ShortAndStocky 20130604 PDF

Tuesday, 4 June 2013
SHORT AND STOCKY

damien.klassen@wilsonhtm.com.au +61 2 8247 3101
Commentary
The level of short selling in large caps dropped across all sectors this week while the
short selling in small caps continues to hit new highs. Small caps are now almost 3x
more short sold than large caps and small industrials are more short sold than any other
sector although small resources are closing the gap.
Change in Short Positions by Sector

Short selling in all large cap sectors
reducing over the past week
For the sector focus this week (see bottom right), we have focused on mining services.
The three key takeouts for me are: (1). Short selling has been increasing in most of
these stocks (2). Mining service stock prices have generally underperformed quite
significantly over the past few months, and there is a question whether they have fallen
enough. Short sellers would appear to think there is more underperformance to come.
(3) Boart Longyear (BLY), Emeco (EHL) and Leighton (LEI) stand out with substantial
increases in short selling recently.
See http://bit.ly/oOzqNf for interactive charts.
Change in Short Positions as % of Free Float Market Cap
Change over
1w
1m
Total
Short
1
Sell
Change over
1w
1m
Total
Short
1
Sell
Sector Focus: US dollar earnings

Current Short Position
% Free % Mkt % Stock Value
Float1
Cap available to ($m)
short2
ASX 100
Leighton Holdings (LEI)
+1.7% +3.4%
8.3%
Cochlear (COH)
-1.0%
-0.7%
7.0%
Als (ALQ)
+0.7% +2.5%
8.3%
Monadelphous (MND)
-0.9%
-1.2% 10.4%
Bank of Queensland. (BOQ) +0.6% -0.3%
1.4%
Ansell (ANN)
-0.9%
-1.2%
7.3%
Small Ords
Boart Longyear (BLY)
+1.7% +5.7%
9.0%
Fleetwood Corp (FWD)
-1.5%
-1.3%
5.2%
NRW Holdings (NWH)
+1.3% +2.7%
9.7%
Kingsgate Consolid. (KCN)
-1.2%
-3.5%
4.0%
Cabcharge Australia (CAB)
+1.1% +1.7%
9.6%
Seven West Media (SWM)
-1.1%
-0.9%
1.2%
Outside ASX 300

Bannerman (BMN)
+0.3% +0.0%
0.3%
White Energy (WEC)
-0.4%
-0.6%
0.5%
Qrxpharma Ltd (QRX)
+0.2% +0.4%
0.6%
Pura Vida Energy (PVD)
-0.3%
-0.2%
0.1%
Corp Travel Limited (CTD)
+0.1% +0.1%
0.3%
Elders Limited (ELD)
-0.1%
-0.2%
3.6%
1. All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap
2. LTCA = Long Term Capital Assets, includes Property, Utilities, Infrastructure. % of index
Source (all charts): Wilson HTM, ASX, ASIC, S&P, Capital IQ
Equities Research Short and Stocky
Days to
cover5
12 Month History
Short Position as % of Free
Float1
Code
Bradken (BKN)
6.0%
6.0%
26%
46
5.7
3.8
9.0%
9.0%
25%
25
2.3
0.9
Emeco Holdings (EHL)
3.9%
3.9%
15%
10
4.7
0.6
8.3%
4.0%
48%
258
11.3
Mineral Resources. (MIN)
3.4%
2.9%
19%
48
3.5
1.1
UGL (UGL)
6.8%
6.8%
39%
79
5.5
3.4
WorleyParsons (WOR)
2.5%
2.1%
17%
103
3.8
2.0
6.0
9.0
3.9
6.2
8.3
3.4
6.8
2.5
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
Shorting at the large

end of the resource
sector is very different
to the small
Short sellers continue

closing out positions in
WBC and NAB this 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.

Change in Current Short Position Small Ordinaries over 1 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
Not much love for

manufacturers
Small Caps vs Large Caps

Small Ordinaries vs ASX 100 over time
% Index Sold
Shor t1
Small Ordinaries by Sector
3.7
Small Ords
3.2
Small financials the only

sub-sector where short
sellers are not increasing
positions.
% Index Sold
Shor t1
Small Ords at record levels of

short selling
4.4
3.9
3.09
2.7
3.69
3.4
3.13
2.9
Industrials
2.4
2.2
Financials
1.9
1.7
1.4
1.2
ASX 100
1.10
LTCA2
0.9
1.64
1.44
Resources
0.4
Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13
0.7
Industrials vs Small Industrials over time

% Index Sold
Shor t1
4.6
Resources vs Small Resources over time

% Index Sold
Shor t1
Small industrials increasing

again
3.6
4.1
3.69
3.6
3.1
2.00
1.6
1.39
Industrials
1.1
1.1
0.6
3.13
Resources
2.1
2.1
1. % of Free Float for ASX 100 and Small Ords
Small Resources
3.1
2.6
Small Industrials
2.6
1.6
Different directions for small

resources vs large resources
0.6
2. LTCA = Long Term Capital Assets, includes Property, Utilities, Infrastructure. % of index
Source: Wilson HTM, ASX, ASIC, S&P
Caution needed
MGR
AZJ
GPT
IOF
WRT
BXB
IAG
TLS
FDC
CSL
GNC
CGF
NCM
TCL
STO
DXS
WPL
GMG
NAB
ANZ
NWS
AMC
BSL
EGP
CCL
ABC
ARI
AMP
WDC
SUN
SGP
BHP
CWN
DOW
CBA
IPL
WBC
AGO
RIO
BPT
AGK
LLC
AUT
PNA
CPA
MQG
Days to Cover Small Ords

Energy
Resources
Industrials
Financials
Property
Utilities
QAN
CRZ
WOW
BOQ
<0.7x 0.7-1x 1-1.5x 1.5-2x 2-3x
PRU
TTS
SPN
RMD
CTX
RHC
WOR
ALL
MIN
JHX
APA
ASX
SYD
AIO
ORI
TAH
OSH
RRL
ORG
OZL
TWE
3-3x
3-4x
4-5x
ILU
DJS
MTS
MYR
COH
BEN
LEI
MND
AWC
WES
UGL
FMG
DUE
TOL
CFX
BLD
SKI
PRY
CPU
SHL
ANN
LYC
SGM
QBE
SEK
5-6x
6-7x
7-8x
8-10x 10-15x >15x
FLT
HVN
ALQ
WHC
Days to cover higher within group -->
Days to Cover ASX 100
% of Stock Borrowed but not sold Short
Latest Short Sell / Stock Available to be lent (as at last quarter)

