《瑞银窝轮》百威遭唱淡创新低 留意唯一价外PUT轮12591
百威(1876)上市初期升至32.65港元高位後无以为继，之後季度业绩令市场失望并失守30港元关口後形成较弱走势，之後反覆向下并於去年底失守招股价27港元。自11月中由30港元关口下跌以来，百威出现阴烛的交易日远多於阳烛，反映沽压颇大，而过去3个交易日因为被大行唱淡而跌势转急。目前市场7只百威PUT轮中，仅得瑞银的12591仍然是价外，提供最高的有效杠杆，投资者如继续看淡百威，可留意12591，行使价23港元，20年5月到期，有效杠杆约4.8倍。
相反如果逆市搏百威反弹，应以贴价、低街货证为先，以增加CALL轮的敏感度及减少受「蟹货」的供求影响，市场的百威CALL轮中，又以瑞银的11274最为贴价，街货亦低。所以投资者如搏百威反弹，可考虑最贴价CALL轮11274，行使价25.58港元，20年3月到期，有效杠杆约9.2倍。
更多窝轮牛熊资讯：瑞银证网站: www.ubs.com/hkwarrant
窝证教学及市况焦点短片:
https://www.youtube.com/channel/UCKw86qy4eBAInmd52MND45Q?view_as=subscriber周国威董事
瑞银亚洲股票衍生产品销售部
本产品并无抵押品。 如发行人无力偿债或违约,投资者可能无法收回部份或全部应收款项。笔者为UBS AG的代表(作为证监会持牌人)，并未持有相关上市公司的任何财务权益。本资料由瑞银刊发，其并不构成买卖建议、邀请、要约或游说。结构性产品价格可急升或急跌，投资者可能会蒙受全盘损失。过往表现并不反映将来表现。牛熊证备强制赎回机制而可能被提早终止，届时 (i) N类牛熊证投资者将不获发任何金额;而(ii) R类牛熊证之剩余价值可能为零。投资前应了解有关风险，并谘询专业顾问及查阅有关上市文件。UBS Securities Hong Kong Limited为结构性产品之流通量提供者，亦可能是唯一报价者或市场参与者。(C) UBS 2020。版权所有。~重要声明:
以上资讯由第三方提供，AASTOCKS.com Limited对於任何包含於、经由、连结、下载或从任何与本网站有关服务所获得之资讯、内容或广告，不声明或保证其内容之正确性或可靠性。对於您透过本网站上之广告、资讯或要约而展示、购买或取得之任何产品、资讯资料，本公司亦不负品质保证之责任。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
