s Digest Top Picks FBMKLCI-C54 MAYBANKC19 GENM-C12 FBMKLCI-C24 DIGI-C9 (065054) (115519) (471512) (065024) (6947C9) Strike : 1,595.00 Strike : RM8.60 Strike : RM4.25 Strike : 1,720.00 Strike : RM5.10 : 16.19x : 20.71x : 12.72x : 53.98x : 20.88x Expir: 30 Sep 2016 Expir: 30 Dec 2016 Expir: 31 Ma 2016 Expir: 31 Ma 2016 Expir: 30 Sep 2016 Market Headlines HSI 1.17 20,435.34 STI 0.64 2,847.06 NIK225 1.74 17,233.75 DJIA 0.09 17,229.13 S&P500-0.13 2,019.64 The local index started the week on a strong note, increasing b 3.77 points or 0.22 to close at 1,700.31 points on Monda. The local stock exchange saw 1.47 billion shares exchange hands, worth RM1.61 billion. The broader market saw gainers lead losers b a small margin of 419 to 412 while 360 counters remained unchanged. The FBM KLCI closed higher for the third consecutive market da in a row, tracking the regions positive sentiment. Interest in plantation counters as well as metal and aluminium-related stocks stirred the local market as well. Besides that, according to Reuters, gains on Wall Street as well as small indications of strength in weekend data from China also boosted investor sentiment across Asia. Investors who have a bullish view on the local index, can increase their exposure via call Top 5 Most Active warrants on the FBM KLCI such as FBMKLCI-C54 which has an exercise level of 1,595 points and will expire on 30 September 2016. Malaan Banking Bhd (Mabank) is further strengthening its operations in Cambodia with the launch Name FBMKLCI-H25 FBMKLCI-HW FBMKLCI-H37 Gain/Loss 0.00-6.45-5.26 Vol '000 6,350 4,201 3,387 of Mabank Tower, a new 10-store corporate office in the countr. Mabank first established a FGV-C6 15.38 3,301 presence in Cambodia with the opening of its Phnom Penh branch in 1993, which has since expanded to 21 branches serving the needs of the domestic market, as well as regional customers IOICORP-C9 2.38 Top 5 Gainers 2,819 who have business and investments in the countr. Investors who are bullish on Mabank s future prospects can consider MAYBANKC19, which has an exercise price of RM8.60 and will expire on 30 December 2016. Name IOICORP-C6 GENTINGC22 GENM-C12 Gain/Loss 41.18 33.33 27.78 Chgs 0.035 0.01 0.025 FGV-C6 15.38 0.01 The top supporter of the local bourse on Monda was Genting Malasia Berhad (Genting), after its MAYBANKC19 13.33 0.02 share price rose 3.05 to end the da at RM4.39. Genting contributed 1.26 points to the FBM KLCI Top 5 Losers with 5.16 million shares exchanging hands. Investors seeking exposure to Genting can consider Name Gain/Loss Chgs GENM-C12 which has an exercise price of RM4.25 and will expire on 31 Ma 2016. UEMS-C14-50.00-0.005 CIMB Bank's 7 