□ Haitong Securities Wang Tao
Due to the substantial year-on-year growth in the performance of the third quarter report, and as a plate with low P/E ratio and high cash dividend, the steel listed companies represented by Wuhan Iron and Steel Co., Ltd. and Baosteel Co., Ltd. have recently become the targets of market capital pursuit, and both the call and put warrants of Wuhan Iron and Steel Co., Ltd. have risen significantly.
But the biggest risk of warrants is that they have maturity dates Shenneng JTP1 By closing the transaction at 0.002 yuan, the risk that the warrants may become waste paper upon expiration is strengthened again. Take the closing price of WISCO warrant on November 10 as 0.848 yuan, unless the investor expects the exercise period Wuhan Iron & Steel The price will be higher than 3.47 yuan or lower than 2.68 yuan, otherwise buy WISCO JTB1 and WISCO JTP1 There will be losses.
For investors who hold both Wuhan Iron and Steel JTB1 and Wuhan Iron and Steel JTP1, if they do not hold Wuhan Iron and Steel shares , the two warrants cannot be exercised on the same day. If investors expect that the stock price of WISCO will not fluctuate significantly before the expiration, holding both WISCO JTB1 and WISCO JTP1 will definitely cause losses.
For Wuhan Iron and Steel JTP1, it is also necessary to add the Wuhan Iron & Steel And the impact cost. For Wuhan Iron and Steel JTB1, there is also the risk of holding shares overnight. Here, we should remind these investors of WISCO warrants to beware of the "doomsday" risk of WISCO warrants.
