<p>歡迎回到空頭賣家系列——回顧在 ASX 上被重度做空的股票以及過去一週空頭頭寸發生顯著變化的股票。</p>
<p>空頭賣出數據比今天的日期滯後四天，因為報告在交易後的三個工作日內並不是強制性的。以下表格將進行比較：</p>
<p>-2025 年 2 月 3 日至 10 日的周變化</p>
<p>-2025 年 1 月 13 日至 2 月 10 日的月變化</p>
<p>最被做空的股票</p>
<table>
<thead>
<tr>
<th>股票代碼</th>
<th>公司</th>
<th>空頭比例</th>
<th>周變化</th>
<th>月變化</th>
</tr>
</thead>
<tbody>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>PDN</td>
<td>Paladin Energy</td>
<td>15.85%</td>
<td>-0.15%</td>
<td>-0.07%</td>
</tr>
<tr>
<td>IEL</td>
<td>Idp Education</td>
<td>12.24%</td>
<td>-0.44%</td>
<td>-0.21%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>MP1</td>
<td>Megaport</td>
<td>9.72%</td>
<td>-0.38%</td>
<td>-0.92%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
</tbody>
</table>
<p>關鍵要點</p>
<ul>
<li>Boss Energy 和 Paladin Energy：儘管空頭頭寸略有下降，但這兩隻股票仍然是市場上最被做空的股票。</li>
</ul>
<ul>
<li>Syrah Resources：空頭頭寸顯著回落，達到自 2024 年 7 月以來的最低水平。然而，瑞銀分析師警告稱，Syrah 在公司和行業層面面臨重大挑戰。其主要資產，位於莫桑比克的巴拉馬石墨礦，因社會動盪而處於不可抗力狀態，觸發了與債權人的違約事件。瑞銀還指出，儘管石墨價格可能已觸底，但由於中國合成產能的持續過剩，近期沒有恢復的催化劑。在 2 月 14 日的報告中，瑞銀將 Syrah 的評級下調至中性（從買入下調），並將目標價削減至 30 美分（從 80 美分）。</li>
</ul>
<ul>
<li>Domino's Pizza：在公司宣佈計劃關閉 172 家表現不佳的日本門店，並通過集團範圍內的審查節省 1860 萬美元成本後，空頭賣家在 2 月 7 日感到意外。該股票在當日飆升 21.3%。儘管出現了急劇反彈，但空頭頭寸仍然較高，仍遠高於一年前的 4.6% 水平。</li>
</ul>
<ul>
<li>Pilbara Minerals：空頭頭寸降至自 2024 年 11 月 27 日以來的最低水平。然而，這一下降並不是由於股價上漲，因為 Pilbara 的股價仍徘徊在最近的低點 2.20 美元附近。</li>
</ul>
<p>空頭增加</p>
<table>
<thead>
<tr>
<th>股票代碼</th>
<th>公司</th>
<th>空頭比例</th>
<th>周變化</th>
<th>月變化</th>
</tr>
</thead>
<tbody>
<tr>
<td>SIG</td>
<td>Sigma Healthcare</td>
<td>5.87%</td>
<td>1.45%</td>
<td>2.08%</td>
</tr>
<tr>
<td>MYS</td>
<td>Mystate</td>
<td>2.17%</td>
<td>1.15%</td>
<td>1.59%</td>
</tr>
<tr>
<td>MMS</td>
<td>Mcmillan Shakespeare</td>
<td>3.49%</td>
<td>1.12%</td>
<td>1.23%</td>
</tr>
<tr>
<td>CKF</td>
<td>Collins Foods</td>
<td>3.53%</td>
<td>1.12%</td>
<td>1.52%</td>
</tr>
<tr>
<td>WGX</td>
<td>Westgold Resources</td>
<td>4.38%</td>
<td>0.71%</td>
<td>1.27%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals Plc</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
<tr>
<td>NWS</td>
<td>News Corporation</td>
<td>1.05%</td>
<td>0.61%</td>
<td>0.66%</td>
</tr>
<tr>
<td>SEK</td>
<td>Seek</td>
<td>7.89%</td>
<td>0.61%</td>
<td>0.95%</td>
</tr>
<tr>
<td>APA</td>
<td>APA Group</td>
<td>4.29%</td>
<td>0.56%</td>
<td>1.16%</td>
</tr>
<tr>
<td>XYZ</td>
<td>Block, Inc</td>
<td>2.28%</td>
<td>0.55%</td>
<td>#N/A</td>
</tr>
<tr>
<td>TER</td>
<td>Terracom</td>
<td>1.24%</td>
<td>0.54%</td>
<td>0.51%</td>
</tr>
</tbody>
</table>
<p>關鍵要點</p>
<ul>
