ShortAndStocky 20130823 PDF

Friday, 23 August 2013
SHORT AND STOCKY

damien.klassen@wilsonhtm.com.au +61 2 8247 3101
Commentary
During reporting season, short selling has been more interesting at the individual stock
level rather than the macro level with a lot of movements within sectors (see page 2). At
an aggregate level short selling increased slightly in the past week, the most short sold
sector continues to be industrials in both small and large caps.
For the sector focus this week (see bottom right), we have focussed on retail stocks.
The three key take-outs for me are: (1). The level of short selling in the sector is much
higher than other sectors except for SUL where there is little short selling (2). DJS and
MYR stand out with increasing short positions over the past few months whereas short
selling has been falling in most other retail stocks. (3) The level of short selling for HVN
and JBH is still high relative to other stocks in the market, but it has decreased
significantly for both.
1w
1m
Total
Short
Sell1
Change over
1w
1m
Total
Short
Sell1
Flight Centre (FLT)

Sims Metal Mgmt (SGM)
Harvey Norman (HVN)
-3.3%
-0.7%
-0.7%
-4.3% 18.2%
-0.7% 4.9%
-0.6% 14.5%
+1.4% +3.6%
+1.4% +2.3%
+1.2% +1.7%
Paladin Energy (PDN)

Buru Energy (BRU)
JB Hi-Fi (JBH)
-8.6%
-3.3%
-1.9%
-6.5% 7.6%
-3.2% 4.8%
-5.0% 12.4%
+1.6% +0.0%
+0.4% +0.0%
+0.2% +0.2%
3.5%
0.5%
0.2%
Industrials
2.2
Virtus Health Ltd (VRT)

Peet Limited (PPC)
AJ Lucas Group (AJL)
-0.4%
-0.1%
-0.1%
1. All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap
1.8
Resources
1.6
1.4
1.31
1.2
1.0
Financials
0.85
0.75
REITs&Utilities
0.4
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
-0.4%
-0.2%
-0.0%
0.0%
0.7%
0.0%
Dec-12
Jun-13
Sector Focus: Retail

% Free % Mkt
Float1
Cap
Code
% Stock
available
to short2
Value
($m)
Days to
cover5
12 Month History
Short Position as % of Free
Float1
12.4
David Jones (DJS)
12.4% 12.4%
91%
181
16.1
Harvey Norman (HVN)
14.5%
61%
235
24.3
9.1
18.3
7.9%
14.5
20.9
JB Hi-Fi (JBH)
12.4% 12.4%
47%
228
16.3
Myer Holdings (MYR)
14.3% 14.3%
81%
217
13.1
Source (all charts): Wilson HTM, ASX, ASIC, S&P, Capital IQ
12.4
10.2
1.0
Super Ret Rep (SUL)
0.7%
0.5%
4%
13
1.7
The Reject Shop (TRS)
6.6%
6.6%
38%
33
12.6
10.6
Equities Research Short and Stocky
2.21
2.0
Current Short Position
+1.5% +2.4% 11.5%

+1.0% +0.6% 3.0%
+0.7% +0.0% 11.4%
5.9%
5.6%
8.0%
Short selling edging lower over the medium

term but up over the last week
2.4
0.6
Change in Short Positions as % of Free Float Market Cap
ASX 100
UGL (UGL)
Arrium (ARI)
Leighton Holdings (LEI)
Small Ords
McMillan Shkspre (MMS)
Billabong (BBG)
Kingsgate Consolid. (KCN)
Outside ASX 300
Steadfast Group Ltd (SDF)
Collection House (CLH)
Resource Generation (RES)
% Index Sold
Short1
0.8
See http://bit.ly/oOzqNf for interactive charts.
Change over
Change in Short Positions by Sector
14.3
0.7
6.6
Issued 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 this
report and an explanation of recommendations can be found at the end of this document.
Heat Maps Current Short Position and Change in Short Position
For an interactive version of these

charts go to http://bit.ly/ubBtfP
Change in Current Short Position ASX 100 over 1 week
Lots of intra sector

moves this week within
industrials
Short positions in QBE and

SUN being bought back
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.

Change in Current Short Position Small Ordinaries over 1 week
Short covering in highly shorted

stocks JBH and FXJ a
feature again last week

Current Short Position ASX 100
BHP & RIO numbers are

likely skewed by various
trading strategies between
Australia and the UK
Not much shorting in the

larger energy stocks lots in
the smaller ones
Short sellers are not fans

of the smaller banks or QBE
in the financials space
Retailers not
favoured except
for WOW

Current Short Position Small Ordinaries

Very mixed in the small caps with

most stocks either red or green
and not many light colours
Small Caps vs Large Caps

Small Ordinaries by Sector
Small Ordinaries vs ASX 100 over time

% Index Sold
Short1
3.7
Small Ords
3.2
Both small resources and

industrials decreasing over
Industrials
the week
% Index Sold
Short1
Small Ords edging lower but

still close to record levels
4.4
3.24
3.9
3.80
3.4
2.7
2.9
2.2
1.7
ASX 100
1.2
4.1
3.80
Small Industrials
Different directions for small

vs large resources
Small Resources
3.6
3.1
Resources
3.15
2.6
2.21
2.1
Industrials
1.1
2.1
1.6
1.31
1.1
0.6
Jun-10 Sep-10Dec-10Mar-11Jun-11 Sep-11Dec-11Mar-12Jun-12 Sep-12Dec-12Mar-13Jun-13
REITs&Utilities
0.9
4.1
2.6
1. % of Free Float for ASX 100 and Small Ords
1.87
1.70
% Index Sold
Short1
3.6
1.6
1.9
Resources vs Small Resources over time
Short selling edging off

recent highs in both large
and small industrials
3.1
Resources
0.4
Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13
Industrials vs Small Industrials over time

4.6
2.4
1.4
1.21
0.7
Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13
% Index Sold
Short1
3.15
Financials
0.6
Jun-10 Sep-10Dec-10Mar-11Jun-11 Sep-11Dec-11Mar-12Jun-12 Sep-12Dec-12Mar-13Jun-13
2. LTCA = Long Term Capital Assets, includes Property, Utilities, Infrastructure. % of index
Source: Wilson HTM, ASX, ASIC, S&P
Caution needed
Days to Cover ASX 100
Days to Cover Small Ords

Energy
Reso urces
Industrials
Financials
P ro perty
Utilities
Stocks
below 2
days to
cover not
shown see
appendix for
individual
stocks
% of Stock Borrowed but not sold Short
Latest Short Sell / Stock Available to be lent (as at last quarter)

75%
News Corp. (NNC)
Billabong (BBG)
Monadelphous Group (MND)
Bandanna Energy (BND)
Aquila Resources (AQA)
Bathurst Res NZ Ltd (BRL)
Fortescue Metals Grp (FMG)
Whitehaven Coal (WHC)
Lynas Corporation (LYC)
Gindalbie Metals Ltd (GBG)
Buru Energy (BRU)
Ausdrill Limited (ASL)
Cockatoo Coal (COK)
Beadell Resource Ltd (BDR)
Western Areas Ltd (WSA)
Fairfax Media Ltd (FXJ)
St Barbara Limited (SBM)
Starpharma Holdings (SPL)
David Jones Limited (DJS)
Linc Energy Ltd (LNC)
Evolution Mining Ltd (EVN)
Latest Short Sell / Stock Available
These are stocks where the

latest short sales position
compared to the amount
of stock available to be
lent (at last quarter) is
the greatest, i.e. these are
the stocks it is probably hard
to find stock to borrow if
you want to short sell
100%
(Latest Stock Borrow - Latest Short Position)/ Free Float Mkt Cap
0%
2%
4%
6%
Northern Iron Ltd (NFE)
Galaxy Resources (GXY)
TABCORP Holdings Ltd (TAH)
Sundance Resources (SDL)
Indophil Resources (IRN)
GrainCorp Limited (GNC)
Tap Oil Limited (TAP)
Commonwealth Prop (CPA)
Aurizon Holdings Ltd (AZJ)
Alacer Gold Corp. (AQG)
Linc Energy Ltd (LNC)
Forge Group Limited (FGE)
Flinders Mines Ltd (FMS)
ResMed Inc. (RMD)
Challenger Limited (CGF)
Domino Pizza Enterpr (DMP)
Thorn Group Limited (TGA)
APA Group (APA)
Henderson Group (HGG)
Inova Resources Ltd (IVA)
Macq Atlas Roads Grp (MQA)
Lend Lease Group (LLC)
Credit Corp Group (CCP)
8%
These are stocks where the

reported amount of stock
borrowed or lent is greater than
the amount of stock reported as
sold short, which reflects stocks
that are ready to be short sold
(or data integrity issues)
Source: Wilson HTM, ASX, ASIC, S&P, IRESS
Caution needed
Highest and lowest short positions
Stocks with: increasing shorting, underperformance, close to max lending

