富瑞:維持港交所(0388.HK)360.04港元目標價 評級持有
富瑞發表研究報吿指,港交所(0388.HK)股價昨日在港府公佈將上調股票交易印花税後下跌約9%,而其第四季盈利稍勝市場預期。該行認為,投資者擔心可能會進一步提高印花税率,或抑制流入香港的資金,港交所股價可能出現進一步的短期修正。該行維持其目標價360.04港元,評級持有。
富瑞指,由於定量交易和程式交易僅佔現金市場的1-=20%(有印花税)及40-60%的衍生產品市場(無印花税),因此估計對總交易額的直接影響可能是約5%。
該行續指,這是自1993年以來香港印花税的第一次上調,而且由於財政赤字的惡化,投資者擔心還會增加更多。該行認為,這是一個警吿信號,上調税率似乎主要由親北京陣營提供支持,由於股票印花税僅佔政府收入的5%,可以視為政府旨在遏制大量流入香港股市的信號,而印花税已被用作調整內地股市的手段,因此人們擔心香港將來可能會如此。

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