Wilson HTM - ShortAndStocky (20130916)

7/29/2019 Wilson HTM - ShortAndStocky (20130916)

1/22

Monday, 16 September 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 p articipant of ASX Group and should be read in conjunction with the d isclosures 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

At the aggregate level there has not been a lot of movement over the last 7 days,resources sector shorting levels remain at 2 year lows, short selling in financials is at arecord low noting that records only exist for a little over 3 years. While short selling insmall resources remains relatively high, it has also declined substantially over the lastfew weeks. Industrials remain considerably more short sold than other sectors both on alarge cap and a small cap basis.

For the sector focus this week (see bottom right), we have focussed on mid sizedmining stocks. The three key take-outs for me are: (1). Both the level and themomentum of short selling is quite disparate within the group (2). AGO, FMG, ILU andWSA stand out with much higher short positions than the others in the sector, howeverFMG and ILU have seen levels fall in recent weeks whereas AGO and WSA have seenincreased short selling. (3) The level of short selling for PNA and RRL is substantiallybelow others in the sector and has decreased for both in recent weeks.

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

Atlas Iron (AGO) +1.6% +3.8% 8.2% Flight Centre (FLT) -2.4% -12.4% 8.6%

Iluka Resources (ILU) +0.8% -0.1% 9.2% QBE Insurance (QBE) -1.2% -1.1% 1.5%

Qantas Airways (QAN) +0.6% +0.3% 1.8% Echo Entertainment (EGP) -1.0% +0.7% 0.9%

Small Ords

Fairfax Media (FXJ) +2.7% -0.3% 16.4% BWP Trust (BWP) -1.3% -0.8% 1.5%Transfield Services (TSE) +1.2% +3.4% 10.2% Whitehaven Coal (WHC) -0.8% -5.1% 12.3%

Ausdrill (ASL) +1.0% -3.2% 5.9% Silver Lake Resource (SLR) -0.8% -1.7% 1.0%

Outside ASX 300

NIB Holdings Limited (NHF) +0.4% +0.8% 0.9% Qrxpharma Ltd (QRX) -0.3% -0.6% 0.2%

Unilife Corporation (UNS) +0.2% +0.2% 0.2% Elders Limited (ELD) -0.1% -0.1% 3.9%

PMP Limited (PMP) +0.1% +0.1% 0.1% Resource Genertn (RES) -0.1% +0.1% 0.1%1.All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market CapSource (all charts): Wilson HTM, ASX, ASIC, S&P, Capital IQ

Sector Focus: Mining SectorCurrent Short Position Days to

cover512 Month History

Code

% FreeFloat1

% MktCap

% Stockavailable to

short2

Value($m)

Short Position as % of FreeFloat1

Atlas Iron (AGO) 8.2% 7.6% 86% 58 3.5

Fortescue Metals Grp (FMG) 9.4% 5.1% 136% 710 8.2

Iluka Resources (ILU) 9.2% 9.2% 64% 435 11.1

OZ Minerals (OZL) 3.2% 3.2% 29% 42 2.5

PanAust (PNA) 0.6% 0.5% 5% 7 0.7

Regis Resources (RRL) 1.5% 1.3% 17% 26 2.3

Western Areas (WSA) 13.3% 10.6% 94% 63 18.8

1.12

0.57

2.14

0.85

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

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 in resources is back to 2 yearlows, shorting in financials at 3 year lows

1.2

8.2

12.9

9.4

10.9 9.2

8.3

13.3

1.8 3.2

0.1 1.5

0.7 0.6
mailto:[email protected]://bit.ly/oOzqNfhttp://bit.ly/oOzqNfhttp://bit.ly/oOzqNfhttp://bit.ly/oOzqNfmailto:[email protected]


2/22

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

Short selling continues inthe REIT sector
http://bit.ly/ubBtfPhttp://bit.ly/ubBtfPhttp://bit.ly/ubBtfP


3/22



Change in Current Short Position Small Ordinaries over 1 week



Short covering in smallresources last week


4/22



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 not

favoured exceptfor WOW


5/22



Current Short Position Small Ordinaries



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

and not many light colours


6/22

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

3.04

1.09

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

2.66

1.70

3.61

1.75

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

2.14

3.61

0.6

1.1

1.6

2.1

2.6

3.1

3.6

4.1

4.6


% Index Sold

Short1

Industrials

Small Industrials

1.12

2.66

0.6

1.1

1.6

2.1

2.6

3.1

3.6

4.1


% Index Sold

Short1

Resources

Small Resources

Small Ords shorting off quitesharply in recent weeks large

caps in more of a gradual decline Both small resources and industrials

decreasing over the week resources a sharper decline

Both small and large resourcesseeing declines in short sellingSmall industrials shortselling considerably lower,

large caps travellingsidewa s


7/22

Caution needed


Days to Cover ASX 100 Days to Cover Small Ords

Stocksbelow 2days to

cover notshown seeappendix for

individualstocks

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

75% 100%

Kingsgate Consolid. (KCN)Monadelphous Group (MND)

Billabong (BBG)Fortescue Metals Grp (FMG)

Cockatoo Coal (COK)Lynas Corporation (LYC)Aquila Resources (AQA)

Buru Energy (BRU)Leighton Holdings (LEI)Ausdrill Limited (ASL)

Bathurst Res NZ Ltd (BRL)Bandanna Energy (BND)Fairfax Media Ltd (FXJ)

Beadell Resource Ltd (BDR)Gindalbie Metals Ltd (GBG)

Western Areas Ltd (WSA)UGL Limited (UGL)

Whitehaven Coal (WHC)Ramelius Resources (RMS)

Myer Holdings Ltd (MYR)Atlas Iron Limited (AGO)

Starpharma Holdings (SPL)David Jones Limited (DJS)

Latest Short Sell / Stock Available0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

Galaxy Resources (GXY)Northern Iron Ltd (NFE)

Commonwealth Prop (CPA)GrainCorp Limited (GNC)

Sundance Resources (SDL)Tap Oil Limited (TAP)

Alacer Gold Corp. (AQG)Macq Atlas Roads Grp (MQA)

Aurizon Holdings Ltd (AZJ)Singapore Telecomm. (SGT)

Karoon Gas Australia (KAR)ResMed Inc. (RMD)

Flinders Mines Ltd (FMS)Investa Office Fund (IOF)Challenger Limited (CGF)Indophil Resources (IRN)

iiNet Limited (IIN)APA Group (APA)

Programmed (PRG)Thorn Group Limited (TGA)Inova Resources Ltd (IVA)Troy Resources Ltd (TRY)Credit Corp Group (CCP)

(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


8/22

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

Myer Holdings (MYR) +0.1% 14.3% Twenty-First FOX Inc (FOX) -0.0% 0.0%

Monadelphous (MND) +0.2% 13.5% GrainCorp (GNC) -0.1% 0.1%

Harvey Norman (HVN) -0.5% 12.6% CSL (CSL) -0.0% 0.1%

Leighton Holdings (LEI) -0.3% 12.0% Duet (DUE) -0.4% 0.1%

Cochlear (COH) +0.3% 11.4% Mirvac (MGR) +0.0% 0.1%

UGL (UGL) +0.2% 11.1% BHP Billiton (BHP) -0.0% 0.1%David Jones (DJS) -0.5% 10.9% Insurance Australia (IAG) -0.0% 0.1%

