JPMORGANGlobalQuantitative&DerivativesStrategy28April2024AsiaPacificTacticalDerivativesGlobalQuantitativeandDerivativesStrategyStrategyXipuHanACOptionstradesonTencent(700HK),Xiaomi(1810HK)andAlibaba(9988HK)intoearnings(852)2800-1029xipu.han@jpmorgan.com•Tencent’s(700HK)asymmetricpriceactionsfavorsbuyingbullishcollar:J.P.MorganSecurities(AsiaPacific)Limited/J.P.MorganBroking(HongKong)LimitedTheanticipationofdomesticgamegrowthandincreaseinshareholdervaluemaypotentiallysupportTencent'sperformance.Theongoingsharebuyback,TonySKLeeACsouthboundinflows,andexpectationsofre-ratingprospectshavecontributedtoasymmetricalpriceactionsinTencent.Theoptionsmarketimpliesan(852)2800-8857earnings-daymoveforTencentthatisroughlyinlinewiththehistoricallevel.tony.sk.lee@jpmorgan.comGiventherelativelyhighlevelofvolatility,wepreferspreadstomanagecarryJ.P.MorganSecurities(AsiaPacific)Limited/J.P.costs.ConsideringtheasymmetryinTencent’ssharepriceactions,wethinkit’sMorganBroking(HongKong)Limitedmorefavorabletosellputstofundthepurchasesofcalls.WerecommendthatinvestorsconsiderbuyingabullishcollaronTencent.HaoshunLiuAC•OverlayingXiaomi(1810HK)callratioonlongstockpositionfor(852)2800-7736haoshun.liu@jpmorgan.comleveragedupsidepotential:Thebetter-than-expectedEVmomentummayJ.P.MorganSecurities(AsiaPacific)Limited/J.P.leadtoshort-termupside...
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