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Data:2009-12-12 2:34
A warrant from the first species listed Baoshan Iron and Steel warrant the beginning of a substantial speculation, to restore the post-reform China Vanke shares continuously hit new highs, to the Anshan Iron and warrants listing three to four daily limit and now shares resume trading after the share reform and other significant Tianquan situation, C of E and warrants related to plate on the market have not only become increasingly active in a group, but also as a change in the stock relative to the plate more stable profits. This point, need to attract investor attention. In fact, as more and more blue chip companies in the share reform launched in the C of E species, and attract more capital to participate in the T +0 trading system implementation, warrants market has become a great opportunity and we have to attach importance to a significant plate. In the stock restructuring of the innovation "treasure" in another one say, we are once again related to warrants and warrant-related sectors and the investment opportunities for individual stocks. (New Year to, and the prices that a little bit Jiusong large envelopes to send WFQQ as long as the stock code to 2.9116 million (mobile), 9.9016 million (DCP) can be financial Wong Tai New Year red envelopes!)
We believe that the warrants associated with the investment and speculative opportunities are mainly in the following areas:
1, warrant concept stock
Recently, China Merchants Bank, Overseas Chinese Town and other reform programs of the company's shares are introduced to distribute warrants program. In the current context, these programs no doubt by investors like. However, not every one to share reform companies warrant can be introduced as a price. In fact, the Stock Exchange listed companies on the issue of warrants are expressly qualified in their conditions. From these conditions, see, in the share reform in the warrant can be issued a number of mostly blue-chip plate large, relatively stable performance of blue chips. In addition, the company also issued warrants mobility, etc. specific requirements. According to these requirements, and the exclusion of the related warrants have been issued a listed company, there are currently 11 companies with a share reform launched in warrants opportunities. Undoubtedly, this type of "concept stock warrants," is worthy of investors to focus on the (see table below). (Send WFSD to 2.9116 million (mobile), 9.9016 million (China Unicom), Subscribe to German-ting of the real short-term investments daily stock pond, 2 Yuan / Article)
The concept of a warrant of 11 reformed companies
Code
Stock name
Their trades
Total Equity
(Millions of shares)
Shares
(Millions of shares)
2004
Earnings per share (yuan)
Forecast 2005
Earnings per share (yuan)
PE
(2005)
600,795
GD Power
Power
2269.4
588.9
0.369
0.508
11
000027
Shennengyuan A
Power
1202.5
486.3
0.564
0.486
12
000039
CIMC
Metal
2017
605.9
1.184
1.423
6
000,088
Yantian Port A
Port
1245
325
0.537
0.484
19
600,009
Shanghai Airport
Airport
1927
757
0.67
0.716
20
600,717
Tianjin
Port
1448.8
559.6
0.202
0.291
21
600000
Shanghai Pudong Development Bank
Banks
3915
900
0.493
0.616
14
600015
Huaxia Bank
Banks
4200
1200
0.242
0.29
15
000858
Wuliangye
Beverage Manufacturing
2711.4
763.8
0.305
0.339
20
600,050
China Unicom
Communication carriers
21,196.6
6500
0.117
0.14
19
600,664
Harbin Pharmaceutical Group
Pharmaceutical
1242
810.3
0.212
0.304
15
Note stock picking criteria: 1) comply with the conditions of issue warrants; 2) has not yet issued warrants issued notice.
2, warrants the opportunity to hype
Just as we have repeatedly stressed on different occasions, as Baosteel warrants a new thing as a financial innovation, the first listing of the warrants, there will be a lot of opportunities, the possibility of great speculation. In fact, the Baosteel warrants concern by investors, as well as care management is really none ever after, thus the secondary market has also brought the biggest investment so far and speculative opportunities.
In addition to opportunities for warrants because it is a new thing to always sought after by the market than speculation, there is also an important aspect from its unusual T +0 trading system. It is this trading system, it has created more than 400% of C of E a day changing hands a miracle, and in this period, some individual stocks are creating a whole day there is no transaction records; is precisely in such a transaction system, by virtue Several warrants of the transaction amount to more than 1,300 stocks trading more than the total amount.