<li>Sigma Healthcare：該公司於 2 月 12 日完成了與 Chemist Warehouse 的合併，合併後的實體由 85.75% 的 CW 股東和 14.25% 的 Sigma 股東組成。花旗分析師認為，在當前估值下，潛在上漲空間有限（中性，目標價 2.90 美元）。Sigma 的 FY26 企業價值/息税前利潤比率為 33.6 倍，遠高於 Wesfarmers 的 19.5 倍，儘管其三年息税前利潤年複合增長率約為 24%，與 Wesfarmers 的約 6% 相比表現良好。然而，花旗指出，在採取更積極的看法之前，需要對長期盈利增長故事，特別是國際擴張潛力有更多信心。</li>
</ul>
<ul>
<li>Mcmillan Shakespeare：該車隊管理和員工福利公司的股票在 2 月 7 日下跌 10.5%，此前 Bell Potter 將該股票評級下調至持有（從買入下調），並將目標價削減至 15.80 美元（從 21 美元）。該公司因私營部門競爭加劇而面臨訂單增長風險，銷售已達到低點，同時電動車滲透率停滯。分析師還指出，該公司正在經歷去年的艱難比較，來自延續收入的支持正在減弱。</li>
</ul>
<p>最受關注的股票</p>
<table>
<thead>
<tr>
<th>股票代碼</th>
<th>公司</th>
<th>空頭比例</th>
<th>周變化</th>
<th>月變化</th>
</tr>
</thead>
<tbody>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>SGR</td>
<td>The Star</td>
<td>9.02%</td>
<td>-2.08%</td>
<td>0.25%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>LTR</td>
<td>Liontown Resources</td>
<td>8.82%</td>
<td>-1.67%</td>
<td>-1.28%</td>
</tr>
<tr>
<td>AGL</td>
<td>AGL Energy</td>
<td>1.22%</td>
<td>-1.35%</td>
<td>-1.34%</td>
</tr>
<tr>
<td>LIC</td>
<td>Lifestyle Communities</td>
<td>8.54%</td>
<td>-1.12%</td>
<td>-0.59%</td>
</tr>
<tr>
<td>SRL</td>
<td>Sunrise Energy Metals</td>
<td>0.27%</td>
<td>-1.00%</td>
<td>-1.01%</td>
</tr>
<tr>
<td>BBN</td>
<td>Baby Bunting Group</td>
<td>0.46%</td>
<td>-0.99%</td>
<td>-1.02%</td>
</tr>
<tr>
<td>A2M</td>
<td>The a2 Milk Company</td>
<td>2.59%</td>
<td>-0.99%</td>
<td>-1.13%</td>
</tr>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>WEB</td>
<td>WEB Travel Group</td>
<td>3.66%</td>
<td>-0.90%</td>
<td>0.08%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>RIO</td>
<td>Rio Tinto</td>
<td>6.73%</td>
<td>-0.85%</td>
<td>-0.51%</td>
</tr>
<tr>
<td>SVL</td>
<td>Silver Mines</td>
<td>0.21%</td>
<td>-0.84%</td>
<td>-0.65%</td>
</tr>
<tr>
<td>WC8</td>
<td>Wildcat Resources</td>
<td>3.64%</td>
<td>-0.83%</td>
<td>-0.72%</td>
</tr>
<tr>
<td>MFG</td>
<td>Magellan Financial Group</td>
<td>2.05%</td>
<td>-0.81%</td>
<td>-0.82%</td>
</tr>
<tr>
<td>A1N</td>
<td>Arn Media</td>
<td>0.17%</td>
<td>-0.76%</td>
<td>-0.77%</td>
</tr>
<tr>
<td>NVX</td>
<td>Novonix</td>
<td>3.32%</td>
<td>-0.74%</td>
<td>0.40%</td>
</tr>
<tr>
<td>PNV</td>
<td>Polynovo</td>
<td>1.98%</td>
<td>-0.74%</td>
<td>0.49%</td>
</tr>
<tr>
<td>LOT</td>
<td>Lotus Resources</td>
<td>4.36%</td>
<td>-0.65%</td>
<td>0.84%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>SLX</td>
<td>SILEX Systems</td>
<td>6.04%</td>
<td>-0.64%</td>
<td>-0.71%</td>
</tr>
<tr>
<td>OBL</td>
<td>Omni Bridgeway</td>
<td>3.48%</td>
<td>-0.62%</td>
<td>-0.54%</td>
</tr>
<tr>
<td>KAR</td>
<td>Karoon Energy</td>
<td>9.04%</td>
<td>-0.60%</td>
