《高盛認股證牛熊證》騰訊跌穿400元大關 資金積極吸納好倉 留意高槓杆購20203、貼價購20207、低面值購23544
正股表現:騰訊(0700)自上週三起連跌,今早更於開市隨即失守400元關口,最低見381元,創近兩年新低。現報384.8元,跌約4.6%。有券商指騰訊旗下財付通宣佈進一步降低小微商戶支付服務費,料騰訊2021年支付業務達1,200至1,300億元人民幣,降費整體影響有限。
資金流向:觀察個股輪證資金流向,可見近期資金積極趁低吸納好倉,上週三至上週五共錄得約1.15億元資金淨買入,爲同期最多資金流入的相關資產,當中認購證佔約7,090萬元。牛證於上週五繼續獲資金流入,有約2,800萬元,並較集中在385元收回區域的產品。
淡倉方面,認沽證於上週五獲資金轉向流入,有約1,580萬元。上週五部署熊證的資金主要沽出獲利,並有部分轉倉至435元以下收回價的近熊。
觀察港股通資金流向,亦見近期北水趁低積極買入騰訊,上週五錄得高達33億元資金淨買入。
產品選擇:由於騰訊失守400元關口,再創新低。投資者在部署時宜重新審視產品條款,避免選擇早前留意,但目前已不合適的條款產品。
投資者如看好,認購證方面高槓杆選擇可留意年期約3個月的活躍騰訊購20203。貼價選擇可留意屬行使價450元以下的低街貨產品中,槓桿最高的活躍騰訊購20207。並可留意同屬貼價的低面值騰訊購23544。價外選擇可留意屬行使價480元以下、3個月期以上產品中,槓桿最高,兼屬進取的騰訊購20202。
騰訊購20203,行使價455.42元,2022年06月16日到期,實際槓桿9.1倍,高槓杆、活躍條款
騰訊購20207,行使價436元,2022年06月20日到期,實際槓桿8.1倍,貼價、活躍條款,行使價450元以下的低街貨產品中,槓桿最高
騰訊購23544,行使價436.89元,2022年12月20日到期,實際槓桿4.6倍,貼價、低面值
騰訊購20202,行使價473.98元,2022年06月16日到期,實際槓桿9.4倍,價外、進取選擇,行使價480元以下、3個月期以上產品中,槓桿最高
牛證方面,近牛選擇可留意騰訊牛50352,遠牛選擇可留意騰訊牛56362,與現價有約35及55元收回距離。
騰訊牛50352,收回價350元,行使價347.2元,換股比率500,槓桿比率10.5倍,相近收回價近牛中槓桿最高
騰訊牛56362,收回價330.1元,行使價317.67元,換股比率485.437,槓桿比率5.9倍,近55元收回距離遠牛
投資者如看淡,認沽證方面可留意年期約3個月,屬貼價的騰訊沽20220。熊證方面可留意騰訊熊67495,與現價有約65元收回距離。
騰訊沽20220,行使價373.59元,2022年05月26日到期,實際槓桿6.8倍,貼價
騰訊熊67495,收回價450元,行使價453元,換股比率500,槓桿比率5.7倍,近65元收回距離熊證
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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