Short Sales
Chang Total
e over Short
1w
Sell1
Chang
e over
1w
Total
Short
Sell1
ASX 100
Flight Centre (FLT)
-3.3% 18.2%
Duet (DUE)
-0.0%
0.0%
+0.1% 17.4%
GrainCorp (GNC)
+0.0%
0.0%
Harvey Norman (HVN)
-0.7% 14.5%
Aurizon Holdings (AZJ)
-0.1%
0.1%
Myer Holdings (MYR)
+0.3% 14.3%
Twenty-First FOX Inc (FOX)
+0.1%
0.1%
Monadelphous (MND)
+0.6% 13.1%
Transurban (TCL)
-0.1%
0.1%
David Jones (DJS)
+0.6% 12.4%
Henderson (HGG)
+0.0%
0.1%
UGL (UGL)
+1.5% 11.5%
Telstra Corporation. (TLS)
-0.0%
0.1%
+0.7% 11.4%
Brambles (BXB)
+0.0%
0.2%
+0.1% 10.4%
Mirvac (MGR)
-0.1%
0.2%
Metcash (MTS)
+0.1% 10.2%
Lend Lease (LLC)
+0.0%
0.2%
Fairfax Media (FXJ)
-0.7% 16.6%
Flexi(FXL)
+0.0%
0.00%
Wotif.com Holdings (WTF)
-0.2% 15.9%
Challenger Div.Pro. (CDI)
+0.0%
0.00%
Western Areas (WSA)
+0.1% 13.1%
Elemental Minerals (ELM)
-0.0%
0.00%
JB Hi-Fi (JBH)
-1.9% 12.4%
Astro Jap Prop (AJA)
+0.0%
0.01%
Cabcharge Australia (CAB)
-0.0% 10.5%
Chorus (CNU)
+0.0%
0.02%
Bradken (BKN)
+0.3%
9.8%
Kathmandu Hold (KMD)
+0.0%
0.02%
Nufarm (NUF)
+0.1%
9.4%
MACA (MLD)
-0.0%
0.02%
Boart Longyear (BLY)
-0.6%
9.2%
CSG (CSV)
+0.0%
0.03%
Mesoblast (MSB)
+0.8%
9.1%
Thorn (TGA)
+0.0%
0.04%
Virgin Aus Hldg (VAH)
+0.8%
8.8%
Credit Corp (CCP)
-0.0%
0.05%
Gunns Limited (GNS)
+0.0%
6.1%
Elders Limited (ELD)
+0.0%
4.0%
Steadfast Group Ltd (SDF)
+1.6%
3.5%
Eservglobal Limited (ESV)
+0.0%
2.9%
Aquarius Platinum. (AQP)
-0.1%
1.5%
FAR Ltd (FAR)
-0.0%
Mortgage Choice Ltd (MOC)
+0.0%
News Corp. (NNCLV)
+0.0%
0.8%
Qrxpharma Ltd (QRX)
-0.0%
0.8%
ASG Group Limited (ASZ)
-0.0%
0.7%
As % of
Free Float
1m Change
As % of
stock
available
to short
% Free
Float
Share
Price
Trading
Days to
cover
short
position
UGL (UGL)
Cochlear (COH)
G.U.D. Holdings (GUD)
BWP Trust (BWP)
Metcash (MTS)
Horizon Oil (HZN)
Gindalbie Metals (GBG)
Energy Resources (ERA)
Cudeco (CDU)
McMillan Shakespeare (MMS)
Maverick Drilling (MAD)
Nufarm (NUF)
Sca Property (SCP)
11.5%
10.2%
8.5%
8.8%
3.0%
10.2%
6.0%
5.8%
7.6%
17.4%
5.0%
5.9%
10.5%
2.6%
9.4%
5.2%
85%
74%
80%
59%
63%
72%
43%
115%
38%
119%
64%
24%
70%
46%
51%
61%
+2.4%
+2.1%
+0.9%
+1.3%
+1.6%
+1.7%
+0.7%
+0.5%
+1.5%
+0.3%
+0.6%
+3.6%
+0.3%
+0.3%
+1.1%
+0.1%
-7%
-8%
-9%
-11%
-8%
-4%
-13%
-6%
-6%
-6%
-7%
-25%
-4%
-17%
-1%
-6%
10.4
13.7
15.4
10.8
9.1
13.2
16.3
6.6
24.1
17.0
7.1
5.6
23.4
4.6
16.2
12.5
Discovery Metals (DML)

Mesoblast (MSB)
Ten Network Holdings (TEN)
3.0%
9.1%
8.0%
8.2%
39%
57%
47%
123%
+0.3%
+5.5%
+0.3%
+0.8%
-15%
+3%
-2%
+4%
1.3
25.5
12.2
24.1
0.9%
Emeco Holdings (EHL)

Bathurst Res NZ (BRL)
Adelaide Brighton (ABC)
Coca-Cola Amatil (CCL)
3.4%
6.4%
4.4%
2.7%
19%
123%
47%
29%
+1.1%
+0.3%
+0.9%
+1.0%
-25%
+0%
+1%
-4%
2.3
3.2
8.1
4.6
0.9%
Singapore Telecomm. (SGT)
3.6%
32%
+3.2%
-2%
2.4
Small Ords
Outside ASX 300
All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap
Change in Short Position vs Change in Share Price

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

covering rallies
Prices in this corner

rallying despite
increased short
selling
This chart is intended to highlight

stocks where recent performance
may have been affected by short
selling.
The size of the bubble represents
the latest reported open short
position as a % of market cap and
the colour of the bubbles indicates
the sector.

falling despite
short covering

maybe driven by short
selling?
Notes: Values on the edge of the graph have been scaled to fit. For an interactive version of this chart which shows how these
positions change over time, go to http://bit.ly/nKuuOH
Change in Short Position vs Change in Share Price

Small Ordinaries: 1 month change in share price vs 1 month change in Short Position
Prices in this
corner rallying
despite
increased short
selling
Corner for short

covering rallies
This chart is intended to highlight

stocks where recent performance
may have been affected by short
selling.
The size of the bubble represents
the latest reported open short
position as a % of market cap and
the colour of the bubbles indicates
the sector.