0%
Wh itehaven Coal (WH C)
Lyn as Corporation (LYC)
Paladin Energy Ltd (P DN)
Fligh t Centre (FLT)
Als Lt d (ALQ)
G.U.D. Hol dings (GUD)
Fairfax Media Ltd (FXJ)
Il uka Resources (ILU)
Aquila Resources (AQA)
Monad el phous G roup (MND)
Fortescue Metals Grp (FMG )
Sca Property Group (SCP)
Perp et ual Li mi ted (PP T)
Myer Hol dings Ltd (MYR)
Buru En ergy (BRU)
JB H i-Fi Limited (JBH)
Wot if.com Holdin gs (WTF)
David Jones Limited (DJS)
Nufarm Limited (NUF)
Ansell Limited (ANN )
Mesob last Li mit ed (MS B)
Green land Min E n Lt d (GG G)
Cochlear Limited (COH)
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%
Stocks
below 2
days to
cover not
shown see
appendix for
individual
stocks
100%
(Latest Stock Borrow - Latest Short Position)/ Free Float Mkt Cap
0%
2%
4%
6%
8%
10%
Northern Iron Ltd (NFE)
Galaxy Resou rces (GXY)
Billabong (BBG)
Indophil Resources (IRN)
Flinders Mines Ltd (FMS)
Sundance Resources (SDL)
Macq Atlas Roads Grp (MQA)
FlexiGroup Limited (FXL)
Li nc Energy Ltd (LNC)
Tap Oil Limited (TAP)
Alacer Gold Corp. (AQG)
Aurizon Holdings Ltd (AZJ)
Energy World Corpor. (EWC)
Nexus Energy Limi ted (N XS)
Domino Pizza Enterpr (DMP)
Singapore Telecomm. (SGT)
Investa Office Fund (IOF)
Drill search Energy (DLS)
GrainCorp Limi ted (GNC)
Transpacific Indust. (TPI)
Henderson Group (HGG)
Challenger Limited (CGF)
REA Group (REA)
12%
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
Chang Total
e over Short
1w
Sell1
Short Sales
Chang Total
e over Short
1w
Sell1
ASX 100
Flight Centre (FLT)
Whitehaven Coal (WHC)
Harvey Norman (HVN)
Myer Holdings (MYR)
Iluka Resources (ILU)
David Jones (DJS)
Monadelphous (MND)
Lynas Corporation (LYC)
Fortescue Metals Grp (FMG)
Metcash (MTS)
-0.4%
+0.4%
+0.2%
-0.3%
-0.4%
-0.4%
-0.9%
+0.3%
+0.3%
+0.2%
19.3%
17.4%
14.9%
14.2%
13.0%
10.9%
10.4%
10.4%
9.6%
8.5%
CSL (CSL)
News Corp (NWS)
Insurance Australia (IAG)
Telstra Corporation. (TLS)
Brambles (BXB)
Federation Cntres (FDC)
ANZ Banking Grp (ANZ)
Mirvac (MGR)
National Aust. Bank (NAB)
-0.1%
-0.0%
-0.0%
+0.0%
-0.5%
-0.2%
+0.0%
+0.0%
-0.1%
-0.1%
0.1%
0.1%
0.1%
0.1%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
Small Ords
Fairfax Media (FXJ)
JB Hi-Fi (JBH)
Paladin Energy (PDN)
Wotif.com Holdings (WTF)
Western Areas (WSA)
CSR (CSR)
NRW Holdings (NWH)
Mesoblast (MSB)
+0.3%
-0.1%
-0.2%
+0.6%
+0.0%
-0.7%
+1.3%
+1.1%
+1.7%
+0.1%
19.9%
16.8%
14.1%
13.4%
10.2%
9.8%
9.7%
9.6%
9.0%
8.8%
Cooper Energy (COE)

+0.0%
Teranga Gold Corp (TGZ)
-0.0%
Chorus (CNU)
-0.0%
Elemental Minerals (ELM)
+0.0%
Kathmandu Hold (KMD)
+0.0%
Aspen (APZ)
+0.0%
UXC (UXC)
-0.0%
Prima Biomed (PRR)
-0.0%
STW Communications (SGN)+0.0%
Central Petroleum (CTP)
+0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
Outside ASX 300

Gunns Limited (GNS)
Primero Mining (PPM)
Elders Limited (ELD)
Aquarius Platinum. (AQP)
Mortgage Choice Ltd (MOC)
FAR Ltd (FAR)
Peet Limited (PPC)
Murchison Metals Ltd (MMX)
Specialty Fashion (SFH)
ASG Group Limited (ASZ)
+0.0%
+5.5%
-0.1%
-0.0%
+0.0%
+0.0%
+0.1%
+0.0%
+0.0%
+0.0%
6.1%
5.5%
3.6%
1.9%
1.2%
0.9%
0.9%
0.8%
0.8%
0.7%
1m Change
As % of
Trading Days
stock
to cover
As % of Free available to
short
Float
short
% Free Float Share Price
position
Cardno (CDD)
Gindalbie Metals (GBG)
Maverick Drilling (MAD)
Coalspur Mines (CPL)
David Jones (DJS)
UGL (UGL)
Boral (BLD)
Buru Energy (BRU)
NRW Holdings (NWH)
Starpharma Holdings (SPL)
Bandanna Energy (BND)
Fairfax Media (FXJ)
Harvey Norman (HVN)
Als (ALQ)
APN News & Media (APN)
FKP Property (FKP)
Bradken (BKN)
Drillsearch Energy (DLS)
Beadell Resource (BDR)
Matrix C & E (MCE)
Seven Holdings (SVW)
Troy Resources (TRY)
9.6%
6.3%
4.8%
4.0%
9.0%
3.8%
10.9%
6.8%
5.7%
8.3%
9.7%
5.1%
7.6%
19.9%
14.9%
8.3%
4.7%
4.3%
6.0%
5.5%
8.3%
5.3%
5.4%
2.7%
5.2%
53%
45%
39%
30%
25%
47%
60%
39%
31%
61%
32%
36%
48%
92%
49%
89%
14%
22%
26%
35%
48%
31%
23%
12%
46%
1.7%
1.2%
1.0%
1.0%
5.7%
0.3%
0.6%
0.4%
2.5%
0.1%
2.7%
0.9%
0.6%
0.5%
0.2%
2.5%
1.0%
1.0%
1.7%
1.4%
3.4%
1.2%
0.2%
1.2%
0.8%
-13%
-17%
-39%
-41%
-36%
-34%
-12%
-31%
-12%
-25%
-12%
-11%
-11%
-8%
-14%
-4%
-31%
-14%
-11%
-9%
-5%
-11%
-16%
-22%
-6%
20.4
14.0
2.0
3.6
2.3
7.7
14.7
5.5
7.9
9.8
4.6
24.1
12.5
23.3
22.5
16.2
7.0
7.1
5.7
8.4
11.3
4.5
23.5
3.5
6.2
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
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

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
0.2
0.2
0.1
0.1
Abacus Property (ABP)
0.2%
0.1%
3%
0.0%
0.0%
-1%
-2%
0.7
0.1
Abm Resources NL (ABU)
0.1%
0.1%
4%
0.0%
0.0%
-13%
0%
0.4
0.0
Acrux (ACR)
5.1%
5.1%
37%
31 -0.2%
-0.7%
-11%
0%
10.1
N/A
0.7
Adelaide Brighton (ABC)
0.7%
0.5%
6%
0.2%
-2%
0%
1.2
0.9
0.2
AGL Energy (AGK)
0.6%
0.6%
6%
Ainsworth Game Tech. (AGI)
0.6%
0.2%
Alacer Gold Corp. (AQG)
1.3%
Alkane Resources (ALK)
10
51
0.0%
0.0%
0.0%
-10%
0%
1.7
N/A
5%
3 -0.1%
-1.4%
0%
0%
1.4
N/A
1.3%
6%
3 -0.5%
-0.5%
-25%
0%
1.0
4.0
1.7%
1.3%
12%
2 -0.4%
0.1%
-21%
0%
5.0
Als (ALQ)
8.3%
8.3%
89%
268
0.7%
2.5%
-4%
0%
Alumina (AWC)
7.3%
6.4%
31%
181 -0.7%
-0.2%
5%
Amcom Telecomm. (AMM)
0.1%
0.1%
1%
0.0%
-0.2%
Amcor (AMC)
0.5%
0.5%
4%
55
0.0%
AMP (AMP)
0.4%
0.4%
4%
61
Ampella Mining (AMX)
0.7%
0.7%
Ansell (ANN)
7.3%
ANZ Banking Grp (ANZ)

