Tuesday, 18 June 2013

SHORT AND STOCKY

Equities Research - Short and Stocky 1
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.
damien.klassen@wilsonhtm.com.au +61 2 8247 3101

Commentary Change in Short Positions by Sector
There is a relatively stark difference between small cap resources where short sellers
are increasing positions, and large cap resources where short sellers are reducing
positions. 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 continue to close the gap.
For ! the sector focus this week (see bottom right), we have focused on travel
companies. The three key takeouts for me are: (1) Short selling has been increasing in
most of these stocks; (2) There wouldappeartobestructuralshortsinFLTandWTF
with significant levels of short selling in both stocks for a long period of time. This is not
reflected in WEB (WEB is much smaller though); (3) While the trend is similar for QAN
and VAH, there has been 5-6x more shorting in VAH relative to QAN over the past 12
months.
See http://bit.ly/oOzqNf for interactive charts.
Change in Short Positions as % of Free FIoat Market Cap
Change over TotaI Change over TotaI
1w 1m
Short
SeII1 1w 1m
Short
SeII1
ASX 100
FlightCentre(FLT) +2.0% +2.4% 22.5% OilSearch(OSH) -0.4% -0.9% 1.3%
MineralResources.(MIN) +1.1% +2.9% 4.9% NationalBank(NAB) -0.3% -0.1% 0.3%
LeightonHoldings(LEI) +0.8% +4.7% 9.6% Seek(SEK) -0.3% +2.8% 6.5%
SmaII Ords
IntrepidMines(IAU) +1.9% +1.0% 4.6% SingaporeTelco(SGT) -0.7% +0.1% 0.5%
VirginAusHldg(VAH) +1.6% +2.3% 7.4% SundanceEnergy(SEA) -0.6% +0.1% 0.5%
BoartLongyear(BLY) +1.1% +5.6% 10.9% MirabelaNickel(MBN) -0.5% -0.0% 3.1%
Outside ASX 300
ASGGroupLimited(ASZ) +0.2% +0.1% 0.7% NorfolkGroup(NFK) -0.2% -0.2% 0.1%
ERMPowerLimited(EPW) +0.2% +0.2% 0.2% CorpTravel(CTD) -0.1% +0.0% 0.2%
QrxpharmaLtd(QRX) +0.2% +0.6% 0.7% Berkeley(BKY) -0.1% -0.1% 0.1%
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


Sector Focus: TraveI Sector

Current Short Position Days to

cover
5

12 Month History
Code
% Free
Float
1

% Mkt
Cap
% Stock
available
to short
2

Value
($m)
Short Position as % of Free
Float
1

CorpTravel(CTD) 0.2% 0.2% 10% 1 0.9

FlightCentre(FLT) 22.5% 12.5% 109% 475 26.1

QantasAirways(QAN) 1.2% 1.2% 8% 39 2.0

VirginAusHldg(VAH) 7.4% 3.0% 68% 35 10.4

Webjet(WEB) 1.3% 1.1% 8% 4 2.8

Wotif.comHoldings(WTF) 14.3% 8.9% 59% 97 26.6

1.33
0.60
2.09
0.78
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
Jun10 Dec10 Jun11 Dec11 Jun12 Dec12
%IndexSold
Short
1
Resources
IndustriaIs
FinanciaIs
LTCA
2
Shortsellinginindustrials
increasing,financialsand
resourcesdecreasing
2.1
7.4
0.1
1.3
9.8
14.3
19.6
22.5
0.4
1.2
0.2

Heat Maps Current Short Position and Change in Short Position
Equities Research - Short and Stocky 2
Change in Current Short Position - ASX 100 over 1 week


Source (all charts): Wilson HTM, ASX, ASIC, S&P. Current Charts: Green = Few open short positions, Red = significant open short positions. Change Charts: Green = Short covering, Red = short selling.
For an interactive version of these
charts go to http://bit.ly/ubBtfP
Shortsellerscontinue
closingoutpositionsinthe
banksthisweek
Shortingatthelarge
endoftheresource
sectorisverydifferent
tothesmall

Heat Maps Current Short Position and Change in Short Position
Equities Research - Short and Stocky 3
Change in Current Short Position - SmaII Ordinaries over 1 week


Source (all charts): Wilson HTM, ASX, ASIC, S&P. Current Charts: Green = Few open short positions, Red = significant open short positions. Change Charts: Green = Short covering, Red = short selling.
For an interactive version of these
charts go to http://bit.ly/ubBtfP

Heat Maps Current Short Position and Change in Short Position
Equities Research - Short and Stocky 4
Current Short Position - ASX 100


Source (all charts): Wilson HTM, ASX, ASIC, S&P. Current Charts: Green = Few open short positions, Red = significant open short positions. Change Charts: Green = Short covering, Red = short selling.
For an interactive version of these
charts go to http://bit.ly/ubBtfP
Shortsellersarenot
fansofthesmaller
banksorQBEinthe
financialsspace
BHP&RIOnumbersarelikely
skewedbyvarioustrading
strategiesbetweenAustralia
andtheUK
Notmuchshortinginthe
largerenergystockslots
inthesmallerones
Retailersnotfavoured
exceptforWOW

Heat Maps Current Short Position and Change in Short Position
Equities Research - Short and Stocky 5
Current Short Position - SmaII Ordinaries


Source (all charts): Wilson HTM, ASX, ASIC, S&P. Current Charts: Green = Few open short positions, Red = significant open short positions. Change Charts: Green = Short covering, Red = short selling.
For an interactive version of these
charts go to http://bit.ly/ubBtfP
Verymixedinthesmallcapswith
moststockseitherredorgreenand
notmanylightcolours

Small Caps vs Large Caps
Equities Research - Short and Stocky 6
SmaII Ordinaries vs ASX 100 over time SmaII Ordinaries by Sector



IndustriaIs vs SmaII IndustriaIs over time Resources vs SmaII Resources over time



1. % of Free Float for ASX 100 and Small Ords 2. LTCA = Long Term Capital Assets, includes Property, Utilities, Infrastructure. % of index Source: Wilson HTM, ASX, ASIC, S&P
3.25
1.12
0.7
1.2
1.7
2.2
2.7
3.2
3.7
Jun10 Sep10Dec10Mar11 Jun11 Sep11Dec11Mar12 Jun12 Sep12Dec12Mar13
%IndexSold
Short
1
SmaII Ords
ASX 100
3.28
1.39
3.93
1.64
0.4
0.9
1.4
1.9
2.4
2.9
3.4
3.9
4.4
Jun10 Sep10Dec10Mar11 Jun11 Sep11Dec11Mar12 Jun12 Sep12Dec12Mar13
%IndexSold
Short
1
Resources
IndustriaIs
Financials
LTCA
2
2.09
3.93
0.6
1.1
1.6
2.1
2.6
3.1
3.6
4.1
4.6
Jun10 Sep10 Dec10Mar11 Jun11 Sep11Dec11Mar12 Jun12 Sep12Dec12Mar13
%IndexSold
Short
1
IndustriaIs
SmaII IndustriaIs
1.33
3.28
0.6
1.1
1.6
2.1
2.6
3.1
3.6
Jun10 Sep10Dec10Mar11 Jun11 Sep11Dec11Mar12 Jun12 Sep12Dec12Mar13
%IndexSold
Short
1
Resources
SmaII Resources
SmallOrdsatrecordlevelsof
shortselling
Smallfinancialstheonly
subsectorwhereshort
sellersarenotincreasing
positions.
Differentdirectionsforsmall
resourcesvslargeresources
Shortsellingincreasedinboth
largeandsmallindustrialsover
theweek

Caution needed
Equities Research - Short and Stocky 7
Days to Cover ASX 100 Days to Cover SmaII Ords


