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DW Macquarie () 2 DW DW Tips DW DW MQwarrants.co.th

DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

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Page 1: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

���� DW ��� ������� ��� Macquarie������� ������! " ##$��� (&�'��()�) +,����

2

• �-.+�� " ##$���

• ���$/#$� �-.���0$��� DW

• � ���" '���� DW ��� �������

• Tips 4/��� ��5/4/ DW

• $��#��'�! DW �.$ MQwarrants.co.th

��$=.�$�//�>

Page 2: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

3

• ���������� ��������������������� (Australian Stock Exchange: ASX) • �-��.� �� /� ��/.0��1/�� ��2/�- � �3 0 � � ��/�4 � ��56��75�8�9 � /� ��/. :��� ����� �

��/�4• �-��.� �:��;�<�.�=�>?�� ��/�4��7�� ��� ��@ �������/�4��71A�� • 5B��4��;����/ ; ��1C 14,200 0 :��;�� ��@ �.34��.� 28 5����J*

�-.+�� " ##$���

* L-�;M� > 1���7 31 ;� 0; 2555

4

" ##$��� 4/?�/'@-.��� DW 4/&�'��()�

������� ������! " ##$��� (&�'��()�) +,����

• �56��.9���0�P�:;001��� ��4Q5 �-��.� ��- ����������:�C<M-�/�4�R ��

• �56�87/<M-�-��.� �S�2@ =M;.= 0�- � ��-��.� �� ��/�4����������:�C<M-�/�4�R ��

@-./,�������$��!"�/A!4/���B�

• ��.9����.7;���:�����L � DW �� �V�� SC1/��P� �4� 0; 2555 A��;��C1:�C/�� ��.������ Top 3

• ;�01 ;��-�;��2/5����� �>� :����0AA��������� �� ��P7��-��.� �:���-L-�;M���C /����7�4�:�C<M-�/�4V��

• ;������M:��= �0�C�/��7���;�� ��7��S-� ���- /�= �0�C�/:��0@ 1>� 0 ��C /A5�C/�:��;�5���.�3.= �

• ;������01 ;C �SP7�RP���7:LY/:��C/:��;���R���= �

Page 3: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

5

�&C/@-./,�4/������$��!"�/A!4/D- �D�#���B�"&B�EF�

Hong Kong - Market Share by NOIP

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

SG BP CS UB MB KC RB ML JP HS

Korea - Market Share by NOIP

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

MB JPM SH KI WI TY SY DB Citi MA

*As at 31 March 2012

Australia - Market Share by Value Traded

0%

5%

10%

15%

20%

25%

30%

35%

40%

RBS Citi MB UBS ETF OTHER WBC0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

MACQ BNP DB Others

Singapore - Market share by turnover

6

• �-.+�� " ##$���

• ���$/#$� �-.���0$��� DW

• � ���" '���� DW ��� �������

• Tips 4/��� ��5/4/ DW

• $��#��'�! DW �.$ MQwarrants.co.th

��$=.�$�//�>

Page 4: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

7

&�'�D�=��DW

G��H�4/���B�>� (Call DW) ;M�0C Call DW ����.7;L82�;P7�� 0 �4- ���0 =K>/

���$/#$� �-.���0$��� DW

THB 30.00

THB 32.50

THB 35.00

THB 37.50

THB 40.00

THB 42.50

15/12/2011 30/01/2012 13/03/2012 30/04/2012

THB 0.70

THB 0.90

THB 1.10

THB 1.30

THB 1.50

THB 1.70

THB 1.90

CPF Stock Call Warrant��#��5./�.����� ��#� DW

B�>� Call DW

=� Call DW

*

*� 0 DW �56� 0 �;;�. :�� � 0 ����V;C� ; �RS�21��� 0 � 0�V�-

THB 30.00

THB 35.00

THB 40.00

THB 45.00

THB 50.00

THB 55.00

THB 60.00

01/04/2011 18/04/2011 27/04/2011 10/05/2011 23/05/2011 01/06/2011

THB 1.00

THB 1.10

THB 1.20

THB 1.30

THB 1.40

THB 1.50

THB 1.60

THB 1.70

THB 1.80

THB 1.90

THB 2.00

THB 2.10

THB 2.20

THB 2.30

IVL Stock Put Warrant

=� Put DW

B�>� Put DW

��#��5./�.����� ��#� DW*

G��H�4/���=� (Put DW);M�0C Put DW ����.7;L82�;P7�� 0 �4- � �

8

&�'�D�=��DW

G��H�4/���B�>� (Call DW) ;M�0C Call DW ����.7;L82�;P7�� 0 �4- ���0 =K>/

���$/#$� �-.���0$��� DW

$�/��0

��#� BGH (���)

