Market Brief

The articles are produced in Chinese only.

Author

區良鍵先生(George Au)
業務副董事

工商管理(財務系)畢業, 有十多年投資經驗, 經歷過股災及大大小小的升/跌市. 善於配合基礎因素及技術分析, 整合不同投資工具, 在不同市況下作出相應投資決定. 熟悉本地投資市場, 尤精於股票期權、指數期權及期貨投資.
Phone:
3925 9237

吸納友邦(1299)及其它對沖

Thursday, February 6, 2014 Views1379
6 Feb 2014 4:14pm

(A)
友邦(AIA)(1299)於2013年東南亞''走資潮''時, 曾低見$33左右, 近日新興市場又見''走資'', 股價近日曾見$34.95. 投資者可考慮吸納.

買入價: $34附近
初步目標價: $36
(中長線上望$38-40)
止蝕價: 暫不設止蝕

風險: 東南亞走資潮及美國進一步''收水''等

(B)
對沖安排

大市近日下跌主要源自美國進一步減少買債規模; 如新興市場持續走資, 對大市及友邦(1299)都有不利影響.

Long put (恆指期權) 及其它看淡策略可對有關風險作一定對沖. 個人及部份客戶對農曆新年前亦有以平均價150點以下 long 2月行使價 21,000點put option. VHS 過年前18.3, 農曆新年假後升至22點左右, 2月行使價 21,000點put 5/2 收市價達353點, 賺波幅賺價.

而300點以上的2月行使價 21,000點put option 價格略貴, VHS 目前亦於21點左右, 算是近月高位, 假如只希望用簡單long put 策略看淡, 以冀於跌市中獲利, 可視乎市況, 候230點附近 long 2月行使價 21,000點put option.

如手上有持股或任何好倉, 則可視乎好倉數目, 及個人風險接受能力決定是否於市價long 指數 或相應股票put option. 對傾向較穩健投資者而言, 如打算於目前價位建好倉撈底(e.g. 買入較大型股票), 因洽當的long put 策略可相應降低股價下跌風險, 可認真考慮.

註1: 即時買賣策略只會向個人客戶提出.
市況可隨時變化, 網站文章不一定會及時更新. 投資者宜向個人經紀查詢意見.

註2:期貨及期權價格可升可跌, 投資可賺可蝕.
期貨及期權買賣有槓桿效應, 可放大潛在利潤及損失. 最大潛在損失是無限.

以上純屬個人意見,不構成任何買賣邀請。本人區良鍵為證監會持牌人,截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。
就恆生指數方面, 本人及/或其有聯繫者會隨時就不同情況買賣上述分析的相關資產.
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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