When this was written — On 2 September 2026. The figures are as at that date or earlier and have not been updated since.
Shorting an automotive parts distributor with a $104.8 million statutory net loss R1 and a suspended interim dividend R1 looks like a safe bet. But Japanese financial giant MUFG is complicating that trade for Bapcor's short sellers.
MUFG first crossed the 5.00% substantial holder threshold in Bapcor on 6 July 2026 3. Since then, the Tokyo-based conglomerate has repeatedly moved above and below the line 456, most recently filing a substantial holder notice on 31 August 2 after crossing the threshold again on 11 August 78. This aggressive institutional accumulation comes after Bapcor's underlying NPAT plunged 87.2% to $5.5 million in its half-year report R1. Instead of driving the stock lower, the fundamental weakness has been overshadowed by MUFG's persistent buying.
Bapcor's share price has rallied 20.5% over the past month, trading at 47 cents, forcing a tactical retreat from short sellers. Short interest currently sits at 9.28%, down from its 90-day high of 11.02%. The 30-day price-to-short correlation sits at -0.55, confirming that as MUFG accumulated shares, shorts were actively buying back theirs. Despite the recent run, the stock remains down 72.7% over the last six months, leaving plenty of room for friction between the remaining shorts and the Japanese giant.
A 9.28% short position is still highly elevated compared to the peer sector average of 4.27%. The shorts are retreating, but they are far from gone.