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Wednesday, 14 August 2013

SHORT AND STOCKY

Equities Research Short and Stocky 1Issued by Wilson HTM ABN 68 010 529 665 - Australian Financial Services Licence No 238375, a participant of ASX Group and should be read in conjunction with the disclosures and disclaimer in this report. Important disclosures regarding companies that are subject of thisreport and an explanation of recommendations can be found at the end of this document.

[email protected]+61 2 8247 3101

Commentary Change in Short Positions by Sector

Short selling has eased off over the last few weeks, with Industrials coming off recenthighs and resources continuing to edge lower. The most short sold sector continues tobe industrials in both small and large caps.

For the sector focus this week (see bottom right), we have focussed on the iron orestocks given the sharp rise in the iron ore price recently. The three key take-outs for meare: (1). The shape of the curve seems similar for AGO and MGX, but these two lookdifferent to the other iron ore producers (2). FMG stands out with significantly highershort positions than the others, but this has been edging lower over the last year (3)With a falling Australian dollar and rising iron ore price I would have expected moreshort covering that we have seen (noting that there is a 4/5 day lag to the short sellingdata).

Seehttp://bit.ly/oOzqNffor interactive charts.

Change in Short Positions as % of Free Float Market Cap

Change over Total Change over Total

1w 1mShortSell

11w 1m

ShortSell

1

ASX 100

Metcash (MTS) +0.9% +1.1% 9.7% Arrium (ARI) -1.2% +0.1% 2.0%

Orica (ORI) +0.6% +0.3% 2.7% Regis Resources (RRL) -1.2% -2.7% 2.6%

OZ Minerals (OZL) +0.5% +0.3% 3.4% Als (ALQ) -0.8% -0.3% 8.6%

Small Ords

Paladin Energy (PDN) +2.9% +3.3% 16.8% Red 5 (RED) -2.2% +0.1% 0.7%

Singapore Telecomm. (SGT) +1.4% +2.6% 3.0% Sirtex Medical (SRX) -1.2% -0.8% 0.1%

McMillan (MMS) +1.2% +1.9% 3.7% Mesoblast (MSB) -1.2% +1.0% 8.3%Outside ASX 300

Eservglobal (ESV) +2.7% +2.7% 2.9% ASG Group Limited (ASZ) -0.2% -0.0% 0.6%

Newsat Limited (NWT) +0.1% +0.0% 0.1% Aquarius Platinum. (AQP) -0.2% -0.4% 1.6%

Allied Health Ltd (AHZ) +0.1% -0.0% 0.1% Elders Limited (ELD) -0.1% -0.0% 4.0%1.All figures based on % Free Float for ASX 100 and Small Or ds, otherwise on % Total Market CapSource (all charts): Wilson HTM, ASX, ASIC, S&P, Capital IQ

Sector Focus: Iron OreCurrent Short Position Days to

cover512 Month History

Code

%Free

Float1

% MktCap

% Stockavailableto short2

Value($m)

Short Position as % of FreeFloat1

Atlas Iron (AGO) 4.2% 3.9% 45% 31 1.8

BHP Billiton (BHP) 0.3% 0.3% 3% 331 1.0

Fortescue Metals (FMG) 9.6% 5.2% 116% 613 7.0

Mount Gibson Iron (MGX) 3.2% 1.9% 41% 12 3.3

Rio Tinto (RIO) 1.4% 1.4% 14% 356 1.8

1.25

0.76

2.15

0.83

0.4

0.9

1.4

1.9

2.4

Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13

% Index Sold

Short1

Resources

Industrials

Financials

REITs&Utilities

Short selling continues toedge lower

10.3 9.6

4.3

1.4

1.0

4.2

1.13.2

0.20.3
mailto:[email protected]://bit.ly/oOzqNfhttp://bit.ly/oOzqNfhttp://bit.ly/oOzqNfhttp://bit.ly/oOzqNfmailto:[email protected]

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Heat Maps Current Short Position and Change in Short Position

Equities Research Short and Stocky 2

Change in Current Short Position ASX 100 over 1 week

Source (all charts): Wilson HTM, ASX, ASIC, S&P. Current Charts: Green = Few open short positions, Red = significant open short positions. Change Charts: Green = Short covering, Red = short selling.

For an interactive version of thesecharts go tohttp://bit.ly/ubBtfP

Switching from CBA andANZ to WBC and NAB

Lots of intra sectormoves this week
http://bit.ly/ubBtfPhttp://bit.ly/ubBtfPhttp://bit.ly/ubBtfP

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Change in Current Short Position Small Ordinaries over 1 week



Short covering in highlyshorted stocks JBH and FXJ

a feature last week

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Current Short Position ASX 100



Short sellers are not fansof the smaller banks or QBE

in the financials space

BHP & RIO numbers arelikely skewed by various

trading strategies betweenAustralia and the UK

Not much shorting in thelarger energy stocks lots in

the s aller ones

Retailers notfavoured exceptfor WOW

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Current Short Position Small Ordinaries



Very mixed in the small caps withmost stocks either red or green

and not many light colours

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Small Caps vs Large Caps


Small Ordinaries vs ASX 100 over time Small Ordinaries by Sector

Industrials vs Small Industrials over time Resources vs Small Resources over time

1. % of Free Float for ASX 100 and Small Ords 2. LTCA = Long Term Capital Assets, includes Property, Utilities, Infrastructure. % of index Source: Wilson HTM, ASX, ASIC, S&P

3.33

1.19

0.7

1.2

1.7

2.2

2.7

3.2

3.7

Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13

% Index Sold

Short1

Small Ords

ASX 100

3.40

1.66

3.89

1.73

0.4

0.9

1.4

1.9

2.4

2.9

3.4

3.9

4.4


% Index Sold

Short1

Resources

Industrials

Financials

REITs&Utilities

2.15

3.89

0.6

1.1

1.6

2.1

2.6

3.1

3.6

4.1

4.6


% Index Sold

Short1

Industrials

Small Industrials

1.25

3.40

0.6

1.1

1.6

2.1

2.6

3.1

3.6

4.1


% Index Sold

Short1

Resources

Small Resources

Small Ords edging lower butstill close to record levels

Both small resources andindustrials decreasing over

Different directions for smallvs large resourcesShort selling edging off

recent highs in both largeand small industrials

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Caution needed


Days to Cover ASX 100 Days to Cover Small Ords

Stocksbelow 2days tocover notshown seeappendix forindividualstocks

Latest Short Sell / Stock Available to be lent (as at last quarter) % of Stock Borrowed but not sold Short

Source: Wilson HTM, ASX, ASIC, S&P, IRESS

0% 25% 50% 75% 100%

News Corp. (NNC)Buru Energy (BRU)

Monadelphous Group (MND)Billabong (BBG)

Lynas Corporation (LYC)Fortescue Metals Grp (FMG)

Whitehaven Coal (WHC)Bathurst Res NZ Ltd (BRL)Kingsgate Consolid. (KCN)

Aquila Resources (AQA)

Bandanna Energy (BND)Gindalbie Metals Ltd (GBG)

Ausdrill Limited (ASL)Prima Biomed Ltd (PRR)Fairfax Media Ltd (FXJ)Linc Energy Ltd (LNC)

Western Areas Ltd (WSA)G.U.D. Holdings (GUD)

Greenland Min En Ltd (GGG)Beadell Resource Ltd (BDR)

David Jones Limited (DJS)Myer Holdings Ltd (MYR)

Starpharma Holdings (SPL)

Latest Short Sell / Stock Available0% 2% 4% 6% 8% 10% 12%

Northern Iron Ltd (NFE)Galaxy Resources (GXY)