latest call warrants and 1 put warrant, FBMKLCI-C54, IOICORP-C9, MALAKOF-CN, MAXIS-CT, MISC-C5, WCT-CX and FBMKLCI-H59 were listed on 9 March 2016. UMWOG-CY PBBANK-C4 UMWOG-C3-50.00-33.33-18.75-0.005-0.01-0.015 Source: CIMB Research, Bloomberg, The Edge Markets & The Star PETGAS-CM -18.18-0.01 s in Focus Exercise 65054 FBMKLCI-C54 0.150 FBMKLCI 1700.31 1595.00 115519 MAYBANKC19 0.170 MAYBANK RM8.80 RM8.60 471512 GENM-C12 0.115 GENM RM4.39 RM4.25 65024 FBMKLCI-C24 0.045 FBMKLCI 1700.31 1720.00 6947C9 DIGI-C9 0.095 DIGI RM4.96 RM5.10 1961C9 IOICORP-C9 0.215 IOICORP RM5.00 RM4.70 65037 FBMKLCI-H37 0.090 FBMKLCI 1700.31 1680.00 0138CT MYEG-CT 0.220 MYEG RM2.04 RM1.78 534725 TENAGA-C25 0.210 TENAGA RM13.44 RM11.50 65043 FBMKLCI-H43 0.060 FBMKLCI 1700.31 1600.00 FBMKLCI Index Chart 1,700.31 (0.22) 1900 1850 1800 1750 1700 1650 1600 1550 1500 1450 1400 Mar-15 Jun-15 Sep-15 Dec-15 Date Das to -0.02 16.19 30-Sep-16 199 2.56 20.71 30-Dec-16 290 4.67 12.72 31-Ma-16 77 3.01 53.98 31-Ma-16 77 7.61 20.88 30-Sep-16 199 9.05 6.64 30-Dec-16 290 4.90 26.99 30-Jun-16 107 8.58 4.64 30-Sep-16 199 1.19 6.40 29-Apr-16 45 8.37 40.48 29-Jul-16 136
s Digest s issued b CIMB Bank Berhad 1 da Exercise s / Implied Volatilit Date (d/m/) Das to 6599CE AEON-CE 0.01 0.00 200 AEON 2.75 3.15 3 15.64 91.67 25.8 30/06/16 107 0.0 5185CT AFFIN-CT 0.08-5.88 50 AFFIN 2.20 2.40 1 12.73 27.50 21.84 30/09/16 199 0.0 2488CQ AFG-CQ 0.005 0.00 0 AFG 3.75 4.65 4 24.53 187.50 43.01 29/04/16 45 0.0 5014CO AIRPORT-CO 0.065 0.00 0 AIRPORT 6.34 6.80 4 11.4 24.38 32.68 30/06/16 107 8.33 1015CV AMBANK-CV 0.005 0.00 0 AMBANK 4.57 6.00 6 31.95 152.33 97.57 31/03/16 16 0.0 5210C6 ARMADA-C6 0.025 0.00 1,000 ARMADA 0.80 1.00 2 32.08 15.90 54.85 30/08/16 168-58.33 6888C4 AXIATA-C4 0.02 0.00 888 AXIATA 6.00 6.40 3 7.67 100.00 15.19 29/07/16 136-20.0 4162CE BAT-CE 0.06 0.00 0 BAT 56.30 57.00 50 6.57 18.77 25.18 29/07/16 136-7.69 5248CK BJAUTO-CK 0.095-13.64 26 BJAUTO 2.16 2.00 2.5 3.59 9.09 40.99 31/05/16 77-5.0 3395CZ BJCORP-CZ 0.095-5.00 414 BJCORP 0.42 0.37 1 12.05 4.37 54.2 31/10/16 230-5.0 2771CK BSTEAD-CK 0.01 0.00 37 BSTEAD 3.96 4.20 4 7.07 99.00 24.09 29/04/16 45-66.67 1818C8 BURSA-C8 0.035 0.00 1 BURSA 8.60 8.40 6 0.12 40.95 15.99 29/04/16 45 0.0 0655CB CHINA50-CB 0.07 0.00 0 CHINA50 9278.00 11500.00 50,000.00 61.67 2.65 256.0 30/09/16 199-48.15 0655CC CHINA50-CC 0.05 0.00 0 CHINA50 9278.00 14000.00 50,000.00 77.84 3.71 200.0 30/09/16 199-44.44 0655HB CHINA50-HB # 0.385 0.00 0 CHINA50 9278.00 11500.00 50,000.00 183.53 0.48 -* 30/09/16 199-27.36 0655HC CHINA50-HC # 0.275 0.00 0 CHINA50 9278.00 10500.00 50,000.00 135.03 0.67 -* 30/09/16 199-19.12 7277C5 DIALOG-C5 0.07 0.00 0 DIALOG 1.59 1.50 2.5 