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MEXTER-WA in last week trading at a discount

When a warrant entering the final weeks of trading, it usually trades at no premium or even at a discount as the time value of warrant decays at an accelerated speed.  It thus come as no surprise that the company warrant of Mexter Technology Berhad (MEXTER-WA), which expires on 17 September 2018, began trading at significant discount for the last few weeks as it enters the final days of its trading life.  MEXTER-WA will ceased trading after 24 August 2018 to allow investors to exercise the warrant by 14 September which will be the last market day of the exercise period.  At the time of writing, MEXTER-WA was trading at a discount of 7.5% with the warrant price at 24 sen and the mother price last traded at 40 sen.

PWROOT-WA: Attractive for the short term

The company warrant of Power Root Berhad (PWROOT-WA) made its debut at Bursa Malaysia on 27 July 2018.  This warrant was given free to shareholders following a bonus issue of warrants based on 1 bonus warrant for every 5 shares held.  The company also implemented a 1 for 5 bonus issue of shares at the same time.  As the exercise price of the new warrant of RM1.54 is above the mother share price, PWROOT-WA traded limit up at 30.5 sen from the reference price of 0.5 sen on its debut.  PWROOT-WA fluctuated between a high of 55 sen and a low of 41 sen before correcting settling to close at 48 sen on 7 August 2018.  The mother share ended trading on the same day at RM1.50. 

SALCON-WB – A Tool to Bet on Turn Around

The new warrant of Salcon Berhad (SALCON-WB) began trading in Bursa Malaysia on 27 July 2018.  The warrant’s price fluctuated between 10.5 sen to 18 sen in the first day of trading before ending the first day of trade at 11 sen. The warrant price has since traded within a narrower range of between 10.5 sen and 11.5 sen.  This new warrant was given free to shareholders as a bonus issue on the basis of 1 warrant for every 2 shares held.  The company concurrently completed a bonus issue of shares based on 1 bonus share for every 4 shares held.

PANSAR-WA: New Warrant for shareholders after sustained price run

The share price performance of Pansar Berhad has been very impressive this year with the price rising to a high of RM1.29 in late April from around 40 sen in the beginning of the year.  The share price has since fell to its current level of 84 sen.  It is worth noting that the share price surged after a private placement of 10% new share issue was done in February at an issue price of 42.7 sen.   The company warrant of Pansar (PANSAR-WA) made its debut at Bursa Malaysia on 14 June 2018.  This warrant was given free to shareholders based on 1 warrant for 2 shares held on the entitlement date of 5 June 2018.  The then slightly out-of-money PANSAR-WA opened trading at the limit up price of 30.5 sen on 14 June and moved up strongly to as high as 42 sen on the second day of trading before retreating substantially to as low as 24.5 sen in the early part of July.  PANSAR-WA closed at 29 sen on 24 July 2018 with the mother share being last traded at 84 sen on the same day.

 

STRAITS-WA – Leverage Exposure at No Premium

 

The share price of Straits Inter Logistics Berhad has been holding relative well in the last few months as the company is in the middle of undertaking a number of corporate exercises which include acquisition of a majority stake in a direct peer and private placements of new shares to raise fund for the company.  Amidst such exercises which would increase the share capital of the company, the company warrant of Straits Inter Logistics (STRAITS-WA) is currently trading at no premium at all. 

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