The warrant market June 1, 2022: The sellers are overwhelming again

The warrant market June 1, 2022: The sellers are overwhelming again

 

At the end of the trading session on May 31, 2022, the whole market had 73 losers, 13 gainers and 16 standstill stocks. Foreign investors continued to be net sellers with a total net selling of nearly 1.1 million shares.


I. WORLD SECURITIES MARKET MOVEMENT

The warrant market ended May 31, 2022 with 73 losers, 13 gainers and 16 unchanged stocks.

Sellers dominated the warrant market with an overwhelming number of losers. The strongest decrease can be mentioned as CTCB2202, CACB2202, CSTB2203, CKDH2202 with a decrease of 25%-33%.



Along with that, the HPG warrant group (HM: HPG) also had a gloomy ending session. The stocks CHPG2117 plunged 20%, CHPG2206 plummeted 18.18%, CHPG2209, CHPG2204, CHPG2201, CHPG2207 fell more than 13% on average.



On the other hand, green color is still present in some warrants. In which, CVHM2113 broke out with an increase of 40%, CVHM2205 advanced 10.26%, CHDB2204, CVHM2207, CVRE2203, CVRE2201 all increased by nearly 7% on average.


The market's trading volume today reached more than 29 million units, down 2.06%. The transaction value reached 19.8 billion dong, up 15.06% compared to the session on May 30, 2022. In which, CPOW2202 is the market leading warrant code in terms of volume, CFPT2203 is leading in trading value.


Foreign investors continued to be net sellers with a total net selling of nearly 1.1 million shares. In which, CHPG2209 and CHDB2203 were the two warrants that were sold the most by foreign investors.

II. VALUATION OF WOMEN WORDS



Based on the valuation method appropriate to the starting time of June 1, 2022, the fair prices of warrants being traded on the market are shown as follows:


Based on the valuation method appropriate to the starting time of June 1, 2022, the fair prices of warrants being traded on the market are shown as follows:


Note: The opportunity cost in the pricing model is adjusted to suit the Vietnamese market. Specifically, the risk-free bill interest rate (Government bill) will be replaced by the average deposit interest rate of large banks with term adjustment suitable for each type of warrant.

According to the above valuation, CNVL2203 and CMWG2203 are currently the two warrants with the most attractive valuations.

The higher the effective gearing of the warrants, the larger the increase/decrease movements in the underlying security will usually be. Currently CACB2102 and CNVL2203 are the two warrants with the highest effective gearing ratio in the market at 10.11 and 9.45 times respectively.

Economic Analysis & Market Strategy, Vietstock Consulting Department

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