Sundance Resources (SDL)Indophil Resources (IRN)GrainCorp Limited (GNC)

Tap Oil Limited (TAP)Macq Atlas Roads Grp (MQA)

Aurizon Holdings Ltd (AZJ)Linc Energy Ltd (LNC)

Alacer Gold Corp. (AQG)

ResMed Inc. (RMD)Billabong (BBG)

Forge Group Limited (FGE)Flinders Mines Ltd (FMS)Teranga Gold Corp (TGZ)Challenger Limited (CGF)

Sirtex Medical (SRX)Clough Limited (CLO)

Commonwealth Prop (CPA)Investa Office Fund (IOF)Henderson Group (HGG)

Thorn Group Limited (TGA)Inova Resources Ltd (IVA)

(Latest Stock Borrow - Latest Short Position)/ Free Float Mkt Cap

These are stocks where thelatest short sales positioncompared to the amountof stock available to be

lent (at last quarter) isthe greatest, i.e. these arethe stocks it is probably hard

to find stock to borrow ifou want to short sell

These are stocks where thereported amount of stock

borrowed or lent is greater thanthe amount of stock reported assold short, which reflects stocks

that are ready to be short sold(or data integrity issues)

Utilities

Energy

Resources

Industrials

Property

Financials

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Caution needed


Highest and lowest short positions Stocks with: increasing shorting, underperformance, close to max lending

Change over

1w

TotalShortSell1

Change over

1w

TotalShortSell1

ASX 100

Flight Centre (FLT) +0.2% 22.3% GrainCorp (GNC) -0.0% 0.0%

Whitehaven Coal (WHC) +0.2% 17.5% Twenty-First FOX Inc (FOX) -0.0% 0.0%

Harvey Norman (HVN) -0.5% 15.2% Duet (DUE) +0.1% 0.1%

Myer Holdings (MYR) -0.4% 14.1% Henderson (HGG) -0.0% 0.1%

Monadelphous (MND) +0.0% 12.4% GPT (GPT) +0.0% 0.1%

David Jones (DJS) +0.3% 11.7% Aurizon Holdings (AZJ) +0.0% 0.1%Leighton Holdings (LEI) -0.1% 10.6% Brambles (BXB) +0.1% 0.1%

Lynas Corporation (LYC) -0.0% 10.3% Telstra Corporation. (TLS) -0.2% 0.1%

UGL (UGL) +0.4% 9.9% Transurban (TCL) +0.0% 0.2%

Metcash (MTS) +0.9% 9.7% Lend Lease (LLC) -0.0% 0.2%

Small Ords

Fairfax Media (FXJ) -1.1% 17.4% Challenger Div.Pro. (CDI) +0.0% 0.00%

Paladin Energy (PDN) +2.9% 16.8% Flexi(FXL) +0.0% 0.02%

Wotif.com Holdings (WTF) -0.1% 16.2% Astro Jap Prop (AJA) +0.0% 0.02%

JB Hi-Fi (JBH) -1.2% 15.3% Kathmandu Hold (KMD) -0.1% 0.02%

Western Areas (WSA) -0.4% 12.7% Chorus (CNU) +0.0% 0.02%

Cabcharge Australia (CAB) -0.3% 10.0% Elemental Minerals (ELM) +0.0% 0.02%

Bradken (BKN) +0.2% 9.8% CSG (CSV) +0.0% 0.03%

Boart Longyear (BLY) +0.1% 9.4% Thorn (TGA) +0.0% 0.03%

Ausdrill (ASL) +0.2% 8.9% Cape Lambert Res (CFE) +0.0% 0.04%

Nufarm (NUF) +0.4% 8.9% Aspen (APZ) -0.1% 0.04%

Outside ASX 300

Gunns Limited (GNS) +0.0% 6.1%Elders Limited (ELD) -0.1% 4.0%

Eservglobal Limited (ESV) +2.7% 2.9%

Aquarius Platinum. (AQP) -0.2% 1.6%

FAR Ltd (FAR) -0.1% 1.0%

Mortgage Choice Ltd (MOC) +0.0% 0.8%

News Corp. (NNCLV) -0.0% 0.8%

Cokal Ltd (CKA) +0.8% 0.8%

Peet Limited (PPC) -0.0% 0.8%

Qrxpharma Ltd (QRX) +0.0% 0.8%

Short Sales 1m Change

TradingDays tocovershort

positionAs % of

Free Float

As % ofstock

availableto short

% FreeFloat

SharePrice

Paladin Energy (PDN) 16.8% 73% +3.3% -31% 10.3

Cochlear (COH) 9.3% 67% +1.9% -5% 12.5

Metcash (MTS) 9.7% 69% +1.1% -5% 12.5

St Barbara (SBM) 5.9% 71% +0.6% -9% 4.1Ten Network Holdings (TEN) 8.3% 45% +0.4% -9% 11.2

Horizon Oil (HZN) 6.0% 38% +0.7% -6% 15.2

Western Desert Res. (WDR) 0.8% 47% +0.1% -14% 5.9

Whitehaven Coal (WHC) 17.5% 116% +0.0% -11% 16.1

Wotif.com Holdings (WTF) 16.2% 68% +0.9% -0% 27.5

Treasury Wine Estate (TWE) 3.3% 21% +0.8% -18% 4.2

The Reject Shop (TRS) 6.7% 37% +0.2% -6% 12.1

InvoCare (IVC) 3.1% 35% +0.3% -5% 9.9

Prima Biomed (PRR) 0.4% 93% +0.4% -3% 1.5

Nufarm (NUF) 8.9% 47% +0.3% -2% 15.1

Maverick Drilling (MAD) 2.2% 33% +0.1% -26% 3.4

Qrxpharma (QRX) 0.8% 28% +1.0% -5% 6.8

Sca Property (SCP) 5.4% 63% +0.5% -0% 12.3

McMillan Shakespeare (MMS) 3.7% 12% +1.9% -48% 3.1

G.U.D. Holdings (GUD) 8.6% 85% +0.6% +2% 14.9

Boral (BLD) 7.3% 38% +0.7% -1% 9.7

UGL (UGL) 9.9% 76% +1.4% +2% 8.8

Orica (ORI) 2.7% 22% +0.3% -9% 3.6

Virgin Aus Hldg (VAH) 7.9% 54% +0.0% -10% 9.6

Emeco Holdings (EHL) 3.9% 23% +1.4% -4% 2.7

Cudeco (CDU) 3.8% 43% +0.0% -14% 5.9

All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap Source: Wilson HTM, ASX, ASIC, S&P, IRESS

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Change in Short Position vs Change in Share Price


Small Ordinaries:1 month change in share price vs 1 month change in Short Position

Source: Wilson HTM, ASX, ASIC, S&P, IRESS

Notes: Values on the edge of the graph have been scaled to fit. For an interactive version of this chart which shows how thesepositions change over time, go tohttp://bit.ly/nKuuOH

This chart is intended to highlightstocks where recent performancemay have been affected by shortselling.

The size of the bubble representsthe latest reported open shortposition as a % of market cap andthe colour of the bubbles indicatesthe sector.

Corner for shortcovering rallies

Prices in this cornerfalling despiteshort coverin

Prices in thiscorner maybedriven by short

sel lin ?