Lynas Corporation (LYC) -0.4% 10.0% Transurban (TCL) +0.0% 0.1%

Fortescue Metals Grp (FMG) -0.3% 9.4% Telstra Corporation. (TLS) -0.0% 0.1%

Iluka Resources (ILU) +0.8% 9.2% Aurizon Holdings (AZJ) +0.0% 0.2%

Small Ords

Fairfax Media (FXJ) +2.7% 16.4% Elemental Minerals (ELM) -0.1% 0.00%

Wotif.com Holdings (WTF) -0.1% 15.1% UXC (UXC) +0.0% 0.00%

Western Areas (WSA) +0.2% 13.3% MACA (MLD) +0.0% 0.00%

Whitehaven Coal (WHC) -0.8% 12.3% Cooper Energy (COE) +0.0% 0.00%

Cabcharge Australia (CAB) +0.2% 11.3% Flexi(FXL) -0.0% 0.00%

Mesoblast (MSB) +0.5% 10.7% Challenger Div.Pro. (CDI) +0.0% 0.01%

Boart Longyear (BLY) -0.5% 10.5% Kathmandu Hold (KMD) -0.0% 0.01%

Transfield Services (TSE) +1.2% 10.2% Hills Holdings (HIL) -0.0% 0.02%

Nufarm (NUF) -0.0% 9.7% CSG (CSV) -0.0% 0.02%

Bradken (BKN) -0.1% 9.6% Tap Oil (TAP) -0.0% 0.03%

Outside ASX 300

Elders Limited (ELD) -0.1% 3.9%Eservglobal Limited (ESV) +0.0% 2.9%

Aquarius Platinum. (AQP) -0.1% 1.4%

FAR Ltd (FAR) +0.0% 0.9%

NIB Holdings Limited (NHF) +0.4% 0.9%

Collection House (CLH) -0.0% 0.8%

News Corp.. (NWSLV) +0.0% 0.8%

Murchison Metals Ltd (MMX) +0.0% 0.7%

ASG Group Limited (ASZ) -0.0% 0.6%

Peet Limited (PPC) -0.0% 0.6%

Short Sales 1m Change

TradingDays tocovershort

positionAs % of

Free Float

As % ofstock

availableto short

% FreeFloat

SharePrice

Billabong (BBG) 5.9% 154% +1.5% -32% 3.0

Atlas Iron (AGO) 8.2% 86% +3.8% -17% 3.5

Mesoblast (MSB) 10.7% 66% +2.4% -6% 29.3

Western Areas (WSA) 13.3% 94% +0.3% -6% 18.8Dart Energy (DTE) 2.8% 50% +0.7% -11% 5.2

FKP Property (FKP) 5.4% 33% +0.8% -10% 9.6

Cochlear (COH) 11.4% 83% +0.9% -2% 15.1

InvoCare (IVC) 4.3% 45% +1.2% -4% 12.9

Cabcharge Australia (CAB) 11.3% 70% +0.8% -2% 24.7

Linc Energy (LNC) 5.6% 81% +0.1% -13% 2.8

Webjet (WEB) 3.0% 25% +1.3% -4% 10.2

M2 Telecommunication (MTU) 4.5% 45% +0.2% -6% 9.2

Energy World Corpor. (EWC) 3.5% 18% +0.3% -29% 11.6

Coca-Cola Amatil (CCL) 3.2% 34% +0.6% -4% 5.2

Starpharma Holdings (SPL) 5.9% 85% +0.1% -1% 32.9

Codan (CDA) 1.0% 36% +0.4% -9% 1.0

Virgin Aus Hldg (VAH) 9.1% 66% +0.9% +2% 11.9

Charter Hall Retail (CQR) 2.3% 29% +1.0% -3% 5.4

Collection House (CLH) 0.8% 53% +44.0% +2% 4.1

Maverick Drilling (MAD) 2.5% 40% +0.3% -3% 4.0

Matrix C & E (MCE) 4.9% 31% +0.0% -8% 25.2

UGL (UGL) 11.1% 93% +0.6% +5% 11.2

Computershare (CPU) 2.2% 18% +0.7% -5% 4.5

Silex Systems (SLX) 1.6% 16% +0.1% -9% 19.0

Horizon Oil (HZN) 6.3% 46% +0.2% +0% 17.2

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


9/22

Change in Short Position vs Change in Share Price


ASX 100:1 month change in share price vs 1 month change in Short Position


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 this cornermaybe driven by short

sell in ?

Prices in this cornerrallying despiteincreased short

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


10/22

Change in Short Position vs Change in Share Price


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


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

sell in ?