<td>-1.04%</td>
</tr>
</tbody>
</table>
<p>關鍵要點</p>
<p>在報告結果的股票中，以及在商品相關股票和表現疲軟的股票中，出現了顯著的空頭回補活動。</p>
<ul>
<li>The Star：這家陷入困境的賭場運營商面臨多重風險，可能使空頭賣家面臨風險，包括自願管理的可能性以及積極的債務再融資提案或進一步的資產出售。</li>
</ul>
<ul>
<li>AGL：在公司發佈 2025 財年上半年業績之前，空頭頭寸有所減輕。AGL 於 2 月 12 日發佈了強於預期的 2025 財年上半年業績，得益於穩定的電力交易和來源收益，儘管煤電廠仍在停產。然而，管理層採取了謹慎的態度，僅略微收窄了 2025 財年的指引，理由是下半年的不確定性。分析師認為這是明智的，指出儘管電價仍然支持，但零售能源的競爭壓力和成本上升可能會影響未來的收益。</li>
</ul>
<ul>
<li>A2 Milk：在發佈 2025 財年上半年業績之前，股票的空頭頭寸略有回落。週一，該公司發佈的 EBITDA 和股息高於預期，股價上漲超過 15%，同時將 2025 財年的收入展望上調至低至中雙位數增長（之前為中至高單位數）。</li>
</ul>

達美樂比薩

<p>最新的空頭賣家系列突出了 ASX 上最被做空的股票，包括 Boss Energy 和 Paladin Energy，儘管空頭頭寸略有下降，但仍然受到嚴重做空。Syrah Resources 由於民事動盪影響其主要資產面臨挑戰，導致瑞銀下調其評級。達美樂比薩在宣佈關閉門店後，股價大幅上漲，而 Pilbara Minerals 的空頭頭寸有所下降。Sigma Healthcare 與 Chemist Warehouse 的合併限制了上漲空間，Mcmillan Shakespeare 的股票在評級下調後下跌。總體而言，各種股票的空頭回補活動顯著增加</p>

<p>Welcome back to the Short Seller Series – A recap of the most heavily shorted stocks on the ASX and those experiencing significant changes to short interest over the past week.</p>
<div class="lb-trans"><p>歡迎回到空頭賣家系列——回顧在 ASX 上被重度做空的股票以及過去一週空頭頭寸發生顯著變化的股票。</p>
</div><p>Short selling data is four days behind today's date because reporting is not mandatory until three business days after the trade. The tables below will compare:</p>
<div class="lb-trans"><p>空頭賣出數據比今天的日期滯後四天，因為報告在交易後的三個工作日內並不是強制性的。以下表格將進行比較：</p>
</div><ul>
<li>Week-on-week changes between 3 and 10 February 2025</li>
</ul>
<div class="lb-trans"><p>-2025 年 2 月 3 日至 10 日的周變化</p>
</div><ul>
<li>Month-on-month changes between 13 January and 10 February 2025</li>
</ul>
<div class="lb-trans"><p>-2025 年 1 月 13 日至 2 月 10 日的月變化</p>
</div><p>Most Shorted</p>
<div class="lb-trans"><p>最被做空的股票</p>
</div><table>
<thead>
<tr>
<th>Ticker</th>
<th>Company</th>
<th>Short %</th>
<th>Week-on-Week</th>
<th>Month-on-Month</th>
</tr>
</thead>
<tbody>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>PDN</td>
<td>Paladin Energy</td>
<td>15.85%</td>
<td>-0.15%</td>
<td>-0.07%</td>
</tr>
<tr>
<td>IEL</td>
<td>Idp Education</td>
<td>12.24%</td>
<td>-0.44%</td>
<td>-0.21%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>MP1</td>
<td>Megaport</td>
<td>9.72%</td>
<td>-0.38%</td>
<td>-0.92%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>股票代碼</th>
<th>公司</th>
<th>空頭比例</th>
<th>周變化</th>
<th>月變化</th>
</tr>
</thead>
<tbody>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>PDN</td>
<td>Paladin Energy</td>
<td>15.85%</td>
<td>-0.15%</td>
<td>-0.07%</td>
</tr>
<tr>
<td>IEL</td>
<td>Idp Education</td>
<td>12.24%</td>
<td>-0.44%</td>
<td>-0.21%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>MP1</td>
