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Glove makers continue to steal the show

macquarie structured warrants 20200914

It was a roaring start for the month of August with the total warrants turnover clocking in RM1.6bil in the first week of the month. Warrants over Malaysian shares remained the biggest contributor comprising approximately 92.8% of the total warrants turnover, followed by warrants over the Hang Seng Index (HSI), which contributed 5.3% while warrants over the FBM KLCI, S&P 500 Index and iShares FTSE A50 China ETF made up the balance of the total warrants turnover. 

Rubber glove names continued to take on centre stage last week with shares of Supermax Corporation and Top Glove Corporation leading the surge, soaring 23.9% and 8.7% respectively for the week. The strong upward momentum also attracted investors’ interests in the call warrants, particularly with SUPERMX-C97, SUPERMX-C1A and SUPERMX-C96 which topped the charts in terms of total value traded with up to RM119.4mil, RM119.2 and RM118.1mil respectively following the strong surge in the underlying. SUPERMX-C97 was also the fourth most actively traded warrant last week with a total of 124.0mil units exchanged hands.

Also in the top active list were HARTA-C53 and SUPERMX-C1B with a total traded volume of 144.8mil and 127.3mil units respectively. HARTA-C53 registered a total turnover of RM29.7mil last week after its underlying fell 5.6% week-on-week (w-o-w) despite reporting a 134% jump in net profit for 1Q20 to RM219.72mil led by higher rubber glove sales and average selling prices.

Meanwhile on the foreign front, it was another roller coaster week for the HSI with the August HSI futures contract starting the week 0.7% in the red before rebounding 2.7% on Tuesday through Wednesday, only to reverse all of its gains towards the end of the week to finish down 0.7% w-o-w at 24,342. The volatile week saw call warrant HSI-C9T topping the most active list with 217.1mil units traded resulting in the warrant being sold out, while put warrant HSI-HAS ended at number five of the list with up to 123.6mil units despite these two warrants nearing expiry. It is important to note that warrants nearing expiry experience faster time decay than warrants with a longer time to expiry, which means that shorter dated warrants typically result in higher holding costs for investors.

Top warrants by volume traded:

Warrant nameVolume
IssuerExercise level/priceExpiry date
HSI-C9T217.1Macquarie26,20028 Aug 2020
HARTA-C53144.8Maybank23.9031 Mar 2021
SUPERMX-C1B127.3Maybank18.9031 Mar 2021
SUPERMX-C97124.0Maybank7.9026 Feb 2021
HSI-HAS123.6Macquarie22,80028 Aug 2020

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Provided for Malaysian residents information only. This commentary has not been reviewed by the Securities Commission Malaysia. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance. You should make your own assessment and seek professional advice.