Stocks
below 2
days to
cover not
shown see
appendix for
individual
stocks

MSB
WTF
ENV SPL
RMS CSR FXJ
FML TSE PBG CDD JBH
GBG MAD ALK GFF AQA CAB
ASL IMD IRN SKE WSA MCE
AAX KCN GRY EVN CLO NUF ERA
TEL WEB ARP TOX IFN MTU GUD HZN
RXM ORL MMS DCG WDR IGO DLS PDN EWC
GXY MGX SXL SVW IMF APN BSE MDL TRS NVT
FWD RCR SXY ORE EHL SMX TRY QUB ACR PPT
GRR SIP RFE BWP ANG SFR IVC AAC GWA BRU CDU
AWE SRX CQR IFL NWH BTU FKP MCR IAU SAI NXT
FBU IIN OMH DLX CPL BKN BRG IRE SCP BND MQA
RED MBN BLY SBM KAR BDR TEN RFG GGG VAH SLX
2-2.5x 2.5-3x 3-3.5x 3.5-4x 4-5x 5-6x 6-7x 7-8x 8-10x 10-15x >15x
D
a
y
s

t
o

C
o
v
e
r

h
i
g
h
e
r

w
i
t
h
i
n

g
r
o
u
p

-
-
>
Latest Short SeII / Stock AvaiIabIe to be Ient (as at Iast quarter)

% of Stock "Borrowed" but not soId Short



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


0% 25% 50% 75% 100%
WhitehavenCoal(WHC)
FlightCentre(FLT)
LynasCorporation(LYC)
PaladinEnergyLtd(PDN)
MonadelphousGroup(MND)
G.U.D.Holdings(GUD)
AlsLtd(ALQ)
FairfaxMediaLtd(FXJ)
IlukaResources(ILU)
AquilaResources(AQA)
FortescueMetalsGrp(FMG)
VirginAusHldgLtd(VAH)
ScaPropertyGroup(SCP)
AnsellLimited(ANN)
JBHiFiLimited(JBH)
BuruEnergy(BRU)
MyerHoldingsLtd(MYR)
PerpetualLimited(PPT)
Wotif.comHoldings(WTF)
TroyResourcesLtd(TRY)
MesoblastLimited(MSB)
NufarmLimited(NUF)
DavidJonesLimited(DJS)
LatestShortSell/StockAvailable
0% 2% 4% 6% 8% 10% 12%
NorthernIronLtd(NFE)
IndophilResources(IRN)
FlindersMinesLtd(FMS)
FlexiGroupLimited(FXL)
AurizonHoldingsLtd(AZJ)
SundanceResources(SDL)
MacqAtlasRoadsGrp(MQA)
TapOilLimited(TAP)
SingaporeTelecomm.(SGT)
EnergyWorldCorpor.(EWC)
GrainCorpLimited(GNC)
AlacerGoldCorp.(AQG)
Billabong(BBG)
ASXLimited(ASX)
ChallengerLimited(CGF)
InvestaOfficeFund(IOF)
DrillsearchEnergy(DLS)
TransfieldServices(TSE)
BeachEnergyLimited(BPT)
ResMedInc.(RMD)
DiscoveryMetalsLtd(DML)
TranspacificIndust.(TPI)
HendersonGroup(HGG)
(LatestStockBorrowLatestShortPosition)/FreeFloatMktCap
Thesearestockswherethe
latestshortsalesposition
comparedtotheamountof
stockavailabletobelent(at
lastquarter)isthegreatest,i.e.
thesearethestocksitisprobably
hardtofindstocktoborrowif
youwanttoshortsell
Thesearestockswherethe
reportedamountofstock
borrowedorlentisgreaterthan
theamountofstockreportedas
soldshort,whichreflectsstocks
thatarereadytobeshortsold
(ordataintegrityissues)
Utilities
Energy
Resources
Industrials
Property
Financials

Caution needed
Equities Research - Short and Stocky 8
Highest and Iowest short positions

Stocks with: increasing shorting, underperformance, cIose to max Iending


Chang
e over
1w
TotaI
Short
SeII1

Chang
e over
1w
TotaI
Short
SeII1
ASX 100

Flight Centre (FLT) +2.0% 22.5%

News Corp (NWS) +0.0% 0.1%
Whitehaven Coal (WHC) -0.3% 17.2%

Insurance Australia (IAG) -0.0% 0.1%
Harvey Norman (HVN) +0.0% 14.9%

Telstra Corporation. (TLS) +0.0% 0.1%
Myer Holdings (MYR) +0.1% 14.6%

Brambles (BXB) -0.0% 0.2%
Iluka Resources (ILU) +0.0% 11.9%

CSL (CSL) +0.1% 0.2%
Monadelphous (MND) +0.7% 11.2%

Suncorp (SUN) -0.1% 0.2%
David Jones (DJS) +0.2% 10.8%

Woodside Petroleum (WPL) -0.1% 0.2%
Lynas Corporation (LYC) -0.3% 10.1%

Mirvac (MGR) +0.0% 0.3%
Fortescue Metals Grp (FMG) -0.2% 9.7%

National Aust. Bank (NAB) -0.3% 0.3%
Leighton Holdings (LEI) +0.8% 9.6%

Federation Cntres (FDC) +0.1% 0.3%

SmaII Ords

Fairfax Media (FXJ) +0.2% 20.4%

Perilya (PEM) +0.0% +0.00%
JB Hi-Fi (JBH) +0.5% 17.0%

Teranga Gold Corp (TGZ) -0.0% +0.00%
Wotif.com Holdings (WTF) +0.4% 14.3%

Kingsrose Mining (KRM) -0.0% +0.01%
Paladin Energy (PDN) -0.2% 13.7%

Elemental Minerals (ELM) +0.0% +0.01%
Boart Longyear (BLY) +1.1% 10.9%

Chorus (CNU) +0.0% +0.02%
Cabcharge Australia (CAB) -0.0% 10.4%

Aspen (APZ) +0.0% +0.02%
Western Areas (WSA) +0.1% 10.3%

Prima Biomed (PRR) +0.0% +0.03%
CSR (CSR) +0.1% 9.7%

Cape Lambert Res (CFE) +0.0% +0.04%
NRW Holdings (NWH) -0.2% 9.6%

Kathmandu Hold (KMD) +0.0% +0.04%
Mesoblast (MSB) +0.1% 9.0%

CSG (CSV) -0.0% +0.06%

Outside ASX 300

Gunns Limited (GNS) +0.0% 6.1%

Elders Limited (ELD) -0.1% 3.6%

Aquarius Platinum. (AQP) +0.0% 1.9%

Virtus Health Ltd (VRT) +1.8% 1.8%

Mortgage Choice Ltd (MOC) +0.0% 1.2%

FAR Ltd (FAR) +0.0% 0.9%

Peet Limited (PPC) -0.0% 0.9%

Specialty Fashion (SFH) +0.0% 0.8%

Murchison Metals Ltd (MMX) -0.0% 0.8%

ASG Group Limited (ASZ) +0.2% 0.7%




Short Sales 1m Change
Trading
Days to
cover short
position
As % of
Free
Float
As % of stock
available to
short
% Free
Float
Share
Price
CabchargeAustralia(CAB) 10.4% 53% 2.5% -23% 20.9
UGL(UGL) 7.8% 43% 1.0% -30% 6.0
Cardno(CDD) 6.8% 45% 1.8% -18% 14.8
FairfaxMedia(FXJ) 20.4% 86% 1.1% -15% 22.7
BoartLongyear(BLY) 10.9% 31% 5.6% -25% 3.1
LeightonHoldings(LEI) 9.6% 47% 4.7% -15% 10.8
G.U.D.Holdings(GUD) 8.6% 90% 1.3% -14% 12.7
MyerHoldings(MYR) 14.6% 62% 0.4% -20% 11.9
GindalbieMetals(GBG) 5.0% 52% 0.8% -28% 2.4
NRWHoldings(NWH) 9.6% 27% 2.1% -23% 4.2
RameliusResources(RMS) 2.7% 32% 1.0% -30% 2.5
BuruEnergy(BRU) 8.6% 62% 0.3% -16% 10.7
TenNetworkHoldings(TEN) 6.1% 26% 1.0% -17% 6.0
EmecoHoldings(EHL) 3.9% 13% 1.9% -25% 4.3
SevenHoldings(SVW) 3.1% 14% 1.7% -21% 3.9
MaverickDrilling(MAD) 3.6% 24% 0.3% -47% 2.9
Seek(SEK) 6.5% 29% 2.8% -12% 10.1
FKPProperty(FKP) 4.6% 19% 0.7% -20% 6.4
Ausdrill(ASL) 4.0% 13% 2.8% -26% 2.3
GryphonMinerals(GRY) 4.7% 17% 1.2% -20% 3.4
HarveyNorman(HVN) 14.9% 46% 0.3% -14% 21.5
LynasCorporation(LYC) 10.1% 97% 0.1% -19% 9.6
MineralResources.(MIN) 4.9% 26% 2.9% -12% 4.8
FocusMinerals(FML) 1.3% 21% 0.6% -25% 2.4
MineralDeposits(MDL) 3.9% 17% 0.8% -17% 9.8

