bluefun的投资分享心得
凭单转换母股 Conversion of Warrant - bluefun
Warrant 凭单，顾名思义就是母股(mother share)送的免费子股。 一般上 warrant 会有 5 to 10 years的成熟期限(maturity date)。若拥有凭单股东们不在 maturity date 之前把手上的凭单以实行价(exercise price)转换成母股(mother share)，那么过了 maturity date之后，手握的凭单(warrant)将会是一张没有价值的废纸。
Example: Warrant Company A
Mother share of Company A = RM1.00
Warrant share of Company A = RM0.25
Exercise price = RM0.80
Listing date: 1/1/2016
Maturity dare: 1/1/2020
bluefun bought 1,000units of company A Warrant-A at price RM0.24，before maturity date 1/1/2020， bluefun exercise 1,000units of warrant A to mother share A。 Exercise price is RM0.80，therefore bluefun need to top up RM0.80 x 1,000units=RM800 to convert the warrant A to mother share A。
Holding cost of warrant A = 1,000unit x RM0.240 = RM240.00
Conversion cost of warrant A to mother share A = 1,000unit x RM0.80 = RM800
Total cost of mother share A = RM240.00 + RM800 = RM1,040.00
Share value of company A = 1,000unit x RM1.00 = RM1,000.00
Paper loss = RM40.00
而 conversion of warrant 将会稀释(diluted) 公司的 earning per share(EPS)。 因为 no. of share issued增加了，就代表公司流通于市场上股票的数量多了。
Warrant将不会 entitled for dividend，但若是凭单拥有者在 dividend ex-date之前把凭单转换成母股，在 dividend ex-date之前 listed in bursa，则拥有 dividend的享有权。
Example: Company A
2015
Earning after taxation = 10m
No. of share issued = 100m
EPS = RM0.10
2016
Earning after taxation 2016 = 11.7m
No.of share issued = 120m(20m is conversion of warrant during 2016)
EPS = RM0.0975
如以上的图表所见，虽然 EAT从 FY15的 10m增加 1.7m至 FY16的 11.7m，或者17%，可是 EPS 依然不升反降。 EPS从 FY15的 RM0.10，降至 RM0.0975，降幅为 2.50%。
所以说当大量的 conversion of warrant时，虽然公司将会增强手上的流动现金(conversion price of warrant)，不过 EPS 却会因此而受到巨大的影响。 除非 % growth of EAT > % growth of no. of share issued。
一般上当凭单接近 maturity date时，不想以实行价转换成凭单的股东们将会急于抛售手上的凭单，这就是为什么凭单的股价和母股会双双大幅度下跌。
通常不想转换凭单成母股的股东们是因为没有 premium，或者对公司的前景不太看好，或者所有的利好已经反映在母股的股价上了。
Warrant Premium = [(warrant price + exercise price - current share price) / current share price] * 100
以上就是 bluefun 对于 conversion of warrant的小小分享与见解。
学习的路虽然很漫长，汗水泪水都是种成长。
No pain， no gain
:)
bluefun
27.09.2016
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Discussions
8 people like this. Showing 4 of 4 comments
warrants holders to get more warrants in propotion n its conversion price will be adjusted accordingly
2016-09-27 22:18
Thanks sifu. I can use this article as reference for the coming Gadang warrant :)
2016-09-28 08:10
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BLee
Good info. I started in i3 just wanted to understand more on what happen to pmetal-w with the proposed split of mother share and conversion to NEWCO. Maybe some one can give indication of new conversion price with new price of mother share after all the proposal. I am lost, to keep, to convert or to add..
2016-09-27 21:25