ShortAndStocky 20130909 PDF

Monday, 9 September 2013
SHORT AND STOCKY

damien.klassen@wilsonhtm.com.au +61 2 8247 3101
Commentary
The key movement in short selling over the last few weeks has been the sharp
decrease in short positions in the resources sector shorting levels are back to 2 year
lows. While short selling in small resources remains relatively high, it has also declined
substantially over the last few weeks.
For the sector focus this week (see bottom right), we have focussed on building material
stocks. The three key take-outs for me are: (1). The level of short selling in Australian
focused names is much higher than the primarily international JHX and FBU (2). ABC
and BLD stand out with increasing short positions over the past few months whereas
short selling has been falling or steady in the others. (3) The level of short selling for
CSR is still high relative to other stocks in the market, but it has decreased significantly.
ASX 100
Echo Entertainment (EGP)
TABCORP Holdings (TAH)
Leighton Holdings (LEI)
Small Ords
Transfield Services (TSE)
Boart Longyear (BLY)
InvoCare (IVC)
Outside ASX 300
Resource Gen. (RES)
Iselect Ltd (ISU)
NIB Holdings (NHF)
Ceramic Fuel Cells (CFU)
Allied Health Ltd (AHZ)
1m
Total
Short
1
Sell
1w
1m
Total
Short
1
Sell
Flight Centre (FLT)

Als (ALQ)
Harvey Norman (HVN)
-3.9% -11.5% 11.0%

-0.9% -1.7% 7.1%
-0.7% -2.3% 13.0%
+1.9% +3.3% 9.0%

+1.1% +1.7% 11.0%
+0.7% +0.5% 3.6%
iiNet (IIN)
Fairfax Media (FXJ)
Whitehaven Coal (WHC)
-3.5% +0.2% 1.5%

-3.3% -3.7% 13.8%
-2.8% -4.3% 13.1%
+0.2%
+0.2%
+0.4%
+0.0%
+0.0%
0.2%
0.5%
0.4%
0.1%
0.1%
Industrials
2.2
1.8
Resources
1.6
1.4
1.2
Financials
Steadfast Group Ltd (SDF)

Samson Oil & Gas (SSN)
Qrxpharma Ltd (QRX)
Murchison (MMX)
Crowe Horwath (CRH)
-1.0% -2.0%
-0.3% +0.1%
-0.2% -0.4%
-0.1% -0.0%
-0.1% -0.1%
0.0%
0.1%
0.4%
0.7%
0.3%
Equities Research Short and Stocky
1.09
0.85
0.4
Jun-10
0.60
REITs&Utilities
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Sector Focus: Retail

Current Short Position
% Free
Float1
Code
% Mkt % Stock Value

Cap available to ($m)
short2
Days to
cover5
12 Month History
Short Position as % of Free
Float1
4.7
Adelaide Brighton (ABC)
4.7%
3.3%
54%
73
9.1
Boral (BLD)
7.8%
7.8%
43%
264
11.1
CSR (CSR)
7.2%
7.2%
32%
83
10.9
1.7
6.3
9.0
7.8
7.2
1.6
Fletcher Building (FBU)
0.8%
0.8%
18%
41
3.7
James Hardie Indust (JHX)
1.4%
1.4%
13%
60
3.3
1. All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap
Source (all charts): Wilson HTM, ASX, ASIC, S&P, Capital IQ
2.15
2.0
0.6
Change over
+0.9% +1.6% 1.9%

+0.7% +0.4% 3.0%
+0.7% +2.0% 12.3%
+0.2%
+0.2%
+0.1%
+0.1%
+0.0%
Short selling edging in resources is back to 2

year lows
2.4
0.8
Change in Short Positions as % of Free Float Market Cap
1w
% Index Sold
Short1
1.0
See http://bit.ly/oOzqNf for interactive charts.
Change over
Change in Short Positions by Sector
0.8
2.4
1.4
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
Short selling increasing in

the higher yield stocks this
week
Short selling increasing in

insurers and other financials
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 shorting off quite

sharply in recent weeks large
caps in more of a gradual decline
% Index Sold
Short1
4.4
3.9
Small Ords
3.2
3.02
2.7
1.7
1.11
Industrials vs Small Industrials over time

4.6
4.1
3.6
1.89
1.80
REITs&Utilities
0.9
Both small and large resources

seeing declines in short selling
Small Resources
3.6
3.53
Small Industrials
3.1
Resources
2.76
2.6
2.15
Industrials
1.1
2.1
1.6
1.1
0.6
Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13
1.9
4.1
2.1
1. % of Free Float for ASX 100 and Small Ords
Resources
% Index Sold
Short1
2.6
1.6
2.76
2.4
Resources vs Small Resources over time
Small industrials short

selling considerably lower,
large caps travelling
sideways
3.1
Financials
0.4
0.7
% Index Sold
Short1
3.53
1.4
ASX 100
1.2
Industrials
3.4
2.9
2.2
Both small resources and industrials

decreasing over the week
resources a sharper decline
1.09
0.6
2. LTCA = Long Term Capital Assets, includes Property, Utilities, Infrastructure. % of index
Source: Wilson HTM, ASX, ASIC, S&P
Caution needed
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
Kingsgate Consolid. (KCN)

Monadelphous Group (MND)
Billabong (BBG)
Fortescue Metals Grp (FMG)
Bandanna Energy (BND)
Lynas Corporation (LYC)
Cockatoo Coal (COK)
Buru Energy (BRU)
Aquila Resources (AQA)
Beadell Resource Ltd (BDR)
Gindalbie Metals Ltd (GBG)
Bathurst Res NZ Ltd (BRL)
UGL Limited (UGL)
Western Areas Ltd (WSA)
Ausdrill Limited (ASL)
Myer Holdings Ltd (MYR)
David Jones Limited (DJS)
Linc Energy Ltd (LNC)
Starpharma Holdings (SPL)
Ramelius Resources (RMS)
Fairfax Media Ltd (FXJ)
Latest Short Sell / Stock Available

25%
50%
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
75%
IRE
SBM
OMH
DTE
TGZ
SAR
LNC
DMP
GRY
TOX
GRR
NVT
PIR
BLY
ASL
SXL
TPI
BCI
BBG
SYR
SMX
IFL
FBU
PTM
BRL
MGX
REA
PDN
IFN
ORL
SFR
MAD
MMS
NWH
ARP
COK
2-2.5x 2.5-3x 3-3.5x 3.5-4x 4-5x
DCG
IMF
SKE
CPL
ALK
GBG
CDU
GFF
CQR
WDR
RXM
NXT
MCR
EVN
RCR
GGG
IGO
SVW
5-6x
6-7x
IAU
DLS
SAI
RED
KCN
AAC
MTU
APN
BRU
BSE
BWP
BDR
FKP
BRG
GXY
7-8x
8-10x
10-15x >15x
% of Stock Borrowed but not sold Short
Latest Short Sell / Stock Available to be lent (as at last quarter)

0%
PBG
PMV
GEM
CCV
IMD
SIR
RFE
FWD
ENV
SPL
MSB
MCE
WTF
CAB
AQA
CDD
WSA
SLX
BND
HZN
NUF
GWA
FXJ
MDL
PPT
GUD
QUB
ERA
MQA
TEN
TSE
SCP
JBH
TRS
RFG
EWC
BKN
IVC
CSR
ACR
VAH
WEB
Days to Cover higher within group -->
Days to Cover ASX 100
100%
(Latest Stock Borrow - Latest Short Position)/ Free Float Mkt Cap
0%
1%
2%
3%
4%
5%
6%
7%
8%
Galaxy Resources (GXY)
Northern Iron Ltd (NFE)
Commonwealth Prop (CPA)
Tatts Group Ltd (TTS)
GrainCorp Limited (GNC)
Alacer Gold Corp. (AQG)
Sundance Resources (SDL)
Tap Oil Limited (TAP)
Macq Atlas Roads Grp (MQA)
Karoon Gas Australia (KAR)
ResMed Inc. (RMD)
Flinders Mines Ltd (FMS)
APA Group (APA)
Indophil Resources (IRN)
Investa Office Fund (IOF)
iiNet Limited (IIN)
Singapore Telecomm. (SGT)
Drillsearch Energy (DLS)
Thorn Group Limited (TGA)
Inova Resources Ltd (IVA)
Troy Resources Ltd (TRY)
Linc Energy Ltd (LNC)
Retail Food Group (RFG)
9%
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
Myer Holdings (MYR)
-0.2% 14.2%
Twenty-First FOX Inc (FOX)
+0.0%
0.1%
Monadelphous (MND)
+0.2% 13.2%
Harvey Norman (HVN)
-0.7% 13.0%
Mirvac (MGR)
-0.0%
0.1%
Aurizon Holdings (AZJ)
+0.1%
0.1%

