Based on shortman.com.au APO is getting hammered by shorters. 1.6% of shares were short positions in May and that figure has risen relatively linearly up to 9% as of last week. This makes it the 20th most shorted stock on the ASX. For some reference HVN is 10%, MYR is 16%, and SYR is most shorted with 19%.
What makes APO such an unattractive stock to these shorters?