I. MARKET DEVELOPMENT OF WARRANTS
At the end of the trading session on 12/03/2024, the overall market had 88 gainers, 56 losers, and 34 reference stocks.
Market breadth in the last 20 sessions. Unit: Percentage (%)
Source: VietstockFinance
In the trading session on 12/03/2024, the buyers regained control of the market, causing most warrant stocks to rise. Specifically, the major warrant stocks in the rising group were CMBB2306, CTCB2302, CSTB2322, and CSTB2316.
Source: VietstockFinance
The market’s total trading volume on 12/03 reached 54.85 million CW, a decrease of 23.18%; the trading value was 45.86 billion dong, a decrease of 25.92% compared to the session on 11/03. Among them, CSTB2322 had the highest trading volume with 4.19 million CW; CMBB2309 had the highest trading value with 2.88 billion dong.
Foreign investors continued to net sell with a total net selling volume of 589,100 CW in the session on 12/03. Among them, CVPB2318 and CPOW2313 were the two most heavily sold warrants.
Securities companies KIS, SSI, HCM, ACBS, VND are currently the issuers with the most warrant stocks in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. VALUATION OF WARRANTS
Based on the appropriate valuation method as of the starting date of 13/03/2024, the fair value of the warrant stocks being traded on the market is as follows:
Source: VietstockFinance
Note: The opportunity cost in the valuation model is adjusted to suit the Vietnamese market. Specifically, the risk-free bond interest rate (Government bond) will be replaced by the average deposit rate of large banks with appropriate adjustment periods for each type of warrant.
According to the valuation, CTCB2302 and CTCB2308 are currently the two most attractively valued warrant stocks.
The higher the effective gearing ratio, the more the warrant stocks’ volatility will increase/decrease with the underlying stocks. Currently, CHPG2330 and CHPG2318 have the highest effective gearing ratio in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
