlear, Predictive Discovery, Sonic...

Ke Yan, CFA, FRM

OOh!media (OML AU): I Squared Emerges with the Winning Bid

The offer is light compared to peer and precedent transactions. However, shareholders should be supportive, as the offer was the highest in an...

Arun George

OOh!media (OML AU): A Three-Way Tussle

PEP, ISquared and Oaktree Capital have reconfirmed their NBIOs for at least A$1.60, with the highest offer now at A$1.65. The timeline to a...

Arun George

OOh!Media (OML AU): Three-Way Bidding Progresses

Terms remain indicative. At A$1.51/share, this is trading at a gross/annual. spread of 9.3%/23.2%, at A$1.65/share. That's reasonably attractice. ...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Sep 4th): CAR, Cochlear, Predictive Discovery, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in CAR, Cochlear, Predictive Discovery, Sonic...

Ke Yan, CFA, FRM

OOh!Media (OML AU): I-Squared's A$1.70/Share Offer Is Fair. More So After PEP & Oaktree Walked

Trading tight at 2.6%/7.6%, gross/annualised, assuming mid-Dec completion. Unless already in and/or can take advantage of the franking credits, I'd...

David Blennerhassett

OOh!media (OML AU): I Squared Emerges with the Winning Bid

The offer is light compared to peer and precedent transactions. However, shareholders should be supportive, as the offer was the highest in an...

Arun George

OOh!media (OML AU): A Three-Way Tussle

PEP, ISquared and Oaktree Capital have reconfirmed their NBIOs for at least A$1.60, with the highest offer now at A$1.65. The timeline to a...

Arun George

OOh!Media (OML AU): Three-Way Bidding Progresses

Terms remain indicative. At A$1.51/share, this is trading at a gross/annual. spread of 9.3%/23.2%, at A$1.65/share. That's reasonably attractice. ...

David Blennerhassett