Concentrated Shorts Across EMEA, APAC & LATAM
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
Matthew Unterman
Director of Predictive Analytics, S3 Partners
Short Interest is just one of several underlying variables we look at to calculate short-side crowdedness. High short interest is just one facet of a crowded short and can create false positive “crowded” indications for some stocks. For instance, Apple (AAPL US) is not crowded with $15.8 billion of short interest ($2,226 billion market cap) while TotalEnergies SE (TTE FP) is moderately crowded with a short interest of $16.2 billion ($167 billion market cap).
The EMEA-APAC-LATAM securities with the highest amount of short interest:
Name
Ticker
Short Interest
S3 SI % Float
Crowded Score
TOTALENERGIES SE
TTE FP
$ 16,204,578,755
9.57%
70.00
LINDE PLC
LIN GR
$ 5,765,294,281
3.47%
55.00
MERCEDESBENZ GROUP AG
MBG GR
$ 4,771,644,272
7.23%
62.50
PING AN INSURANCE GROUP
2318 HK
$ 4,764,029,660
8.76%
62.50
VALE SA
VALE3 BZ
$ 4,349,651,160
5.51%
57.50
SIEMENS AG-REG
SIE GR
$ 3,711,289,787
3.17%
52.50
TENCENT HLDGS LTD
700 HK
$ 3,355,496,085
1.08%
27.50
DEUTSCHE TELEKOM AG
DTE GR
$ 3,349,343,684
4.54%
52.50
ROCHE HLDG AG GEN
ROG SW
$ 2,899,553,543
1.40%
40.00
ITOCHU CORP
8001 JP
$ 2,691,022,488
6.75%
57.50
NOVARTIS AG-REG
NOVN SW
$ 2,670,327,442
1.45%
40.00
LVMH MOET HENNESSY LOUIS VUITTON
MC FP
$ 2,575,777,966
1.16%
40.00
AXA SA
CS FP
$ 2,497,708,671
3.60%
52.50
NESTLE SA
NESN SW
$ 2,449,364,510
0.75%
40.00
SAP SE
SAP GR
$ 2,440,544,934
2.02%
45.00
ASML HOLDING NV
ASML NA
$ 2,165,541,259
0.84%
32.50
LOREAL
OR FP
$ 2,104,415,606
2.15%
47.50
BNP PARIBAS
BNP FP
$ 2,091,200,488
2.93%
45.00
FAST RETAILING CO LTD
9983 JP
$ 1,906,610,218
5.58%
40.00
SCHNEIDER ELECTRIC SE
SU FP
$ 1,896,227,337
2.26%
42.50
Our S3 Crowded Score is based on total short selling in a stock, stock loan market liquidity, trading capacity, and short exposure relative to the market cap of the security.
None of the EMEA-APAC-LATAM securities with the highest amount of short interest are very crowded (over 80.00 Crowded Score).
The most crowded EMEA-APAC-LATAM securities, with short interest over $50 million, are:
Name
Ticker
Short Interest
S3 SI % Float
Crowded Score
CATHAY PACIFIC AIRWAYS
293 HK
$ 397,854,246
27.77%
97.50
OPKO HEALTH INC
OPK IT
$ 239,460,144
27.22%
97.50
ANGELALIGN TECHNOLOGY INC
6699 HK
$ 197,867,907
27.65%
95.00
VARTA AG
VAR1 GR
$ 138,930,760
21.31%
95.00
REMIXPOINT CO LTD
3825 JP
$ 82,669,528
25.01%
95.00
SNOW PEAK INC
7816 JP
$ 137,202,038
22.82%
92.50
CASINO GUICHARD PERRACHON
CO FP
$ 132,679,007
22.44%
92.50
PHARMA FOODS INTERNATIONAL
2929 JP
$ 68,746,879
25.03%
92.50
EMS-CHEMIE HLDG AG-REG
EMSN SW
$ 1,275,771,466
20.66%
90.00
TUI AG
TUI LN
$ 533,180,836
16.42%
90.00
FREEE K.K.
