《瑞銀窩輪》百威彈近30港元遇阻 留意PUT輪12590
半新股百威亞太(1876)自從季績令巿場失望之後，股價由31港元以上的水平急挫，迅即失守30港元的心理關口，曾低見27.45港元的，即逼近27港元的上巿招股價之上，才止住跌勢並反彈。百威的第3季度利增長下滑，本年度的公司預期由預計「強勁」成長下調為「溫和」增長。百威上巿初期走勢凌厲，很快便突破30港元關口並創32.65港元的高位，直至10月25公布季績後再告失守30港元，可見正股30港元以上的累積「蟹貨」並不少。所以上週五(15日)即使股價即巿反彈逾4%，亦暫未能企上30元。若投資者希望候高造淡，可考慮PUT輪12590，可留意百威亞太認沽12590，行使價26.68港元，20年5月到期，有效槓桿約4.2倍。
講到「蟹貨」，CALL輪情況更嚴重，因為期間引伸波幅下跌及時間值損耗，所以若搏反彈，亦應選擇低街貨的CALL輪，以免被供求影響價格表現。如投資者看好百威，可留意百威亞太認購11276，行使價30.28港元，20年3月到期，有效槓桿約6.3倍，截至上週五11276街貨約為5%。
更多窩輪牛熊資訊：瑞銀證網站: www.ubs.com/hkwarrants周國威董事
瑞銀亞洲股票衍生產品銷售部
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