<td>Megaport</td>
<td>9.72%</td>
<td>-0.38%</td>
<td>-0.92%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
</tbody>
</table>
</div><p>Key takeaways</p>
<div class="lb-trans"><p>關鍵要點</p>
</div><ul>
<li>Boss Energy and Paladin Energy:Despite a slight decline in short interest, both stocks remain the most shorted on the market.</li>
</ul>
<div class="lb-trans"><ul>
<li>Boss Energy 和 Paladin Energy：儘管空頭頭寸略有下降，但這兩隻股票仍然是市場上最被做空的股票。</li>
</ul>
</div><ul>
<li>Syrah Resources: Short interest has pulled back significantly, reaching its lowest level since July 2024. However, UBS analysts warn that Syrah faces major challenges at both a company and industry level. Its primary asset, the Balama Graphite Mine in Mozambique, remains under Force Majeure due to civil unrest, triggering default events with creditors. UBS also noted that while graphite prices may have bottomed, there are no near-term catalysts for a recovery due to ongoing oversupply from Chinese synthetic capacity. In a 14 February note, UBS downgraded Syrah to Neutral (from Buy) and slashed its target price to 30 cents (from 80 cents).</li>
</ul>
<div class="lb-trans"><ul>
<li>Syrah Resources：空頭頭寸顯著回落，達到自 2024 年 7 月以來的最低水平。然而，瑞銀分析師警告稱，Syrah 在公司和行業層面面臨重大挑戰。其主要資產，位於莫桑比克的巴拉馬石墨礦，因社會動盪而處於不可抗力狀態，觸發了與債權人的違約事件。瑞銀還指出，儘管石墨價格可能已觸底，但由於中國合成產能的持續過剩，近期沒有恢復的催化劑。在 2 月 14 日的報告中，瑞銀將 Syrah 的評級下調至中性（從買入下調），並將目標價削減至 30 美分（從 80 美分）。</li>
</ul>
</div><ul>
<li>Domino's Pizza: Short sellers were caught off guard on 7 February after the company announced plans to close 172 underperforming stores in Japan, alongside $18.6 million in cost savings from a group-wide review. The stock surged 21.3% that session. Despite the sharp rally, short interest remains elevated and is still well above the 4.6% level recorded a year ago.</li>
</ul>
<div class="lb-trans"><ul>
<li>Domino's Pizza：在公司宣佈計劃關閉 172 家表現不佳的日本門店，並通過集團範圍內的審查節省 1860 萬美元成本後，空頭賣家在 2 月 7 日感到意外。該股票在當日飆升 21.3%。儘管出現了急劇反彈，但空頭頭寸仍然較高，仍遠高於一年前的 4.6% 水平。</li>
</ul>
</div><ul>
<li>Pilbara Minerals: Short interest has dropped to its lowest level since 27 November 2024. However, the decline is not being driven by a rising share price, as Pilbara continues to hover near recent lows of $2.20.</li>
</ul>
<div class="lb-trans"><ul>
<li>Pilbara Minerals：空頭頭寸降至自 2024 年 11 月 27 日以來的最低水平。然而，這一下降並不是由於股價上漲，因為 Pilbara 的股價仍徘徊在最近的低點 2.20 美元附近。</li>
</ul>
</div><p>Rising Shorts</p>
<div class="lb-trans"><p>空頭增加</p>
</div><table>
<thead>
<tr>
<th>Ticker</th>
<th>Company</th>
<th>Short %</th>
<th>Week-on-Week</th>
<th>Month-on-Month</th>
</tr>
</thead>
