《高盛認股證牛熊證》阿裏回吐落後大市 資金部署好倉 留意高槓杆購19725、貼價購17536,近牛66706
正股表現:阿裏(9988)昨日回調,今早再度回吐。現報124.7元,跌約2.3%,落後大市。有券商指阿裏宣佈調整架構以更好地結合淘寶及天貓,對有關整合於市場復甦下的潛在業績加強感到樂觀。該行並料阿裏第三財季收入達2,431億元人民幣,按年升10%,維持對其「買入」評級,目標價210元。
資金流向:觀察個股輪證資金流向,昨日資金轉向部署好倉,認購證錄得約500萬元資金流入。昨日流入牛證的資金有約240萬元,並較集中在106元以上貼價收回區域的產品。
淡倉方面,認沽證於過去3個交易日皆錄得資金流入,合共約900萬元。昨日流入熊證的資金較集中在138元收回區域的產品。
產品選擇:觀察市場上的認購證,可見行使價141元條款的產品已累積大量街貨,若股價反彈不少投資者將會沽貨獲利,從而影響輪價表現。投資者如看好,認購證方面的高槓杆選擇可留意低街貨阿裏購19725,且爲50兌1的高敏感度選擇。貼價選擇可留意年期約5個月的阿裏購17536。牛證方面的近牛選擇可留意阿裏牛66706,遠牛選擇可留意阿裏牛57700,與現價有約10及17元收回距離。
阿裏購19725,行使價148.98元,2022年05月26日到期,實際槓桿5.8倍,高槓杆、低街貨,50兌1高敏感度
阿裏購17536,行使價128.98元,2022年06月23日到期,實際槓桿4.4倍,貼價
阿裏牛66706,收回價115元,行使價113元,換股比率100,槓桿比率10.5倍,相近收回價近牛中槓桿最高
阿裏牛57700,收回價108元,行使價106元,換股比率100,槓桿比率6.6倍,相近收回價遠牛中槓桿最高
投資者如看淡,認沽證方面可留意年期約3個月,屬高槓杆的低街貨阿裏沽18636。熊證方面可留意屬近熊的阿裏熊67165,與現價有約15元收回距離。
阿裏沽18636,行使價109.9元,2022年04月22日到期,實際槓桿4.6倍,高槓杆、低街貨
阿裏熊67165,收回價140元,行使價142元,換股比率100,槓桿比率6.8倍,相近收回價近熊中槓桿最高
注: 以上數據資料來自高盛認股證牛熊證網站https://www.gswarrants.com.hk/~
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