APA (APA)
1.6
5.1
0.7
0.6
0.1
0.6
1.3
1.3
0.7
2.1
1.7
16.2
N/A
2.0
0%
10.7
N/A
4.1
-11%
1%
0.2
N/A
0.0
0.1
-0.1%
0%
0%
1.4
0.5
0.3
0.5
0.1%
0.0%
-3%
0%
1.2
0.4
0.2
17%
0 -0.1%
-0.1%
5%
0%
1.6
N/A
1.5
7.3%
55%
163 -0.9%
-1.2%
8%
0%
10.0
N/A
2.2
0.2%
0.2%
2%
0.0%
0.0%
-12%
0%
0.8
0.3
1.0%
1.0%
11%
53 -0.6%
-0.3%
1%
0%
3.4
0.9
8.3
7.3
0.4
0.7
7.3
0.5
161
0.2
1.3
1.0
5.1
4.7
APN News & Media (APN)
4.7%
3.2%
14%
0.0%
1.0%
-31%
0%
7.0
N/A
Aquila Resources (AQA)
6.9%
3.1%
86%
27
0.2%
0.2%
15%
0%
15.0
N/A
3.1
ARB Corporation (ARP)
0.5%
0.5%
6%
0.1%
0.2%
-4%
0%
3.3
0.2
0.1
0.5
Ardent Leisure (AAD)
0.5%
0.5%
4%
0.1%
-0.5%
12%
0%
1.6
0.2
0.1
0.5
Aristocrat Leisure (ALL)
1.5%
1.4%
8%
31
0.6%
-0.1%
3%
0%
3.6
N/A
Arrium (ARI)
1.0%
0.9%
6%
11
0.2%
0.5%
-2%
0%
1.2
1.4
0.8
Asciano (AIO)
1.5%
1.5%
8%
77
0.0%
0.4%
-5%
0%
3.2
N/A
0.8
Aspen (APZ)
0.0%
0.0%
0%
0.0%
0.0%
-8%
0.1
0.3
0.0
0.0
Astro Jap Prop (AJA)
0.1%
0.1%
1%
0.0%
0.0%
-9%
0%
0.4
N/A
0.1
0.1
ASX (ASX)
1.2%
1.2%
9%
81 -0.2%
-0.1%
2%
0%
3.3
N/A
Atlas Iron (AGO)
5.0%
4.6%
26%
33
0.0%
0.1%
-7%
34%
1.8
N/A
1.4
Aurizon Holdings (AZJ)
0.4%
0.4%
2%
33
0.0%
0.0%
3%
0%
0.7
2.5
0.5
Aurora Oil & Gas (AUT)
0.9%
0.9%
7%
12
0.2%
-0.1%
-2%
0%
1.7
0.4
Ausdrill (ASL)
2.6%
2.3%
9%
0.4%
1.0%
-20%
0%
1.5
N/A
0.2
Ausenco (AAX)
1.3%
1.0%
4%
0.2%
1.0%
-21%
-7%
2.0
N/A
0.4
6.9
3.6
1.5
1.0
1.5
2.3
1.2
5.0
1.8
0.4
0.9
2.6
1.3
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions

Equities Research - Short and Stocky
1.1
0.0
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)
1.1%
0.9%
16%
0.0%
0.2%
-15%
0%
5.5
N/A
0.2
0.0
Australand Property (ALZ)
0.7%
0.3%
5%
0.4%
0.6%
-7%
0%
1.5
0.9
0.1
Australian Agricult. (AAC)
1.2%
0.8%
7%
0.1%
0.4%
-5%
6.6
N/A
0.2
Australian Infr (AIX)
0.1%
0.1%
0%
0.0%
-0.4%
-94%
0%
0.0
0.6
Automotive Holdings (AHE)
0.1%
0.1%
1%
0.1%
-0.1%
-11%
-1%
0.3
0.5
0.0
AWE (AWE)
1.2%
1.2%
7%
0.0%
-0.1%
-7%
0%
2.4
N/A
0.6
Azimuth Res (AZH)
0.4%
0.3%
41%
0.0%
0.0%
-10%
1.2
1.3
0.2
Bandanna Energy (BND)
7.6%
5.2%
48%
0.1%
0.6%
-11%
0%
12.5
N/A
1.1
Bank of Queensland. (BOQ)
1.4%
1.4%
12%
38
0.6%
-0.3%
-11%
0%
2.1
N/A
Base Res (BSE)
0.9%
0.7%
6%
0.0%
0.0%
8%
0%
8.1
0.2
Bathurst Resources (BTU)
5.3%
5.3%
16%
0.3%
0.6%
9%
0%
5.6
N/A
BC Iron (BCI)
0.6%
0.5%
7%
0.0%
0.0%
-13%
-1%
0.7
0.4
Beach Energy (BPT)
1.4%
1.4%
6%
20
0.0%
0.1%
-14%
0%
1.7
1.1
Beadell Resource (BDR)
5.3%
5.3%
31%
26 -0.1%
1.2%
-11%
0%
4.5
N/A
1.2
Bendigo and Adelaide (BEN)
3.4%
3.4%
40%
0.2%
0.0%
-7%
0%
12.0
N/A
1.2
BHP Billiton (BHP)
0.3%
0.3%
3%
341 -0.1%
-0.1%
4%
0%
1.0
0.5
Billabong (BBG)
2.9%
2.4%
16%
0.0%
-0.2%
-4%
0%
2.1
8.7
Blackthorn Resources (BTR)
0.3%
0.3%
1%
0.0%
0.1%
-29%
0%
0.5
0.1
1.1
0.2
0.7
1.2
2.0
0.1
0.1
1.2
0.4
7.6
3.2
1.4
0.9
0.2
5.0
0.4
1.9
5.3
0.6
1.4
5.3
3.4
143
0.5
0.3
10.9
2.9
0.0
1.5
BlueScope Steel (BSL)
0.8%
0.8%
5%
23
0.0%
-0.6%
8%
0%
1.3
0.6
9.0%
9.0%
25%
25
1.7%
5.7%
-36%
0%
2.3
0.2
Boral (BLD)
5.7%
5.7%
31%
195
0.0%
2.5%
-12%
0%
7.9
N/A
Bradken (BKN)
6.0%
6.0%
26%
46
0.1%
1.7%
-11%
0%
5.7
N/A
3.8
Brambles (BXB)
0.2%
0.2%
1%
23 -0.5%
0.0%
4%
0%
0.6
0.3
0.6
Breville (BRG)
3.6%
2.5%
33%
24
0.2%
1.4%
3%
2%
5.1
N/A
0.0
Buru Energy (BRU)
8.3%
6.2%
61%
24 -0.1%
0.1%
-25%
0%
9.8
N/A
5.9
BWP Trust (BWP)
1.1%
0.8%
20%
11 -0.2%
0.1%
4%
0%
3.7
N/A
0.1
9.6%
8.9%
53%
44
1.1%
1.7%
-13%
0%
20.4
N/A
0.6
Caltex Australia (CTX)
2.2%
1.1%
14%
67 -0.2%
-0.6%
3%
0%
3.9
N/A
Cape Lambert Res (CFE)
0.4%
0.3%
5%
0.0%
0.2%
-10%
0%
1.2
0.4
0.1
Cardno (CDD)
6.3%
6.3%
45%
48
0.4%
1.2%
-17%
-8%
14.0
N/A
0.2
Carsales.Com (CRZ)
1.1%
1.0%
5%
21 -0.2%
-0.4%
-3%
0%
2.3
N/A
Cash Converters (CCV)
0.7%
0.5%
5%
0.6%
-18%
-1%
1.7
N/A
0.3
0.8
9.0
0.9
5.3
5.7
6.0
0.2
3.6
8.3
1.1
9.6
6.0
2.2
0.4
6.3