All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap
Source: Wilson HTM, ASX, ASIC, S&P, IRESS

Change in Short Position vs Change in Share Price
Equities Research - Short and Stocky 9
ASX 100: 1 month change in share price vs 1 month change in Short Position



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


Cornerforshort
coveringrallies
Pricesinthiscorner
fallingdespiteshort
covering
Pricesinthiscorner
maybedrivenby
shortselling?
Pricesinthiscorner
rallyingdespite
increasedshort
selling

Change in Short Position vs Change in Share Price
Equities Research - Short and Stocky 10
SmaII Ordinaries: 1 month change in share price vs 1 month change in Short Position



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


Cornerforshort
coveringrallies
Pricesinthiscorner
fallingdespiteshort
covering
Pricesinthiscorner
maybedrivenby
shortselling?
Pricesinthiscorner
rallyingdespite
increasedshort
selling
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
AbacusProperty(ABP)
0.2% 0.1% 3% 1 0.0% 0.0% -6% 1% 0.7 0.0
AbmResourcesNL(ABU)
0.1% 0.1% 4% 0 0.0% 0.0% -14% 0% 0.4 0.1
Acrux(ACR)
5.4% 5.4% 40% 34 0.1% 0.0% -5% 0% 11.2 0.4
AdelaideBrighton(ABC)
1.2% 0.9% 10% 18 0.3% 0.7% -2% -1% 2.1 0.5
AGLEnergy(AGK)
0.8% 0.8% 7% 62 0.0% 0.2% -4% -1% 2.1 N/A
AinsworthGameTech.(AGI)
0.6% 0.2% 5% 3 -0.1% -1.3% -8% -1% 1.4 0.0
AlacerGoldCorp.(AQG)
1.0% 1.0% 5% 3 0.3% -0.5% -12% -6% 0.9 2.1
AlkaneResources(ALK)
1.2% 0.9% 7% 1 -0.3% -0.3% -25% 0% 3.4 1.0
Als(ALQ)
8.3% 8.3% 86% 259 -0.1% 1.8% -7% -6% 15.3 N/A
Alumina(AWC)
7.2% 6.3% 30% 175 0.2% -0.7% -7% 0% 10.2 N/A
AmcomTelecomm.(AMM)
0.2% 0.2% 2% 1 0.1% 0.1% -20% 0% 0.4 0.0
Amcor(AMC)
0.4% 0.4% 4% 49 0.1% -0.3% -6% 0% 1.2 0.2
AMP(AMP)
0.5% 0.5% 4% 69 0.0% 0.1% -10% 0% 1.3 N/A
AmpellaMining(AMX)
0.5% 0.5% 10% 0 -0.1% -0.4% -17% 0% 1.1 N/A
Ansell(ANN)
8.1% 8.1% 65% 198 0.2% -0.2% 9% 3% 11.9 N/A
ANZBankingGrp(ANZ)
0.3% 0.3% 3% 252 -0.2% -0.2% -10% 2% 1.2 0.1
APA(APA)
0.9% 0.9% 9% 46 0.0% -0.5% -9% 0% 2.9 0.7
APNNews&Media(APN)
3.9% 2.7% 11% 5 0.1% -0.4% -31% 0% 5.6 N/A
AquilaResources(AQA)
6.8% 3.1% 76% 24 0.0% 0.1% -14% 0% 13.8 N/A
ARBCorporation(ARP)
0.6% 0.6% 7% 5 0.1% 0.3% -12% 0% 3.4 0.0
ArdentLeisure(AAD)
0.5% 0.5% 4% 3 0.0% -0.2% -7% 0% 1.4 0.2
AristocratLeisure(ALL)
1.5% 1.4% 8% 32 0.0% 0.8% -4% 2% 3.6 N/A
Arrium(ARI)
0.9% 0.9% 4% 9 0.0% 0.2% -24% -2% 1.0 0.3
Asciano(AIO)
1.6% 1.6% 8% 74 0.0% 0.2% -10% 0% 3.0 0.0
Aspen(APZ)
0.0% 0.0% 0% 0 0.0% 0.0% 0% 0.1 0.3
AstroJapProp(AJA)
0.2% 0.2% 1% 0 0.0% 0.1% -16% -1% 0.6 N/A
ASX(ASX)
1.2% 1.2% 8% 75 0.0% -0.1% -10% -1% 3.0 2.1
AtlasIron(AGO)
4.9% 4.6% 27% 33 0.0% 0.2% -13% 0% 1.9 N/A
AurizonHoldings(AZJ)
0.5% 0.4% 2% 39 0.0% 0.0% -5% 0% 0.8 3.8
AuroraOil&Gas(AUT)
1.0% 1.0% 8% 14 0.0% 0.1% -1% 3% 1.9 0.6
Ausdrill(ASL)
4.0% 3.5% 13% 13 0.7% 2.8% -26% -2% 2.3 N/A
Ausenco(AAX)
1.4% 1.1% 5% 3 0.4% 0.8% -11% 0% 2.3 N/A
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
0.0
0.1
0.7
5.4
1.2 1.2
1.2
0.8
0.0 0.6
0.6
1.0
2.0
1.2
1.4
8.3
4.4
7.2
0.0 0.2
0.2
0.4
0.2
0.5
0.8 0.5
2.0
8.1
0.5
0.3
0.8 0.9
4.5
3.9
3.0
6.8
0.1
0.6
0.1 0.5
2.9
1.5
0.6
0.9
0.3
1.6
0.0 0.0
0.0 0.2
2.0
1.2
1.2
4.9
0.4 0.5
1.1 1.0
0.4
4.0
0.0
1.4
0.0
1.0
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

