Broader Market Slump Changhong (580,027) Warrants Covers Daily Limit
Yesterday (August 19) formally listed, not the market expected
, Changhong warrants rose 44.18% opening is sealed in the daily limit, closing at 2.082 yuan limit-day price.
And yesterday (August 19) and warrants listed on 09 synchronized Changhong debt (126,019, closing price of 71.22 yuan) have received a great day, Yang Xian, according to warrants it appears that more than "trading booming", the sale price relative active. The bond, after opening at 70.21 yuan, fell slightly to 70.20 yuan after rising volatility, the day to close at 71.22 yuan, according to more than 100 yuan face value fell 28.78 percent.
Overall income is not high Professionals said the 0.27% convertible bonds due Changhong low success rate, although the warrants daily limit, but investors are still not high overall yield.
National Securities analyst Jiaguo Wen said, according to the opening price calculation, including the net debt including convertible bonds and warrants are priced at 109.98 yuan, to 0.27% success rate, the investment income is only about 0.026% to yield more low.
However, analysts believe, as a suspended 10 months after the first warrants, warrants Changhong will not immediately open daily limit. Xiao-Ping Qiu Zhejiang Securities analysts expect will be listed Changhong CWB1 1 to 2 daily limit, the valuation range of 2.45 yuan to 3.5 yuan in the vicinity, according to the price range of estimates, the overall yield Changhong convertible bonds will be 0.05% about 0.11%, investors can sell at more than 2.7 yuan Changhong warrants.
Jiaguo Wen said, Changhong warrants could also open daily limit today, mainly because of the broader market performed poorly, and the new warrants listed on a single force, can not match the overall format. However, the market is not lack of funds, warrants continued daily limit also has room for speculation.
"Retail investors are selling bonds the same day, three days after the sell warrants," Jia Guowen that Changhong warrant pricing as low, so the first day of opening the warrants sold to investors will be relatively small, the specific form of good bad and whether to sell more to wait until the third day, "investor returns depend on the specific performance of the market warrants."
Bond yields considerable Although the prices of daily limit
warrants, bond prices closed higher, but they did not support the stock price formation. Yesterday, Sichuan Changhong Electric (600839, closing price of 4.83 yuan) to close at 4.83 yuan a day had fallen by 5.48%.
Jiaguo Wen believes that warrant listing prices, unless the exercise price of approaching things, and there is no relationship between stock price, nor will it result in stock price support. SW Changhong is given the initial listing of warrants 130% ~ 150% of the amplitude level, that is, Changhong's stock price was 4.5 yuan to 5.5 yuan, the corresponding price of 2.803 yuan Changhong CWB1 ~ 3.986 yuan between the stock price if Changhong 5 yuan, and the corresponding price of 3.21 yuan Chang CWB1 ~ 3.556 yuan between.
Addition, Jia Guowen remind investors, most investors are eager to cast the ballot debt and warrants watching the trend, but in fact their income net debt is very high. Currently nearly 30% of the debt discount when due according to the 100 denomination exercise, the general back in the opening net debt are slowly going up higher at lower prices. He calculated that, if the opening price of 70.21 yuan yesterday to buy 09 Changhong bonds, the average annualized yield of 7.06 percent, bond yields are very high level, even according to the yesterday's closing price of 71.22 yuan, the annual rate of earnings approximately 6.89%.
"Many large funds such as insurance, like in the opening day of separation of the exchange of convertible bonds to buy bonds, bond yields is not low." Jiaguo Wen said Changhong relatively high yield convertible bonds, investment can pay attention to risk preference in their favor of investment.
Broader Market Slump Changhong (580,027) Warrants Covers Daily Limit
By: zzj89@foxmail.com
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