0.2%
9.9
1.1
0.7
0.0
0.0
0.1
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
0.2
0.0
0.2
0.1
Central Petroleum (CTP)
0.1%
0.1%
1%
0.0%
0.0%
-28%
0%
0.1
0.0
CFS Retail Trust Grp (CFX)
2.3%
1.9%
24%
112
0.0%
-0.3%
-5%
0%
6.2
N/A
Challenger (CGF)
0.5%
0.5%
3%
10
0.0%
0.0%
-1%
0%
0.9
1.6
1.3
Challenger Div.Pro. (CDI)
0.1%
0.0%
1%
0.0%
0.0%
-2%
0%
0.4
0.1
0.0
0.1
Charter Hall (CHC)
0.2%
0.1%
2%
2 -0.2%
0.2%
-4%
0%
0.6
1.0
0.1
0.2
Charter Hall Retail (CQR)
1.1%
1.0%
13%
14 -0.3%
0.0%
-1%
0%
3.3
N/A
0.4
Chorus (CNU)
0.0%
0.0%
0%
0.0%
-0.1%
-4%
0.1
0.1
Clough (CLO)
2.2%
0.8%
11%
0.9%
1.9%
-6%
0%
5.6
0.3
Coalspur Mines (CPL)
3.8%
2.6%
47%
0.1%
0.3%
-34%
0%
7.7
N/A
Coca-Cola Amatil (CCL)
0.8%
0.6%
7%
54
0.1%
0.1%
-15%
0%
1.3
0.3
Cochlear (COH)
7.0%
7.0%
53%
260 -1.0%
-0.7%
-2%
0%
12.6
N/A
2.3
0.3
0.5
1.1
0.0
2.2
0.0
2.9
3.8
2.1
0.8
10.6
7.0
2.0
1.8
Cockatoo Coal (COK)
1.8%
1.4%
22%
0.0%
0.2%
-22%
0%
3.2
N/A
Codan (CDA)
0.3%
0.2%
7%
0.1%
0.2%
-12%
0%
0.6
N/A
0.0
Collins Foods (CKF)
0.6%
0.6%
6%
3.0%
56.0%
0%
1.8
N/A
0.0
Commonwealth Bank. (CBA)
0.5%
0.5%
6%
545
0.0%
-0.1%
-7%
0%
2.0
N/A
Commonwealth Prop (CPA)
0.7%
0.7%
8%
19
0.0%
0.1%
-5%
0%
1.6
0.4
1.0
Computershare (CPU)
2.8%
2.6%
24%
158
0.4%
0.5%
11%
0%
7.5
N/A
1.2
Cooper Energy (COE)
0.0%
0.0%
0%
0.0%
0.0%
-10%
0%
0.0
0.2
0.2
Corp Travel (CTD)
0.3%
0.3%
15%
1 11.0%
10.0%
-12%
0%
1.5
0.0
Credit Corp (CCP)
0.1%
0.1%
1%
0.1%
0.1%
6%
0%
0.3
0.8
0.1
0.1
Cromwell Prop (CMW)
0.1%
0.0%
1%
1 -0.1%
-0.2%
1%
-1%
0.2
0.3
0.0
0.1
Crown (CWN)
0.5%
0.2%
3%
23 -0.3%
-0.5%
-1%
0%
1.0
0.4
1.2
0.5
CSG (CSV)
0.1%
0.0%
2%
0.0%
14%
0%
0.3
0.6
0.4
0.3
0.6
1.9
0.5
0.7
2.8
0.0%
0.3
0.1
1.1
CSL (CSL)
0.1%
0.1%
1%
24 -0.1%
-0.1%
-6%
0%
0.3
0.5
CSR (CSR)
9.8%
9.8%
42%
103 -0.7%
0.1%
2%
0%
16.2
N/A
7.5
Cudeco (CDU)
2.8%
2.1%
48%
16
0.1%
0.4%
-2%
0%
18.3
N/A
2.9
Dart Energy (DTE)
1.9%
1.6%
8%
0.0%
0.0%
-18%
0%
1.5
N/A
David Jones (DJS)
0.0
0.1
9.8
2.8
4.8
10.9% 10.9%
60%
154 -0.4%
1.9
0.6%
-12%
0%
14.7
N/A
9.2
10.9
2.5
Decmil (DCG)
2.5%
2.1%
15%
0.0%
0.5%
-17%
0%
3.3
N/A
0.4
Dexus Property (DXS)
0.4%
0.4%
4%
20
0.0%
0.0%
-3%
0%
0.9
0.5
0.4
0.4
Discovery Metals (DML)
1.7%
1.6%
4%
2 -0.1%
0.1%
-41%
0%
0.6
0.5
2.6
1.7
1.2
Domino Pizza Enterpr (DMP)
0.5%
0.3%
3%

0.0%
-0.1%
-10%
0%
1.7
0.5
0.3
1.6
1.7
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
0.2
1.6
Downer EDI (DOW)
1.7%
1.7%
8%
27
0%
0.3%
-23%
0%
2.0
N/A
Drillsearch Energy (DLS)
5.5%
4.9%
35%
22
0.9%
1.4%
-9%
0%
8.4
2.1
1.7
Duet (DUE)
2.8%
2.6%
22%
70 -0.2%
-0.4%
-6%
0%
6.7
N/A
0.7
Dulux(DLX)
1.9%
1.9%
16%
32 -0.7%
-0.9%
-4%
0%
4.1
N/A
2.6
0.2
1.7
5.5
2.8
1.9
9.0
Echo Entertainment (EGP)
1.0%
0.8%
4%
20
0.2%
0.3%
-17%
0%
1.3
0.4
Elemental Minerals (ELM)
0.0%
0.0%
4%
0.0%
0.0%
-12%
0%
0.2
0.0
Emeco Holdings (EHL)
3.9%
3.9%
15%
10
0.2%
1.8%
-9%
0%
4.7
N/A
0.6
Endeavour Min Corp (EVR)
0.1%
0.1%
0%
0 -0.2%
0.0%
-11%
0.2
0.6
0.0
0.1
6.9
6.5
3.2
2.8
1.0
0.2
0.0
3.9
Energy Resources (ERA)
6.5%
2.0%
25%
12
0.1%
0.4%
11%
0%
18.7
N/A
Energy World Corpor. (EWC)
2.8%
1.2%
11%
0.1%
0.3%
25%
0%
15.1
2.7
Envestra (ENV)
0.5%
0.3%
10%
0.0%
0.4%
-2%
0%
1.9
0.9
Evolution Mining (EVN)
4.3%
2.8%
19%
15 -0.4%
0.1%
-23%
0%
4.1
0.4
19.9% 17.5%
92%
0.3%
0.5%
-8%
0%
23.3
N/A
0.0%
1%
0 -1.0%
0.0%
-32%
0%
0.2
0.1
2.0
0.5
4.3
0.5
19.9
Fairfax Media (FXJ)

