European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>On 27 April, Reuters reported that BHP is considering making an improved offer for Anglo American after its initial proposal was rejected. Anglo's shares trade at 0.3% discount to proposal.</li>
<li>BHP is not paying any control premium. Despite its robust portfolio and recent share price appreciation, Anglo trades at a 18% discount compared to the sum of its parts (3018p). </li>
<li>Interloper risk is high. Antitrust risk seems low. As a defence, Anglo may conduct some portfolio simplification to unlock value. I would be long at current prices.</li>
</ul>


On 27 April, Reuters reported that BHP is considering making an improved offer for Anglo American after its initial proposal was rejected. Anglo's shares trade at 0.3% discount to proposal.
BHP is not paying any control premium. Despite its robust portfolio and recent share price appreciation, Anglo trades at a 18% discount compared to the sum of its parts (3018p). 
Interloper risk is high. Antitrust risk seems low. As a defence, Anglo may conduct some portfolio simplification to unlock value. I would be long at current prices.


BHP to Consider Sweetened Proposal for Anglo

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 19th (reported today) which has an aggregated short interest worth USD18.6bn.</li>
<li>We tabulate league table 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 Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 19th (reported today) which has an aggregated short interest worth USD18.6bn.
We tabulate league table 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 Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group.


ASX Short Interest Weekly (Apr 19th): Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 12th (reported today) which has an aggregated short interest worth USD19.0bn.</li>
<li>We tabulate league table 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 Rio Tinto, Computershare, NAB, Wisetech Global, South32.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 12th (reported today) which has an aggregated short interest worth USD19.0bn.
We tabulate league table 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 Rio Tinto, Computershare, NAB, Wisetech Global, South32.


ASX Short Interest Weekly (Apr 12th): Rio Tinto, Computershare, NAB, Wisetech Global, South32

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 5th (reported today) which has an aggregated short interest worth USD19.1bn.</li>
<li>We tabulate league table 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, Treasury Wine, Northern Star Re, Flight Centre, Macquarie, Woodside Energy, Netwealth.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 5th (reported today) which has an aggregated short interest worth USD19.1bn.
We tabulate league table 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, Treasury Wine, Northern Star Re, Flight Centre, Macquarie, Woodside Energy, Netwealth.


ASX Short Interest Weekly (Apr 5th): BHP, Treasury Wine, Northern Star Re, Flight Centre, Macquarie

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI Emerging Markets / Technical Analysis

<ul>
<li>The bullish outlook we initiated in early November 2023 remains intact. The SPX and QQQ still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days.</li>
<li>Even if/when they do, important supports are close by, including 4983-5050 on the S&amp;P 500 and $425-$433 on QQQ (gap supports from 2/22/24). Anything above 4800 SPX is a buy.</li>
<li>We continue to get an ever-increasing number of global indexes/Sectors with long-term breakouts, the latest being the MSCI Emerging Market and Frontier indexes. Clearly risk-on behavior.</li>
</ul>


The bullish outlook we initiated in early November 2023 remains intact. The SPX and QQQ still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days.
Even if/when they do, important supports are close by, including 4983-5050 on the S&amp;P 500 and $425-$433 on QQQ (gap supports from 2/22/24). Anything above 4800 SPX is a buy.
We continue to get an ever-increasing number of global indexes/Sectors with long-term breakouts, the latest being the MSCI Emerging Market and Frontier indexes. Clearly risk-on behavior.


Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

Australia

Fortescue Metals Group Ltd. explores for and produces iron ore. The Company conducts business worldwide.

BHP Group Ltd operates as an international resources company. The Company offers mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel, and copper concentrate, as well as petroleum exploration, production, and refining. BHP Group serves customers worldwide.

Newcrest Mining Limited is a gold mining, exploration and production company. The Company is geographically focused in Australia, the Pacific region and Asia. Newcrest Mining operates projects within six provinces in four countries, focusing on the Cadia East and Lihir MOPU expansion projects and the Wafi Golpu and Namosi greenfield projects.

Northern Star Resources Ltd manufactures precious metals. The Company provides mining and production of gold. Northern Star Resources serves customers in Australia and North America.

South32 Limited operates as a diversified metals and mining company. The Company produces alumina, aluminum, coal, manganese, nickel, silver, lead, and zinc. South32 conducts business globally.

Rio Tinto PLC operates as a mining company. The Company focuses on mining for aluminum, borates, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, salt, and zircon. Rio Tinto serves clients worldwide.

Glencore plc is a diversified natural resources company. The Company operates in three groups, metals and minerals, energy products, and agricultural products. Glencore offers its products and services around the world.

BlueScope Steel Limited supplies steel products and solutions. The Company manufactures steel slabs, plates, hot and cold rolled coils, and coated and painted strip products for building and construction, automotive, whitegoods, and manufacturing applications. BlueScope Steel serves customers in Asia, Australia, New Zealand, and the United States.

OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

Pilbara Minerals Ltd. is a mineral exploration company. The Company owns mineral tenements in the west Pilbara region of Western Australia where it explores for iron ore, gold and base metals, particularly copper and nickel.

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

Glencore Plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Plc offers its products and services around the world.

Nippon Steel Corp is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide.  Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

China Hongqiao Group Ltd. manufactures aluminum products. The Company's aluminum products consist of molten aluminum alloy, aluminum alloy ingots and aluminum busbars.

Baoshan Iron & Steel Co., Ltd. manufactures and markets a variety of iron and steel products including cold rolled plates and coils, hot rolled plates and coils, seamless steel tubes, high-speed wire rods, and steel billets.  The company also operates in related energy production businesses.

Nucor Corporation manufactures steel products.  The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and cement. The Company also produces power, conducts mining operations for iron ore and coal, and explores for natural gas and oil. JSPL, with its diverse resources, also contributes to the construction of infrastructure.

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Rio Tinto Ltd (RIO AU)

BHP to Consider Sweetened Proposal for Anglo

On 27 April, Reuters reported that BHP is considering making an improved offer for Anglo American after its initial proposal was rejected. Anglo's...

Jesus Rodriguez Aguilar

ASX Short Interest Weekly (Apr 19th): Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group

We analyzed ASX short interest report for the past week and highlight short interest changes in Woolworths, Ampol, Computershare, Fortescue, BHP,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Apr 12th): Rio Tinto, Computershare, NAB, Wisetech Global, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Rio Tinto, Computershare, NAB, Wisetech Global,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Apr 5th): BHP, Treasury Wine, Northern Star Re, Flight Centre, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Treasury Wine, Northern Star Re, Flight...

Ke Yan, CFA, FRM

Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

Long-Term Breakouts for Emerging and Frontier Markets $EEM $FM; Bullish Outlook Intact on $SPX $QQQ; Treasury Yields and Commodities Rising YTD has...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)