<tbody>
<tr>
<td>SIG</td>
<td>Sigma Healthcare</td>
<td>5.87%</td>
<td>1.45%</td>
<td>2.08%</td>
</tr>
<tr>
<td>MYS</td>
<td>Mystate</td>
<td>2.17%</td>
<td>1.15%</td>
<td>1.59%</td>
</tr>
<tr>
<td>MMS</td>
<td>Mcmillan Shakespeare</td>
<td>3.49%</td>
<td>1.12%</td>
<td>1.23%</td>
</tr>
<tr>
<td>CKF</td>
<td>Collins Foods</td>
<td>3.53%</td>
<td>1.12%</td>
<td>1.52%</td>
</tr>
<tr>
<td>WGX</td>
<td>Westgold Resources</td>
<td>4.38%</td>
<td>0.71%</td>
<td>1.27%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals Plc</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
<tr>
<td>NWS</td>
<td>News Corporation</td>
<td>1.05%</td>
<td>0.61%</td>
<td>0.66%</td>
</tr>
<tr>
<td>SEK</td>
<td>Seek</td>
<td>7.89%</td>
<td>0.61%</td>
<td>0.95%</td>
</tr>
<tr>
<td>APA</td>
<td>APA Group</td>
<td>4.29%</td>
<td>0.56%</td>
<td>1.16%</td>
</tr>
<tr>
<td>XYZ</td>
<td>Block, Inc</td>
<td>2.28%</td>
<td>0.55%</td>
<td>#N/A</td>
</tr>
<tr>
<td>TER</td>
<td>Terracom</td>
<td>1.24%</td>
<td>0.54%</td>
<td>0.51%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>股票代碼</th>
<th>公司</th>
<th>空頭比例</th>
<th>周變化</th>
<th>月變化</th>
</tr>
</thead>
<tbody>
<tr>
<td>SIG</td>
<td>Sigma Healthcare</td>
<td>5.87%</td>
<td>1.45%</td>
<td>2.08%</td>
</tr>
<tr>
<td>MYS</td>
<td>Mystate</td>
<td>2.17%</td>
<td>1.15%</td>
<td>1.59%</td>
</tr>
<tr>
<td>MMS</td>
<td>Mcmillan Shakespeare</td>
<td>3.49%</td>
<td>1.12%</td>
<td>1.23%</td>
</tr>
<tr>
<td>CKF</td>
<td>Collins Foods</td>
<td>3.53%</td>
<td>1.12%</td>
<td>1.52%</td>
</tr>
<tr>
<td>WGX</td>
<td>Westgold Resources</td>
<td>4.38%</td>
<td>0.71%</td>
<td>1.27%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals Plc</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
<tr>
<td>NWS</td>
<td>News Corporation</td>
<td>1.05%</td>
<td>0.61%</td>
<td>0.66%</td>
</tr>
<tr>
<td>SEK</td>
<td>Seek</td>
<td>7.89%</td>
<td>0.61%</td>
<td>0.95%</td>
</tr>
<tr>
<td>APA</td>
<td>APA Group</td>
<td>4.29%</td>
<td>0.56%</td>
<td>1.16%</td>
</tr>
<tr>
<td>XYZ</td>
<td>Block, Inc</td>
<td>2.28%</td>
<td>0.55%</td>
<td>#N/A</td>
</tr>
<tr>
<td>TER</td>
<td>Terracom</td>
<td>1.24%</td>
<td>0.54%</td>
<td>0.51%</td>
</tr>
</tbody>
</table>
</div><p>Key takeaways</p>
<div class="lb-trans"><p>關鍵要點</p>
</div><ul>
<li>Sigma Healthcare: The company completed its merger with Chemist Warehouse on 12 February, with the combined entity comprising 85.75% CW shareholders and 14.25% Sigma shareholders. Citi analysts see limited upside at current valuations (Neutral, $2.90 target price). Sigma trades at an FY26 EV/EBIT of 33.6x — well above Wesfarmers at 19.5x — though its three-year EBIT growth CAGR of ~24% compares favorably to Wesfarmers' ~6%. However, Citi noted that more conviction in the long-term earnings growth story, particularly international expansion potential, is needed before taking a more constructive view.</li>
