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[转帖] 什么是warrant(凭单) - SMART男人日记

Tan KW
Publish date: Wed, 03 Jul 2013, 10:28 PM
Tan KW
0 452,152
Good.

 

 

今天有个投资朋友问我,什么是Warrant,我想了一想,用尽我所有的投资知识解释了一篇给他听,什么是Warrant
Warrant分为两种,Warrant和Call Warrant, 基本上是一样的,Call Warrant是由投资银行发行的(如OSK,MAYBANK),多数以C带头,Warrant就是由一般公司发行的,W带头
1)看看图里的Tambun-WA,就是由公司本身发行的。
 
2)Warrant都有限期(expiry date),只要限期一到,就会变成废纸。所以买Warrant一定要注意限期。图中的Tambun限期是 30/5/2017.
 
3)Gearing Ratio(杠杆比率)是1.75,现在母股价1.27,那么现在Warrant的价格是1.27/1.75 =0.72
 
4)Exercise Price(转换价),Tambun现在的转换价是0.60,假如要把Warrant转换成母股,你需要付Warrant Price+Exercise Price(0.72+0.60=1.32),你就必须再付0.60给公司,当然warrant价格会跟着母股上升,上升越多,转换价格就会便宜。1.32的价格比现在的母股价格1.27还贵,当然没有人会要去转换,直接在市场买就好了。但是如果加起来比母股便宜,就可以考虑转换。

注意:Warrant是不能享有股息,分红股等权利
 
Warrant 有分European Style (欧洲式)和American Style(美洲式)。
 
所谓European Style (欧洲式)是这Call Warrant只有当期限结束才可以行使转换权
 
所谓American Style (美洲式)是这Call Warrant在期限内任何时候都可以行使转换权
 
 
Warrant这东西可以理解成当你想买某一只股但是太贵,你可以以更低的价格购买其warrant,等到有钱的时候再转去母股,当然你也可以在市场卖掉。是一种另类的投机方式
 
希望你们会明白我讲什么。。。
 
http://rionngai.blogspot.com/2013/07/warrant.html

 

 

Discussions
2 people like this. Showing 11 of 11 comments

kai8994

How to differentiate whether it is European or American style?

2013-07-04 00:44

Hoo Ann Teo

Hubline warrant is wat style

2013-07-04 02:19

money_lov3r

How to check the exercise price n type of style?

2013-07-04 08:30

regnig

Money-lov3r: u can check exercise price from bursa website or trading system.

2013-07-04 08:42

money_lov3r

Yes I got it ady.. thanks alot.. btw hw about premium?

2013-07-06 21:48

mimizai

Thanks ... Learn something, but how to identify is American/European style ?

2013-07-09 15:42

iafx

note despite the relatively low entry investment cost, the homework select & trade warrant is no less than ordinary share, example: http://www.warrants.com.my/

2013-07-09 15:58

kcchongnz

Hey, you copy and paste the link for what purpose? What does it say? What is the homework for buying warrant involved? What is the homework involved in buying ordinary share?

Can explain all the above or not? Yes, please use your own words, not just copy a link and expect others to guess what the hell is that, like the above link you copied.

2013-07-09 17:03

Fox New

what if it is privatized?

2013-07-17 22:23

Kathejofu

mimizai >> while check at Bursa with your warrant look at Overview > Additional Info > under Description: catagerios

2018-03-26 19:04

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