Singapore's banks has reported a revenue growth between 5% to 24% couple with better profits. Their share prices are traded between PER 9.3x to to10x or P/B between 1.05x to 1.3x. Maybank, Pbbank & HLbank are certainly overvalued in comparison with Singapore banks. TP remains at least 20% discount from the current share prices.

IBs can’t contain the price anymore as situation is getting more serious out of China and depreciation of RM will be more intense as crude oil prices plunging and clouded with political uncertainty.

Topglov’s QR is the only hope to bring up all the gloves counters in mid Mar 20.

Hold for upcoming QR announcement in mid Mar 20, mid Jun 20 & mid Sep 20....not for the next 5 few days. lol

It seems like IBs are working so hard to churn out volume pressing the price down further. Wait for them to close the gap-up 5.1 next week.

Closing Price: The VWAP of TOPGLOV Shares (subject to any adjustment as may be necessary to reflect any capitalisation, rights issue, distribution or others) for the 5 Market Days prior to and including the Market Day immediately before the Expiry Date.

Extracted:

The banks only make money from structured warrants upon their expiry, because banks will never know whether they can keep the initial money, or need to fork out additional cash to compensate the holders.

Upon expiry:
If settlement price (i.e last 5 days trading price) < strike price, the bank keeps all the money that they received at the time they issued. The warrant holder lost their bet.
If settlement price > strike price, then the bank calculate how much to compensate.

Calculation of settlement amount = [(Settlement price - Strike price)/Conversion ratio] x no. of Warrants

Conclusion: If I were a bank, I would issue warrants if I think that:
1) prices are increasing now (so that it can attract losers to buy my warrants)
2) prices are expected to drop before expiry (so that the losers will cry and I keep the money).
3) malaysians have not yet realised that they are being cheated by such genius products.
4) I can manipulate the price of the mother share during the last 5 days, if I need to.

From this perspective, it's not clear whether banks will goreng the counter so that they can let go of their warrants. But it is clear that they will "hope" for the price to go below the strike price upon expiry. *And their hope often come true.

they will hedge the warrants with the mother share, if they're risk averse, they can hedge 100% of the warrants they issued (eg sell 1mil warrants, buy 1mil shares(if converstion ratio 1:1)), but if they think the warrants goin to drop kao2, they might just hedge 20%, depending on traders

likewise, they can also hedge via back-to-back warrants with another counterparty(ie another bank) to cover the unhedged warrants

What if the market sentiments are moving in the opposite way? Getting more infection cases announced by the area out of China ie Korea, Japan... It could be hard to contain the share price if given rebound is imminent. Any plan B to minimize loses by IBs?

Government funds are working hand in hand with IBs. IBs play 2nd liners whereas government funds play blue chip with the intention to squeeze retailers.

It seems that the market is trying to achieve TP between 4.5 to 4.88 which is the exercise price for CW expiring this months.

Potential of lackluster QR plus Tolong Menolong between IBs and Governments funds are sufficient to press the price down to 1.45 for striking the zero intrinsic value of C69.

This is the 2nd coincidence that I have experienced after Takaful. Everything comes at right time and giving the good opportunity IBs laughing all the way to the banks. IBs are so lucky in share market! lolz

Look at the fundamental and the prospect of Comfort rather than purely depending on movement of the share price in manipulating our emotions or fears.

- PER below 15x, the lowest in the glove industry
- Demand of nitrile gloves surged due to Covid 19
- Capacity increased by above 15% starting next QR
- Depreciation of RM against USD
- Low raw material costs as crude oil prices dropping

They are the EPF proxies in fund management....lolz

IB of C55 doesn't have to pay anything to the CW holders if the closing shares price below 4.5 on 26 Feb. Of course, Topglov is very unlikely to drop below this price. Sell high and buy back at lower price is the way of making money through CW by IB. They will press down the share price as low as possible.

Market price - 5.25
CW exercise price - 4.5
Different 0.75
Exercise ratio: 5:1

Value of CW: 0.15 (0.75/5)

Buy now and keep for the next few months. IBs may come back to bash the share price again in 6 months latter.

IBs will make a big loss if the share price of Topglov & Supermx keep going up.

CW below is expiring on 27 Feb 20 :
Topglov - C55 (CIMB), C59(Kenanga) & C61(Macq)
Supermx - C69 (CimB)

Don't expect the share price to make a big U turn by this month. IBs are busing netting CW holders of Topglov & Supermx. It's staging a similar drama that had happened to Takaful last month.

IB are laughing all the way to banks with 4 CW expiring by this month.

