Macquarie Warrants Singapore

03/11/2026

⚠Update as of 1125AM today: DBS call warrant IJMW is no longer sold out. As such, the warrant is now quoted on tight spreads and higher liquidity again.

Warrant investors may wish to note that Macquarie is sold out on DBS call warrant IJMW

As such, the warrant is now quoted on widened offer spreads with low offer liquidity volume. In such a situation, the bid price will remain fair regardless of whether it is sold out or not, and will continue to move with the HSI futures according to its live matrix: https://macq.co/6188BHtU9s

Investors can consider switching into another DBS call warrants UCXW (https://macq.co/6189BHtU9t)

Feel free to call us at 6601 0289 should you have further queries on the pricing of our warrants

03/11/2026

Ernest Lim: Yangzijiang corrects 14%... what is the market missing when analysts continue to raise target prices?

Yangzijiang Shipbuilding has had a tale of two halves in October – a strong first half driven by analyst upgrades which took the stock 4% higher, followed by a sharp 14.8% sell-off that erased all of these gains and more. The stock had seen further analyst upgrades come in from 9 to 15 October, prior to the heavy selling. What is the market missing here?

👨‍🏫Top remisier Ernest Lim seeks to address that question in his first article written for our readers: https://macq.co/6186BHv45p

*This post is paid by Macquarie Warrants Singapore. Ernest’s view does not represent that of Macquarie’s

03/11/2026

UOB - trading at a discount ahead of tomorrow's earnings

🚨Yesterday, the Singapore bank stocks experienced heavy selling, with OCBC losing as much as 4.4% intraday, while DBS and UOB both closed 2% lower

This morning, all three banks have opened in the red (OCBC -0.6%; DBS -0.9%; UOB -0.3%) as of 935AM, suggesting that the selling ahead of this week's earnings season may be slowing down

The apparent "de-risking" ahead of this week's earnings, starting with UOB tomorrow, DBS on Wed and OCBC on Thurs, may be due to recent headlines on net interest margin and wealth fee momentum concerns for all three banks given rate hike worries

📊In terms of valuation, UOB is currently the most attractive

Its forward price-earnings ratio of 11.6x is at a 30% discount compared to DBS' 17.9x and 24% discount compared to OCBC's 15.3x, based on Bloomberg stats

While its price-to-book ratio of 1.35x is also the lowest compared to DBS' 2.89x and OCBC's 1.98x

From a technical perspective, UOB is holding up better than the other two banks

Its Relative Strength Index (RSI) of 37.2 is not yet in oversold territory (defined as less than 30), compared to DBS' 24.8 and OCBC's 30.0 (based on Bloomberg data)

UOB is currently trading the closest to its 200-day MA of $39.57 compared to DBS' 200-day MA of $66.17 and OCBC's 200-day MA of $25.66

The 200-day MA is likely to serve as a key support level for all three banks

👀What will investors be looking out for in tomorrow's earnings for UOB?

According to Bloomberg consensus, analysts are expecting a 7% Q3 net profit drop to around $1.37 billion

At the same time, analysts are expecting net interest income to stabilize, fee income to recover modestly, and loan growth to grow around 2 to 3% from the previous quarter

During its last quarterly earnings release, UOB shares had gained 1.2% on the day of its result, but gave back all gains to close 0.6% lower the next day as the market focused on its non-performing asset (NPA) formation due to provisioning for its Greater China real estate exposure, as well as the downward revision to its fee income guidance from high single digits to a low single digit

UOB had also missed its own guidance for a net interest margin (NIM) of 1.75%, with actual July NIM realising 1.71%

This time, the market will similarly be looking at its NPA formation and whether there would be further provisioning on its Greater China exposure

A clean quarter on asset quality would likely to be a positive share price catalyst

How can investors trade the short-term moves in UOB ahead of or on the back of its result?

