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大和:港交所(0388.HK)拟购伦交所策略合理 吁“买入”
格隆汇 09-12 16:46

港交所(0388.HK)计划以现金加股份,以总作价近2900亿港元收购伦敦证券交易所,大和发表研究报告表示,有关交易尚待监管机构等各方批准,并认为有关交易在策略上合理,而淨效益需视乎其执行力,无论交易能否成功,港交所肯定会成为全球行业和全球投资者更重要的股份,维持港交所“买入”评级及目标价307.8港元。

大和指,港交所需支付700亿港元以作收购,而港交所与伦交所业务有很多相似之处,该行相信有关交易的影响须视乎港交所可从中得到多少经济效益,如提升经营规模,以及可否利用伦敦作为金融中心的深度及实力,与此同时,此交易令亚洲及欧洲两大交易所合併,将有助增加新的收入来源。

该行又指,有关交易作价,港交所主要透过发行新股支付,而伦交所的价值相当于2020年市盈率37.2倍,相对港交所2019及2020年的市盈率分别为30.5倍及24倍,以港交所的资产负债表来看,相信港交所有能力支付有关交易。

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