Prices in thiscorner rallying

despiteincreased short

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


11/22

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

Short Position as % of Free

Float1

Abacus Property (ABP) 0.1% 0.1% 2% 1 +0.0% -0.0% +5% 0% 0.5 0.1

Abm Resources NL (ABU) 0.2% 0.2% 23% 0 +0.0% +0.0% +3% 0% 1.2 0.5

Acrux (ACR) 5.3% 5.3% 32% 28 -0.1% -0.3% -5% +13% 9.7 N/A

Adelaide Brighton (ABC) 4.1% 2.9% 48% 64 -0.6% -0.3% +2% -2% 8.0 N/A

AGL Energy (AGK) 1.1% 1.1% 14% 98 -0.0% +0.2% +5% -3% 3.6 0.0

Ainsworth Game Tech. (AGI) 0.6% 0.2% 5% 3 +0.0% +0.0% +20% +4% 1.4 N/A

Alacer Gold Corp. (AQG) 0.9% 0.9% 10% 3 -0.4% -0.3% +27% +1% 1.2 3.0

Alkane Resources (ALK) 0.9% 0.7% 11% 1 -0.5% -0.2% -11% 0% 3.4 0.7

Als (ALQ) 6.8% 6.8% 69% 257 -0.3% -1.9% +9% +1% 14.3 N/A

Alumina (AWC) 7.2% 6.2% 31% 178 -0.1% +0.2% -1% -11% 12.1 N/A

Amcom Telecomm. (AMM) 0.3% 0.2% 2% 1 -0.0% -0.4% +7% 0% 0.6 N/A

Amcor (AMC) 0.2% 0.2% 2% 28 -0.1% -0.1% -0% +1% 0.5 0.2

AMP (AMP) 1.0% 1.0% 12% 137 +0.0% +0.2% +3% 0% 2.2 N/A

Ampella Mining (AMX) 0.3% 0.3% 21% 0 +0.0% +0.1% +16% 0% 0.8 N/A

Ansell (ANN) 7.7% 7.7% 76% 204 -0.1% -0.2% +12% -3% 13.1 N/A

ANZ Banking Grp (ANZ) 0.2% 0.2% 2% 180 +0.0% -0.3% +1% -1% 0.8 0.3

APA (APA) 1.1% 1.1% 12% 55 +0.0% -0.3% +1% +3% 2.7 1.6

APN News & Media (APN) 3.8% 2.6% 22% 6 -0.1% -0.4% +19% +4% 9.3 N/A

Aquila Resources (AQA) 7.8% 3.5% 120% 32 -0.1% -0.3% +3% 0% 23.6 N/A

ARB Corporation (ARP) 0.7% 0.6% 9% 5 -0.1% -0.6% -6% -3% 3.7 0.1

Ardent Leisure (AAD) 0.7% 0.7% 6% 6 +0.1% -0.1% +13% 0% 2.3 0.4

Aristocrat Leisure (ALL) 1.5% 1.5% 7% 37 -0.0% -0.2% +6% -0% 3.8 N/A

Arrium (ARI) 2.5% 2.4% 25% 40 -0.3% +0.5% +13% +7% 3.8 N/A

Asciano (AIO) 1.6% 1.6% 10% 89 -0.0% -0.4% +11% +0% 3.5 N/A

Aspen (APZ) 0.0% 0.0% 0% 0 +0.0% +0.0% +9% 0% 0.2 0.0

Astro Jap Prop (AJA) 0.2% 0.2% 3% 0 +0.0% +0.2% +2% +10% 0.7 N/A

ASX (ASX) 1.0% 1.0% 7% 68 -0.0% -0.0% -1% -2% 2.5 0.0

Atlas Iron (AGO) 8.2% 7.6% 86% 58 +1.6% +3.8% -17% -35% 3.5 N/A

Aurizon Holdings (AZJ) 0.2% 0.1% 1% 13 +0.0% +0.0% +2% +0% 0.3 2.6

Aurora Oil & Gas (AUT) 1.3% 1.3% 15% 20 -0.1% +0.1% +8% -6% 2.7 0.4

Ausdrill (ASL) 5.9% 5.2% 105% 30 +1.0% -3.2% +51% -17% 4.7 N/A

Ausenco (AAX) 1.0% 0.8% 6% 2 -0.2% -0.6% +6% -13% 1.2 0.2

Current Short Position Chg in Short

Position3One Month

Change

Days to

cover5% stock

loaned

not

short6

0.3

0.1

0.1

0.2

2.15.3

1.5

4.1

0.2

1.1

0.0 0.6

0.2 0.9

2.0

0.9

2.2

6.8

9.07.2

0.0 0.3

0.3 0.2

0.2

1.0

2.2

0.3

3.8

7.7

0.3 0.2

4.9

1.1

2.83.8

4.7

7.8

0.0 0.7

0.20.7

4.6

1.5

2.1 2.5

0.7

1.6

0.1 0.0

0.0 0.2

2.11.0

1.2

8.2

0.8

0.2

1.61.3

1.35.9

0.8 1.0

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

Equities Research - Short and Stocky

11


12/22

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

Austin Engineering (ANG) 0.4% 0.3% 8% 1 -0.1% -0.1% -10% -10% 1.3 0.1

Australand Property (ALZ) 0.5% 0.2% 4% 4 -0.0% +0.0% -1% 0% 1.3 0.7

Australian Agricult. (AAC) 1.6% 1.1% 10% 4 +0.1% +0.3% +4% -12% 7.9 N/A

Automotive Holdings (AHE) 0.1% 0.1% 1% 1 -0.1% -0.2% +6% -1% 0.3 0.2

AWE (AWE) 0.2% 0.2% 1% 1 +0.0% -0.1% +3% -23% 0.5 0.3

Bandanna Energy (BND) 5.1% 3.4% 101% 4 +0.1% -1.3% +13% 0% 15.9 N/A

Bank of Queensland. (BOQ) 2.0% 2.0% 21% 66 +0.1% -0.1% +6% +4% 3.3 N/A

Base Res (BSE) 1.0% 0.8% 9% 2 +0.1% +0.1% +3% -7% 10.1 0.4

Bathurst Res NZ (BRL) 6.0% 6.0% 102% 7 +0.1% -0.0% -6% 0% 4.2 N/A

Beach Energy (BPT) 1.8% 1.8% 9% 31 -0.0% -0.1% +4% -2% 2.9 1.0

Beadell Resource (BDR) 6.4% 6.4% 96% 45 -0.3% -0.4% +18% +2% 8.4 N/A

Bendigo and Adelaide (BEN) 3.3% 3.3% 36% 135 -0.0% -0.0% -6% -1% 8.6 N/A

BHP Billiton (BHP) 0.1% 0.1% 1% 155 -0.0% -0.2% -3% -5% 0.5 0.4

Billabong (BBG) 5.9% 5.0% 154% 10 +0.6% +1.5% -32% -108% 3.0 N/A

Blackthorn Resources (BTR) 0.8% 0.6% 10% 0 +0.2% +0.6% +5% 0% 1.1 0.3

BlueScope Steel (BSL) 1.1% 1.0% 7% 29 -0.3% +0.6% -4% -37% 1.4 0.3

Boart Longyear (BLY) 10.5% 10.5% 50% 27 -0.5% +0.9% +3% -398% 3.6 N/A

Boom Logistics (BOL) 0.0% 0.0% 0% 0 +2.0% +2.0% 0% 0.1 0.0

Boral (BLD) 7.9% 7.9% 47% 284 +0.0% +0.4% +9% -8% 12.0 N/A

Bradken (BKN) 9.6% 9.6% 76% 99 -0.1% -0.1% +15% -6% 11.6 N/A

Brambles (BXB) 0.2% 0.2% 1% 22 +0.0% +0.0% -4% -5% 0.4 0.1