David Jones (DJS)
+0.7% 12.3%
Transurban (TCL)
+0.0%
0.1%
-0.4% 11.4%
CSL (CSL)
+0.0%
0.1%
Cochlear (COH)
+0.5% 11.1%
BHP Billiton (BHP)
-0.0%
0.1%
Flight Centre (FLT)
-3.9% 11.0%
Brambles (BXB)
+0.0%
0.1%
UGL (UGL)
-0.7% 10.9%
Telstra Corporation. (TLS)
-0.0%
0.2%
-0.2% 10.4%
GrainCorp (GNC)
+0.1%
0.2%
-0.3%
Insurance Australia (IAG)
+0.0%
0.2%
9.6%
Small Ords
As % of
Free Float
As % of
stock
available
to short
% Free
Float
Share
Price
Trading
Days to
cover
short
position
Mesoblast (MSB)
Cochlear (COH)
Virgin Aus (VAH)
Atlas Iron (AGO)
M2 Telecommunication (MTU)
UGL (UGL)
Cudeco (CDU)
Cabcharge Australia (CAB)
FKP Property (FKP)
BWP Trust (BWP)
Horizon Oil (HZN)
Webjet (WEB)
Western Areas (WSA)
10.3%
11.1%
8.5%
11.0%
7.9%
6.6%
4.8%
10.9%
4.1%
11.1%
6.0%
5.1%
2.8%
6.6%
3.0%
13.1%
59%
78%
59%
46%
115%
62%
51%
90%
56%
70%
84%
27%
62%
46%
26%
89%
+5.3%
+2.2%
+1.1%
+1.7%
+0.7%
+4.0%
+1.1%
+1.1%
+1.6%
+1.0%
+0.7%
+1.0%
+1.2%
+2.1%
+1.4%
+0.4%
-10%
-2%
-7%
-17%
-3%
-6%
-5%
-1%
-4%
-2%
-2%
-18%
-2%
-1%
-8%
-2%
27.7
14.8
10.3
3.3
22.5
2.6
9.9
10.4
5.4
24.9
32.7
8.4
9.1
17.9
10.2
18.3

G.U.D. Holdings (GUD)
Linc Energy (LNC)
Syrah Resources (SYR)
12.3%
8.2%
5.7%
2.4%
103%
78%
84%
20%
+2.0%
+0.2%
+0.3%
+2.0%
+2%
-7%
-10%
-9%
11.8
15.2
2.8
3.9
3.4%
3.6%
3.7%
2.8%
16%
38%
24%
44%
+0.7%
+0.5%
+1.1%
+0.8%
-31%
-4%
-16%
-3%
11.5
11.1
1.6
4.5
3.2%
34%
+1.0%
-3%
5.3
Wotif.com Holdings (WTF)
-0.6% 15.2%
UXC (UXC)
-0.0%
0.00%
Fairfax Media (FXJ)
-3.3% 13.8%
Cooper Energy (COE)
+0.0%
0.00%
-2.8% 13.1%
MACA (MLD)
+0.0%
0.01%
Western Areas (WSA)
+0.0% 13.1%
Challenger Div.Pro. (CDI)
+0.0%
0.01%
+0.2% 11.1%
Credit Corp (CCP)
+0.0%
0.02%
+1.1% 11.0%
Flexi(FXL)
+0.0%
0.02%
Mesoblast (MSB)
+0.1% 10.3%
Kathmandu Hold (KMD)
+0.0%
0.02%
Bradken (BKN)
-0.6%
9.7%
Chorus (CNU)
+0.0%
0.03%
Nufarm (NUF)
+0.2%
9.7%
Aspen (APZ)
+0.0%
0.03%
JB Hi-Fi (JBH)
-0.1%
9.1%
CSG (CSV)
+0.0%
0.04%
Elders Limited (ELD)
+0.0%
4.0%
Eservglobal Limited (ESV)
+0.0%
2.9%
Aquarius Platinum. (AQP)
-0.0%
1.5%
FAR Ltd (FAR)
+0.0%
0.9%
Collection House (CLH)
+0.0%
0.8%
Mortgage Choice Ltd (MOC)
+0.0%
0.7%
Energy World Corpor. (EWC)

InvoCare (IVC)
Mirabela Nickel (MBN)
Maverick Drilling (MAD)
Murchison Metals Ltd (MMX)
-0.1%
0.7%
Coca-Cola Amatil (CCL)
Outside ASX 300
1m Change
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
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)
0.1%
0.1%
2%
1 +0.0%
-0.0%
+2%
+1%
0.5
0.1
Abm Resources NL (ABU)
0.2%
0.2%
23%
0 +0.0%
+0.1%
+0%
0%
1.2
0.4
0.1
Acrux (ACR)
5.4%
5.4%
32%
31 -0.1%
-0.3%
+1%
+2%
10.6
N/A
1.7
Adelaide Brighton (ABC)
4.7%
3.3%
54%
73 +0.5%
+1.3%
+4%
-2%
9.1
N/A
1.7
AGL Energy (AGK)
1.2%
1.2%
15%
102 +0.2%
+0.3%
+6%
-4%
3.7
0.7
0.5
Ainsworth Game Tech. (AGI)
0.6%
0.2%
5%
3 -0.0%
+0.1%
+13%
+7%
1.4
N/A
0.0
Alacer Gold Corp. (AQG)
1.3%
1.3%
15%
4 -1.4%
+0.2%
+53%
+4%
1.8
4.2
0.2
Alkane Resources (ALK)
1.4%
1.0%
18%
1 +0.0%
+0.4%
-8%
0%
5.5
0.2
Als (ALQ)
7.1%
7.1%
68%
253 -0.9%
-1.7%
+7%
+0%
14.1
N/A
Alumina (AWC)
7.3%
6.3%
31%
181 -0.4%
+0.9%
+3%
-10%
12.3
N/A
Amcom Telecomm. (AMM)
0.3%
0.2%
2%
1 -0.1%
-0.2%
+4%
-1%
0.7
N/A
Amcor (AMC)
0.3%
0.3%
2%
33 -0.0%
+0.0%
-5%
+1%
0.7
N/A
AMP (AMP)
1.0%
1.0%
12%
137 +0.1%
+0.4%
+3%
0%
2.2
N/A
Ampella Mining (AMX)
0.3%
0.3%
21%
0 +0.0%
+0.3%
+29%
0%
0.8
N/A
Ansell (ANN)
7.8%
7.8%
74%
207 -0.0%
-0.0%
+8%
-3%
13.3
N/A
ANZ Banking Grp (ANZ)
0.2%
0.2%
2%
148 -0.0%
-0.2%
+1%
-1%
0.6
0.3
APA (APA)
1.1%
1.1%
12%
55 +0.0%
-0.2%
-0%
-1%
2.7
1.9
0.1
0.2
5.4
4.7
1.2
2.1
2.4
8.8
0.6
1.3
1.4
7.1
7.3
0.0
0.3
0.3
0.3
1.0
0.2
2.2
0.3
7.8
3.7
0.3
4.5
5.5
0.2
1.1
3.9
APN News & Media (APN)
3.9%
2.7%
23%
6 -0.0%
-0.2%
+25%
+9%
9.9
N/A
7.9%
3.5%
115%
30 -0.6%
+0.7%
-3%
0%
22.5
N/A
4.1
ARB Corporation (ARP)
0.8%
0.7%
10%
7 -0.3%
-0.1%
-4%
-3%
4.4
0.1
0.0
Ardent Leisure (AAD)
0.6%
0.6%
5%
5 +0.0%
-0.1%
+9%
+1%
2.0
0.4
0.3
Aristocrat Leisure (ALL)
1.6%
1.5%
7%
38 -0.1%
+0.2%
+5%
0%
3.9
N/A
Arrium (ARI)
2.8%
2.7%
26%
42 -0.3%
+1.0%
+8%
+9%
4.0
N/A
Asciano (AIO)
1.6%
1.6%
10%
90 +0.1%
-0.3%
+8%
+0%
3.5
N/A
0.8
Aspen (APZ)
0.0%
0.0%
0%
0 +0.0%
+0.0%
+6%
0.2
0.0
0.0
0.0
Astro Jap Prop (AJA)
0.2%
0.2%
3%
0 +0.2%
+0.2%
+0%
+10%
0.7
N/A
0.0
0.2
ASX (ASX)
1.0%
1.0%
7%
69 +0.1%
+0.1%
+1%
-2%
2.5
N/A
1.8
1.0
Atlas Iron (AGO)
6.6%
6.1%
62%
44 +0.6%
+4.0%
-6%
-35%
2.6
N/A
Aurizon Holdings (AZJ)
0.1%
0.1%
0%
11 +0.1%
+0.0%
-1%
+3%
0.2
0.2
Aurora Oil & Gas (AUT)
1.4%
1.4%
15%
21 +0.0%
+0.3%
+1%
-4%
2.8
0.4
Ausdrill (ASL)
4.8%
4.3%
89%
21 -2.6%
-3.0%
+35%
-14%
3.2
1.2
1.2
Ausenco (AAX)
1.2%
1.0%
6%
2 -0.1%
-0.1%
+8%
-12%
1.5
N/A
0.6
7.9
0.8
0.6
4.8
1.6
2.0
2.8
1.6
6.6
1.4
0.8
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions

