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(PTT13P1402A)
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$ 4 &
2556
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- 0
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>?23
340 (/!
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(direct listing) / PO
1! /!$ 215 ! /$I"
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0.025 (40 > DW ! 1 >1
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"/ $ 29 &
2556
29 &
2556
28 1
,203 2557
24 1
,203 2557
F#+!
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(Cash Settlement)
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(1) *Z>1 PTT -$ 24 1
,203 2557 (#I" 1) !# 340 (- 0) DW
$ 0$+F#+*a ! 10 (net cash settlement) KGI I^
$ !+> - 0 (340)
*Z>1 PTT K $ 24 1
,203 2557 K 0.025 (!- 0!>) >--- 0$
$[ (
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PTT > 340 DW +F
F#+ ! KGI
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1. -$ 24 1
,203 2557 *Z>1 PTT =
306 ^#> KGI #+ !-> DW = 0.85 !> [(340 - 306) x
0.025 = 0.85] F[$ -#K#F
?1 DW !>!1-I" DW /?+
-- 0
2. -$ 24 1
,203 2557 *Z>1 PTT =
340 ^#> KGI F
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-I" DW
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PTT 2
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F$ >>1 PTT $-*a>?23 11 (issue) /?F
?+ 50 #>1$
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?1 I"> DW -!?>?23F!?^$ 24 1
,203 2557 /?+ DW +2
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2.2 * DW
1) #/! DW /! (Limited Life)
DW *a! $
$1#/?+ DW ??!
1$>?! $?? (time decay)
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- 3>1 PTT $
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+ *+
2) (Price Risk)
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^ $*?$/*? DW I^ DW *?$/*?^"*l>?*+
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->1 KGI) /?+ DW *aF*!
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K
DW (supply) FI^ ?->?+?F>>1 PTT /?+ ?! DW F
3) gearing #/!! Leverage (Gearing Risk from Leverage)
Leverage ?1- DW >1 PTT F
-?1->1 PTT --#$
?1->1 PTT ! $ gearing *?$/*? DW $!
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4) *+
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