</ul>
<div class="lb-trans"><ul>
<li>Sigma Healthcare：該公司於 2 月 12 日完成了與 Chemist Warehouse 的合併，合併後的實體由 85.75% 的 CW 股東和 14.25% 的 Sigma 股東組成。花旗分析師認為，在當前估值下，潛在上漲空間有限（中性，目標價 2.90 美元）。Sigma 的 FY26 企業價值/息税前利潤比率為 33.6 倍，遠高於 Wesfarmers 的 19.5 倍，儘管其三年息税前利潤年複合增長率約為 24%，與 Wesfarmers 的約 6% 相比表現良好。然而，花旗指出，在採取更積極的看法之前，需要對長期盈利增長故事，特別是國際擴張潛力有更多信心。</li>
</ul>
</div><ul>
<li>Mcmillan Shakespeare: Shares in the fleet management and employee benefits company fell 10.5% on 7 February after Bell Potter downgraded the stock to Hold (from Buy) and cut its target price to $15.80 (from $21). The firm cited risks around order growth due to rising competition in the private segment, where sales have hit a low, alongside static EV penetration. Analysts also noted the company is cycling tough comparables from last year, with fading support from carryover revenue.</li>
</ul>
<div class="lb-trans"><ul>
<li>Mcmillan Shakespeare：該車隊管理和員工福利公司的股票在 2 月 7 日下跌 10.5%，此前 Bell Potter 將該股票評級下調至持有（從買入下調），並將目標價削減至 15.80 美元（從 21 美元）。該公司因私營部門競爭加劇而面臨訂單增長風險，銷售已達到低點，同時電動車滲透率停滯。分析師還指出，該公司正在經歷去年的艱難比較，來自延續收入的支持正在減弱。</li>
</ul>
</div><p>Most covered</p>
<div class="lb-trans"><p>最受關注的股票</p>
</div><table>
<thead>
<tr>
<th>Ticker</th>
<th>Company</th>
<th>Short %</th>
<th>Week-on-Week</th>
<th>Month-on-Month</th>
</tr>
</thead>
<tbody>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>SGR</td>
<td>The Star</td>
<td>9.02%</td>
<td>-2.08%</td>
<td>0.25%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>LTR</td>
<td>Liontown Resources</td>
<td>8.82%</td>
<td>-1.67%</td>
<td>-1.28%</td>
</tr>
<tr>
<td>AGL</td>
<td>AGL Energy</td>
<td>1.22%</td>
<td>-1.35%</td>
<td>-1.34%</td>
</tr>
<tr>
<td>LIC</td>
<td>Lifestyle Communities</td>
<td>8.54%</td>
<td>-1.12%</td>
<td>-0.59%</td>
</tr>
<tr>
<td>SRL</td>
<td>Sunrise Energy Metals</td>
<td>0.27%</td>
<td>-1.00%</td>
<td>-1.01%</td>
</tr>
<tr>
<td>BBN</td>
<td>Baby Bunting Group</td>
<td>0.46%</td>
<td>-0.99%</td>
<td>-1.02%</td>
</tr>
<tr>
<td>A2M</td>
<td>The a2 Milk Company</td>
<td>2.59%</td>
<td>-0.99%</td>
<td>-1.13%</td>
</tr>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>WEB</td>
<td>WEB Travel Group</td>
<td>3.66%</td>
<td>-0.90%</td>
<td>0.08%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>RIO</td>
<td>Rio Tinto</td>
<td>6.73%</td>