Fantastic Holdings (FAN)
0.0%
244
12.7
0.0
0.0
2.6
Federation Cntres (FDC)
0.2%
0.2%
1%
6 -0.2%
-0.1%
-5%
0%
0.4
0.9
FKP Property (FKP)
4.3%
2.6%
22%
12 -0.7%
1.0%
-14%
0%
7.1
0.6
Fleetwood Corp (FWD)
5.2%
4.3%
22%
11 -1.5%
-1.3%
-52%
-43%
3.1
N/A
Fletcher Building (FBU)
0.5%
0.5%
15%
26
0.0%
-0.1%
-4%
-2%
2.0
0.1
Flexi(FXL)
0.1%
0.1%
1%
0.0%
0.1%
4%
1%
0.3
3.9
19.3% 10.8%
95%
416 -0.4%
-1.5%
1%
0%
23.7
N/A
0.2
5.2
0.3
4.3
5.2
1.8
Flight Centre (FLT)
0.5
0.1
19.5
Flinders Mines (FMS)
0.2%
0.2%
1%
0.0%
0.0%
-8%
0%
0.3
4.2
0.0
Focus Minerals (FML)
0.8%
0.4%
15%
0.0%
0.2%
-18%
-300%
1.7
N/A
0.0
Forge (FGE)
1.6%
1.6%
11%
0.5%
0.8%
-28%
1%
1.4
0.5
0.6
Fortescue Metals Grp (FMG)
9.6%
5.2%
75%
553
0.3%
-0.6%
-3%
0%
6.8
N/A
8.9
G.U.D. Holdings (GUD)
8.2%
8.2%
98%
42
0.3%
1.6%
-1%
1%
14.1
N/A
1.6
G8 Education (GEM)
0.3%
0.3%
3%
0.0%
0.2%
-5%
0%
1.0
0.2
0.0
0.1
19.3
0.2
0.8
1.6
9.6
8.2
0.3
2.5
Galaxy Resources (GXY)
0.8%
0.7%
6%
0.0%
0.0%
-45%
0%
1.9
9.1
Gindalbie Metals (GBG)
4.8%
3.0%
39%
0.6%
1.0%
-39%
0%
2.0
N/A
4.9
Goodman (GMG)
0.4%
0.3%
3%
29
0.0%
-0.2%
-3%
0%
0.8
0.5
1.0
Goodman Fielder. (GFF)
2.3%
2.0%
11%
29
0.1%
-0.1%
-8%
0%
4.3
N/A
2.0
GPT (GPT)
0.2%
0.2%
2%
16 -0.1%
-0.2%
-3%
0%
0.6
0.1
GrainCorp (GNC)
0.8%
0.8%
4%
22
-0.3%
-1%
0%
1.0
2.3

0.0%
0.8
0.6
0.4
4.8
0.4
2.3
0.2
0.8
1.3
0.5
14
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Grange Resources. (GRR)
1.3%
0.5%
20%
0.0%
0.8%
12%
Greenland Min En (GGG)
1.2%
1.1%
55%
0.1%
-0.2%
-2%
Gryphon Minerals (GRY)
3.9%
3.9%
16%
0.0%
0.3%
-5%
GWA (GWA)
3.5%
3.3%
23%
23 -0.2%
0.0%
14.9%
8.1%
49%
221
0.2%
Henderson (HGG)
0.1%
0.1%
1%
Hillgrove Res (HGO)
0.2%
0.2%
2%
Hills Holdings (HIL)
0.3%
0.3%
7%
Horizon Oil (HZN)
6.2%
5.5%
30%
Icon Energy (ICN)
0.0%
0.0%
0%
iiNet (IIN)
1.7%
1.1%
12%
11
13.0% 13.0%
91%
Days to
cover5
FY1
EPS4
F'cast
0%
% stock
loaned
not
short6
12 Month History
Float1
0.2
0.5
1.3
0.2
1.0
1.2
2.8
3.9
2.1
N/A
8.5
N/A
0%
2.8
N/A
-13%
0%
8.6
N/A
0.2%
-14%
0%
22.5
N/A
0.1%
0.0%
7%
3%
0.3
1.7
0.8
0.1
0.0%
0.0%
-13%
-29%
0.5
0.0
0.3
0.2
0.0%
-0.3%
-10%
0%
1.6
N/A
24 -0.1%
-0.1%
-6%
0%
17.8
N/A
2.4
0.0% -29.0%
-16%
0%
0.0
0.0
0.0
6.9
Harvey Norman (HVN)
3.5
17.0
1.4
14.9
0.3
6.2
0.0
1.7
Iluka Resources (ILU)
0.1%
0.5%
-6%
0%
2.4
N/A
0.2
587 -0.4%
-1.1%
21%
4%
14.8
N/A
9.4
13.0
3.2
Imdex (IMD)
3.2%
3.2%
20%
0.3%
0.8%
-9%
0%
2.9
N/A
0.2
IMF (Australia) (IMF)
1.1%
0.9%
10%
0.0%
0.0%
2%
0%
3.7
0.4
0.1
Incitec Pivot (IPL)
1.4%
1.4%
9%
63 -0.1%
-0.4%
-3%
0%
1.9
N/A
0.3
Independence (IGO)
2.2%
2.2%
11%
16
0.0%
-0.1%
-6%
0%
4.4
N/A
Indophil Resources (IRN)
0.1%
0.1%
0%
0 -0.1%
0.0%
11%
0%
0.6
6.2
1.1
1.4
4.9
2.2
0.1
0.8
Infigen Energy (IFN)
0.4%
0.4%
4%
0.0%
0.0%
-9%
0%
5.9
N/A
Insurance Australia (IAG)
0.1%
0.1%
1%
14
0.0%
0.0%
-6%
0%
0.4
0.5
0.2
Intrepid Mines (IAU)
3.9%
3.7%
46%
6 -0.2%
0.8%
13%
0%
7.9
N/A
2.2
0.2%
0.2%
2%
5 -0.1%
0.0%
-2%
0%
0.6
2.2
0.4
0.1
0.4
0.1
3.9
InvoCare (IVC)
1.6%
1.6%
18%
19
0.1%
0.7%
-10%
0%
5.7
N/A
IOOF Holdings (IFL)
1.1%
1.0%
10%
19 -0.1%
0.0%
-6%
0%
3.5
0.1
IRESS (IRE)
2.0%
1.6%
12%
17 -0.2%
-0.6%
-2%
0%
6.9
0.1
Ivanhoe Australia (IVA)
0.6%
0.2%
2%
0 -0.2%
0.2%
-46%
0%
0.6
0.1
0.2
3.0
1.6
0.4
2.8
1.1
2.0
1.7
0.6
2.8
James Hardie Indust (JHX)

JB Hi-Fi (JBH)
1.1%
1.1%
9%
49 -0.1%
-0.2%
-3%
0%
3.4
0.2
1.1
22.4
16.8% 16.8%
62%
251 -0.1%
-1.4%
-6%
0%
19.8
N/A
16 -0.1%
0.8%
32%
0%
3.8
1.0
0.0%
-0.4%
15%
0%
0.1
0.4
9 -1.2%
-3.5%
-29%
0%
2.4
N/A
3.9
0.1
16.8
1.7
Karoon Gas Australia (KAR)
1.7%
1.3%
14%
Kathmandu Hold (KMD)
0.0%
0.0%
0%
Kingsgate Consolid. (KCN)
4.0%
4.0%
19%
Kingsrose Mining (KRM)
0.3%
0.2%
7%
0.0%
0.1%
-41%
-64%
1.3
0.2
8.3%
4.0%
48%
258
1.7%
3.4%
-5%
0%
11.3
N/A