Therefore, the warrants tremendous opportunities and unprecedented active, on the one hand from the innovative nature of the warrants, on the other hand from their T +0 trading systems, which attracted a lot of money involved. In this sense, the short-term speculation in the market, which warrants, and the relationship between the intrinsic value of warrants is not close. (New Year to, and the prices that a little bit Jiusong large envelopes to send WFQQ as long as the stock code to 2.9116 million (mobile), 9.9016 million (DCP) can be financial Wong Tai New Year red envelopes!)
If the short-term speculation on the warrants can be ignored as the size of its intrinsic value, then, from the medium to long term, said that with the warrant is exercisable for day approaches, warrants will be priced closer to its intrinsic value, investors have had to consider the sale of warrants its intrinsic value.
In addition to the intrinsic value of warrants, the warrants must also consider the sale of its remaining duration of the current price level, Liutong Pan size, and whether it would be the creation of a variety of factors. Listed on several warrants from the current variety of speaking, we believe that purely from the intrinsic value for the OCT warrants a high price put warrants Wuhan Iron and Steel, Steel and Vanadium put warrants higher value, but relatively speaking, Baosteel subscription warrants, warrants to subscribe for the value of Wuhan Iron and Steel is very low, Vanke put warrants its value is zero, set the table below:
Warrants Name
Exercisable at a price
Maturity Value
Baosteel Warrants
4.50
Low
Wuhan Iron and Steel warrants
2.90
Low
WISCO Put Warrants
3.13
Higher
Steel and Vanadium put warrants
4.85
Higher
Anshan Iron and Steel warrants
3.60
Lower
Vanke put warrants
3.73
0
Baiyun Airport put warrants
7.00
Neutral
Long Electric Warrants
5.50
1.80 yuan or more
OCT Warrants
7.00
High
China Merchants Bank put warrants
5.53 yuan
3, warrants the creation of shares
In the Shanghai Stock Exchange "issued by securities firms on matters related to the creation of Wuhan Iron and Steel warrants notice," which stipulated the creation of the stock warrants need to have equal portions of the relevant provisions of the warrants will directly lead to the creation of brokers in the secondary market purchase of related positive Shares. The previous period, G Wuhan Iron and Steel's outstanding performance has caused great concern to the market. Despite the recent trend of relatively soft due to warrants, and warrants the corresponding underlying shares do not give very good performance, but because of stock warrants the creation of investment opportunities brought about is the emergence of the future, investors still need to be focused on one aspect of the .
Since the creation of a corresponding need buy stocks, therefore, associated with the creation of a positive share warrants the opportunity to appear in the launch of the call warrants on individual stocks. The launch of the warrants from the current varieties of view, warrants Baosteel, Wuhan Iron and Steel warrants, long power warrants, Anshan Iron and Steel warrants, warrants, etc. are OCT warrants, the relevant shares are shares of the company Baosteel, Yangtze Power, Angang New rolling, long electric OCT such shares and warrants were once brought about the creation of opportunities for investment or speculation, obviously keep a close watch. (Send WFSD to 2.9116 million (mobile), 9.9016 million (China Unicom), Subscribe to German-ting of the real short-term investments daily stock pond, 2 Yuan / Article)
2004 8 +20 combination of the annual performance of top ten
2005 8 +20 combination of the annual performance of top ten
Securities referred to as
The maximum rise
Securities referred to as
The maximum rise
CYTS
93.71%
G Tianwei
218.11%
G Huahai
73.74%
Suning
108.03%
Shanghai Zhenhua Port Machinery
72.18%
Transmission of shares
70.23%
Qinghai Salt Lake Potash
63.43%
G Fengyuan
64.76%
Shenyang Machine Tool
60.10%
Topway Share
48.69%
Yinjifazhan
51.21%
TeamSun
46.37%
Gree Electric Appliance
47.93%
Huangshan
42.37%
Farah E
46.44%
Tielong
39.15%
Shenbao An A
43.68%
San-Ai Fu
38.37%
G BOE
41.24%
Ma Ying-Long
31.18%
(Germany Ding Investment Strategy Report 2006, a grand release, 8 +20 combination debut)
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