《高盛認股證牛熊證》騰訊受壓回調 資金趁低吸納 留意貼價購18052、中期購18541,近牛55082
正股表現:騰訊(0700)日前創兩個月新高後受壓回吐,今早跟隨大市下跌。早上曾低見465.4元後重上470元。現報470.8元,跌約1.3%。騰訊旗下騰訊雲據調查機構數據公佈,去年第三季騰訊雲整體公有雲服務市場份額排第二,按年增速達53%。
資金流向:觀察個股輪證資金流向,可見上週五資金轉向積極部署好倉,錄得約2,070萬元資金流入,爲上週五最多資金流入的相關資產。當中認購證佔約1,340萬元,牛證於上週五錄得約730萬元資金流入。此外,今早亦見即市資金趁低吸納。
淡倉方面,上週五部署熊證的資金沽出較遠收回價的產品,並見流入的資金較集中在490元及510元收回區域的產品。
觀察港股通資金流向,可見上週五繼續沽出騰訊,錄得約7.3億元資金淨賣出。
產品選擇:投資者如看好,認購證的貼價選擇可考慮以行使價530元以下、2個月期以上作爲篩選產品的條件。然而今早見不少投資者買入鄰近條款的換股比率500兌1認購證部署反彈,但因其敏感度只有0.1及低面值特性,即正股升10格才反映在輪價上。加上1格買賣差價,正股要大幅抽升纔可反映升幅。因此投資者可留意換股比率100兌1的騰訊購18052,除了是上述篩選條件當中槓桿最高的產品,其敏感度亦明顯較高。
騰訊購18052,行使價519.42元,2022年04月29日到期,實際槓桿10.1倍,行使價530元以下、2個月期以上產品中,槓桿最高
認購證的中期選擇可留意低街貨騰訊購18541。貼價選擇可留意屬短期的高槓杆騰訊購15640。牛證方面的近牛選擇可留意騰訊牛55082,遠牛選擇可留意騰訊牛55096,與現價有約30及50元收回距離。
騰訊購18541,行使價524.27元,2022年05月26日到期,實際槓桿9.1倍,中期、低街貨
騰訊購15640,行使價485.44元,2022年03月28日到期,實際槓桿11.7倍,貼價、短期、高槓杆
騰訊牛55082,收回價440元,行使價437.2元,換股比率500,槓桿比率13.5倍,高槓杆近牛
騰訊牛55096,收回價420元,行使價417.2元,換股比率500,槓桿比率8.5倍,近50元收回距離遠牛
投資者如看淡,認沽證方面的高槓杆選擇可留意年期約3個月的低街貨騰訊沽20217。貼價選擇可留意年期約3個月的低街貨騰訊沽21893。熊證方面可留意屬貼熊的騰訊熊53419,與現價有約20元收回距離。
騰訊沽20217,行使價422.14元,2022年05月12日到期,實際槓桿8.3倍,高槓杆、低街貨
騰訊沽21893,行使價445.03元,2022年05月11日到期,實際槓桿7.1倍,貼價、低街貨
騰訊熊53419,收回價490.29元,行使價493.2元,換股比率485.437,槓桿比率20.3倍,相近收回價貼熊中槓桿最高
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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