Equities Research - Short and Stocky
1.6
0.1
0.1
1.4
4.8
1.2
0.5
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)
0.5%
0.4%
11%
1 +0.0%
-0.1%
-16%
-10%
1.8
N/A
0.3
0.1
Australand Property (ALZ)
0.6%
0.2%
4%
5 +0.1%
+0.1%
-1%
0%
1.3
0.6
0.2
Australian Agricult. (AAC)
1.5%
1.0%
9%
4 +0.1%
+0.4%
-4%
-7%
7.2
N/A
0.1
Automotive Holdings (AHE)
0.2%
0.1%
1%
1 -0.0%
+0.0%
+6%
-1%
0.5
0.1
0.0
AWE (AWE)
0.2%
0.2%
1%
1 +0.0%
-0.0%
-1%
-23%
0.5
0.1
Bandanna Energy (BND)
5.0%
3.4%
127%
5 -0.4%
-1.3%
+68%
0%
18.2
N/A
0.1
0.5
0.6
1.5
0.8
1.2
3.3
0.2
0.2
5.0
1.9
Bank of Queensland. (BOQ)
1.9%
1.9%
19%
61 -0.1%
+0.3%
+1%
+4%
3.0
N/A
Base Res (BSE)
0.9%
0.7%
8%
2 +0.0%
+0.8%
+1%
0%
9.2
0.3
Bathurst Res NZ (BRL)
5.9%
5.9%
97%
7 +0.0%
+0.1%
-3%
0%
3.6
N/A
BC Iron (BCI)
1.3%
0.9%
13%
5 +0.6%
+0.9%
+25%
-1%
3.1
N/A
Beach Energy (BPT)
1.8%
1.8%
10%
32 +0.1%
-0.0%
+4%
-4%
2.9
0.6
Beadell Resource (BDR)
6.8%
6.8%
105%
48 -0.7%
+0.4%
+25%
+8%
9.0
N/A
1.9
Bendigo and Adelaide (BEN)
3.3%
3.3%
36%
137 -0.1%
+0.3%
-6%
-1%
8.8
N/A
2.4
BHP Billiton (BHP)
0.1%
0.1%
1%
165 -0.0%
-0.2%
-0%
-3%
0.5
0.2
Billabong (BBG)
5.3%
4.5%
143%
10 -1.1%
+1.8%
+13%
-108%
3.1
N/A
1.5
Blackthorn Resources (BTR)
0.6%
0.5%
13%
0 +0.2%
+0.4% +115%
0%
0.9
0.2
0.1
BlueScope Steel (BSL)
1.3%
1.3%
8%
36 -0.1%
+0.9%
-6%
-39%
1.7
N/A
11.0% 11.0%
46%
24 +1.1%
+1.7%
-17%
-400%
3.3
N/A
1.5
0%
0 +0.0%
+0.0%
-22%
0.0
0.0
0.0
0.0
6.3
7.8
0.9
0.1
5.9
1.3
0.0
1.9
1.8
6.8
0.4
3.3
0.1
5.3
0.6
0.8
1.3
11.0

Boom Logistics (BOL)
0.0%
0.0%
Boral (BLD)
7.8%
7.8%
43%
264 +0.3%
+1.8%
+1%
-16%
11.1
N/A
Bradken (BKN)
9.7%
9.7%
76%
96 -0.6%
+0.5%
+16%
-6%
11.4
N/A
Brambles (BXB)
0.1%
0.1%
1%
21 +0.0%
+0.0%
-5%
-5%
0.4
0.0
Breville (BRG)
4.9%
3.4%
30%
40 -0.3%
-0.9%
+17%
0%
8.3
N/A
0.0
Buru Energy (BRU)
5.2%
3.9%
116%
20 +0.1%
-2.3%
-5%
-74%
9.8
N/A
5.1
BWP Trust (BWP)
2.8%
2.2%
62%
30 -0.2%
+1.2%
-2%
+3%
9.1
N/A
0.8
11.1% 10.3%
70%
53 +0.2%
+1.0%
-2%
+3%
24.9
N/A
4.5
9.7
2.8
0.5
0.1
4.9
5.2
2.8
11.1
3.0
Caltex Australia (CTX)
1.5%
0.7%
9%
39 +0.4%
+0.3%
+4%
-0%
2.1
N/A
Cape Lambert Res (CFE)
0.2%
0.1%
4%
0 +0.0%
+0.1%
-13%
0%
0.5
0.5
0.1
Cardno (CDD)
7.1%
7.1%
77%
66 -0.0%
+0.2%
+7%
-1%
21.2
N/A
0.8
Carsales.Com (CRZ)
1.1%
1.0%
6%
26 +0.1%
+0.1%
+13%
+2%
3.0
0.5
Cash Converters (CCV)
1.0%
0.7%
9%
4 -0.1%
+0.4%
-7%
-2%
2.3
N/A
0.0
Central Petroleum (CTP)
0.0%
0.0%
2%
0 +0.0%
+0.0%
-15%
0%
0.1
0.1
0.0
1.5
0.2
7.1
8.3

