Just recently, on Aug 24, Macquarie issued a report setting the 12-month target price for the Top Glove at RM30.40. However, last Wednesday, Macquarie downgraded Top Glove to RM5.40, more than 45% of the adjusted price post the bonus issue. Top Glove has 33 structured warrants, of which 31 are call warrants while three are put warrants. Supermax Corp Bhd has 35 structured warrants, Hartalega Holdings Bhd has 36 structured warrants and Kossan Rubber Industries Bhd has 16 structured warrants. Before issuing the structured warrant, the investment banks will buy some shares of the company from the market.

Source: thestar September 12, 2020 01:07 UTC