Wilson HTM - ShortAndStocky (20130916)

Monday, 16 September 2013
SHORT AND STOCKY

damien.klassen@wilsonhtm.com.au +61 2 8247 3101
Commentary
At the aggregate level there has not been a lot of movement over the last 7 days,
resources sector shorting levels remain at 2 year lows, short selling in financials is at a
record low noting that records only exist for a little over 3 years. While short selling in
small resources remains relatively high, it has also declined substantially over the last
few weeks. Industrials remain considerably more short sold than other sectors both on a
large cap and a small cap basis.
For the sector focus this week (see bottom right), we have focussed on mid sized
mining stocks. The three key take-outs for me are: (1). Both the level and the
momentum of short selling is quite disparate within the group (2). AGO, FMG, ILU and
WSA stand out with much higher short positions than the others in the sector, however
FMG and ILU have seen levels fall in recent weeks whereas AGO and WSA have seen
increased short selling. (3) The level of short selling for PNA and RRL is substantially
below others in the sector and has decreased for both in recent weeks.
See http://bit.ly/oOzqNf for interactive charts.
1w
ASX 100
Atlas Iron (AGO)
Iluka Resources (ILU)
Qantas Airways (QAN)
Small Ords
Fairfax Media (FXJ)
Transfield Services (TSE)
Ausdrill (ASL)
Outside ASX 300
NIB Holdings Limited (NHF)
Unilife Corporation (UNS)
PMP Limited (PMP)
1m
+1.6% +3.8%
+0.8% -0.1%
+0.6% +0.3%
Total
Short
Sell1
8.2%
9.2%
1.8%
Change over
1w
Flight Centre (FLT)
QBE Insurance (QBE)
Echo Entertainment (EGP)
1m
-2.4% -12.4%
-1.2% -1.1%
-1.0% +0.7%
+2.7% -0.3% 16.4%

+1.2% +3.4% 10.2%
+1.0% -3.2% 5.9%
BWP Trust (BWP)

-1.3%
Whitehaven Coal (WHC)
-0.8%
Silver Lake Resource (SLR) -0.8%
+0.4% +0.8%
+0.2% +0.2%
+0.1% +0.1%
Qrxpharma Ltd (QRX)

Elders Limited (ELD)
Resource Genertn (RES)
0.9%
0.2%
0.1%
% Index Sold
Short1
8.6%
1.5%
0.9%
Industrials
2.2
2.14
2.0
1.8
Resources
1.6
1.4
1.2
1.12
1.0
Financials
0.85
0.8
0.6
0.57
REITs&Utilities
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Sector Focus: Mining Sector

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
8.2
Atlas Iron (AGO)
8.2%
7.6%
86%
58
3.5
Fortescue Metals Grp (FMG)
9.4%
5.1%
136%
710
8.2
9.2%
9.2%
64%
435
11.1
OZ Minerals (OZL)
3.2%
3.2%
29%
42
2.5
PanAust (PNA)
0.6%
0.5%
5%
0.7
Regis Resources (RRL)
1.5%
1.3%
17%
26
13.3% 10.6%
94%
63
1.2
12.9
-0.8% 1.5%
-5.1% 12.3%
-1.7% 1.0%
-0.3% -0.6%
-0.1% -0.1%
-0.1% +0.1%
1. All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap
Total
Short
Sell1
Short selling in resources is back to 2 year

lows, shorting in financials at 3 year lows
2.4
0.4
Jun-10
Change in Short Positions as % of Free Float Market Cap

Change over
Change in Short Positions by Sector
0.2%
3.9%
0.1%
9.4
10.9
9.2
1.8
3.2
0.7
0.6
2.3
0.1
1.5
18.8
8.3
Source (all charts): Wilson HTM, ASX, ASIC, S&P, Capital IQ

13.3
Western Areas (WSA)

Equities Research Short and Stocky
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 continues in

the REIT sector
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 small

resources 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
3.04
2.7
2.66
Resources
1.09
Resources vs Small Resources over time

% Index Sold
Short1
Small industrials short

selling considerably lower,
large caps travelling
sideways
4.1
3.61
Small Industrials
2.14
Industrials
1.1
3.1
Resources
2.66
2.1
1.6
1.12
1.1
0.6
Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13
Small Resources
2.6
2.1
1. % of Free Float for ASX 100 and Small Ords
Both small and large resources

seeing declines in short selling
3.6
2.6
1.6
REITs&Utilities
0.9
0.4
Industrials vs Small Industrials over time
3.1
1.75
1.70
1.4
ASX 100
0.7
3.6
Financials
1.9
1.2
4.1
3.61
2.4
1.7
4.6
Industrials
3.4
2.9
2.2
% Index Sold
Short1
Both small resources and industrials

decreasing over the week
resources a sharper decline
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 ASX 100
Days to Cover Small Ords

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

75%
Kingsgate Consolid. (KCN)
Monadelphous Group (MND)
Billabong (BBG)
Cockatoo Coal (COK)
Lynas Corporation (LYC)
Aquila Resources (AQA)
Buru Energy (BRU)
Leighton Holdings (LEI)
Ausdrill Limited (ASL)
Bathurst Res NZ Ltd (BRL)
Bandanna Energy (BND)
Fairfax Media Ltd (FXJ)
Beadell Resource Ltd (BDR)
Gindalbie Metals Ltd (GBG)
Western Areas Ltd (WSA)
UGL Limited (UGL)
Ramelius Resources (RMS)
Myer Holdings Ltd (MYR)
Atlas Iron Limited (AGO)
Starpharma Holdings (SPL)
David Jones Limited (DJS)
Latest Short Sell / Stock Available
These are stocks where the

latest short sales position
compared to the amount
of stock available to be
lent (at last quarter) is
the greatest, i.e. these are
the stocks it is probably hard
to find stock to borrow if
you want to short sell
100%
(Latest Stock Borrow - Latest Short Position)/ Free Float Mkt Cap
0% 1% 2% 3% 4% 5% 6% 7% 8% 9%
Galaxy Resources (GXY)
Northern Iron Ltd (NFE)
Commonwealth Prop (CPA)
GrainCorp Limited (GNC)
Sundance Resources (SDL)
Tap Oil Limited (TAP)
Alacer Gold Corp. (AQG)
Macq Atlas Roads Grp (MQA)
Aurizon Holdings Ltd (AZJ)
Singapore Telecomm. (SGT)
Karoon Gas Australia (KAR)
ResMed Inc. (RMD)
Flinders Mines Ltd (FMS)
Investa Office Fund (IOF)
Challenger Limited (CGF)
Indophil Resources (IRN)
iiNet Limited (IIN)
APA Group (APA)
Programmed (PRG)
Thorn Group Limited (TGA)
Inova Resources Ltd (IVA)
Troy Resources Ltd (TRY)
Credit Corp Group (CCP)
10%
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)
+0.1% 14.3%
Twenty-First FOX Inc (FOX)
-0.0%
0.0%
Monadelphous (MND)
+0.2% 13.5%
GrainCorp (GNC)
-0.1%
0.1%
Harvey Norman (HVN)
-0.5% 12.6%
CSL (CSL)
-0.0%
0.1%
-0.3% 12.0%
Duet (DUE)
-0.4%
0.1%
Cochlear (COH)
+0.3% 11.4%
Mirvac (MGR)
+0.0%
0.1%
UGL (UGL)
+0.2% 11.1%
BHP Billiton (BHP)
-0.0%
0.1%
David Jones (DJS)
-0.5% 10.9%
Insurance Australia (IAG)
-0.0%
0.1%
-0.4% 10.0%
Transurban (TCL)
+0.0%
0.1%
-0.3%
9.4%
Telstra Corporation. (TLS)
-0.0%
0.1%
+0.8%
9.2%
Aurizon Holdings (AZJ)
+0.0%
0.2%
Small Ords
As % of
Free Float
Billabong (BBG)
Atlas Iron (AGO)
Mesoblast (MSB)
Western Areas (WSA)
Dart Energy (DTE)
FKP Property (FKP)
Cochlear (COH)
InvoCare (IVC)
Cabcharge Australia (CAB)
Linc Energy (LNC)
Webjet (WEB)
M2 Telecommunication (MTU)
Energy World Corpor. (EWC)
Coca-Cola Amatil (CCL)
Codan (CDA)
Fairfax Media (FXJ)
+2.7% 16.4%
Elemental Minerals (ELM)
-0.1%
0.00%
Wotif.com Holdings (WTF)
-0.1% 15.1%
UXC (UXC)
+0.0%
0.00%
Western Areas (WSA)
+0.2% 13.3%
MACA (MLD)
+0.0%
0.00%
-0.8% 12.3%
Cooper Energy (COE)
+0.0%
0.00%
+0.2% 11.3%
Flexi(FXL)
-0.0%
0.00%
Mesoblast (MSB)
+0.5% 10.7%
Challenger Div.Pro. (CDI)
+0.0%
0.01%
Boart Longyear (BLY)
-0.5% 10.5%
Kathmandu Hold (KMD)
-0.0%
0.01%
+1.2% 10.2%
Hills Holdings (HIL)
-0.0%
0.02%
Nufarm (NUF)
-0.0%
9.7%
CSG (CSV)
-0.0%
0.02%
Bradken (BKN)
-0.1%
9.6%
Tap Oil (TAP)
-0.0%
0.03%
Elders Limited (ELD)
-0.1%
3.9%
Eservglobal Limited (ESV)
+0.0%
2.9%
Aquarius Platinum. (AQP)
-0.1%
1.4%
FAR Ltd (FAR)
+0.0%
0.9%
NIB Holdings Limited (NHF)
+0.4%
0.9%
Collection House (CLH)
-0.0%
0.8%
Matrix C & E (MCE)