Breville (BRG) 4.6% 3.2% 29% 37 -0.3% -2.1% +21% 0% 7.7 N/A

Buru Energy (BRU) 5.2% 3.9% 112% 21 +0.0% -3.0% +0% 0% 10.1 N/A

BWP Trust (BWP) 1.5% 1.2% 33% 16 -1.3% -0.8% -6% +1% 4.9 N/A

Cabcharge Australia (CAB) 11.3% 10.4% 70% 52 +0.2% +0.8% -2% +3% 24.7 N/A

Caltex Australia (CTX) 1.4% 0.7% 9% 37 -0.0% +0.2% +6% -0% 2.0 N/A

Cape Lambert Res (CFE) 0.3% 0.2% 8% 0 +0.1% +0.2% -19% 0% 0.8 0.6

Cardno (CDD) 6.9% 6.9% 71% 64 -0.2% -0.7% +5% +0% 20.5 N/A

Carsales.Com (CRZ) 1.1% 1.0% 6% 28 +0.1% +0.1% +14% 0% 3.2 N/A

Cash Converters (CCV) 1.2% 0.8% 11% 4 +0.2% +0.1% -1% -11% 2.8 N/A

Central Petroleum (CTP) 0.1% 0.1% 3% 0 +0.0% +0.0% -14% 0% 0.2 0.1

CFS Retail Trust Grp (CFX) 2.6% 2.1% 14% 120 -0.3% -0.4% -4% -1% 5.2 N/A

0.3 0.4

0.20.5

0.1

1.6

0.0 0.1

0.70.2

1.25.1

3.12.0

0.1

1.0

6.0

2.41.8

1.9

6.4

2.4

3.3

0.30.1

1.8

5.9

0.0

0.8

0.71.1

1.7

10.5

0.0 0.0

6.37.9

2.8

9.6

0.40.2

0.0

4.6

5.2 5.2

0.91.5

4.5

11.3

2.51.4

0.10.3

1.0

6.9

8.0

1.1

0.0

1.2

0.0 0.1

2.02.6



12


13/22

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

Challenger (CGF) 0.6% 0.6% 4% 15 +0.1% -0.1% +20% +6% 1.3 2.0

Challenger Div.Pro. (CDI) 0.0% 0.0% 0% 0 +0.0% +0.0% -3% 0% 0.0 0.1

Charter Hall (CHC) 0.1% 0.1% 1% 1 +0.0% -0.0% -3% -4% 0.3 0.2

Charter Hall Retail (CQR) 2.3% 1.9% 29% 25 +0.1% +1.0% -3% -1% 5.4 N/A

Chorus (CNU) 0.0% 0.0% 2% 0 +0.0% +0.0% -3% +5% 0.4 0.0

Clough (CLO) 0.1% 0.1% 1% 1 +0.0% +0.0% +3% +7% 0.3 0.3

Coalspur Mines (CPL) 2.0% 1.4% 70% 3 -0.1% -0.1% +5% 0% 5.5 N/A

Coca-Cola Amatil (CCL) 3.2% 2.3% 34% 210 +0.0% +0.6% -4% -3% 5.2 N/A

Cochlear (COH) 11.4% 11.4% 83% 373 +0.3% +0.9% -2% 0% 15.1 N/A

Cockatoo Coal (COK) 1.7% 1.3% 129% 1 +0.1% +0.4% +26% -29% 4.4 N/A

Codan (CDA) 1.0% 0.6% 36% 2 -0.1% +0.4% -9% -31% 1.0 N/A

Collection House (CLH) 0.8% 0.8% 53% 2 -2.0% +44.0% +2% +4% 4.1 N/A

Collins Foods (CKF) 0.6% 0.6% 6% 1 +0.0% +0.0% -7% -3% 3.2 N/A

Commonwealth Bank. (CBA) 0.6% 0.6% 7% 689 +0.0% -0.2% -0% +2% 2.4 N/A

Commonwealth Prop (CPA) 1.4% 1.4% 19% 38 +0.2% -0.3% -3% -1% 2.9 6.0

Computershare (CPU) 2.2% 2.0% 18% 109 +0.3% +0.7% -5% 0% 4.5 N/A

Cooper Energy (COE) 0.0% 0.0% 0% 0 +0.0% +0.0% +17% 0.0 0.2

Corp Travel (CTD) 0.2% 0.2% 9% 1 -9.0% -10.0% -2% 0% 1.0 0.1

Credit Corp (CCP) 0.0% 0.0% 1% 0 +0.0% -0.0% +11% 0% 0.1 1.3

Cromwell Prop (CMW) 0.1% 0.1% 2% 1 -0.0% +0.0% +7% +1% 0.3 0.1

Crowe Horwath Aus (CRH) 0.2% 0.2% 1% 0 -9.0% -24.0% -18% +15% 0.5 0.1

Crown (CWN) 1.0% 0.5% 8% 60 +0.1% -0.2% +14% +7% 2.8 N/A

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

CSL (CSL) 0.1% 0.1% 1% 31 -0.0% -0.2% +2% 0% 0.4 0.1

CSR (CSR) 7.2% 7.2% 34% 87 +0.0% +0.2% +5% 0% 11.4 N/A

Cudeco (CDU) 3.9% 3.0% 62% 11 -0.2% -0.7% +3% 5.8 N/A

Dart Energy (DTE) 2.8% 2.4% 50% 3 +0.8% +0.7% -11% 0% 5.2 N/A

David Jones (DJS) 10.9% 10.9% 83% 166 -0.5% -0.9% +4% -1% 14.7 N/A

Decmil (DCG) 2.4% 2.0% 43% 9 +0.1% +0.1% +27% +3% 7.1 N/A

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

Discovery Metals (DML) 2.0% 1.8% 24% 1 -0.6% -0.9% -11% -27% 0.8 0.4

Domino Pizza Enterpr (DMP) 0.7% 0.5% 6% 5 -0.0% -0.1% +15% +3% 2.3 0.4

1.5

0.6

0.0 0.0

0.2 0.1

0.42.3

0.3

0.0

0.0 0.1

3.12.0

0.7

3.2

8.9

11.4

1.8 1.7

0.0

1.0

0.0

0.8

0.0

0.6

1.3

0.6

0.81.4

1.5 2.2

0.0 0.0

0.2

0.1 0.0

0.0 0.1

0.0 0.2

1.3 1.0

0.40.0

0.8

0.1

9.1

7.2

3.9 3.9

2.52.8

9.510.9

1.02.4

0.2 0.3

2.72.0

0.40.7



13


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

Downer EDI (DOW) 2.6% 2.6% 20% 50 +0.1% +0.3% +6% -1% 3.5 N/A

Drillsearch Energy (DLS) 3.8% 3.4% 30% 20 -0.2% -0.4% +3% +3% 7.0 0.7

Duet (DUE) 0.1% 0.1% 1% 3 -0.4% +0.1% -6% -20% 0.2 0.2

Dulux(DLX) 0.8% 0.8% 7% 14 -0.1% -0.2% +5% 0% 1.7 N/A

Echo Entertainment (EGP) 0.9% 0.8% 4% 18 -1.0% +0.7% +6% -6% 0.9 1.0

Elemental Minerals (ELM) 0.0% 0.0% 0% 0 -0.1% -0.0% +42% 0% 0.0 0.1

Emeco Holdings (EHL) 4.1% 4.1% 31% 6 +0.9% +0.4% +16% -77% 3.4 N/A

Endeavour Min Corp (EVR) 0.4% 0.4% 8% 0 +0.1% -0.1% +18% 0% 0.5 0.0

Energy Resources (ERA) 4.9% 1.5% 23% 10 +0.2% -0.1% -8% 0% 13.4 N/A

Energy World Corpor. (EWC) 3.5% 1.5% 18% 11 +0.1% +0.3% -29% 11.6 N/A

Envestra (ENV) 0.7% 0.4% 8% 7 +0.0% +0.1% -0% +11% 2.1 N/A