��#� BGH28CA(���)*

8 �.. 55 105.50 0.50

20 �.�. 56 147.00 1.21

�,�)� (���) 41.50 0.71

�,�)� ((((%)))) 39.34% 142%

*� 0 DW S-� 0 ���\P2� (Bid Price) ��7:��/V1-�1Y�V\�� MQwarrants.co.th

G��H�4/���=� (Put DW);M�0C Put DW ����.7;L82�;P7�� 0 �4- � �

$�/��0

��#� ADVANC(���)

��#� ADVA28PA (���)*

6 H.#. 55 217 0.71

16 .#. 56 195 0.86

�,�)� (���) -22 +0.15

�,�)� ((((%)))) -10.14% 21.13%

Page 5: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

9

• ���0 a���G���@ A��"�/�.$ Gearing Effect

• G� ��e�,��,�)�)�.��>�=�=K>/" '=� �

• +,����=���5/

• ) � margin calls

• &�'���#�4�.+� (Lower capital outlay)

• 4�.���/ ��5//.��$� (Releasing share capital)

• B�>���=�# ��

&�'a�/!=�� DW

���$/#$� �-.���0$��� DW

10

G�j ���k!4/���B�>�=�

U U U U 2 8 C A

�5./�.�����

PTT = PTT

DTAC = DTAC

ADVANC = ADVA

� �� =a�������!28 = MACQ

&�'�D�=�� DW C = Call (�.�3.\P2�)P = Put (�.�3.L �)

�5/ : A-ZA = �4C 1B = �4C 2 f

���$/#$� �-.���0$��� DW

Page 6: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

11

&n++���0 �@ A���#� DW

���������� ���� ��#� Call DW ��#� Put DW

1. ��#��5./�.�����

2. ��5#��� ��

3. #$� @�/@$/

���$/#$� �-.���0$��� DW

• /��+��/�>�� �&n++���0/o )�."� ��#�4�.G��H�, ��A��������> " '���/&n/@

• �5&��/" '�5&G�#! (Demand r Supply ) G�@ ��'��A���#� DW a�A��

12

���$/#$� �-.���0$��� DW

1.20 �����#� DW

��#��5./�.�����

1.00 � �

IntrinsicValue

0.20 � �Time Value 10 ���

9 ���

��#�4�.G��H�

Intrinsic Value= (10-9)

a#��G�.����#�=�� DW

� 0 DW 5������-1�

g - #���0"�.+��� (Intrinsic Value) 0P��C1�C /���1C /� 0 S-�.�3.���� 0 �4-�- /�./

g - #��$ � (Time Value) 0P��C1�C /���1C /� 0 DW ���� ���;M�0C ��7:�-��./

��1��C /L- /�- �56��>�L�/ Call DW :���@ ���- DW ;� DWPS = 1

Page 7: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

13

���$/#$� �-.���0$��� DW

Ge�/'=�� DW (Moneyness)

Intrinsic Value

1.00 ���

Time Value

0.20 ���

In-The-Money

��#� 1.20 ���

At-The-Money

Time Value

0.50 ���

��#� 0.50 ���

Time Value

0.25 ���

Out-Of-The-Money

��#� 0.25 ���

Call DW Put DW

In-The-Money (ITM) � 0 �4-�- /�./ > � 0 S-�.�3. � 0 �4-�- /�./ < � 0 S-�.�3.

At-The-Money (ATM) � 0 �4-�- /�./ = � 0 S-�.�3.

Out-of-The-Money (OTM) � 0 �4-�- /�./ < � 0 S-�.�3. � 0 �4-�- /�./ > � 0 S-�.�3.

�@ ���- DW ;�� 0 S-�.�3. = 9 � � :�� DWPS = 1

14

• Time value �����/� ;� �40/���P���7-���/ ������ ����/�21C Time Decay• Theta (�3�- ) S-1������ � ����/L�/ Time Decay

������� : Time Value ������ 1 �� 3 ���� �������������� 2 �� 3 ���� !�!��" DW

Time Value & Theta

���$/#$� �-.���0$��� DW

1�\P2�L ��4��- �

Time Value

��5=�� DW

1/3

2/3

Page 8: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

15

���$/#$� �-.���0$��� DW

Delta

��#� DW ��0�& �0/"& �)&Delta =��#��5./�.�������0�& �0/"& �)&

g �560C ��7���� ��5��7�:5�/� 0 L�/ DW �;P7�� 0 �4-�- /�./�5��7�:5�/V5

g S-���01 ;C ���56��7 DW ���;�� �4A��;��R ��56 ITM (;�;M�0C 0/���P�)

g Delta L�/ Put �56�� ��� �� 0 Put �5��7�:5�/�.J� /��/L- ;���� 0 �4-�- /�./

g OTM DW ;�01 ;���7�/�M/ <M-���� ���;�� �1 / bid-offer �1- /t ��P7���01 ;�-�/� �\P2�L�/���/�4