UGL (UGL)
Computershare (CPU)
Silex Systems (SLX)
News Corp.. (NWSLV)
+0.0%
0.8%
Horizon Oil (HZN)
Murchison Metals Ltd (MMX)
+0.0%
0.7%
ASG Group Limited (ASZ)
-0.0%
0.6%
Peet Limited (PPC)
-0.0%
0.6%
Outside ASX 300
Virgin Aus Hldg (VAH)

Charter Hall Retail (CQR)
Maverick Drilling (MAD)
1m Change
As % of
stock
available
to short
% Free
Float
Share
Price
Trading
Days to
cover
short
position
5.9%
8.2%
10.7%
13.3%
2.8%
5.4%
11.4%
4.3%
11.3%
5.6%
3.0%
4.5%
3.5%
3.2%
5.9%
1.0%
154%
86%
66%
94%
50%
33%
83%
45%
70%
81%
25%
45%
18%
34%
85%
36%
+1.5%
+3.8%
+2.4%
+0.3%
+0.7%
+0.8%
+0.9%
+1.2%
+0.8%
+0.1%
+1.3%
+0.2%
+0.3%
+0.6%
+0.1%
+0.4%
-32%
-17%
-6%
-6%
-11%
-10%
-2%
-4%
-2%
-13%
-4%
-6%
-29%
-4%
-1%
-9%
3.0
3.5
29.3
18.8
5.2
9.6
15.1
12.9
24.7
2.8
10.2
9.2
11.6
5.2
32.9
1.0
9.1%
2.3%
0.8%
2.5%
66%
29%
53%
40%
+0.9%
+1.0%
+44.0%
+0.3%
+2%
-3%
+2%
-3%
11.9
5.4
4.1
4.0
4.9%
11.1%
2.2%
1.6%
31%
93%
18%
16%
+0.0%
+0.6%
+0.7%
+0.1%
-8%
+5%
-5%
-9%
25.2
11.2
4.5
19.0
6.3%
46%
+0.2%
+0%
17.2
All figures based on % Free Float for ASX 100 and Small Ords, otherwise on % Total Market Cap
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%
+0.0%
-0.0%
+5%
0%
0.5
0.1
Abm Resources NL (ABU)
0.2%
0.2%
23%
+0.0%
+0.0%
+3%
0%
1.2
0.5
0.1
Acrux (ACR)
5.3%
5.3%
32%
28
-0.1%
-0.3%
-5%
+13%
9.7
N/A
2.1
Adelaide Brighton (ABC)
4.1%
2.9%
48%
64
-0.6%
-0.3%
+2%
-2%
8.0
N/A
1.5
AGL Energy (AGK)
1.1%
1.1%
14%
98
-0.0%
+0.2%
+5%
-3%
3.6
0.0
0.2
Ainsworth Game Tech. (AGI)
0.6%
0.2%
5%
+0.0%
+0.0%
+20%
+4%
1.4
N/A
0.0
0.6
Alacer Gold Corp. (AQG)
0.9%
0.9%
10%
-0.4%
-0.3%
+27%
+1%
1.2
3.0
0.2
0.9
Alkane Resources (ALK)
0.9%
0.7%
11%
-0.5%
-0.2%
-11%
0%
3.4
0.7
Als (ALQ)
6.8%
6.8%
69%
257
-0.3%
-1.9%
+9%
+1%
14.3
N/A
Alumina (AWC)
7.2%
6.2%
31%
178
-0.1%
+0.2%
-1%
-11%
12.1
N/A
Amcom Telecomm. (AMM)
0.3%
0.2%
2%
-0.0%
-0.4%
+7%
0%
0.6
N/A
Amcor (AMC)
0.2%
0.2%
2%
28
-0.1%
-0.1%
-0%
+1%
0.5
0.2
AMP (AMP)
1.0%
1.0%
12%
137
+0.0%
+0.2%
+3%
0%
2.2
N/A
Ampella Mining (AMX)
0.3%
0.3%
21%
+0.0%
+0.1%
+16%
0%
0.8
N/A
Ansell (ANN)
7.7%
7.7%
76%
204
-0.1%
-0.2%
+12%
-3%
13.1
N/A
ANZ Banking Grp (ANZ)
0.2%
0.2%
2%
180
+0.0%
-0.3%
+1%
-1%
0.8
0.3
APA (APA)
1.1%
1.1%
12%
55
+0.0%
-0.3%
+1%
+3%
2.7
1.6
APN News & Media (APN)
3.8%
2.6%
22%
-0.1%
-0.4%
+19%
+4%
9.3
N/A
Aquila Resources (AQA)
7.8%
3.5%
120%
32
-0.1%
-0.3%
+3%
0%
23.6
N/A
ARB Corporation (ARP)
0.7%
0.6%
9%
-0.1%
-0.6%
-6%
-3%
3.7
0.1
0.0
Ardent Leisure (AAD)
0.7%
0.7%
6%
+0.1%
-0.1%
+13%
0%
2.3
0.4
0.2
Aristocrat Leisure (ALL)
1.5%
1.5%
7%
37
-0.0%
-0.2%
+6%
-0%
3.8
N/A
Arrium (ARI)
2.5%
2.4%
25%
40
-0.3%
+0.5%
+13%
+7%
3.8
N/A
Asciano (AIO)
1.6%
1.6%
10%
89
-0.0%
-0.4%
+11%
+0%
3.5
N/A
0.7
Aspen (APZ)
0.0%
0.0%
0%
+0.0%
+0.0%
+9%
0%
0.2
0.0
0.1
0.0
Astro Jap Prop (AJA)
0.2%
0.2%
3%
+0.0%
+0.2%
+2%
+10%
0.7
N/A
0.0
0.2
ASX (ASX)
1.0%
1.0%
7%
68
-0.0%
-0.0%
-1%
-2%
2.5
0.0
Atlas Iron (AGO)
8.2%
7.6%
86%
58
+1.6%
+3.8%
-17%
-35%
3.5
N/A
Aurizon Holdings (AZJ)
0.2%
0.1%
1%
13
+0.0%
+0.0%
+2%
+0%
0.3
2.6
Aurora Oil & Gas (AUT)
1.3%
1.3%
15%
20
-0.1%
+0.1%
+8%
-6%
2.7
0.4
Ausdrill (ASL)
5.9%
5.2%
105%
30
+1.0%
-3.2%
+51%
-17%
4.7
N/A
Ausenco (AAX)
1.0%
0.8%
6%
-0.2%
-0.6%
+6%
-13%
1.2
0.2
0.1
0.2
5.3
4.1
1.1
2.0
2.2
9.0
0.9
6.8
7.2
0.0
0.3
0.3
0.2
1.0
0.2
2.2
0.3
7.7
3.8
0.3
4.9
2.8
4.7
0.2
1.1
3.8
7.8
0.7
0.7
4.6
1.5
2.1
2.1
2.5
1.6
1.0
8.2
1.2
0.8
Notes 1, 2, 3, 4, 5, 6 : See page 21 for details / heading descriptions

