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 analysed the earning revision of component stocks of MS-Australia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Santos, Westpac, ANZ, National Australia Bank, Transurban, Origin Energy, Commonwealth Bank Of Australia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Australia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Santos, Westpac, ANZ, National Australia Bank, Transurban, Origin Energy, Commonwealth Bank Of Australia.


MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Commonwealth Bank of Australia / Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day.</li>
<li>The largest industry net increase in the past week was into "Diversified Meals"; the largest industry net decrease was out of "Steel".</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/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU)</a>, <a href="https://www.smartkarma.com/entities/amp-ltd" target="_blank" data-smartkarma-citation="entities:678:1" rel="noopener">AMP Ltd (AMP AU)</a>, <a href="https://www.smartkarma.com/entities/sims-metal-management-ltd" target="_blank" data-smartkarma-citation="entities:18184:1" rel="noopener">Sims Metal Management (SGM AU)</a>, <a href="https://www.smartkarma.com/entities/nufarm-ltd-australia" target="_blank" data-smartkarma-citation="entities:1128:1" rel="noopener">Nufarm Ltd (NUF AU)</a>.
</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day.
The largest industry net increase in the past week was into "Diversified Meals"; the largest industry net decrease was out of "Steel".
Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Fortescue Metals (FMG AU), AMP Ltd (AMP AU), Sims Metal Management (SGM AU), Nufarm Ltd (NUF AU).



Aussie Shorts (16 Feb 2026): Commonwealth Bank, Fortescue Metals, AMP, Sims Metal Management, Nufarm

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>
<a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a> has disclosed a revised non-binding proposal from <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> and <a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a> at US$32.35. Adjusting for dividends, the equivalent offer is A$34.00. </li>
<li>It is the best and final proposal. The offer does not fully address the Board’s reasons for rejecting the previous offer, but it will pressure the Board to engage. </li>
<li>AustralianSuper, the largest shareholder, holds the key vote. If AustralianSuper does not increase its shareholding in the coming days, it signals that it is supportive.</li>
</ul>



Bluescope Steel (BSL AU) has disclosed a revised non-binding proposal from SGH Limited (SGH AU) and Steel Dynamics (STLD US) at US$32.35. Adjusting for dividends, the equivalent offer is A$34.00. 
It is the best and final proposal. The offer does not fully address the Board’s reasons for rejecting the previous offer, but it will pressure the Board to engage. 
AustralianSuper, the largest shareholder, holds the key vote. If AustralianSuper does not increase its shareholding in the coming days, it signals that it is supportive.


BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Best and Final Offer

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Australian equities lost momentum over the week, with subdued performance masking growing dispersion beneath the surface.</li>
<li>Market breadth offered little encouragement, highlighting a lack of broad participation despite pockets of resilience.</li>
<li>Diverging sector returns underscored a continued decline in cross-market cohesion.</li>
</ul>


Australian equities lost momentum over the week, with subdued performance masking growing dispersion beneath the surface.
Market breadth offered little encouragement, highlighting a lack of broad participation despite pockets of resilience.
Diverging sector returns underscored a continued decline in cross-market cohesion.


Australia Single Stock Options (Jan 19–23): Dispersion Intensifies as Momentum Fades

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a>/<a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a>'s indicative Offer for <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a>was light from the onset. They'd need bump terms bigly for any deal to move forward. </li>
<li>The<a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.</li>
<li>Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>buys back Qatar Airways' stake.  </li>
</ul>



SGH Limited (SGH AU)/Steel Dynamics (STLD US)'s indicative Offer for Bluescope Steel (BSL AU)was light from the onset. They'd need bump terms bigly for any deal to move forward. 
TheAeon Co Ltd (8267 JP)'s Tender Offer for Tsuruha Holdings (3391 JP) shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.
Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after Cathay Pacific Airways (293 HK)buys back Qatar Airways' stake.  


Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

Australia

Origin Energy Limited is an integrated energy company. The Company is an energy retailer in Australia across electricity, gas and LPG. Origin Energy also holds a generation portfolio and fuel position and a renewable energy portfolio, as well as unconventional gas and LNG interests.

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Origin Energy (ORG AU)

MS-Australia Index Earning Revision (Feb): Santos, Westpac, ANZ, National Australia Bank, Transurban

We analyzed MS-Australia's consensus for Feb 2026 and highlighted changes of EPS in Santos, Westpac, ANZ, National Australia Bank, Transurban,...

Ke Yan, CFA, FRM

Aussie Shorts (16 Feb 2026): Commonwealth Bank, Fortescue Metals, AMP, Sims Metal Management, Nufarm

Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Fortescue Metals (FMG AU), AMP Ltd (AMP AU),...

David Blennerhassett

BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Best and Final Offer

The offer does not fully address the Board’s reasons for rejecting the previous offer, but it will pressure the Board to engage. AustralianSuper...

Arun George

Australia Single Stock Options (Jan 19–23): Dispersion Intensifies as Momentum Fades

Australian single stock options highlight a market losing internal cohesion, with dispersion increasing even as index-level moves remain relatively...

John Ley

Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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