<td>-0.85%</td>
<td>-0.51%</td>
</tr>
<tr>
<td>SVL</td>
<td>Silver Mines</td>
<td>0.21%</td>
<td>-0.84%</td>
<td>-0.65%</td>
</tr>
<tr>
<td>WC8</td>
<td>Wildcat Resources</td>
<td>3.64%</td>
<td>-0.83%</td>
<td>-0.72%</td>
</tr>
<tr>
<td>MFG</td>
<td>Magellan Financial Group</td>
<td>2.05%</td>
<td>-0.81%</td>
<td>-0.82%</td>
</tr>
<tr>
<td>A1N</td>
<td>Arn Media</td>
<td>0.17%</td>
<td>-0.76%</td>
<td>-0.77%</td>
</tr>
<tr>
<td>NVX</td>
<td>Novonix</td>
<td>3.32%</td>
<td>-0.74%</td>
<td>0.40%</td>
</tr>
<tr>
<td>PNV</td>
<td>Polynovo</td>
<td>1.98%</td>
<td>-0.74%</td>
<td>0.49%</td>
</tr>
<tr>
<td>LOT</td>
<td>Lotus Resources</td>
<td>4.36%</td>
<td>-0.65%</td>
<td>0.84%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>SLX</td>
<td>SILEX Systems</td>
<td>6.04%</td>
<td>-0.64%</td>
<td>-0.71%</td>
</tr>
<tr>
<td>OBL</td>
<td>Omni Bridgeway</td>
<td>3.48%</td>
<td>-0.62%</td>
<td>-0.54%</td>
</tr>
<tr>
<td>KAR</td>
<td>Karoon Energy</td>
<td>9.04%</td>
<td>-0.60%</td>
<td>-1.04%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>股票代碼</th>
<th>公司</th>
<th>空頭比例</th>
<th>周變化</th>
<th>月變化</th>
</tr>
</thead>
<tbody>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>SGR</td>
<td>The Star</td>
<td>9.02%</td>
<td>-2.08%</td>
<td>0.25%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>LTR</td>
<td>Liontown Resources</td>
<td>8.82%</td>
<td>-1.67%</td>
<td>-1.28%</td>
</tr>
<tr>
<td>AGL</td>
<td>AGL Energy</td>
<td>1.22%</td>
<td>-1.35%</td>
<td>-1.34%</td>
</tr>
<tr>
<td>LIC</td>
<td>Lifestyle Communities</td>
<td>8.54%</td>
<td>-1.12%</td>
<td>-0.59%</td>
</tr>
<tr>
<td>SRL</td>
<td>Sunrise Energy Metals</td>
<td>0.27%</td>
<td>-1.00%</td>
<td>-1.01%</td>
</tr>
<tr>
<td>BBN</td>
<td>Baby Bunting Group</td>
<td>0.46%</td>
<td>-0.99%</td>
<td>-1.02%</td>
</tr>
<tr>
<td>A2M</td>
<td>The a2 Milk Company</td>
<td>2.59%</td>
<td>-0.99%</td>
<td>-1.13%</td>
</tr>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>WEB</td>
<td>WEB Travel Group</td>
<td>3.66%</td>
<td>-0.90%</td>
<td>0.08%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>RIO</td>
<td>Rio Tinto</td>
<td>6.73%</td>
<td>-0.85%</td>
<td>-0.51%</td>
</tr>
<tr>
<td>SVL</td>
<td>Silver Mines</td>
<td>0.21%</td>
<td>-0.84%</td>
<td>-0.65%</td>
</tr>
<tr>
<td>WC8</td>
<td>Wildcat Resources</td>
<td>3.64%</td>
<td>-0.83%</td>
<td>-0.72%</td>
</tr>
<tr>
<td>MFG</td>
<td>Magellan Financial Group</td>
<td>2.05%</td>
<td>-0.81%</td>
<td>-0.82%</td>
</tr>
<tr>
<td>A1N</td>
<td>Arn Media</td>
<td>0.17%</td>
<td>-0.76%</td>
<td>-0.77%</td>
</tr>
<tr>
<td>NVX</td>
<td>Novonix</td>