Equities Research - Short and Stocky
1.6
1.3
0.2
1.3
5.9
0.8
1.0
0.3
0.4
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)
0.4%
0.3%
8%
-0.1%
-0.1%
-10%
-10%
1.3
0.1
0.3
Australand Property (ALZ)
0.5%
0.2%
4%
-0.0%
+0.0%
-1%
0%
1.3
0.7
0.2
Australian Agricult. (AAC)
1.6%
1.1%
10%
+0.1%
+0.3%
+4%
-12%
7.9
N/A
0.1
Automotive Holdings (AHE)
0.1%
0.1%
1%
-0.1%
-0.2%
+6%
-1%
0.3
0.2
0.0
AWE (AWE)
0.2%
0.2%
1%
+0.0%
-0.1%
+3%
-23%
0.5
0.3
Bandanna Energy (BND)
5.1%
3.4%
101%
+0.1%
-1.3%
+13%
0%
15.9
N/A
0.4
0.5
1.6
0.7
1.2
3.1
Bank of Queensland. (BOQ)
2.0%
2.0%
21%
66
+0.1%
-0.1%
+6%
+4%
3.3
N/A
Base Res (BSE)
1.0%
0.8%
9%
+0.1%
+0.1%
+3%
-7%
10.1
0.4
Bathurst Res NZ (BRL)
6.0%
6.0%
102%
+0.1%
-0.0%
-6%
0%
4.2
N/A
Beach Energy (BPT)
1.8%
1.8%
9%
31
-0.0%
-0.1%
+4%
-2%
2.9
1.0
Beadell Resource (BDR)
6.4%
6.4%
96%
45
-0.3%
-0.4%
+18%
+2%
8.4
N/A
1.9
Bendigo and Adelaide (BEN)
3.3%
3.3%
36%
135
-0.0%
-0.0%
-6%
-1%
8.6
N/A
2.4
BHP Billiton (BHP)
0.1%
0.1%
1%
155
-0.0%
-0.2%
-3%
-5%
0.5
0.4
Billabong (BBG)
5.9%
5.0%
154%
10
+0.6%
+1.5%
-32%
-108%
3.0
N/A
1.8
Blackthorn Resources (BTR)
0.8%
0.6%
10%
+0.2%
+0.6%
+5%
0%
1.1
0.3
0.0
BlueScope Steel (BSL)
1.1%
1.0%
7%
29
-0.3%
+0.6%
-4%
-37%
1.4
0.3
10.5% 10.5%
50%
27
-0.5%
+0.9%
+3%
-398%
3.6
N/A
1.7
0%
+2.0%
+2.0%
0%
0.1
0.0
0.0
0.1
0.2
5.1
2.0
1.0
0.1
6.0
2.4
1.8
6.4
0.3
3.3
0.1
5.9
0.8
0.7
1.1
10.5
Boart Longyear (BLY)

Boom Logistics (BOL)
0.0%
0.0%
6.3
0.0
7.9
Boral (BLD)
7.9%
7.9%
47%
284
+0.0%
+0.4%
+9%
-8%
12.0
N/A
Bradken (BKN)
9.6%
9.6%
76%
99
-0.1%
-0.1%
+15%
-6%
11.6
N/A
Brambles (BXB)
0.2%
0.2%
1%
22
+0.0%
+0.0%
-4%
-5%
0.4
0.1
Breville (BRG)
4.6%
3.2%
29%
37
-0.3%
-2.1%
+21%
0%
7.7
N/A
0.0
Buru Energy (BRU)
5.2%
3.9%
112%
21
+0.0%
-3.0%
+0%
0%
10.1
N/A
5.2
5.2
BWP Trust (BWP)
1.5%
1.2%
33%
16
-1.3%
-0.8%
-6%
+1%
4.9
N/A
0.9
1.5
11.3% 10.4%
70%
52
+0.2%
+0.8%
-2%
+3%
24.7
N/A
4.5
9.6
2.8
0.4
0.2
4.6
11.3
2.5
Caltex Australia (CTX)
1.4%
0.7%
9%
37
-0.0%
+0.2%
+6%
-0%
2.0
N/A
Cape Lambert Res (CFE)
0.3%
0.2%
8%
+0.1%
+0.2%
-19%
0%
0.8
0.6
0.1
Cardno (CDD)
6.9%
6.9%
71%
64
-0.2%
-0.7%
+5%
+0%
20.5
N/A
1.0
Carsales.Com (CRZ)
1.1%
1.0%
6%
28
+0.1%
+0.1%
+14%
0%
3.2
N/A
Cash Converters (CCV)
1.2%
0.8%
11%
+0.2%
+0.1%
-1%
-11%
2.8
N/A
0.0
Central Petroleum (CTP)
0.1%
0.1%
3%
+0.0%
+0.0%
-14%
0%
0.2
0.1
0.0
CFS Retail Trust Grp (CFX)
2.6%
2.1%
14%
120
-0.3%
-0.4%
-4%
-1%
5.2
N/A
1.4
0.3
6.9
8.0
1.1
1.2

