99SMART-C24 (99SMARTC24)

What Is a Callable Warrant?

99SMART-C24 (532624) is a Callable Warrant (CW) — a derivative instrument issued by Maybank Investment Bank Berhad. Unlike buying shares directly, a CW does not represent ownership in the company. Instead, it gives you the right to receive a cash settlement based on the movement of the underlying share price of 99 Speed Mart Retail Holdings Berhad (5326).

Think of a CW as a leveraged bet on the future price of 99 Speed Mart. If the underlying share price rises above the strike price before expiry, your CW has value. If it doesn't, it may expire worthless.

Key Terms: 99SMART-C24

• Issuer: Maybank Investment Bank Berhad
• Issue Date: November 12, 2025
• Expiry Date: June 30, 2026 (~2.5 months from now)
• Strike Price: RM3.28
• Conversion Ratio: 2:1 (2 CW units = value of 1 underlying share at settlement)
• Status: IN-THE-MONEY (ITM) — underlying (~RM3.53) > strike (RM3.28)

Intrinsic Value Analysis

With the underlying trading at approximately RM3.53 and a strike of RM3.28, the CW's intrinsic value is:

Intrinsic Value = (Underlying - Strike) / Ratio = (3.53 - 3.28) / 2 = RM0.125

If the CW trades at RM0.190, the difference between the market price (RM0.190) and intrinsic value (RM0.125) = RM0.065 represents time value — the premium paid for remaining time and expected price movement.

About 99 Speed Mart (Underlying Company)

Founded in 1987 by Lee Thiam Wah in Klang under the name "Pasar Raya Hiap Hoe," 99 Speed Mart has grown from a single grocery outlet into Malaysia's largest mini-market chain, operating over 2,651 branches supported by 19 distribution centres nationwide.

The company listed on Bursa Malaysia's Main Market via IPO in 2024. It carries Shariah-compliant status ✅, making it accessible to Muslim investors. International expansion is underway with 3 pilot stores in Fuzhou, China.

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