Sunday, 2 August 2020

SMF篇：用股票或定期存款有何分别？


闲着没事，
就来写写关于SMF(Share Margin Financing)户口好了。

强烈建议对SMF户口有兴趣的各位，
先看过以下两篇文章：
为何我使用SMF来投资
当年我迅速累积身家的3把武器

说到SMF户口，
很多人第一个的疑问就是.................
我应该用我的股票还是定期存款来抵押呢？

通常会产生这个疑问的原因，
就是SMF户口的宣传语都是这么写的：
Trading Limit : up to a maximum of 2.5 times against Fixed Deposit.
Trading Limit : up to a maximum of 1.5 times against Shares.

哇~~~~
抵押定期存款有2.5倍Trading Limit，
但是抵押股票才只有1.5倍Trading Limit，
看起来定期存款比较值得喔？

真的是这样吗？

当年我也是傻傻地这样认为，
但还好我的SMF Banker好心地解释了一番，
我才明白过来，
其实差别不大。

为什么呢？

首先来看看MoF (Margin of Finance)的计算方法：
(关于MoF，以后我会写篇文章。)


然后根据我这里马来西亚，
大部分SMF户口的MoF都是60%，
所以我就用60%好了。

首先是状况一，
抵押总价值100K的股票。

注意！
不是总“市”值100K的股票噢！
而是总“价”值100K的股票！

这是因为银行有设置各股的% of MV和Cap Price，
(关于这些，以后也会写篇文章。)
所以就算有总市值100K的股票，
但对银行而言，
未必是总价值100K!

不过，
本文的重点在于抵押股票和定期存款的分别，
而不是关于MoF或Cap Price，
为了方便解释，
我们先假定MoF = 60%，
% of MV = 100，
然后银行没有设置Cap Price好了。

首先是状况一，
抵押总价值100K的股票，没有定期存款：

由于没有定期存款，
所以MoF的计算方法可以简化成：

还没有开始负债买股票时，
负债额是0，
总股票价值只有所抵押的100K，
所以MoF是0%:


所谓的1.5倍Trading Limit，
就是1.5 X 100K = 150K，
也就是说大概可以多负债150K来买股票，
如此一来MoF刚刚好是60%:


就结果而言，
在负债150K的情况下，
拥有大约250K价值的股票。



接下来是状况二，
抵押100K的定期存款，
这时就要用回最完整的算法：

抵押定期存款的话，
是2.5倍Trading Limit，
就是2.5 X 100K = 250K，
也就是说大概可以多负债250K来买股票，
如此一来MoF刚刚好是60%:




就结果而言，
在负债250K的情况下，
拥有大约250K价值的股票。


总归来说，
不管是状况一或状况二，
最终都是拥有250K价值的股票。

这就是我为什么一开始说，
结果是差不多的。

当然，
状况一：负债150K，股票250K
状况二：负债250K，股票250K，定期存款100K

如果不单纯看结果，
从会计账面上来看，
是有所不同的。

然后，
Force Selling的风险是一样的。

当股票大跌，
MoF超过70%时，
就会启动Force Selling。

不管状况一或者是状况二，
股票价值从250K跌到210K都会启动Force Selling：


“用定期存款抵押，风险没变，并不会更安全。”


基本上除了计算过程稍微不一样，
就结果和风险而言，
是一样的。

当然，
除非用OPM~

以上就是今次所要探讨的主题，
若有任何疑问，
欢迎留言。

对于SMF有什么想知道的，
或有任何不清楚的，
也可以留言给我，
这样我才会有灵感写文~

感谢阅读。

以上言论没有任何买卖建议，
大家买卖自负。









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SMF Series : Any difference for using shares or FD as collateral?


Since SMF(Share Margin Financing) account is something that not many people write about it,
so I decided to start writing it.

For those who have interest at SMF account,
feel free to read the two chapters below first:

When talking about SMF account,
the first question which appeared at everyone's mind is:
"Should I use shares or fixed deposit as collateral?"

The reason why this question arose,
is because of what is written on the promotion of SMF account:
Trading Limit : up to a maximum of 2.5 times against Fixed Deposit.
Trading Limit : up to a maximum of 1.5 times against Shares.

Wow~~~
2.5 times Trading Limit for Fixed Deposit,
but only 1.5 times Trading Limit for shares,
seems like using FD as collateral is much more worth it??

Is it???

I was thinking like that too,
only after my SMF Banker kindly explained to me,
I understood that the difference is not that significant.

WHY?

First let's see the calculation formula  of MoF (Margin of Finance):
(I will write an article specially about MoF next time.)


Following the standard at Malaysia,
the MoF of majority of the SMF account is 60%,
so I will use 60% too.

Situation 1: 100K shares value as collateral

Beware!
It is 100K shares value!
Not 100K market shares value!

This is because the investment bank each set its won % of MV and Cap Price for different shares,
(I will write more about this at the future.)
so even though the shares is worthy of 100K market value,
but it might not be 100K shares value for the bank!

ANYWAY,
the main focus of this article is about the difference of using shares or FD as collateral,
and not about the MoF or Cap Price.

So to simplify everything,
we will assume that the MoF = 60%,
% of MV = 100,
and no Cap Price.

Again,
Situation 1: 100K shares value as collateral, no FD.

Since no FD,
so the calculation of MoF can be simplified like this:


When first started,
there is no outstanding loan,
and only 100K total shares value,
the MoF is 0%:


The 1.5 times Trading Limit,
is because of 1.5 X 100K = 150K,
which meant that maximum 150K loan can be used to buy more shares,
and the MoF will be exactly 60%:


At the end,
250K value of shares are acquired by having 150K loan.


Situation 2:
By using 100K FD as collateral,
this time we will use back the the complete formula:


By using FD as collateral,
2.5 times of Trading Limit will be given,
because 2.5 X 100K = 250K.

Thus,
250K loan can be used to buy more shares,
and the MoF will be exactly 60%:



At the end,
250K value of shares are acquired by having 250K loan.


As conclusion,
no matter it is situation 1 or 2,
at the very end still will have 250K value of shares.

That's why I mentioned above,
the difference is not very significant.

Of course,
Situation 1 : 150K loan, 250K shares
Situation 2 : 250K loan, 250K shares, 100K FD

If looking at it in terms of accounting,
it is sort of different.

However,
the risk of Force Selling is the same.

If the value of shares drop a lot until the MoF is over 70%,
then the Force Selling will be activated.

No matter Situation 1 or 2,
when the shares value dropped from 250K to 210K,
Force Selling will be activated:
 

"When using FD as collateral, the risk is still the same."

Basically,
only the calculation part a bit different,
the end result and the risk are the same.

Well,
unless it is OPM~

That's all I wanted to share about this topic,
feel free to comment below if there is any question.

Also,
feel free to ask anything about SMF,
then I will know what to share next~

Thanks for reading.

I don't provide any buying/selling suggestion above,
please make your own investment decision and be responsible with it.

List of articles year 2018




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