11
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
AustinEngineering(ANG)
1.0% 0.8% 13% 2 0.0% 0.2% -27% 0% 4.2 N/A
AustralandProperty(ALZ)
0.8% 0.3% 5% 6 0.1% 0.5% -6% 0% 1.7 0.1
AustralianAgricult.(AAC)
1.3% 0.9% 7% 3 0.0% 0.3% 0% 7.4 N/A
AustralianInfr(AIX)
0.1% 0.1% 0% 0 -0.1% -0.6% 9% 0.0 0.0
AutomotiveHoldings(AHE)
0.2% 0.2% 1% 1 0.1% 0.2% -13% 0% 0.7 1.2
AWE(AWE)
1.0% 1.0% 6% 6 0.0% -0.3% 2% 0% 2.1 N/A
BandannaEnergy(BND)
6.7% 4.5% 37% 3 -0.1% -0.8% -12% 0% 10.5 N/A
BankofQueensland.(BOQ)
1.4% 1.4% 12% 38 -0.3% 0.6% -15% 0% 2.0 0.2
BaseRes(BSE)
0.8% 0.7% 7% 1 0.0% 0.0% -3% 0% 7.7 0.1
BathurstResources(BTU)
5.3% 5.3% 13% 6 0.1% 0.2% -19% 0% 5.5 N/A
BCIron(BCI)
0.6% 0.4% 8% 2 -0.1% 0.1% -6% -1% 0.7 0.5
BeachEnergy(BPT)
1.4% 1.4% 6% 21 0.0% 0.1% -9% 25% 1.8 1.4
BeadellResource(BDR)
5.5% 5.5% 35% 30 0.2% 0.4% 0% -29% 5.1 N/A
BendigoandAdelaide(BEN)
3.4% 3.4% 37% 132 0.0% 0.2% -14% 0% 10.6 N/A
BHPBilliton(BHP)
0.3% 0.3% 3% 363 -0.1% -0.1% -5% 0% 1.1 0.3
Billabong(BBG)
1.6% 1.4% 4% 1 -0.1% -1.2% -56% -45% 0.5 2.1
BlackthornResources(BTR)
0.2% 0.2% 0% 0 -0.1% -0.1% -65% 0% 0.2 0.2
BlueScopeSteel(BSL)
1.0% 1.0% 5% 24 0.2% -0.2% -11% -3% 1.3 0.6
BoartLongyear(BLY)
10.9% 10.9% 31% 33 1.1% 5.6% -25% -50% 3.1 N/A
Boral(BLD)
5.9% 5.9% 29% 189 0.0% 0.8% -8% 0% 7.7 N/A
Bradken(BKN)
5.7% 5.7% 24% 43 -0.4% 0.9% -15% -3% 5.3 N/A
Brambles(BXB)
0.2% 0.2% 1% 22 0.0% -0.1% -4% 0% 0.5 0.2
Breville(BRG)
4.6% 3.2% 42% 30 0.4% 1.3% 2% 2% 6.3 N/A
BuruEnergy(BRU)
8.6% 6.5% 62% 25 0.2% 0.3% -16% 0% 10.7 N/A
BWPTrust(BWP)
1.2% 0.9% 21% 12 0.1% 0.0% -13% 0% 3.8 N/A
CabchargeAustralia(CAB)
10.4% 9.6% 53% 44 0.0% 2.5% -23% 0% 20.9 N/A
CaltexAustralia(CTX)
2.4% 1.2% 15% 72 0.1% -0.3% -2% 0% 4.2 N/A
CapeLambertRes(CFE)
0.0% 0.0% 0% 0 0.0% -0.3% -21% 0% 0.1 0.5
Cardno(CDD)
6.8% 6.8% 45% 49 0.2% 1.8% -18% -8% 14.8 N/A
Carsales.Com(CRZ)
1.0% 0.9% 5% 19 0.0% -0.4% -12% 0% 2.0 0.3
CashConverters(CCV)
0.5% 0.4% 3% 2 0.0% 0.3% -20% -14% 1.0 N/A
CentralPetroleum(CTP)
0.1% 0.1% 1% 0 0.0% 0.0% -17% 0% 0.1 0.0
0.0
1.0
0.0
0.8
0.1
1.3
1.7
0.1
0.0
0.2
0.3
1.0
1.0
6.7
3.0
1.4
0.0
0.8
5.5 5.3
0.0
0.6
1.9
1.4
0.4
5.5
1.3
3.4
0.3
0.3
11.1
1.6
0.0 0.2
1.7
1.0
1.5
10.9
4.9
5.9
1.5
5.7
0.3
0.2
0.0
4.6
6.0
8.6
0.2
1.2
0.1
10.4
4.5
2.4
0.1 0.0
0.2
6.8
9.7
1.0
0.0
0.5
0.0 0.1
2.1 2.2
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

12
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
CFSRetailTrustGrp(CFX)
2.2% 1.8% 21% 101 0.1% -0.4% -11% 0% 5.5 N/A
Challenger(CGF)
0.4% 0.4% 2% 8 0.0% 0.0% -13% 0% 0.7 1.8
ChallengerDiv.Pro.(CDI)
0.1% 0.1% 1% 0 0.0% 0.1% -1% 0% 0.8 N/A
CharterHall(CHC)
0.2% 0.1% 2% 1 0.0% -0.1% -16% 0% 0.5 0.3
CharterHallRetail(CQR)
1.1% 1.0% 13% 13 0.2% -0.1% -7% 0% 3.1 N/A
Chorus(CNU)
0.0% 0.0% 1% 0 0.0% -0.1% -4% 0.3 0.1
Clough(CLO)
2.5% 0.9% 13% 8 0.1% 2.2% -12% 7% 5.9 N/A
CoalspurMines(CPL)
2.4% 1.7% 23% 3 0.0% -1.2% -43% 0% 4.1 N/A
CocaColaAmatil(CCL)
1.0% 0.7% 9% 67 0.1% 0.2% -7% 0% 1.6 N/A
Cochlear(COH)
7.1% 7.1% 47% 231 -0.2% -0.7% -21% -14% 9.7 N/A
CockatooCoal(COK)
1.2% 1.0% 10% 0 -0.1% -0.6% -42% 0% 1.6 N/A
Codan(CDA)
0.5% 0.3% 11% 2 0.1% 0.3% -2% 0% 1.0 N/A
CollinsFoods(CKF)
0.6% 0.6% 6% 1 1.0% 10.0% 4% 0% 2.2 N/A
CommonwealthBank.(CBA)
0.5% 0.5% 5% 494 0.0% -0.1% -9% 1% 1.8 N/A
CommonwealthProp(CPA)
0.8% 0.8% 8% 20 0.1% 0.1% -13% 0% 1.7 0.5
Computershare(CPU)
2.8% 2.5% 22% 145 -0.3% 0.2% -4% 0% 6.5 N/A
CorpTravel(CTD)
0.2% 0.2% 10% 1 ##### 3.0% -14% 0% 0.9 0.2
CreditCorp(CCP)
0.1% 0.1% 2% 1 0.0% 0.1% -6% 0% 0.5 0.8
CromwellProp(CMW)
0.3% 0.2% 7% 4 0.1% -0.1% -10% -1% 1.0 0.3
Crown(CWN)
0.5% 0.2% 3% 22 0.0% -0.3% -8% 0% 1.0 0.4
CSG(CSV)
0.1% 0.0% 2% 0 0.0% 0.0% 6% 0% 0.2 0.4
CSL(CSL)
0.2% 0.2% 2% 59 0.1% 0.0% -7% 0% 0.7 0.3
CSR(CSR)
9.7% 9.7% 39% 98 0.1% -0.6% 2% -1% 15.1 N/A
Cudeco(CDU)
2.7% 2.1% 42% 14 -0.1% 0.1% -17% 0% 15.9 N/A
DartEnergy(DTE)
1.9% 1.6% 8% 1 0.0% 0.1% -13% 0% 1.6 N/A
DavidJones(DJS)
10.8% 10.8% 54% 142 0.2% 0.0% -15% -2% 13.2 N/A
Decmil(DCG)
3.0% 2.5% 17% 6 0.1% 0.7% -16% 0% 3.9 N/A
DexusProperty(DXS)
0.5% 0.5% 5% 26 0.1% 0.0% -11% 0% 1.1 0.3
DiscoveryMetals(DML)
1.4% 1.3% 3% 1 0.0% -0.4% -47% 200% 0.5 1.4
DominoPizzaEnterpr(DMP)
0.3% 0.2% 2% 2 -0.1% -0.2% -13% 0% 1.1 0.8
DownerEDI(DOW)
2.1% 2.1% 8% 30 0.3% 1.2% -27% 0% 2.1 N/A
DrillsearchEnergy(DLS)
4.9% 4.5% 30% 20 0.1% 0.6% -11% 0% 7.7 1.8
2.1 2.2
1.9
0.4
0.1 0.1
0.0
0.2
0.3
1.1
0.3
0.0
0.0
2.5
2.6 2.4
2.0
1.0
10.6
7.1
1.8
1.2
0.0
0.5
0.0
0.6
1.9
0.5
0.7 0.8
0.8
2.8
0.2
0.1
0.1
0.0 0.3
0.7 0.5
0.4
0.1
0.9
0.2
7.1
9.7
3.3
2.7
3.3
1.9
8.1
10.8
0.3
3.0
0.3 0.5
3.2
1.4
0.6
0.3
1.3
2.1
1.5
4.9
0.4
2.6
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