Prices in thiscorner rallying

despiteincreased short

selling
http://bit.ly/nKuuOHhttp://bit.ly/nKuuOHhttp://bit.ly/nKuuOHhttp://bit.ly/nKuuOH

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Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast

Short Position as % of Free

Float1

Current Short Position Chg in Short

Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Austin Engineering (ANG) 0.7% 0.5% 14% 2 +0.0% -0.5% +37% 0% 2.7 0.6

Australand Property (ALZ) 0.5% 0.2% 4% 4 +0.0% +0.1% -3% -1% 1.1 0.5

Australian Agricult. (AAC) 1.2% 0.8% 7% 3 +0.0% -0.1% -11% 0% 5.7 N/A

Automotive Holdings (AHE) 0.3% 0.2% 2% 2 -0.2% -0.1% +4% -0% 0.7 0.4

AWE (AWE) 0.3% 0.3% 2% 2 -0.0% -0.1% -10% +9% 0.6 0.2

Bandanna Energy (BND) 6.3% 4.3% 108% 4 -0.1% -0.2% +29% 0% 14.6 N/A

Bank of Queensland. (BOQ) 2.0% 2.0% 19% 61 +0.1% -0.4% +4% 0% 3.0 0.2

Base Res (BSE) 0.8% 0.7% 8% 1 +0.0% -0.0% +1% 0% 8.0 0.3

Bathurst Res NZ (BRL) 6.0% 6.0% 114% 7 -0.1% -0.0% +0% 0% 2.2 N/A

BC Iron (BCI) 0.5% 0.3% 5% 2 +0.0% -0.1% +2% +2% 1.0 0.2

Beach Energy (BPT) 1.9% 1.9% 10% 32 +0.0% +0.2% -3% 0% 2.8 0.2

Beadell Resource (BDR) 7.0% 7.0% 82% 36 -0.6% -1.2% +21% -11% 6.7 N/A

Bendigo and Adelaide (BEN) 3.3% 3.3% 38% 144 +0.1% -0.1% +2% 0% 9.2 N/A

BHP Billiton (BHP) 0.3% 0.3% 3% 331 +0.0% -0.0% +10% +1% 1.0 0.3

Billabong (BBG) 3.8% 3.3% 133% 8 +0.1% -1.4% +128% +10% 2.4 2.3

Blackthorn Resources (BTR) 0.3% 0.2% 5% 0 +0.0% -0.0% +5% 0% 0.2 0.4

BlueScope Steel (BSL) 0.3% 0.3% 2% 10 -0.4% -1.2% +9% 0% 0.5 1.3

Boart Longyear (BLY) 9.4% 9.4% 42% 23 +0.1% -0.1% +9% -243% 2.7 N/A

Boral (BLD) 7.3% 7.3% 38% 238 +0.3% +0.7% -1% -1% 9.7 N/A

Bradken (BKN) 9.8% 9.8% 63% 82 +0.2% +1.7% +5% +3% 9.8 N/A

Brambles (BXB) 0.1% 0.1% 1% 21 +0.1% +0.1% -3% -1% 0.4 0.4

Breville (BRG) 6.7% 4.7% 35% 45 -0.2% -0.4% +0% 0% 8.9 N/A

Buru Energy (BRU) 8.1% 6.1% 165% 31 +0.1% +0.2% +19% 0% 15.1 N/A

BWP Trust (BWP) 1.7% 1.4% 35% 17 +0.2% +0.7% +2% -1% 5.1 N/A

Cabcharge Australia (CAB) 10.0% 9.2% 62% 47 -0.3% -0.0% -4% 0% 21.5 N/A

Caltex Australia (CTX) 1.3% 0.6% 8% 31 -0.2% -0.5% -0% +1% 1.6 N/A

Cape Lambert Res (CFE) 0.0% 0.0% 1% 0 +0.0% +0.0% +15% 0% 0.1 0.5

Cardno (CDD) 7.6% 7.6% 74% 66 +0.1% +0.1% +14% +1% 20.3 N/A

Carsales.Com (CRZ) 1.0% 0.9% 5% 21 -0.0% +0.0% +1% -0% 2.4 0.1

Cash Converters (CCV) 1.0% 0.7% 9% 4 +0.0% +0.0% +4% 0% 2.4 N/A

Central Petroleum (CTP) 0.0% 0.0% 2% 0 -0.0% -0.0% +41% 0% 0.1 0.1

CFS Retail Trust Grp (CFX) 2.7% 2.3% 15% 132 +0.0% +0.0% +6% 0% 5.9 N/A

0.00.7

0.20.5

0.2

1.2

0.00.3

0.70.3

1.36.3

3.9

2.0

0.1

0.8

6.0

0.00.5

1.11.9

1.9

7.0

2.4

3.3

0.20.3

1.73.8

0.0 0.3

1.3

0.3

1.8

9.4

6.2 7.3

2.2

9.8

0.40.1

0.1

6.7

5.5

8.1

0.4

1.7

4.3

10.0

3.5

1.3

0.1 0.0

0.5

7.6

10.9

1.0

0.0

1.0

0.0 0.0

2.02.7

Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions

Equities Research - Short and Stocky

12

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Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Challenger (CGF) 0.7% 0.7% 4% 15 +0.0% +0.1% -2% 0% 1.3 1.8