0.5
1.2
6.2
0.6
0.0
4.0
0.3
8.3
0.7
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
Lend Lease (LLC)
0.7%
0.6%
5%
36 -0.4%
-0.5%
-6%
0%
1.7
0.1
Linc Energy (LNC)
3.8%
2.3%
24%
18 -0.2%
-1.0%
-23%
0%
1.5
3.4
10.4% 10.4%
106%
0.3%
0.0%
4%
0%
9.6
N/A
Lynas Corporation (LYC)
107
12 Month History
Float1
0.2
0.6
10.7
10.2
0.2
0.7
3.8
10.4
3.3
M2 Telecommunication (MTU)
3.3%
3.0%
37%
30 -0.1%
-0.6%
-1%
9%
8.2
N/A
0.0
MACA (MLD)
0.1%
0.1%
1%
0 -0.1%
0.1%
-18%
0%
0.2
0.7
0.0
0.1
Macmahon Holdings (MAH)
1.0%
0.8%
6%
0.1%
-0.1%
3%
15%
0.9
0.0
0.4
1.0
Macq Atlas Roads Grp (MQA)
6.1%
5.2%
32%
46
0.2%
2.1%
9%
0%
19.0
3.9
0.7
Macquarie (MQG)
0.7%
0.7%
5%
97
0.1%
-0.4%
10%
0%
1.5
0.9
Magellan Fin Grp (MFG)
0.7%
0.5%
24%
0.2%
0.2%
16%
4%
2.2
N/A
0.0
Matrix C & E (MCE)
5.4%
3.8%
23%
0.0%
0.2%
-16%
-16%
23.5
0.6
1.0
Maverick Drilling (MAD)
4.0%
3.3%
30%
0.2%
1.0%
-41%
0%
3.6
N/A
0.0
McMillan Shakespeare (MMS)
1.5%
1.1%
9%
13
0.2%
0.6%
6%
0%
3.6
N/A
0.2
Medusa Mining (MML)
1.3%
1.3%
12%
0.1%
-0.7%
-30%
0%
1.1
0.4
Mermaid Marine (MRM)
0.4%
0.4%
2%
0.0%
0.0%
-14%
0%
1.1
0.3
6.1
2.4
0.7
0.7
5.4
4.0
1.5
1.6
1.3
0.3
0.4
11.1
8.8
Mesoblast (MSB)
8.8%
4.9%
53%
93
0.1%
0.0%
2%
0%
28.8
N/A
Metcash (MTS)
8.5%
8.5%
54%
299
0.2%
0.0%
-2%
0%
13.8
N/A
5.5
Miclyn Exp Offshr (MIO)
0.5%
0.2%
3%
1 -0.1%
-0.5%
-4%
-1%
0.7
N/A
0.5
0.5
Mincor Resources NL (MCR)
1.5%
1.5%
14%
0.0%
0.2%
-7%
0%
8.6
N/A
1.1
1.5
Mineral Deposits (MDL)
3.4%
3.4%
17%
0.1%
0.4%
-6%
0%
9.4
N/A
0.1
Mineral Resources. (MIN)
3.4%
2.9%
19%
48
0.3%
0.7%
-10%
0%
3.5
N/A
1.1
Mirabela Nickel (MBN)
3.4%
2.9%
17%
5 -0.1%
0.6%
39%
0%
4.0
N/A
Mirvac (MGR)
0.2%
0.2%
2%
14
0.0%
0.0%
-5%
0%
0.7
0.4
Molopo Energy (MPO)
0.6%
0.6%
3%
0.1%
0.1%
-15%
0%
1.3
N/A
10.4% 10.4%
85%
152 -0.9%
-1.2%
-24%
0%
10.9
N/A
3.3
1.9%
29%
0.4%
0.6%
-3%
24%
2.5
N/A
1.7
14.2% 14.2%
65%
201 -0.3%
-1.0%
-24%
0%
12.6
N/A
10.5
0.2%
2%
178 -0.1%
-0.4%
-8%
0%
0.8
0.0
8.5
3.4
Monadelphous (MND)
Mount Gibson Iron (MGX)
Myer Holdings (MYR)
National Aust. Bank (NAB)
3.1%
0.2%
10
3.8
3.4
0.1
0.2
0.5
0.6
10.4
0.8
14.2
0.2
5.7
0.2
5.7%
3.7%
35%
77
0.0%
-0.2%
4%
0%
17.5
N/A
Neon Energy (NEN)
0.2%
0.2%
9%
0.1%
-0.3%
33%
0%
0.7
N/A
0.2
New Hope Corporation (NHC)
0.3%
0.3%
5%
0.0%
-3.0%
-3%
-11%
12.6
N/A
0.2
Newcrest Mining (NCM)
0.8%
0.8%
6%
90
0.0%
0.0%
-13%
0%
0.9
0.1
0.3
News Corp (NWS)
0.1%
0.1%
2%
31
0.0%
0.0%
12%
0%
0.7
0.3
0.1
3.1
6.0
Navitas (NVT)
3.4
0.3
0.8
0.1
4.2
0.9
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
4.2
0.2
0.3%
21%
0%
10.3
1.9
0.2
0.9
0.0%
0.2%
-19%
0%
2.2
2.8
0.2
1.1
0.0%
0.1%
-70%
0.6
10.7
0.2
0.7
4 -0.2%
0.6%
0%
-3%
1.2
N/A
0.3
1.3%
2.7%
-12%
0%
4.6
N/A
0.6
64
0.5%
1.2%
5%
0%
12.0
N/A
3.3
0.0%
0.0%
-14%
0.7
0.5
170 -0.2%
-0.3%
12%
4.7
N/A
0.8
0.0%
-0.1%
-3%
3.9
0.3
1.4
140
0.2%
0.4%
-3%
0%
3.2
N/A
1.0
10%
193
0.0%
0.0%
6%
0%
4.4
N/A
0.5%
14%
0.0%
-0.2%
20%
0%
3.9
N/A
0.9%
0.6%
9%
0.1%
0.4%
0%
0%
2.5
1.4
OZ Minerals (OZL)
6.2%
6.2%
39%
72 -0.4%
0.3%
-10%
-141%
4.2
N/A
1.7
Pacific Brands (PBG)
1.6%
1.6%
6%
11 -0.1%
0.6%
-15%
0%
3.6
N/A
0.8
14.1% 13.1%
91%
102 -0.2%
0.4%
23%
0%
11.5
N/A
9.4
Nextdc (NXT)
4.2%
3.1%
19%
Nexus Energy (NXS)
1.1%
1.1%
5%
Northern Iron (NFE)
0.7%
0.4%
1%
Northern Star (NST)
1.6%
1.5%
16%
NRW Holdings (NWH)
9.7%
9.7%
32%
31
Nufarm (NUF)
8.1%
5.5%
54%
OceanaGold Corp. (OGC)
0.3%
0.3%
5%
Oil Search (OSH)
1.9%
1.5%
17%
OM Holdings (OMH)
0.8%
0.5%
13%
Orica (ORI)
1.7%
1.7%
14%
Origin Energy (ORG)
1.3%
1.3%
Orocobre (ORE)
0.6%
Oroton(ORL)
12 -0.1%
1.6
9.7
8.1
Paladin Energy (PDN)
0%
0.8
1.3
0.1
1.1
0.3
1.9
0.8
1.7
1.3
0.6
0.9
6.2
1.6
14.1
PanAust (PNA)
1.7%
1.3%
10%
18
0.3%
-0.2%
-3%
-11%
1.6
N/A
0.7
Panoramic Resources (PAN)
0.9%
0.9%
12%
0.0%
0.1%
-8%
0%
2.5
0.3
1.6
Papillon Res (PIR)
0.8%
0.7%
4%
0.2%
-0.1%
-31%
0%
0.8
0.0
0.1
Patties Foods (PFL)
0.0%
0.0%
0%
0.0%
0.0%
-2%
0%
0.1
0.0
0.0
Perilya (PEM)
0.3%
0.1%
1%
0.0%
0.3%
-7%
0%
1.0
0.4
0.1
Perpetual (PPT)
5.4%
5.4%
68%
95
0.2%
0.4%
2%
0%
18.6
N/A
Perseus Mining (PRU)
3.2%
3.2%
18%
15 -0.5%
-1.9%
-26%
0%
2.9
Pharmaxis (PXS)
2.8%
2.8%
11%
2 -0.1%
-1.4%
38%
0%
Platinum Asset (PTM)
0.3%
0.1%
3%
0.1%
-2.3%
1%
Premier Investments (PMV)
0.2%
0.1%
1%
1 -0.2%
-0.3%
Prima Biomed (PRR)
0.0%
0.0%
0%
0.0%
Primary Health Care (PRY)
3.9%
3.6%
20%
93
Programmed (PRG)
0.2%
0.2%
2%
Qantas Airways (QAN)
1.3%
1.3%
9%
QBE Insurance (QBE)
3.5%
3.5%
Qrxpharma (QRX)
0.6%
0.6%
0.9
0.8
0.0
0.3
4.6
5.4
0.4
2.6
3.2
2.2
0.5
1.4
0%
0.7
0.6
2.8
-16%
0%
0.4
1.1
0.4
0.0%
-12%
0%
0.1
0.1
0.4
0.1%
0.2%
-4%
0%
7.5
N/A
3.1
3.9
0.0%
0.0%
-11%
-2%
0.5
0.7
0.2
0.2
44
0.1%
0.2%
-20%
0%
2.4
N/A
34%
645 -0.3%
-0.5%
14%
0%
8.3
N/A
3.9
16%
1 18.0%
35.0%
7%
0%
6.0
0.4
0.2

