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瑞银:港交所(0388.HK)购伦敦证券交易所变数多 评级“中性”
格隆汇 09-12 11:15

瑞银发表研究报告,指港交所(00388.HK)已公布向伦敦证券交易所集团提出合并建议。根据呈交伦敦证券交易所集团董事会有关该建议交易的条款,伦敦证券交易所集团股东的每股伦敦证券交易所集团股份将收到2,045便士现金及2.495股新发行的港交所股份,反映其企业价值为366亿英镑,价格较伦敦证券交易所集团股份於昨日(10日)之收市价溢价23%。

该行相信,交易会否通过仍有很多不确定因素,包括需要取决於伦交所及Refinitiv的交易会否取消;潜在的监管障碍;交易的价值几乎与港交所目前的市值一样大,将需要获得股东批准等。

瑞银认为,目前港交所的大部分收入都是来自香港股票相关业务,此项建议的主要协同效应是有助港交所的资产类别及地域多元化。另外,亦可为港交所提供更大的灵活性,以扩阔其FICC产品,并更好地解决人民币国际化的问题。对港交所的目标价为240港元,投资评级为“中性”。

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