falling despite
short covering
Prices in this
corner maybe
driven by short
selling?
Notes: Values on the edge of the graph have been scaled to fit. For an interactive version of this chart which shows how these
positions change over time, go to http://bit.ly/nKuuOH
10
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
Cap available to ($m)
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
0.3
Abacus Property (ABP)
0.2%
0.1%
2%
1 -0.0%
-0.1%
-4%
0%
0.5
0.2
Abm Resources NL (ABU)
0.2%
0.2%
18%
0 +0.0%
+0.1%
+3%
0%
1.0
0.4
0.1
Acrux (ACR)
5.5%
5.5%
33%
30 -0.1%
+0.2%
-1%
0%
10.3
N/A
1.4
Adelaide Brighton (ABC)
4.4%
3.1%
47%
65 +0.0%
+0.9%
+1%
-0%
8.1
N/A
AGL Energy (AGK)
0.9%
0.9%
10%
73 -0.1%
-0.0%
-5%
0%
2.7
N/A
0.2
Ainsworth Game Tech. (AGI)
0.6%
0.2%
5%
3 +0.0%
+0.1%
+5%
0%
1.3
N/A
0.0
Alacer Gold Corp. (AQG)
1.0%
1.0%
12%
3 -0.3%
-0.5%
+29% +135%
1.4
2.9
0.2
0.2
0.2
5.5
4.4
2.1
0.9
0.6
1.0
2.4
Alkane Resources (ALK)
1.0%
0.8%
12%
1 -0.1%
-0.1%
-19%
0%
4.2
1.0
Als (ALQ)
9.0%
9.0%
79%
293 +0.2%
-1.0%
+0%
-0%
16.3
N/A
Alumina (AWC)
7.3%
6.3%
30%
180 +0.4%
-0.7%
-1%
0%
12.1
N/A
Amcom Telecomm. (AMM)
0.5%
0.4%
4%
2 -0.1%
-0.5%
+7%
-1%
1.2
N/A
Amcor (AMC)
0.3%
0.3%
3%
39 +0.0%
+0.1%
+3%
+0%
0.8
0.7
AMP (AMP)
0.9%
0.9%
11%
123 +0.1%
+0.2%
+3%
+1%
2.0
N/A
Ampella Mining (AMX)
0.3%
0.3%
20%
0 +0.0%
+0.1%
+20%
0%
0.7
N/A
Ansell (ANN)
7.7%
7.7%
69%
184 -0.2%
-0.7%
-3%
-0%
11.7
N/A
ANZ Banking Grp (ANZ)
0.4%
0.4%
4%
360 -0.0%
-0.0%
+2%
0%
1.5
0.1
APA (APA)
1.4%
1.4%
15%
69 +0.0%
-1.4%
-0%
-2%
3.4
1.4
1.0
9.0
8.1
7.3
0.0
0.5
0.4
0.3
0.9
0.4
2.3
0.3
7.7
4.3
0.4
0.4
3.0
1.4
5.1
4.2
APN News & Media (APN)
4.2%
2.8%
24%
7 -0.0%
+0.1%
+32%
+4%
10.3
N/A
8.2%
3.7%
123%
33 +0.4%
+0.8%
+4%
0%
24.1
N/A
3.5
ARB Corporation (ARP)
1.3%
1.1%
17%
11 +0.1%
+0.6%
-4%
-3%
7.3
N/A
0.1
Ardent Leisure (AAD)
0.8%
0.8%
5%
5 +0.0%
-0.5%
-6%
-1%
2.2
0.0
0.2
Aristocrat Leisure (ALL)
1.7%
1.6%
7%
38 +0.0%
+0.3%
-2%
+1%
3.9
N/A
Arrium (ARI)
3.0%
2.8%
26%
40 +1.0%
+0.6%
+8%
-3%
3.8
N/A
Asciano (AIO)
2.0%
2.0%
12%
105 +0.0%
+0.1%
+1%
+0%
4.2
N/A
0.6
Aspen (APZ)
0.1%
0.1%
0%
0 +0.0%
+0.1%
-9%
0.4
0.0
0.0
0.1
Astro Jap Prop (AJA)
0.0%
0.0%
0%
0 +0.0%
+0.0%
-0%
0%
0.1
N/A
0.0
0.0
ASX (ASX)
1.0%
1.0%
7%
71 -0.0%
-0.2%
+3%
0%
2.6
N/A
1.8
1.0
Atlas Iron (AGO)
5.2%
4.8%
56%
42 +0.7%
+1.0%
+10%
0%
2.5
N/A
Aurizon Holdings (AZJ)
0.1%
0.1%
0%
6 -0.1%
-0.1%
+1%
+0%
0.1
3.1
Aurora Oil & Gas (AUT)
1.3%
1.3%
13%
19 +0.1%
-0.4%
-5%
+2%
2.6
0.4
Ausdrill (ASL)
7.8%
6.9%
110%
30 -1.7%
+0.2%
+21%
-2%
4.6
N/A
0.7
Ausenco (AAX)
1.5%
1.2%
9%
2 -0.3%
+0.1%
-20%
-55%
1.9
N/A
0.5
8.2
1.3
0.8
4.9
1.7
3.0
2.4
2.0
5.2
1.0
0.5
1.6
0.1
1.3
7.8
1.5
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions

Equities Research - Short and Stocky
0.0
0.6
11
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
Austin Engineering (ANG)
0.6%
0.5%
14%
2 +0.0%
-0.7%
+20%
0%
2.4
0.1
0.3
0.0
Australand Property (ALZ)
0.5%
0.2%
4%
4 +0.0%
+0.1%
-5%
-1%
1.2
0.3
0.2
Australian Agricult. (AAC)
1.4%
1.0%
9%
3 +0.1%
+0.2%
-10%
0%
6.7
N/A
0.2
Automotive Holdings (AHE)
0.3%
0.2%
2%
2 +0.0%
-0.1%
+11%
-1%
0.9
0.3
0.0
AWE (AWE)
0.2%
0.2%
2%
2 -0.0%
-0.1%
-10%
+9%
0.5
0.2
Bandanna Energy (BND)
6.0%
4.1%
133%
4 -0.3%
-0.5%
+63%
0%
16.4
N/A
Bank of Queensland. (BOQ)
2.0%
2.0%
19%
63 -0.0%
-0.4%
+6%
+2%
3.1
N/A
Base Res (BSE)
0.9%
0.7%
9%
2 +0.0%
+0.0%
+3%
0%
9.4
0.2
Bathurst Res NZ (BRL)
6.4%
6.4%
123%
8 +0.3%
+0.3%
+0%
0%
3.2
N/A
BC Iron (BCI)
0.6%
0.5%
6%
2 +0.1%
+0.2%
+11%
+3%
1.4
0.1
Beach Energy (BPT)
1.8%
1.8%
10%
31 -0.1%
+0.1%
-2%
0%
2.9
0.5
Beadell Resource (BDR)
7.5%
7.5%
107%
48 +0.6%
-0.8%
+16%
-11%
9.0
N/A
1.9
Bendigo and Adelaide (BEN)
3.3%
3.3%
37%
142 -0.0%
+0.1%
+2%
0%
9.1
N/A
2.5
BHP Billiton (BHP)
0.4%
0.4%
4%
498 +0.1%
+0.1%
+9%
+1%
1.5
0.3
0.2
Billabong (BBG)
5.6%
4.8%
185%
12 +1.4%
+2.3%
+35%
0%
3.6
0.5
1.6
Blackthorn Resources (BTR)
0.3%
0.3%
6%
0 -0.1%
+0.0%
+77%
0%
0.5
0.2
0.0
BlueScope Steel (BSL)
0.6%
0.5%
3%
16 +0.2%
-0.3%
+8%
+3%
0.8
0.6
Boart Longyear (BLY)
9.2%
9.2%
46%
25 -0.6%
+0.1%
+7%
-244%
3.3
N/A
1.8
Boom Logistics (BOL)
0.0%
0.0%
0%
0 +0.0%
+0.0%
-22%
0.0
0.0
0.0
0.2
0.6
0.5
1.4
0.8
1.3
3.7
0.3
0.2
6.0
2.0
0.9
0.1
6.4
0.6
0.0
2.0
1.8
7.5
3.3
0.4
5.6
1.4
0.3
0.6
9.2
6.1
Boral (BLD)
7.3%
7.3%
38%
248 -0.3%
+0.9%
+1%
0%
10.5
N/A
Bradken (BKN)
9.8%
9.8%
71%
95 +0.3%
+1.4%
+21%
+3%
11.3
N/A
Brambles (BXB)
0.2%
0.2%
1%
22 +0.0%
+0.1%
+1%
-1%
0.4
0.5
Breville (BRG)
6.4%
4.5%
37%
43 -0.3%
-0.7%
-4%
0%
8.8
N/A
0.1
Buru Energy (BRU)
4.8%
3.6%
112%
20 -3.3%
-3.2%
+3%
0%
9.5
N/A
5.7
BWP Trust (BWP)
3.0%
2.4%
63%
31 +0.9%
+1.6%
-8%
-1%
9.1
N/A
0.5
10.5%
9.7%
70%
50 -0.0%
+0.3%
-4%
0%
23.4
N/A
4.6
Caltex Australia (CTX)
1.3%
0.6%
8%
31 -0.0%
-0.2%
-6%
+1%
1.7
N/A
Cape Lambert Res (CFE)
0.1%
0.1%
4%
0 +0.1%
+0.1%
+6%
0%
0.5
0.7
0.1
Cardno (CDD)
7.2%
7.2%
73%
64 -0.1%
-0.2%
+11%
+1%
20.0
N/A
0.5
Carsales.Com (CRZ)
1.0%
0.9%
5%
23 -0.0%
+0.0%
+18%
+2%
2.7
N/A
Cash Converters (CCV)
1.0%
0.7%
8%
4 -0.0%
-0.0%
+7%
0%
2.4
N/A
0.0
Central Petroleum (CTP)
0.0%
0.0%
2%
0 +0.0%
-0.0%
+12%
0%
0.1
0.1
0.0
0.0
7.3
9.8
2.2
0.4
0.2
6.4
4.8
3.0
10.5
3.1
1.3
0.1
7.2
9.0
1.0
1.0

