Macquarie Warrants Singapore

12/06/2026

New Seatrium call warrant to trade potential rebound from 13-month low

📉Yesterday, Seatrium shares closed at $1.96, its lowest level since 6 May 2025, adding to its 22% share price loss since April 2026

Seatrium has sharply underperformed, falling 6% over the past year compared to the 33% gain in the benchmark index and 56% surge in peer Keppel

According to Bloomberg AskB, Seatrium's price action over the past year has been driven almost entirely by P/E de-rating, not Seatrium's earnings deterioration

Seatrium's current 13x forward P/E represents a meaningful discount to Keppel and reflects the market's scepticism on near-term order momentum (Bloomberg)

📢Seatrium provided a first quarter business update two weeks ago on 29 May, reporting a net order book of S$15.5 billion across 24 projects, with deliveries stretching through to 2033

The management noted no significant cost increase, and that it continues to expect margin improvement

However, order wins were described as muted amid a more competitive environment

Meanwhile, analysts have been concerned with the slow conversion of projects in the pipeline - worth S$32 billion - into contract wins (Dow Jones)

✳Macquarie's newly listed Seatrium warrant UGWW costs S$0.013 while Seatrium trades at $1.95, and moves approximately 4.7% for a 1% move in Seatrium shares, based on its effective gearing level this morning as of 9AM

Investors can therefore consider using UGWW to trade any potential rebound of Seatrium shares from current levels

11/06/2026

🚨Top mover alert: Alibaba sinks 6% on regulatory summons, competition worries and possible long-short trade unwinds

🔻Alibaba shares declined as much as 6.1% to HKD 106.10 today, and is currently trading 5.74% lower to HKD 107 as of 3PM

It is the second worst performing stock on the Hang Seng Index today

The stock is hit by a series of headlines:

1)Regulatory summons of various e-commerce platforms from Alibaba to https://macq.co/6181B84VF7 to Douyin and Xiaohongshu over misleading "618" promotions (MT Newswire)

2) Cloud and AI competitiveness concerns: according to Bloomberg, investors are questioning Alibaba's ability to benefit from China's data-center buildout, with concerns specifically around Huawei's competitive position in government-backed projects. This is on top of worries regarding pricing pressure on AI tokens which could erode Alibaba's margins

3) Possible unwinding of 'long Alibaba, short Tencent' pair trades by funds, as reported by Bloomberg First World at 119PM today

📉Today's drop brings Alibaba to around 5% of its 52-week low of HKD 101.80 in July 2025

The stock has now retraced the entirety of its AI-driven rally which took it to HKD 186.20 in Sept through Oct 2025

Given today's move, Macquarie's trending Alibaba call warrant NNTW (https://macq.co/6182B84VFC ) is down 27.3% to SGD 0.008 while trending put warrant JCJW has gained 21.2% to SGD 0.063 (https://macq.co/6183B84VFh)

Investors who view today's move as an opportunity to position for a swing trade in either directions can consider the above trending Alibaba warrants which cost a fraction of Alibaba's share price while moving in greater magnitude than the stock according to its effective gearing levels

11/06/2026

SGX –strong stock turnover continues·

💫SGX has delivered a standout outperformance over the past year, driven by Singapore's broad market reform agenda, share price volatility, and growing IPO interest

SGX’s share price is up 64% on a total return basis over the pastyear, far outperforming the benchmark index’s 32% return

📊It has also outperformed the Singapore banks across the 1-month, 3-month,6-month and 12-month time horizons
(Bloomberg AskB)

✳Macquarie’s trending SGX call warrant NFUW (https://macq.co/6186B84OJK)which was listed on 1 April 2026, is up 37.1% to SGD 0.085 since, compared to SGX’s 10.8% gain over the same period

There is no trending put warrant tracking SGX shares that is quoted on tight spreads

In the company’s latest announcement, SGX published their May statistics yesterday evening

The May statistics showed yet rising investor participation across securities trading

On the back of the latest stats, Macquarie Research (MQ) published a research report last night, with a summary of the published statistics and MQ’s share price view

Read more for the full article containing excerpts of MQ’s report and important disclaimers: https://macq.co/6188B84OJM

11/06/2026

Newly listed warrants tracking the HSI and Tencent!

👀See how the warrants move alongside the HSI futures and Tencent share, respectively!

✳HSI call UNMW: https://macq.co/6186B84Jem
✴HSI put WZ6W: https://macq.co/6187B84JeW
✳Tencent call WUHW: https://macq.co/6188B84Jeo

10/06/2026

Dan Chang: China tech is back in conversation

🤖While US technology giants such as Nvidia and the Magnificent Seven have been dominating market attention, sentiment towards Chinese tech shares remains more cautious

👨‍🏫However, SGX Academy Trainer Dan Chang believes that the China tech stocks offer both long-term investment themes and short-term trading opportunities, as policy developments, earnings releases and AI-related news can significantly influence sentiment and share prices

He cites the examples of Alibaba, Tencent and Xiaomi

📃Read on for Dan’s short-term analysis on these three shares: https://macq.co/6181B82GLJ

10/06/2026

New warrants available over Bilibili, Ping An and UOB

See how the warrants move alongside the shares on the Live Matrix!