1.1
2.0
1.0
0.0
2.8
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
2.0
2.8
0.1
CFS Retail Trust Grp (CFX)
2.8%
2.4%
15%
135 -0.2%
+0.3%
-1%
-1%
5.8
N/A
Challenger (CGF)
0.5%
0.5%
3%
12 -0.0%
-0.2%
+21%
+6%
1.0
N/A
Challenger Div.Pro. (CDI)
0.0%
0.0%
0%
0 +0.0%
+0.0%
+2%
-0%
0.0
0.1
0.2
0.0
Charter Hall (CHC)
0.1%
0.1%
1%
1 -0.0%
+0.0%
-4%
-3%
0.3
0.2
0.1
0.1
Charter Hall Retail (CQR)
2.2%
1.8%
27%
23 +0.2%
+1.1%
-3%
-0%
5.1
N/A
0.4
Chorus (CNU)
0.0%
0.0%
2%
0 +0.0%
+0.0%
+5%
+4%
0.4
0.0
Clough (CLO)
0.1%
0.0%
1%
1 -0.1%
-0.1%
+2%
+7%
0.3
0.3
Coalspur Mines (CPL)
2.1%
1.5%
76%
3 +0.1%
+0.3%
+7%
0%
5.6
N/A
Coca-Cola Amatil (CCL)
3.2%
2.3%
34%
214 +0.2%
+1.0%
-3%
-3%
5.3
N/A
11.1% 11.1%
78%
366 +0.5%
+2.2%
-2%
0%
14.8
N/A
1.9
0.5
2.2
0.3
0.0
0.0
3.1
0.1
2.1
3.2
Cochlear (COH)
0.7
9.5
1.8
Cockatoo Coal (COK)
1.7%
1.3%
121%
1 +0.1%
+0.5%
+24%
-29%
4.0
N/A
Codan (CDA)
1.1%
0.7%
45%
2 +0.2%
+0.5%
+2%
-31%
1.1
N/A
0.0
Collection House (CLH)
0.8%
0.8%
49%
2 +0.0% +82.0%
+4%
3.8
N/A
0.0
Collins Foods (CKF)
0.6%
0.6%
6%
1 +0.0%
-1.0%
+1%
-3%
3.4
N/A
0.0
Commonwealth Bank. (CBA)
0.5%
0.5%
6%
653 -0.2%
-0.2%
-0%
+2%
2.3
N/A
Commonwealth Prop (CPA)
1.3%
1.3%
16%
34 -0.0%
-0.5%
-1%
-1%
2.6
5.6
Computershare (CPU)
1.9%
1.8%
15%
97 -0.1%
+0.5%
-4%
-9%
4.0
Cooper Energy (COE)
0.0%
0.0%
0%
0 +0.0%
+0.0%
+17%
Corp Travel (CTD)
0.3%
0.3%
13%
1 -2.0%
+7.0%
-8%
Credit Corp (CCP)
0.0%
0.0%
0%
0 +0.0%
-0.1%
Cromwell Prop (CMW)
0.1%
0.1%
2%
1 +0.0%
Crowe Horwath Aus (CRH)
0.3%
0.3%
2%
Crown (CWN)
1.0%
0.5%
CSG (CSV)
0.0%
0.0%
11.1
1.7
1.1
0.8
0.6
1.2
0.5
1.1
1.3
N/A
1.6
1.9
0.0
0.3
0.0
0.0
0%
1.4
N/A
+6%
+0%
0.1
1.3
0.1
0.0
+0.0%
+9%
+1%
0.3
0.1
0.0
0.1
0 -5.0%
-7.0%
-21%
+15%
0.8
0.0
0.0
0.3
7%
57 -0.1%
+0.0%
+12%
+7%
2.7
N/A
1.0
1.0
1%
0 +0.0%
+0.0%
+0%
0%
0.1
0.5
0.3
0.7
CSL (CSL)
0.1%
0.1%
1%
41 +0.0%
-0.2%
+2%
-5%
0.5
0.2
CSR (CSR)
7.2%
7.2%
32%
83 -0.1%
+0.6%
+0%
+2%
10.9
N/A
0.1
9.0
4.1
Cudeco (CDU)
4.1%
3.1%
56%
10 -0.5%
+1.6%
-4%
Dart Energy (DTE)
2.0%
1.7%
32%
1 -0.0%
+0.1%
-28%
David Jones (DJS)
0.0
0.8
5.4
N/A
2.9
N/A
2.6
11.4% 11.4%
0%
86%
174 -0.4%
-0.2%
+5%
-1%
15.4
N/A
9.4
7.2
4.1
2.0
11.4
2.3
Decmil (DCG)
2.3%
1.9%
41%
8 -0.0%
+0.3%
+10%
+4%
6.0
N/A
0.5
Dexus Property (DXS)
0.3%
0.3%
3%
17 +0.1%
-0.0%
+3%
0%
0.7
0.4
0.2
0.3
Discovery Metals (DML)
2.5
2.7
2.7%
2.4%
31%
2 -0.4%
+0.7%
-10%
-27%
1.3
0.4

0.4
0.7
13
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
0.3
0.4
0.7
0.1
Domino Pizza Enterpr (DMP)
0.7%
0.5%
7%
6 -0.1%
+0.2%
+21%
+6%
2.7
0.2
Downer EDI (DOW)
2.5%
2.5%
18%
47 -0.1%
+1.0%
+9%
-1%
3.2
N/A
Drillsearch Energy (DLS)
4.0%
3.6%
34%
22 -0.1%
+0.6%
+10%
0%
7.6
1.7
0.9
Duet (DUE)
0.5%
0.5%
5%
12 +0.1%
+0.4%
-3%
-18%
1.0
N/A
0.7
0.5
Dulux(DLX)
0.9%
0.9%
8%
15 +0.0%
-0.2%
+3%
0%
1.9
N/A
2.2
0.9
Echo Entertainment (EGP)
1.9%
1.8%
9%
40 +0.9%
+1.6%
+4%
-6%
2.1
0.4
2.1
1.9
Elemental Minerals (ELM)
0.1%
0.1%
18%
0 +0.1%
-0.0%
+42%
0%
1.0
0.0
0.1
0.1
Emeco Holdings (EHL)
3.2%
3.2%
20%
4 +0.0%
-0.2%
-24%
-70%
2.0
N/A
1.4
Endeavour Min Corp (EVR)
0.3%
0.3%
8%
0 +0.0%
+0.2%
+26%
0%
0.5
0.1
0.1
0.3
Energy Resources (ERA)
4.7%
1.5%
23%
11 -0.1%
-0.4%
-8%
0%
13.8
N/A
4.3
4.7
Energy World Corpor. (EWC)
3.4%
1.5%
16%
11 -0.1%
+0.7%
-31%
11.5
N/A
2.2
3.4
Envestra (ENV)
0.7%
0.4%
9%
7 +0.0%
+0.0%
+3%
+11%
2.1
N/A
Evolution Mining (EVN)
4.6%
3.0%
64%
20 -0.7%
-1.2%
+11%
+12%
6.9
N/A
0.4
13.8% 12.1%
80%
159 -3.3%
-3.7%
+11%
-9%
16.4
N/A
12.9
1%
0 +0.0%
-1.0%
-1%
-20%
0.2
0.1
3.7
2.5
4.0
3.2
2.0
Fairfax Media (FXJ)

Fantastic Holdings (FAN)
0.0%
0.0%
0.7
0.0
4.6
13.8
0.0
1.6
Federation Cntres (FDC)
0.2%
0.2%
2%
7 +0.1%
+0.0%
+1%
+1%
0.4
0.3
Finbar (FRI)
0.0%
0.0%
1%
0 +0.0%
+0.0%
-3%
+0%
0.0
0.1
0.2
0.0
7.6
FKP Property (FKP)
5.1%
3.0%
27%
12 +0.0%
+1.0%
-18%
-9%
8.4
0.2
Fleetwood Corp (FWD)
3.6%
3.0%
39%
6 -1.1%
-0.8%
-22%
-1%
2.1
N/A
Fletcher Building (FBU)
0.8%
0.8%
18%
41 +0.2%
+0.4%
+5%
-6%
3.7
0.3
Flexi(FXL)
0.0%
0.0%
0%
0 +0.0%
+0.0%
-4%
-3%
0.0
0.2
2.2
0.0
5.1
3.6
1.6
Flight Centre (FLT)
0.8
0.0
0.0
23.7
11.0%
6.1%
43%
298 -3.9% -11.5%
Flinders Mines (FMS)
0.3%
0.3%
5%
0 +0.0%
Focus Minerals (FML)
0.7%
0.4%
32%
Forge (FGE)
1.3%
1.3%
9.6%
G.U.D. Holdings (GUD)
11.0
+4%
+4%
12.4
N/A
+0.1%
-9%
0%
0.9
2.2
0.1
1 -0.1%
+0.1%
+23%
0%
1.8
N/A
0.0
10%
7 +0.6%
+0.5%
+23%
-2%
1.4
0.8
5.3%
128%
710 -0.3%
+0.3%
+12%
+4%
8.2
N/A
8.2%
8.2%
78%
36 -0.1%
+0.2%
-7%
0%
15.2
N/A
2.0
G8 Education (GEM)
0.9%
0.9%
8%
7 -0.1%
-0.1%
+5%
0%
2.4
N/A
0.0
0.9
Galaxy Resources (GXY)
1.3%
1.1%
7%
1 +0.3%
+0.4%
-23%
8.2
8.5
1.4
1.3
1.0
0.3
0.7
1.3
13.5
9.6
8.2
7.1
Gindalbie Metals (GBG)
5.6%
3.6%
99%
7 -0.2%
+0.2%
-4%
0%
5.5
N/A
Goodman (GMG)
0.3%
0.2%
2%
18 +0.1%
+0.1%
-0%
-0%
0.6
0.8
Goodman Fielder. (GFF)
2.4%
2.2%
10%
32 -0.3%
-0.6%
+1%
-5%
5.3
N/A
5.6
0.9