Challenger Div.Pro. (CDI) 0.0% 0.0% 0% 0 +0.0% +0.0% -2% 0.0 0.1

Charter Hall (CHC) 0.1% 0.1% 1% 1 -0.0% -0.1% -10% +0% 0.3 0.5

Charter Hall Retail (CQR) 1.2% 1.0% 15% 13 +0.2% +0.0% -1% 0% 2.8 N/A

Chorus (CNU) 0.0% 0.0% 2% 0 +0.0% +0.0% +18% 0% 0.3 0.1

Clough (CLO) 0.3% 0.1% 2% 1 +0.0% -1.9% +26% 0% 0.7 1.7

Coalspur Mines (CPL) 2.1% 1.5% 70% 3 -0.0% +0.0% +10% 0% 5.1 N/A

Coca-Cola Amatil (CCL) 2.5% 1.8% 28% 174 +0.3% +1.4% +0% -1% 4.2 N/A

Cochlear (COH) 9.3% 9.3% 67% 317 +0.4% +1.9% -5% +10% 12.5 N/A

Cockatoo Coal (COK) 1.2% 0.9% 69% 1 +0.0% +0.0% +33% 0% 2.6 N/A

Codan (CDA) 0.7% 0.5% 32% 2 +0.0% +0.2% +19% 0% 0.8 N/A

Collection House (CLH) 0.0% 0.0% 2% 0 +3.0% +3.0% 0% 0.2 0.5

Collins Foods (CKF) 0.6% 0.6% 6% 1 +0.0% -3.0% -4% 0% 3.3 N/A

Commonwealth Bank. (CBA) 0.8% 0.8% 9% 900 -0.0% +0.1% +2% 0% 3.0 N/A

Commonwealth Prop (CPA) 1.9% 1.9% 25% 51 +0.0% -0.1% +5% 0% 3.9 1.7

Computershare (CPU) 1.4% 1.3% 12% 73 +0.1% -0.5% +0% 0% 3.0 N/A

Corp Travel (CTD) 0.3% 0.3% 13% 1 +0.0% +0.0% +3% 0% 1.4 N/A

Credit Corp (CCP) 0.1% 0.1% 1% 0 -0.0% -0.0% -1% +3% 0.3 1.1

Cromwell Prop (CMW) 0.1% 0.1% 1% 1 +0.0% -0.2% -3% 0% 0.3 0.1

Crowe Horwath Aus (CRH) 0.4% 0.4% 4% 1 -2.0% -12.0% +6% 0% 1.7 N/A

Crown (CWN) 1.0% 0.5% 7% 50 +0.3% +0.3% +2% 0% 2.4 N/A

CSG (CSV) 0.0% 0.0% 1% 0 +0.0% -0.1% +1% 0% 0.1 0.5

CSL (CSL) 0.3% 0.3% 3% 94 +0.0% -0.2% -1% 0% 1.1 0.3

CSR (CSR) 7.0% 7.0% 29% 78 +0.4% -2.1% -4% 0% 10.0 N/A

Cudeco (CDU) 3.8% 2.9% 43% 9 -0.1% +0.0% -14% 5.9 N/A

Dart Energy (DTE) 2.0% 1.7% 42% 2 +0.1% +0.1% +40% 0% 4.2 N/A

David Jones (DJS) 11.7% 11.7% 81% 164 +0.3% +0.0% +5% 0% 14.7 N/A

Decmil (DCG) 2.4% 2.0% 32% 7 -0.1% -1.3% +5% -1% 4.7 N/A

Dexus Property (DXS) 0.3% 0.3% 3% 15 -0.0% +0.0% -5% 0% 0.6 0.4

Discovery Metals (DML) 2.8% 2.5% 33% 2 -0.1% -0.1% -12% 0% 1.2 N/A

Domino Pizza Enterpr (DMP) 0.7% 0.5% 4% 4 +0.0% +0.0% +3% 0% 1.8 0.2

Downer EDI (DOW) 2.1% 2.1% 15% 35 +0.3% -0.1% +6% -7% 2.3 N/A

1.7

0.7

0.1 0.0

0.1 0.1

0.2 1.2

0.3

0.0

0.0 0.3

2.92.1

0.8

2.5

10.29.3

2.1

1.2

0.0

0.7

0.0 0.0

0.0

0.6

1.6

0.8

1.0

1.9

1.2 1.4

0.3

0.1 0.1

0.0 0.1

0.0 0.4

0.8 1.0

0.3 0.0

0.7

0.3

9.5

7.0

3.4 3.8

2.62.0

8.6

11.7

0.22.4

0.3 0.3

5.1

2.8

0.40.7

1.8 2.1



13

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14/22

Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Drillsearch Energy (DLS) 4.1% 3.7% 33% 20 +0.5% -0.8% +0% 0% 7.1 1.2

Duet (DUE) 0.1% 0.1% 1% 2 +0.1% -0.2% +0% 0% 0.1 0.4

Dulux(DLX) 1.0% 1.0% 9% 17 -0.4% -0.4% +5% 0% 2.0 0.3

Echo Entertainment (EGP) 0.2% 0.2% 1% 4 -0.1% -0.6% -11% -1% 0.2 0.5

Elemental Minerals (ELM) 0.0% 0.0% 3% 0 +0.0% +0.0% -26% 0% 0.2 0.0

Emeco Holdings (EHL) 3.9% 3.9% 23% 5 +0.7% +1.4% -4% 0% 2.7 N/A

Endeavour Min Corp (EVR) 0.4% 0.4% 8% 0 +0.1% +0.4% +36% -76% 0.4 1.0

Energy Resources (ERA) 5.1% 1.6% 25% 12 +0.0% -1.2% +2% 0% 15.0 1.3

Energy World Corpor. (EWC) 3.2% 1.4% 20% 15 -0.2% -0.2% +34% -27% 16.5 N/A

Envestra (ENV) 0.7% 0.3% 8% 7 +0.0% -0.8% +7% 0% 2.0 0.4

Evolution Mining (EVN) 6.5% 4.3% 75% 23 +0.0% +0.9% +35% -13% 7.2 N/A

Fairfax Media (FXJ) 17.4% 15.2% 92% 183 -1.1% -1.6% -9% 0% 19.0 N/A

Fantastic Holdings (FAN) 0.0% 0.0% 1% 0 +0.0% -3.0% -5% 0% 0.3 0.1

Federation Cntres (FDC) 0.2% 0.2% 2% 7 -0.1% +0.0% -7% 0% 0.4 0.3

Finbar (FRI) 0.0% 0.0% 0% 0 +0.0% -2.0% -10% +8% 0.0 0.0

FKP Property (FKP) 4.5% 2.7% 28% 13 +0.3% +0.2% +11% +4% 8.7 0.7

Fleetwood Corp (FWD) 5.2% 4.3% 65% 10 +0.4% -0.4% -6% 0% 3.7 N/A

Fletcher Building (FBU) 0.6% 0.6% 13% 30 +0.1% +0.1% -1% -1% 2.6 0.1

Flexi(FXL) 0.0% 0.0% 0% 0 +0.0% +0.0% +0% +2% 0.0 0.8

Flight Centre (FLT) 22.3% 12.4% 79% 534 +0.2% -0.4% -4% 0% 22.9 N/A

Flinders Mines (FMS) 0.3% 0.3% 5% 0 +0.1% +0.0% +7% 0% 0.7 2.1

Focus Minerals (FML) 0.6% 0.3% 24% 0 +0.0% -0.0% +0% 0% 1.2 N/A

Forge (FGE) 0.8% 0.8% 5% 3 -0.3% -0.5% -7% 0% 0.6 2.2

Fortescue Metals Grp (FMG) 9.6% 5.2% 116% 613 +0.3% -0.7% +12% +4% 7.0 N/A

G.U.D. Holdings (GUD) 8.6% 8.6% 85% 39 +0.5% +0.6% +2% -7% 14.9 N/A

G8 Education (GEM) 1.1% 1.0% 8% 7 -0.0% -0.1% +9% +3% 2.6 N/A

Galaxy Resources (GXY) 0.9% 0.7% 8% 1 +0.0% +0.1% +0% 0% 4.5 9.0

Gindalbie Metals (GBG) 5.5% 3.5% 105% 7 +0.0% -0.1% +4% 0% 5.0 N/A

Goodman (GMG) 0.2% 0.2% 2% 14 -0.0% -0.1% -2% 0% 0.4 0.8

Goodman Fielder. (GFF) 3.1% 2.8% 14% 42 +0.1% -0.2% +3% 0% 6.6 N/A

GPT (GPT) 0.1% 0.1% 1% 8 +0.0% -0.1% -6% 0% 0.3 0.4

GrainCorp (GNC) 0.0% 0.0% 0% 1 -0.0% -0.1% -2% 0% 0.0 4.0

0.8

4.1

0.6 0.1

2.71.0

1.20.2

0.1 0.0

1.2

3.9

0.10.4

4.25.1

2.1 3.2

2.0

0.7

0.4

6.5

13.2

17.4

0.0 0.0

2.0

0.2

0.0 0.0

5.84.5

0.45.2

1.5

0.6

0.1 0.0

22.9 22.3

0.10.3

0.10.6

0.7 0.8

10.3 9.6

1.8

8.6

0.0 1.1

1.30.9

5.3 5.5

0.70.2

2.33.1

0.40.1

1.00.0



14

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15/22

Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Grange Resources. (GRR) 1.3% 0.5% 33% 1 +0.0% -0.1% +6% 0% 2.9 N/A