2.0
0.1
2.6
1.5
0.6
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
1.5
Challenger (CGF)
0.6%
0.6%
4%
15
+0.1%
-0.1%
+20%
+6%
1.3
2.0
Challenger Div.Pro. (CDI)
0.0%
0.0%
0%
+0.0%
+0.0%
-3%
0%
0.0
0.1
Charter Hall (CHC)
0.1%
0.1%
1%
+0.0%
-0.0%
-3%
-4%
0.3
0.2
Charter Hall Retail (CQR)
2.3%
1.9%
29%
25
+0.1%
+1.0%
-3%
-1%
5.4
N/A
Chorus (CNU)
0.0%
0.0%
2%
+0.0%
+0.0%
-3%
+5%
0.4
0.0
Clough (CLO)
0.1%
0.1%
1%
+0.0%
+0.0%
+3%
+7%
0.3
0.3
0.6
0.0
0.0
0.2
0.1
0.4
0.3
Coalspur Mines (CPL)
2.0%
1.4%
70%
-0.1%
-0.1%
+5%
0%
5.5
N/A
Coca-Cola Amatil (CCL)
3.2%
2.3%
34%
210
+0.0%
+0.6%
-4%
-3%
5.2
N/A
11.4% 11.4%
83%
373
+0.3%
+0.9%
-2%
0%
15.1
N/A
0.0
3.1
2.3
0.0
0.1
2.0
3.2
Cochlear (COH)
0.7
8.9
1.8
11.4
1.7
Cockatoo Coal (COK)
1.7%
1.3%
129%
+0.1%
+0.4%
+26%
-29%
4.4
N/A
Codan (CDA)
1.0%
0.6%
36%
-0.1%
+0.4%
-9%
-31%
1.0
N/A
0.0
0.8%
0.8%
53%
-2.0% +44.0%
+2%
+4%
4.1
N/A
0.0
Collins Foods (CKF)
0.6%
0.6%
6%
+0.0%
+0.0%
-7%
-3%
3.2
N/A
0.0
Commonwealth Bank. (CBA)
0.6%
0.6%
7%
689
+0.0%
-0.2%
-0%
+2%
2.4
N/A
Commonwealth Prop (CPA)
1.4%
1.4%
19%
38
+0.2%
-0.3%
-3%
-1%
2.9
6.0
0.8
Computershare (CPU)
2.2%
2.0%
18%
109
+0.3%
+0.7%
-5%
0%
4.5
N/A
1.5
Cooper Energy (COE)
0.0%
0.0%
0%
+0.0%
+0.0%
+17%
0.0
0.2
0.0
Corp Travel (CTD)
0.2%
0.2%
9%
-9.0% -10.0%
-2%
0%
1.0
0.1
Credit Corp (CCP)
0.0%
0.0%
1%
+0.0%
-0.0%
+11%
0%
0.1
1.3
0.1
0.0
Cromwell Prop (CMW)
0.1%
0.1%
2%
-0.0%
+0.0%
+7%
+1%
0.3
0.1
0.0
0.1
Crowe Horwath Aus (CRH)
0.2%
0.2%
1%
-9.0% -24.0%
-18%
+15%
0.5
0.1
0.0
0.2
Crown (CWN)
1.0%
0.5%
8%
60
+0.1%
-0.2%
+14%
+7%
2.8
N/A
1.3
1.0
CSG (CSV)
0.0%
0.0%
1%
-0.0%
+0.0%
-0%
-1%
0.1
0.5
1.0
0.8
0.6
1.3
0.6
2.2
0.0
0.2
0.4
0.0
0.8
CSL (CSL)
0.1%
0.1%
1%
31
-0.0%
-0.2%
+2%
0%
0.4
0.1
CSR (CSR)
7.2%
7.2%
34%
87
+0.0%
+0.2%
+5%
0%
11.4
N/A
Cudeco (CDU)
3.9%
3.0%
62%
11
-0.2%
-0.7%
+3%
5.8
N/A
Dart Energy (DTE)
2.8%
2.4%
50%
+0.8%
+0.7%
-11%
0%
5.2
N/A
10.9% 10.9%
83%
166
-0.5%
-0.9%
+4%
-1%
14.7
N/A
9.5
1.0
David Jones (DJS)
1.4
0.1
9.1
3.9
Decmil (DCG)
2.4%
2.0%
43%
+0.1%
+0.1%
+27%
+3%
7.1
N/A
Dexus Property (DXS)
0.3%
0.3%
3%
15
-0.0%
-0.0%
-3%
0%
0.6
0.6
Discovery Metals (DML)
2.0%
1.8%
24%
-0.6%
-0.9%
-11%
-27%
0.8
0.4
Domino Pizza Enterpr (DMP)
0.7%
0.5%
6%
-0.0%
-0.1%
+15%
+3%
2.3
0.4
2.5
0.2
2.7

0.4
2.4
7.2
3.9
2.8
10.9
2.4
0.3
2.0
0.7
2.6
13
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
12 Month History
Float1
2.4
2.6
Downer EDI (DOW)
2.6%
2.6%
20%
50
+0.1%
+0.3%
+6%
-1%
3.5
N/A
Drillsearch Energy (DLS)
3.8%
3.4%
30%
20
-0.2%
-0.4%
+3%
+3%
7.0
0.7
0.7
Duet (DUE)
0.1%
0.1%
1%
-0.4%
+0.1%
-6%
-20%
0.2
0.2
0.7
0.1
Dulux(DLX)
0.8%
0.8%
7%
14
-0.1%
-0.2%
+5%
0%
1.7
N/A
2.1
0.8
Echo Entertainment (EGP)
0.9%
0.8%
4%
18
-1.0%
+0.7%
+6%
-6%
0.9
1.0
Elemental Minerals (ELM)
0.0%
0.0%
0%
-0.1%
-0.0%
+42%
0%
0.0
0.1
0.1
Emeco Holdings (EHL)
4.1%
4.1%
31%
+0.9%
+0.4%
+16%
-77%
3.4
N/A
0.7
Endeavour Min Corp (EVR)
0.4%
0.4%
8%
+0.1%
-0.1%
+18%
0%
0.5
0.0
0.2
0.4
Energy Resources (ERA)
4.9%
1.5%
23%
10
+0.2%
-0.1%
-8%
0%
13.4
N/A
4.5
4.9
Energy World Corpor. (EWC)
3.5%
1.5%
18%
11
+0.1%
+0.3%
-29%
11.6
N/A
2.2
3.5
1.8
3.8
0.9
0.0
4.1
2.0
Envestra (ENV)
0.7%
0.4%
8%
+0.0%
+0.1%
-0%
+11%
2.1
N/A
Evolution Mining (EVN)
4.5%
3.0%
58%
19
-0.1%
-1.8%
-3%
+12%
6.4
N/A
0.5
16.4% 14.4%
98%
188
+2.7%
-0.3%
+6%
-9%
19.4
N/A
13.1
0%
-1.0%
-2.0%
-4%
-20%
0.2
0.1
Fairfax Media (FXJ)

Fantastic Holdings (FAN)
0.0%
0.0%
0.7
0.0
4.5
16.4
0.0
1.3
Federation Cntres (FDC)
0.3%
0.3%
2%
10
+0.1%
+0.1%
-0%
+1%
0.6
0.3
Finbar (FRI)
0.0%
0.0%
1%
+0.0%
+0.0%
+14%
+0%
0.1
0.0
FKP Property (FKP)
5.4%
3.2%
33%
14
+0.3%
+0.8%
-10%
-9%
9.6
0.1
Fleetwood Corp (FWD)
3.4%
2.8%
42%
-0.2%
-1.5%
-11%
-1%
2.3
N/A
Fletcher Building (FBU)
0.7%
0.7%
18%
40
-0.0%
+0.1%
+11%
-5%
3.6
0.1
Flexi(FXL)
0.0%
0.0%
0%
-0.0%
+0.0%
-0%
-3%
0.0
0.2
0.3
0.0
0.0
6.4
5.4
2.2
3.4
1.5
0.7
0.0
0.0
23.9
Flight Centre (FLT)
8.6%
4.8%
35%
229
Flinders Mines (FMS)
0.4%
0.4%
7%
Focus Minerals (FML)
0.2%
0.1%
Forge (FGE)
1.4%
8.6
-2.4% -12.4%
+9%
+4%
9.5
N/A
+0.1%
+0.1%
-11%
0%
1.1
2.2
0.1
8%
-0.6%
-0.5%
+8%
0%
0.4
0.8
0.0
1.4%
10%
+0.1%
+0.4%
+18%
-2%
1.5
1.1
9.4%
5.1%
136%
710
-0.3%
-1.4%
+3%
+2%
8.2
N/A
G.U.D. Holdings (GUD)
8.3%
8.3%
80%
36
+0.1%
-0.2%
-2%
0%
15.2
N/A
1.9
G8 Education (GEM)
0.8%
0.7%
7%
-0.1%
-0.3%
+12%
0%
2.1
N/A
0.0
0.8
Galaxy Resources (GXY)
0.9%
0.7%
4%
-0.5%
-0.1%
-32%
4.8
8.7
1.5
0.9
1.0
0.4
0.2
1.4
12.9
9.4
8.3
7.5
Gindalbie Metals (GBG)
5.3%
3.4%
94%
-0.3%
-0.3%
-18%
0%
5.2
N/A
Goodman (GMG)
0.3%
0.3%
3%
23
+0.1%
+0.1%
-1%
-0%
0.7
0.7
Goodman Fielder. (GFF)
2.0%
1.8%
9%
24
-0.5%
-1.2%
-8%
-5%
4.0
N/A
GPT (GPT)
0.4%
0.3%
2%
21
+0.0%
+0.2%
-2%
0%
0.7
0.9
5.3
0.9

