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PAS : KE ARAH PEMERINTAHAN ISLAM YANG ADIL
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Assalamualaikum,
Warrant is actually one form of derivative instruments
issued by a company and traded in the stock market. A
warrant is normally attached to an ordinary share or
'mother share' of a company. This means that the price
of warrant would depend on the price of its mother
share.
To trade a warrant, one needs to understand few
terminology - exercise price or strike price,
expiration date, premium, gearing or leverage, and
delta.
Exercise price - the price at which a warrant holder
can convert the warrant into an ordinary share. Eg. if
one has an X warrant with X-Price of RM2.00, then
he/she can convert the warrant into ordinary share by
only paying RM2.00/share although the share is
currently traded at a price higher than RM2.00.
Expiry date - the date when the warrant expires.
Normally a warrant is issued for a life span of 5
years. Onced expired, it will have no value or 0 sen.
To buy a warrant, make sure that it still has at least
one year to expire.
Gearing means for the same amount of money, how many
times one can get exposure into a company. Eg - if a
share is priced at RM2.00 and its warrant is priced at
RM1.00, then the gearing is 2 times.
Delta - a ratio of price increase in warrant for
RM1.00 increase in mother share price. Eg - if a
warrant has a delta of 0.5, if the price of mother
share increase by RM1.00, then the warrant price akan
naik lima posen.
Premium - complicated sikit. Assuming one buys a
warrant and immediately exercise the warrant, then the
total amount that he/she has to pay (warrant price +
X-price) minus the current share price is the premium.
To buy a warrant :
1. Make sure that the company has strong fundamental.
2. There is positive outlook for the mother share.
3. Buy a warrant with the lowest premium or traded at
discount.
4. The warrant still has a long way to expiration.
Amacam ? Ada paham ka? Please do not just buy anything
without knowing what we are buying. If a remisier
recommend something ask some questions about the
company. A remisier objective is to generate as many
trades as possible. They will tell us to buy what we
don't have and to sell what we have ( of course not
all of them).
Semuga ada manfaat.
Wassalam
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