CIMB Research's top three picks are Axiata, Dialog and Malaysia Airports.
KUALA LUMPUR: Maybank Investment Bank Bhd issued 15 new European style cash-settled call warrants (Cws) on Wednesday.
It said on Wednesday the CWs were over the ordinary shares of Bumi Armada Bhd
, Eco World Development Group Bhd, Gamuda Bhd, Globetronics Technology Bh and Hengyuan Refining Company Bhd.
The others are IJM Corporation Bhd, Inari Amertron Bhd, My EG Services Bhd, Sime Darby Property Bhd, Sime Darby Bhd, Tenaga Nasional Bhd, Unisem (M) Bhd, VS Industry Bhd, YTL Corporation Bhd and FTSE Bursa Malaysia KLCI.
Maybank IB also issued one new European style cash-settled put warrant over the FTSE Bursa Malaysia KLCI.
The call warrants and put warrant were listed on Wednesday, 25 July 2018 with an issue size of
100 million each.
The structured warrants issued in this tranche are primarily a reissuance of structured warrants that have either expired or are expiring soon.
This issuance covers key sectors of the economy including the construction, property, manufacturing and oil and gas sectors, with additional warrants issued over the benchmark FBMKLCI index.
“While Maybank IB Research has revised its year end FBM KLCI target price downwards to 1,750 from 1,840 previously, it expects the market to be range bound for the second half of the year (2H2018).
“Taking this into consideration, coupled with the recent increase in volatility, sophisticated investors may capitalise on possible new opportunities by investing via the newly issued warrants,” it said.
The call warrants have the following gearings, Armada-C43 (4.70 times), EcoWorld-CQ (4.0 times), Gamuda-C51 (3.60 times), Gtronic-CR (3.67 times), Hengyuan-CZ (2.75 times), IJM-C20 (3.91 times), Inari-C21 (3.67 times), MyEG-C44 (3.0 times), SimeProp-CG (4.07 times), Sime-C25 (3.92 times), Tenaga-C47 (8.02 times), Unisem-C11 (4.05 times), VS-C5 (3.56 times), YTL-C22 (3.63 times), FBMKLCI-C5D (11.20 times) and FBM KLCI-H6F (11.20 times).
The tenure for the 15 Cws and one put warrant listed above is approximately eight months.
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