Greenland Min En (GGG) 1.1% 1.0% 84% 2 +0.0% +0.0% +39% 0% 8.6 N/A

Gryphon Minerals (GRY) 2.9% 2.9% 33% 2 -0.2% -0.1% +19% 0% 2.1 N/A

GWA (GWA) 4.8% 4.5% 32% 36 +0.1% -0.0% +1% +1% 15.2 N/A

Harvey Norman (HVN) 15.2% 8.2% 63% 235 -0.5% -0.1% +10% 0% 23.7 N/A

Henderson (HGG) 0.1% 0.1% 0% 2 -0.0% -0.1% +5% +7% 0.2 1.5

Hillgrove Res (HGO) 0.2% 0.2% 3% 0 +0.0% +0.0% +2% -6% 0.5 0.0

Hills Holdings (HIL) 0.1% 0.1% 1% 0 +0.0% -0.0% +3% 0% 0.4 0.1

Horizon Oil (HZN) 6.0% 5.3% 38% 20 +0.4% +0.7% -6% -83% 15.2 N/A

iiNet (IIN) 2.2% 1.4% 13% 14 +0.5% +0.3% -5% -1% 2.9 0.1

Iluka Resources (ILU) 9.3% 9.3% 63% 440 -0.2% -2.2% +7% +25% 10.9 N/A

Imdex (IMD) 2.1% 2.1% 27% 3 -0.2% -0.5% +10% 0% 2.1 0.3

IMF (Australia) (IMF) 1.3% 1.1% 11% 3 +0.0% +0.0% +3% 0% 3.4 0.0

Incitec Pivot (IPL) 1.0% 1.0% 7% 43 +0.0% -0.5% -9% -6% 1.4 N/A

Independence (IGO) 3.2% 3.2% 28% 26 +0.1% +0.4% +35% -28% 7.9 0.1

Indophil Resources (IRN) 0.1% 0.1% 1% 0 -0.0% -0.1% +2% -1217% 0.5 4.6

Infigen Energy (IFN) 0.5% 0.5% 10% 1 +0.1% +0.1% +13% 0% 5.1 N/A

Inova Resources (IVA) 0.4% 0.2% 7% 0 +0.1% +0.1% -14% 0% 1.1 1.4

Insurance Australia (IAG) 0.2% 0.2% 2% 29 -0.1% -0.0% +0% +5% 0.7 0.2

Intrepid Mines (IAU) 4.0% 3.8% 57% 6 +0.1% -0.2% -2% 0% 7.2 N/A

Investa Office Fund (IOF) 0.2% 0.2% 2% 4 +0.0% -0.0% -3% 0% 0.5 1.6

InvoCare (IVC) 3.1% 3.1% 35% 39 -0.0% +0.3% -5% 0% 9.9 N/A

IOOF Holdings (IFL) 1.0% 0.8% 8% 16 +0.1% -0.3% +6% -0% 2.9 0.1

IRESS (IRE) 2.4% 1.9% 15% 20 +0.0% +0.3% +2% -5% 7.2 0.7

James Hardie Indust (JHX) 1.2% 1.2% 11% 48 -0.1% +0.2% -8% 0% 2.8 N/A

JB Hi-Fi (JBH) 15.3% 15.3% 59% 276 -1.2% -1.2% +7% 0% 20.4 N/A

Karoon Gas Australia (KAR) 2.2% 1.8% 17% 22 +0.0% +0.3% -7% 0% 4.6 0.4

Kathmandu Hold (KMD) 0.0% 0.0% 0% 0 -0.1% -0.6% +5% 0% 0.1 0.2

Kingsgate Consolid. (KCN) 6.8% 6.8% 111% 16 -0.2% +1.7% +20% -24% 4.0 N/A

Kingsrose Mining (KRM) 0.2% 0.1% 18% 0 +0.0% -0.0% -20% 0% 0.9 N/A

Leighton Holdings (LEI) 10.6% 5.2% 76% 280 -0.1% -0.2% -9% -0% 9.1 N/A

Lend Lease (LLC) 0.2% 0.1% 1% 8 -0.0% -0.3% -0% -0% 0.3 0.9

0.71.3

1.0 1.1

4.92.9

6.34.8

17.915.2

0.9

0.1

0.7

0.2

1.4

0.1

2.6

6.0

0.0

2.2

9.3 9.3

0.12.1

0.0

1.3

0.11.0

4.83.2

0.1 0.1

0.5 0.5

1.9

0.4

0.2 0.2

1.5

4.0

0.50.2

3.2 3.1

0.81.0

3.3

2.4

2.11.2

21.215.3

0.4

2.2

1.0

0.0

4.26.8

0.0 0.2

7.910.6

1.4

0.2



15

7/27/2019 ShortAndStocky-20130814 (2)

16/22

Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Linc Energy (LNC) 5.6% 3.5% 92% 31 -0.4% +0.3% +50% 0% 3.0 2.5

