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06 April 2008

kurnia 2 2008march的附加股送凭单分析。

概要:

每3母股,配1附加股,附送免费1凭单。
附加股和凭单转换价皆为 RM1.50
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kurnia
before ex-rights, 19-Mar-08 RM2.79
after ex-rights, 21-Mar-08 RM2.28

(27-Mar-08  RM2.16
28-Mar-08  RM2.27

3-Apr-08 RM2.08)

28-mar-08 , kurnia-or first quote, close at RM1.50    (to  3-Apr-08, at Rm1.33)


based on 28-mar-08:
kurnia value RM2.27
kurnia-or value , except warrant=RM1.5
warrant value RM1.5 + 1.5 - 2.27 = 73sen

based on 3-Apr-08:
kurnia value RM2.08
kurnia-or value , except warrant=RM1.33
warrant value RM1.33 + 1.5 - 2.08 = 75sen



28-mar-08点评:
73sen(kurnia-wa)显得相当不合理,因为73sen加上RM1.50的转换价,并不能享有母股溢价。

结论:
1)母股跌19sen,变成
3-Apr-08的局面
2)wa的合理价,在
3-Apr-08趋向合理(75sen)

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