Evolution Mining (EVN) 4.5% 3.0% 58% 19 -0.1% -1.8% -3% +12% 6.4 N/A

Fairfax Media (FXJ) 16.4% 14.4% 98% 188 +2.7% -0.3% +6% -9% 19.4 N/A

Fantastic Holdings (FAN) 0.0% 0.0% 0% 0 -1.0% -2.0% -4% -20% 0.2 0.1

Federation Cntres (FDC) 0.3% 0.3% 2% 10 +0.1% +0.1% -0% +1% 0.6 0.3

Finbar (FRI) 0.0% 0.0% 1% 0 +0.0% +0.0% +14% +0% 0.1 0.0

FKP Property (FKP) 5.4% 3.2% 33% 14 +0.3% +0.8% -10% -9% 9.6 0.1

Fleetwood Corp (FWD) 3.4% 2.8% 42% 6 -0.2% -1.5% -11% -1% 2.3 N/A

Fletcher Building (FBU) 0.7% 0.7% 18% 40 -0.0% +0.1% +11% -5% 3.6 0.1

Flexi(FXL) 0.0% 0.0% 0% 0 -0.0% +0.0% -0% -3% 0.0 0.2

Flight Centre (FLT) 8.6% 4.8% 35% 229 -2.4% -12.4% +9% +4% 9.5 N/A

Flinders Mines (FMS) 0.4% 0.4% 7% 0 +0.1% +0.1% -11% 0% 1.1 2.2

Focus Minerals (FML) 0.2% 0.1% 8% 0 -0.6% -0.5% +8% 0% 0.4 0.8

Forge (FGE) 1.4% 1.4% 10% 7 +0.1% +0.4% +18% -2% 1.5 1.1

Fortescue Metals Grp (FMG) 9.4% 5.1% 136% 710 -0.3% -1.4% +3% +2% 8.2 N/A

G.U.D. Holdings (GUD) 8.3% 8.3% 80% 36 +0.1% -0.2% -2% 0% 15.2 N/A

G8 Education (GEM) 0.8% 0.7% 7% 6 -0.1% -0.3% +12% 0% 2.1 N/A

Galaxy Resources (GXY) 0.9% 0.7% 4% 1 -0.5% -0.1% -32% 4.8 8.7

Gindalbie Metals (GBG) 5.3% 3.4% 94% 7 -0.3% -0.3% -18% 0% 5.2 N/A

Goodman (GMG) 0.3% 0.3% 3% 23 +0.1% +0.1% -1% -0% 0.7 0.7

Goodman Fielder. (GFF) 2.0% 1.8% 9% 24 -0.5% -1.2% -8% -5% 4.0 N/A

GPT (GPT) 0.4% 0.3% 2% 21 +0.0% +0.2% -2% 0% 0.7 0.9

2.4 2.6

0.73.8

0.7 0.1

2.1 0.8

1.80.9

0.1 0.0

0.7

4.1

0.20.4

4.5 4.9

2.2 3.5

2.0

0.7

0.5

4.5

13.116.4

0.0 0.0

1.3

0.3

0.0 0.0

6.45.4

2.2 3.4

1.5

0.7

0.0 0.0

23.9

8.6

0.1

0.4

0.0 0.2

1.01.4

12.9

9.4

1.9

8.3

0.0 0.8

1.50.9

7.55.3

0.9

0.3

2.0 2.0

0.2 0.4



14


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

GrainCorp (GNC) 0.1% 0.1% 1% 2 -0.1% +0.1% +2% 0% 0.1 4.8

Grange Resources. (GRR) 1.3% 0.5% 32% 1 -0.1% +0.0% -4% +67% 3.3 0.4

Greencross (GXL) 0.0% 0.0% 0% 0 +0.0% +0.0% +1% 0.0 0.1

Greenland Min En (GGG) 0.8% 0.7% 61% 1 -0.1% -0.3% +0% 0% 5.9 N/A

Gryphon Minerals (GRY) 2.7% 2.7% 35% 2 -0.0% -0.0% -3% 0% 2.4 N/A

GWA (GWA) 5.0% 4.7% 40% 46 +0.1% +0.3% +20% +2% 19.1 N/A

Harvey Norman (HVN) 12.6% 6.8% 60% 223 -0.5% -2.6% +8% -2% 23.0 N/A

Henderson (HGG) 0.3% 0.3% 1% 6 +0.0% +0.2% +4% +2% 0.5 0.5

Hillgrove Res (HGO) 0.3% 0.3% 7% 0 +0.0% +0.0% +23% +23% 1.2 0.2

Hills Holdings (HIL) 0.0% 0.0% 1% 0 -0.0% -0.0% +53% +6% 0.2 0.2

Horizon Oil (HZN) 6.3% 5.5% 46% 24 -0.4% +0.2% +0% -12% 17.2 N/A

iiNet (IIN) 1.7% 1.1% 10% 11 +0.2% -0.8% -0% +3% 2.1 1.7

Iluka Resources (ILU) 9.2% 9.2% 64% 435 +0.8% -0.1% -4% -8% 11.1 N/A

Imdex (IMD) 1.6% 1.6% 23% 3 -0.4% -0.4% +3% -27% 1.9 0.2

IMF (Australia) (IMF) 2.4% 2.1% 21% 5 +0.3% +1.1% +1% -2% 6.5 N/A

Incitec Pivot (IPL) 1.1% 1.1% 8% 46 -0.1% -0.2% -2% -3% 1.5 N/A

Independence (IGO) 1.9% 1.9% 19% 17 -0.3% -1.0% +12% +20% 5.7 0.8

Indophil Resources (IRN) 0.2% 0.1% 1% 0 -0.0% +0.1% -2% 1.1 1.9

Infigen Energy (IFN) 0.4% 0.4% 7% 1 -0.0% -0.1% -14% 0% 4.0 N/A

Inova Resources (IVA) 0.6% 0.2% 12% 0 +0.1% +0.1% +19% 0% 1.8 1.3

Insurance Australia (IAG) 0.1% 0.1% 1% 16 -0.0% -0.2% -1% -1% 0.4 0.2

Intrepid Mines (IAU) 3.5% 3.4% 54% 5 -0.2% -0.5% +8% 0% 7.0 N/A

Investa Office Fund (IOF) 0.2% 0.2% 2% 3 -0.0% -0.1% -0% +2% 0.4 2.0

InvoCare (IVC) 4.3% 4.3% 45% 52 +0.7% +1.2% -4% -8% 12.9 N/A

IOOF Holdings (IFL) 1.2% 1.1% 11% 21 -0.0% +0.2% +1% 0% 3.7 N/A

Iproperty (IPP) 0.0% 0.0% 0% 0 +0.0% +0.0% -11% 0.0 0.0

IRESS (IRE) 1.0% 0.8% 8% 12 +0.3% -0.9% +5% +2% 4.1 0.1

James Hardie Indust (JHX) 1.4% 1.4% 14% 61 +0.0% +0.2% +1% +2% 3.4 N/A

JB Hi-Fi (JBH) 9.0% 9.0% 38% 174 -0.1% -5.0% +2% +7% 12.3 N/A

Karoon Gas Australia (KAR) 0.4% 0.3% 4% 5 +0.0% -2.4% +4% 0% 1.0 2.4

Kathmandu Hold (KMD) 0.0% 0.0% 0% 0 -0.0% +0.0% +7% 0% 0.0 0.2

Kingsgate Consolid. (KCN) 9.5% 9.5% 193% 30 +0.5% +2.6% +20% -54% 7.4 N/A

1.3

0.1

0.81.3

0.0 0.0

1.00.8

5.6

2.7

5.0 5.0

16.712.6

1.2

0.3

0.20.3

1.5

0.0

2.5

6.3

0.0 1.7

10.9 9.2

0.41.6

0.0

2.4

0.1 1.1

5.0

1.9

0.1 0.2

0.4 0.4

1.4

0.6

0.30.1

1.3

3.5

0.5 0.2

3.14.3

1.2 1.2

0.0 0.0

3.0

1.0

2.01.4

20.7

9.0

0.9 0.4

0.6

0.0

5.1

9.5



15


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

