2nd April 2024 (Tuesday)
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Market Commentary
DBS Share Price Outperformed in March

Singapore indices FTSE Straits Times Index (STI) and the MSCI Singapore Index (SiMSCI) rallied +2.6% and 4.2% respectively in the month of March.

STI has been trading within the 3100 to 3250 points range since the start of the year and is currently hovering at the top of the range in the morning session on 2 April.

SiMSCI, on the other hand, has decisively broken above the resistance at around 287 level after staying below this level for the past seven months and currently hovering at the 294 level in the morning session on 2 April.

One of the key contributors to the rally in the indices have been the Singapore Banks and Yangzijiang Shipping. On the banks, DBS has outperformed with a 8.1% gain in March and a YTD gain of +7.8%. DBS recently announced a 1-for-10 bonus issue with ex-date 22 April 2024. 

The 5x Long DBS DLC (DENW) gained +42% in March while the 5x Short DBS DLC (DEOW) declined -35% on the back of DBS' 8.1% gain. Investors who hold a DLC for longer than one day should note that the return could outperform or underperform the leverage factor due to the Compounding Effect.

UOB gained +4.9% in March and a YTD gain of +3.0% while OCBC gained +3.9% in March and a YTD gain of +3.8%. YZJ reached a new 52-week high of S$1.92 on the last trading day of March, up +9.1% in March and book a YTD gain of +28.2%

Investors can gain up to 7x long and short exposure to the Singapore indices and 5x long and short exposure to key Singapore stocks. View the full list of DLCs here. 
DENW
DBS 5xLongSG250226
DBSM.SI 5x Long
Last Price1
1.105 +0.038
(+3.51%)
Last Update: 02/04/2024 12:30
 
DEOW
DBS 5xShortSG250226
DBSM.SI 5x Short
Last Price1
0.385 -0.013
(-3.22%)
Last Update: 02/04/2024 12:30
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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POEMS DLC PROMOTION 

LIM & TAN DLC PROMOTION 

 
New Issuance
Stock
Code		 DLC
Name		 Underlying Leverage
Factor		 Listing
Date
9O5W Alibaba 5xLongSG250924 Alibaba 5x 26/03/2024
PYDW Baidu 5xLongSG250924 Baidu, Inc. 5x 26/03/2024
Y0ZW DJIA 7xShortSG260324 Dow Jones Industrial Average Index -7x 26/03/2024
8E9W JD 5xLongSG250924 JD.com 5x 26/03/2024
NUGW Meituan 5xLongSG250924 Meituan 5x 26/03/2024
NCTW Nasdaq 7xShortSG260324 Nasdaq-100 Stock Index -7x 26/03/2024
HLJW NetEase 5xLongSG250924 NetEase 5x 26/03/2024
HQCW S&P 7xShortSG260324 S&P 500 Index -7x 26/03/2024
IXJW Alibaba 5xShortSG250320 Alibaba -5x 25/03/2024
YVAW CMB 5xShortSG250320 China Merchants Bank Co Ltd -5x 25/03/2024
95DW CLIFE 5xShortSG250320 China Life Insurance -5x 25/03/2024
EXXW CCB 5xShortSG250320 China Construction Bank -5x 25/03/2024
XHHW CNOOC 5xShortSG250320 CNOOC -5x 25/03/2024
VPYW JD 5xShortSG250320 JD.com -5x 25/03/2024
GUBW Meituan 5xShortSG250320 Meituan -5x 25/03/2024
  CHECK OUT THE NEWLY LAUNCHED DLCs  
Education
When will a DLC be early terminated?

There are a number of possible situations for a DLC to be early terminated. Below are some (non-exhaustive) examples:

1.DLC has lost 100% of its value – For example, for a 5x Long DLC, the DLC would lose its entire value should the underlying asset fall sharply by 20% or more overnight or within the 15 minutes Observation Period intraday compared to the reference level.

2.Hedging Disruption Event – For example where the required daily hedging transaction has grown to a large size relative to daily traded value of the underlying stock within a short span of time, in which the Issuer may determine that a Hedging Disruption Event has occurred and may terminate the affected DLC early.

3.Regulatory Event – For example where government sanctions or other changes in law affect the underlying stock of the DLC, and would result in the Issuer being in breach of certain regulations or laws or being non-compliant with its internal group policies or impacted adversely in  a material way, should it continue to perform its obligations or hedging of its obligations under the DLCs.

If the DLC is terminated early, the Issuer will determine the fair market value of the DLC to be notified and paid out to holders. Investors may refer to the Supplemental Listing Document of each DLC to find out more on the terms and conditions relating to an early termination.