Lynas Corporation (LYC) 10.3% 10.3% 120% 76 -0.0% -0.3% -5% 0% 9.2 N/A

M2 Telecommunication (MTU) 3.8% 3.5% 43% 40 +0.0% -0.0% +7% -0% 8.6 N/A

MACA (MLD) 0.1% 0.0% 1% 0 -0.0% -0.1% +5% +0% 0.1 0.5

Macmahon Holdings (MAH) 0.7% 0.6% 5% 1 -0.0% -0.0% -3% -66% 0.9 N/A

Macq Atlas Roads Grp (MQA) 4.8% 4.1% 23% 43 +0.0% +0.1% +8% 0% 13.9 3.5

Macquarie (MQG) 0.5% 0.5% 3% 67 +0.1% -0.3% -3% 0% 0.9 0.5

Magellan Fin Grp (MFG) 0.2% 0.1% 7% 2 +0.1% -0.1% -6% +5% 0.6 0.6

Matrix C & E (MCE) 4.8% 3.4% 32% 3 +0.0% -0.0% +6% 0% 25.4 0.4

Maverick Drilling (MAD) 2.2% 1.8% 33% 3 -0.0% +0.1% -26% 0% 3.4 0.2

Mayne Pharma (MYX) 0.0% 0.0% 0% 0 +0.0% +0.0% 0% 0.0 0.0

McMillan Shakespeare (MMS) 3.7% 2.8% 12% 19 +1.2% +1.9% -48% 0% 3.1 0.1

Medusa Mining (MML) 1.8% 1.8% 38% 7 -0.1% -0.4% +37% +0% 1.2 0.2

Mermaid Marine (MRM) 0.2% 0.2% 2% 2 -0.1% -0.3% -6% 0% 0.8 0.5

Mesoblast (MSB) 8.3% 4.6% 54% 87 -1.2% +1.0% +7% 0% 24.2 N/A

Metcash (MTS) 9.7% 9.7% 69% 295 +0.9% +1.1% -5% 0% 12.5 N/A

Metminco (MNC) 0.1% 0.1% 6% 0 +0.1% +0.1% 0.3 0.0

Miclyn Exp Offshr (MIO) 0.4% 0.1% 3% 1 -0.1% -0.3% +5% -2% 0.6 N/A

Mincor Resources NL (MCR) 1.4% 1.4% 20% 1 +0.1% +0.0% -6% 0% 5.9 N/A

Mineral Deposits (MDL) 3.8% 3.8% 22% 6 -0.1% -0.1% +17% -23% 8.9 N/A

Mineral Resources. (MIN) 5.1% 4.3% 32% 79 -0.6% -1.2% +16% -0% 6.1 N/A

Mirabela Nickel (MBN) 3.6% 3.0% 24% 2 +0.9% +1.1% +42% 0% 1.6 N/A

Mirvac (MGR) 0.3% 0.3% 3% 18 +0.0% +0.0% -3% 0% 0.8 0.4

Molopo Energy (MPO) 0.1% 0.1% 1% 0 +0.0% -0.1% -10% 0% 0.6 0.1

Monadelphous (MND) 12.4% 12.4% 147% 189 +0.0% +1.0% +10% 0% 13.5 N/A

Mount Gibson Iron (MGX) 3.2% 1.9% 41% 12 +0.3% -0.1% +7% -42% 3.3 N/A

Myer Holdings (MYR) 14.1% 14.1% 80% 218 -0.4% +0.2% +8% 0% 12.9 N/A

National Aust. Bank (NAB) 0.3% 0.3% 3% 229 +0.0% -0.0% +4% +0% 1.0 0.1

Navitas (NVT) 2.8% 1.8% 16% 42 -0.5% -1.8% +8% -3% 7.9 0.2

Neon Energy (NEN) 0.2% 0.2% 17% 0 +0.0% -0.1% +28% 0% 0.6 N/A

New Hope Corporation (NHC) 0.2% 0.2% 4% 6 +0.0% -4.0% +6% 0% 6.4 N/A

Newcrest Mining (NCM) 0.6% 0.6% 6% 49 -0.0% +0.0% +13% -14% 0.5 0.0

14.4

5.6

11.0 10.3

1.4

3.8

0.0 0.1

0.8 0.7

1.3

4.8

1.80.5

0.0 0.2

1.2

4.8

0.22.2

0.0 0.0

0.1

3.7

0.91.8

0.6

0.2

11.88.3

5.2

9.7

0.1 0.1

0.1 0.4

0.6 1.4

0.4

3.8

2.95.1

1.4

3.6

0.3 0.3

0.3 0.1

4.3

12.4

1.13.2

9.4

14.1

0.60.3

5.4

2.8

0.1 0.2

0.30.2

0.20.6



16

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17/22

Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

News Corp. (NNC) 0.6% 0.6% 165% 20 +0.1% +0.6% +6% 0.8 0.1

Nextdc (NXT) 4.9% 3.6% 18% 17 -0.0% +0.1% -1% 0% 12.9 N/A

Nexus Energy (NXS) 0.2% 0.2% 2% 0 -0.1% -0.7% -6% 0% 0.4 1.0

Northern Iron (NFE) 0.7% 0.4% 3% 0 +0.1% +0.1% +33% -40% 0.8 10.3

Northern Star (NST) 1.6% 1.5% 37% 5 -0.0% -0.3% +31% +2% 1.6 N/A

NRW Holdings (NWH) 6.6% 6.6% 42% 19 +0.1% -2.2% +4% 0% 3.4 N/A

Nufarm (NUF) 8.9% 6.1% 47% 73 +0.4% +0.3% -2% 0% 15.1 N/A

OceanaGold Corp. (OGC) 0.1% 0.1% 7% 1 -0.1% -0.1% +16% -59% 0.4 0.5

Oil Search (OSH) 0.6% 0.5% 5% 56 -0.0% -0.2% -1% +10% 1.4 N/A

OM Holdings (OMH) 0.7% 0.4% 13% 1 -0.0% -0.0% -3% 0% 3.1 0.2

Orica (ORI) 2.7% 2.7% 22% 184 +0.6% +0.3% -9% -12% 3.6 N/A

Origin Energy (ORG) 1.1% 1.1% 8% 148 -0.1% -0.2% -7% -1% 3.2 N/A

Orocobre (ORE) 0.4% 0.4% 14% 1 -0.1% -0.2% +21% 0% 2.9 0.0

Oroton(ORL) 1.5% 1.0% 9% 3 +0.3% +0.3% -4% -9% 4.1 N/A

OZ Minerals (OZL) 3.4% 3.4% 30% 41 +0.5% +0.3% +3% 0% 2.4 N/A

Pacific Brands (PBG) 1.6% 1.6% 8% 12 +0.0% +0.1% +1% 0% 3.7 N/A

Paladin Energy (PDN) 16.8% 15.7% 73% 87 +2.9% +3.3% -31% 0% 10.3 N/A

PanAust (PNA) 1.0% 0.8% 6% 9 -0.4% -0.6% +6% -21% 0.8 0.1

Panoramic Resources (PAN) 0.1% 0.1% 4% 0 +0.1% +0.0% -2% 0% 0.5 0.4

Papillon Res (PIR) 3.0% 2.6% 66% 8 -0.2% -0.3% +16% 0% 3.6 N/A

Patties Foods (PFL) 0.0% 0.0% 0% 0 +0.0% +0.0% +7% 0% 0.0 N/A

Perilya (PEM) 0.1% 0.0% 1% 0 +0.1% +0.1% +28% -65% 0.2 N/A

Perpetual (PPT) 5.3% 5.3% 66% 86 -0.0% -0.0% -4% 0% 14.9 N/A

Perseus Mining (PRU) 3.9% 3.9% 60% 9 +0.0% +0.7% +5% -25% 2.0 N/A

Pharmaxis (PXS) 2.3% 2.3% 34% 1 +0.1% -0.1% +10% 0% 2.1 0.3

Platinum Asset (PTM) 1.4% 0.6% 12% 21 -0.1% -0.3% -1% 0% 3.6 0.9

Premier Investments (PMV) 1.4% 0.8% 6% 10 -0.1% -0.1% +5% 0% 2.0 N/A

Prima Biomed (PRR) 0.4% 0.4% 93% 0 +0.2% +0.4% -3% 0% 1.5 N/A

Primary Health Care (PRY) 5.9% 5.5% 30% 136 +0.0% +0.4% -1% 0% 10.7 N/A

Programmed (PRG) 0.4% 0.4% 4% 1 +0.0% +0.0% -4% 0% 1.4 0.9

Qantas Airways (QAN) 1.2% 1.2% 7% 32 -0.1% +0.2% -11% 0% 1.6 N/A

QBE Insurance (QBE) 2.5% 2.5% 24% 520 +0.2% -0.1% +2% +0% 5.7 N/A

0.0

0.6

2.2

4.9

0.3 0.2

0.1 0.7

0.71.6

1.1

6.6

3.2

8.9

0.1 0.1

0.5 0.6

1.4

0.7

0.5

2.7

0.61.1

0.10.4

0.8

1.5

2.4 3.4

0.6

1.6

8.9

16.8

0.41.0

1.0 0.1

0.2

3.0

0.0 0.0

0.0 0.1

5.0 5.3

2.43.9

1.22.3

4.6

1.4

0.61.4

0.4 0.4

3.3

5.9

0.4 0.4

0.6

1.2

4.42.5



17

7/27/2019 ShortAndStocky-20130814 (2)

18/22

Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Qrxpharma (QRX) 0.8% 0.8% 28% 1 +0.0% +1.0% -5% 0% 6.8 0.7