Kingsrose Mining (KRM) 0.2% 0.1% 20% 0 -0.1% -0.1% +12% 0% 1.1 0.0

Leighton Holdings (LEI) 12.0% 5.9% 106% 367 -0.3% +1.5% +11% -4% 12.2 N/A

Lend Lease (LLC) 0.5% 0.4% 4% 24 +0.2% +0.3% +8% -2% 1.0 0.1

Linc Energy (LNC) 5.6% 3.5% 81% 28 -0.0% +0.1% -13% +23% 2.8 N/A

Lynas Corporation (LYC) 10.0% 10.0% 124% 80 -0.4% -0.1% -2% 0% 10.1 N/A

M2 Telecommunication (MTU) 4.5% 4.1% 45% 45 -0.3% +0.2% -6% +3% 9.2 N/A

MACA (MLD) 0.0% 0.0% 0% 0 +0.0% -0.0% +20% -4% 0.0 0.7

Macmahon Holdings (MAH) 0.2% 0.1% 1% 0 -0.2% -0.6% -7% -38% 0.2 0.1

Macq Atlas Roads Grp (MQA) 4.3% 3.7% 21% 41 -0.1% -0.5% +2% 0% 13.5 2.6

Macquarie (MQG) 0.4% 0.4% 3% 57 -0.1% -0.1% +6% +0% 0.8 0.6

Magellan Fin Grp (MFG) 0.4% 0.3% 17% 6 +0.1% +0.2% -3% +8% 1.1 N/A

Matrix C & E (MCE) 4.9% 3.4% 31% 3 +0.1% +0.0% -8% +4% 25.2 0.6

Maverick Drilling (MAD) 2.5% 2.1% 40% 3 -0.3% +0.3% -3% -40% 4.0 0.0

Mayne Pharma (MYX) 0.0% 0.0% 0% 0 +0.0% +0.0% +1% -2% 0.0 0.0

McMillan Shakespeare (MMS) 3.9% 3.0% 17% 28 -0.7% -0.3% +24% +13% 4.0 0.3

Medusa Mining (MML) 1.1% 1.1% 27% 5 +0.1% -0.3% +12% +24% 1.0 0.0

Mermaid Marine (MRM) 0.3% 0.3% 2% 3 +0.1% +0.1% -2% -3% 1.0 0.4

Mesoblast (MSB) 10.7% 5.9% 66% 106 +0.5% +2.4% -6% 0% 29.3 N/A

Metcash (MTS) 9.2% 9.2% 63% 264 +0.2% -0.9% -7% -9% 11.2 N/A

Metminco (MNC) 0.1% 0.1% 15% 0 +0.0% +0.0% +29% 0.4 0.1

Miclyn Exp Offshr (MIO) 0.2% 0.1% 2% 0 -0.1% -0.2% +9% -3% 0.3 0.6

Mincor Resources NL (MCR) 1.3% 1.3% 23% 1 -0.0% -0.1% -1% 0% 6.6 N/A

Mineral Deposits (MDL) 4.7% 4.7% 46% 13 +0.4% +0.8% +57% -44% 18.3 N/A

Mineral Resources. (MIN) 3.2% 2.7% 23% 58 -0.5% -1.8% +10% +7% 4.6 N/A

Mirabela Nickel (MBN) 4.1% 3.5% 28% 2 +0.5% +0.1% -10% 0% 1.8 N/A

Mirvac (MGR) 0.1% 0.1% 1% 7 +0.0% -0.1% +1% +2% 0.3 0.5

Molopo Energy (MPO) 0.3% 0.3% 1% 0 +0.0% +0.1% -4% 0% 1.4 0.2

Monadelphous (MND) 13.5% 13.5% 191% 243 +0.2% +1.2% +13% -8% 18.3 N/A

Mount Gibson Iron (MGX) 2.4% 1.4% 38% 13 -0.3% -0.9% +17% -4% 3.6 N/A

Myer Holdings (MYR) 14.3% 14.3% 89% 237 +0.1% +0.1% +10% -0% 14.3 N/A

National Aust. Bank (NAB) 0.2% 0.2% 2% 182 -0.1% -0.1% +8% +1% 0.8 0.2

Navitas (NVT) 1.1% 0.7% 6% 16 -0.1% -1.3% -2% 0% 2.9 N/A

0.0 0.2

8.3

12.0

1.2

0.5

13.7

5.6

13.310.0

2.0

4.5

0.0 0.0

0.9 0.2

1.2

4.3

2.10.4

0.00.4

1.6

4.9

0.62.5

0.0 0.0

0.0

3.9

0.8 1.1

0.7

0.3

11.7 10.7

5.59.2

0.00.1

0.1 0.2

0.7 1.3

0.6

4.7

4.63.2

1.7

4.1

0.50.1

0.3 0.3

6.0

13.5

0.82.4

9.9

14.3

0.4 0.2

5.6

1.1



16


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

Neon Energy (NEN) 0.1% 0.1% 6% 0 -0.0% -0.1% -3% 0% 0.2 N/A

Newcrest Mining (NCM) 0.6% 0.6% 7% 58 +0.2% -0.1% +7% -11% 0.6 0.3

Nextdc (NXT) 2.7% 2.5% 13% 13 +0.2% -2.2% -7% 0% 8.0 N/A

Nexus Energy (NXS) 0.2% 0.2% 2% 0 +0.0% -0.2% -4% 0% 0.3 1.2

Northern Iron (NFE) 0.8% 0.5% 5% 0 +0.0% +0.1% +17% +5% 1.2 6.7

Northern Star (NST) 1.3% 1.2% 33% 5 +0.1% -0.2% +5% -2% 1.6 0.3

NRW Holdings (NWH) 5.4% 5.4% 54% 24 -0.2% -1.1% +50% -6% 4.6 N/A

Nufarm (NUF) 9.7% 6.6% 60% 86 -0.0% +0.5% +7% 0% 18.3 N/A

OceanaGold Corp. (OGC) 0.4% 0.4% 18% 2 +0.2% +0.2% +10% -11% 1.1 N/A

Oil Search (OSH) 0.6% 0.5% 5% 53 -0.1% -0.0% +6% +1% 1.4 0.3

OM Holdings (OMH) 0.7% 0.4% 11% 1 -0.1% -0.1% +3% 0% 2.8 0.3

Orica (ORI) 3.1% 3.1% 29% 234 +0.1% +0.2% +7% 0% 4.7 N/A

Origin Energy (ORG) 1.0% 1.0% 9% 157 -0.0% -0.1% +18% -2% 3.4 N/A

Orocobre (ORE) 0.2% 0.2% 7% 0 -0.0% -0.2% +18% 0% 1.7 0.1

Oroton(ORL) 1.6% 1.1% 10% 3 -0.0% +0.1% -2% 0% 4.6 0.1

OZ Minerals (OZL) 3.2% 3.2% 29% 42 +0.4% -0.3% -4% 0% 2.5 N/A

Pacific Brands (PBG) 1.1% 1.1% 5% 8 +0.1% -0.5% -4% -6% 2.7 N/A

Paladin Energy (PDN) 7.4% 6.9% 33% 37 -0.2% -7.0% -18% 0% 4.6 N/A

PanAust (PNA) 0.6% 0.5% 5% 7 -0.1% -0.5% +4% +6% 0.7 0.2

Panoramic Resources (PAN) 0.2% 0.2% 7% 0 -0.1% +0.0% +4% 0% 0.7 0.5

Papillon Res (PIR) 2.0% 1.7% 52% 7 -0.2% -0.9% +21% 0% 3.4 0.4

Patties Foods (PFL) 0.0% 0.0% 0% 0 -1.0% -2.0% -3% -2% 0.2 0.0

Perilya (PEM) 0.2% 0.1% 4% 0 +0.0% +0.1% +73% -41% 1.5 0.9

Perpetual (PPT) 5.2% 5.2% 62% 79 -0.3% -0.1% -4% -7% 13.9 N/A

Perseus Mining (PRU) 1.7% 1.7% 32% 5 -0.4% -1.9% +22% ###### 1.2 0.8

Pharmaxis (PXS) 2.3% 2.3% 28% 1 -0.1% -0.1% -16% 0% 1.8 N/A

Platinum Asset (PTM) 1.7% 0.7% 14% 24 +0.1% +0.2% -6% -2% 4.0 0.4

