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《瑞銀窩輪》評中移動業績 兩手準備中移牛證52590、中移熊證66187
阿思達克 08-15 09:08
近日不少投資者憧憬中移動(0941)業績而部署買入中移動的相關好倉產品,中移動於周四收市後公佈截至6月底上半年期內純利達703億元人民幣,按年增長約19%,至於中期息方面,亦增加35%至2.2港元。近日收到不少投資者的查詢,到底中移動增加派息對於輪證產品是否有影響? 因為認股證、牛熊證不會派息亦不需支付股息,股份除淨時輪證價格不會受除淨部份所影響,發行商為輪證產品定價時一般會根據相關資產的過往派息情況而預算其未來派息,並把預期股息計算在產品定價之中。如中移動宣布派息較發行商預期為多,發行商有需要根據所增加的派息幅度下調相關好倉輪證產品的理論價格,同時上調淡倉輪證產品的理論價格,反之亦然。如股價在公司宣布派息後上升,相關好倉產品的理論升幅或較預期為少,相關淡倉產品的理論跌幅或較預期為少。對於息率一般較高的股票如公用股和內銀股,投資者尤其需要注意此因素對輪證價格的影響。 另外中移動公佈業績後,其股價受到帶動而繼續飆升,周五中移動股價曾高見53港元,由於對於中移動後市表現的潛在不確定性逐漸消除,中移動相關輪證產品的引伸波幅亦根據股價以及期權市場情況作出相對應的回調,導致到中移動的好倉產品尤其是相關認購證的理論升幅或較預期為少。如投資者希望避開免受引伸波幅變化所影響,建議以牛熊證作部署。值得留意的是,除淨後中移動的股價理論上會下跌,投資者需要留意所選擇的牛熊證收回水平,尤其是牛證,建議選擇較遠的收回水平產品作部署以避免收回風險。如投資者看好中移,可留意中移牛證52590,收回價46.8港元,行使價45.8港元,23年1月到期,有效槓桿約9.9倍。如投資者看淡中移,可留意中移熊證66187,收回價57港元,行使價58港元,22年11月到期,有效槓桿約7.0倍。 更多窩輪牛熊資訊:瑞銀認股證牛熊證網站: http://www.ubs.com/hkwarrants 輪證教學及巿況焦點短片: https://www.youtube.com/channel/UCKw86qy4eBAInmd52MND45Q?view_as=subscriber 謝宛彤 副董事 瑞銀亞洲股票衍生產品銷售部 本產品並無抵押品。 如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。筆者為UBS AG的代表(作為證監會持牌人),並未持有相關上市公司的任何財務權益。本資料由瑞銀刊發,其並不構成買賣建議、邀請、要約或遊說。結構性產品價格可急升或急跌,投資者可能會蒙受全盤損失。過往表現並不反映將來表現。牛熊證備強制贖回機制而可能被提早終止,屆時 (i) N類牛熊證投資者將不獲發任何金額;而(ii) R類牛熊證之剩餘價值可能為零。投資前應瞭解有關風險,並諮詢專業顧問及查閱有關上市檔。UBS Securities Hong Kong Limited為結構性產品之流通量提供者,亦可能是唯一報價者或巿場參與者。(C) UBS 2022。版權所有。~ 重要聲明: 以上資訊由第三方提供,AASTOCKS.com Limited對於任何包含於、經由、連結、下載或從任何與本網站有關服務所獲得之資訊、內容或廣告,不聲明或保證其內容之正確性或可靠性。對於您透過本網站上之廣告、資訊或要約而展示、購買或取得之任何產品、資訊資料,本公司亦不負品質保證之責任。
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