2.1
0.0
3.0
12
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
0.3
2.1
3.0
0.2
CFS Retail Trust Grp (CFX)
3.0%
2.5%
17%
147 +0.1%
+0.4%
+6%
0%
6.4
N/A
Challenger (CGF)
0.6%
0.6%
4%
13 -0.1%
+0.1%
+5%
0%
1.1
1.9
Challenger Div.Pro. (CDI)
0.0%
0.0%
0%
0 +0.0%
+0.0%
+1%
-2%
0.0
0.1
0.0
0.0
Charter Hall (CHC)
0.2%
0.1%
2%
1 +0.0%
-0.1%
-6%
+0%
0.4
0.4
0.1
0.2
Charter Hall Retail (CQR)
1.5%
1.3%
20%
17 +0.2%
+0.4%
-3%
0%
3.6
N/A
0.3
1.5
Chorus (CNU)
0.0%
0.0%
1%
0 +0.0%
+0.0%
+11%
0%
0.2
0.1
Clough (CLO)
0.4%
0.1%
3%
2 +0.2%
-2.0%
+22%
0%
0.8
0.9
Coalspur Mines (CPL)
2.1%
1.5%
76%
3 -0.0%
-0.1%
-5%
0%
5.6
N/A
Coca-Cola Amatil (CCL)
2.7%
1.9%
29%
186 +0.2%
+1.0%
-4%
-1%
4.6
N/A
10.2% 10.2%
74%
337 +0.6%
+2.1%
-8%
+9%
13.7
N/A
2.3
0.6
0.2
0.0
2.9
0.0
0.4
2.1
2.7
0.9
10.4
Cochlear (COH)
10.2
2.1
Cockatoo Coal (COK)
1.4%
1.1%
109%
1 +0.1%
+0.2%
+15%
0%
3.2
N/A
Codan (CDA)
0.7%
0.5%
33%
2 -0.5%
+0.2%
+24%
0%
0.9
N/A
0.0
Collection House (CLH)
0.5%
0.5%
32%
1 ##### +53.0%
0%
2.5
N/A
0.0
Collins Foods (CKF)
0.6%
0.6%
7%
1 +0.0%
-1.0%
+4%
0%
3.5
N/A
0.0
Commonwealth Bank. (CBA)
0.8%
0.8%
9%
943 -0.0%
+0.1%
+3%
+5%
3.3
N/A
Commonwealth Prop (CPA)
1.7%
1.7%
23%
47 -0.1%
-0.4%
+5%
0%
3.6
3.4
Computershare (CPU)
1.8%
1.7%
14%
94 +0.4%
+0.4%
-1%
-9%
3.9
N/A
Corp Travel (CTD)
0.3%
0.3%
14%
1 +2.0%
+5.0%
+4%
0%
1.6
0.0
Credit Corp (CCP)
0.0%
0.0%
1%
0 -0.0%
-0.1%
+5%
+3%
0.2
1.2
Cromwell Prop (CMW)
0.1%
0.1%
1%
1 +0.0%
+0.0%
+2%
0%
0.3
Crowe Horwath Aus (CRH)
0.4%
0.4%
3%
1 -4.0% -20.0%
-4%
0%
Crown (CWN)
1.1%
0.6%
8%
58 +0.0%
+0.4%
+6%
CSG (CSV)
0.0%
0.0%
1%
0 +0.0%
-0.1%
+0%
1.4
0.7
0.5
0.6
1.3
1.2
1.6
0.8
1.7
1.8
0.3
0.1
0.0
0.1
0.0
0.1
1.4
N/A
0.0
0.4
0%
2.8
N/A
1.0
1.1
0%
0.1
0.5
0.5
0.0
0.9
CSL (CSL)
0.2%
0.2%
2%
57 -0.1%
-0.2%
-2%
-5%
0.6
0.4
CSR (CSR)
7.2%
7.2%
31%
82 +0.2%
+0.0%
+3%
0%
10.7
N/A
Cudeco (CDU)
5.0%
3.8%
64%
13 +0.6%
+0.6%
-7%
7.1
N/A
Dart Energy (DTE)
2.1%
1.8%
31%
2 +0.0%
+0.1%
+9%
0%
3.9
N/A
12.4% 12.4%
91%
181 +0.6%
+0.8%
+11%
0%
16.1
N/A
0.2
9.3
4.1
2.5
7.2
5.0
2.1
12.4
David Jones (DJS)

Decmil (DCG)
2.4%
2.0%
34%
7 +0.0%
-0.9%
+3%
0%
5.5
N/A
Dexus Property (DXS)
0.3%
0.3%
3%
16 +0.0%
+0.0%
-4%
0%
0.6
0.3
Discovery Metals (DML)
3.0%
2.7%
39%
2 +0.1%
+0.3%
-15%
0%
1.3
N/A
Domino Pizza Enterpr (DMP)
0.7%
0.5%
5%
5 +0.0%
+0.1%
+17%
+3%
2.0
1.7

9.1
0.4
2.4
0.3
0.3
3.4
3.0
0.4
1.9
0.7
2.6
13
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
0.3
1.9
2.6
0.2
Downer EDI (DOW)
2.6%
2.6%
18%
46 +0.3%
+0.6%
+8%
-7%
3.2
N/A
Drillsearch Energy (DLS)
4.0%
3.7%
33%
22 -0.1%
-0.3%
+5%
0%
7.5
N/A
1.1
Duet (DUE)
0.0%
0.0%
0%
1 -0.0%
-0.2%
-9%
-17%
0.1
0.1
0.7
0.0
Dulux(DLX)
0.9%
0.9%
8%
15 -0.1%
-0.5%
-1%
0%
1.8
N/A
2.5
0.9
Echo Entertainment (EGP)
0.4%
0.4%
2%
8 +0.2%
-0.1%
-1%
-1%
0.4
0.3
0.7
0.4
Elemental Minerals (ELM)
0.0%
0.0%
0%
0 -0.0%
+0.0%
-2%
0%
0.0
0.0
0.1
0.0
Emeco Holdings (EHL)
3.4%
3.4%
19%
4 -0.4%
+1.1%
-25%
0%
2.3
N/A
1.3
Endeavour Min Corp (EVR)
0.3%
0.3%
6%
0 -0.2%
+0.2%
+56%
-132%
0.4
0.2
0.1
Energy Resources (ERA)
7.6%
2.4%
38%
18 -0.1%
+1.5%
-6%
0%
24.1
N/A
4.5
Energy World Corpor. (EWC)
3.3%
1.5%
18%
14 +0.2%
-0.1%
+7%
14.3
N/A
2.3
4.0
3.4
0.3
7.6
3.3
2.1
Envestra (ENV)
0.6%
0.3%
8%
7 -0.0%
-0.6%
-0%
0%
1.8
0.2
Evolution Mining (EVN)
6.1%
4.1%
86%
26 -0.3%
-0.1%
+28%
-13%
8.7
N/A
0.8
16.6% 14.5%
96%
186 -0.7%
-2.5%
+8%
0%
19.2
N/A
12.7
1%
0 -1.0%
-4.0%
-8%
0%
0.3
0.1
0.6
6.1
Fairfax Media (FXJ)

Fantastic Holdings (FAN)
0.0%
0.0%
0.0
16.6
0.0
2.0
Federation Cntres (FDC)
0.4%
0.4%
3%
12 +0.1%
+0.1%
-3%
-1%
0.7
0.2
Finbar (FRI)
0.0%
0.0%
0%
0 +0.0%
+0.0%
-3%
0%
0.0
0.1
FKP Property (FKP)
4.9%
2.9%
29%
13 +0.3%
+0.8%
+4%
+6%
9.2
N/A
Fleetwood Corp (FWD)
4.9%
4.0%
59%
10 -0.1%
+0.2%
+1%
-1%
3.8
N/A
Fletcher Building (FBU)
0.6%
0.6%
12%
29 -0.1%
+0.1%
+1%
0%
2.6
N/A
Flexi(FXL)
0.0%
0.0%
0%
0 +0.0%
+0.0%
-2%
+2%
0.0
0.6
0.4
0.0
0.0
5.9
4.9
0.4
4.9
1.5
Flight Centre (FLT)
0.6
0.1
23.8
18.2% 10.1%
65%
437 -3.3%
-4.3%
-1%
0%
18.1
N/A
Flinders Mines (FMS)
0.3%
0.3%
5%
0 +0.0%
+0.1%
+4%
0%
0.9
2.2
0.1
Focus Minerals (FML)
0.8%
0.4%
32%
1 +0.1%
+0.2%
+33%
0%
1.9
N/A
0.0
Forge (FGE)
1.0%
1.0%
7%
4 +0.2%
-0.2%
+3%
0%
1.0
2.2
0.7
Fortescue Metals Grp (FMG)
9.8%
5.4%
120%
673 -0.4%
-0.6%
+8%
+5%
7.8
N/A
G.U.D. Holdings (GUD)
8.5%
8.5%
80%
36 -0.1%
+0.9%
-9%
0%
15.4
N/A
2.0
G8 Education (GEM)
1.2%
1.1%
9%
8 +0.1%
+0.0%
+4%
0%
2.9
N/A
0.0
Galaxy Resources (GXY)
1.0%
0.8%
12%
1 +0.1%
+0.2%
+0%
7.6
6.4
Gindalbie Metals (GBG)
5.8%
3.7%
115%
9 +0.3%
+0.5%
-6%
0%
6.6
N/A
Goodman (GMG)
0.2%
0.2%
2%
17 +0.1%
-0.0%
-0%
-0%
0.5
0.4
Goodman Fielder. (GFF)
2.9%
2.6%
12%
36 -0.3%
-0.3%
-1%
+5%
6.0
N/A
GPT (GPT)
0.3%
0.2%
1%
15 +0.1%
+0.1%
-3%
-0%
0.5
0.0
12.2
0.0
18.2
0.3
0.8
1.0
9.8
8.5
1.4

