Macquarie is the largest issuer in Singapore with the most number of warrants listed on the SGX. Out of the total 222 warrants in the market, 96 are issued by Macquarie.
 
This morning, we have listed more warrants over new names with no existing warrants in the market. Investors looking at these names now have the added option of taking a leveraged view over these underlyings via warrants. These new names are, Comfort Delgro, HPHT, StarHub and ST Engineering.

Here’s a quick update on the above underlyings:
 
HutchisonPortHoldings Trust – earnings below consensus
On Tuesday, Hutchison Port Holdings Trust (HPHT) said its second quarter results fell 26% from the same period last year to HK$420.5mn as a result of weak demand for cargo to the U.S and Europe.
 
Nevertheless, the stock gained 0.7% to US$0.740 yesterday.
 
Starhub – $4.50 target price
In a report dated 27 June, Macquarie Equities Research (MER) stated that while StarHub was the least preferred of the Singapore telcos under MER’s coverage, they upgraded their recommendation on its shares from Neutral to Outperform followingthe stock’s 5% decline to $4.05 in the month of June.
 
MER believed StarHub was poised for a rebound and have a 12-month target price of $4.50. StarHub has rebounded 8.4% since to close at $4.40 yesterday, and will be releasing its second quarter earnings this Friday.
 
ST Engineering, ComfortDelgro to report in two weeks
In two weeks time, ST Engineering and ComfortDelgro will be reporting their second quarter earnings within a day of each other. ST engineering will be announcing its results after market on 13 August while ComfortDelgro will be releasing theirs a day later.
 
Back in May, ST Engineering reported a first quarter revenue of $1.55bn, little changed from a year ago while ComfortDelgro’s first quarter net profit had come in at $57.7mn, ahead of the street expectations of $53.5mn on higher bus and taxi revenues. MER had previously stated in a report on 14 May that they viewed Comfort Delgro as one of the most professionally managed companies in Singapore.  MER has a ‘Neutral’ rating and a 12-month target price of $2.00 on ComfortDelgro.

Source: Macquarie Research - 1 Aug 2013