✳Those who believe that UOB's share price can hold above its 200-day MA of $39.57 and rebound on better-than-expected earnings tomorrow can consider a leveraged exposure using trending UOB call warrant 9R7W which has fallen 21.6% to SGD 0.058 given UOB's -2.4% fall over the past two days

✴Those who are concerned that earnings could disappoint can consider trending UOB put warrant YV0W which is currently trading 16.3% higher to SGD 0.107 this week

❗With UOB the first amongst the banks to report, the currently depressed sentiment and discounted valuation will make it one of the most closely watched Singapore stock today

02/11/2026

One Good Trade Live show this Thurs 5 Nov 1030AM: is it time to buy the Singapore banks?

Find out what renowned educator and remisier Joey Choy thinks about the Singapore bank stock prices of DBS, OCBC and UOB on this earnings week! Head of Singapore Warrants Jamie Chung will share on how one can use call or put warrant to trade the moves in the Singapore banks in the short-term!

*This show is sponsored by Macquarie Warrants Singapore and Joey’s view does not represent that of Macquarie’s.

Join us live on YouTube this Thurs at 1030AM here:

Singapore's 3 major banks have come under selling pressure over the...

02/11/2026

Dan Chang: the Hang Seng Index has two sides... are you watching both?

With global indices facing a sell-off late last week, the Hang Seng Index (HSI) has been surprisingly contrarian. In fact, the HSI made its largest single-day gain since 9 October last Friday, compared to the 2% drop in the Nikkei225. What does one make of the HSI from here? Top Remisier Dan Chang offers his thoughts on the Hang Seng Index and his personal take on the levels to look out for in the near-term: https://macq.co/6186BHtqXa

*Dan's view does not represent that of Macquarie's

02/11/2026

Warrant investors may wish to note that Macquarie is sold out on DBS call warrant IJMW

As such, the warrant is now quoted on widened offer spreads with low offer liquidity volume. In such a situation, the bid price will remain fair regardless of whether it is sold out or not, and will continue to move with the HSI futures according to its live matrix: https://macq.co/6188BHtU9s

Investors can consider switching into another DBS call warrants UCXW (https://macq.co/6189BHtU9t)

Feel free to call us at 6601 0289 should you have further queries on the pricing of our warrants

30/10/2026

Nikkei225: Will 63,000 hold or break today?

The Nikkei225 is under pressure this morning, with the Nikkei225 Dec futures falling 2.8% to 62,860 as of 955AM, following overnight US tech earnings disappointment from Amazon and Intel

The sell-off comes against a surprisingly resilient domestic backdrop. Japan reported this morning that its September industrial output rose 2.2% from the previous month, well above the 1.2% estimate by the market

🕚Investors now turn their attention to the Bank of Japan's policy decision due at 1100AM Singapore time. While markets broadly expect rates to remain unchanged, traders will be watching closely for any changes in tone regarding inflation, growth, or future policy direction

❓With bearish sentiment from Wall Street colliding with supportive Japanese economic data, the key question becomes: will 63,000 act as support and spark a rebound, or has it turned into resistance that could trigger another leg lower?

👩‍🏫Investors looking for technical levels beyond the 63,000 level can read Market Technician Binni Ong's Nikkei225 chart commentary here: https://macq.co/6182BHoMo6

✳Bullish on a rebound above 63,000? You can consider trading the move using trending call warrant HXOW (https://macq.co/6183BHoMoB) which is 18.9% lower to SGD 0.107 with the Nikkei225 futures down 2.8% to 62,860 as of 955AM

✴Expecting further downside? Trending put warrant VT9W (https://macq.co/6184BHoMo8) has gained 16.3% today to SGD 0.143, offering leveraged exposure to any further weakness in the index

Click here to visit our index warrants page and view the relevant disclaimer at the bottom of the page: Singapore Warrants|Trading Stocks and Index Warrants

29/10/2026

Top mover alert: Wilmar stock trades at further oversold levels, while Keppel gains following overnight earnings updates

Wilmar: Wilmar shares continue to rank amongst this week's worst performing stocks on the Straits Times Index after opening down another 3.1% to $3.17 this morning

The stock is now down 5% for the week and -12% for the month

According to The Straits Times, Wilmar reported a 25.2% fall in third-quarter core net profit to USD 267.3 million (SGD 342.8 million), as weaker performance in its food and feed and industrial products segments weighed, while it expects operating challenges to persist