1.2
1.0
6.9
5.8
0.0
0.2
2.3
0.4
1.0
2.9
0.3
0.0
14
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
GrainCorp (GNC)
0.0%
0.0%
0%
1 +0.0%
-0.0%
-0%
0%
0.1
3.8
Grange Resources. (GRR)
1.5%
0.5%
38%
1 +0.2%
+0.1%
+15%
0%
3.9
0.1
Greenland Min En (GGG)
1.1%
1.0%
76%
1 +0.0%
+0.0%
+26%
0%
8.4
N/A
Gryphon Minerals (GRY)
3.0%
3.0%
35%
2 +0.2%
-0.1%
+34%
0%
2.7
N/A
GWA (GWA)
Harvey Norman (HVN)
12 Month History
Float1
0.3
1.0
0.2
0.0
1.5
0.6
1.0
5.0
5.3
4.6%
4.4%
31%
34 -0.2%
-0.1%
+1%
+1%
14.4
N/A
14.5%
7.9%
61%
235 -0.7%
-0.6%
+14%
-1%
24.3
N/A
18.3
0.9
Henderson (HGG)
0.1%
0.1%
1%
3 +0.0%
-0.0%
+6%
+13%
0.2
1.3
Hillgrove Res (HGO)
0.2%
0.2%
5%
0 -0.0%
+0.1%
+10%
+23%
1.0
0.0
Hills Holdings (HIL)
0.1%
0.1%
2%
0 +0.0%
-0.0%
+8%
0%
0.5
0.1
Horizon Oil (HZN)
6.0%
5.3%
43%
22 -0.2%
+0.7%
-13%
-88%
16.3
N/A
2.5
iiNet (IIN)
3.2%
2.1%
20%
22 +0.9%
+1.7%
+14%
-0%
4.4
N/A
0.2
Iluka Resources (ILU)
9.0%
9.0%
57%
425 -0.3%
-1.6%
+5%
0%
10.8
N/A
9.6
Imdex (IMD)
1.8%
1.8%
22%
3 -0.3%
-0.5%
-4%
+8%
2.0
0.4
0.2
IMF (Australia) (IMF)
1.4%
1.2%
12%
3 +0.1%
+0.2%
+5%
0%
3.7
N/A
0.0
Incitec Pivot (IPL)
1.2%
1.2%
9%
52 +0.1%
+0.2%
-2%
-6%
1.7
N/A
0.2
Independence (IGO)
2.5%
2.5%
23%
20 -0.5%
-0.4%
+12%
-28%
6.6
N/A
Indophil Resources (IRN)
0.3%
0.2%
2%
1 +0.2%
+0.2%
+5%
1.8
4.4
Infigen Energy (IFN)
0.5%
0.5%
10%
1 -0.0%
+0.1%
+11%
0%
5.2
N/A
Inova Resources (IVA)
0.5%
0.2%
8%
0 +0.0%
+0.1%
-3%
0%
1.3
1.3
Insurance Australia (IAG)
0.4%
0.4%
3%
44 +0.0%
+0.1%
-1%
0%
1.1
0.2
0.1
Intrepid Mines (IAU)
4.3%
4.0%
64%
6 +0.2%
+0.1%
+2%
0%
8.6
N/A
1.5
Investa Office Fund (IOF)
0.2%
0.2%
2%
4 -0.0%
-0.1%
-5%
0%
0.5
1.2
0.6
1.5
1.1
3.0
4.6
14.5
0.1
0.2
0.1
6.0
3.2
9.0
1.8
1.4
1.2
5.1
2.5
0.1
0.5
0.3
0.5
1.9
0.5
0.4
4.3
InvoCare (IVC)
3.1%
3.1%
33%
40 -0.0%
+0.3%
-3%
0%
10.0
N/A
IOOF Holdings (IFL)
1.1%
1.0%
10%
19 +0.1%
-0.0%
+12%
-0%
3.4
N/A
IRESS (IRE)
1.6%
1.3%
10%
15 -0.4%
-0.5%
+9%
-3%
5.2
0.2
0.4
0.2
3.2
3.1
0.9
1.1
3.2
James Hardie Indust (JHX)

JB Hi-Fi (JBH)
Karoon Gas Australia (KAR)
1.6
2.3
1.3%
1.3%
12%
55 +0.1%
+0.2%
+3%
0%
3.1
N/A
12.4% 12.4%
47%
228 -1.9%
-5.0%
+14%
0%
16.3
N/A
9%
10 -1.7%
-0.9%
-12%
0%
2.2
0.4
1.3
20.9
1.0%
0.8%
12.4
0.5
1.0
1.0
Kathmandu Hold (KMD)
0.0%
0.0%
0%
0 +0.0%
-0.6%
+10%
0%
0.1
0.2
8.0%
8.0%
191%
24 +1.2%
+1.7%
+24%
-21%
6.0
N/A
4.6
Kingsrose Mining (KRM)
0.3%
0.2%
29%
0 +0.0%
-0.5%
-5%
0%
1.5
N/A
0.0
11.4%
5.5%
87%
309 +0.7%
+0.0%
-4%
-2%
10.2
N/A
0.0
8.0

7.7
0.3
11.4
1.4
0.2
15
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
1.4
0.3
Lend Lease (LLC)
0.2%
0.2%
1%
8 +0.0%
-0.0%
+5%
-0%
0.3
1.3
Linc Energy (LNC)
5.6%
3.4%
87%
30 -0.0%
-0.1%
-3%
0%
3.0
2.7
10.4% 10.4%
117%
81 +0.1%
-0.2%
-10%
0%
10.2
N/A
0.2
0.2
14.7
5.6
10.7
10.4
4.5
M2 Telecommunication (MTU)
4.5%
4.1%
52%
48 +0.3%
+0.6%
+15%
-0%
10.0
N/A
1.5
MACA (MLD)
0.0%
0.0%
0%
0 -0.0%
-0.1%
+5%
+0%
0.1
0.5
0.0
0.0
Macmahon Holdings (MAH)
0.7%
0.6%
5%
1 -0.1%
-0.1%
+10%
0%
1.0
0.0
0.7
0.7
Macq Atlas Roads Grp (MQA)
4.9%
4.2%
24%
47 +0.0%
-0.2%
+13%
0%
15.0
1.3
1.3
Macquarie (MQG)
0.5%
0.5%
3%
70 -0.0%
-0.2%
+1%
0%
1.0
0.5
Magellan Fin Grp (MFG)
0.2%
0.1%
6%
2 -0.0%
-0.1%
+1%
0%
0.4
0.7
0.0
Matrix C & E (MCE)
4.8%
3.4%
32%
3 -0.0%
-0.0%
+5%
0%
28.5
0.5
1.4
Maverick Drilling (MAD)
2.6%
2.1%
46%
4 +0.4%
+0.3%
-17%
0%
4.6
N/A
0.5
Mayne Pharma (MYX)
0.0%
0.0%
0%
0 +0.0%
+0.0%
0%
0.0
0.0
0.0
McMillan Shakespeare (MMS)
5.9%
4.5%
24%
39 +1.4%
+3.6%
-25%
0%
5.6
N/A
0.0
Medusa Mining (MML)
1.2%
1.2%
28%
5 -1.2%
-1.4%
+31%
+2%
1.0
0.7
0.8
Mermaid Marine (MRM)
0.2%
0.2%
1%
2 -0.0%
-0.2%
+0%
0%
0.7
0.7
4.9
1.9
0.5
0.2
4.8
2.6
0.0
5.9
0.8
0.2
11.8
Mesoblast (MSB)
Metcash (MTS)
1.2
9.1%
9.1
5.0%
57%
93 +0.8%
+5.5%
+3%
0%
25.5
N/A
10.2% 10.2%
72%
311 +0.1%
+1.7%
-4%
0%
13.2
N/A
5.0
0.3
0.3
0.1
0.1
10.2
Metminco (MNC)
0.1%
0.1%
20%
0 +0.0%
+0.1%
Miclyn Exp Offshr (MIO)
0.3%
0.1%
3%
1 -0.0%
-0.3%
+7%
-2%
0.5
N/A
0.1
0.3
Mincor Resources NL (MCR)
1.4%
1.4%
24%
2 -0.0%
+0.0%
+34%
0%
8.5
N/A
0.5
1.4
Mineral Deposits (MDL)
3.9%
3.9%
28%
8 -0.0%
-0.1%
+20%
-23%
11.4
N/A
0.5
Mineral Resources. (MIN)
4.6%
3.9%
30%
76 -0.3%
-1.7%
+14%
+1%
6.1
N/A
Mirabela Nickel (MBN)
3.5%
3.0%
31%
3 +0.1%
+0.3%
+8%
0%
1.9
0.3
1.5
Mirvac (MGR)
0.2%
0.2%
2%
10 -0.1%
-0.1%
+1%
0%
0.4
0.5
0.3
Molopo Energy (MPO)
0.3%
0.3%
1%
0 +0.1%
+0.1%
+0%
0%
1.3
0.3
3.9
3.0
4.6
3.5
0.5
0.2
0.3
13.1
Monadelphous (MND)
Mount Gibson Iron (MGX)
Myer Holdings (MYR)
National Aust. Bank (NAB)
166%
221 +0.6%
+1.1%
+8%
0%
16.5
N/A
4.6
2.1%
44%
16 +0.2%
+0.5%
+19%
-42%
4.4
N/A
0.8
14.3% 14.3%
81%
217 +0.3%
+0.2%
+2%
-0%
13.1
N/A
10.2
2%
194 -0.1%
-0.1%
+3%
0%
0.8
0.2
13.1% 13.1%
3.5%
0.3%
0.3%
14.3
0.3
5.7
Navitas (NVT)
2.2%
1.4%
13%
34 -0.3%
-2.1%
+1%
-3%
6.1
0.4
Neon Energy (NEN)
0.1%
0.1%
14%
0 -0.1%
-0.1%
-1%
0%
0.5
N/A
New Hope Corporation (NHC)
0.6
3.5
2.2
0.1
0.4
0.2%
0.2%
4%
6 +0.0%

