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Macau Daily Financial Commentary 09 03 30
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1.
Seng Heng Bank
– Center for Investment and Risk Analytics 誠興銀行 – 投資及風險研究中心 財來自有方 刊登日期:2009 年 3 月 30 日 (澳門日報) 作者為誠興銀行投資及風險研究中心分析員黃碩東 牛熊證之結算價風險 上兩期筆者談及到窩輪及牛熊證的分別,今期將討論投資牛熊證的利與弊. 香港是全球最大之窩輪及牛熊證市場,由此可見香港市場之投機者眾多,特別是散戶,往往 希望追求短期之回報.發行商當然十分樂意滿足這班客戶以小博大之心態推出不同種類 之衍生產品,由窩輪到牛熊證,加上廣泛之宣傳,所以均深受市場之歡迎.雖知道衍生工具 是零和遊戲,即有人嬴便會有人輸.發行商大部分時候並不會與參與者對賭,而是在市場上 作出對沖,賺的是買賣差價或是發行時之溢價,就如銀行收取股票的買賣佣金一樣,所以發 行窩輪及牛熊證可以說是必賺的業務.那麼在散戶之角度,牛熊證是否一項吸引之投資產 品.? 牛熊證由如一般之衍生工具,其擁有槓桿之特性是吸引散戶參與之處.擁有回收價也是牛 熊證之另外一個特別之處.回收價就如是一個止蝕機制.當牛熊證在交易任何時段曾經觸 及回收價,牛熊證便會立刻被回收,投資者將會每股獲發還(結算價 – 行使價)/換股比率之 金額.所以表面上牛熊證看來是一個頗公平之產品,就算是看錯大市之方向也會獲發還部 份投資成本.但有一個問題就是這個結算價的計算方法, 以 R 類牛證為例(即收回價與行 使價不相等之牛熊證,大部份牛熊證均為 R 類),根據港交所之資, R 類牛證的結算價是不 可低於相關資產在強制收回事件後起計直至下一個交易時段內的最低成交價(一天有兩 個交易時段,分為上,下午,而一般發行商也會用最低成交價作為結算價,因為這樣他們可 以獲取最大利潤).即舉例說若一隻恆指牛證之回收價為 13500,行使價為 12500, 若於今天 上午恆指觸及回收價 13500,然後大跌至 12700,但在下午開市後大幅回升,以 14000 點收
2.
市.很多投資者可能會誤以為結算價便是 14000,但實質上由於是取最低成交價,所以結算 價應為 12700.換句話說,當強制回收發生時,投資者的止蝕位一定是期內恆指之最低位.由 此可見,投資者投資牛熊證應衡量是否願意接受這個結算價風險.
(讀者如有任何意見,可電郵至 feedback@stshb.com)
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