The underlying is the asset a warrant tracks and the only thing that drives its intrinsic value. You never own it — the warrant settles in cash against where it finishes.
Bursa Malaysia · MYR
Sunway Berhad is a Malaysian conglomerate spanning property development, construction, healthcare and education. That mix makes it one of the more cyclical single-stock warrant underlyings on Bursa — earnings swing with the property and construction cycle rather than moving in step with the broad index.
Maybank is Malaysia's largest bank by market capitalisation and one of the most heavily weighted constituents of the FBM KLCI. Its size and liquidity make it a standing warrant underlying, and its relative stability gives its warrants a different character from those on smaller, more volatile names.
Public Bank is one of Malaysia's largest banks and historically one of the lower-beta names on Bursa, with a long record of consistent dividends and heavy institutional and retail ownership. Warrants over it behave accordingly — steadier, cheaper in time value, and more dependent on getting direction right.
Tenaga Nasional is Malaysia's national electricity utility and a core FBM KLCI constituent. As a regulated utility its earnings are driven by the regulatory framework and fuel cost pass-through rather than by consumer demand swings, which gives its warrants an unusual profile: quiet for long stretches, then repriced sharply around a regulatory decision.
Top Glove Corporation Berhad, one of the world's largest rubber glove manufacturers, is a popular single-stock structured warrants underlying on Bursa Malaysia — topglove warrant listings attract active retail interest due to the stock's historically high volatility and name recognition.
Genting Berhad, the multinational conglomerate behind Genting Highlands and Resorts World, is a regularly issued single-stock structured warrants underlying on Bursa Malaysia — genting warrant listings offer leveraged exposure to the leisure, hospitality, and plantations group.
Petronas Dagangan Berhad (PetDag), the downstream retail arm of the national oil company PETRONAS, is a blue-chip structured warrants underlying on Bursa Malaysia — petronas warrant listings provide leveraged exposure to Malaysia's dominant fuel retail and lubricants business.
IHH Healthcare is one of the world's largest listed private healthcare groups, operating hospital networks across Asia including Parkway Pantai and Gleneagles. It is a top-tier Bursa constituent, and its warrants offer leveraged exposure to a defensive sector that behaves quite differently from the banks and utilities that dominate the index.
CIMB Group Holdings Berhad, one of ASEAN's largest universal banking groups, is a popular structured warrants underlying on Bursa Malaysia — cimb warrant listings should not be confused with CIMB the warrant issuer, which is a separate role within the same banking group.
HKEX · HKD
The Hang Seng Index (HSI) is Hong Kong's flagship benchmark and the most heavily traded derivative warrant underlying in Asia. Issuers list call and put hsi warrants across a wide range of strikes and maturities, and CBBCs with a mandatory call level.
The Hang Seng TECH Index tracks the 30 largest technology-focused companies listed in Hong Kong. It is materially more volatile than the broad Hang Seng Index, and warrants over it are among the most actively traded instruments on HKEX for exactly that reason.
Regional exchanges · Mixed
Beyond single stocks, issuers list structured warrants over regional indices and ETFs, letting a trader take a leveraged view on a whole market in one instrument. The mechanics are the same as a single-stock warrant; what changes is that no single company's news can move the position on its own.
The asset the warrant tracks — a single listed share, an index, or an ETF. You never own it. The warrant settles in cash against where that underlying finishes, so the underlying's price is the only thing driving the warrant's intrinsic value.
Generally less volatile, not safer. An index is diversified, so it rarely gaps the way a single stock can on earnings or news. But index warrants usually carry very large exercise ratios and the leverage is still substantial — a modest index move can still wipe out the position.
Issuers list warrants where they expect turnover. Liquid, widely followed underlyings attract multiple issuers competing on the same name, which tends to tighten spreads. A thinly covered underlying may have a single issuer and a wide spread.