-1.0%
+5%
0%
6.2
N/A
0.2
0.1
0.2
0.6
16
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One Month
Change
One
month
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
0.7
0.5
0.3
0.2
1.0
0.1
0.0
0%
11.7
N/A
2.3
-13%
0%
0.6
0.9
0.3
0.3
+0.2%
+26%
-42%
1.0
7.2
0.1
0.7
5 -0.1%
-0.3%
+25%
+8%
1.8
N/A
0.5
46%
20 -0.4%
-1.3%
+8%
0%
3.8
N/A
1.1
6.4%
51%
77 +0.1%
+1.1%
-1%
0%
16.2
N/A
3.4
0.7%
0.7%
38%
4 +0.5%
-0.1%
+31%
-49%
2.3
0.1
0.1
0.6%
0.5%
5%
57 +0.0%
-0.1%
+1%
+10%
1.5
N/A
0.5
Newcrest Mining (NCM)
0.6%
0.6%
8%
60 +0.1%
+0.2%
+13%
News Corp. (NNC)
0.7%
0.7%
192%
24 +0.1%
+0.6%
+6%
Nextdc (NXT)
5.2%
3.8%
19%
18 +0.2%
+0.4%
-4%
Nexus Energy (NXS)
0.3%
0.3%
3%
0 +0.0%
-0.0%
Northern Iron (NFE)
0.7%
0.5%
4%
0 +0.1%
Northern Star (NST)
1.5%
1.4%
38%
NRW Holdings (NWH)
6.3%
6.3%
Nufarm (NUF)
9.4%
OceanaGold Corp. (OGC)

Oil Search (OSH)
-14%
0.6
0.2
0.7
5.2
1.5
6.3
9.4
0.7
0.6
1.3
OM Holdings (OMH)
0.7%
0.4%
12%
1 +0.0%
-0.0%
+3%
0%
3.1
0.3
Orica (ORI)
2.9%
2.9%
25%
206 +0.1%
+0.8%
+5%
-4%
4.1
N/A
0.6
Origin Energy (ORG)
1.1%
1.1%
8%
140 -0.1%
-0.2%
-5%
-1%
3.0
0.1
0.7
1.1
Orocobre (ORE)
0.4%
0.3%
13%
1 -0.1%
-0.1%
+3%
0%
2.7
0.2
0.1
0.4
Oroton(ORL)
1.8%
1.2%
11%
3 +0.3%
+0.6%
-10%
-9%
4.8
0.4
0.6
OZ Minerals (OZL)
3.1%
3.1%
26%
38 -0.4%
+0.5%
-3%
0%
2.2
N/A
2.2
Pacific Brands (PBG)
1.7%
1.7%
8%
13 +0.1%
+0.1%
+8%
0%
4.6
N/A
0.5
Paladin Energy (PDN)
7.6%
7.1%
34%
44 -8.6%
-6.5%
-40%
0%
5.3
N/A
8.4
PanAust (PNA)
1.2%
1.0%
9%
14 +0.1%
-0.1%
+26%
+3%
1.3
N/A
Panoramic Resources (PAN)
0.2%
0.2%
6%
0 -0.0%
+0.1%
+2%
0%
0.7
0.1
1.1
Papillon Res (PIR)
2.5%
2.2%
61%
9 -0.5%
-0.8%
+15%
0%
3.9
0.1
0.3
Patties Foods (PFL)
0.0%
0.0%
0%
0 +0.0%
+0.0%
-2%
0.1
0.0
0.0
Perilya (PEM)
0.2%
0.1%
2%
0 +0.1%
+0.2%
+25%
-65%
0.7
0.0
0.0
Perpetual (PPT)
5.3%
5.3%
68%
86 +0.0%
-0.0%
-6%
0%
15.2
N/A
Perseus Mining (PRU)
3.6%
3.6%
83%
13 -0.2%
-0.3%
+41%
-7%
2.7
Pharmaxis (PXS)
2.5%
2.5%
32%
1 +0.1%
+0.2%
+0%
0%
Platinum Asset (PTM)
1.6%
0.7%
13%
24 +0.0%
+0.0%
+0%
Premier Investments (PMV)
1.5%
0.9%
6%
11 +0.0%
+0.0%
Prima Biomed (PRR)
0.1%
0.1%
11%
0 -0.1%
Primary Health Care (PRY)
5.5%
5.1%
29%
Programmed (PRG)
0.4%
0.4%
Qantas Airways (QAN)
1.5%
1.5%
0.7
2.9
1.8
3.1
1.7
0.7
7.6
1.2
0.2
2.5
0.0
0.2
5.5
5.3
N/A
2.5
3.6
2.3
N/A
1.2
2.5
+3%
4.0
0.2
+1%
0%
2.3
N/A
+0.0%
+5%
0%
0.2
0.1
132 -0.5%
-0.3%
+3%
-14%
10.5
N/A
5%
1 +0.1%
+0.1%
-0%
0%
1.8
0.8
9%
41 +0.3%
+0.4%
-6%
-3%
2.0
N/A
4.5
1.6
0.8
0.4
3.8
0.5
1.5
0.1
5.5
0.4
1.5

