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 Feb 6th (reported today). The aggregated short interest was USD33.4bn.</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 BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 6th (reported today). The aggregated short interest was USD33.4bn.
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 BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea.


ASX Short Interest Weekly (Feb 6th): BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 26th (reported today). The aggregated short interest was USD27.4bn.</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 Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 26th (reported today). The aggregated short interest was USD27.4bn.
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 Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.


ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>PYC hosted a 1Q25 progress update call. Management provided clarity on the timelines across its clinical programs, with upcoming updates on VP-001 in RP11 (Retinitis Pigmentosa 11) being the most imminent (May for the ARVO conference and June for the FDA meeting).</li><li>Following the $146m capital raise in February, we believe the company is now well funded for all four pipeline programs through FY27.</li><li>We continue to like the risk/reward asymmetry associated with the stock, now without a funding overhang.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PYC hosted a 1Q25 progress update call. Management provided clarity on the timelines across its clinical programs, with upcoming updates on VP-001 in RP11 (Retinitis Pigmentosa 11) being the most imminent (May for the ARVO conference and June for the FDA meeting).Following the $146m capital raise in February, we believe the company is now well funded for all four pipeline programs through FY27.We continue to like the risk/reward asymmetry associated with the stock, now without a funding overhang.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PYC Therapeutics Limited - Splice, Splice Baby: Potential Catalysts Ahead for PYC

<ul><li>PYC announced a $146m capital raise to fund mid/late stage trials in Retinitis Pigmentosa 11 (RP11), expected to enter Phase III this year, and Autosomal Dominant Optic Atrophy (ADOA), as well as early stage studies in Polycystic Kidney Disease (PKD).</li><li>This funds major development across the three current clinical programs, and entry into the clinic for PYC-002 (currently preclinical) in Phelan McDermid Syndrome (PMS).</li><li>This action comes as no surprise; the company reported a remaining 2-3 quarters of cash at its 4C (last note here), although the quantum of the raise was higher than we anticipated.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PYC announced a $146m capital raise to fund mid/late stage trials in Retinitis Pigmentosa 11 (RP11), expected to enter Phase III this year, and Autosomal Dominant Optic Atrophy (ADOA), as well as early stage studies in Polycystic Kidney Disease (PKD).This funds major development across the three current clinical programs, and entry into the clinic for PYC-002 (currently preclinical) in Phelan McDermid Syndrome (PMS).This action comes as no surprise; the company reported a remaining 2-3 quarters of cash at its 4C (last note here), although the quantum of the raise was higher than we anticipated.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PYC Therapeutics Limited - $146m Capital Raise Removes Funding Overhang

<div><div><div><div><ul><li>PYC provided an update to its existing VP-001 Phase I/II dataset in RP11 (Retinitis Pigmentosa 11), a rare blinding eye disease, to be presented this weekend at AVPRS (Congress of the Asia-Pacific Vitreo-Retina Society).</li><li>Data were broadly positive, noting the full dataset is still incomplete, especially out at the six-month timepoint.</li><li>Net-net, we view the consistency in benefit across LLVA (low luminance visual acuity), and reduced number of scotomas (blind spots) as a positive sign that VP-001 is having a positive impact on functional outcomes. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PYC provided an update to its existing VP-001 Phase I/II dataset in RP11 (Retinitis Pigmentosa 11), a rare blinding eye disease, to be presented this weekend at AVPRS (Congress of the Asia-Pacific Vitreo-Retina Society).Data were broadly positive, noting the full dataset is still incomplete, especially out at the six-month timepoint.Net-net, we view the consistency in benefit across LLVA (low luminance visual acuity), and reduced number of scotomas (blind spots) as a positive sign that VP-001 is having a positive impact on functional outcomes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PYC Therapeutics Limited - Net Positive VP-001 Update at APVRS

Australia

Pyc Therapeutics Limited operates as a pharmaceutical company. The Company develops drugs and medicine for various types of diseases. Pyc Therapeutics serves customers in Australia.

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PYC Therapeutics (PYC AU)

ASX Short Interest Weekly (Feb 6th): BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Xero, Origin Energy, Commonwealth Bank Of...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Washington H Soul Pattinson&Co, Northern Star...

Ke Yan, CFA, FRM

PYC Therapeutics Limited - Splice, Splice Baby: Potential Catalysts Ahead for PYC

We continue to like the risk/reward asymmetry associated with the stock, now without a funding overhang. In the near term, we anticipate multiple...

Canaccord Genuity

PYC Therapeutics Limited - $146m Capital Raise Removes Funding Overhang

This funds major development across the three current clinical programs, and entry into the clinic for PYC-002 (currently preclinical) in Phelan...

Canaccord Genuity

PYC Therapeutics Limited - Net Positive VP-001 Update at APVRS

Given our confidence on the safety profile of VP-001 we maintain our price target of $2.40 (VP-001 $0.90, ADPKD $0.90, ADOA $0.40 and PMS $0.20).

Canaccord Genuity

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