Qube Holdings (QUB) 2.5% 1.6% 22% 26 +0.0% +0.3% -1% 0% 11.9 N/A

Ramelius Resources (RMS) 1.0% 1.0% 52% 0 +0.1% +0.0% +0% 0% 0.8 0.0

Ramsay Health Care (RHC) 1.5% 1.0% 12% 69 +0.1% +0.1% -4% 0% 4.2 N/A

RCR Tomlinson (RCR) 0.6% 0.6% 6% 2 -1.1% -1.1% +6% +0% 1.7 N/A

REA (REA) 1.4% 0.5% 7% 23 +0.1% -0.1% +12% -0% 3.1 0.2

Red 5 (RED) 0.7% 0.7% 14% 0 -2.2% +0.1% -22% 0% 5.1 N/A

Red Fork Energy (RFE) 1.1% 0.9% 5% 2 -0.0% +0.1% -15% -100% 2.1 0.2

Regis Resources (RRL) 2.6% 2.2% 24% 33 -1.2% -2.7% +3% -1% 3.0 0.8

ResMed Inc. (RMD) 0.6% 0.6% 8% 51 +0.0% +0.0% +11% +3% 1.8 2.4

Resolute Mining (RSG) 0.4% 0.4% 5% 2 +0.1% -0.2% +20% +4% 0.4 N/A

Retail Food (RFG) 2.3% 1.7% 14% 10 -0.3% +0.1% -6% -1% 9.8 0.5

Rex Minerals (RXM) 1.2% 1.1% 31% 1 +0.1% +0.2% +11% 0% 4.9 0.0

Ridley Corporation (RIC) 0.3% 0.2% 2% 1 +0.0% -0.1% +10% 0% 0.9 0.0

Rio Tinto (RIO) 1.4% 1.4% 14% 356 +0.0% +0.2% +12% -6% 1.8 N/A

ROC Oil Company (ROC) 0.3% 0.3% 2% 1 +0.0% -0.0% -4% -19% 1.4 0.0

Ruralco Holdings (RHL) 0.0% 0.0% 1% 0 +1.0% +1.0% 0% 0.2 N/A

SAI Global (SAI) 5.7% 5.7% 29% 44 -0.0% -0.7% +0% 0% 8.8 N/A

Sandfire Resources (SFR) 4.2% 2.6% 20% 21 -0.0% -0.6% -5% -3% 3.7 0.1

Santos (STO) 0.6% 0.6% 5% 79 +0.1% +0.2% -1% +3% 1.5 0.5

Saracen Mineral (SAR) 3.2% 3.2% 49% 3 -0.1% -0.3% +48% +21% 2.6 N/A

Sca Property (SCP) 5.4% 5.4% 63% 55 +0.1% +0.5% -0% 0% 12.3 N/A

Sedgman (SDM) 0.5% 0.3% 5% 0 -0.0% -0.1% -4% 0% 1.3 0.3

Seek (SEK) 5.9% 5.9% 28% 187 -0.1% -0.3% +0% 0% 8.8 N/A

Senex Energy (SXY) 0.6% 0.5% 8% 4 -0.0% -0.5% +9% +3% 1.4 0.0

Seven Holdings (SVW) 5.3% 1.7% 29% 36 +0.8% +1.6% +2% 0% 5.9 N/A

Seven West Media (SWM) 0.7% 0.5% 7% 11 +0.1% -0.1% +8% -1% 0.9 N/A

Sigma Pharmaceutical (SIP) 0.5% 0.5% 2% 4 -0.1% -0.1% -17% 0% 1.5 0.1

Silex Systems (SLX) 1.5% 1.2% 17% 6 +0.1% -0.0% +15% 0% 19.3 N/A

Silver Chef (SIV) 0.2% 0.2% 15% 0 +0.0% -13.0% +2% 0% 1.0 N/A

Silver Lake Resource (SLR) 2.9% 2.9% 55% 8 -0.1% -0.2% +5% -6% 1.1 N/A

Sims Metal Mgmt (SGM) 5.8% 4.7% 41% 86 +0.2% +0.3% +6% 0% 6.0 N/A

0.1

0.8

1.1 2.5

0.5 1.0

2.3

1.5

0.0 0.6

0.11.4

0.1 0.7

0.51.1

0.2 2.6

0.3 0.6

1.3

0.4

0.0

2.3

0.31.2

0.00.3

4.3

1.4

0.2 0.3

0.0 0.0

1.3

5.7

4.7 4.2

0.80.6

0.3

3.2

0.0

5.4

0.0 0.5

3.7

5.9

0.5 0.6

1.3

5.3

5.9

0.7

0.4 0.5

0.5

1.5

0.0

0.2

2.5 2.9

5.5 5.8



18

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Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Singapore Telecomm. (SGT) 3.0% 3.0% 30% 20 +1.4% +2.6% +7% 0% 2.2 0.3

Sirius Resources NL (SIR) 2.4% 1.9% 33% 10 +0.0% -0.6% +21% 0% 1.9 0.2

Sirtex Medical (SRX) 0.1% 0.1% 1% 1 -1.2% -0.8% +2% 0% 0.1 1.8

Skilled (SKE) 2.5% 2.2% 17% 15 -0.0% +0.6% +3% 0% 5.3 N/A

Slater & Gordon (SGH) 0.0% 0.0% 0% 0 +1.0% +1.0% -8% 0% 0.1 N/A

SMS Management. (SMX) 2.5% 2.5% 26% 9 -0.1% -0.3% +3% +0% 5.9 0.6

Sonic Healthcare (SHL) 1.9% 1.9% 19% 106 -0.0% -0.4% -3% 0% 4.6 N/A

SP AusNet (SPN) 2.2% 1.1% 16% 41 -0.3% +0.1% -2% 0% 5.1 N/A

Spark Infrastructure (SKI) 4.5% 4.1% 27% 95 -0.3% -0.1% -1% 0% 9.1 N/A

Specialty Fashion (SFH) 0.0% 0.0% 0% 0 +0.0% -75.0% +13% 0% 0.3 N/A

St Barbara (SBM) 5.9% 5.9% 71% 12 +0.7% +0.6% -9% -6% 4.1 N/A

Starpharma Holdings (SPL) 5.9% 5.6% 79% 15 +0.0% +0.3% +5% 0% 33.4 N/A

Sthn Cross Media (SXL) 1.5% 1.2% 9% 12 +0.1% -0.1% -4% 0% 3.5 0.0

Stockland (SGP) 0.4% 0.4% 4% 37 -0.1% -0.0% +7% +2% 0.8 0.0

Strike Energy (STX) 0.0% 0.0% 8% 0 +2.0% +2.0% 0% 0.2 0.3

STW Communications (SGN) 0.4% 0.3% 2% 2 +0.0% +0.0% +1% 0% 1.1 0.2

Suncorp (SUN) 0.6% 0.6% 4% 93 -0.0% +0.1% +1% -10% 1.6 0.1

Sundance Energy (SEA) 0.1% 0.1% 1% 0 -0.0% -0.1% +3% +16% 0.3 0.3

Sundance Resources (SDL) 2.1% 1.7% 10% 4 -0.0% -0.0% +13% 0% 1.5 4.6

Super Ret Rep (SUL) 0.7% 0.5% 4% 12 +0.0% -0.1% -1% 0% 1.7 0.7

SYD Airport (SYD) 1.2% 1.0% 5% 64 -0.1% +0.1% +2% 0% 2.7 N/A

Syrah Resources (SYR) 0.8% 0.4% 6% 1 -0.0% -0.1% +9% 0% 1.1 0.1

TABCORP Holdings (TAH) 2.6% 2.6% 18% 64 -0.1% +0.2% -1% -1% 4.7 N/A

Tap Oil (TAP) 0.1% 0.1% 2% 0 +0.0% -0.0% +12% 0% 0.7 3.6

Tatts (TTS) 1.1% 1.1% 8% 49 -0.0% -0.0% -4% -2% 3.2 N/A

Telecom Corporation (TEL) 0.5% 0.5% 24% 17 -0.1% -0.2% +2% +1% 2.1 0.1

Telstra Corporation. (TLS) 0.1% 0.1% 1% 92 -0.2% -0.2% +5% +2% 0.4 0.2

Ten Network Holdings (TEN) 8.3% 5.2% 45% 36 +0.6% +0.4% -9% 0% 11.2 N/A

Teranga Gold Corp (TGZ) 0.3% 0.3% 2% 0 +0.1% +0.2% -11% -9% 0.8 2.0

The Reject Shop (TRS) 6.7% 6.7% 37% 32 +0.3% +0.2% -6% 0% 12.1 N/A

Thorn (TGA) 0.0% 0.0% 0% 0 +0.0% -0.1% +1% 0% 0.1 1.5

Tiger Resources (TGS) 0.2% 0.2% 2% 0 +0.0% -0.1% +23% +0% 0.4 0.2

7.23.0

0.02.4

0.1 0.1

0.0

2.5

0.0 0.0

1.32.5

1.6 1.9

0.4

2.2

3.1

4.5

1.3

0.0

1.8

5.9

0.9

5.9

2.1 1.5

0.5 0.4

0.0 0.0

0.0 0.4

0.90.6

0.0 0.1

0.6

2.1

1.20.7

1.1 1.2

0.0 0.8

1.2

2.6

0.2 0.1

0.61.1

0.9

0.5

0.2 0.1

10.18.3

0.1

0.3

10.46.7

0.1 0.0

0.3 0.2



19

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Data Tables

12 Month History

Code

% Free

Float1% Mkt

Cap

% Stock

available to

short2

Value

($m)

