[转帖] 凭单与认购凭单 (Warrant & Call Warrant) - 雨文

Tan KW

Publish date: Wed, 02 Oct 2013, 02:08 PM

一般上，看到某些股票在冲上来时，许多人就会留意该公司有没有凭单，因为价钱比较小，可以买比较多，看起来是便宜，其实是很贵。接下来，笔者会详细介绍两种区别。

有两种凭单，一种是公司发出的衍生证券，warrant，另一种是投资银行发出的认购凭单，Call Warrant。Warrant的代表号是，WA, WB, WC, WD...以此类推。Call Warrant的代表号是，C1, C2, C3, C4, C5......CA, CB, CC, CD, CE...

届期

通常Warrant的届期是介于5-10年，更长的也有。Call Warrant的寿命比较短暂，介于半年到一年（因为这是股票行发出，越接近就越容易预测，若太长时间，一个牛市翻倍了，庄家就要亏钱了）。

Warrant是在截止日期之前，任何时期都可以以规定的转换价钱，把它转换为母股，也称为American Style。任何时候要转换，只需填好表格，连同汇票，寄给注册公司（company registrar）。大约五天工作日，成功转换之后，BURSA也会公布有新股上市（Additional Listing）。

那么，Call Warrant是以现金作为结算，不可以转换为母股。也只有在截止过后，才能结算。最终价钱可以以收市价，平均收市价和VWAP作为总结。看看以下个案：

CIMB（联昌银行）发行一共500万张的认购凭单-- MAGNUM-CP在2012年9月12日上市，上市价为RM 0.15，调整后的转换价为RM 3.2797，3.4983:1的比例率。在母股已发行的股本（Issued Capital' units）变动的情况之下，凭单的转换价与比例率也是会进行调整，例如公司在凭单届期之间，有发红股、附加股、分拆等等。凭单不但不能享有股息，公司发股息也不会调整凭单的转换价与比例率。这个认购凭单在9月30日截止。

如何计算内在价值？

转换价是 RM 3.2797，也就是说高过这个价钱才可以转换。

如果现在MAGNUM的股价是 RM 3.60：

内在价值= (RM 3.60- RM 3.2797 )/ 3.4983

= RM 0.0916

MAGNUM-CP: Closing

We wish to announce that the MAGNUM-CP expired at 5.00 p.m. on 30 September 2013 (“Expiry Date”) and the Cash Settlement Amount shall be calculated as below.

Cash Settlement Amount	=	Number of MAGNUM-CP x (Closing Price – Exercise Price) x (1/Exercise Ratio)
	=	Number of MAGNUM-CP x (RM3.2593 – RM3.2797) x (1/3.4983)

The Closing Price of RM3.2593 is the arithmetic mean of daily volume weighted average market price of MAGNUM shares for the 5 market days prior to and including the market day immediately before the Expiry Date.

As the Cash Settlement Amount is less than zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised MAGNUM-CP will cease to be valid and all our obligations in respect of the MAGNUM-CP shall terminate absolutely.

当凭单截止当天傍晚，BURSA就会公布最后的结果。这个个案里，最终是变成了废纸（等于零）。乍看之下，最终价钱其实是很接近转换价，持有到最后一分钟的人一定会很气，就欠那么一点点。其实，如果我是庄家，我发出这个认购凭单，那么一定会存货，如果这个股真的上了，我那里赚到的钱可以填补认购凭单的亏损，万一像这个个案，价钱那么靠近，要它收再低一点点的价钱，也不是太困难的事。就这么一个认购凭单，投行也赚了75万（50万 x 0.15）。再说，一些闻名的新上市公司，例如：ASTRO和FGV, 一上市就十多个认购凭单同步发行，你说这个钱，庄家容易赚还是持有的股民呢？

http://yuwenstocks.blogspot.com/2013/10/warrant-call-warrant.html

Discussions

Be the first to like this. Showing 3 of 3 comments

limko1

In Malaysia, Investment Banker enjoyed an unfair advantage in issuing call warrants, it is the retailers that would become the suckers. If you think carefully, you would abstain from participating in these call warrants.

2013-10-02 18:42

acg_80

true...with such a manipulated mkt every once in a while you issue a call warrant, move the mother share and trap the newbies and gamblers, but all is fair in biz especially in Asia.

2013-10-02 22:55

frankkew

That means buy mother share is better then warrant right?

2013-10-03 02:43

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