0.3
2.5
2.4
0.3
0.3
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
GPT (GPT)
0.3%
0.3%
2%
20 -0.0%
+0.2%
+1%
0%
0.7
0.8
GrainCorp (GNC)
0.2%
0.2%
1%
5 +0.1%
+0.1%
+3%
0%
0.3
4.4
Grange Resources. (GRR)
1.4%
0.5%
35%
1 -0.0%
+0.2%
+5%
+67%
3.4
0.2
Greenland Min En (GGG)
0.9%
0.8%
63%
1 -0.1%
-0.2%
-17%
0%
6.6
N/A
Gryphon Minerals (GRY)
2.8%
2.8%
37%
2 +0.0%
-0.2%
+14%
0%
2.6
N/A
GWA (GWA)
Harvey Norman (HVN)
12 Month History
Float1
0.3
0.3
0.9
0.9
1.0
5.2
5.1
4.9%
4.6%
38%
41 +0.0%
+0.3%
+13%
+2%
17.3
N/A
13.0%
7.1%
58%
227 -0.7%
-2.3%
+9%
0%
23.4
N/A
16.6
0.3
0.1
0.2
1.4
0.9
2.8
4.9
13.0
1.0
Henderson (HGG)
0.3%
0.3%
1%
6 +0.1%
+0.2%
-1%
+0%
0.4
N/A
Hillgrove Res (HGO)
0.3%
0.3%
7%
0 +0.0%
+0.1%
+23%
+23%
1.3
0.0
Hills Holdings (HIL)
0.0%
0.0%
1%
0 -0.0%
-0.0%
+37%
+3%
0.4
0.2
Horizon Oil (HZN)
6.6%
5.9%
46%
25 +0.4%
+2.1%
-1%
-11%
17.9
N/A
2.4
iiNet (IIN)
1.5%
1.0%
8%
9 -3.5%
+0.2%
-4%
+3%
1.8
1.8
0.0
1.5
Iluka Resources (ILU)
8.4%
8.4%
54%
386 -0.5%
-1.0%
-5%
-8%
9.9
N/A
10.4
8.4
Imdex (IMD)
2.0%
2.0%
28%
3 +0.1%
+0.3%
-8%
-27%
2.3
N/A
0.5
IMF (Australia) (IMF)
2.2%
1.9%
19%
5 +0.0%
+0.9%
+5%
+2%
5.8
N/A
0.0
Incitec Pivot (IPL)
1.1%
1.1%
8%
48 -0.1%
+0.3%
-4%
-1%
1.5
N/A
0.1
Independence (IGO)
2.2%
2.2%
22%
20 -0.1%
-0.7%
+10%
+20%
6.5
0.1
Indophil Resources (IRN)
0.2%
0.1%
1%
0 -0.0%
+0.1%
+2%
1.3
1.8
Infigen Energy (IFN)
0.5%
0.5%
9%
1 -0.0%
-0.0%
-8%
0%
4.8
N/A
Inova Resources (IVA)
0.5%
0.2%
10%
0 -0.0%
+0.3%
+34%
0%
1.6
1.4
Insurance Australia (IAG)
0.2%
0.2%
1%
21 +0.0%
-0.1%
+3%
-1%
0.6
0.0
Intrepid Mines (IAU)
3.7%
3.5%
59%
6 -0.1%
-0.2%
+12%
0%
7.7
N/A
1.3
Investa Office Fund (IOF)
0.2%
0.2%
2%
3 -0.2%
-0.0%
+3%
+2%
0.4
1.8
0.4
0.2
3.0
3.6
1.3
1.2
0.3
0.6
1.4
0.3
0.0
6.6
2.0
2.2
1.1
5.0
2.2
0.1
0.4
0.2
0.5
1.6
0.5
0.3
0.2
3.7
InvoCare (IVC)
3.6%
3.6%
38%
45 +0.7%
+0.5%
-4%
-8%
11.1
N/A
IOOF Holdings (IFL)
1.2%
1.1%
11%
21 +0.0%
+0.3%
-0%
-1%
3.8
0.6
IRESS (IRE)
0.8%
0.6%
6%
9 -0.1%
-1.4%
+13%
-1%
3.0
0.1
3.2
0.8
2.4
James Hardie Indust (JHX)
1.4%
1.4%
13%
60 +0.0%
+0.2%
+7%
+0%
3.3
N/A
JB Hi-Fi (JBH)
9.1%
9.1%
36%
174 -0.1%
-6.1%
+2%
+7%
12.2
N/A
Karoon Gas Australia (KAR)
0.4%
0.3%
4%
4 +0.1%
-1.3%
-2%
0%
0.9
2.6
1.4
20.4
9.1
0.6
0.4
0.7
Kathmandu Hold (KMD)
0.0%
0.0%
0%
0 +0.0%
+0.0%
+10%
0%
0.1
0.1
Kingsgate Consolid. (KCN)
9.0%
9.0%
205%
30 -1.0%
+3.9%
+39%
-15%
7.4
N/A
4.9
Kingsrose Mining (KRM)
0.3%
0.2%
30%
0 +0.0%
+0.1%
+0%
0%
1.6
N/A
0.1
0.0
9.0

9.6
0.3
12.3
15
Data Tables
% Free
Float1
Code
Lend Lease (LLC)
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
12.3%
6.0%
103%
355 +0.7%
+2.0%
+2%
-5%
11.8
N/A
0.3%
0.3%
2%
14 +0.1%
+0.1%
+8%
-2%
0.6
0.7
12 Month History
Float1
0.3
9.6
12.3
0.1
1.3
0.3
14.6
Linc Energy (LNC)

5.7%
3.5%
84%
29 +0.2%
+0.3%
-10%
+23%
2.8
5.7
1.3
11.4
10.4% 10.4%
127%
82 -0.2%
+0.2%
+0%
0%
10.3
N/A
10.4
4.8
M2 Telecommunication (MTU)
4.8%
4.3%
51%
48 +0.0%
+1.1%
-5%
+3%
9.9
N/A
1.7
MACA (MLD)
0.0%
0.0%
0%
0 +0.0%
-0.0%
+16%
+2%
0.0
0.0
0.0
0.0
Macmahon Holdings (MAH)
0.4%
0.3%
3%
1 -0.1%
-0.1%
-7%
-32%
0.5
0.0
0.7
0.4
Macq Atlas Roads Grp (MQA)
4.4%
3.8%
22%
42 -0.4%
-0.3%
-1%
0%
13.7
3.2
1.3
Macquarie (MQG)
0.4%
0.4%
3%
66 -0.0%
+0.1%
-1%
+0%
0.9
0.6
Magellan Fin Grp (MFG)
0.3%
0.3%
14%
5 -0.1%
+0.2%
-7%
+8%
0.9
0.2
0.0
Matrix C & E (MCE)
4.8%
3.4%
30%
3 +0.0%
+0.0%
-5%
+4%
27.3
0.4
1.6
Maverick Drilling (MAD)
2.8%
2.3%
44%
4 +0.2%
+0.8%
-3%
-40%
4.5
N/A
0.9
Mayne Pharma (MYX)
0.0%
0.0%
0%
0 +0.0%
+0.0%
-4%
-2%
0.0
0.0
0.0
McMillan Shakespeare (MMS)
4.6%
3.5%
20%
31 -0.8%
+2.0%
+31%
+4%
4.5
N/A
0.0
Medusa Mining (MML)
1.0%
1.0%
28%
5 -0.1%
+0.2%
+23%
-2%
1.0
0.3
0.7
Mermaid Marine (MRM)

