《高盛認股證牛熊證》科網焦點 - 京東首掛、網易回落 留意高槓桿京東購14647、購14648;網易購13605
正股表現:網易(9999)上週四首日掛牌後,股價在125至135元附近上落。而今早則繼續下跌,早段低見125.1元後跌幅收窄,現報125.7元,跌約1.9%。另一方面,本年全球集資額第二高的京東集團(9618),則於今日首日掛牌,早上高開見239元後升幅收窄,現報236.4元,升約4.6%。京東日前公布招股結果,超額認購近180倍。
資金流向:網易上週四首日掛牌,當日其窩輪亦同步上市。進而觀察個股認股證資金流向,可見自上週四至昨日的5個交易日,共錄得約6,770萬元資金流入其認購證,成為市場焦點。此外,京東今日正股及窩輪亦同步上市,若以網易的情況推算,預期市場對京東窩輪的需求亦將十分熱烈。
產品選擇:投資者如看好網易,高槓桿的選擇可留意價外幅度約10%,年期約6個月的網易購13605。貼價的選擇可留意價外幅度約5%的網易購13886。
網易購13605,行使價138.8元,2020年12月11日到期,實際槓桿5.2倍,行使價126至146元間產品中,槓桿最高
網易購13886,行使價133元,2021年05月31日到期,實際槓桿3.2倍,貼價、低街貨
另一方面,投資者如看好京東,建議採用「選輪三部曲」,即價外幅度10%至15%的產品、六個月期、透過比較實際槓桿來比較產品價格的條件,選擇合適條款及槓桿較突出的認購證。例如可留意價外幅度約10%,年期約6個月的京東購14647。並可留意價外幅度約15%,亦是符合「選輪三部曲」的京東購14648。
京東購14647,行使價259.88元,2020年12月31日到期,實際槓桿4.3倍,約10%價外,相近條款產品中,槓桿最高
京東購14648,行使價269.18元,2021年01月29日到期,實際槓桿4.1倍,約15%價外,符合三部曲條件
高盛其他產品條款:
京東 購 14651 / 行使價 288.88元 / 到期日 2020年12月24日 / 實際槓桿4.5倍
京東 購 14646 / 行使價 249.88元 / 到期日 2020年12月18日 / 實際槓桿3.5倍
京東 購 14642 / 行使價 238.88元 / 到期日 2020年12月18日 / 實際槓桿3.7倍
註: 以上數據資料來自高盛認股證牛熊證網站~
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