Category: Money tips Release Date: 2007-01-05
Baosteel's listed warrants, means that our country stopped for nearly a decade warrants that the product returned to financial markets. Meaning as a standard of financial derivatives, warrants because of their highly leveraged nature of investment in China will greatly improve the status of a lack of product variety, to provide a majority of investors can take advantage of new products, so that greatly increased the flexibility of investment behavior. From abroad, the market situation warrants, the investment warrants the basic analysis is rule-based. Although China's current two warrants have each has its particularity, in comparison with the standard warrants product, with many of its own characteristics. However, the warrants analysis methods, and should be foreign or less the same.
1, warrant price trend analysis, it must first carefully read the terms of warrants, for a number of important provisions of the situation must be pretty good in the chest. Such information includes:
(1) the underlying shares of stock that is: that which is stock warrants based on the subject, this is the fundamentals of stock situation (belonging to industry, the basic situation of the company, growth rates, the market recognized degree, etc.) How is the current share price at what price level, the future trends of how kind and so on;
(2) warrants the survival time: the time value of warrants for the price warrants a great influence on the remaining period is to determine the price of a warrant important factor. Other conditions equal, the longer the remaining maturity, the higher the value of warrants. China provided the scope of warrants time period of 6 to 24 months;
(3), exercisable at a price: This is the most fundamental and most important of the warrants terms with is the difference between the share price will directly affect the intrinsic value of warrants, warrants for judging the trend of the one of the most basic data; an exercise price plus The price of gold on the warrant the sum, and is the difference between the stock price, we can calculate a premium ratio, is also a price outside the card inside the card with the price of basic data calculation.
(4) warrants categories: direction, belong to the subscription or put warrants, due to various reasons, the warrants will be the main warrants products; lines of the right is European or American, different rows of the right response time determines the behavior of different operations. Because warrants more speculative investors to win the post, as well as issuers take into account such factors as convenience of the general European-style warrants issued many people choose the so-called European-style warrant refers to the validity of the provisions of warrant expiry date (or the last few days) before the right line. The American Warrant is a Warrant existence of any trading day during the period can be the right line.
(5) The terms of warrants any special requirements, such as China's Baosteel Warrants and long electrical warrants have their own special terms, such as the electrical provisions of long-maturity warrant holders may sell up to 1.8 yuan to the Three Gorges Corporation, and to determine the price of electricity warrant a long survival period, will not fall below 1.8 yuan;
2, the transaction price measurement: the basic method of measuring warrant prices are as follows:
The basic formula:
Warrants or the price = closing price the day before the C of E + (the date of the underlying securities or the price - the underlying stock's closing price the day before) × 125% × line power ratio;
= Warrants Warrants Price declines the previous day closing price - (underlying stock closing price the day before - the day the underlying securities decline in price) × 125% × line of the right proportion.
Warrants trading system is the implementation of Price Limit, and its daily limit up price is calculated by the above formula "(the date of the underlying securities or the price - the underlying stock's closing price the day before)" or "(the underlying stock's closing price the day before - the date of the underlying securities decline in price) "into the share price the day If you are limit-or the lower limit corresponds to the absolute value of difference between the price range.
With Baoshan Iron and Steel, for example: Baosteel listed on the first day of the previous day's closing price through the use of the financial model calculations given price of 0.688 yuan, then the warrant price limit-day = 0.688 +4.62 × 10% × 125% × 1 = 0.688 +0.46 × 125% × 1 = 1.263 Yuan. (Note that Baosteel is limit-rate prices, stock prices should be accurate to points).
Baosteel Warrants listed on the first day of the reason why the implementation of Price Limit restriction is due to resume trading in the shares of Baoshan Iron and Steel was last Thursday (August 18), while the warrants are listed on Baosteel's shares in a normal trading day, so are shares of Baoshan Iron and Steel is Price Limit limit and, therefore, Baosteel Warrants are listed on the first day up daily limit restrictions. (Pei Xiao Yan)
