Page 60 of the circular, for 9 months 2015, Operating expenditure per sales bbl was A$69.1 or RM198.5, around USD48.4?

I think not so difficult to get 35000 units of Call. Anyway, try to find a way, otherwise just forget about this.

i3follower, Get the call warrant first before the FKLI, because FKLI is more liquid. Very easy and fast to catch 1 or 2 contracts of FKLI.

supersaiyan3, you can just go online and get data from yahoo finance, download the historical data in spreadsheet, and plot a chart to view it. I am not interested and therefore lazy to do it.

Tom, 我觉得没有任何投资或投机方式是可以适合全部人的，总会有些人觉得适合，有些人觉得不适合的。

crocodile1980, it is much more flexible to buy C12, you can always check and switch to new call if there is any cheaper one before C12 expire. If there is none, you can buy bluechips then.

klse888, my design is no leverage, buy future and back up 100% with FD. Same like forex, if you choose a 400X leverage, you throw in USD1000, but at the same time you have USD399000 in FD, what is that leverage.

Coldrisks, please think before you comment. By end of June Mr.B would always better off, he can after that buy all bluechips or buy another future + FD, meaning to say start again another round.

Coldrisks, you cant really understand my article, too bad.

I design C12 + FD at correct ratio, compare against buying full amount of blue chips.

Why do you ask me to compare putting all money into C12, then at the same time say it is high risk?

chowkw, 这是苹果对苹果，橙对橙的比较呀，那是因为涡轮有转换价，也即是说有杠杆效应，所以投入的钱比较少，得到的却是同样的投资。你看无论1000点也好，1600点也好，1700点也好，都是乙先生胜出。因为转换价在1520点，所以如果指数到时候高过1520点，那么乙先生胜出的数目不多，但是万一大崩盘，乙先生就会比甲先生好很多。

crocodile1980, You can work it out using the same method/calculation for 1400 and 1500.

moneySIFU, 干嘛你一直想不通？这里许多人已经明白了，你却还在一直在纠缠着期货的风险高或不高的问题。期货嘛，是衍生产品，风险是来自其代表着的股票数量,我这样讲,你能明白吗? 再说一次,甲先生买价值837440的蓝筹股,如果乙先生买9张期货,乙先生的风险比较低,如果乙先生买11张期货,乙先生的风险比较高,我设计的是乙先生买10张期货,两人的风险一样。

你一直在讲期货的风险高，你没有说在怎样的情况之下它是风险高，那有什么意义呢？好啦，那我问你，什么样才算高，什么样才算低，怎样quantify它？

Coldrisks, Its OK.

Whatisshare, welcome.

Coldrisks, why cant you put FD in many different amounts? Say 10pcs*10K , 10pcs*20K and etc.? If forget about the FD interest, Mr.B still end-up better.

Whatisshare, Thanks for helping to explain. My example was for 10 contracts, those having smaller fund can opt for less contract.

我只能再一次解释，甲先生买了837440的股票，那乙先生买10张期货，两人的风险一样。如果乙先生买9张期货，那么甲先生的风险比较大。如果乙先生买11张期货，那么乙先生的风险比较大。如果有人还是不能明白，我投降。

noobnnew，The money in FD is enough to back up until the index dropping to zero point. So Mr.B may lost the FD interest, but Mr.B still end up better.

我的文章里提到六月底时如果指数是1700点，算出甲乙两人的情况，然后intel i7提出1600点的情况，我也算了给他看，大家也看到的，如果你们还想要知道，800点，1000点，1200点，1400点，1800点，2000点各个不同的情况，就请自己算算看吧。

kyonlim，是另外的户口，我不是很清楚，但是相信有，你可以上bursamalaysia.com查看，有列出全部的期货商。

moneySIFU, 风险不在于投资产品本身，而是看你投入多少。我举个例子给你，鸦片比较有害呢？还是香烟比较有害？我相信大家会觉得鸦片比较危险比较有毒，可是你需要明白大家吃/吸的分量呀？如果一个人每天只是抽0.000001克的鸦片，而另外一个人每天抽100支香烟，我问你，哪个人会先中毒死呢？

moneySIFU, 感谢intel i7的疑问，举例指数掉去1600的情况，我在楼上也算给他看，大家也看到的，结果是甲乙两人都输钱，但是还是乙先生强，输比较少，那你还要问什么鬼风险呢？

moneySIFU，干嘛我解释了你还是不明白？甲先生买了价值837440的股票，乙先生买了10张期货，这10张就等于同样同价值的837440股票，两者的风险是一样的。

1600/1674.88 meaning drop of 4.47%, so Mr.A lost 4.47%*837440=37433, but he received dividend of 8374, so net loss of 37433-8374=29060. Mr.B lost on future = (1648-1600)*50*10=24000, but he received FD interest of 8163, so net loss of 24000-8163=15837, so the difference between them is 29060-15837=13223, so Mr.B end up better. Need to tell you one thing, because the drop is so much, there is margin call for Mr.B during the period, he need to take out some money from FD, so his income from FD would be slightly less.