0.6
4.3
2.3
17
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
0.3
4.3
0.2
2.3
QBE Insurance (QBE)
2.3%
2.3%
21%
470 -0.3%
-0.2%
+5%
-1%
5.0
N/A
Qrxpharma (QRX)
0.8%
0.8%
29%
1 -4.0%
-3.0%
+16%
0%
7.2
0.3
0.1
Qube Holdings (QUB)
2.5%
1.7%
23%
27 +0.0%
+0.2%
+1%
0%
13.0
N/A
1.1
2.5
Ramelius Resources (RMS)
1.1%
1.1%
71%
1 +0.1%
+0.1%
+18%
0%
1.4
0.3
0.6
1.1
0.8
2.2
Ramsay Health Care (RHC)
1.7%
1.1%
14%
75 +0.2%
+0.3%
-9%
0%
4.5
N/A
RCR Tomlinson (RCR)
1.7%
1.7%
16%
6 +0.9%
-0.1%
+14%
0%
4.7
N/A
0.0
REA (REA)
1.7%
0.6%
9%
28 +0.2%
+0.0%
+15%
+7%
3.7
0.2
0.2
Red 5 (RED)
1.0%
1.0%
18%
1 +0.2%
+0.3%
+0%
0%
7.7
N/A
0.1
Red Fork Energy (RFE)
1.2%
1.0%
6%
2 +0.1%
+0.0%
-5%
-100%
2.7
N/A
0.4
Regis Resources (RRL)
2.3%
1.9%
25%
37 -0.0%
-1.6%
+20%
-0%
3.2
N/A
0.2
ResMed Inc. (RMD)
0.6%
0.6%
8%
53 +0.0%
+0.1%
+10%
+3%
2.0
2.0
0.2
Resolute Mining (RSG)
0.3%
0.3%
6%
2 -0.1%
-0.0%
+33%
+17%
0.4
0.0
Retail Food (RFG)
2.7%
2.1%
17%
11 +0.2%
+0.3%
-7%
-1%
11.0
0.2
0.0
Rex Minerals (RXM)
1.3%
1.2%
30%
1 +0.0%
+0.3%
+11%
0%
5.6
0.4
0.3
Ridley Corporation (RIC)
0.3%
0.2%
2%
1 -0.0%
-0.1%
+7%
+1%
1.0
N/A
0.0
Rio Tinto (RIO)
1.5%
1.5%
16%
403 +0.2%
+0.2%
+7%
-1%
2.1
N/A
1.7
1.7
1.7
1.0
1.2
2.3
0.6
1.0
0.3
2.7
1.3
0.3
4.3
1.5
0.4
0.3
ROC Oil Company (ROC)
0.3%
0.3%
2%
1 -0.0%
+0.0%
+3%
-19%
1.6
N/A
SAI Global (SAI)
5.0%
5.0%
29%
45 -0.6%
-1.2%
+13%
-13%
9.9
N/A
Sandfire Resources (SFR)
4.1%
2.6%
22%
25 -0.0%
-0.0%
+11%
+1%
4.3
N/A
Santos (STO)
0.6%
0.6%
6%
89 +0.0%
+0.2%
+6%
+3%
1.7
0.6
Saracen Mineral (SAR)
2.5%
2.5%
58%
3 -1.1%
-1.1%
+96%
+3%
2.6
N/A
0.9
Sca Property (SCP)
5.2%
5.2%
61%
53 -0.3%
+0.1%
-6%
0%
12.5
N/A
0.0
Sedgman (SDM)
0.5%
0.3%
5%
0 +0.0%
+0.0%
-4%
0%
1.3
0.2
0.0
Seek (SEK)
5.8%
5.8%
28%
186 +0.0%
-0.3%
+2%
0%
8.1
N/A
3.8
Senex Energy (SXY)
0.6%
0.5%
7%
4 +0.0%
-0.3%
-1%
+9%
1.2
N/A
0.5
Seven Holdings (SVW)
5.2%
1.7%
31%
39 -0.3%
+1.8%
+5%
0%
6.4
N/A
1.7
Seven West Media (SWM)
0.7%
0.4%
7%
10 -0.0%
-0.0%
+12%
-1%
0.9
N/A
Sigma Pharmaceutical (SIP)
0.4%
0.4%
2%
3 -0.1%
-0.2%
-12%
0%
1.4
0.1
0.5
Silex Systems (SLX)
1.5%
1.2%
15%
6 -0.0%
+0.1%
+12%
0%
18.1
N/A
0.6
Silver Chef (SIV)
0.2%
0.2%
16%
0 +1.0%
-1.0%
+4%
0%
1.0
N/A
0.0
Silver Lake Resource (SLR)
2.7%
2.7%
65%
9 -0.6%
+0.2%
+28%
-7%
1.4
N/A
3.1
2.7
Sims Metal Mgmt (SGM)
4.9%
4.0%
34%
75 -0.7%
-0.7%
+7%
0%
5.3
N/A
5.9
4.9
1.2
5.0
4.7
4.1
0.7
0.6
2.5
5.2
0.5
5.8
0.6
5.2
3.1
0.7
0.4
1.5

6.5
0.2
3.6
18
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
0.3
6.5
0.2
3.6
Singapore Telecomm. (SGT)
3.6%
3.6%
32%
22 +0.2%
+3.2%
-2%
0%
2.4
1.1
Sirius Resources NL (SIR)
2.4%
1.9%
37%
12 +0.0%
-0.0%
+35%
0%
2.3
N/A
0.0
Sirtex Medical (SRX)
0.3%
0.3%
2%
2 +0.1%
-0.6%
+6%
-3%
0.5
1.2
0.1
Skilled (SKE)
2.3%
2.0%
15%
14 -0.1%
-0.1%
+5%
+6%
5.3
N/A
0.0
Slater & Gordon (SGH)
0.0%
0.0%
0%
0 +4.0%
+4.0%
+1%
0%
0.2
0.1
0.0
SMS Management. (SMX)
2.4%
2.4%
26%
9 -0.0%
-0.2%
+2%
+0%
5.9
0.1
1.2
Sonic Healthcare (SHL)
2.2%
2.2%
24%
127 +0.2%
+0.1%
-0%
-2%
5.6
N/A
1.5
SP AusNet (SPN)
2.2%
1.0%
17%
42 +0.0%
-0.1%
-6%
0%
5.3
N/A
0.5
Spark Infrastructure (SKI)
4.7%
4.3%
28%
100 +0.2%
+0.1%
-5%
-3%
10.1
N/A
3.1
Specialty Fashion (SFH)
0.1%
0.1%
1%
0 +2.0%
+2.0%
+3%
0%
0.6
N/A
St Barbara (SBM)
5.3%
5.3%
95%
17 -0.7%
-0.3%
+7%
-6%
5.5
N/A
Starpharma Holdings (SPL)
6.2%
5.8%
91%
18 +0.4%
+0.4%
+9%
0%
36.9
N/A
0.8
Sthn Cross Media (SXL)
1.3%
1.0%
9%
12 -0.3%
-0.3%
+16%
-1%
3.4
N/A
2.5
1.3
Stockland (SGP)
0.3%
0.3%
3%
28 -0.2%
-0.0%
+2%
+2%
0.6
0.4
0.4
0.3
STW Communications (SGN)
0.4%
0.3%
2%
2 +0.0%
+0.0%
-7%
0%
1.0
0.2
0.2
Suncorp (SUN)
0.3%
0.3%
2%
42 -0.4%
-0.4%
-1%
-8%
0.7
0.0
Sundance Energy (SEA)
0.1%
0.1%
1%
0 +0.0%
-0.0%
+2%
+4%
0.3
0.3
0.0
Sundance Resources (SDL)
2.1%
1.7%
10%
4 -0.0%
+0.1%
-2%
0%
1.6
4.4
0.6
Super Ret Rep (SUL)
0.7%
0.5%
4%
13 +0.0%
+0.0%
+3%
0%
1.7
0.7
SYD Airport (SYD)
1.3%
1.0%
5%
70 +0.1%
+0.1%
+6%
-20%
2.4
N/A
Syrah Resources (SYR)
1.3%
0.7%
11%
2 +0.5%
+0.6%
-12%
0%
2.1
TABCORP Holdings (TAH)
2.4%
2.4%
16%
59 -0.1%
-0.1%
-4%
-1%
Tap Oil (TAP)
0.1%
0.1%
1%
0 +0.0%
+0.0%
-7%
Tatts (TTS)
1.1%
1.1%
8%
49 -0.0%
-0.1%
Telecom Corporation (TEL)
0.3%
0.3%
18%
12 -0.1%
Telstra Corporation. (TLS)
0.1%
0.1%
1%
Ten Network Holdings (TEN)
8.0%
5.1%
Teranga Gold Corp (TGZ)
0.5%
The Reject Shop (TRS)
2.4
0.3
2.3
0.0
2.4
2.2
2.2
4.7
1.3
0.1
3.2
5.3
6.2
0.4
0.8
0.3
0.1
2.1
1.0
0.7
1.2
1.3
N/A
0.0
1.3
4.4
5.6
1.7
0%
0.6
3.6
0.2
-3%
-2%
3.3
N/A
-0.3%
+0%
+1%
1.5
0.1
90 -0.0%
-0.3%
+4%
+2%
0.4
0.3
47%
38 -0.1%
+0.3%
-2%
0%
12.2
N/A
0.5%
4%
1 +0.3%
+0.5%
+1%
-9%
2.4
1.2
6.6%
6.6%
38%
33 -0.1%
+0.3%
+3%
0%
12.6
N/A
Thorn (TGA)
0.0%
0.0%
0%
0 +0.0%
+0.0%
+4%
0%
0.1
1.5
Tiger Resources (TGS)
0.2%
0.2%
2%
0 +0.0%
+0.0%
+10%
+1%
0.5
0.2
Toll Holdings (TOL)
4.0%
3.8%
28%
141 -0.5%
-1.1%
-6%
0%
6.1
N/A
0.5
2.4
0.1
1.1
1.0
0.3
0.2
10.9
0.1
8.0
0.5
0.1
10.6