Bilibili call JZAW: https://macq.co/6181B82Gph
Ping An call VJEW: https://macq.co/6183B82GVB
UOB put: VKGW: https://macq.co/6184B82GV8

09/06/2026

LATEST: Alibaba, Baidu, BYD included in Pentagon Military List; China exports surge on AI demand

🔴Overnight, the US added Chinese companies including Alibaba, Baidu and BYD to their list of companies that the US administration believes are aiding Beijing's military (Reuters)

According to Bloomberg Intelligence, the inclusion of the companies is poised to curtail their ability to expand overseas, particularly in the US, though the development is unlikely to affect near-term earnings

🌪Nevertheless, the latest inclusion signals an escalation in geopolitical tensions that will weigh on sentiment for China's largest listed technology companies

The latest announcement comes less than a month after President Donald Trump met China's Xi Jinping on a visit to Beijing, where the two leaders maintained a delicate trade war truce (Reuters)

Alibaba is trading 0.8% lower to HKD 117.90, Baidu up 0.3% to HKD 116.40 while BYD is 0.6% higher to HKD 88.60 as of 1128AM this morning

📢Meanwhile, China announced an export surge of 19% in the month of May, which is the most in 3 months and higher than economists' estimates of a 15% increase

The jump is led by demand for AI hardware, which offset disruptions from the war in Iran

Bloomberg believes that the latest export data complicates China’s economic policymaking, as a large portion of the economy is still suffering from anemic consumer demand, even as some factories in AI-related fields prosper

The Hang Seng Index June futures is trading 0.2% lower to 24,528 as of 1134AM

Investors who foresee volatility in the above-mentioned stocks and indices may wish to consider using warrants which require a smaller capital outlay compared to the underlying shares, and which would move in greater magnitude to the shares based on their effective gearing levels

Trending Alibaba call NNTW: https://macq.co/6189B80HeB
Trending Alibaba put JCJW: https://macq.co/6180B80He8
Trending Baidu call W7QW: https://macq.co/6181B80HeD
Trending BYD call YO8W: https://macq.co/6182B80HeE
Trending HSI call XX9W: https://macq.co/6183B80He1
Trending HSI put PNXW: https://macq.co/6184B80HeG

09/06/2026

Geely - new call warrant to trade Chinese EV outperformer

🆕Macquarie has listed a new call warrant IMOW (https://macq.co/6185B8LA9c) tracking Geely shares

✳The warrant is priced at SGD 0.038 while Geely trades at HKD 18.17, and will move approximately 5.3% for a 1% move in Geely shares, based on its effective gearing level of 5.3x this morning as of 925AM

✨At roughly flat year to date (-0.2%), Geely has meaningfully outperformed BYD (-10.8%), Li Auto (-15.7%), Xpeng (-22.8%), and the HSTECH Index (-17.1%),

Only Nio (+4.8%) has done better among this peer group, according to Bloomberg AskB

According to Bloomberg, the entire Chinese EV space has been under pressure since late April, with weak domestic passenger car sales (-22.1% year on year in May) and a reversal of mainland southbound flows into HK weighing on the group

However, Geely's relatively resilient PHEV sales mix (+32% year on year in May) has helped it hold up better than pure-play EV names

In the latest preliminary May New EV sales data released, Zeekr+Lynk posted +18% year on year growth driven by Zeekr 9X/8X, supporting an improving mix for Geely, offsetting slightly slower Galaxy growth (decline of -10% month-on-month)

Analyst consensus polled by Bloomberg remains constructive on Geely shares, with 44 buys, 3 holds, and 0 sells on the shares and a 12-month target price of HKD 28.71

08/06/2026

New warrants tracking DBS and OCBC

See how the warrants move alongside DBS and OCBC shares:

✳Call EKSW: https://macq.co/6186B8xxlo
✴Put ZPNW: https://macq.co/6187B8xxlU
✳Call 99HW: https://macq.co/6188B8xxlq

08/06/2026

Update as of 915AM this morning: 9Y2W no longer close to sell out; warrant quoted on tightened spreads this morning

Low on inventory: HSI 26800MBeCW260629 (9Y2W)

⚠HSI warrant investors may wish to note that Macquarie's inventory on HSI call warrant 9Y2W is close to sold out, and that the warrant is quoted on widened offer spreads with low offer liquidity volumes of 500K. The bid price however, 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/6186B8SJva

✳Investors can consider switching into another HSI call warrant HSI 27600MBeCW260730 (55LW): https://macq.co/6187B8SJvx

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