I. CERTIFICATE MARKET MOVEMENTThe warrant market ended on April 8, 2021 with 49 stocks down, 11 stocks unchanged and 29 stocks increasing. In which, CVIC2004 and CVHM2010 were the two biggest losers in the market with a decrease of 8.7% and 8.1%. On the basic market, VIC ended 1.8% lower, VHM dropped 0.8%. On the other side, CKDH2001 and CKDH2002 are the two leading stocks in the uptrend, with increases of 9.1% and 6.4% respectively. The total trading volume of the warrant market on April 8, 2021 was only 13.1 million shares, a decrease of 24.57%. The trading value reached 68.6 billion dong, down 27.46% compared to the session on 07/04/2021.
Foreign investors turned to be net buyers again in the session 08/04/2021 with a total net buying of over 447 thousand shares. In which, CHDB2007 and CVIC2005 were two warrant codes that were bought the most by foreign investors.
Also in the session on April 8, 2021, CNVL2003 and CHPG2018 were the two warrants with the most active transactions. On the other hand, CHPG2018 is also the market leader in terms of transaction value.
II. VALUATION OF RIGHTS
Based on the reasonable valuation method with the beginning of April 9, 2021, the reasonable price bracket of warrants being traded on the market is shown as follows.
Note: The opportunity cost in the pricing model is adjusted to match the Vietnamese market. Specifically, the risk-free treasury bill (government bills) will be replaced by the average deposit interest rates of major banks with the maturity adjustment to suit each warrants.
According to the above valuation, CHPG2014 and CMWG2017 are currently warrants with the most attractive valuation.
The higher the effecting gearing stocks, the larger the up / down volatility of underlying securities will be. Accordingly, CVJC2004 and CVHM2006 are currently two warrants with the highest effecting gearing ratio in the market at 6.78 and 5.54 times respectively.
Source: stockbiz.vn – Translated by fintel.vn