《瑞银窝轮》汇丰季绩 看淡参考沽25895
汇丰(0005)早前宣布不派发股息，扭转左市场对其稳定派息的预期，亦动摇了投资者对其信心，成为一大沽压，令股价低见37港元，虽然股价其後随大市回升，但又爆出新加坡石油公司兴隆集团因油价大跌出现大额期货交易亏损，汇丰作为兴隆集团最大债主，或有机会作出巨额拨备。
根源彭博资讯，汇丰将於4月28日公布首季业绩，因为预期拨备增加，不少市场分析下调汇丰盈利预测，综合彭博资讯统计，29位分析员当日就有11位给予沽售评级，12位给予持有评级，反映不少市场分析对汇丰前景感忧虑。如投资者看淡汇丰，可留意汇丰认沽25895，行使价34.68港元，20年10月到期，有效杠杆约5.9倍，或汇丰熊证66429，收回价45港元，20年12月到期，有效杠杆约5.9倍。
相反，如投资者认为汇丰在40港元楼下有一定的值搏空间，希望作短线部署，可留意汇丰控股认购25883，行使价43港元，20年10月到期，有效杠杆约8.2倍，或汇丰牛证66214，收回价35港元，21年3月到期，有效杠杆约6.9倍。
另外原油价格连升3日後，周一亚洲时段再度下跌，6月期油在周一港股收市时下试14.5美元水平，急跌超过14%。新型肺炎扩散全球令经济活动陷於停顿，原油需求大减，加上沙特阿拉伯与俄罗斯进行原油价格战，令油价更添不明朗因素。就算投资者认为新型肺炎疫情会有所减退，经济活动重展令原油使用量回升，亦应留意原油库存现时已达饱和，市场需要多久才可消耗相关的库存，令油价重展升势。如投资者看淡海油(0883)表现，可留意海油熊证62849，收回价9.2港元，21年1月到期，有效杠杆约7.3倍。
更多窝轮牛熊资讯：瑞银证网站: www.ubs.com/hkwarrants
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卓素华
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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。~
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