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上星期提到「五窮月」不窮,踏入六月直至周五,恒指六月份暫錄約1.8%升幅,恒指本周一度升破22,000點大關,升浪主題落於一眾新經濟股身上, 市場關注旗下螞蟻上市的進展,阿里(9988)抽升升破100天線,是去年二月以來首次。
筆者正好於本周五的YOUTUBE節目「一周輪證焦點」中,收到投資者的疑問,說手持一隻阿里「末日」認購證,價格已較買入升了三倍,不過剩餘的交易日只有幾天,是否應該趁到期前將它賣掉?
投資者若有以上的疑問,或章嚘蛗?到期結算及價值有些不太清楚的地方,擔心到期時窩輪一文不值,所以有到期前先行沽出的想法。
讓我們仔細看看這隻產品作例子,認購證編號為27293,相關資產為本周升超過兩成的阿里,到期日2022年6月24日,行使價110.98元。由此可見,這隻產品距離到期只有十多天,餘下可作交易的日子為6天。那投資者就要決定,是否應該在這幾天的時間內沽售,還是可坐倉至自動結算。
先讓我們看看怎樣計算結算時的價值。由於窩輪到期時的時間值已跌至零,故它價值完全來自內在值。以上述認購證作例子,結算時阿里巴巴的結算價要高於行使價110.98元,才有內在值,否則完全沒有價內值,即是輪價為0。
認購證的結算價方面,是以到期前五個交易日的阿里正股收市平均價作計算,因此正股這五天的收市平均表現便是唯一決定結算價值多少的因素。結算價就是將上述平均價減去行使價,然後除以轉換比率,此價值愈大,結算價值便愈高。相反,最壞情況下,若平均股價等於或低於行使價,價值便為零,即是最大損失只為投放的本金。
明白上述結算機制後,投資者宜先對上述結算時的平均股價走向作判斷,再決定結升算前先離場,還是持有靜待最後結算的結果。
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