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期貨交易 trader

【公司研究】 榮威國際 (3358 HK) – 低基數協助公司重拾增長

Summary. Maintain BUY and lifted TP to HK$ 期貨交易 trader 4.20. Thanks to 1) faster growth in 2H19E, 2) limited impact from trade war and 3) excellent risk reward, we see chance of re-rating. It trades at 8.5x FY19E P/E but with a 28% 3 years NP CAGR.

  • 1H19 net profit inline. Bestway’s net profit rose by 24% YoY to USD 44mn, accounting for 81%/70% of CMBI/ BBG’s FY19E estimates (vs 2 years avg. of 78%), roughly inline. But we are glad that loss from FX hedging contacts was lower than expected. 15% sales growth was driven by 22%/ 8%/ -28%/ 11% for Europe/ North America/ China/ Rest of the world, or 25%/ 7%/ 7%/ 5% for Pools & Spas/ Recreation/ Sporting goods/ Camping products.
  • A better 2H19E ahead, thanks to less FX hedging losses and GP margin expansion. Firstly, the Company guided a 15%+ sales growth in FY19E, implying a faster growth in 2H19E, aided by pickups in North America and China market (1H19E water sports sales was dragged by bad weather). Secondly, GP margin shall improve, due to RMB depreciation (-3% YoY in Aug 2019) and potential lower input prices from more localized raw 期貨交易 trader material supply. Thirdly, thanks to a much lower FX hedging loss (~ USD 20mn one off 期貨交易 trader 期貨交易 trader drag in 2H18), we expect NP to jump by 96%/ 33% in 2H19E/ FY19E.
  • Impact from trade war is limited since retailers are well prepared. Even though more tariffs will be charged when exporting to the US market, from only ~3% of US sales to ~50% starting from Sep 2019, but the impact should not be material, because 1) Bestway is not 期貨交易 trader 期貨交易 trader affected as prices were already set in the past trade fairs, and 2) retailers had already 期貨交易 trader adapted by raising retail prices since late 2018, another round of price increase is also likely.期貨交易 trader 期貨交易 trader
  • Vietnam expansion begins. The Company began its Vietnam expansion. Total capex of the 1st 期貨交易 trader phase is ~USD 15mn for next 3 years, and is targeted to generate ~USD 40mn revenue. Operation 期貨交易 trader will commence in Feb 2020, with ~800 workers. Since Bestway is one of first key manufacturers in the sector to move out of China, we expect it to gain more market 期貨交易 trader shares and enjoy a higher bargaining power over its customers in near future.
  • Maintain BUY and raise TP to HK$ 4.20. We maintain BUY and lift TP to HK$ 4.20, based on 10x FY19E P/E (unchanged). The counter is trading at 8.5x/ 6.7x FY19E/ 20E P/E and we believe its risk reward is excellent, given 3-year NP/ adjusted NP CAGR of 28%/ 13%. We fine-tuned our FY19E/ 20E/ 21E EPS estimates by +5.8%/ -1.5%/ -1.6%.

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纳斯达克100指数期货在关键的8000点再测试纪录新高

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This material is from Tradable Patterns and is being posted with permission from Tradable Patterns . The views expressed in this material are solely those of the author and/or Tradable Patterns and IBKR is not endorsing or recommending any 期貨交易 trader 期貨交易 trader investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To 期貨交易 trader the extent that this material discusses general market activity, industry or sector trends or other broad 期貨交易 trader 期貨交易 trader based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

In accordance with EU regulation: The 期貨交易 trader statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.

Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

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Futures are 期貨交易 trader 期貨交易 trader not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

바이비트(bybit) 수익률 계산하는 방법

[그림1].png

암호화폐 거래 시에 정확한 매수, 매도 타이밍을 期貨交易 trader 잡는 것도 중요하지만, 보다 생산적이고 높은 수익을 창출하기 위해서는 정확하고 빠른 손익 계산을 하는 것도 매우 期貨交易 trader 期貨交易 trader 중요한 것 중에 하나 입니다. 이번 시간에는 바이비트의 손익계산 방법에 대해 간략히 알아보겠습니다.