Mesoblast (MSB)
1.9
4.4
0.4
0.3
4.8
2.8
0.0
4.6
1.0
0.7
0.2%
0.2%
1%
1 +0.0%
-0.1%
-2%
-3%
0.6
0.2
0.3
10.7
10.3
10.3%
5.7%
59%
100 +0.1%
+5.3%
-10%
0%
27.7
N/A
Metcash (MTS)
9.0%
9.0%
60%
260 -0.7%
-0.0%
-6%
-7%
11.0
N/A
5.3
Metminco (MNC)
0.1%
0.1%
16%
0 +0.0%
+0.1%
+58%
0.4
0.2
0.0
Miclyn Exp Offshr (MIO)
0.2%
0.1%
2%
1 -0.0%
-0.1%
+0%
-0%
0.4
0.1
0.1
0.2
Mincor Resources NL (MCR)
1.3%
1.3%
22%
1 +0.0%
+0.0%
+20%
0%
6.9
N/A
0.5
1.3
Mineral Deposits (MDL)
4.3%
4.3%
41%
11 +0.2%
+1.1%
+41%
-33%
16.2
N/A
0.5
Mineral Resources. (MIN)
3.7%
3.1%
25%
67 -0.4%
+0.1%
+17%
+5%
5.3
N/A
Mirabela Nickel (MBN)
3.7%
3.1%
24%
2 -0.2%
+1.1%
-16%
0%
1.6
0.1
Mirvac (MGR)
0.1%
0.1%
1%
6 -0.0%
-0.1%
+4%
+2%
0.3
0.4
Molopo Energy (MPO)
0.3%
0.3%
1%
0 +0.0%
+0.2%
-10%
0%
1.3
0.3
9.0
0.1
4.3
3.8
3.7
3.7
1.7
0.4
0.5
0.1
0.3
13.2
Monadelphous (MND)
Mount Gibson Iron (MGX)
Myer Holdings (MYR)
Nanosonics (NAN)
National Aust. Bank (NAB)
190%
229 +0.2%
+1.2%
+14%
-9%
17.2
N/A
5.9
1.6%
41%
13 +0.0%
-0.5%
+23%
-4%
3.6
N/A
0.8
14.2% 14.2%
88%
234 -0.2%
+0.1%
+3%
0%
14.1
N/A
9.9
0%
0 +0.0%
+0.0%
0%
0.0
0.0
0.0
13.2% 13.2%
2.7%
0.0%
0.0%
2.7
14.2
0.0
1.1
0.3%
0.3%
3%
216 -0.0%
+0.0%
+6%
+1%
0.9
0.3
0.3
5.8
Navitas (NVT)
1.2%
0.8%
7%
18 -0.8%

-1.5%
+2%
0%
3.4
1.2
0.5
0.8
0.1
16
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
0.8
0.1
0.1
Neon Energy (NEN)
0.1%
0.1%
9%
0 -0.0%
-0.1%
-13%
0%
0.3
N/A
Newcrest Mining (NCM)
0.4%
0.4%
5%
42 -0.1%
-0.0%
+8%
-12%
0.5
0.6
0.2
0.4
Nextdc (NXT)
2.5%
2.3%
12%
11 -0.7%
-1.7%
-8%
0%
7.0
N/A
2.4
2.5
Nexus Energy (NXS)
0.2%
0.2%
1%
0 +0.0%
+0.0%
-11%
0%
0.3
1.1
0.3
0.2
Northern Iron (NFE)
0.7%
0.5%
6%
0 +0.0%
+0.2%
+41%
+8%
1.3
6.7
0.1
0.7
Northern Star (NST)
1.3%
1.2%
34%
5 +0.0%
-0.1%
+13%
0%
1.6
0.0
0.3
NRW Holdings (NWH)
5.7%
5.7%
59%
23 -1.3%
-0.7%
+43%
-5%
4.5
N/A
1.2
Nufarm (NUF)
9.7%
6.6%
56%
84 +0.2%
+1.0%
+5%
0%
17.9
N/A
3.2
OceanaGold Corp. (OGC)
0.2%
0.2%
11%
1 -0.4%
+0.2%
+19%
-17%
0.7
0.1
0.4
0.2
Oil Search (OSH)
0.7%
0.5%
6%
61 -0.0%
+0.1%
+2%
+2%
1.6
N/A
0.5
0.7
1.3
5.7
9.7
1.3
OM Holdings (OMH)
0.7%
0.4%
13%
1 +0.0%
+0.0%
-10%
0%
2.9
0.2
Orica (ORI)
3.0%
3.0%
26%
206 +0.1%
+1.0%
+1%
+0%
4.1
N/A
0.4
Origin Energy (ORG)
1.0%
1.0%
9%
158 -0.0%
-0.0%
+14%
-3%
3.4
N/A
0.7
1.0
Orocobre (ORE)
0.2%
0.2%
8%
0 -0.1%
-0.2%
+9%
0%
1.8
0.1
0.1
0.2
Oroton(ORL)
1.7%
1.1%
11%
3 -0.2%
+0.4%
-2%
0%
4.7
N/A
0.2
OZ Minerals (OZL)
2.8%
2.8%
25%
36 -0.1%
-0.3%
+3%
0%
2.2
N/A
1.9
2.8
Pacific Brands (PBG)
1.0%
1.0%
4%
7 -0.3%
-0.5%
-3%
-6%
2.5
N/A
0.9
1.0
Paladin Energy (PDN)
7.6%
7.1%
32%
40 -0.6%
-7.4%
-20%
0%
4.9
N/A
8.5
7.6
PanAust (PNA)
0.8%
0.6%
5%
8 -0.1%
-0.2%
+15%
+6%
0.8
0.0
0.8
0.8
Panoramic Resources (PAN)
0.3%
0.3%
8%
0 +0.1%
+0.1%
-2%
0%
0.9
0.4
Papillon Res (PIR)
2.2%
1.9%
60%
7 +0.0%
-0.7%
+13%
0%
3.3
N/A
0.3
Patties Foods (PFL)
0.0%
0.0%
0%
0 +0.0%
+2.0%
-2%
0.3
0.0
0.0
0.0
Perilya (PEM)
0.2%
0.1%
3%
0 +0.0%
+0.2%
+22%
0%
0.9
0.1
0.1
0.2
Perpetual (PPT)
5.3
5.4
5.4%
5.4%
69%
89 +0.1%
+0.1%
-4%
-7%
15.7
N/A
Perseus Mining (PRU)
2.1%
2.1%
43%
7 -0.7%
-0.3%
+35%
-56%
1.6
1.3
2.4
2.1
Pharmaxis (PXS)
2.4%
2.4%
29%
1 -0.1%
+0.5%
-15%
0%
1.9
N/A
1.7
2.4
Platinum Asset (PTM)
1.6%
0.7%
13%
22 -0.3%
+0.7%
-13%
-2%
3.7
0.5
Premier Investments (PMV)
1.5%
0.9%
7%
11 -0.0%
+1.1%
+7%
0%
2.4
N/A
Prima Biomed (PRR)
0.0%
0.0%
9%
0 +0.0%
-0.8%
-12%
0.1
N/A
Primary Health Care (PRY)
5.1%
4.7%
26%
123 -0.2%
-0.6%
+1%
-14%
9.8
N/A
Programmed (PRG)
0.2%
0.2%
2%
1 -0.0%
-0.1%
+0%
0%
0.7
1.1
Qantas Airways (QAN)
1.2%
1.2%
8%
37 -0.5%
-0.1%
+11%
-55%
1.9
N/A
0.7
3.0
1.7
2.9
0.3
4.3

