Warrants: Characteristics, Valuation and Trading Strategies
Intermediate to Advanced Level

Course participants should have a basic understanding of Fundamental Analysis and Stock Valuation.

To equip participants with an understanding of the types and nature of warrants. To learn valuation techniques and momentum guidelines to develop effective investment and or trading strategies to take advantage of warrant volatility.

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  • Course Synopsis

    ✓ Definition and characteristics of warrants or Transferable Subscription Rights
    ✓ Why are warrants issued
    ✓ The Relationship between the warrant and its underlying security
    ✓ The attraction of warrants. The gearing effect
    ✓ Warrants as a hedge. The hedge ratio
    ✓ Warrant formulae and terminology. Premium, Discount, Parity Ratio, Gearing Ratio. In, At and Out of the Money
    ✓ The Black Scholes option pricing model
    ✓ Implied volatility and historical volatility
    ✓ Factors affecting warrant price
    ✓ Warrant pricing models – An overview
    ✓ The Capital Fulcrum Point
    ✓ Covered warrants. A third party involved
    ✓ Technical analysis of warrants
    ✓ The Wilder’s RSI and Lane’s Stochatics

  • Course Instructor

    Mr Robert C S Tay is a Trading Representative with UOB Kay Hian Securities Pte Ltd. He has 25 years experience in international currency and deposit broking, stock broking, investment management and securities research. His past appointments include: Investment Manager, of Phillip Securities; Director of Phillip Securities Investment Research, Investment Manager of DBS Securities, Research Manager of Morgan Grenfell Asia Securities. Mr Tay is a frequent conference speaker on investment management and strategies and is often invited by the media to comment on the stock market and economy. Mr Tay conducts courses and workshops for SGX, IBF, NUS, SIAS and other financial institutions. He served on the Education Committee of SIAS and was the lecturer and the examiner for the SIAS investment analysis program. He has a BA in Economics and Sociology from the University of Singapore and an MBA from the University of New South Wales.

  • Course Duration

    10 Lecture Hours

  • Course Fees

    SGD 600