5.35 9.09 32.55 29/07/16 136-26.32 6947C9 DIGI-C9 0.095 0.00 0 DIGI 4.96 5.10 2.5 7.61 20.88 22.26 30/09/16 199 18.75 161916 DRBHCOMC16 0.005 0.00 0 DRBHCOM 0.97 1.40 2 46.11 96.50 38.84 30/08/16 168-75.0 161917 DRBHCOMC17 0.005 0.00 0 DRBHCOM 0.97 1.45 1.5 51.04 128.67 75.7 29/04/16 45 0.0 161919 DRBHCOMC19 0.075 7.14 38 DRBHCOM 0.97 1.00 1 11.40 12.87 34.0 30/11/16 260-25.0 1368CG EDGENTA-CG 0.105 0.00 0 EDGENTA 3.35 3.23 4 8.96 7.98 31.3 31/10/16 230 10.53 65012 FBMKLCI-C12 0.26 1.96 390 FBMKLCI 1700.31 1520.00 700 0.10 9.34 34.93 31/03/16 16 33.33 65022 FBMKLCI-C22 0.115 4.55 154 FBMKLCI 1700.31 1630.00 700 0.60 21.12 16.57 29/04/16 45 64.29 65024 FBMKLCI-C24 0.045 12.50 1,342 FBMKLCI 1700.31 1720.00 700 3.01 53.98 14.2 31/05/16 77 50.0 65034 FBMKLCI-C34 0.1 5.26 105 FBMKLCI 1700.31 1660.00 700 1.75 24.29 13.69 30/06/16 107 42.86 0650C4 FBMKLCI-C4 0.08 0.00 375 FBMKLCI 1700.31 1700.00 667 3.12 31.86 12.91 29/07/16 136 33.33 65040 FBMKLCI-C40 0.025 0.00 1,313 FBMKLCI 1700.31 1800.00 700 6.89 97.16 12.53 29/07/16 136 0.0 65048 FBMKLCI-C48 0.175 0.00 0 FBMKLCI 1700.31 1600.00 700 1.31 13.88 14.51 30/08/16 168 65054 FBMKLCI-C54 0.15 0.00 0 FBMKLCI 1700.31 1595.00 700-0.02 16.19 -* 30/09/16 199 65025 FBMKLCI-H25 # 0.015 0.00 6,350 FBMKLCI 1700.31 1600.00 700 6.52 161.93 19.22 29/04/16 45-81.25 65027 FBMKLCI-H27 # 0.02 0.00 665 FBMKLCI 1700.31 1550.00 700 9.66 121.45 21.29 31/05/16 77-69.23 65037 FBMKLCI-H37 # 0.09-5.26 3,387 FBMKLCI 1700.31 1680.00 700 4.90 26.99 20.18 30/06/16 107-47.06 65043 FBMKLCI-H43 # 0.06 0.00 461 FBMKLCI 1700.31 1600.00 700 8.37 40.48 21.13 29/07/16 136-52.0 0650H5 FBMKLCI-H5 # 0.005 0.00 0 FBMKLCI 1700.31 1500.00 700 11.99 485.80 43.21 31/03/16 16-66.67 65053 FBMKLCI-H53 # 0.06-7.69 30 FBMKLCI 1700.31 1570.00 700 10.13 40.48 21.36 30/08/16 168-53.85 65059 FBMKLCI-H59 # 0.135-12.90 119 FBMKLCI 1700.31 1650.00 700 8.52 17.99 23.85 30/09/16 199 0650HW FBMKLCI-HW # 0.145-6.45 4,201 FBMKLCI 1700.31 1700.00 667 5.71 17.58 24.2 29/07/16 136-39.58 5222C4 FGV-C4 0.005 0.00 0 FGV 1.51 2.30 4 53.64 75.50 158.0 31/03/16 16-50.0 5222C6 FGV-C6 0.075 15.38 3,301 FGV 1.51 1.50 3 14.24 6.71 65.5 29/07/16 136-11.76 539822 GAMUDA-C22 0.015 0.00 0 GAMUDA 4.70 5.10 4 9.79 78.33 29.28 29/04/16 45 0.0 539826 GAMUDA-C26 0.145 0.00 0 GAMUDA 4.70 4.50 3 5.00 10.80 19.74 30/11/16 260 5209CT GASMSIA-CT 0.12 0.00 0 GASMSIA 2.41 2.50 2 13.69 10.04 43.93 30/08/16 168 118.18 471512 GENM-C12 0.115 27.78 164 GENM 4.39 4.25 3 4.67 12.72 33.09 31/05/16 77 15.0 318222 GENTINGC22 0.04 33.33 790 GENTING 8.84 8.60 10 1.81 22.10 38.97 31/03/16 16 300.0 ^RM Currenc unless specified, # denotes put warrant * is ver low and Implied Volatilit is close to zero.