哈哈。。我智商高过150，竟然在这里被人说成头脑简单！当然，人外有人，天外有天，他应该是绝顶聪明的人，所以才觉得我头脑简单咯。。

Ahbeng Beng, 我怎样骗人了？那里有杠杆呢？甲先生把全部钱买指数里的蓝筹股，乙先生买FKLI，余数全部放FD。两者的风险是一样的。

popcorn, please read carefully, I compare the two alternatives, and found that buy FKLI+FD is better than buy the KLCI components， that is all what I want to say.

lian998, in that case, both will lose money, but the one buy FKLI will lose less, the difference is still 12867.

Dont buy KLK, buy BKAWAN is a much better alternative, same boss and same company, only different packing for listing. Investment bank write report for big players, they need trading volume to go in and out, retail investors dont need big volume, go for BKAWAN to enjoy lower PE and higher DY.

现在母股是7.86，比我写这张贴时的7.88低两分，然而WA却已经从0.975涨到1.03，可以考虑套利啦，等下回母股涨WA跌时再来一回吧。

BenBlurBlur, I dont know about that, but I dont think so.

Coldrisks, the settlement price is the Volume Weighted Average Price (VWAP) of the last 5 days, in this case are VWAP from 22nd to 26th February.

Coldrisks, another information is the number of MAYBANKC11 not held by CIMB was only 4,464,600 units as on 31.01.2016, so it is not likely CIMB would spend much money to sell off mother share during the 5 settlement days, some more mother share trading volume is high, not worth it to do so.

number12, because the mother share price will be adjusted on ex-date.

Coldrisks, for C17, you need to capture the expected 33 sen dividend (assume equal to 2015) in April 2016. So the dividend yield is equal to RM0.33/RM8.54/0.43year=8.99%. You will get your answer using the same calculator.

william82，你其实可以short期货来对冲，就没那么大压力了。

Please check Dynaquest's latest SPG, how many stars were given to this company? What I know Dynaquest gave 1.5* in 2008's SPG, then in 2012, Dynaquest has discontinued giving combined rating to PMCORP. So, be extra careful with this company.

Calvin, why did you say PMCORP next 3 years' DY would be 10.6%? They did not pay any dividend for the last 10 over years. Are you referring to the coming capital distribution of 8 sen?

Ryan Chong， 我不想再讨论母股是否昂贵或便宜，我认为合理你认为不是，那没聚焦，何必呢？我这里是计算凭单合理价，前提是认为母股合理，你请便吧。你呀又再说我很noob，很没有礼貌叻！

Ryan Chong，进来讨论是好的，不过也请不要用攻击性的词语，例如“傻咩？”会让我觉得不舒服。我虽然不是非常聪明，但是也曾经去MENSA考过智商，也因此考得不错而被邀请成为MENSA的会员。所以除非你本身非常聪明，不然少用点“傻咩？”这类的词语吧！

Ryan Chong, 我是基于几个证卷行的推荐，自己也看马币还会贬值下去，会刺激旅游业，直接让云顶受惠，有个外国基金已经陆陆续续买进母股，买了好一段时期，现在还是继续买进。所以我觉得母股目前的价钱合理，不然的话，我倒不如投机GENP-WA，它目前是折价交易呢！OK,讨论母股价钱是不是昂贵或便宜，我不想再多说，很难有个结论。

limko1, I agree with you.

Johnys, what kind of animals would comment rubbish?

feiloh, the exercise price is higher than mother price, so the intrinsic value is negative, but the time value is high due to high gearing, long life, low dividend yield. The fair value of a warrant is the sum of intrinsic value and time value.

Gen2, What is the better way then?

Nelson Chua，那是计算期权/凭单合理价的计算机，BURSA网站有一个，也可以上网找其他的，算法都一样的。

Refer to the above youtube, "a" is the average gain per step, we have up magnitude of 1.162 and down magnitude of 0.861, so a=1.008=1.162*p+0.861*(1-p),solving the equation, p=(1.008-0.861)/(1.162-0.861)=0.488, and (1-p)=0.512.

https://www.youtube.com/watch?v=YJls_RgTniw&list=PL4108D90CA93915EB&index=4

Nicholas1184,

Please watch the above youtube. At 2.27, you can see the formula of "a", which is the average gain per step, equal to interest minus dividend, in another word, the interest although is called risk free interest, it is actually the total gain for the underlying. To verify, a=p*u+(1-p)*d=0.488*1.162+0.512*0.861=1.008.

The 30% volatility is of the underlying, I calculate from the past 90 trading days and annualised it. GENTING is quite volatile.

yungsheng1, you are right.

Kakashit, Provided FKLI settle at 1622.64, HK will be (1735-1622.64)/666=0.169, I put there 0.167 to include 1% for brokerage cost. HK was issued by CIMB, they will charge you a lump sump RM20 if not mistaken regardless of how much your settlement money is, sonme other issuers charge 0.3% instead of lump sum, some dont charge at all.