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 13th (reported today). The aggregated short interest was USD34.6bn.</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 ALS, Northern Star Resources, CSL, AMP, CAR.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 13th (reported today). The aggregated short interest was USD34.6bn.
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 ALS, Northern Star Resources, CSL, AMP, CAR.


ASX Short Interest Weekly (Feb 13th): ALS, Northern Star Resources, CSL, AMP, CAR

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Reportedly, international money transfer play <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a> is in the crosshairs.</li>
<li>Last week OFX <a href="https://announcements.asx.com.au/asxpdf/20260205/pdf/06vzgksh9c5mbs.pdf" target="_blank" rel="noopener">announced</a> a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound inorganic interest”.</li>
<li>
OFX's share price is beaten up here. In late 2015, <a href="https://www.smartkarma.com/entities/western-union-co" target="_blank" data-smartkarma-citation="entities:16761:1" rel="noopener">Western Union Co (WU US)</a> tabled a A$3.50-A$3.70/share NBIO, but subsequently walked. </li>
</ul>


Reportedly, international money transfer play OFX Group (OFX AU) is in the crosshairs.
Last week OFX announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound inorganic interest”.

OFX's share price is beaten up here. In late 2015, Western Union Co (WU US) tabled a A$3.50-A$3.70/share NBIO, but subsequently walked. 


OFX Group (OFX AU): On Western Union (Potentially) Returning To The Trough

<ul>
<li>For December 2025, 5 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of just ~US$3bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in December was ~87%, with a year-to-date average of ~49%.</li>
<li>The average premiums for transactions in 2024 (124 transactions), 2023 (114), 2022 (104), 2021 (143), 2020 (133), and 2019 (110) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For December 2025, 5 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of just ~US$3bn.
The average premium for the new transactions announced (or first discussed) in December was ~87%, with a year-to-date average of ~49%.
The average premiums for transactions in 2024 (124 transactions), 2023 (114), 2022 (104), 2021 (143), 2020 (133), and 2019 (110) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Dec 2025 Wrap: ANE Cayman, Mandom, Predictive Discovery, Hogy Medical

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/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> disclosed that on 19 November, it received an indicative proposal from <a href="https://www.smartkarma.com/entities/credit-corp-group-ltd" target="_blank" data-smartkarma-citation="entities:12691:1" rel="noopener">Credit Corp (CCP AU)</a> consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). </li>
<li>The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.</li>
<li>The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   </li>
</ul>



Humm Group (HUM AU) disclosed that on 19 November, it received an indicative proposal from Credit Corp (CCP AU) consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). 
The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.
The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   


Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

<ul>
<li>For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

Australia

Tyro Payments provides transaction processes. The Company offers payment solutions such as bank account, loans, and security activities. Tyro Payments serves customers in Australia.

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Tyro Payments (TYR AU)

ASX Short Interest Weekly (Feb 13th): ALS, Northern Star Resources, CSL, AMP, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in ALS, Northern Star Resources, CSL, AMP, CAR.

Ke Yan, CFA, FRM

OFX Group (OFX AU): On Western Union (Potentially) Returning To The Trough

There's no firm or non-binding Offer. Trading well below five-year historical metrics; unsurprising given trading updates. Western Union may be...

David Blennerhassett

(Mostly) Asia M&A, Dec 2025 Wrap: ANE Cayman, Mandom, Predictive Discovery, Hogy Medical

For the month of Dec, 5 new deals were discussed on Smartkarma with an overall deal size of just ~US$3bn. The average premium for the new deals...

David Blennerhassett

Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

A binding proposal, if forthcoming at current terms, is unlikely to succeed. Humm is essentially a long-dated backend play on Jeremy Raper's...

Arun George

(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

For the month of November, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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