3rd December 2021 (Friday)
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Market Commentary
5x Long & Short DLCs on CityDev & CapInv

City Developments (C09) and CapitaLand Investment (9CI) fell as much as -4.1% and -1.2% respectively on 16 Dec after the latest round of property cooling measures was announced shortly before it kicked in at midnight on 15 Dec.

Prior to this news, CityDev's share price was staging a rebound, gaining +6.4% from its recent low of $6.75 on 3 Dec, however year-to-date price return stand at -3.2% as of 16 Dec. CapInv's share price did not react as adversely to the news however it has reversed much of its +6.7% gained registered since the start of Dec after hitting a recent high of $3.52 on 13 Dec. As of 16 Dec, CapInv's share price is still up +16.2% since it was listed on 20 Sep post-restructuring exercise. 

Despite the negative knee-jerk reactions on the share prices of property players, several brokerages have retained their 'buy' ratings on some of these stocks according to an article on 17 Dec by Business Times. Investors who are looking to buy the dip with a short-term view can consider the 5x Long DLCs on CityDev and CapInv - DEUW, DQIW, DCLW and NXEW respectively - while those who see further correction can consider the 5x Short DLCs - DCSW, DXIW and REVW respectively. 
DEUW
CityDev 5xLongSG230404
CTDM.SI 5x Long
Last Price1
0.076 -0.003
(-3.81%)
Last Update: 17/12/2021 16:26
 
DXIW
CityDev 5xShortSG231214
CTDM.SI 5x Short
Last Price1
0.680 +0.036
(+5.59%)
Last Update: 17/12/2021 16:26
Last Price1: The DLC price displayed is based on the 'bid price' instead of the 'traded price'. This is to provide a more accurate representation of the DLC value at each particular point in time and a more accurate reflection of DLC price changes. DLCs do not trade as frequently as shares and sometimes may not record a trade for a long period of time though the bid/offer prices quoted by the Designated Market Maker may continue to move, therefore using the bid price is usually the best indicator of a DLC value.
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New Issuance
Stock
Code		 DLC
Name		 Underlying Leverage
Factor		 Listing
Date
DCIW Alibaba 5xShortSG231214 Alibaba Group Holding Limited -5x 17/12/2021
DEBW Sunny 5xShortSG221215 Sunny Optical -5x 17/12/2021
DFBW Meituan 5xShortSG221215 Meituan -5x 17/12/2021
DGZW Meituan 5xLongSG221215 Meituan 5x 17/12/2021
DIHW Tencent 5xLongSG231214 Tencent Holdings Ltd 5x 17/12/2021
DJIW Xiaomi 5xLongSG221215 Xiaomi Corporation 5x 17/12/2021
DSHW Geely 5xShortSG221215 Geely Automobile -5x 17/12/2021
DTIW HSBC 5xShortSG241213 HSBC Holding -5x 17/12/2021
DVIW Alibaba 5xLongSG231214 Alibaba Group Holding Limited 5x 17/12/2021
DWGW AIA 5xLongSG241213 AIA Group Ltd 5x 17/12/2021
DXHW Galaxy 5xShortSG221215 Galaxy Entertainment -5x 17/12/2021
DZYW CCB 5xShortSG231214 China Construction Bank -5x 17/12/2021
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Education
How does the Price Matrix work?

The price matrix aims to show how the price of a DLC will change with the daily return of the underlying asset. For example, as shown in the image below the price of DTCW can be expected to move from its previous intrinsic close of S$1.66 to approximately S$1.82 (+9.7%) if Tencent moves from its previous close of HKD464 to HKD455 (-1.94%) within the current trading day.

The prices generated by the price matrix are hypothetical simulations based on market data, working assumptions and pricing models based on publicly available data and subject to certain inherent limitations. The parameters used may not be the same as those used by Societe Generale to make markets in the DLCs.

DLC Funds Flow Chart
Each DLC’s funds flow for the previous trading day on 16/12/2021 is calculated by change in the DLC’s outstanding units for the period from 15/12/2021 to 16/12/2021 (positive if there is increase in outstanding units, i.e. investors net bought DLCs from Designated Market Makers) multiplied by the last intrinsic close of such DLCs. The DLC funds flow is the aggregate of the funds flow of DLCs referencing the same Underlying Asset and same direction.
 
Top Gainers / Losers
Code Name Bid Change1
(%)
DBBW ALIHLTH 5xShortSG220216 +0.351
(+29.28%)
DDFW JDHLTH 5xShortSG220307 +0.004
(+29.16%)
DVBW LiNing 5xShortSG231019 +0.3
(+27.52%)
DZXW Meituan 5xShortSG220216 +0.02
(+27.30%)
DFBW Meituan 5xShortSG221215 +0.315
(+26.24%)
Code Name Bid Change1
(%)
DMGW Meituan 5xLongSG220808 -0.085
(-25.80%)
DGZW Meituan 5xLongSG221215 -0.305
(-25.41%)
DCJW LiNing 5xLongSG231019 -0.2
(-23.96%)
DJDW JD 5xLongSG230615A -0.039
(-18.95%)
DZDW ANTA 5xLongSG231019 -0.127
(-18.61%)
Bid Change (%)1: Current Bid Price / Intrinsic Closing Value - 1
Intinsic Closing Value: Last updated on 16/12/2021
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Top 10 traded DLCs
Code Name Underlying1
Chg (%)		 Bid Change2
(%)		 Bid Price Value traded
DGZW Meituan 5xLongSG221215 -5.29% -0.305
(-25.41%)		 0.895 621K
DMGW Meituan 5xLongSG220808 -5.29% -0.085
(-25.80%)		 0.245 336K
DXHW Galaxy 5xShortSG221215 -2.74% +0.11
(+13.75%)		 0.910 222K
DJIW Xiaomi 5xLongSG221215 +0.55% +0.045
(+5.62%)		 0.845 214K
DUAW WuxiBio 5xLongSG221020 +1.25% +0.002
(+4.12%)		 0.051 165K
THLW Comfort 5xShortSG231115 -1.45% +0.032
(+5.54%)		 0.610 152K
DFBW Meituan 5xShortSG221215 -5.29% +0.315
(+26.24%)		 1.515 150K
DDLW Tencent 5xLongSG220808 -3.23% -0.06
(-12.76%)		 0.410 119K
DIHW Tencent 5xLongSG231214 -3.23% -0.18
(-12.00%)		 1.320 117K
DINW BYD 5xLongSG231012 -3.98% -0.018
(-17.91%)		 0.083 108K
Underlying Chg (%)1: Data calculated based on the percentage change in underlying asset price between 16/12/2021 and 17/12/2021 16:08.
Bid Change (%)2: Data calculated based on the percentage change in last intrinsic closing value on 16/12/2021 and last bid price on 17/12/2021 16:26.
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