One

week

One

month

Share

Price

FY1

EPS4

F'cast


Float1


Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

Toll Holdings (TOL) 4.6% 4.3% 31% 161 -0.1% -1.0% -4% 0% 6.9 N/A

Tox Free Solutions (TOX) 1.2% 1.2% 7% 5 +0.4% +0.5% -1% 0% 4.4 N/A

Tpg Telecom (TPM) 0.4% 0.1% 3% 4 +0.0% +0.1% -2% +1% 0.9 N/A

Trade Me (TME) 0.1% 0.1% 1% 1 -0.0% +0.0% +3% 0% 0.2 0.3

Transfield Services (TSE) 6.5% 5.6% 35% 26 -0.3% +0.5% +12% 0% 6.0 N/A

Transpacific Indust. (TPI) 1.0% 0.6% 4% 8 -0.0% +0.7% +2% 0% 1.5 0.3

Transurban (TCL) 0.2% 0.2% 1% 16 +0.0% +0.0% +2% +17% 0.4 0.5

Treasury Wine Estate (TWE) 3.3% 3.3% 21% 103 +0.3% +0.8% -18% -1% 4.2 N/A

Troy Resources (TRY) 0.4% 0.3% 7% 1 +0.1% -5.1% -5% -22% 0.5 1.1

Twenty-First FOX Inc (FOX) 0.0% 0.0% 1% 11 -0.0% -0.1% +7% -3% 0.2 0.1

UGL (UGL) 9.9% 9.9% 76% 121 +0.4% +1.4% +2% +1% 8.8 N/A

UXC (UXC) 0.1% 0.1% 1% 0 -0.1% -0.0% +12% 0% 0.4 0.4

Virgin Aus Hldg (VAH) 7.9% 3.2% 54% 34 +0.4% +0.0% -10% -171% 9.6 N/A

Webjet (WEB) 1.7% 1.6% 16% 6 -0.0% -0.2% +2% 0% 6.1 0.5

Wesfarmers (WES) 2.4% 2.4% 24% 971 -0.2% -0.2% +3% 0% 8.3 0.2

Western Areas (WSA) 12.7% 10.1% 90% 58 -0.4% -0.2% +4% +10% 16.4 N/A

Western Desert Res. (WDR) 0.8% 0.7% 47% 2 +0.1% +0.1% -14% 0% 5.9 0.0

Westfield (WDC) 0.4% 0.4% 5% 99 +0.1% +0.1% -4% 0% 1.2 0.6

Westfield Retail Tst (WRT) 0.4% 0.4% 2% 38 +0.0% +0.1% -2% 0% 0.6 0.5

Westpac Banking Corp (WBC) 0.9% 0.9% 9% 806 +0.1% +0.0% +5% 0% 3.1 N/A

Whitehaven Coal (WHC) 17.5% 10.4% 116% 208 +0.2% +0.0% -11% 0% 16.1 N/A

Woodside Petroleum (WPL) 0.6% 0.4% 5% 137 +0.2% +0.2% +4% -1% 1.4 0.1

Woolworths (WOW) 0.5% 0.5% 5% 215 -0.1% -0.1% -1% -0% 2.2 N/A

WorleyParsons (WOR) 3.2% 2.7% 24% 142 +0.3% +0.7% +5% -1% 5.3 N/A

Wotif.com Holdings (WTF) 16.2% 10.0% 68% 101 -0.1% +0.9% -0% 0% 27.5 N/A

2.54.6

0.0

1.2

0.80.4

0.0 0.1

1.0

6.5

0.7 1.0

0.50.2

2.3

3.3

0.3 0.4

0.2 0.0

4.9

9.9

0.0 0.1

1.6

7.9

0.0

1.7

3.02.4

7.1

12.7

0.1

0.8

0.20.4

1.5

0.4

1.5

0.9

2.7

17.5

0.5 0.6

0.5 0.5

2.3

3.2

14.7 16.2



20

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Quantitative Strategy Short and Stocky 21

NOTES

1. Short Position as %of Free Float

This represents the latest reported short position divided by the Free Float Market Capitalisation of the stock. TheFree Float Market Capitalisation includes the actual number of shares less those held by strategic owners and henceis a better representation of the number of shares available to be traded on the exchange.

2. Short Sales as %Stock available toshort

This measure compares the amount of outstanding short positions (reported to ASIC) with the amount of stockavailable to be borrowed (reported to the ASX). Note that the stock available to be borrowed is only reported once aquarter. Some participants may not be reporting correctly to either ASIC (less likely) or the ASX (almost certainly, asthere are a large number of inconsistencies) so this data should be used with caution.

3. Change in shortPosition

This measure shows the current shorted shares as a percentage of the total free floated shares LESS the number ofshort shares as a percentage of the total free floated shares reported either one month or one week prior.

4. FY1 EPS forecast This column shows the change in analyst forecasts for the first forecast year earnings per share.

5. Days to cover The number of days of trading it would take short sellers to completely cover positions based on the average of thelast six months of trading.

6. Stock loaned notshort

This measure calculates the difference between the amount of stock borrowed (reported to the ASX and calculated asthe maximum between the borrowed and loaned number of shares) but not yet shorted as a percentage of the totalfree float shares of the stock.

This data should be used with caution. Data showing N/A means the borrowed and loaned numbers are notconsistent with the open short position data and so likely have not been reported accurately.

SHORT SALES DATA

There are three primary sources of short sales data:

ASX reported short sales: This only reports short selling (not covering) and so while

the most timely is of use.

ASX reported lending and borrowing: This data shows the amount that is borrowed

and the amount that has been lent on a daily basis, and also has quarterly data on thetotal amount of stock available to be lent. While useful and more timely than the ASICdata there are clearly inconsistencies in the data where the amount reportedborrowed and the amount reported lent frequently does not match, and additionally itis also frequently less than the amount reported short sold which suggests cautionshould be used with the data.

ASIC reported short sales position:This data comes from investors to ASIC and isthe gross amount of open short positions, however it is reported with a four-day lag.We use this as our primary source of information, although note the timeliness is anissue. There may also be data integrity issues with investors reporting incorrectly toASIC, although we suspect that this is less of an issue for ASIC than it is for the ASX.

QUANTITATIVE MODELS

There is only about a year of reliable short sales data, and the key data series hashad some changes in definitions which makes quantitative conclusions about thesuccess or otherwise of trading short sales data hard to make.

Preliminary tests indicate that short term trading off changes in short sales positions isunlikely to be consistently profitable, although with a four day lag in data that is not ahuge surprise.

The absolute level of short selling doesnt seem to be a consistent indicator.Trends in short positions over period of two weeks or longer seem to be moreprofitable, however with such a short time frame we are wary of making too many

claims. We will follow this data and provide updates in the future.

7/27/2019 ShortAndStocky-20130814 (2)

22/22

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Return Reinvestment Matrix and Risk Measures

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