�R � Call DW Put DW

In-the-Money (ITM)

(�M/�4�)100% -100%

At-The-Money (ATM) 50% -50%

Out-of-the-money (OTM)

(�7@ �4�)0% 0%

16

���$/#$� �-.���0$��� DW

DWPS (DW per share)

DW ��#�4�.G��H� DWPS ��#� DW Delta Delta A��/$

Sensitivity (�5./�.������& �0/"& �

0.25 ���)

% �& �0/"& � =�� DW

DW (A) 32 � � 4 2.0 � � 65% 16% 0.04 � � 2%

������� % ��������������� DW ������ �� �� �� ����

DW (B) 32 � � 8 1.0 � � 65% 8% 0.02 � � 2%

DW (C) 32 � � 16 0.5 � � 65% 4% 0.01 � � 2%

R- � 0 �4-�- /�./��.7;L82 1 SC1/� 0 � 0 DW (A) ����.7;L82 = 0.25 � � x 16% = 0.04 � �

g S-����@ 1 DW ��7��@ ; :���56�4-�- /�./�@ 1 1 �4- �;P7�0���@ ��� �4

g S-��P7���� 0 DW �--���/��C �2

Page 9: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

17

Effective Gearing

Effective Gearing .�;S- 2 ��>� 0P� 1. 0 �� �>� %� ��5��7�:5�/L�/� 0 DW �;P7�

� 0 �4-�- /�./�5��7�:5�/V5 1%

2. 0 �� �>�01 ;���7�/�������C � �RP�0��/�4-�- /�./ �5������������� �RP�0��/ DW

Effective Gearing = Gearing x Delta

%��&�'�() DW &*'+*,�� Effective Gearing �6�7 ��+*

!���"#$%��&'���&���"(� 8���+��9:�+*

��� "���"(� ;�+()�<��

���$/#$� �-.���0$��� DW

18

Implied volatility

#$� @�/@$/.�/� �� " '#$� @�/@$/"y� (Historical vs Implied volatility)• #$� @�/@$/.�/� �� (Historical) : �560C ��7V�-� �� �1��0C 01 ;<�<1L�/�4-�- /�./��7

0@ 1>V�-����• #$� @�/@$/"y� (Implied) : �����L�/01 ;<�<1��70@ 1>� �� 0 �� �L�/ DW

5B��4�� 5��������;4;;�/�� ����7�1���01 ;<�<1L�/�4-�2t

&n++���04�.�,��/�#�#$� @�/@$/"y� (implied volatility)

– �@ ��� �5�.; >�45� :���45�/0��� � (Demand-Supply)– 01 ;�@ 0�x���<M-�M:��= �0�C�/ (market maker)– 1���:�����P���5S�7��7�- /�./����4-����1�� 01���;�0C 01 ;<�<1���������1�� – 0C 01 ;<�<1�� ��4��3��P7t �SC Exchange traded options (ETO), Over the counter markets

(OTC)

���$/#$� �-.���0$��� DW

Page 10: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

19

��#��5./�.�����

(���)

��#� Call DW*

(���)

Implied volatility

32.25 1.23 70%

32.50 1.24 70%

32.75 1.25 70%

Implied volatility : @ ��'��A���#� DW

32.75 1.26 71%

&n++���0�,�4�. implied volatility ���0 =K>/- ���4� �>��� ��C��-��.�01 ;V;C;�70/��P�01 ;��/1����7�1���01 ;���7�/� ��/�4��.7;L82 �@ �-;�� �0 �� �>�01 ;<�<1�M/L82