Its top segment was impacted by weaker soya bean crushing margins, while higher raw material cost weighed on its food products segment

Nevertheless, Wilmar remains “cautiously optimistic” that its performance for the rest of the year would be satisfactory, supported by its diversified operations (The Straits Times)

Wilmar's Relative Strength Index (RSI) currently stands at 24.8 - a deeply oversold level

Trending Wilmar call warrant SPFW (https://macq.co/6188BHmPq4), which investors may consider to trade any potential rebound in Wilmar shares from here, is down 21% to $0.015 as of 920AM

2⃣Keppel: Another company to report, Keppel said that its overall net profit in its 3QFY2026 is up 20% from the previous year, but 9MFY2026 is 40% down, due to impairments and other holding costs

Meanwhile, net profit for "New Keppel" - its asset manager cm operator business - is up by almost 15% from the previous year, bringing the 9MFY2026 measure for this unique line up by over 20% over the previous year (The Edge)

Keppel shares are trading 2% higher to $10.33 as of 955AM, as investors cheer the targeted special dividends of 10 cents/share

According to Keppel CEO, the company has exceeded their target of $2 to 3 billion in non-core asset monetisation announced for the year despite the volatile environment, allowing Keppel to unlock capital to fund growth, reduce debt and reward shareholders

The company is also boosted by positive share price catalysts including its partnership with Apollo Management to jointly explore and pursue private capital solutions for corporates and asset owners in Asia Pacific (Moomoo), its appointment by EDB to import and supply biomethane by end 2028 (The Business Times) and its acceptance as an inaugural member of Vietnam's International Financial Centre to explore investment platforms that could raise up to USD 1 billion

Trending Keppel call warrant OYKW (https://macq.co/6189BHmPqf) is up 11.1%, 5.6 times more than Keppel's +2% gain to $10.33 as of 955AM

29/10/2026

National team and fiscal policy – Beijing steps up support for markets and growth

As Chinese shares sit on the fringe of entering into bear market territory following a 19% pullback in the iShares ChinaA50 ETF (2823 HK) from its June high, China’s state-backed “National Team” has stepped in with record ETF inflows of RMB 128.7 billion (around 19 billion USD) in the ween ended 23 October (Bloomberg)

The intervention has led 2823 HK to bounce 3% off its 52-week low of HKD 14.90 on 22 October

Is this the turning point for 2823 HK and could there be further fund inflows from the National Team?

Macquarie Sales & Trading (S&T) compares this round of market stabilisation efforts compared to the previous years’

Read on for important disclaimers: https://macq.co/6184BHm3Un

28/10/2026

Newly listed Wilmar call warrant to trade oversold shares

⚠Sliding 14% over the past month, Wilmar shares are currently trading at a 14-day Relative Strength Index (RSI) of 26.6 - an oversold level and the lowest RSI the stock has seen in 6 years

According to Bloomberg, Wilmar shares have risen an average of 6.1% in the next 20 days whenever the RSI of the shares fell under 30 in the past 12 months

Apart from the RSI, other technical indicators suggesting that the shares are oversold include the Bollinger Band - with Wilmar trading on the lower end of the band

Wilmar had started this year on a bright note, rallying 33% from $3.05 to $4.02 in early April

The exuberance quickly faded thereafter following an Indonesian probe in May (Yahoo Finance), and earnings miss in its first quarter (late April) and first half results (Aug)

⛈Five months on, the stock continues to see a mix of negative catalysts:

Downgrade of target price by one broker

The prospect of a super El Nino disrupting crop production which is weighing on agri-food names including the likes of Wilmar

Being issued notices by the National Environmental Agency to companies who may be responsible for the haze (The Straits Times)

On the back of the fundamental overhang and standout technical levels, investors who foresee a dead-cat rebound in Wilmar shares can consider trading via this morning's newly listed Wilmar call warrant Wilmar MB eCW270329 (SPFW) (https://macq.co/6181BHYkOZ) which costs SGD 0.019 while WIlmar is trading at SGD 3.25, but will move approximately 6.8x more than Wilmar shares based on its effective gearing level as of 9AM this morning