Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 11th December 2023, pharmacy distributor <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> announced a "transformational merger" - in effect a reverse takeover - with mega chain Chemist Warehouse (CWG).</li>
<li>In <a href="https://skr.ma/qWWUZ," target="_blank" rel="noopener">Sigma Healthcare (SIG AU): Chemist Warehouse's Reverse Takeover</a> I flagged pushback from ACCC; but on balance thought the merger should still get up.</li>
<li>
<a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> struck a more tentative tone in <a href="https://skr.ma/Q9Kv1," target="_blank" rel="noopener">Sigma Healthcare: ASX200 Inclusion Now, MUCH More Squeezy Fun Later. Maybe... </a>Rightfully so it seems. The ACCC has now raised competition concerns. </li>
</ul>


Back on the 11th December 2023, pharmacy distributor Sigma Healthcare (SIG AU) announced a "transformational merger" - in effect a reverse takeover - with mega chain Chemist Warehouse (CWG).
In Sigma Healthcare (SIG AU): Chemist Warehouse's Reverse Takeover I flagged pushback from ACCC; but on balance thought the merger should still get up.

Travis Lundy struck a more tentative tone in Sigma Healthcare: ASX200 Inclusion Now, MUCH More Squeezy Fun Later. Maybe... Rightfully so it seems. The ACCC has now raised competition concerns. 


Sigma/Chemist Warehouse Merger: ACCC Has (Many) Issues

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 Sep 6th (reported today) which has an aggregated short interest worth USD24.3bn.</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 Macquarie, Fortescue, Mirvac, Insurance Australia, BHP, Wesfarmers, CSL.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 6th (reported today) which has an aggregated short interest worth USD24.3bn.
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 Macquarie, Fortescue, Mirvac, Insurance Australia, BHP, Wesfarmers, CSL.


ASX Short Interest Weekly (Sep 6th): Macquarie, Fortescue, Mirvac, Insurance Australia, BHP

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextdc-ltd" target="_blank" data-smartkarma-citation="entities:8570:1" rel="noopener">Nextdc Ltd (NXT AU)</a> aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non-underwritten SPP.</li>
<li>The company has undertaken a number of deals in the past, most of which have done ok. Although this one appears to be a bit opportunistic.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nextdc Ltd (NXT AU) aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non-underwritten SPP.
The company has undertaken a number of deals in the past, most of which have done ok. Although this one appears to be a bit opportunistic.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


NEXTDC Placement - Good Track Record but Seems Opportunistic

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Aug 30th (reported today) which has an aggregated short interest worth USD25.3bn.</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 Fortescue, Woodside Energy, National Australia Bank, Westpac, Aurizon, CSL, Bluescope Steel.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Aug 30th (reported today) which has an aggregated short interest worth USD25.3bn.
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 Fortescue, Woodside Energy, National Australia Bank, Westpac, Aurizon, CSL, Bluescope Steel.


ASX Short Interest Weekly (Aug 30th): Fortescue, Woodside Energy, National Australia Bank, Westpac

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>.</li>
<li>ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ).
ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Getting Closer to a US$800m Cleanup

Australia

Wesfarmers Ltd. owns retail chains, operates mines, writes insurance, manufactures and distributes industrial products, manufactures fertilizers and chemicals, and distributes liquefied petroleum gas and medical and industrial gases.

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Wesfarmers Ltd (WES AU)

Sigma/Chemist Warehouse Merger: ACCC Has (Many) Issues

Sigma Healthcare (SIG AU) is up 14.6% as I type after news emerged it is offering franchisees who joined its network before 1 Jan 2024 the ability...

David Blennerhassett

ASX Short Interest Weekly (Sep 6th): Macquarie, Fortescue, Mirvac, Insurance Australia, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Macquarie, Fortescue, Mirvac, Insurance Australia,...

Ke Yan, CFA, FRM

NEXTDC Placement - Good Track Record but Seems Opportunistic

Nextdc Ltd (NXT AU) aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non...

Sumeet Singh

ASX Short Interest Weekly (Aug 30th): Fortescue, Woodside Energy, National Australia Bank, Westpac

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Woodside Energy, National Australia...

Ke Yan, CFA, FRM

Auckland Airport Possible Placement - Getting Closer to a US$800m Cleanup

Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ)....

Sumeet Singh

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52-week Range

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