1.7
0.9
0.7
2.8
0.3
0.2
0.0
1.3
3.5
0.6
1.9
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
-0.7%
-2%
0%
9.2
0.1
0.2
0.7
0.0%
-0.2%
-8%
-78%
1.8
N/A
0.5
56 -0.1%
0.0%
9%
0%
3.9
N/A
1.4
0.0%
0.4%
-8%
2%
1.2
0.0
0.0
0.0%
-0.1%
-11%
0%
0.3
1.4
0.2
6%
0.0%
0.0%
0%
0%
1.6
0.0
0.0
1.4%
6%
0.4%
0.0%
-19%
1%
4.3
0.2
0.1
3.5%
2.9%
35%
51
0.2%
0.2%
-2%
0%
4.5
N/A
0.2
ResMed Inc. (RMD)
0.8%
0.8%
13%
64
0.0%
-0.2%
10%
1%
2.6
1.2
0.2
Resolute Mining (RSG)
0.3%
0.3%
2%
0.0%
0.0%
-27%
0%
0.2
0.4
Retail Food (RFG)
1.2%
0.9%
8%
0.2%
0.9%
-1%
0%
7.0
N/A
0.0
Rex Minerals (RXM)
1.6%
1.5%
10%
0.1%
0.1%
-14%
0%
3.7
0.7
0.4
Ridley Corporation (RIC)
0.4%
0.3%
2%
1 -0.1%
-0.1%
-6%
0%
1.1
N/A
0.0
Rio Tinto (RIO)
1.6%
1.6%
13%
358 -0.4%
-1.4%
-5%
0%
1.8
N/A
Qube Holdings (QUB)
1.9%
1.3%
17%
Ramelius Resources (RMS)
1.6%
1.6%
25%
Ramsay Health Care (RHC)
1.2%
0.8%
11%
RCR Tomlinson (RCR)
0.5%
0.5%
5%
REA (REA)
0.1%
0.0%
0%
Red 5 (RED)
0.6%
0.6%
Red Fork Energy (RFE)
1.7%
Regis Resources (RRL)
20 -0.8%
1
0.2
1.9
1.6
1.2
0.5
0.1
0.6
1.7
3.5
1.0
0.8
0.3
1.2
1.6
0.4
4.7
1.6
0.4
ROC Oil Company (ROC)
0.2%
0.2%
1%
0.0%
0.0%
-8%
4%
1.1
N/A
Ruralco Holdings (RHL)
0.0%
0.0%
1%
0.0%
0.0%
12%
-35%
0.3
0.0
0.0
SAI Global (SAI)
6.8%
6.8%
40%
54
0.1%
0.7%
7%
-2%
10.7
N/A
2.2
Sandfire Resources (SFR)
4.3%
2.7%
22%
26
0.0%
0.4%
11%
0%
4.9
0.8
Santos (STO)
0.4%
0.4%
3%
44
0.0%
0.1%
4%
0%
0.9
Saracen Mineral (SAR)
2.9%
2.9%
11%
0.0%
0.6%
-3%
-6%
Sca Property (SCP)
5.6%
5.6%
75%
58
0.0%
0.2%
9%
Sedgman (SDM)
0.9%
0.5%
4%
1 -0.1%
0.4%
Seek (SEK)
4.4%
4.4%
23%
0.4%
Senex Energy (SXY)
1.9%
1.6%
17%
11 -0.3%
Seven Holdings (SVW)
2.7%
0.8%
12%
19
Seven West Media (SWM)
1.2%
0.7%
9%
Sigma Pharmaceutical (SIP)
0.9%
0.9%
6%
Silex Systems (SLX)
1.2%
1.0%
8%
Silver Chef (SIV)
0.0%
0.0%
Silver Lake Resource (SLR)
0.8%
Sims Metal Mgmt (SGM)

Singapore Telecomm. (SGT)
0.2
0.0
6.8
4.9
4.3
0.5
0.5
0.4
1.9
0.4
0.6
0%
8.2
N/A
0.0
-29%
-24%
1.2
0.3
0.0
0.5%
-6%
0%
8.1
N/A
4.1
-0.2%
-10%
0%
4.2
0.1
0.4
0.7%
1.2%
-22%
0%
3.5
N/A
0.6
16 -1.1%
-0.9%
6%
0%
1.2
0.6
4.8
0.0%
0.1%
10%
0%
3.3
N/A
0.5
0.0%
0.0%
-6%
0%
13.2
N/A
0.6
10%
0 -1.0%
-4.0%
-9%
0%
0.1
0.1
0.0
0.0
0.8%
3%
3 -0.6%
-0.8%
-24%
0%
0.4
N/A
0.2
0.8
7.4%
6.0%
48%
117 -0.1%
-1.4%
0%
0%
8.4
N/A
5.6
0.6%
0.6%
8%
4 -0.1%
-0.3%
6%
0.5
2.5
4.9
2.9
5.6
155
0.9
4.4
1.9
2.7
1.2
0.9
1.2

