Covered warrant: Liquidity rebounded
The covered warrant market showed positive momentum during the week, as trading activity became more vibrant and the number of gaining warrants continued to outnumber decliners. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CVRE2527, CVRE2524, and CVRE2522 being the most notable examples. In contrast, CVRE2526, CVRE2525, and CVRE2523 were assessed to be overvalued, based on a total sample of 247 listed CWs.
Featured Analysis
PHR – Brief – [NONRATED] – 1Q26: Receiving compensation from THACO
Market commentary: Energy sector in the spotlight
Derivatives: Waiting for a breakout signal
NT2 – Earnings review – [HOLD] – 1Q26: Profit rebounded strongly
REE – Brief – [NON-RATED] – 1Q26: M&E boosted profit growth
PVS – Earnings Review – [HOLD] – 1Q26: Strong NPAT growth in line with forecast
Strategic Insight: The start of a new uptrend
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12/05/2026
Covered warrant: Maintaining caution
22/04/2026
Covered warrant: Slight decline in liquidity
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