0.3
2.0
2.0
0.2
0.4
1.3
0.1
14
Data Tables
% Free
Float1
Code
Chg in Short
Position3
% Mkt
% Stock
Value
short2
One
week
One
month
One Month
Change
Share
Price
Days to
cover5
FY1
EPS4
F'cast
% stock
loaned
not
short6
GrainCorp (GNC)
0.1%
0.1%
1%
-0.1%
+0.1%
+2%
0%
0.1
4.8
Grange Resources. (GRR)
1.3%
0.5%
32%
-0.1%
+0.0%
-4%
+67%
3.3
0.4
Greencross (GXL)
0.0%
0.0%
0%
+0.0%
+0.0%
+1%
0.0
0.1
Greenland Min En (GGG)
0.8%
0.7%
61%
-0.1%
-0.3%
+0%
0%
5.9
N/A
Gryphon Minerals (GRY)
2.7%
2.7%
35%
-0.0%
-0.0%
-3%
0%
2.4
N/A
GWA (GWA)
5.0%
4.7%
40%
46
+0.1%
+0.3%
+20%
+2%
19.1
N/A
12.6%
6.8%
60%
223
-0.5%
-2.6%
+8%
-2%
23.0
N/A
Harvey Norman (HVN)
12 Month History
Float1
1.3
0.8
0.1
1.3
0.0
0.0
1.0
0.8
5.6
5.0
16.7
2.7
5.0
12.6
1.2
Henderson (HGG)
0.3%
0.3%
1%
+0.0%
+0.2%
+4%
+2%
0.5
0.5
Hillgrove Res (HGO)
0.3%
0.3%
7%
+0.0%
+0.0%
+23%
+23%
1.2
0.2
Hills Holdings (HIL)
0.0%
0.0%
1%
-0.0%
-0.0%
+53%
+6%
0.2
0.2
Horizon Oil (HZN)
6.3%
5.5%
46%
24
-0.4%
+0.2%
+0%
-12%
17.2
N/A
2.5
iiNet (IIN)
1.7%
1.1%
10%
11
+0.2%
-0.8%
-0%
+3%
2.1
1.7
0.0
1.7
9.2%
9.2%
64%
435
+0.8%
-0.1%
-4%
-8%
11.1
N/A
10.9
9.2
Imdex (IMD)
1.6%
1.6%
23%
-0.4%
-0.4%
+3%
-27%
1.9
0.2
0.4
1.6
IMF (Australia) (IMF)
2.4%
2.1%
21%
+0.3%
+1.1%
+1%
-2%
6.5
N/A
0.0
Incitec Pivot (IPL)
1.1%
1.1%
8%
46
-0.1%
-0.2%
-2%
-3%
1.5
N/A
0.1
Independence (IGO)
1.9%
1.9%
19%
17
-0.3%
-1.0%
+12%
+20%
5.7
0.8
Indophil Resources (IRN)
0.2%
0.1%
1%
-0.0%
+0.1%
-2%
1.1
1.9
Infigen Energy (IFN)
0.4%
0.4%
7%
-0.0%
-0.1%
-14%
0%
4.0
N/A
Inova Resources (IVA)
0.6%
0.2%
12%
+0.1%
+0.1%
+19%
0%
1.8
1.3
Insurance Australia (IAG)
0.1%
0.1%
1%
16
-0.0%
-0.2%
-1%
-1%
0.4
0.2
Intrepid Mines (IAU)
3.5%
3.4%
54%
-0.2%
-0.5%
+8%
0%
7.0
N/A
Investa Office Fund (IOF)
0.2%
0.2%
2%
-0.0%
-0.1%
-0%
+2%
0.4
2.0
InvoCare (IVC)
4.3%
4.3%
45%
52
+0.7%
+1.2%
-4%
-8%
12.9
N/A
IOOF Holdings (IFL)
1.2%
1.1%
11%
21
-0.0%
+0.2%
+1%
0%
3.7
N/A
Iproperty (IPP)
0.0%
0.0%
0%
+0.0%
+0.0%
-11%
0.0
0.0
0.3
0.2
1.5
0.3
0.0
6.3
2.4
1.1
5.0
1.9
0.1
0.2
0.4
0.4
1.4
0.6
0.3
1.3
0.5
3.1
0.1
3.5
0.2
4.3
1.2
1.2
0.0
0.0
3.0
IRESS (IRE)
1.0%
0.8%
8%
12
+0.3%
-0.9%
+5%
+2%
4.1
1.0
0.1
2.0
James Hardie Indust (JHX)
1.4%
1.4%
14%
61
+0.0%
+0.2%
+1%
+2%
3.4
N/A
JB Hi-Fi (JBH)
9.0%
9.0%
38%
174
-0.1%
-5.0%
+2%
+7%
12.3
N/A
Karoon Gas Australia (KAR)
0.4%
0.3%
4%
+0.0%
-2.4%
+4%
0%
1.0
2.4
1.4
20.7
9.0
0.9
0.4
0.6
Kathmandu Hold (KMD)
0.0%
0.0%
0%
-0.0%
+0.0%
+7%
0%
0.0
0.2
Kingsgate Consolid. (KCN)
9.5%
9.5%
193%
30
+0.5%
+2.6%
+20%
-54%
7.4
N/A
0.0
9.5

