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《大行报告》美银证券:港股属全球交易成本最高市场 加印花税对港交所(00388.HK)长线影响负面
阿思达克 02-24 15:06
美银证券发表报告表示,就财政司司长决定提交法案调整股票印花税税率,由现时买卖双方按交易金额各付0.1%提高至0.13%,指相关加税提议於过去四年市场均无预期,而港交所(00388.HK)近年亦致力降低交易成本以提高港股交投量。

该行认为,港府上调股票印花税税率提议,对港交所短期营业额影响属中性的,因为港股市场依然强劲,投资者倾向於忽略交易成本的上升,而证券经纪可能会降低散户投资者的佣金率。但从长期来看,高昂的交易成本将不利於港交所扩大及吸引投资者,构成负面影响。

美银证券指,港股属全球交易成本最高的主要市场之一。对於普通投资者而言,其交易成本包括(1)佣金介乎0.03至0.25%、(2)印花税0.10%(上调後为0.13%)、(3)交易徵费为0.0027%、(4)交易费用0.005%及(5)清算费0.01%

该行指,印花税是交易成本的主要部分,尤其是在经纪降低佣金率时。随着越来越多的线上证券交易,并将其佣金率从传统的15至25个基点降低到5至10个基点,印花税在总额中所占的比例进一步增加。当市场强劲时,投资者往往会忽略成本的上涨,而佣金率的下降也将使总体成本基本保持不变,甚至更低。但对於机构投资者而言,由於不太可能大幅降低佣金率,其影响将更加不利。

此外,就港交所公布去年纯利按年升23%至115亿元,收入升18%,该行指港交所业绩强劲,但相信正面推动因素已在股价反映,该行上调港股今年日均成交预测由1,500亿元升至2,000亿元,调高港股明年日均成交预测由1,700亿元升至2,400亿元,上调今明两年盈测12%至15%‵,维持对港交所「中性」评级,调高对其目标价由482元升至549元。

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