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倪國權先生 (Alex Ni)
助理經理

曾任職鋼材交易員及廣告公司主任,所以特別喜歡研究資源類及消費類股票。歡迎來電賜教或交流心得。
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股票期權簡評: 中國交通建設(1800.HK)

Tuesday, May 17, 2022 Views6429

股票期權簡評

 

中國交通建設(1800.HK)

 

跟據國家統計局資料顯示,中國內地今年首季固定資產投資按年上升 9.3%。其中基礎設施投資按年上升 8.5%,成為國內經濟增長動力之一。同期,多項建設專項已經上馬,繼續推動內需以及就業。

 

國家主席習近平在今年四月的中央財經委員會會議上表示,需要加強交通,能源,水利等基礎設施建設及加快新型基礎建設如信息,科技及物業。

 

中國基礎建設公司中,以中國交通建設(1800.HK)、中國鐵建(1186.HK)及中國中鐵(0390.HK)首季業績表現較為突出,三者於收入及營業利潤平均有一成以上的增長。

 

中國交通建設(1800.HK)首季表現如下:

 

雖然去年疫情嚴峻,公司保持收入與盈利的增長:

公司現時股價為 2022 年預測市盈率約 3 倍。輝立証券董事黃瑋傑先生於 5 月11日輝立研究投資快訊推薦中國交通建設投資策略:買入價:$4.40,目標價: $5.00,止蝕價:$4.10

 

股票期權策略投資:

 

中交建(1800.HK)一個月高低價為 $4.14/$4.74。10 天/20天/50 天平均值為:$4.514/ $4.443/ $4.343。投資者如果選擇股票期權作為投資中國交通建設 (1800.HK) 工具,可以考慮以下策略:

 

 

 

1. 沽出認沽期權,收取期權金

 

例子一:

 

沽出六月份行使價 $4.10 期權,期權金(每張合約)大約可以收 $0.14/$0.15。中交建期權每張合約股數為 1000股;如果收 $0.14,總金額為:$0.14 x 1000 股(張)= $140,年度化收益率為 26.9%。

 

這個策略利潤是收取期權金,而最大風險是股價下行。因為股票期權有桿槓及引伸波幅效應,對比持有股票,虧損可以較大。以下圖表簡單顯示上述利潤及風險:

因為香港股票期權是採用美式期權,跟據港交所資訊,如果股票價格下跌大過行使價的 1.5%,沽出期權投資者需留意有可能收到被提前行使合約的要求(即需要買入股份)。

 

2. 買入認購期權,付出期權金

 

例子二:

 

如果投資者看好中交建股價能於六月份上升到 $5.00,投資者可以考慮購入行使價 $5.00 認購期權。假設當時期權金為 $0.05,每張合約應付:$0.05 x 1000 = $50。以下圖表簡單顯示上述例子利潤及風險:

認購期權最大風險是虧損所有期權金。最大利潤就是股價不斷上升。不過,投資者需要留意合約到期日,所持有合約需要平倉。

 

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