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《大行报告》瑞银下调港交所(00388.HK)目标价至615元 评级「买入」
阿思达克 02-25 10:01
瑞银发表研究报告指,新一份预算案中将股票印花税由0.1%提升至0.13%,估计投资者的总交易成本将增加10%至20%,但预计对香港市场交易量的负面影响将较为温和,仅为5%至10%,主要是由於香港股市大部分都不是超高频率交易,加上认股权证及牛熊证仍免徵印花税,相信是次调升幅度对於大多数散户及机构投资者属可以忍受范围。

该行指,看好港交所(00388.HK)不断完善的生态系统,以吸引更多新经济股,预期加徵印花税3个基点,不足以令中概股改变来港第二上市计划,但步伐可能有所放慢。对於南向投资者而言,瑞银认为香港市场仍有价值,双重上市股份及新经济股估值具有吸引力,是目前A股市场缺乏的投资机会。

港交所公布了第四季业绩,净利润按年增长47%,符合该行预期。瑞银指,管理层仍对交易所在吸引新经济股票的定位持乐观态度,预期IPO渠道保持稳定,加上互联互通仍有进一步发展潜力,维持「买入」评级,将港交所的目标价由650元下调至615港元,认为预算案後的股价疲软已反映股票印花税的影响。

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