《高盛認股證牛熊證》市場極波動 揀輪嚴守三大原則 以平保、美團為例 留意貼價、中年期、低街貨平保購22070、美團購20651
大市走勢:近日環球投資市場市況極之波動,能見度亦極低。此外,隔晚外圍股市走勢為港股帶來影響,因此目前不論選擇以認股證或牛熊證作部署,風險亦會提高。
產品選擇:觀察恆指波幅指數,可見現時已升至多年新高,事實上,其波幅亦十分高。因此現時選擇以認股證部署的風險會十分大,因為認股證的價格計算包含引伸波動,亦因為市況波動,引致產品的價格波幅十分大。反映如投資者如現時計劃部署反彈,在選擇產品時須特別小心產品條款,宜留意貼價、中年期及低街貨產品,原因如下。
第一,對沖值是相關資產價格變動對窩輪價格的影響,對沖值低代表相關資產方向性的變動對輪價的影響較低,同時會較受其他因素如引伸波幅變化的影響,所以宜留意對沖值較高的產品,例如牛熊證及較貼價的認股證。
第二,由於短期證對引伸波幅的敏感度較高,易受引伸波幅回落的影響,中長期證有助減低波幅風險。
第三,由於近期市況波動,不少投資者趁機部署反彈。亦因市況波動,不少獲入場的產品已成為「蟹貨」,潛在沽壓風險亦提高。低街貨產品則可減低風險。
以平保(2318)及美團(3690)為例,如計劃部署反彈,可留意屬市場上最貼價條款的平安購22070。及少數貼價兼低街貨的美團購20651。
平保購22070,行使價78.83元,2020年10月05日到期,實際槓桿6.2倍,市場上最貼價條款認購證
美團購20651,行使價73.8元,2020年06月30日到期,實際槓桿4.6倍,少數貼價、低街貨認購證
註: 以上數據資料來自高盛認股證牛熊證網站~
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