s Digest s issued b CIMB Bank Berhad 1 da Exercise s / Implied Volatilit Das to Date (d/m/) 318227 GENTING-C27 0.335 1.52 226 GENTING 8.84 7.40 5 2.66 5.28 48.31 31/05/16 77 116.13 3034CN HAPSENG-CN 0.655 0.00 0 HAPSENG 7.74 5.00 4-1.55 2.95 -* 30/08/16 168 6.5 3034CO HAPSENG-CO 0.39 0.00 0 HAPSENG 7.74 6.00 3-7.36 6.62 -* 31/05/16 77 0.0 3034CR HAPSENG-CR 0.285 0.00 0 HAPSENG 7.74 6.60 5 3.68 5.43 28.59 30/11/16 260 7.55 5225CW IHH-CW 0.08 0.00 0 IHH 6.47 6.00 6 0.15 13.48 -* 29/04/16 45-27.27 3336CW IJM-CW 0.02 0.00 0 IJM 3.38 3.94 1.5 17.46 112.67 29.09 31/05/16 77-20.0 1961C6 IOICORP-C6 0.12 41.18 100 IOICORP 5.00 4.30 6 0.40 6.94 54.67 31/03/16 16 50.0 1961C9 IOICORP-C9 0.215 2.38 2,819 IOICORP 5.00 4.70 3.5 9.05 6.64 31.93 30/12/16 290 3859CW MAGNUM-CW 0.015 0.00 0 MAGNUM 2.49 2.80 1 13.05 166.00 21.38 31/05/16 77 50.0 8583C2 MAHSING-C2 0.05 0.00 0 MAHSING 1.31 1.45 1 14.50 26.20 30.58 30/09/16 199 11.11 5264CG MALAKOF-CG 0.015 0.00 0 MALAKOF 1.62 2.00 1 24.38 108.00 30.41 30/06/16 107-25.0 5264CN MALAKOF-CN 0.15 0.00 0 MALAKOF 1.62 1.60 1.5 12.65 7.20 -* 30/12/16 290 6012CQ MAXIS-CQ 0.025 0.00 0 MAXIS 6.38 7.20 4 14.42 63.80 27.0 30/06/16 107 66.67 6012CT MAXIS-CT 0.15 0.00 0 MAXIS 6.38 6.30 3 5.80 14.18 -* 30/12/16 290 115513 MAYBANKC13 0.01 0.00 0 MAYBANK 8.80 10.00 3 13.98 293.33 24.12 31/05/16 77 0.0 115519 MAYBANKC19 0.17 13.33 0 MAYBANK 8.80 8.60 2.5 2.56 20.71 17.64 30/12/16 290 5186CX MHB-CX 0.01 0.00 0 MHB 1.01 1.25 2 25.74 50.50 62.27 29/04/16 45 0.0 5186CY MHB-CY 0.21 0.00 0 MHB 1.01 0.90 1 9.90 4.81 59.8 30/11/16 260 3816C5 MISC-C5 0.15 0.00 0 MISC 8.90 8.60 6 6.74 9.89 -* 30/12/16 290 3816CY MISC-CY 0.09-5.26 60 MISC 8.90 8.00 10 0.00 9.89 -* 31/03/16 16 38.46 2194C1 MMCCORP-C1 0.055 10.00 340 MMCCORP 1.86 2.10 2 18.82 16.91 37.01 30/09/16 199 83.33 5237CH MPHBCAP-CH 0.005 0.00 0 MPHBCAP 1.40 2.30 1 64.64 280.00 57.92 31/05/16 77 0.0 1651C5 MRCB-C5 0.015 0.00 0 MRCB 1.17 1.50 1 29.49 78.00 45.49 31/05/16 77 50.0 0138CN MYEG-CN 0.34-5.56 10 MYEG 2.04 1.23 2.5 1.72 2.40 56.27 30/08/16 168-20.0 0138CT MYEG-CT 0.22-8.33 130 MYEG 2.04 1.78 2 8.58 4.64 49.15 30/09/16 199-30.16 5657CO PARKSON-CO 0.005 0.00 0 PARKSON 0.89 2.17 1.8868 146.24 93.81 111.0 31/05/16 77 0.0 5657CP PARKSON-CP 0.015 0.00 0 PARKSON 0.89 1.00 1.5 15.54 39.33 37.5 31/05/16 77-50.0 1295C4 PBBANK-C4 0.02-33.33 150 PBBANK 18.62 19.30 10 4.73 93.10 9.97 30/06/16 107 33.33 1295C6 PBBANK-C6 0.125 0.00 0 PBBANK 18.62 18.00 8 2.04 18.62 11.36 30/09/16 199 13.64 5183C4 PCHEM-C4 0.195-4.88 50 PCHEM 6.82 6.25 4 3.08 8.74 34.96 31/05/16 77-25.0 5183C6 PCHEM-C6 0.15 0.00 0 PCHEM 6.82 6.90 5 12.17 9.09 -* 30/11/16 260 5183CZ PCHEM-CZ 0.29 0.00 0 PCHEM 6.82 5.40 5 0.44 4.70 37.47 29/04/16 45-15.94 5681CP PETDAG-CP 0.165-13.16 67 PETDAG 24.10 23.00 12 3.65 12.17 26.36 30/06/16 107-32.65 5681CQ PETDAG-CQ 0.1-16.67 9 PETDAG 24.10 24.86 16 9.79 15.06 24.67 31/10/16 230-31.03 6033CM PETGAS-CM 0.045-18.18 16 PETGAS 21.96 24.00 10 11.34 48.80 24.29 30/06/16 107-25.0 4634CU POS-CU 0.005 0.00 0 POS 2.13 5.50 3 158.92 142.00 108.0 31/05/16 77 0.0 