5.1
0.0
0.2
15
Data Tables
% Free
Float1
Code
Kingsrose Mining (KRM)
Lend Lease (LLC)
0.2%
Chg in Short
Position3
% Mkt
% Stock
Value
short2
0.1%
20%
One
week
-0.1%
One
month
-0.1%
One Month
Change
Share
Price
+12%
Days to
cover5
FY1
EPS4
F'cast
0%
1.1
% stock
loaned
not
short6
0.0
12.0%
5.9%
106%
367
-0.3%
+1.5%
+11%
-4%
12.2
N/A
0.5%
0.4%
4%
24
+0.2%
+0.3%
+8%
-2%
1.0
0.1
12 Month History
Float1
0.0
8.3
0.2
12.0
1.2
0.5
13.7
Linc Energy (LNC)
5.6%
3.5%
81%
28
-0.0%
+0.1%
-13%
+23%
2.8
5.6
N/A
13.3
10.0% 10.0%
124%
80
-0.4%
-0.1%
-2%
0%
10.1
N/A
10.0
4.5
M2 Telecommunication (MTU)
4.5%
4.1%
45%
45
-0.3%
+0.2%
-6%
+3%
9.2
N/A
2.0
MACA (MLD)
0.0%
0.0%
0%
+0.0%
-0.0%
+20%
-4%
0.0
0.7
0.0
0.0
Macmahon Holdings (MAH)
0.2%
0.1%
1%
-0.2%
-0.6%
-7%
-38%
0.2
0.1
0.9
0.2
Macq Atlas Roads Grp (MQA)
4.3%
3.7%
21%
41
-0.1%
-0.5%
+2%
0%
13.5
2.6
1.2
Macquarie (MQG)
0.4%
0.4%
3%
57
-0.1%
-0.1%
+6%
+0%
0.8
0.6
Magellan Fin Grp (MFG)
0.4%
0.3%
17%
+0.1%
+0.2%
-3%
+8%
1.1
N/A
0.0
Matrix C & E (MCE)
4.9%
3.4%
31%
+0.1%
+0.0%
-8%
+4%
25.2
0.6
1.6
Maverick Drilling (MAD)
2.5%
2.1%
40%
-0.3%
+0.3%
-3%
-40%
4.0
0.0
0.6
Mayne Pharma (MYX)
0.0%
0.0%
0%
+0.0%
+0.0%
+1%
-2%
0.0
0.0
0.0
McMillan Shakespeare (MMS)
3.9%
3.0%
17%
28
-0.7%
-0.3%
+24%
+13%
4.0
0.3
0.0
Medusa Mining (MML)
1.1%
1.1%
27%
+0.1%
-0.3%
+12%
+24%
1.0
0.0
0.8
Mermaid Marine (MRM)
0.3%
0.3%
2%
+0.1%
+0.1%
-2%
-3%
1.0
0.4
2.1
0.4
0.4
4.9
0.7
11.7
Mesoblast (MSB)
4.3
2.5
0.0
3.9
1.1
0.3
10.7
10.7%
5.9%
66%
106
+0.5%
+2.4%
-6%
0%
29.3
N/A
Metcash (MTS)
9.2%
9.2%
63%
264
+0.2%
-0.9%
-7%
-9%
11.2
N/A
5.5
Metminco (MNC)
0.1%
0.1%
15%
+0.0%
+0.0%
+29%
0.4
0.1
0.0
Miclyn Exp Offshr (MIO)
0.2%
0.1%
2%
-0.1%
-0.2%
+9%
-3%
0.3
0.6
0.1
0.2
Mincor Resources NL (MCR)
1.3%
1.3%
23%
-0.0%
-0.1%
-1%
0%
6.6
N/A
0.7
1.3
Mineral Deposits (MDL)
4.7%
4.7%
46%
13
+0.4%
+0.8%
+57%
-44%
18.3
N/A
0.6
Mineral Resources. (MIN)
3.2%
2.7%
23%
58
-0.5%
-1.8%
+10%
+7%
4.6
N/A
Mirabela Nickel (MBN)
4.1%
3.5%
28%
+0.5%
+0.1%
-10%
0%
1.8
N/A
Mirvac (MGR)
0.1%
0.1%
1%
+0.0%
-0.1%
+1%
+2%
0.3
0.5
Molopo Energy (MPO)
0.3%
0.3%
1%
+0.0%
+0.1%
-4%
0%
1.4
0.2
0.3
13.5% 13.5%
191%
243
+0.2%
+1.2%
+13%
-8%
18.3
N/A
6.0
1.4%
38%
13
-0.3%
-0.9%
+17%
-4%
3.6
N/A
0.8
14.3% 14.3%
89%
237
+0.1%
+0.1%
+10%
-0%
14.3
N/A
9.9
2%
182
-0.1%
-0.1%
+8%
+1%
0.8
0.2
0.4
9.2
0.1
4.7
4.6
3.2
4.1
1.7
0.5
0.1
0.3
13.5
Monadelphous (MND)
Mount Gibson Iron (MGX)
Myer Holdings (MYR)
National Aust. Bank (NAB)
2.4%
0.2%
0.2%
2.4
14.3
0.2
5.6
Navitas (NVT)
1.1%
0.7%
6%
16

-0.1%
-1.3%
-2%
0%
2.9
1.1
N/A
0.6
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
0.6
Neon Energy (NEN)
0.1%
0.1%
6%
-0.0%
-0.1%
-3%
0%
0.2
N/A
Newcrest Mining (NCM)
0.6%
0.6%
7%
58
+0.2%
-0.1%
+7%
-11%
0.6
0.3
0.2
Nextdc (NXT)
2.7%
2.5%
13%
13
+0.2%
-2.2%
-7%
0%
8.0
N/A
2.4
2.7
Nexus Energy (NXS)
0.2%
0.2%
2%
+0.0%
-0.2%
-4%
0%
0.3
1.2
0.2
0.2
Northern Iron (NFE)
0.8%
0.5%
5%
+0.0%
+0.1%
+17%
+5%
1.2
6.7
0.1
0.8
Northern Star (NST)
1.3%
1.2%
33%
+0.1%
-0.2%
+5%
-2%
1.6
0.3
0.3
NRW Holdings (NWH)
5.4%
5.4%
54%
24
-0.2%
-1.1%
+50%
-6%
4.6
N/A
1.3
Nufarm (NUF)
9.7%
6.6%
60%
86
-0.0%
+0.5%
+7%
0%
18.3
N/A
3.1
OceanaGold Corp. (OGC)
0.4%
0.4%
18%
+0.2%
+0.2%
+10%
-11%
1.1
N/A
0.4
0.4
Oil Search (OSH)
0.6%
0.5%
5%
53
-0.1%
-0.0%
+6%
+1%
1.4
0.3
0.4
0.6
0.1
0.6
1.3
5.4
9.7
1.2
OM Holdings (OMH)
0.7%
0.4%
11%
-0.1%
-0.1%
+3%
0%
2.8
0.3
Orica (ORI)
3.1%
3.1%
29%
234
+0.1%
+0.2%
+7%
0%
4.7
N/A
0.4
Origin Energy (ORG)
1.0%
1.0%
9%
157
-0.0%
-0.1%
+18%
-2%
3.4
N/A
0.6
1.0
Orocobre (ORE)
0.2%
0.2%
7%
-0.0%
-0.2%
+18%
0%
1.7
0.1
0.0
0.2
Oroton(ORL)
1.6%
1.1%
10%
-0.0%
+0.1%
-2%
0%
4.6
0.1
0.3
OZ Minerals (OZL)
3.2%
3.2%
29%
42
+0.4%
-0.3%
-4%
0%
2.5
N/A
1.8
Pacific Brands (PBG)
1.1%
1.1%
5%
+0.1%
-0.5%
-4%
-6%
2.7
N/A
0.7
Paladin Energy (PDN)
7.4%
6.9%
33%
37
-0.2%
-7.0%
-18%
0%
4.6
N/A
8.8
7.4
PanAust (PNA)
0.6%
0.5%
5%
-0.1%
-0.5%
+4%
+6%
0.7
0.2
0.7
0.6
Panoramic Resources (PAN)
0.2%
0.2%
7%
-0.1%
+0.0%
+4%
0%
0.7
0.5
Papillon Res (PIR)
2.0%
1.7%
52%
-0.2%
-0.9%
+21%
0%
3.4
0.4
0.3
Patties Foods (PFL)
0.0%
0.0%
0%
-1.0%
-2.0%
-3%
-2%
0.2
0.0
0.0
Perilya (PEM)
0.2%
0.1%
4%
+0.0%
+0.1%
+73%
-41%
1.5
0.9
0.1
Perpetual (PPT)
5.2%
5.2%
62%
79
-0.3%
-0.1%
-4%
-7%
13.9
N/A
Perseus Mining (PRU)
1.7%
1.7%
32%
-0.4%
-1.9%
+22% ######
1.2
Pharmaxis (PXS)
2.3%
2.3%
28%
-0.1%
-0.1%
-16%
0%
Platinum Asset (PTM)
1.7%
0.7%
14%
24
+0.1%
+0.2%
-6%
Premier Investments (PMV)
1.4%
0.9%
7%
11
+0.0%
-0.0%
+12%
Prima Biomed (PRR)
0.0%
0.0%
8%
+0.0%
-0.1%
-13%
Primary Health Care (PRY)
5.0%
4.7%
26%
121
-0.1%
-0.9%
+2%
Programmed (PRG)
0.1%
0.1%
2%
-0.1%
-0.2%
Qantas Airways (QAN)
1.8%
1.8%
13%
55
+0.6%
+0.3%
0.7
3.1
1.6
3.2
1.1
2.4
0.2
2.0
0.0
0.2
5.2
5.2
0.8
2.3
1.7
1.8
N/A
1.7
2.3
-2%
4.0
0.4
0%
2.4
N/A
0.1
N/A
0%
9.6
N/A
+2%
0%
0.5
1.5
+12%
-57%
2.7
N/A
4.4
0.8
0.5
4.6
0.4
1.7
1.4
0.0
5.0
0.1
1.8

