Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

At the end of June, the <a href="https://www.smartkarma.com/entities/bts-group-holdings-pcl" target="_blank" data-smartkarma-citation="entities:15943:1" rel="noopener">BTS Group Holdings (BTS TB)</a> BTS-W4 warrants saw an exercise period come and go and with that event, some 655.4mm warrants were exercised leaving 611.5mm warrants left to exercise by November.The next event is the July-end dividend and warrant conversion price reset. In the meantime, since I wrote <a href="https://www.smartkarma.com/insights/bts-group-warrants-still-a-pleasant-arb" target="_blank" data-smartkarma-citation="insights:30477" rel="noopener">BTS Group Warrants: Still A Pleasant Arb</a> in late June, the price of the underlying BTS shares has moved up another 5% and the warrants are trading flat.Because the warrants are now 20% in the money, they have less optionality, and therefore the value of the implied put option as of today's close is about 0.03 THB or 3 satang per share (about 0.24%). Most of the day on 17 July the warrants traded 0.02-0.14 baht cheap to intrinsic, suggesting the warrants are 0.05-0.15 baht cheap to their real value. That seems like little extra value, but ignoring the optionality, the warrants are a cheaper way to own the economic exposure to the shares, and you get a free put.

At the end of June, the BTS Group Holdings (BTS TB) BTS-W4 warrants saw an exercise period come and go and with that event, some 655.4mm warrants were exercised leaving 611.5mm warrants left to exercise by November.The next event is the July-end dividend and warrant conversion price reset. In the meantime, since I wrote BTS Group Warrants: Still A Pleasant Arb in late June, the price of the underlying BTS shares has moved up another 5% and the warrants are trading flat.Because the warrants are now 20% in the money, they have less optionality, and therefore the value of the implied put option as of today's close is about 0.03 THB or 3 satang per share (about 0.24%). Most of the day on 17 July the warrants traded 0.02-0.14 baht cheap to intrinsic, suggesting the warrants are 0.05-0.15 baht cheap to their real value. That seems like little extra value, but ignoring the optionality, the warrants are a cheaper way to own the economic exposure to the shares, and you get a free put.

BTS Group Warrants - The Less the Merrier

Thailand

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BTS Group Holdings PCL (BTS-W4 TB)

BTS Group Warrants - The Less the Merrier

At the end of June, the BTS Group Holdings (BTS TB) BTS-W4 warrants saw an exercise period come and go and with that event, some 655.4mm warrants...

Travis Lundy

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