13
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
Duet(DUE)
2.6% 2.4% 20% 62 0% -0.6% -10% 0% 5.8 N/A
Dulux(DLX)
1.7% 1.7% 14% 29 -0.1% -1.3% -8% 0% 3.7 N/A
EchoEntertainment(EGP)
1.0% 0.9% 5% 22 0.3% 0.3% -19% -4% 1.4 N/A
ElementalMinerals(ELM)
0.0% 0.0% 4% 0 0.0% 0.0% -8% 0% 0.2 0.0
EmecoHoldings(EHL)
3.9% 3.9% 13% 9 0.1% 1.9% -25% 0% 4.3 N/A
EndeavourMinCorp(EVR)
0.1% 0.1% 1% 0 0.1% -0.1% -1% 0.2 0.6
EnergyResources(ERA)
6.6% 2.1% 25% 12 0.0% 0.2% 9% 0% 19.7 N/A
EnergyWorldCorpor.(EWC)
3.2% 1.4% 14% 11 0.1% 0.5% 45% 0% 17.7 2.6
Envestra(ENV)
0.8% 0.4% 13% 7 0.1% 0.5% -5% 0% 2.5 0.7
EvolutionMining(EVN)
4.2% 2.8% 20% 17 0.3% -0.6% -11% -4% 4.6 N/A
FairfaxMedia(FXJ)
20.4% 17.9% 86% 236 0.2% 1.1% -15% 0% 22.7 N/A
FantasticHoldings(FAN)
0.0% 0.0% 1% 0 0.0% 2.0% -33% -42% 0.2 0.0
FederationCntres(FDC)
0.3% 0.3% 3% 11 0.1% -0.1% -9% 0% 0.7 0.6
FKPProperty(FKP)
4.6% 2.8% 19% 11 0.0% 0.7% -20% 1% 6.4 0.6
FleetwoodCorp(FWD)
3.8% 3.1% 14% 7 -0.4% -3.2% -57% -43% 2.1 N/A
FletcherBuilding(FBU)
0.6% 0.6% 16% 27 0.0% 0.0% -3% -2% 2.1 0.1
Flexi(FXL)
0.1% 0.1% 1% 1 0.0% 0.0% -3% 1% 0.2 3.9
FlightCentre(FLT)
22.5% 12.5% 109% 475 2.0% 2.4% -2% 0% 26.1 N/A
FlindersMines(FMS)
0.2% 0.2% 1% 0 0.1% 0.1% -27% 0% 0.4 4.0
FocusMinerals(FML)
1.3% 0.7% 21% 1 0.1% 0.6% -25% -300% 2.4 N/A
Forge(FGE)
1.6% 1.6% 12% 6 0.1% 0.4% -18% -5% 1.4 0.2
FortescueMetalsGrp(FMG)
9.7% 5.3% 74% 562 -0.2% -0.1% -9% -1% 6.9 N/A
G.U.D.Holdings(GUD)
8.6% 8.6% 90% 40 0.3% 1.3% -14% -4% 12.7 N/A
G8Education(GEM)
0.6% 0.5% 6% 4 0.1% 0.4% 10% 0% 1.9 0.3
GalaxyResources(GXY)
0.8% 0.7% 6% 0 0.0% 0.0% -45% 2.1 N/A
GindalbieMetals(GBG)
5.0% 3.2% 52% 5 -0.2% 0.8% -28% 0% 2.4 N/A
Goodman(GMG)
0.4% 0.3% 3% 28 0.1% -0.1% -11% 0% 0.9 0.4
GoodmanFielder.(GFF)
2.6% 2.3% 12% 32 0.3% 0.4% -10% 0% 4.9 N/A
GPT(GPT)
0.3% 0.3% 3% 20 0.0% -0.1% -9% 1% 0.7 0.1
GrainCorp(GNC)
0.6% 0.6% 4% 18 -0.1% -0.3% -2% 0% 1.0 2.6
GrangeResources.(GRR)
1.3% 0.5% 17% 1 -0.1% 0.1% 3% 0% 2.1 N/A
GreenlandMinEn(GGG)
1.0% 0.9% 51% 2 -0.1% -0.1% -5% 8.0 N/A
0.4
2.6
2.4 1.7
7.3
1.0
0.2
0.0
0.6
3.9
0.1 0.1
7.2
6.6
2.1
3.2
2.0
0.8
0.4
4.2
15.2
20.4
0.0 0.0
1.6
0.3
4.9 4.6
0.1
3.8
1.2
0.6
0.0 0.1
19.6
22.5
0.0
0.2
0.0
1.3
0.4
1.6
8.4 9.7
1.4
8.6
0.0 0.6
2.1
0.8
5.4
5.0
1.2
0.4
2.1
2.6
0.3 0.3
0.2
0.6
0.5
1.3
1.0
1.0
2.0
4.7 Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

14
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
GryphonMinerals(GRY)
4.7% 4.7% 17% 3 0.6% 1.2% -20% 0% 3.4 N/A
GWA(GWA)
3.8% 3.6% 24% 24 0.4% -0.1% -17% 0% 8.9 N/A
HarveyNorman(HVN)
14.9% 8.1% 46% 211 0.0% 0.3% -14% 0% 21.5 N/A
Henderson(HGG)
0.1% 0.1% 1% 2 -0.1% 0.0% -9% 3% 0.2 1.2
HillgroveRes(HGO)
0.2% 0.2% 2% 0 0.0% 0.0% -18% -5% 0.4 0.0
HillsHoldings(HIL)
0.4% 0.3% 7% 1 0.0% 0.0% -10% 0% 1.8 N/A
HorizonOil(HZN)
6.1% 5.4% 29% 23 -0.1% -0.2% -13% 123% 18.0 N/A
iiNet(IIN)
2.0% 1.3% 14% 12 0.3% 0.5% -12% 0% 2.6 N/A
IlukaResources(ILU)
11.9% 11.9% 82% 529 0.0% -2.2% -4% 0% 13.2 N/A
Imdex(IMD)
3.4% 3.4% 19% 6 0.2% 0.8% -19% 0% 2.9 N/A
IMF(Australia)(IMF)
1.4% 1.2% 13% 3 -0.1% 0.4% 4% 0% 4.3 0.5
IncitecPivot(IPL)
1.3% 1.3% 9% 61 0.0% -0.3% -7% 2% 1.8 N/A
Independence(IGO)
2.5% 2.5% 13% 19 0.3% 0.2% -3% 0% 5.8 N/A
IndophilResources(IRN)
0.5% 0.4% 2% 1 0.1% 0.4% -9% 0% 3.4 5.7
InfigenEnergy(IFN)
0.4% 0.4% 4% 1 0.0% 0.0% 0% 0% 5.8 N/A
InovaResources(IVA)
0.3% 0.1% 2% 0 0.0% -0.5% -6% 0% 0.6 0.2
InsuranceAustralia(IAG)
0.1% 0.1% 1% 10 0.0% 0.0% -8% 0% 0.3 0.4
IntrepidMines(IAU)
4.6% 4.4% 51% 7 1.9% 1.0% 7% 0% 8.4 N/A
InvestaOfficeFund(IOF)
0.3% 0.3% 3% 6 0.1% 0.1% -9% 0% 0.9 1.7
InvoCare(IVC)
2.0% 2.0% 21% 23 0.2% 0.9% -12% -2% 6.6 N/A
IOOFHoldings(IFL)
1.3% 1.1% 10% 20 0.1% 0.2% -14% 0% 3.7 N/A
IRESS(IRE)
2.2% 1.7% 12% 18 0.0% -0.1% -7% 0% 7.1 N/A
JamesHardieIndust(JHX)
0.9% 0.9% 7% 38 0.0% -0.5% -10% -4% 2.6 0.4
JBHiFi(JBH)
17.0% 17.0% 65% 263 0.5% -0.8% -10% 0% 21.9 N/A
KaroonGasAustralia(KAR)
1.8% 1.4% 15% 17 0.1% 0.3% -18% 0% 4.1 0.5
KathmanduHold(KMD)
0.0% 0.0% 0% 0 0.0% 0.0% -12% -2% 0.2 0.0
KingsgateConsolid.(KCN)
4.2% 4.2% 23% 11 0.4% -1.9% -8% -26% 2.9 N/A
KingsroseMining(KRM)
0.0% 0.0% 0% 0 0.0% -0.4% -21% 0% 0.1 0.3
LeightonHoldings(LEI)
9.6% 4.7% 47% 260 0.8% 4.7% -15% -2% 10.8 N/A
LendLease(LLC)
0.6% 0.5% 4% 28 -0.1% -0.7% -17% 0% 1.3 N/A
LincEnergy(LNC)
3.7% 2.3% 19% 16 -0.2% -1.0% -18% 0% 1.4 N/A
LynasCorporation(LYC)
10.1% 10.1% 97% 101 -0.3% 0.1% -19% 0% 9.6 N/A
2.0
4.7
6.2
3.8
16.7
14.9
0.5 0.1
0.3 0.2
1.3
0.4
2.7
6.1
0.1
2.0
9.1
11.9
0.1
3.4
0.2
1.4
0.3
1.3
4.5
2.5
0.1
0.5
0.8
0.4
1.3
0.3
0.1 0.1
1.8
4.6
0.5
0.3
2.3
2.0
0.4
1.3
2.1 2.2
2.3
0.9
21.2
17.0
0.3
1.8
1.6
0.0
3.7 4.2
0.1 0.0
6.2
9.6
0.6 0.6
11.3
3.7
10.3 10.1
0.2
3.5 Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