0.1
0.6
2.7
6.6
0.0
0.2
4.0
1.4
0.0
19
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
Tox Free Solutions (TOX)
1.4%
1.4%
8%
6 +0.0%
+0.7%
-5%
-4%
4.8
N/A
Tpg Telecom (TPM)
0.4%
0.1%
3%
4 +0.0%
+0.1%
+4%
+1%
0.9
0.0
Trade Me (TME)
0.1%
0.1%
0%
1 -0.0%
-0.0%
+3%
0%
0.2
Transfield Services (TSE)
7.1%
6.1%
38%
28 +0.4%
+0.6%
+5%
0%
Transpacific Indust. (TPI)
1.0%
0.7%
4%
10 +0.1%
+0.3%
+12%
Transurban (TCL)
0.1%
0.1%
0%
9 -0.1%
-0.0%
Treasury Wine Estate (TWE)
3.5%
3.5%
23%
114 +0.2%
Troy Resources (TRY)
0.5%
0.4%
12%
Twenty-First FOX Inc (FOX)
0.1%
0.1%
2%
12 Month History
Float1
0.3
0.0
1.4
0.2
0.8
0.4
0.3
0.0
0.1
7.1
N/A
0.9
0%
1.7
0.2
0.8
-1%
+17%
0.2
0.4
+0.9%
+4%
-0%
4.5
N/A
2.3
1 -0.0%
-0.7%
+20%
-22%
0.7
1.1
0.3
32 +0.1%
-0.0%
+5%
0%
0.6
0.1
0.2
7.1
0.6
1.0
0.1
3.5
0.5
0.1
11.5
UGL (UGL)
11.5% 11.5%
85%
136 +1.5%
+2.4%
-7%
+1%
10.4
N/A
4.6
UXC (UXC)
0.1%
0.1%
2%
0 -0.0%
+0.0%
+5%
0%
0.6
0.3
0.0
8.8%
3.6%
59%
38 +0.8%
+1.3%
-11%
-173%
10.8
N/A
1.6
Webjet (WEB)
2.0%
1.8%
17%
6 +0.3%
+0.0%
-4%
0%
6.6
0.3
0.1
Wesfarmers (WES)
2.8%
2.8%
28%
1149 +0.4%
+0.3%
+3%
+1%
9.7
N/A
13.1% 10.4%
102%
70 +0.1%
+0.1%
+13%
0%
20.6
N/A
7.4
0.1
8.8
2.0
3.2
2.8
13.1
Western Areas (WSA)
0.8
Western Desert Res. (WDR)
0.8%
0.6%
50%
2 +0.0%
+0.1%
+1%
0%
5.6
0.0
0.0
Westfield (WDC)
0.4%
0.3%
4%
82 -0.1%
+0.1%
-3%
0%
1.0
0.4
0.2
Westfield Retail Tst (WRT)
0.5%
0.5%
3%
42 +0.0%
+0.1%
-7%
0%
0.7
0.3
0.4
1.4
0.5
1.5
Westpac Banking Corp (WBC)

0.9%
0.9%
9%
857 +0.0%
+0.1%
+7%
0%
3.3
N/A
17.4% 10.3%
119%
214 +0.1%
+0.3%
-6%
0%
17.0
N/A
17.4
Woodside Petroleum (WPL)
0.5%
0.4%
5%
117 -0.1%
+0.1%
+1%
+1%
1.2
0.0
Woolworths (WOW)
0.5%
0.5%
5%
193 -0.0%
-0.2%
-0%
+0%
2.0
0.0
WorleyParsons (WOR)
2.5%
2.1%
20%
116 -0.3%
-0.1%
+1%
-2%
4.4
N/A
15.9%
9.9%
71%
101 -0.2%
-0.5%
-5%
0%
28.0
N/A
Wotif.com Holdings (WTF)
0.9
2.9
0.7
0.5
0.5
0.5
2.1
2.5
14.6
15.9

20
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. The
Free Float Market Capitalisation includes the actual number of shares less those held by strategic owners and hence
is a better representation of the number of shares available to be traded on the exchange.
2.
Short Sales as %
Stock available to
short
This measure compares the amount of outstanding short positions (reported to ASIC) with the amount of stock
available to be borrowed (reported to the ASX). Note that the stock available to be borrowed is only reported once a
quarter. Some participants may not be reporting correctly to either ASIC (less likely) or the ASX (almost certainly, as
there are a large number of inconsistencies) so this data should be used with caution.
3.
Change in short
Position
This measure shows the current shorted shares as a percentage of the total free floated shares LESS the number of
short 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 the
last six months of trading.
6.
Stock loaned not

short
This measure calculates the difference between the amount of stock borrowed (reported to the ASX and calculated as
the maximum between the borrowed and loaned number of shares) but not yet shorted as a percentage of the total
free float shares of the stock.
This data should be used with caution. Data showing N/A means the borrowed and loaned numbers are not
consistent 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 the
total amount of stock available to be lent. While useful and more timely than the ASIC
data there are clearly inconsistencies in the data where the amount reported
borrowed and the amount reported lent frequently does not match, and additionally it
is also frequently less than the amount reported short sold which suggests caution
should be used with the data.
ASIC reported short sales position: This data comes from investors to ASIC and is
the 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 an
issue. 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 has
had some changes in definitions which makes quantitative conclusions about the
success or otherwise of trading short sales data hard to make.
Preliminary tests indicate that short term trading off changes in short sales positions is
unlikely to be consistently profitable, although with a four day lag in data that is not a
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 more
profitable, 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.
Quantitative Strategy Short and Stocky
21
Head of Research
Jacqueline Fernley
Industrials
James Ferrier
Ivor Ries
Andrew Dalziel
Stewart Oldfield
Chris Gibson
Daniel Wan
Healthcare and Biotechnology
Shane Storey
Daniel Sciberras
Resources
Cameron Judd
Phillip Chippindale
Liam Schofield
Nathan Szeitli
Quantitative Strategy/TAA
Damien Klassen
(02) 8247 6661

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(03) 9640 3863
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(03) 9640 3818
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Head of Institutional Sales

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Return Reinvestment Matrix and Risk Measures

For definitions at http://www.wilsonhtm.com.au/Disclosures
Recommendation Structure and Other Definitions

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

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Friday, 23 August 2013

SHORT AND STOCKY

Flight Centre (FLT)

Paladin Energy (PDN)

Virtus Health Ltd (VRT)

Sector Focus: Retail

David Jones (DJS)

Harvey Norman (HVN)

Myer Holdings (MYR)

Source (all charts): Wilson HTM, ASX, ASIC, S&P, Capital IQ

Super Ret Rep (SUL)

The Reject Shop (TRS)

Equities Research Short and Stocky

Current Short Position

+1.5% +2.4% 11.5%

Short selling edging lower over the medium

Change in Short Positions as % of Free Float Market Cap

See http://bit.ly/oOzqNf for interactive charts.

Change in Short Positions by Sector

Heat Maps Current Short Position and Change in Short Position

For an interactive version of these

Change in Current Short Position ASX 100 over 1 week

Lots of intra sector

Short positions in QBE and

Source (all charts): Wilson HTM, ASX, ASIC, S&P.

Equities Research Short and Stocky

Change Charts: Green = Short covering, Red = short selling.

Heat Maps Current Short Position and Change in Short Position

For an interactive version of these

Change in Current Short Position Small Ordinaries over 1 week

Short covering in highly shorted

Source (all charts): Wilson HTM, ASX, ASIC, S&P.

Equities Research Short and Stocky

Change Charts: Green = Short covering, Red = short selling.

Heat Maps Current Short Position and Change in Short Position

For an interactive version of these

Current Short Position ASX 100

BHP & RIO numbers are

Not much shorting in the

Short sellers are not fans

Source (all charts): Wilson HTM, ASX, ASIC, S&P.

Equities Research Short and Stocky

Change Charts: Green = Short covering, Red = short selling.

Heat Maps Current Short Position and Change in Short Position

Source (all charts): Wilson HTM, ASX, ASIC, S&P.

Equities Research Short and Stocky

For an interactive version of these

Very mixed in the small caps with

Change Charts: Green = Short covering, Red = short selling.

Small Caps vs Large Caps

Small Ordinaries vs ASX 100 over time

Both small resources and

Small Ords edging lower but

Different directions for small

Equities Research Short and Stocky

1. % of Free Float for ASX 100 and Small Ords

Resources vs Small Resources over time

Short selling edging off

Industrials vs Small Industrials over time

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

Days to Cover Small Ords

% of Stock Borrowed but not sold Short