4478 JP
$ 285,549,615
24.09%
90.00
TRUECALLER ABB
TRUEB SS
$ 126,042,815
21.38%
90.00
FRONTEO INC
2158 JP
$ 50,726,132
22.39%
90.00
AMBU A/S B
AMBUB DC
$ 564,671,932
17.90%
87.50
TUI AG
TUI1 GR
$ 481,916,287
15.09%
87.50
AUTOSTORE HOLDINGS LTD
AUTO NO
$ 461,418,245
22.97%
87.50
SHARP CORP
6753 JP
$ 406,487,418
19.84%
87.50
SAMHALLSBYGGNADSBOLAGET I NORDEN
SBBB SS
$ 359,950,212
17.34%
87.50
IDORSIA LTD
IDIA SW
$ 352,466,592
15.56%
87.50
ASTON MARTIN LAGONDA GLOBAL HLDGS
AML LN
$ 125,762,951
18.27%
87.50
MAYBE PHARMA GROUP LTD
MYX AU
$ 119,934,855
41.63%
87.50
OPEN DOOR INC
3926 JP
$ 68,243,659
30.49%
87.50
There are thirty-six securities with Crowded Scores 80 and above. Two-thirds of these crowded names were in Consumer Discretionary, Health Care, and Industrials.
In order to see which securities are squeezable, because not every crowded short is a squeezable short, we calculate a Squeeze Score. We overlay recent mark-to-market profits & losses to see if a crowded stock is squeezable – a trader will not pull the plug on a winning trade even if they were shoulder-to-shoulder with a gaggle of other short sellers. The primary reason that a trader will trim or exit their position are large mark-to-market losses.
The most squeezable EMEA-APAC-LATAM securities, with short interest over $50 million, are:
Name
Ticker
Short Interest
S3 SI % Float
Crowded Score
Squeeze Score
AROUNDTOWN SA
AT1 GR
$ 634,736,018
19.16%
85.00
100.00
TUI AG
TUI1 GR
$ 481,916,287
15.09%
87.50
100.00
IDORSIA LTD
IDIA SW
$ 352,466,592
15.56%
87.50
100.00
POP MART INTL GROUP
9992 HK
$ 311,824,815
12.35%
72.50
100.00
BASIC-FIT NV
BFIT NA
$ 298,188,549
18.04%
85.00
100.00
AAC TECHNOLOGIES HOLDINGS
2018 HK
$ 285,731,992
12.87%
65.00
100.00
OPKO HEALTH INC
OPK IT
$ 239,460,144
27.22%
97.50
100.00
TIANNENG PWR INTL
819 HK
$ 178,986,913
15.99%
82.50
100.00
SAYONA MINING LTD
SYA AU
$ 149,109,422
11.05%
70.00
100.00
VARTA AG
VAR1 GR
$ 138,930,760
21.31%
95.00
100.00
CASINO GUICHARD PERRACHON
CO FP
$ 132,679,007
22.44%
92.50
100.00
ASOS PLC
ASC LN
$ 122,785,638
16.45%
75.00
100.00
KONTRON AG
KTN GR
$ 104,680,733
11.89%
72.50
100.00
WEBUILD SPA
WBD IM
$ 103,830,184
14.22%
77.50
100.00
PHARMA FOODS INTERNATIONAL
2929 JP
$ 68,746,879
25.03%
92.50
100.00
FRONTEO INC
2158 JP
$ 50,726,132
22.39%
90.00
100.00
There are seventy-seven EMEA-APAC-LATAM stocks with Squeeze scores over 80.00. Consumer Discretionary stocks had the most squeezable stocks with twenty-two, with the Hotel, Resorts & Leisure industry having nine of those most squeezable names. The Health Care and Industrial sectors came in behind Consumer Discretionary with twelve squeezable stocks each.
Crowdedness and squeezability are important factors to consider when entering or exiting positions and can identify potential increased volatility or difficult trading situations in the future – using these metrics will give you the visibility to trade inside or outside the herd and be at the head of the herd instead of being trampled when the trading environment changes.