15
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
M2Telecommunication(MTU)
3.5% 3.2% 39% 30 0.2% -0.3% -11% 0% 8.0 N/A
MACA(MLD)
0.2% 0.1% 1% 0 0.0% 0.2% 0% 0.3 0.4
MacmahonHoldings(MAH)
1.1% 0.9% 4% 2 0.1% 0.2% -36% 15% 0.7 0.2
MacqAtlasRoadsGrp(MQA)
5.1% 4.4% 27% 39 -0.5% -0.7% -1% 0% 15.1 3.7
Macquarie(MQG)
0.6% 0.6% 5% 89 0.0% 0.0% -10% 1% 1.4 0.2
MagellanFinGrp(MFG)
0.6% 0.4% 22% 6 -0.3% 0.1% 16% 7% 1.9 0.1
MatrixC&E(MCE)
4.8% 3.4% 21% 3 0.0% -0.5% -14% -16% 20.7 0.7
MaverickDrilling(MAD)
3.6% 3.0% 24% 4 0.2% 0.3% -47% -15% 2.9 N/A
MaynePharma(MYX)
0.0% 0.0% 0% 0 0.0% 0.0% 0% 0.0 0.0
McMillanShakespeare(MMS)
1.5% 1.2% 8% 13 -0.2% 0.2% -9% 0% 3.3 N/A
MedusaMining(MML)
1.3% 1.3% 12% 5 0.1% 0.0% -24% -5% 1.0 N/A
MermaidMarine(MRM)
0.4% 0.4% 3% 4 0.1% 0.1% -10% 2% 1.4 0.3
Mesoblast(MSB)
9.0% 5.0% 56% 100 0.1% -1.1% 12% 0% 28.7 N/A
Metcash(MTS)
8.8% 8.8% 52% 286 0.3% 0.6% -12% 0% 13.5 N/A
MiclynExpOffshr(MIO)
0.5% 0.2% 2% 1 0.0% 0.1% -12% -2% 0.7 N/A
MincorResourcesNL(MCR)
1.3% 1.3% 12% 2 0.0% -0.2% -13% 0% 7.3 N/A
MineralDeposits(MDL)
3.9% 3.9% 17% 8 0.2% 0.8% -17% 0% 9.8 N/A
MineralResources.(MIN)
4.9% 4.2% 26% 66 1.1% 2.9% -12% -2% 4.8 N/A
MirabelaNickel(MBN)
3.1% 2.6% 10% 3 -0.5% 0.0% -21% 0% 2.6 1.3
Mirvac(MGR)
0.3% 0.3% 2% 15 0.0% -0.3% -12% 0% 0.7 0.4
MolopoEnergy(MPO)
0.6% 0.6% 3% 0 0.0% 0.1% -16% -4% 1.3 N/A
Monadelphous(MND)
11.2% 11.2% 93% 171 0.7% -0.9% -15% -1% 12.3 N/A
MountGibsonIron(MGX)
3.4% 2.0% 31% 11 0.1% 1.3% -6% 0% 2.7 N/A
MyerHoldings(MYR)
14.6% 14.6% 62% 195 0.1% 0.4% -20% -4% 11.9 N/A
NationalAust.Bank(NAB)
0.3% 0.3% 2% 187 -0.3% -0.1% -14% 0% 0.8 N/A
Navitas(NVT)
5.7% 3.7% 35% 77 0.2% -0.3% -5% -1% 17.0 N/A
NeonEnergy(NEN)
0.3% 0.3% 16% 0 0.0% 0.3% 2% 0% 1.1 N/A
NewHopeCorporation(NHC)
0.3% 0.3% 6% 9 0.0% -1.0% -2% 0% 12.8 N/A
NewcrestMining(NCM)
0.6% 0.6% 3% 54 -0.1% -0.3% -26% -8% 0.5 0.3
NewsCorp(NWS)
0.1% 0.1% 1% 18 0.0% -0.1% 0% 0% 0.4 0.2
Nextdc(NXT)
4.8% 3.5% 24% 17 -0.1% 0.6% 36% 0% 15.4 0.7
NexusEnergy(NXS)
0.7% 0.7% 3% 1 -0.2% -0.4% -35% 0% 1.2 1.4
0.2
3.5
0.0 0.2
0.1 1.1
0.8
5.1
2.0
0.6
0.0
0.6
0.9
4.8
0.0
3.6
0.0 0.0
0.2
1.5
1.1
1.3
0.2
0.4
11.4
9.0
5.4
8.8
0.0
0.5
1.1
1.3
0.2
3.9
1.4
4.9
2.8
3.1
0.1 0.3
0.5
0.6
2.9
11.2
1.6
3.4
10.2
14.6
0.8
0.3
5.3
5.7
0.2 0.3
0.2
0.3
0.3
0.6
0.1 0.1
0.6
4.8
0.1
0.7
0.2 0.5
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

