《大行報告》瑞銀下調港交所(00388.HK)目標價至615元 評級「買入」
瑞銀發表研究報告指,新一份預算案中將股票印花稅由0.1%提升至0.13%,估計投資者的總交易成本將增加10%至20%,但預計對香港市場交易量的負面影響將較為溫和,僅為5%至10%,主要是由於香港股市大部分都不是超高頻率交易,加上認股權證及牛熊證仍免徵印花稅,相信是次調升幅度對於大多數散戶及機構投資者屬可以忍受範圍。
該行指,看好港交所(00388.HK)不斷完善的生態系統,以吸引更多新經濟股,預期加徵印花稅3個基點,不足以令中概股改變來港第二上市計劃,但步伐可能有所放慢。對於南向投資者而言,瑞銀認為香港市場仍有價值,雙重上市股份及新經濟股估值具有吸引力,是目前A股市場缺乏的投資機會。
港交所公布了第四季業績,淨利潤按年增長47%,符合該行預期。瑞銀指,管理層仍對交易所在吸引新經濟股票的定位持樂觀態度,預期IPO渠道保持穩定,加上互聯互通仍有進一步發展潛力,維持「買入」評級,將港交所的目標價由650元下調至615港元,認為預算案後的股價疲軟已反映股票印花稅的影響。
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