4634CV POS-CV 0.03 0.00 0 POS 2.13 2.77 2 32.86 35.50 42.41 31/10/16 230-25.0 1066CU RHBCAP-CU 0.01 0.00 0 RHBCAP 5.74 7.33 9.6481 29.43 59.49 95.91 31/03/16 16 0.0 4197C3 SIME-C3 0.175 0.00 20 SIME 7.89 7.90 4 9.00 11.27 29.19 30/09/16 199 16.67 521812 SKPETROC12 0.005 0.00 0 SKPETRO 2.10 2.60 4 24.76 105.00 90.0 31/03/16 16 0.0 521815 SKPETROC15 0.07-12.50 290 SKPETRO 2.10 2.20 3.5 16.43 8.57 50.3 30/08/16 168 100.0 521817 SKPETROC17 0.2-4.76 1,033 SKPETRO 2.10 1.70 2.5 4.76 4.20 43.27 30/09/16 199 66.67 710610 SUPERMX-C10 0.09-10.00 1,951 SUPERMX 2.63 3.17 4 34.22 7.31 66.15 31/10/16 230-14.29 7106C7 SUPERMX-C7 0.265-17.19 238 SUPERMX 2.63 2.20 2 3.80 4.96 62.85 31/05/16 77-30.26 534722 TENAGA-C22 0.45 4.65 18 TENAGA 13.44 10.50 7 1.56 4.27 28.12 30/09/16 199 7.14 ^RM Currenc unless specified, # denotes put warrant * is ver low and Implied Volatilit is close to zero.
s Digest s issued b CIMB Bank Berhad 1 da Exercise s / Implied Volatilit Das to Date (d/m/) 534725 TENAGA-C25 0.21 7.69 599 TENAGA 13.44 11.50 10 1.19 6.40 41.97 29/04/16 45 10.53 486312 TM-C12 0.15 0.00 0 TM 6.55 6.50 3 6.11 14.56 -* 30/11/16 260 4863C6 TM-C6 0.02 0.00 0 TM 6.55 7.00 5 8.40 65.50 28.25 29/04/16 45-20.0 514814 UEMS-C14 0.005-50.00 350 UEMS 1.03 1.20 3 17.96 68.67 82.26 31/03/16 16 0.0 514818 UEMS-C18 0.125 0.00 0 UEMS 1.03 0.93 1.5 8.50 5.49 55.97 30/08/16 168 47.06 514819 UEMS-C19 0.07-6.67 326 UEMS 1.03 1.00 1.5 7.28 9.81 63.61 29/04/16 45 40.0 4588CU UMW-CU 0.01 0.00 0 UMW 6.99 11.30 5 62.37 139.80 56.42 31/05/16 77 100.0 5243C3 UMWOG-C3 0.065-18.75 50 UMWOG 0.92 1.07 1.5 26.90 9.44 50.07 31/10/16 230-27.78 5243CW UMWOG-CW 0.005 0.00 0 UMWOG 0.92 2.20 3 140.76 61.33 98.06 30/06/16 107 0.0 5243CY UMWOG-CY 0.005-50.00 250 UMWOG 0.92 1.60 3 75.54 61.33 62.24 29/07/16 136 0.0 5005CJ UNISEM-CJ 0.095 5.56 10 UNISEM 2.28 2.05 4 6.58 6.00 47.85 29/07/16 136 58.33 9679CX WCT-CX 0.13 0.00 339 WCT 1.63 1.60 2 14.11 6.27 41.87 30/12/16 290 5246CK WPRTS-CK 0.12 0.00 0 WPRTS 4.00 3.70 3 1.50 11.11 29.78 29/04/16 45 0.0 5246CN WPRTS-CN 0.095 0.00 0 WPRTS 4.00 4.25 3 13.38 14.04 32.85 30/09/16 199 11.76 4677C2 YTL-C2 0.125 0.00 0 YTL 1.59 1.50 1 2.20 12.72 23.05 31/05/16 77 4.17 6742CS YTLPOWR-CS 0.065 0.00 0 YTLPOWR 1.45 1.48 1.5 8.79 14.87 26.21 30/08/16 168 0.0 ^RM Currenc unless specified, # denotes put warrant * is ver low and Implied Volatilit is close to zero.
s Digest 1 da CBBCs issued b CIMB Bank Berhad Exercise s / 0650JA FBMKLCI-JA 0.24 0.00 0 FBMKLCI 1700.31 1266.00 1,345.00 1,500.00-4.37 4.72 31/03/16 16 0.0 0650JB FBMKLCI-JB 0.275 0.00 0 FBMKLCI 1700.31 1108.00 1,188.00 1,800.00-5.72 3.43 31/03/16 16 0.0 Call Das to Date (d/m/) ^RM Currenc unless specified, # denotes put warrant * is ver low and Implied Volatilit is close to zero.