Premier Investments (PMV) 1.4% 0.9% 7% 11 +0.0% -0.0% +12% 0% 2.4 N/A

Prima Biomed (PRR) 0.0% 0.0% 8% 0 +0.0% -0.1% -13% 0.1 N/A

Primary Health Care (PRY) 5.0% 4.7% 26% 121 -0.1% -0.9% +2% 0% 9.6 N/A

Programmed (PRG) 0.1% 0.1% 2% 0 -0.1% -0.2% +2% 0% 0.5 1.5

Qantas Airways (QAN) 1.8% 1.8% 13% 55 +0.6% +0.3% +12% -57% 2.7 N/A

0.60.1

0.20.6

2.4 2.7

0.2 0.2

0.1 0.8

0.31.3

1.35.4

3.1

9.7

0.4 0.4

0.4 0.6

1.2

0.7

0.4

3.1

0.6 1.0

0.0 0.2

0.3

1.6

1.8 3.2

0.71.1

8.8 7.4

0.7 0.6

2.4

0.2

0.32.0

0.0 0.0

0.10.2

5.2 5.2

2.3 1.7

1.7 2.3

4.4

1.7

0.81.4

0.50.0

4.6 5.0

0.40.1

0.9

1.8



17


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

QBE Insurance (QBE) 1.5% 1.5% 13% 283 -1.2% -1.1% -6% -8% 3.0 N/A

Qrxpharma (QRX) 0.2% 0.2% 4% 0 -25.0% -63.0% -31% 0% 1.0 0.8

Qube Holdings (QUB) 2.6% 1.7% 26% 31 +0.0% +0.1% +12% -1% 14.9 N/A

Ramelius Resources (RMS) 1.1% 1.1% 90% 1 +0.1% +0.1% +43% 0% 1.7 0.1

Ramsay Health Care (RHC) 2.0% 1.3% 16% 93 +0.1% +0.4% +5% +1% 5.6 N/A

RCR Tomlinson (RCR) 1.5% 1.5% 19% 7 -0.3% +0.8% +50% +8% 6.0 N/A

REA (REA) 1.9% 0.7% 11% 36 -0.1% +0.4% +12% 0% 4.7 0.8

Red 5 (RED) 0.9% 0.9% 18% 1 +0.0% +0.2% +28% 0% 9.6 N/A

Red Fork Energy (RFE) 0.8% 0.7% 5% 1 -0.1% -0.4% +2% 0% 1.9 0.0

Regis Resources (RRL) 1.5% 1.3% 17% 26 +0.0% -0.7% +22% 0% 2.3 N/A

ResMed Inc. (RMD) 0.7% 0.7% 10% 60 +0.1% +0.1% -1% 0% 2.2 2.4

Resolute Mining (RSG) 0.4% 0.4% 6% 2 -0.2% +0.0% +9% 0% 0.5 0.5

Retail Food (RFG) 2.8% 2.1% 19% 13 +0.1% +0.2% +11% -9% 12.9 0.9

Rex Minerals (RXM) 1.3% 1.2% 36% 1 +0.1% +0.1% +5% 0% 6.3 0.2

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

Rio Tinto (RIO) 1.2% 1.2% 13% 321 +0.2% -0.3% +0% -2% 1.7 N/A

ROC Oil Company (ROC) 0.2% 0.2% 2% 1 -0.0% -0.1% +1% -1% 1.2 0.0

SAI Global (SAI) 3.6% 3.6% 21% 32 -0.3% -2.1% +13% +0% 7.1 N/A

Sandfire Resources (SFR) 4.1% 2.6% 24% 27 +0.0% +0.1% +15% -8% 4.8 0.4

Santos (STO) 0.6% 0.6% 6% 90 +0.0% +0.0% +7% 0% 1.7 0.1

Saracen Mineral (SAR) 2.4% 2.4% 46% 3 +0.0% -0.8% +26% -15% 2.7 N/A

Sca Property (SCP) 5.3% 5.3% 60% 53 +0.0% -0.2% -0% -2% 12.6 N/A

Sedgman (SDM) 0.4% 0.2% 4% 0 -0.1% -0.1% +12% -25% 1.1 0.4

Seek (SEK) 4.8% 4.8% 29% 189 -0.3% -0.9% +26% +5% 8.2 N/A

Senex Energy (SXY) 0.5% 0.5% 8% 4 +0.1% +0.0% +13% +20% 1.4 0.3

Seven Holdings (SVW) 5.2% 1.7% 34% 41 +0.0% -0.3% +11% -15% 6.9 N/A

Seven West Media (SWM) 0.5% 0.3% 5% 7 -0.1% -0.2% +3% 0% 0.6 0.6

Sigma Pharmaceutical (SIP) 0.3% 0.3% 1% 2 +0.0% -0.2% -1% 0% 0.8 0.2

Silex Systems (SLX) 1.6% 1.3% 16% 6 -0.1% +0.1% -9% 0% 19.0 N/A

Silver Chef (SIV) 0.1% 0.1% 11% 0 +0.0% -5.0% +5% -9% 0.7 0.1

Silver Lake Resource (SLR) 1.0% 1.0% 26% 4 -0.8% -1.7% +11% -23% 0.6 0.4

Sims Metal Mgmt (SGM) 5.9% 4.8% 46% 92 +0.3% +0.0% +1% -22% 6.5 N/A

4.7

1.5

0.1 0.2

1.2 2.6

1.2 1.1

1.8 2.0

0.0

1.5

0.1

1.9

0.1 0.9

0.5 0.8

0.1 1.5

0.20.7

0.3 0.4

0.0

2.8

0.3

1.3

0.0 0.2

4.0

1.2

0.3 0.2

1.73.6

4.5 4.1

0.5 0.6

0.7

2.4

0.0

5.3

0.0 0.4

3.24.8

0.4 0.5

2.0

5.2

3.0

0.5

0.50.3

0.6

1.6

0.0 0.1

4.01.0

5.2 5.9



18


19/22

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

Singapore Telecomm. (SGT) 1.7% 1.7% 13% 9 -0.7% -0.4% -8% -1% 1.0 2.5

Sirius Resources NL (SIR) 2.2% 1.8% 38% 13 +0.0% -0.1% +17% 0% 2.4 N/A

Sirtex Medical (SRX) 0.4% 0.4% 4% 3 +0.1% -0.0% -0% -5% 0.7 1.1

Skilled (SKE) 2.3% 2.0% 18% 16 +0.1% -0.2% +10% 0% 6.1 N/A

Slater & Gordon (SGH) 0.0% 0.0% 0% 0 +0.0% +0.0% +20% +4% 0.0 0.0

SMS Management. (SMX) 2.0% 2.0% 20% 7 +0.2% -0.6% -7% -19% 4.5 N/A

Sonic Healthcare (SHL) 1.3% 1.3% 15% 83 -0.3% -0.8% +9% -2% 3.7 N/A

SP AusNet (SPN) 2.2% 1.1% 17% 42 -0.0% +0.0% -1% 0% 5.4 N/A

Spark Infrastructure (SKI) 4.5% 4.1% 24% 89 -0.0% -0.1% -9% -6% 8.9 N/A

Specialty Fashion (SFH) 0.0% 0.0% 0% 0 -2.0% +0.0% +22% -31% 0.4 N/A

St Barbara (SBM) 1.9% 1.9% 32% 7 -0.5% -3.8% +41% +400% 2.1 N/A

Starpharma Holdings (SPL) 5.9% 5.6% 85% 16 -0.0% +0.1% -1% 0% 32.9 N/A

Sthn Cross Media (SXL) 1.7% 1.4% 13% 18 +0.6% +0.2% +25% +1% 5.0 0.1

Stockland (SGP) 0.6% 0.6% 6% 49 +0.2% +0.0% +0% -2% 1.1 0.3

STW Communications (SGN) 0.4% 0.3% 2% 2 -0.1% +0.0% -0% 0% 1.1 0.3

Suncorp (SUN) 0.3% 0.3% 2% 48 +0.0% -0.4% +3% -1% 0.9 0.3