0.9
4.7
1.5
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
4.7
QBE Insurance (QBE)
1.5%
1.5%
13%
Qrxpharma (QRX)
0.2%
0.2%
4%
Qube Holdings (QUB)
2.6%
1.7%
26%
31
+0.0%
Ramelius Resources (RMS)
1.1%
1.1%
90%
Ramsay Health Care (RHC)
2.0%
1.3%
16%
RCR Tomlinson (RCR)
1.5%
1.5%
REA (REA)
1.9%
Red 5 (RED)
283
-1.2%
1.5
-1.1%
-6%
-8%
3.0
N/A
0 -25.0% -63.0%
-31%
0%
1.0
0.8
0.1
0.2
+0.1%
+12%
-1%
14.9
N/A
1.2
2.6
+0.1%
+0.1%
+43%
0%
1.7
0.1
1.2
1.1
+0.1%
+0.4%
+5%
+1%
5.6
N/A
1.8
2.0
93
19%
-0.3%
+0.8%
+50%
+8%
6.0
N/A
0.0
0.7%
11%
36
-0.1%
+0.4%
+12%
0%
4.7
0.8
0.1
0.9%
0.9%
18%
+0.0%
+0.2%
+28%
0%
9.6
N/A
0.1
0.9
Red Fork Energy (RFE)
0.8%
0.7%
5%
-0.1%
-0.4%
+2%
0%
1.9
0.0
0.5
0.8
Regis Resources (RRL)
1.5%
1.3%
17%
26
+0.0%
-0.7%
+22%
0%
2.3
N/A
0.1
1.5
ResMed Inc. (RMD)
0.7%
0.7%
10%
60
+0.1%
+0.1%
-1%
0%
2.2
2.4
0.2
0.7
Resolute Mining (RSG)
0.4%
0.4%
6%
-0.2%
+0.0%
+9%
0%
0.5
0.5
0.3
0.4
Retail Food (RFG)
2.8%
2.1%
19%
13
+0.1%
+0.2%
+11%
-9%
12.9
0.9
0.0
Rex Minerals (RXM)
1.3%
1.2%
36%
+0.1%
+0.1%
+5%
0%
6.3
0.2
0.3
Ridley Corporation (RIC)
0.2%
0.2%
2%
-0.0%
-0.1%
-2%
+1%
0.9
0.0
0.0
Rio Tinto (RIO)
1.2%
1.2%
13%
321
+0.2%
-0.3%
+0%
-2%
1.7
N/A
ROC Oil Company (ROC)
0.2%
0.2%
2%
-0.0%
-0.1%
+1%
-1%
1.2
0.0
SAI Global (SAI)
3.6%
3.6%
21%
32
-0.3%
-2.1%
+13%
+0%
7.1
N/A
Sandfire Resources (SFR)
4.1%
2.6%
24%
27
+0.0%
+0.1%
+15%
-8%
4.8
0.4
Santos (STO)
0.6%
0.6%
6%
90
+0.0%
+0.0%
+7%
0%
1.7
Saracen Mineral (SAR)
2.4%
2.4%
46%
+0.0%
-0.8%
+26%
-15%
Sca Property (SCP)
5.3%
5.3%
60%
53
+0.0%
-0.2%
-0%
Sedgman (SDM)
0.4%
0.2%
4%
-0.1%
-0.1%
Seek (SEK)
4.8%
4.8%
29%
189
-0.3%
Senex Energy (SXY)
0.5%
0.5%
8%
Seven Holdings (SVW)
5.2%
1.7%
34%
Seven West Media (SWM)
0.5%
0.3%
Sigma Pharmaceutical (SIP)
0.3%
Silex Systems (SLX)
1.5
1.9
2.8
1.3
0.2
4.0
1.2
0.3
0.2
1.7
3.6
4.5
4.1
0.1
0.5
0.6
2.7
N/A
0.7
-2%
12.6
N/A
0.0
+12%
-25%
1.1
0.4
0.0
-0.9%
+26%
+5%
8.2
N/A
3.2
+0.1%
+0.0%
+13%
+20%
1.4
0.3
0.4
41
+0.0%
-0.3%
+11%
-15%
6.9
N/A
2.0
5%
-0.1%
-0.2%
+3%
0%
0.6
0.6
0.3%
1%
+0.0%
-0.2%
-1%
0%
0.8
0.2
1.6%
1.3%
16%
-0.1%
+0.1%
-9%
0%
19.0
N/A
0.6
Silver Chef (SIV)
0.1%
0.1%
11%
+0.0%
-5.0%
+5%
-9%
0.7
0.1
0.0
0.1
Silver Lake Resource (SLR)
1.0%
1.0%
26%
-0.8%
-1.7%
+11%
-23%
0.6
0.4
4.0
1.0
Sims Metal Mgmt (SGM)
5.9%
4.8%
46%
92
+0.3%
+0.0%
+1%
-22%
6.5
N/A
5.2
5.9
2.4
5.3
0.4
4.8
0.5
5.2
3.0
0.5
0.5
0.3
1.6

7.0
1.7
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
7.0
Singapore Telecomm. (SGT)
1.7%
1.7%
13%
-0.7%
-0.4%
-8%
-1%
1.0
2.5
Sirius Resources NL (SIR)
2.2%
1.8%
38%
13
+0.0%
-0.1%
+17%
0%
2.4
N/A
0.0
Sirtex Medical (SRX)
0.4%
0.4%
4%
+0.1%
-0.0%
-0%
-5%
0.7
1.1
0.0
Skilled (SKE)
2.3%
2.0%
18%
16
+0.1%
-0.2%
+10%
0%
6.1
N/A
0.3
Slater & Gordon (SGH)
0.0%
0.0%
0%
+0.0%
+0.0%
+20%
+4%
0.0
0.0
0.0
0.0
SMS Management. (SMX)
2.0%
2.0%
20%
+0.2%
-0.6%
-7%
-19%
4.5
N/A
1.2
2.0
Sonic Healthcare (SHL)
1.3%
1.3%
15%
83
-0.3%
-0.8%
+9%
-2%
3.7
N/A
1.3
1.3
SP AusNet (SPN)
2.2%
1.1%
17%
42
-0.0%
+0.0%
-1%
0%
5.4
N/A
0.1
Spark Infrastructure (SKI)
4.5%
4.1%
24%
89
-0.0%
-0.1%
-9%
-6%
8.9
N/A
3.1
Specialty Fashion (SFH)
0.0%
0.0%
0%
-2.0%
+0.0%
+22%
-31%
0.4
N/A
St Barbara (SBM)
1.9%
1.9%
32%
-0.5%
-3.8%
+41% +400%
2.1
N/A
5.9%
5.6%
85%
16
-0.0%
+0.1%
-1%
0%
32.9
N/A
Sthn Cross Media (SXL)
1.7%
1.4%
13%
18
+0.6%
+0.2%
+25%
+1%
5.0
0.1
Stockland (SGP)
0.6%
0.6%
6%
49
+0.2%
+0.0%
+0%
-2%
1.1
0.3
0.5
STW Communications (SGN)
0.4%
0.3%
2%
-0.1%
+0.0%
-0%
0%
1.1
0.3
0.0
Suncorp (SUN)
0.3%
0.3%
2%
48
+0.0%
-0.4%
+3%
-1%
0.9
0.3
Sundance Energy (SEA)
0.1%
0.1%
1%
-0.1%
-0.0%
+3%
+3%
0.2
0.2
0.0
Sundance Resources (SDL)
2.0%
1.6%
10%
-0.1%
-0.1%
-6%
0%
1.5
4.2
0.2
Super Ret Rep (SUL)
0.9%
0.6%
5%
15
+0.1%
+0.2%
-4%
-2%
2.0
0.6
SYD Airport (SYD)
0.9%
0.7%
4%
57
-0.1%
-0.3%
+7%
0%
2.0
N/A
Syrah Resources (SYR)
2.7%
1.5%
23%
+0.3%
+1.7%
+0%
0%
4.3
TABCORP Holdings (TAH)
3.0%
3.0%
20%
70
-0.0%
+0.4%
-4%
-3%
Tap Oil (TAP)
0.0%
0.0%
0%
-0.0%
-0.1%
-7%
Tatts (TTS)
0.9%
0.9%
6%
39
-0.3%
-0.2%
+0%
Technology One (TNE)
0.0%
0.0%
0%
+0.0%
+0.0%
1.7
2.2
0.4
2.3
2.2
4.5
1.3
0.0
3.5
1.9
5.9
1.4
3.6
1.7
0.6
0.6
0.4
0.3
0.1
2.0
0.5
0.9
1.1
0.9
N/A
0.0
2.7
5.2
N/A
1.6
-31%
0.1
3.6
+3%
2.6
N/A
0.5
0%
0.0
0.0
0.0
3.0
0.3
0.0
0.9
0.0
0.9
Telecom Corporation (TEL)
0.3%
0.3%
16%
11
+0.0%
-0.1%
-4%
+3%
1.3
N/A
Telstra Corporation. (TLS)
0.1%
0.1%
1%
90
-0.0%
-0.0%
-5%
+1%
0.5
0.3
Ten Network Holdings (TEN)
8.0%
5.0%
53%
44
-0.1%
-0.1%
+14%
0%
14.0
N/A
Teranga Gold Corp (TGZ)
0.5%
0.5%
5%
+0.0%
+0.3%
+38%
0%
3.0
0.5
The Reject Shop (TRS)
6.4%
6.4%
35%
31
+0.0%
-0.3%
+1%
-4%
12.0
N/A
Thorn (TGA)
0.1%
0.1%
1%
-0.0%
+0.0%
+6%
-1%
0.2
1.5
Tiger Resources (TGS)
0.2%
0.2%
3%
-0.0%
+0.0%
+11%
+19%
0.7
0.1
0.3
0.2
10.4
0.1
8.0
0.5
0.1
10.3

