近期多元化资源（DRBHCOM）股价大起。买到其认购凭单的朋友都笑开口发新年财。该公司的股价从农历新年前约2令吉20仙至上周五达到3令吉而其许多认购凭单也起了数倍。

When DRB-Hicom made a general offer for Proton shares at RM5.50, those punters who bought Proton call warrants which were trading at a high premium suffered due to the collapse in time value.  Buyers of warrants should avoid those warrants whose underlying shares have a high chance of being taken over especially if the warrants were trading at relatively high premium prior to the offer being made.  In the announcement of Proton offer by DRB-Hicom, the offer price was only 2.8% higher than the weighted average price of the last 5 trading days prior to the announcement.  The offer price was also only 12.7% higher than the one-month weighted average price of Proton but some of the Proton structured call warrants were trading at premium in excess of 20% prior to the announcement of the offer.

许多投资者都喜欢买那些以折价水平交易的凭单来获取无风险回报。由於买进凭单再加上行使价的成本低过母股市价，折价凭单的确可为投资者带来无风险回酬。但是投资者需注意的是由於大马股市不能进行卖空而行使后的凭单母股要约10个交易日后才能交易，投资者还是面对母股在这期间下跌的风险。这种无风险交易只限於已经拥有母股的投资者。虽然如此，如果母股在这行使期间内暴跌，就算拥有母股的朋友也会面对亏损。更加糟糕的是他们并不能即刻卖出股票来减少亏损因为他们行使后的新股还未可交易.

多元重工业在上周初宣布以每股5.50令吉向国库控股收购42.74%普腾股权。它也同时以同样价钱全面献购其余普腾股票。由于收购溢价较宣布前普腾市价只高不足3%，以高溢价交易的普腾备兑凭单尤其是PROTON-CK和PROTON-CL在收购计划出炉后第一个交易日价钱大跌。可是有马投资银行发行的PROTON-CJ尽管以高溢价交易却不跌反升。它在上周五闭市时仍旧以超过13%溢价交易。