<td>3.32%</td>
<td>-0.74%</td>
<td>0.40%</td>
</tr>
<tr>
<td>PNV</td>
<td>Polynovo</td>
<td>1.98%</td>
<td>-0.74%</td>
<td>0.49%</td>
</tr>
<tr>
<td>LOT</td>
<td>Lotus Resources</td>
<td>4.36%</td>
<td>-0.65%</td>
<td>0.84%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>SLX</td>
<td>SILEX Systems</td>
<td>6.04%</td>
<td>-0.64%</td>
<td>-0.71%</td>
</tr>
<tr>
<td>OBL</td>
<td>Omni Bridgeway</td>
<td>3.48%</td>
<td>-0.62%</td>
<td>-0.54%</td>
</tr>
<tr>
<td>KAR</td>
<td>Karoon Energy</td>
<td>9.04%</td>
<td>-0.60%</td>
<td>-1.04%</td>
</tr>
</tbody>
</table>
</div><p>Key takeaways</p>
<div class="lb-trans"><p>關鍵要點</p>
</div><p>There has been significant short covering activity across stocks reporting results, as well as in commodity-related stocks and shares experiencing weakness.</p>
<div class="lb-trans"><p>在報告結果的股票中，以及在商品相關股票和表現疲軟的股票中，出現了顯著的空頭回補活動。</p>
</div><ul>
<li>The Star: The embattled casino operator faces multiple risks that could put short sellers at risk, including the possibility of voluntary administration and a positive debt refinancing proposal or further asset sales.</li>
</ul>
<div class="lb-trans"><ul>
<li>The Star：這家陷入困境的賭場運營商面臨多重風險，可能使空頭賣家面臨風險，包括自願管理的可能性以及積極的債務再融資提案或進一步的資產出售。</li>
</ul>
</div><ul>
<li>AGL: Short interest eased ahead of the company’s half-year FY25 results. AGL delivered a stronger-than-expected 1H25 result on 12 February, driven by solid electricity trading and origination earnings despite ongoing coal plant downtime. However, management took a cautious approach, only slightly narrowing FY25 guidance, citing uncertainty in the second half. Analysts viewed this as prudent, noting that while power prices remain supportive, competitive pressures in retail energy and rising costs could impact future earnings.</li>
</ul>
<div class="lb-trans"><ul>
<li>AGL：在公司發佈 2025 財年上半年業績之前，空頭頭寸有所減輕。AGL 於 2 月 12 日發佈了強於預期的 2025 財年上半年業績，得益於穩定的電力交易和來源收益，儘管煤電廠仍在停產。然而，管理層採取了謹慎的態度，僅略微收窄了 2025 財年的指引，理由是下半年的不確定性。分析師認為這是明智的，指出儘管電價仍然支持，但零售能源的競爭壓力和成本上升可能會影響未來的收益。</li>
</ul>
</div><ul>
<li>A2 Milk: The stock saw a slight pullback in short interest ahead of its half-year FY25 results. Shares surged more than 15% on Monday after the company posted higher-than-expected EBITDA and dividends, along with an upgraded FY25 revenue outlook to low-to-mid double-digit growth (previously mid-to-high single digits).</li>
</ul>
<div class="lb-trans"><ul>
<li>A2 Milk：在發佈 2025 財年上半年業績之前，股票的空頭頭寸略有回落。週一，該公司發佈的 EBITDA 和股息高於預期，股價上漲超過 15%，同時將 2025 財年的收入展望上調至低至中雙位數增長（之前為中至高單位數）。</li>
</ul>
</div>

第 8 周最被做空的 10 只澳大利亞證券交易所股票以及漲幅和跌幅最大的股票