0.8
0.5
4.6
0.4
0.8
4.6
2.2
1.6
1.5
0.0
5.1
0.2
1.2
2.6
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
4.6
QBE Insurance (QBE)
2.6%
2.6%
23%
Qrxpharma (QRX)
0.4%
0.4%
11%
Qube Holdings (QUB)
2.6%
1.7%
25%
29 +0.0%
Ramelius Resources (RMS)
1.0%
1.0%
82%
1 -0.0%
493 +0.2%
0.1
2.6
+0.1%
-12%
-7%
5.3
N/A
0 ##### -37.0%
-19%
0%
2.8
0.4
0.1
+0.2%
+7%
-1%
13.9
N/A
1.2
2.6
+0.1%
+48%
0%
1.5
0.1
1.6
1.0
2.2
0.4
1.9
Ramsay Health Care (RHC)
1.9%
1.2%
15%
90 -0.1%
+0.3%
+4%
+1%
5.4
N/A
RCR Tomlinson (RCR)
1.8%
1.8%
23%
8 +0.2%
+0.9%
+47%
+7%
6.7
N/A
0.3
REA (REA)
2.0%
0.8%
12%
37 +0.3%
+0.8%
+12%
+7%
4.9
0.0
0.2
Red 5 (RED)
0.9%
0.9%
18%
1 +0.0%
+0.2%
+0%
0%
7.5
N/A
0.1
0.9
Red Fork Energy (RFE)
0.9%
0.7%
5%
2 +0.0%
-0.1%
+1%
+2%
2.1
N/A
0.7
0.9
Regis Resources (RRL)
1.5%
1.3%
18%
26 -0.1%
-1.2%
+27%
+1%
2.3
N/A
0.1
1.5
ResMed Inc. (RMD)
0.7%
0.7%
8%
54 +0.0%
-0.0%
-1%
0%
2.0
2.2
0.1
0.7
Resolute Mining (RSG)
0.6%
0.6%
9%
3 +0.1%
+0.3%
+16%
0%
0.7
N/A
0.3
Retail Food (RFG)
2.7%
2.1%
19%
12 +0.1%
+0.3%
+7%
-9%
12.1
1.3
0.0
Rex Minerals (RXM)
1.3%
1.2%
38%
2 -0.1%
+0.2%
+28%
0%
7.0
0.4
0.3
Ridley Corporation (RIC)
0.2%
0.2%
2%
0 +0.0%
-0.0%
-6%
+1%
0.9
N/A
0.0
Rio Tinto (RIO)
1.0%
1.0%
11%
268 -0.1%
-0.2%
-1%
-1%
1.4
N/A
ROC Oil Company (ROC)
0.2%
0.2%
2%
1 +0.0%
-0.1%
+7%
-0%
1.4
N/A
SAI Global (SAI)
3.9%
3.9%
23%
35 -0.2%
-1.5%
+9%
+0%
7.6
N/A
Sandfire Resources (SFR)
4.1%
2.6%
24%
26 +0.0%
+0.3%
+15%
-7%
4.6
0.2
Santos (STO)
0.6%
0.6%
6%
90 +0.1%
+0.1%
+8%
0%
1.7
Saracen Mineral (SAR)
2.4%
2.4%
53%
4 +0.1%
-0.5%
+73%
-13%
Sca Property (SCP)
5.3%
5.3%
61%
53 -0.0%
+0.3%
-1%
Sedgman (SDM)
0.5%
0.3%
5%
0 +0.0%
-0.0%
Seek (SEK)
5.1%
5.1%
30%
192 +0.2%
Senex Energy (SXY)
0.5%
0.4%
7%
Seven Holdings (SVW)
5.2%
1.7%
Seven West Media (SWM)
0.5%
Sigma Pharmaceutical (SIP)
1.8
2.0
0.6
2.7
1.3
0.2
4.1
1.0
0.3
0.2
1.5
3.9
4.7
4.1
0.2
0.5
0.6
2.8
N/A
1.0
-1%
12.5
N/A
0.0
+9%
-19%
1.2
0.2
0.2
-0.7%
+16%
+5%
8.3
N/A
3.5
4 -0.1%
+0.2%
+1%
+10%
1.2
0.2
0.5
30%
39 +0.1%
+0.5%
+9%
-15%
6.4
N/A
1.7
0.3%
5%
8 -0.0%
-0.1%
+3%
0%
0.7
0.0
0.2%
0.2%
1%
2 -0.1%
-0.3%
+1%
-2%
0.7
0.3
Silex Systems (SLX)
1.7%
1.4%
17%
6 +0.1%
+0.3%
-21%
0%
18.2
N/A
0.6
Silver Chef (SIV)
0.1%
0.1%
10%
0 -2.0%
+0.0%
-7%
-9%
0.6
0.0
0.0
0.1
Silver Lake Resource (SLR)
1.8%
1.8%
51%
7 -0.6%
+0.1%
+27%
+19%
1.1
0.1
4.0
1.8
Sims Metal Mgmt (SGM)
5.6%
4.5%
42%
88 +0.2%
+1.0%
+6%
-22%
6.2
N/A
5.9
5.6
2.4
5.3
0.5
5.1
0.5
5.2
3.1
0.5
0.5
0.2
1.7