16
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
NorthernIron(NFE)
0.5% 0.3% 0% 0 0.0% -0.1% -77% 0.2 10.6
NorthernStar(NST)
1.6% 1.5% 19% 5 0.2% 0.1% 0% -4% 1.5 N/A
NRWHoldings(NWH)
9.6% 9.6% 27% 27 -0.2% 2.1% -23% -6% 4.2 N/A
Nufarm(NUF)
8.2% 5.6% 55% 65 0.2% 1.0% 6% 0% 12.7 N/A
OceanaGoldCorp.(OGC)
0.3% 0.3% 5% 2 0.0% 0.0% -14% 0.7 0.4
OilSearch(OSH)
1.3% 1.0% 10% 110 -0.4% -0.9% 1% 2% 2.9 N/A
OMHoldings(OMH)
0.9% 0.5% 11% 1 0.0% 0.0% -17% 3.1 0.2
Orica(ORI)
2.0% 2.0% 16% 154 0.3% 0.7% -11% 0% 3.5 N/A
OriginEnergy(ORG)
1.3% 1.3% 10% 190 0.0% 0.0% 5% 0% 4.3 N/A
Orocobre(ORE)
0.6% 0.5% 13% 1 0.0% 0.0% 0% 0% 3.8 N/A
Oroton(ORL)
1.0% 0.6% 10% 2 0.0% 0.4% -1% 0% 2.8 N/A
OZMinerals(OZL)
2.6% 2.6% 18% 33 -0.3% -4.0% -3% -203% 1.9 0.3
PacificBrands(PBG)
1.7% 1.7% 6% 11 0.1% 0.7% -12% 0% 3.5 N/A
PaladinEnergy(PDN)
13.7% 12.8% 94% 105 -0.2% -0.1% 9% 0% 12.1 N/A
PanAust(PNA)
1.8% 1.4% 12% 21 0.0% 0.0% -3% 0% 1.9 N/A
PanoramicResources(PAN)
0.4% 0.4% 5% 0 0.0% -0.5% 2% 0% 1.2 0.2
PapillonRes(PIR)
0.8% 0.7% 5% 2 0.1% 0.3% -7% 0% 1.0 0.1
PattiesFoods(PFL)
0.0% 0.0% 0% 0 0.0% 0.0% -1% 0% 0.1 0.1
Perilya(PEM)
0.0% 0.0% 0% 0 0.0% -0.2% -18% 0% 0.0 0.3
Perpetual(PPT)
5.2% 5.2% 60% 87 0.0% 0.0% -12% 0% 16.5 N/A
PerseusMining(PRU)
2.8% 2.8% 15% 12 -0.1% -1.4% -27% -7% 2.5 N/A
Pharmaxis(PXS)
2.5% 2.5% 8% 1 0.0% -0.5% -6% 0% 1.5 0.6
PlatinumAsset(PTM)
0.4% 0.2% 4% 5 0.1% -2.4% 2% 1% 1.0 1.2
PremierInvestments(PMV)
1.0% 0.6% 3% 6 0.7% 0.8% -21% 0% 1.3 0.2
PrimaBiomed(PRR)
0.0% 0.0% 0 0.0% 0.0% -19% 0% 0.1 0.1
PrimaryHealthCare(PRY)
4.0% 3.7% 20% 93 0.0% 0.5% -1% 0% 7.6 N/A
Programmed(PRG)
0.3% 0.3% 3% 1 0.1% 0.2% -1% -2% 1.0 0.4
QantasAirways(QAN)
1.2% 1.2% 8% 39 0.1% 0.1% -18% -14% 2.0 N/A
QBEInsurance(QBE)
3.4% 3.4% 32% 604 0.0% -0.8% -4% 5% 7.5 N/A
Qrxpharma(QRX)
0.7% 0.7% 21% 1 16.0% 56.0% 3% 0% 7.6 0.2
QubeHoldings(QUB)
2.0% 1.3% 18% 21 0.1% -0.6% -8% 0% 9.4 0.1
RameliusResources(RMS)
2.7% 2.7% 32% 1 0.4% 1.0% -30% 74% 2.5 N/A
0.2 0.5
0.2
1.6
0.1
9.6
2.9
8.2
0.5
0.3
0.4
1.3
2.0
0.9
0.8
2.0
0.8
1.3
0.1
0.6
0.0
1.0
1.8 2.6
0.9
1.7
8.7
13.7
0.3
1.8
0.8 0.4
0.1
0.8
0.0 0.0
0.1
0.0
4.7
5.2
2.5 2.8
0.6
2.5
2.6
0.4
0.4
1.0
0.4
0.0
2.8
4.0
0.2
0.3
0.4
1.2
3.9
3.4
0.3
0.7
0.6 2.0
0.3
2.7
1.5
1.3
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

17
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
RamsayHealthCare(RHC)
1.3% 0.8% 12% 60 0.0% 0.0% 2% 0% 4.0 N/A
RCRTomlinson(RCR)
1.1% 1.1% 11% 3 0.1% 1.0% -14% 2% 2.7 N/A
REA(REA)
0.3% 0.1% 1% 4 0.1% 0.1% -14% 0% 0.8 0.9
Red5(RED)
0.6% 0.6% 7% 1 0.0% 0.0% 0% 0% 2.0 N/A
RedForkEnergy(RFE)
1.5% 1.2% 4% 2 0.1% 0.0% -28% 0% 3.1 0.3
RegisResources(RRL)
3.7% 3.1% 37% 54 -0.3% 0.3% -6% 0% 4.8 N/A
ResMedInc.(RMD)
0.8% 0.8% 12% 61 -0.1% 0.0% -4% 1% 2.3 1.5
ResoluteMining(RSG)
0.3% 0.3% 2% 1 -0.1% 0.0% -12% 0% 0.2 0.6
RetailFood(RFG)
1.6% 1.2% 9% 5 -0.1% 0.8% -19% 0% 7.0 0.1
RexMinerals(RXM)
0.9% 0.8% 6% 1 0.0% -0.5% 16% 0% 2.2 0.6
RidleyCorporation(RIC)
0.4% 0.3% 2% 1 0.0% -0.2% 0% 0% 1.1 0.0
RioTinto(RIO)
1.3% 1.3% 11% 306 -0.1% -1.3% -8% -4% 1.6 N/A
ROCOilCompany(ROC)
0.3% 0.3% 1% 1 0.0% 0.1% -2% 0% 1.3 N/A
RuralcoHoldings(RHL)
0.0% 0.0% 0 0.0% 0.0% 14% -1% 0.3 0.0
SAIGlobal(SAI)
7.1% 7.1% 40% 54 0.1% 0.3% -12% -1% 10.8 N/A
SandfireResources(SFR)
4.9% 3.1% 25% 31 0.4% 0.7% -6% -5% 5.6 1.1
Santos(STO)
0.3% 0.3% 3% 41 0.0% 0.1% -1% 3% 0.8 0.5
SaracenMineral(SAR)
2.6% 2.6% 11% 2 0.0% -0.4% -3% -20% 2.0 0.4
ScaProperty(SCP)
5.4% 5.4% 68% 53 0.0% 0.0% -7% 8.2 N/A
Sedgman(SDM)
0.8% 0.4% 3% 0 0.1% 0.2% -33% 0% 1.1 0.2
Seek(SEK)
6.5% 6.5% 29% 202 -0.3% 2.8% -12% 0% 10.1 N/A
SenexEnergy(SXY)
1.6% 1.3% 12% 9 -0.1% -0.7% -17% 3% 3.2 0.1
SevenHoldings(SVW)
3.1% 1.0% 14% 22 0.0% 1.7% -21% -1% 3.9 N/A
SevenWestMedia(SWM)
1.4% 0.9% 11% 19 0.3% -0.5% -11% 0% 1.4 N/A
SigmaPharmaceutical(SIP)
0.7% 0.7% 5% 7 0.0% -0.2% -1% 0% 2.7 N/A
SilexSystems(SLX)
1.4% 1.1% 9% 5 0.1% 0.2% -2% 0% 15.1 N/A
SilverChef(SIV)
0.0% 0.0% 10% 0 0.0% 1.0% -12% 0% 0.1 0.0
SilverLakeResource(SLR)
1.8% 1.8% 7% 6 0.5% -0.2% -15% -22% 0.8 N/A
SimsMetalMgmt(SGM)
4.6% 3.7% 28% 70 0.0% -3.2% -16% 0% 4.7 0.8
SingaporeTelecomm.(SGT)
0.5% 0.5% 6% 3 -0.7% 0.1% -2% 0.4 2.9
SiriusResourcesNL(SIR)
1.2% 0.9% 12% 6 0.1% 0.4% 1% 0% 1.1 0.7
SirtexMedical(SRX)
1.5% 1.3% 13% 9 -0.2% -0.1% 14% -1% 2.6 0.9
1.5
1.3
0.0
1.1
0.2
0.3
0.0
0.6
0.1
1.5
0.1
3.7
0.2
0.8
0.8
0.3
0.0
1.6
0.4
0.9
0.0
0.4
4.5
1.3
0.1
0.3
0.0 0.0
2.1
7.1
3.5
4.9
0.5
0.3
0.3
2.6
0.0
5.4
0.0
0.8
3.7
6.5
0.6
1.6
0.3
3.1
6.1
1.4
0.3
0.7
0.5
1.4
0.0 0.0
0.1 1.8
5.0 4.6
2.3 0.5
0.0
1.2
0.0
1.5
0.0
2.6
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

