Category: Money Tips Date: 2006-07-12
Recent stock market amplitudes larger, often single largest small-Yang Xian Yin Xian and the split step combination. Uncertainties in the macroeconomic situation, the gradual lifting of the ban restricted shares of listed companies is still possible interim results as a whole against the background of decline, investors began looking for a defensive investment products, which become the major financier of choice for subscription of new shares. In addition to subscription of new shares, the stock market within a matter of fact, there are some risks controllable, and the opportunity gain a considerable variety, from the point of looking for arbitrage defensive species is also a good choice.
In theory, a positive correlation between risk and return relationship, but because of investor risk tolerance and the difference in earnings expectations, the market will always be a risk of abnormal returns match. For example, prior to the end of April, the market provides the put warrants and objectives of the portfolio risk-free arbitrage opportunities, closed in May after the arbitrage opportunity. Currently on the market still there is a risk-controlled arbitrage species, but also space for a huge revenue opportunity for investors according to their risk tolerance, choose to participate in the variety and positions.
At this stage is the most attractive Xinhua Department Store and the G on the drug due to 100% of the right to put the risks caused by controllable arbitrage opportunities. In fact the market has already appeared before a similar arbitrage opportunities, such as the G and agricultural products are in stock steel G Ye proposed a reform put 100% protection of the rights of the price of the program. After the right price, its stock price has hovered around a long time near the put price. However, with the put period draws near, the end of March early April these two stocks have both been a sharp rise market, the current stock price has been put away from the exercise price, holders of the investors benefit.
Xinhua Department Store is currently in the process of share reform, which is a listed company on the price of the program to all shareholders two shares for every 10 shares Zhuanzeng, in addition to Wumart outside the non-tradable shareholders will be acquired Zhuanzeng Wumart delivery of shares, to the entire flow of Wumart shareholders for every 10 shares distributed 10 copies of the exercise price of 10.02 yuan to put right (ex Across the right price of 8.35 million). The right price program will be submitted next week to vote on its July 26 closing price of 12.35 yuan, after investors holding shares of reform cost 10.29 yuan, compared with 8.35 yuan to 23.23% higher than the exercise price. This means that in the next nine months, holding Xinhua Department Store probable maximum loss percentage of 23.23% within the opportunity gain depends on Wumart White Xinhua Department Store to its post-development opportunities. Wumart in the Hong Kong GEM listed company, is a large retail chain business in Beijing leader in the past six months, the highest since the Hong Kong Stock Exchange rose more than 100%. Wumart acquired Xinhua Department Store, the Xinhua Department Store as a leading department store in the western region, management, marketing channels, so both will be Zaishangtaijie, very optimistic about the prospects for development. And therefore the nine-month holding period of analysis, if that opportunity gain considerable, but also the opportunity to bear 23.23% of the losses (unpredictable stock market plunge was the maximum possible loss), Xinhua Department Store chain as a new business worth investing in.
G share reform on the drug has been completed, its price program also includes a 100% of the put protection of rights. Put the exercise price of 5.1 yuan, duration until May 29, 2007. From the point of view of risk control, its existence is now the largest loss of 7.65% chance for the investment in shares-oriented investors, this loss is perfectly acceptable, and their opportunities for earnings depends on the company's future development and market working capital results. G Ye G and agricultural products from the steel of the trend analysis, put the price close to the vicinity of chips constantly being locked, the future opportunities is worth the expected benefits.
In the analysis of investment risk and returns, investors are often concerned about the expense of earnings risk, but in the actual investment process, risk control and in fact more important. In the current market direction are more difficult to grasp the situation, investors can lock the stable under the premise of the biggest risks to find these stocks with strong earnings opportunity as an investment target.