IB are playing bungy jump in these few days. lolz

Comfort share price was up merely 10% since the outbreak of Covid 19. There is plenty of room moving north.

China is almost under control? Curfew is started in Wuhan few days ago. This we call it under control.... or the situation out of control due to latest development of political instability?

Accumulate more and looking forward QR announcement next month.

No hope for Feb 20. CIMB wants to minimize payout for C55 which is expiring on 26 Feb 20.

Quarterly revenue and earnings are trending downward. Salute to those who wants to fight with gravity as this "once in a blue moon ' may last at least for few quarters.

Price is back to square again in such a short time. Top up!

Good run up.

DBS has posted 5% revenue growth and better profit in its latest QR. It's traded at the price of 25.4 with PER 10.2x and DY 4.8%. HLBank remains reporting lackluster profit and negative revenue growth.

As a small retailer, being patient is important to buy blue chip. TP 11 is reasonable to achieve DY of 4.5%.

Profit has been trending downward in the past few quarters. Good buy at 50% of the peak or RM 13 or below PER 10x.

So far, 10,000 people have died and 180,000 people have been hospitalized during the 2019-2020 flu season in US. No city lockdown even though the number of death is seen high. No public panic.

What had happened to China with such a small number of casualties and it warrants to lockdown almost the entire country?

He was trying to interpret a situation by fully relying bogus data or information. That's how he had arrived such a conclusion. Is it meant that we should be positive and not to take strengthen protection measures to safe the public?

It seems that glove sector 2nd waves is started.

Next time, many listed entities in Bursa would exploit this exclusive 'offset' method to siphon money out of the companies. Malaysia Boleh!

China citizen are temporary bạnned from entering Vietnam started 5 Feb 20. Any delay in construction?

Comfort is currently traded at PER 15x, the lowest among glove counters. The additional machinery increasing capacity by 20% will be put into operations in this quarter It’s just in time to cater the surging demand.

Waiting Topglov to end consolidation before staging the next rally. Topglov is the leader in glove sector.

It is FF disposing Takaful? Up 3 cents only....what a pathetic!

The correction has flushed out many short term traders. Gloves demand surged due to Coronavirus remains intact.

Any delay announcement of QR would offer a lot of negative perception to investors since the market is fully clouded with bad news.

Investors are very sensitive to QR announcement now. Takaful has been announced its QR in Jan for the past 4 years. This year would consider as a delay since it's out of normal. The delay is due to market no good, bad QR or CNY holiday?

Takaful share price has witnessed a non stop bleeding or crashed 26% since 16 Jan 2020. Is it justifiable?

15 Jan 2020 - Price 5.7
16 Jan 2020 ( - 0.59 ) - Discontinued of Banatakaful with RHB
24 Jan 2020 ( - 0.35 ) - Coronavirus
28 Jan 2020 ( -0.24 ) - Coronavirus
3 Feb 2020 ( - 0.25 ) - DJ dropped 600 points
4 Feb 2020 ( - 0.10 ) - Coronavirus or delay QR???

EPF proxies protects the interest of EPF holders? See what happened to Dlady. They are still buying even though it's traded at PER 24x with DY 2.49%. Dlady has been reporting 3 quarters consecutive of profit reduction.

EPF stakes in RHB: 40.62%

LTH stakes in BIMB: 53.82%
EPF stakes in BIMB: 12.57%

BIMB stakes in Takaful: 59.74%
EPF stakes in Takaful: 5.66% ( reduced from 12% in 1 year)

eagleis. thanks for the correction.

EPF remains the seller of Takaful even though PER dropped until 9.1x with DY 4.75%. You don't really know the yardstick used by EPF to gauge a stock.

Icon8888 sifu. I bought in some since it's so low. Takaful may get back the contract from RHB. RHB is controlled by LTH.

If a 2nd liner counter posting 9 consecutive of better QR profit, it's almost ridiculous to expect its PER drop below 15x. But Takaful is special and exceptional.

Investment in long term is seen as nonsense in Bursa. Takaful has been posted better QR for the 9 consecutive quarters and yet facing the same fate of dumping due to various 'potentia'l resons haunting its profitability. It's worst than other 2nd lines. Hardly see 2nd liners share performing like Takaful. EPF has changed the role from share stabilizer to manipulator after giving its proxies to manage the portfolio.

Quite tempting at this price level. It’s entirely out of my expectation. The beauty of Mr. Market.

Better put like this....No worry because the name of world 2nd biggest economy is fake so world economy remains robust regardless of the China economy performance.