Sundance Energy (SEA) 0.1% 0.1% 1% 0 -0.1% -0.0% +3% +3% 0.2 0.2

Sundance Resources (SDL) 2.0% 1.6% 10% 4 -0.1% -0.1% -6% 0% 1.5 4.2

Super Ret Rep (SUL) 0.9% 0.6% 5% 15 +0.1% +0.2% -4% -2% 2.0 0.6

SYD Airport (SYD) 0.9% 0.7% 4% 57 -0.1% -0.3% +7% 0% 2.0 N/A

Syrah Resources (SYR) 2.7% 1.5% 23% 5 +0.3% +1.7% +0% 0% 4.3 N/A

TABCORP Holdings (TAH) 3.0% 3.0% 20% 70 -0.0% +0.4% -4% -3% 5.2 N/A

Tap Oil (TAP) 0.0% 0.0% 0% 0 -0.0% -0.1% -7% -31% 0.1 3.6

Tatts (TTS) 0.9% 0.9% 6% 39 -0.3% -0.2% +0% +3% 2.6 N/A

Technology One (TNE) 0.0% 0.0% 0% 0 +0.0% +0.0% 0% 0.0 0.0

Telecom Corporation (TEL) 0.3% 0.3% 16% 11 +0.0% -0.1% -4% +3% 1.3 N/A

Telstra Corporation. (TLS) 0.1% 0.1% 1% 90 -0.0% -0.0% -5% +1% 0.5 0.3

Ten Network Holdings (TEN) 8.0% 5.0% 53% 44 -0.1% -0.1% +14% 0% 14.0 N/A

Teranga Gold Corp (TGZ) 0.5% 0.5% 5% 1 +0.0% +0.3% +38% 0% 3.0 0.5

The Reject Shop (TRS) 6.4% 6.4% 35% 31 +0.0% -0.3% +1% -4% 12.0 N/A

Thorn (TGA) 0.1% 0.1% 1% 0 -0.0% +0.0% +6% -1% 0.2 1.5

Tiger Resources (TGS) 0.2% 0.2% 3% 0 -0.0% +0.0% +11% +19% 0.7 0.1

7.01.7

0.02.2

0.0 0.4

0.3

2.3

0.0 0.0

1.2 2.0

1.3 1.3

0.1

2.2

3.1

4.5

1.3

0.0

3.51.9

1.4

5.9

3.6

1.7

0.5 0.6

0.00.4

0.60.3

0.0 0.1

0.2

2.0

0.50.9

1.1 0.9

0.0 2.7

1.6

3.0

0.3 0.0

0.50.9

0.0 0.0

0.9

0.3

0.2 0.1

10.48.0

0.1

0.5

10.36.4

0.1 0.1

0.50.2



19


20/22

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

Toll Holdings (TOL) 4.5% 4.3% 33% 166 +0.1% -0.0% +4% -3% 7.3 N/A

Tox Free Solutions (TOX) 0.8% 0.8% 5% 4 +0.1% -0.5% +6% 0% 2.9 0.0

Tpg Telecom (TPM) 0.5% 0.2% 3% 5 +0.0% +0.1% -3% 0% 1.2 0.1

Trade Me (TME) 0.1% 0.1% 0% 1 +0.0% -0.0% -9% -4% 0.1 0.3

Transfield Services (TSE) 10.2% 8.8% 81% 55 +1.2% +3.4% +33% -15% 14.3 N/A

Transpacific Indust. (TPI) 1.5% 1.0% 7% 16 -0.2% +0.5% +16% +14% 2.8 N/A

Transurban (TCL) 0.1% 0.1% 1% 14 +0.0% -0.0% -5% 0% 0.3 0.5

Treasury Wine Estate (TWE) 2.6% 2.6% 16% 79 -0.2% -0.8% -6% 0% 3.0 N/A

Troy Resources (TRY) 0.1% 0.1% 2% 0 -0.1% -0.4% +11% 0% 0.1 1.3

Twenty-First FOX Inc (FOX) 0.0% 0.0% 1% 17 -0.0% +0.0% -2% 0% 0.3 0.1

UGL (UGL) 11.1% 11.1% 93% 146 +0.2% +0.6% +5% -7% 11.2 N/A

UXC (UXC) 0.0% 0.0% 0% 0 +0.0% -0.2% -0% -10% 0.0 0.5

Virgin Aus Hldg (VAH) 9.1% 3.7% 66% 42 +0.6% +0.9% +2% -10% 11.9 N/A

Webjet (WEB) 3.0% 2.7% 25% 9 +0.0% +1.3% -4% -21% 10.2 0.3

Wesfarmers (WES) 2.8% 2.8% 29% 1169 -0.1% +0.1% -0% -2% 9.9 N/A

Western Areas (WSA) 13.3% 10.6% 94% 63 +0.2% +0.3% -6% -75% 18.8 N/A

Western Desert Res. (WDR) 0.6% 0.5% 44% 2 -0.0% -0.2% +25% 0% 5.0 N/A

Westfield (WDC) 0.6% 0.5% 6% 119 +0.1% +0.1% -4% -1% 1.5 1.0

Westfield Retail Tst (WRT) 0.6% 0.6% 3% 51 +0.1% +0.1% -2% 0% 0.9 0.3

Westpac Banking Corp (WBC) 0.7% 0.7% 8% 735 +0.1% -0.2% +3% +0% 2.8 N/A

Whitehaven Coal (WHC) 12.3% 7.3% 92% 161 -0.8% -5.1% +5% 0% 13.0 N/A

Woodside Petroleum (WPL) 0.5% 0.4% 5% 132 +0.0% -0.0% +2% +1% 1.4 N/A

Woolworths (WOW) 0.4% 0.4% 5% 190 -0.1% -0.1% +5% -0% 2.0 N/A

WorleyParsons (WOR) 1.7% 1.5% 14% 80 -0.3% -1.2% +4% -0% 3.0 N/A

Wotif.com Holdings (WTF) 15.1% 9.4% 64% 93 -0.1% -1.0% -3% +4% 25.5 N/A

3.14.5

0.10.8

0.7 0.5

0.4 0.1

1.2

10.2

0.61.5

0.6

0.1

2.02.6

0.5 0.1

0.2 0.0

4.4

11.1

0.20.0

3.0

9.1

0.0

3.0

3.0 2.8

8.3

13.3

0.0

0.6

0.3

0.6

0.90.6

1.10.7

8.212.3

0.5 0.5

0.6

0.4

2.2 1.7

14.0 15.1



20


21/22

Equities Research - 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 %of 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 f ree 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 loanednot short

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 whilethe most timely is of use.

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

ASIC, 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 positionsis unlikely to be consistently profitable, although with a four-day lag in data that is nota huge 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.


22/22

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Jacqueline Fernley (02) 8247 6661

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Return Reinvestment Matrix and Risk Measures

For definitions at http://www.wilsonhtm.com.au/Disclosures

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