I. MARKET MOVEMENT OF WARRANTS
At the end of the trading session on March 13, 2024, the entire market had 144 gainers, 10 losers, and 24 unchanged stocks.
Market breadth in the last 20 sessions. Unit: Percentage (%)
Source: VietstockFinance
In the trading session on March 13, 2024, buyers continued to lead the market, causing most warrant stocks to increase. Specifically, the major warrant stocks in the gaining group were CMBB2306, CTCB2302, CHPG2309, and CSTB2322.
Source: VietstockFinance
The total trading volume of the whole market on March 13 reached 64.17 million CW, an increase of 16.99%; the trading value reached 60.7 billion dong, an increase of 32.36% compared to the session on March 12. In which, CSTB2322 was the top stock in terms of volume with 3.75 million CW; CSTB2338 led in terms of trading value with 4.05 billion dong.
Foreign investors continued to be net sellers in the March 13 session with a total net selling volume of 486,100 CW. Among them, CSTB2331 and CSTB2332 were the two most heavily sold stocks.
The securities companies KIS, SSI, HCM, ACBS, VND are currently the organizations with the most warrant stocks in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. VALUATION OF WARRANTS
Based on the valuation method appropriate for the starting point on March 14, 2024, the fair prices of the warrant stocks currently trading on the market are as follows:
Source: VietstockFinance
Note: The opportunity cost in the valuation model is adjusted to fit the Vietnamese market. Specifically, the risk-free bond interest rate (Government bond) will be replaced by the average deposit interest rate of major banks with appropriate term adjustments for each type of warrant stock.
According to the above valuation, CMBB2306 and CTCB2302 are currently the two warrant stocks with the most attractive valuations.
The higher the effective gearing ratio of a warrant stock, the greater the volatility of its price movement relative to the underlying stock. Currently, CHPG2330 and CHPG2318 are the two warrant stocks with the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Department, Vietstock Research