Read more on this FAQ here
Top Gainers / Losers
Code Name Bid Change1
(%)
DUTW Xiaomi 5xLongSG241126 +0.443
(+60.92%)
DKRW Xiaomi 5xLongSG251113 +0.074
(+58.87%)
52PW NetEase 5xShortSG250320 +0.291
(+37.13%)
DVKW PetroCH 5xLongSG250410 +0.162
(+30.71%)
DBPW ANTA 5xLongSG240620 +0.004
(+30.44%)
Code Name Bid Change1
(%)
DYIW GanFeng 5xShortSG240709 -0.488
(-40.40%)
HLJW NetEase 5xLongSG250924 -0.239
(-34.94%)
EHPW NetEase 5xLongSG251216 -0.397
(-34.47%)
Y1CW PetroCH 5xShortSG250320 -0.115
(-29.12%)
DZSW PetroCH 5xShortSG250410 -0.003
(-26.45%)
Bid Change (%)1: Data calculated based on the percentage change in last intrinsic closing value on 01/04/2024 and last bid price on 02/04/2024 12:30.
Intinsic Closing Value: Last updated on 01/04/2024
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Top 10 traded DLCs
Code Name Underlying1
Chg (%)		 Bid Change2
(%)		 Bid Price Value traded
UQTW HSTECH 7xLongSG251216 +2.37% +0.168
(+16.61%)		 1.175 334K
DKZW Keppel 5xLongSG250904 +0.41% +0.008
(+1.75%)		 0.455 230K
DEFW SATS 5xShortSG250515 -0.77% +0.008
(+1.99%)		 0.400 227K
DFWW OCBC 5xShortSG250226 +0.66% -0.011
(-3.32%)		 0.310 194K
DEOW DBS 5xShortSG250226 +0.58% -0.013
(-3.22%)		 0.385 151K
DVXW Meituan 5xLongSG251113 +4.03% +0.017
(+22.66%)		 0.082 140K
DEVW BYD 5xLongSG250626 +1.49% +0.006
(+8.26%)		 0.077 118K
RQGW HSI 7xLongSG251216 +2.36% +0.235
(+18.51%)		 1.460 110K
DZTW SIA 5xLongSG250709 +0.47% +0.004
(+2.82%)		 0.144 94K
DWIW Sembcorp 5xLongSG250410 0.00% -0.001
(-0.19%)		 0.515 91K
Underlying Chg (%)1: Data calculated based on the percentage change in underlying asset price between 01/04/2024 and 02/04/2024 12:30.
Bid Change (%)2: Data calculated based on the percentage change in last intrinsic closing value on 01/04/2024 and last bid price on 02/04/2024 12:30.
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This advertisement has not been reviewed by the Monetary Authority of Singapore (“MAS”). This advertisement is distributed in Singapore by MAS licensed representatives of Société Générale, Singapore Branch. If you wish to discuss this advertisement, you should do so with your financial adviser, authorised broker or with MAS licensed representatives of Société Générale, Singapore Branch. This advertisement does not constitute or form part of any offer, or invitation, to subscribe for or to sell, or solicitation of any offer to subscribe for or to purchase, any certificates on indices/equities (the “Certificates” or “Daily Leverage Certificates”), warrants or other securities. Nothing herein should be considered as investment or financial advice or any form of recommendation to purchase or sell the Certificates/Daily Leverage Certificates, warrants or other securities mentioned. Information herein is intended as general information only and does not take into account the specific investment objectives, financial situation and the particular needs of any particular person. The price of Certificates/Daily Leverage Certificates, warrants or other securities and/or the price of the underlying asset may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment. Investments in the Certificates/Daily Leverage Certificates, warrants or other securities carry risks. Any past performance of the Certificates/Daily Leverage Certificates, warrants or other securities, or past performance of an underlying asset, is not indicative of future performance. This document does not constitute a full disclosure of the risks involved. Members of the Société Générale group and/or its connected persons may take proprietary positions and may have long or short positions or other interests in the Certificates/Daily Leverage Certificates, warrants or other securities and may purchase and/or sell the Certificates/Daily Leverage Certificates, warrants/ or other securities at any time in the open market or otherwise, in each case whether as principal, agent or market maker.

The Certificates/Daily Leverage Certificates are for specified investment products (SIP) qualified investors only.

The terms and conditions of any Certificates/Daily Leverage Certificates, warrants or other securities must be read in conjunction with the base listing documents for those Certificates/Daily Leverage Certificates, warrants or other securities and the relevant supplemental listing document. Investors should therefore ensure that they understand the nature of the Certificates/Daily Leverage Certificates, warrants or other securities and carefully study the risk factors set out in the base listing document and the relevant supplemental listing documents and, where necessary, seek professional advice before investors invest in the Certificates/Daily Leverage Certificates, warrants or other securities. Copies of the base listing document, which contains financial and other information relating to the Issuer and any addenda thereto and the relevant supplemental listing documents, which contain details of the Certificates/Daily Leverage Certificates, warrants or other securities, can be obtained from the Allen & Gledhill LLP at One Marina Boulevard #28-00, Singapore 018989. Investors should read these documents in their entirety before agreeing to invest in the Certificates/Daily Leverage Certificates, warrants or other securities. This is a structured product which involves derivatives and investors should not invest without fully understanding and being willing to assume all risks associated with the Certificates/Daily Leverage Certificates, warrants or other securities. Investors should ensure they understand the risks, nature, terms and conditions of the Certificates/Daily Leverage Certificates, warrants or other securities and consult their own legal, financial, tax and professional advisers regarding the suitability and risks before committing to any investment.

Investors risk the loss of part or all of their investment. Investment in the Certificates/Daily Leverage Certificates, warrants or other securities involves significant levels of risks and the Certificates/Daily Leverage Certificates, warrants or other securities should only be purchased by investors who are knowledgeable in investment matters or who have obtained appropriate investment advice.

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The Certificates/Daily Leverage Certificates, warrants or other securities are not deposits placed with Société Générale.
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