《瑞銀窩輪》九倉置業復牌後急挫 零售寒冬留意PUT輪22764
九倉系週四(27日)復牌,會德豐(0020)大股東提出以1股九倉(0004)及1股九倉置業(1997)另加12港元私有化會德豐,九置復牌後跌大約5%,不但跌穿40港元心理關口,股價亦再創新低。
是次私有化理論上對九置的股價影響屬中性,巿場最看淡仍是其持有的商場收租業務,旗下時代廣場及海港城是其主要收入來源,是其代表性資產。但隨著香港社會事件以及武漢肺炎的疫情打擊,兩者的人流都變得水盡鵝飛,而巿場對於旅遊及零售業能在短期內復甦都不存厚望。作為一隻上巿房地產基金(REITS),其租金收入大受影響勢影響派息。
雖然九置股價已顯著回落並創新低,但如果投資者認為其價格仍有下跌空間的話,可留意PUT輪22764,行使價32.2港元,2020年8月到期,有效槓桿約3倍。
更多窩輪牛熊資訊:瑞銀證網站: www.ubs.com/hkwarrants
窩證教學及巿況焦點短片:
https://www.youtube.com/channel/UCKw86qy4eBAInmd52MND45Q?view_as=subscriber
周國威
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文件。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 2020。版權所有。~
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