7.4
0.6
0.9
0.0
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
0.9
0.2
Sirius Resources NL (SIR)
0.9%
0.7%
10%
0.1%
0.4%
-11%
0%
0.9
0.4
0.2
0.0
Sirtex Medical (SRX)
2.1%
1.7%
15%
10
0.3%
0.6%
10%
-1%
3.3
0.5
0.0
Skilled (SKE)
2.4%
2.1%
10%
12
0.0%
0.2%
-16%
-2%
4.3
N/A
0.0
SMS Management. (SMX)
3.1%
3.1%
26%
11
0.0%
-0.3%
0%
-5%
5.9
0.3
0.9
Sonic Healthcare (SHL)
2.7%
2.7%
28%
150 -0.2%
0.1%
7%
0%
7.3
0.0
1.2
SP AusNet (SPN)
1.1%
0.5%
8%
20 -0.2%
-0.4%
-6%
0%
2.6
N/A
0.4
Spark Infrastructure (SKI)
3.8%
3.5%
28%
80 -0.8%
-0.3%
-3%
0%
7.8
0.3
Specialty Fashion (SFH)
0.8%
0.8%
7%
0.0%
78.0%
-24%
0%
5.5
N/A
St Barbara (SBM)
3.7%
3.7%
18%
11
0.1%
1.4%
-3%
0%
2.9
N/A
Starpharma Holdings (SPL)
5.1%
4.8%
36%
12
0.2%
0.9%
-11%
0%
24.1
N/A
1.1
Sthn Cross Media (SXL)
1.2%
1.0%
6%
0.0%
-0.2%
-12%
0%
2.9
0.2
1.0
1.2
Stockland (SGP)
0.5%
0.5%
5%
47
0.1%
-0.1%
-3%
0%
1.1
0.5
0.7
0.5
STW Communications (SGN)
0.0%
0.0%
0%
0.0%
0.0%
-3%
0%
0.2
0.4
0.0
0.0
Suncorp (SUN)
0.4%
0.4%
3%
57 -0.1%
-0.1%
-3%
0%
1.1
0.5
Sundance Energy (SEA)
0.6%
0.5%
3%
0.0%
0.1%
4%
54%
1.5
0.1
0.0
0.6
Sundance Resources (SDL)
1.7%
1.4%
4%
0.6%
0.6%
-13%
0%
1.2
4.1
1.6
1.7
Super Ret Rep (SUL)
0.5%
0.3%
2%
0.0%
0.0%
-16%
0%
1.2
0.5
SYD Airport (SYD)
1.6%
1.3%
6%
86 -0.2%
0.1%
6%
0%
3.2
0.4
0.5
Syrah Resources (SYR)
0.9%
0.5%
2%
0.0%
0.6%
-2%
1.0
0.1
0.0
TABCORP Holdings (TAH)
2.5%
2.5%
18%
64
0.1%
0.4%
0%
0%
4.9
N/A
1.0
Tap Oil (TAP)
0.4%
0.4%
4%
0.0%
0.0%
-8%
0%
2.0
3.4
0.3
0.4
Tatts (TTS)
1.0%
1.0%
8%
44 -0.2%
-0.3%
0%
0%
2.8
0.1
0.9
1.0
Telecom Corporation (TEL)
0.5%
0.5%
37%
18 -0.4%
-0.4%
-11%
0%
2.2
N/A
Telstra Corporation. (TLS)
0.1%
0.1%
1%
76
0.0%
0.0%
-1%
0%
0.4
0.3
Ten Network Holdings (TEN)
5.5%
3.4%
23%
23
0.3%
0.0%
-16%
0%
5.0
N/A
Teranga Gold Corp (TGZ)
0.0%
0.0%
0%
0.0%
-0.1%
-12%
0.0
0.7
0.1
The Reject Shop (TRS)
5.7%
5.7%
29%
26 -0.1%
-2.1%
-7%
0%
11.4
N/A
5.4
5.7
Thorn (TGA)
0.1%
0.1%
1%
0.0%
0.1%
8%
4%
0.2
0.7
0.2
0.1
Tiger Resources (TGS)
0.5%
0.5%
3%
0.0%
0.1%
-2%
-10%
1.2
N/A
0.4
0.5
Toll Holdings (TOL)
4.3%
4.1%
26%
144 -0.6%
-0.2%
-14%
0%
6.5
N/A
3.1
Tox Free Solutions (TOX)
0.8%
0.8%
6%
0.2%
-0.1%
3%
0%
4.7
N/A
0.0
Tpg Telecom (TPM)
0.1%
0.0%
0%
1 -0.3%
-0.2%
-2%
0%
0.2
0.3
0.8
0.1
0.1
0.1
2.1
2.4
3.1
2.7
3.0
1.1
3.8
0.6
0.8
3.4
3.7
5.1
0.9
0.4
0.8
0.5
1.6
0.9
2.5

0.8
0.2
10.3
0.5
0.1
5.5
0.0
4.3
0.8
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
0.1
0.6
0.2
0.1
0%
2.1
N/A
1.2
-9%
0%
0.2
1.8
0.6
0.1
-0.1%
1%
0%
0.9
0.2
0.4
0.3
-0.3%
5%
0%
4.1
N/A
2.0
0.0%
0.8%
-6%
-14%
6.2
0.0
0.3
79 -0.3%
0.4%
-31%
0%
5.5
N/A
3.4
0.0%
-0.2%
-18%
0%
0.1
0.2
0.0
0.0%
-1.0%
-4%
0%
9.8
N/A
1.0
5%
2 -0.1%
0.4%
-3%
0%
1.7
0.8
2.6%
27%
1069 -0.1%
-0.3%
-5%
0%
10.7
0.2
10.2%
8.1%
45%
44
0.0%
0.0%
-1%
-67%
11.1
N/A
5.9
Western Desert Res. (WDR)
0.6%
0.5%
19%
0.0%
0.0%
-10%
0%
4.1
N/A
0.1
Westfield (WDC)
0.4%
0.3%
4%
85
0.0%
0.0%
2%
0%
1.1
0.6
0.4
Westfield Retail Tst (WRT)
0.3%
0.3%
3%
31 -0.1%
-0.2%
-4%
0%
0.6
0.5
Trade Me (TME)
0.1%
0.1%
1%
Transfield Services (TSE)
2.7%
2.3%
7%
Transpacific Indust. (TPI)
0.1%
0.1%
0%
Transurban (TCL)
0.3%
0.3%
Treasury Wine Estate (TWE)
2.4%
Troy Resources (TRY)
0.0%
0.0%
-2%
10 -0.7%
0.0%
-45%
0.0%
-0.2%
2%
31 -0.1%
2.4%
20%
97 -0.3%
5.2%
4.6%
46%
UGL (UGL)
6.8%
6.8%
39%
UXC (UXC)
0.0%
0.0%
0%
Virgin Aus Hldg (VAH)
5.6%
2.3%
51%
26
Webjet (WEB)
0.8%
0.7%
Wesfarmers (WES)
2.6%
0.2
0.1
2.7
2.4
5.2
6.8
0.7
3.1
0.0
5.6
0.8
2.6
10.2
Western Areas (WSA)
0.6
0.4
1.6
0.3
2.0
Westpac Banking Corp (WBC)
0.5%
0.5%
5%
445 -0.1%
-0.4%
-13%
0%
1.9
N/A
0.5
17.4
Whitehaven Coal (WHC)
17.4% 10.3%
156%
233
0.4%
1.0%
13%
0%
15.3
N/A
1.6
7.0%
50.0%
-22%
0%
1.4
1.8
0.0
76 -0.1%
-0.3%
-2%
0%
0.8
0.3
0.5
WHK (WHG)
0.5%
0.5%
2%
Woodside Petroleum (WPL)
0.3%
0.3%
3%
Woolworths (WOW)
0.5%
0.5%
5%
196
0.1%
-0.1%
-10%
0%
2.2
0.1
0.4
0.5
WorleyParsons (WOR)
2.5%
2.1%
17%
103
0.2%
0.3%
-13%
0%
3.8
N/A
2.0
2.5
13.4%
8.3%
60%
97
0.6%
1.4%
8%
0%
25.7
N/A
10.8
Wotif.com Holdings (WTF)
0.5
0.3
13.4

20
Data Tables
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.
21
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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
Liam Schofield
Nathan Szeitli
Quantitative Strategy/TAA
Damien Klassen
(02) 8247 6661

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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
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22

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Tuesday, 4 June 2013

SHORT AND STOCKY

Change in Short Positions by Sector

Sector Focus: US dollar earnings

Bank of Queensland. (BOQ) +0.6% -0.3%

Fleetwood Corp (FWD)

NRW Holdings (NWH)

Kingsgate Consolid. (KCN)

Cabcharge Australia (CAB)

Seven West Media (SWM)

Outside ASX 300

White Energy (WEC)

Qrxpharma Ltd (QRX)

Pura Vida Energy (PVD)

Corp Travel Limited (CTD)

Elders Limited (ELD)

Equities Research Short and Stocky

Boart Longyear (BLY)

Emeco Holdings (EHL)

Leighton Holdings (LEI)

Mineral Resources. (MIN)

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

Shorting at the large

Short sellers continue

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

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 likely

Not much shorting in the

Short sellers are not

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

Equities Research Short and Stocky

Retailers not favoured

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

Heat Maps Current Short Position and Change in Short Position

For an interactive version of these

Very mixed in the small caps with

Not much love for

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

Equities Research Short and Stocky

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

Small Caps vs Large Caps

Small Ordinaries by Sector

Small financials the only

Small Ords at record levels of

Industrials vs Small Industrials over time

Resources vs Small Resources over time

Small industrials increasing

Equities Research Short and Stocky

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

Different directions for small