- � ���.7;�45� (Demand) ��P�01 ;�-�/� �\P2� DW �� ���.7;L82

- � ���.7;0C implied volatility �� � ��4��3��� ��P7t �SC ETO ��P� OTC

���$/#$� �-.���0$��� DW

* ��1��C /�2S-� 0 �;;�. :��0@ 1>� ��;;�.z 1C 5B�����P7;�0C 0/��7

20

• �-.+�� " ##$���

• ���$/#$� �-.���0$��� DW

• � ���" '���� DW ��� �������

• Tips 4/��� ��5/4/ DW

• $��#��'�! DW �.$ MQwarrants.co.th

��$=.�$�//�>

Page 11: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

21

4 =�>/A�/��o ��/ ��5/4/ DW

���5./+'=K>/ B�>� Call

���5./+' �B�>� Put

� ��� DW ��0 �Implied volatility

A0,��$�

�@ ���-0C �P70/��7

� ���" '���� DW ��� �������

$��#��'�!"/$a/. �5./�.�����

��5#��� ��=�� DW " ' Effective Gearing Implied Volatility

22

� ���" '���� DW ��� �������

KBANK

KBAN28CA

��0�� +,�/$/��0B�>� ��#�B�>� - #�B�>� (A./�5/) ��#�=� - #�=� �,�)�/=���5/* �,�)�/=���5/ (%)

KBANK 10,000 178.00 1,780,000 178.50 1,785,000 5,000 0.28%

KBAN28CA 330,000 0.72 237,600 0.73 240,900 3,300 1.39%

3,126,5000.720.71956,100

118,200178177.5066,400

Offer VolumeOFFERBIDBid Volume

112,600

2,856,100

536,800178.50178431,600

4,216,500 4,544,1000.730.72

42,400

651,200

500

54,800

48,800 179178.50 324,600

432,900 0.740.73 4,003,100

���/�4\P2� KBAN28CA � 0 S-�.�3. 175.00 � � (2% ITM) DWPS = 33.00 Effective Gearing 4.4

$�H����B�>�=� DW

1,700 179.50179 603,200

67,500 0.750.74 3,040,800

KBANK 10,000 178.00 1,780,000 179.00 1,790,000 10,000 0.56%

KBAN28CA 330,000 0.72 237,600 0.74 244,200 6,600 2.78%

*�@ V�/L ��4 ��/V;C�1;0C S-�C ��C /t �SC 0�;;.SS�7

Page 12: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

23

• �-.+�� " ##$���

• ���$/#$� �-.���0$��� DW

• � ���" '���� DW ��� �������

• Tips 4/��� ��5/4/ DW

• $��#��'�! DW �.$ MQwarrants.co.th

��$=.�$�//�>

24

��#��5./�.�����(���)

��#�B�>�=� �G5� (���)

��#��G/�B�>� (Bid Price) (���)

52.50 0.78 0.7752.75 - 0.7853.00 - 0.7953.25 - 0.8053.50 - 0.8153.75 - 0.8254.00 - 0.8353.75 - 0.8253.50 - 0.8153.25 0.81 0.8053.00 - 0.79

���4�.��#��G/�B�>� (Bid Price) 4/����&���������#�

• :��C/L-�;M��C1�xC ;��S- ��#�B�>�=� �G5� � �0@ 1>� ��5��7�:5�/� 0 DW :����- /�� | • :�C;����.�01 ;0� ��0�P7� �P7�/� � DW V;CV�-\P2�L ��C����C �4-�- /�./ • ��/�2 ���/�401�J8�9 L-�;M�� ��5��7�:5�/� 0 DW � �� �S- {BID price|

THB 20.00

THB 25.00

THB 30.00

THB 35.00

THB 40.00

THB 45.00

08/12/2011 24/01/2012 06/03/2012 24/04/2012

THB 0.20

THB 0.60

THB 1.00

THB 1.40

THB 1.80

Stock Call Warrant

;��!���� : ��,� Call DW �*>�)?���,��++;@

Tips 4/��� ��5/ DW

Page 13: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

25

Tips 4/��� ��5/ DW

• ��������" ��)*+ # ,-� DW ��,�������&�.�*�$���� �� ������-�)����$/��)����0-��������"�$�%��

1. ���/�4� ; �R�@ ��� 0 L ���7�-�/� �V�- A��V;C�-�/���4-� 0 5}�SC1/ ATC

2. V�-���S@ ���/.��Y1�1C A�����/�4��V�-����/.0C L �1���7 T+3 :�� ������S@ ���/.��

�C11���7 T+9 ��� �1�\P2�L �1��4��- �

• ����������#$%��&���"$" ��� ��� � -� DW �",����1� In The Money (ITM) < �����&�.�*�$���� � ����� !!!!