바이비트의 무기한 계약은 期貨交易 trader 期貨交易 trader 期貨交易 trader 역계약 방식이기 때문에 다음과 같이 평균진입가격을 계산합니다.

평균 진입가격 = 총 계약수량/계약의 총 BTC가치

계약의 총 BTC가치 = [(수량1/가격1) + (수량2/가격2) + (수량3/가격3). ]

예를 들어 8000USD와 9000USD의 시점에서 BTCUSD 50개를 무기한 계약으로 期貨交易 trader 구매했다고 가정해 보겠습니다.

계약의 총 BTC가치 = (50/8000) + (50/9000) = 0.01180555

평균 진입가격은 "100/0.01180555 期貨交易 trader = 8470.58 USD"로 계산할 수 있습니다.

롱포지션 실현된 손익의 계산방법

실현된 손익 = 계약수량 X (期貨交易 trader 1/평균 진입가격 - 1/평균 청산가격)

예를 들어 5,000USD 의 가격으로 BTCUSD를 4,000개 판매했는데, 가격이 5,100 USD가 되었다고 가정해 보겠습니다.

실현된 손익은 "4,000 x(1 / 5,000 - 1 期貨交易 trader / 5,100)= 0.0156 BTC"로 계산할 수 있습니다.

숏포지션 실현된 손익의 계산방법

실현된 손익 = 期貨交易 trader 계약수량 X (1/평균 진입가격 - 1/평균 청산가격)

예를들어 설명해 보겠습니다. 5,000USD의 가격으로 BTCUSD 4,000개를 판매하고 후에 가격이 5,000USD가 되었다고 가정해 보겠습니다.

실현된 손익은 " 4,000 x(1 / 5,100 - 1 / 5,000) = (-0.0156 BTC) "로 계산할 수 있습니다.

포지션 구역에서 일일 실현 손익은 다음과 같은 의미로 해석할 수 있습니다.

- 시장가(지불), 지정가(환급)에 대한 수수료가 포함

- 8시간마다 펀딩비용을 획득 또는 지불한 금액

아울러, 바이비트는 매일 09:00(한국시간 기준)에 일일 실현 期貨交易 trader 손익을 자동으로 리셋하고 있습니다.

미실현 손익은 거래소 가격을 통해 결정됩니다. 트레이더는 자산현황을 이용하여 실현 또는 미실현 손익을 구분하여 확인할 수 있는데요. 마우스를 미실현 손익에 갖다 대면 시장 평균가격으로 계산된 미실현 손익을 확인할 수 있습니다.

롱포지션에서 거래자가 5,000 USD로 BTCUSD를 4,000개 구매하고, 거래서 가격이 5,500 USD로 올랐다고 가정해 보겠습니다.

미실현 손익은 " 4,000 x (1/5,000 – 1/5,500) = 0.07272727 BTC "로 계산할 수 있습니다.

숏포지션에서 트레어디가 5,000 USD로 BTCUSD를 4,000개 판매하고 거래서 가격이 期貨交易 trader 4,500USD로 하락했다고 가정해 보겠습니다.

여기서 미실현 손익은 " 4,000 x (1/4,500 – 1/5,000) = 0.08888889 BTC " 로 계산할 수 있습니다.

포지션에서 미실현 손익의 %의 의미는 포지션 증거금에 期貨交易 trader 대비한 수익률을 말하며, 포지션의 실제 수익률과는 차이를 보이는게 일반적입니다.

每周图表:波动率指数

This material is from Asbury Research and is being posted with Asbury Research’s permission. The views expressed in this material are solely 期貨交易 trader those of the author and/or Asbury Research.

Disclosure: Interactive Brokers

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of 期貨交易 trader the information provided by the third party. Past performance is no guarantee of future results.

This material is from Asbury Research and is being posted with permission from Asbury Research . The views expressed in this material are solely those of the author and/or Asbury Research and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer 期貨交易 trader to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, 期貨交易 trader or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial 期貨交易 trader 期貨交易 trader conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider 期貨交易 trader 期貨交易 trader 期貨交易 trader whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

In accordance 期貨交易 trader with EU regulation: The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.

Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.