18
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
Skilled(SKE)
2.6% 2.3% 11% 13 0.5% 0.3% -10% -1% 4.7 N/A
Slater&Gordon(SGH)
0.0% 0.0% 0% 0 0.0% -13.0% -2% 0% 0.0 0.0
SMSManagement.(SMX)
3.2% 3.2% 25% 10 0.0% -0.1% -18% -4% 5.6 N/A
SonicHealthcare(SHL)
2.4% 2.4% 25% 139 0.0% -0.6% -2% 0% 6.6 N/A
SPAusNet(SPN)
1.5% 0.7% 12% 29 0.4% 0.3% -7% 3% 3.6 N/A
SparkInfrastructure(SKI)
3.6% 3.3% 25% 73 0.1% -0.8% -8% -1% 7.1 0.7
SpecialtyFashion(SFH)
0.8% 0.8% 7% 1 0.0% 26.0% -17% -22% 5.4 0.1
StBarbara(SBM)
4.0% 4.0% 23% 13 0.2% 1.2% -6% -39% 3.5 N/A
StarpharmaHoldings(SPL)
5.0% 4.7% 33% 11 -0.1% 0.3% -2% 0% 24.6 N/A
SthnCrossMedia(SXL)
1.4% 1.1% 7% 10 0.1% 0.2% -13% 0% 3.2 0.0
Stockland(SGP)
0.5% 0.5% 4% 44 0.2% 0.0% -11% 0% 1.0 0.1
STWCommunications(SGN)
0.2% 0.1% 1% 1 0.0% 0.2% -1% 0% 0.5 0.3
Suncorp(SUN)
0.2% 0.2% 2% 34 -0.1% -0.2% -4% -31% 0.6 0.3
SundanceEnergy(SEA)
0.5% 0.5% 3% 2 -0.6% 0.1% -5% 0% 1.4 0.5
SundanceResources(SDL)
1.9% 1.5% 4% 4 0.0% 0.9% -16% 0% 1.2 3.8
SuperRetRep(SUL)
0.6% 0.4% 3% 9 0.1% 0.2% -9% 0% 1.4 0.3
SYDAirport(SYD)
1.1% 0.8% 4% 54 -0.2% -0.9% -4% 0% 2.0 0.2
SyrahResources(SYR)
0.8% 0.4% 2% 1 -0.4% 0.2% 11% 1.0 0.1
TABCORPHoldings(TAH)
2.3% 2.3% 16% 57 0.1% 0.0% -8% 0% 4.4 N/A
TapOil(TAP)
0.4% 0.4% 3% 0 0.0% -0.1% -9% 0% 1.7 3.5
Tatts(TTS)
0.9% 0.9% 7% 39 0.0% -0.4% -7% 0% 2.5 0.0
TelecomCorporation(TEL)
0.6% 0.6% 38% 19 0.1% -0.3% -15% 1% 2.3 N/A
TelstraCorporation.(TLS)
0.1% 0.1% 2% 85 0.0% -0.1% -8% 0% 0.4 0.3
TenNetworkHoldings(TEN)
6.1% 3.9% 26% 26 0.3% 1.0% -17% -91% 6.0 N/A
TerangaGoldCorp(TGZ)
0.0% 0.0% 0% 0 0.0% 0.0% -7% 0.0 0.8
TheRejectShop(TRS)
5.8% 5.8% 30% 27 0.1% 0.0% -9% -3% 11.5 N/A
Thorn(TGA)
0.1% 0.1% 1% 0 0.0% 0.1% -2% 4% 0.3 N/A
TigerResources(TGS)
0.5% 0.5% 3% 1 0.0% 0.1% -22% 0% 1.0 N/A
TollHoldings(TOL)
4.5% 4.3% 25% 143 0.2% -0.3% -11% -4% 6.4 N/A
ToxFreeSolutions(TOX)
0.8% 0.8% 6% 4 0.1% 0.2% 1% 0% 4.5 N/A
TpgTelecom(TPM)
0.1% 0.0% 1% 1 0.0% -0.2% -12% 0% 0.3 0.2
TradeMe(TME)
0.1% 0.1% 1% 2 0.0% 0.0% -7% 0.2 0.6
0.0
2.6
0.0 0.0
0.9
3.2
0.9
2.4
0.7
1.5
2.4
3.6
0.5
0.8
2.1
4.0
0.7
5.0
1.0 1.4
0.8
0.5
0.0 0.2
0.7
0.2
0.0 0.5
1.3
1.9
0.5
0.6
0.5
1.1
0.0 0.8
0.6
2.3
0.3
0.4
0.4
0.9
0.8
0.6
0.2
0.1
10.5
6.1
0.2
0.0
5.7 5.8
0.2 0.1
0.4
0.5
2.4
4.5
0.0
0.8
0.7
0.1
0.1 0.1
0.9
4.1
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

19
Data Tables
12 Month History
Code
% Free
Float
1
% Mkt
Cap
% Stock
available to
short
2
Value
($m)
One
week
One
month
Share
Price
FY1
EPS
4
F'cast
Short Position as % of Free
Float
1
Current Short Position Chg in Short
Position
3
One Month
Change
Days to
cover
5
% stock
loaned
not
short
6
0.2 0.2
TransfieldServices(TSE)
4.1% 3.6% 10% 14 0.8% 1.4% -48% -18% 2.9 1.6
TranspacificIndust.(TPI)
0.2% 0.1% 0% 1 0.0% -0.1% -16% -17% 0.2 1.3
Transurban(TCL)
0.4% 0.4% 2% 43 0.1% 0.1% -2% -8% 1.2 0.1
TreasuryWineEstate(TWE)
2.6% 2.6% 20% 98 0.2% -0.1% -5% 3% 4.2 N/A
TroyResources(TRY)
6.2% 5.4% 58% 9 1.1% 0.9% 2% 0% 7.7 N/A
UGL(UGL)
7.8% 7.8% 43% 87 0.8% 1.0% -30% 3% 6.0 N/A
UXC(UXC)
0.2% 0.2% 2% 1 0.1% 0.1% -15% 0% 0.7 0.1
VirginAusHldg(VAH)
7.4% 3.0% 68% 35 1.6% 2.3% -2% -20% 10.4 N/A
Webjet(WEB)
1.3% 1.1% 8% 4 0.4% 0.3% -7% 0% 2.8 0.7
Wesfarmers(WES)
2.5% 2.5% 23% 934 -0.1% -0.3% -12% 0% 8.9 N/A
WesternAreas(WSA)
10.3% 8.2% 49% 49 0.1% 0.3% -3% 0% 12.9 N/A
WesternDesertRes.(WDR)
0.7% 0.6% 20% 1 0.0% 0.0% -13% 0% 4.4 N/A
Westfield(WDC)
0.3% 0.3% 4% 78 0.1% -0.1% -8% 1% 1.0 0.3
WestfieldRetailTst(WRT)
0.5% 0.5% 4% 41 0.1% -0.1% -12% 1% 0.7 0.4
WestpacBankingCorp(WBC)
0.6% 0.6% 5% 477 -0.1% -0.2% -12% 0% 2.0 N/A
WhitehavenCoal(WHC)
17.2% 10.2% 152% 232 -0.3% -0.1% -2% 0% 15.5 N/A
WHK(WHG)
0.6% 0.6% 3% 1 5.0% 31.0% 1% 0% 1.8 N/A
WoodsidePetroleum(WPL)
0.2% 0.2% 2% 55 -0.1% -0.3% -5% -2% 0.6 0.4
Woolworths(WOW)
0.5% 0.5% 5% 190 0.0% 0.0% -8% 0% 2.1 0.0
WorleyParsons(WOR)
2.7% 2.3% 18% 110 0.0% 0.1% -19% -6% 4.2 N/A
Wotif.comHoldings(WTF)
14.3% 8.9% 59% 97 0.4% 1.9% -5% 0% 26.6 N/A
0.9
4.1
0.5 0.2
0.3 0.4
2.0
2.6
0.2
6.2
3.4
7.8
0.0
0.2
2.1
7.4
0.1
1.3
2.9
2.5
4.9
10.3
0.0
0.7
0.3 0.3
1.6
0.5
1.9
0.6
1.7
17.2
0.0 0.6
0.5
0.2
0.4 0.5
1.9
2.7
9.8
14.3
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions
Equities Research - Short and Stocky

20




Equities Research - Short and Stocky 21

NOTES
1. Short Position as %
of Free FIoat
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 SaIes as %
Stock avaiIabIe 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 Ioaned 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 saIes: This only reports short selling (not covering) and so while
the most timely is of use.
ASX reported Iending 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 saIes 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.
Theabsolutelevelofshortsellingdoesntseemtobeaconsistentindicator.
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.




Equities Research - Short and Stocky 22

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