SKK Holdings enters its May 15 earnings report with one of the tightest borrow markets in its history — a condition that sharpens the stakes on either side of the release.
The borrow market tells the most urgent story heading into tomorrow. Availability has collapsed to just 11.6% of estimated short interest — meaning fewer than one share remains available for every nine already borrowed. That is the tightest this lending pool has been in the past year, and it has arrived just as the cost to borrow has climbed to 343% annualised, up from roughly 230% a month ago and near the multi-week peak of 403% hit on May 7. The ORTEX short score sits at 73.4, and the factor score ranks SKK in just the 9th percentile for availability — placing it among the most constrained names in the market. For short sellers who want to add exposure ahead of the print, the borrow market is effectively closed.
Short interest itself has been volatile but is genuinely elevated. SKK's short interest measures 7.7% of free float — a meaningful position for a micro-cap construction company. In absolute share terms, it has whipsawed sharply over the past fortnight: the position briefly ballooned past 280,000 shares in early May before pulling back to around 103,000 by May 12. That churn, combined with a nearly month-long climb in cost to borrow, suggests active repositioning rather than a stable directional bet.
The stock's own price action adds texture. SKK closed at $4.00 on May 13, down 14% on the day and 31% on the week — but still up 67% on the month, a reminder of how violently this name has moved in either direction. That volatility context matters: the four prior earnings events in ORTEX data all produced negative immediate reactions, with the April 2026 print delivering a 14% single-day drop and a further 22% loss over the following five sessions. The May 2025 event produced similar damage — down 8% on the day, 16% over five days. The pattern has been consistently punishing for holders through the immediate post-earnings window.
Ownership is heavily concentrated. Three named individuals — Xiaoyan Liao, Chun Seong Ng, and Teck Shen Tang — account for nearly 45% of shares between them, leaving a thin free float for institutional players. Only Citadel Advisors and a handful of market-making firms appear among the remaining registered holders. That concentration amplifies the borrow squeeze: there are simply very few shares available to lend, and the pool is nearly exhausted.
The print tomorrow will test whether SKK can break its run of post-earnings declines — and whether the near-empty borrow market that has driven cost to borrow to record highs can hold under the pressure of whatever reaction follows.
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The lending pool for SKK has nearly dried up. Availability has collapsed as short demand exploded — and with earnings eight days away, the pressure shows no sign of easing. Short shares outstanding hit 280,384 as of…
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