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In reviewing this research report, an investor should be aware that an or all of the foregoing, among other things, ma give rise to real or potential conflicts of interest. Additional information is, subject to the duties of confidentialit, available on request. As of the date of this report, CIMB Investment Bank, its affiliates and analsts ma have proprietar position in the securities mentioned in this report. The information contained in this research report is prepared from data believed to be correct and reliable at the time of issue of this repo rt. This report does not purport to contain all the information that a prospective investor ma require. 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The information and opinions in this report are not and should not be construed or considered as an offer, recommendation or solicitation to bu or sell the subject securities, related investments or other financial instruments thereof. This report is issued and distributed b CIMB Investment Bank. The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Services Authorit applies to a recipient, our obligation s owed to such recipient therein are unaffected. CIMB Investment Bank has no obligation to update its opinion or the information in this research report. Investors are advised to make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation and particular needs and consult th eir own professional and financial advisers as to the legal, business, financial, tax and other aspects before participating in an transaction in respect of the securities of compan(ies) covered in this research report. The securities of such compan(ies) ma not be eligible for sale in all jurisdictions or to all categories of investors. General: This report is not directed to, or intended for distribution to or use b, an person or entit who is a citizen or resident of or located in an localit, state, countr or other jurisdiction where such distribution, publication, availabilit or use would be contrar to law or regulation. Specificall, in relation to acquiring or disposing warrants as a form of investment, we urge ou to take note of the following risks associated with warrants trading:- (i) A purchaser of call warrants is subject to the risk of losing the full purchase price of the call warrant and all transaction costs. (ii) In order to realize an value from a call warrant, it is necessar to sell the call warrants or exercise the call warrants on or before their expir date. (iii) Under certain conditions, it ma become difficult to sell the call warrants. (iv) Upon exercise of the call warrants, the issuer ma settle its obligations via actual deliver of the underling assets, in ca sh or a combination of both depending on the terms of the issue of the call warrants. (v) The placing of contingent orders, such as stop-loss or stop limit orders, will not necessaril limit our losses to the intended amount. Market conditions ma not make it possible to execute such orders. (vi) The high degree of leverage that is obtainable from call warrants because of the small initial outla, can work against us as well as in our favour. (vii) The use of the leverage can lead to large losses as well as gain. (viii) This brief statement cannot disclose all risks associated with trading in call warrants