0.1
0.5
3.1
6.4
0.1
0.2
4.5
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
Toll Holdings (TOL)
4.5%
4.3%
33%
166
+0.1%
-0.0%
+4%
-3%
7.3
N/A
3.1
Tox Free Solutions (TOX)
0.8%
0.8%
5%
+0.1%
-0.5%
+6%
0%
2.9
0.0
0.1
Tpg Telecom (TPM)
0.5%
0.2%
3%
+0.0%
+0.1%
-3%
0%
1.2
0.1
0.7
Trade Me (TME)
0.1%
0.1%
0%
+0.0%
-0.0%
-9%
-4%
0.1
0.3
0.4
4.5
0.8
0.5
0.1
10.2
10.2%
8.8%
81%
55
+1.2%
+3.4%
+33%
-15%
14.3
N/A
1.2
Transpacific Indust. (TPI)
1.5%
1.0%
7%
16
-0.2%
+0.5%
+16%
+14%
2.8
N/A
0.6
Transurban (TCL)
0.1%
0.1%
1%
14
+0.0%
-0.0%
-5%
0%
0.3
0.5
Treasury Wine Estate (TWE)
2.6%
2.6%
16%
79
-0.2%
-0.8%
-6%
0%
3.0
N/A
2.0
Troy Resources (TRY)
0.1%
0.1%
2%
-0.1%
-0.4%
+11%
0%
0.1
1.3
0.5
Twenty-First FOX Inc (FOX)
0.0%
0.0%
1%
17
-0.0%
+0.0%
-2%
0%
0.3
0.1
0.2
0.6
1.5
0.1
2.6
0.1
0.0
11.1
UGL (UGL)
11.1% 11.1%
93%
146
+0.2%
+0.6%
+5%
-7%
11.2
N/A
4.4
0.2
UXC (UXC)
0.0%
0.0%
0%
+0.0%
-0.2%
-0%
-10%
0.0
0.5
Virgin Aus Hldg (VAH)
9.1%
3.7%
66%
42
+0.6%
+0.9%
+2%
-10%
11.9
N/A
3.0
Webjet (WEB)
3.0%
2.7%
25%
+0.0%
+1.3%
-4%
-21%
10.2
0.3
0.0
Wesfarmers (WES)
2.8%
2.8%
29%
1169
-0.1%
+0.1%
-0%
-2%
9.9
N/A
13.3% 10.6%
94%
63
+0.2%
+0.3%
-6%
-75%
18.8
N/A
8.3
0.0
9.1
3.0
3.0
2.8
13.3
Western Areas (WSA)

Western Desert Res. (WDR)
0.6%
0.5%
44%
-0.0%
-0.2%
+25%
0%
5.0
N/A
0.0
Westfield (WDC)
0.6%
0.5%
6%
119
+0.1%
+0.1%
-4%
-1%
1.5
1.0
0.3
Westfield Retail Tst (WRT)
0.6%
0.6%
3%
51
+0.1%
+0.1%
-2%
0%
0.9
0.3
Westpac Banking Corp (WBC)
0.7%
0.7%
8%
735
+0.1%
-0.2%
+3%
+0%
2.8
N/A
12.3%
7.3%
92%
161
-0.8%
-5.1%
+5%
0%
13.0
N/A
Woodside Petroleum (WPL)
0.5%
0.4%
5%
132
+0.0%
-0.0%
+2%
+1%
1.4
N/A
Woolworths (WOW)
0.4%
0.4%
5%
190
-0.1%
-0.1%
+5%
-0%
2.0
N/A
WorleyParsons (WOR)
1.7%
1.5%
14%
80
-0.3%
-1.2%
+4%
-0%
3.0
N/A
Wotif.com Holdings (WTF)
0.9
1.1
8.2
0.5
0.6
2.2
14.0
15.1%
9.4%
64%
93
-0.1%
-1.0%
-3%
+4%
25.5
0.6
0.6
0.6
0.7
12.3
0.5
0.4
1.7
15.1
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 %
of 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
Head of Research
Jacqueline Fernley
Industrials
James Ferrier
Andrew Dalziel
Stewart Oldfield
Daniel Wan
Healthcare and Biotechnology
Shane Storey
Resources
Cameron Judd
Phillip Chippindale
Liam Schofield
Nathan Szeitli
Quantitative Strategy/TAA
Damien Klassen
(02) 8247 6661

(03) 9640 3827
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(03) 9640 3818
(02) 8247 6694
(07) 3212 1351
(03) 9640 3864
(02) 8247 3149
(02) 8247 3173
(03) 9640 3806
Head of Institutional Sales

Duncan Gamble
Sydney
Jonathan Scales
Richard Moulder
Michael Pegum
Anthony Wilson
Melbourne
David Permezel
Adam Dellaway
(02) 8247 6629

(02) 8247 6613
(02) 8247 6603
(02) 8247 6602
(02) 8247 3113
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(03) 9640 3824
Wealth Management Research

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John Lockton
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(02) 8247 3118
Email: firstname.lastname@wilsonhtm.com.au
(02) 8247 3101

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Our web site: www.wilsonhtm.com.au
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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Monday, 16 September 2013

SHORT AND STOCKY

+2.7% -0.3% 16.4%

BWP Trust (BWP)

Qrxpharma Ltd (QRX)

Sector Focus: Mining Sector

% Mkt % Stock Value

Atlas Iron (AGO)

Fortescue Metals Grp (FMG)

Iluka Resources (ILU)

Regis Resources (RRL)

Short selling in resources is back to 2 year

Change in Short Positions as % of Free Float Market Cap

Change in Short Positions by Sector

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

Western Areas (WSA)

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 continues 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

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

Equities Research Short and Stocky

For an interactive version of these

Short covering in small

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

Resources vs Small Resources over time

Small industrials short

Equities Research Short and Stocky

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

Both small and large resources

Industrials vs Small Industrials over time

Both small resources and industrials

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

Days to Cover Small Ords

% of Stock Borrowed but not sold Short

Latest Short Sell / Stock Available to be lent (as at last quarter)

Latest Short Sell / Stock Available

These are stocks where the

These are stocks where the

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

Equities Research Short and Stocky