Call DW �/.���C1�C /�C��C1� = � 0 5}��4-�- /�./ > 1�\P2�L ��4��- � � � 0 S-�.�3.DWPS

Put DW �/.���C1�C /�C��C1� = � 0 S-�.�3. - � 0 5}��4-�- /�./ > 1�\P2�L ��4��- � DWPS

���4�.G��H�� �0�eK�$�/#���,��/���5

26

• �-.+�� " ##$���

• ���$/#$� �-.���0$��� DW

• � ���" '���� DW ��� �������

• Tips 4/��� ��5/4/ DW

• $��#��'�! DW �.$ MQwarrants.co.th

��$=.�$�//�>

Page 14: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

27

MQwarrants.co.th

28

MQwarrants.co.th

+�� �=�$��$�/

• =�$��/$�//�>

• G�5&D���$ A �� DW

• G�5&D�$'A ��a �

• ��0/o

• G �#���o ����������� !4/�$}�)BA!

• E�� ! ) �G�#�4�.+�4�o��>�G�>/

Page 15: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

29

MQwarrants.co.th

����-.���0�� DW

• #$� �-.���0$��� DW a� '����

• "���&C/G$/o����+/

• ��.� Tips G,��������/,�)&4�.

• A���5�#,�e� G,�������� ��5/

4/ DW

MQwarrants.co.th r #./�� DW

30

1. � ����5./2. � ���&�'�D�

3. � ���@-.���

4. # �� #./��

Page 16: DW Macquarie · / 0)) "˛ # /0 &" ).˜ ˜

31

MQwarrants.co.th

#,�/$k��#� DW )�.�.$A�$#5k���

• �'��+'A�>�#���>/?�/+����#���0B�>�=�4/&n++5��/

• /�� ��5/G� ��e&����& �0/#�A��o ���0��-��#�

DW ��0�& �0/"& �)&4/A�����.�/ ��

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Disclaimer

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����������� ���������������������������������������� ���"�#������������������������������������������� �����$����� (��� 69-DW-����,���)������������������������������������������ ��������.� (��� 69-DW-�����/ ����)������������������������������������������ ����1�� �2 (��� 69-DW-�����1�� �2)

�����,����3�45.41� �52"��6��8�"1 $����� �������"�#��19�":;������� �.�.;. www.sec.or.th ,�3� �19�":;��������� www.mqwarrants.co.th

&��������������+ ���, !��!��-�"&��. /������&"

•The information provided herein, is produced by Macquarie Securities (Thailand) Limited (“MSTL”), holder of a Securities Brokerage license under the Securities & Exchange Act B.E. 2535 of Thailand and has obtained the Securities and Exchange Commission (“SEC”) shelf approval to issue derivative warrants in Thailand. The information is directed and available for general circulation to residents of Thailand only. Any material provided herein, including any indicative terms are provided for information purposes only and do not constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude any transaction. MSTL is the issuer of Macquarie Derivative Warrants (“DWs”) and the guarantor of debt payment under the DWs is Macquarie Financial Holdings Limited (“MFHL”). MSTL may enter into discount, commission or fee arrangements with brokers, distributors and/or any of its affiliates with respect to the primary or secondary market in the DWs.

•DWs can be volatile instruments and may be subject to considerable fluctuations in value. The price of DWs may fall in value as rapidly as it may rise due to, including but not limited to, variations in the frequency and magnitude of the changes in the price of the underlying share or index, dividends and interest rate, the time remaining to expiry and creditworthiness of MSTL and MFHL. Therefore, DWs run the risk of expiring worthless resulting in a total loss of your investment. Where past performance is referred to, it is not indicative of future performance. In preparing the information contained herein, Maquarie did not take into account the investment objectives, financial situation and particular needs of the reader. Before making an investment decision on the basis of the information contained herein, you should consult, to the extent necessary, your own independent, competent, legal, financial and other professional advisers, to ensure that any decision you make is suitable for you with regard to your investment needs, objectives and financial circumstances. MSTL cannot give any assurance as to the liquidity in the trading of DWs as Macquarie Capital Securities (Singapore) Pte. Limited (“MCSSPL”), the market maker, may be the only person quoting prices in the DWs. In deciding whether to acquire or continue to hold an investment, you should obtain the base listing document and the relevant supplemental listing document from us and consider its content carefully before making any decision about this financial product. Copies of the listing documents may be obtained from the offices of MSTL located at 28th Floor, CRC Tower, All Seasons Place 87/2 Wireless Road, Lumpini, Patumwan, Bangkok 10330 and on www.mqwarrants.co.th . Disclosures with respect to listed companies, if any, mentioned in this document are available at www.macquarie.com/disclosures.

38

A��A����)�.� ��� �������

28th floor CRC Tower, 87/2, All Seasons Place, Wireless road, Lumpini, Pathumwan, Bangkok 10330

MQwarrant call center : 02-694-7777

www.mqwarrants.co.th

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