7.3
2.4
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
7.3
0.1
2.4
Singapore Telecomm. (SGT)
2.4%
2.4%
21%
14 -0.5%
+0.9%
-9%
-1%
1.5
1.8
Sirius Resources NL (SIR)
2.2%
1.8%
36%
12 -0.1%
+0.1%
+12%
0%
2.3
N/A
0.0
Sirtex Medical (SRX)
0.2%
0.2%
2%
2 -0.1%
-0.1%
+5%
-5%
0.5
1.1
0.0
Skilled (SKE)
2.2%
2.0%
17%
15 -0.0%
-0.2%
+8%
+6%
5.6
N/A
0.2
Slater & Gordon (SGH)
0.0%
0.0%
0%
0 +0.0%
+0.0%
+14%
+4%
0.0
0.2
0.0
0.0
SMS Management. (SMX)
1.8%
1.8%
17%
6 +0.1%
-0.8%
-11%
-19%
3.9
N/A
1.1
1.8
Sonic Healthcare (SHL)
1.6%
1.6%
18%
102 -0.2%
-0.3%
+8%
-2%
4.5
N/A
1.8
1.6
SP AusNet (SPN)
2.2%
1.1%
17%
43 -0.1%
+0.1%
-3%
0%
5.5
N/A
0.1
Spark Infrastructure (SKI)
4.5%
4.1%
25%
89 -0.2%
+0.1%
-10%
-6%
8.9
N/A
3.0
Specialty Fashion (SFH)
0.1%
0.1%
1%
0 +0.0%
+2.0%
+10%
-31%
0.6
N/A
2.2
0.2
2.2
2.2
4.5
1.3
0.1
4.5
St Barbara (SBM)
2.4%
2.4%
47%
9 -1.4%
-2.3%
6.0%
5.6%
84%
15 -0.1%
+0.7%
-2%
Sthn Cross Media (SXL)
1.1%
0.9%
8%
11 +0.1%
-0.3%
Stockland (SGP)
0.4%
0.4%
4%
37 +0.1%
STW Communications (SGN)
0.5%
0.4%
3%
Suncorp (SUN)
0.3%
0.3%
Sundance Energy (SEA)
0.1%
Sundance Resources (SDL)
+63% +400%
2.9
N/A
0%
32.7
N/A
+18%
-1%
3.1
0.1
+0.1%
+5%
-2%
0.8
0.4
0.5
2 +0.1%
+0.1%
-4%
0%
1.2
0.2
0.0
2%
42 +0.0%
-0.3%
-0%
-1%
0.7
0.1
0.1%
1%
1 +0.1%
+0.0%
+6%
-1%
0.5
0.2
0.1
2.1%
1.7%
10%
4 +0.1%
+0.6%
-7%
0%
1.6
4.1
0.2
Super Ret Rep (SUL)
0.8%
0.6%
5%
14 -0.2%
+0.1%
-1%
-2%
2.0
0.2
SYD Airport (SYD)
1.0%
0.8%
4%
61 +0.0%
-0.2%
+6%
0%
2.1
N/A
Syrah Resources (SYR)
2.4%
1.3%
20%
4 +0.5%
+2.0%
-9%
0%
3.9
TABCORP Holdings (TAH)
3.0%
3.0%
20%
74 +0.7%
+0.4%
-1%
-3%
Tap Oil (TAP)
0.1%
0.0%
1%
0 +0.0%
-0.1%
-6%
Tatts (TTS)
1.2%
1.2%
8%
53 +0.2%
+0.1%
Telecom Corporation (TEL)
0.3%
0.3%
15%
10 +0.0%
Telstra Corporation. (TLS)
0.2%
0.2%
1%
Ten Network Holdings (TEN)
8.1%
5.1%
Teranga Gold Corp (TGZ)
0.5%
The Reject Shop (TRS)
2.4
6.0
1.1
3.4
0.6
1.1
0.4
0.5
0.3
0.1
2.1
0.8
0.8
1.2
1.0
N/A
0.0
2.4
5.5
N/A
1.6
-15%
0.2
3.6
0.2
+1%
+2%
3.5
5.0
-0.2%
-3%
+1%
1.3
0.2
96 -0.0%
-0.2%
-2%
+4%
0.5
0.3
50%
41 -0.0%
+0.6%
+13%
0%
13.1
N/A
0.5%
5%
1 +0.0%
+0.3%
+31%
-88%
2.9
0.7
6.4%
6.4%
35%
32 -0.4%
+0.5%
+3%
-4%
12.2
N/A
Thorn (TGA)
0.1%
0.1%
1%
0 +0.0%
+0.0%
+5%
-1%
0.3
1.5
Tiger Resources (TGS)
0.2%
0.2%
3%
0 +0.1%
+0.1%
+14%
+57%
0.7
0.1
Toll Holdings (TOL)
4.4%
4.2%
32%
166 +0.3%
+0.3%
+5%
-3%
7.3
N/A
3.0
0.6
0.1
1.2
0.9
0.3
0.2
0.2
9.6
8.1
0.5
0.1
10.6

0.1
0.5
2.8
0.0
6.4
0.1
0.2
4.4
0.7
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
12 Month History
Float1
Tox Free Solutions (TOX)
0.7%
0.7%
5%
3 -0.0%
-0.4%
+4%
-4%
2.5
0.1
0.3
0.0
0.7
0.1
Tpg Telecom (TPM)
0.5%
0.2%
3%
6 +0.1%
+0.3%
-1%
0%
1.2
0.0
0.6
0.5
Trade Me (TME)
0.0%
0.0%
0%
1 +0.0%
+0.0%
-12%
-5%
0.1
0.3
0.0
0.0
Transfield Services (TSE)
9.0%
7.8%
73%
50 +1.9%
+3.3%
+31%
-10%
13.0
N/A
1.2
Transpacific Indust. (TPI)
1.7%
1.1%
7%
17 +0.7%
+0.8%
+14%
+14%
3.1
N/A
0.6
Transurban (TCL)
0.1%
0.1%
0%
12 +0.0%
+0.0%
-2%
+5%
0.3
0.6
Treasury Wine Estate (TWE)
2.8%
2.8%
17%
86 +0.1%
-0.5%
-3%
0%
3.3
N/A
2.0
Troy Resources (TRY)
0.1%
0.1%
4%
0 -0.2%
+0.1%
+36%
0%
0.2
1.4
0.3
Twenty-First FOX Inc (FOX)
0.1%
0.1%
2%
35 +0.0%
+0.1%
+2%
0%
0.6
0.0
0.1
9.0
UGL (UGL)
0.6
1.7
0.1
2.8
0.1
0.1
10.9
10.9% 10.9%
90%
135 -0.7%
+1.1%
-1%
-6%
10.4
N/A
5.8
UXC (UXC)
0.0%
0.0%
0%
0 -0.0%
-0.1%
-3%
-10%
0.0
0.5
0.0
Virgin Aus Hldg (VAH)
8.5%
3.5%
59%
36 -0.1%
+1.1%
-7%
-69%
10.3
N/A
2.9
Webjet (WEB)
3.0%
2.7%
26%
9 +0.5%
+1.4%
-8%
-21%
10.2
0.3
0.0
Wesfarmers (WES)
3.0%
3.0%
30%
1233 -0.0%
+0.5%
+1%
-2%
10.5
N/A
13.1% 10.4%
89%
62 +0.0%
+0.4%
-2%
-75%
18.3
N/A
7.4
0.0
0.0
8.5
3.0
2.9
3.0
13.1
Western Areas (WSA)

Western Desert Res. (WDR)
0.6%
0.5%
46%
2 -0.2%
-0.1%
+21%
0%
5.1
N/A
Westfield (WDC)
0.5%
0.5%
5%
111 +0.2%
+0.2%
-0%
-1%
1.4
0.9
Westfield Retail Tst (WRT)
0.5%
0.5%
3%
47 +0.1%
+0.2%
-1%
0%
0.8
0.3
Westpac Banking Corp (WBC)
0.7%
0.7%
7%
680 +0.0%
-0.2%
+1%
+0%
2.6
N/A
13.1%
7.8%
90%
161 -2.8%
-4.3%
+1%
0%
13.0
N/A
Woodside Petroleum (WPL)
0.5%
0.4%
5%
118 +0.1%
+0.1%
-2%
+1%
1.2
0.0
Woolworths (WOW)
0.5%
0.5%
6%
240 +0.1%
-0.0%
+8%
-0%
2.5
N/A
WorleyParsons (WOR)
2.0%
1.7%
16%
93 -0.1%
-0.3%
+2%
-0%
3.6
N/A
Wotif.com Holdings (WTF)
0.4
0.9
1.2
6.6
9.4%
65%
95 -0.6%
-0.8%
-5%
+4%
26.2
0.5
0.5
0.7
13.1
0.6
0.5
0.5
0.5
2.3
14.2
15.2%
0.6
2.0
15.2
N/A

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

(03) 9640 3827
(03) 9640 3863
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(03) 9640 3818
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Head of Institutional Sales

Duncan Gamble
Sydney
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Melbourne
David Permezel
Adam Dellaway
(02) 8247 6629

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(02) 8247 3186

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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
Disclaimer
Whilst Wilson HTM Ltd believes the information contained in this communication is based on reliable information, no warranty is
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Quantitative Strategy Short and Stocky
22

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Monday, 9 September 2013

SHORT AND STOCKY

Flight Centre (FLT)

-3.9% -11.5% 11.0%

+1.9% +3.3% 9.0%

-3.5% +0.2% 1.5%

Steadfast Group Ltd (SDF)

Equities Research Short and Stocky

Sector Focus: Retail

% Mkt % Stock Value

Adelaide Brighton (ABC)

Fletcher Building (FBU)

James Hardie Indust (JHX)

+0.9% +1.6% 1.9%

Short selling edging in resources is back to 2

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

Short selling increasing in

Short selling increasing in

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

Small Ords shorting off quite

Industrials vs Small Industrials over time

Both small and large resources

Equities Research Short and Stocky

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

Resources vs Small Resources over time

Small industrials short

Both small resources and industrials

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

Kingsgate Consolid. (KCN)

Latest Short Sell / Stock Available

These are stocks where the