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《大行報告》美銀證券升港交所(00388.HK)評級至「買入」 股價調整後現吸納機會
阿思達克 04-09 14:24
美銀證券發表的研究報告指,港交所(00388.HK)自2月高位跌20%,主要因為股票印花稅意外提升,以及市場波動,現價相當於2021年預測市盈率37倍,仍高於其歷史平均35倍,但就低於高位時的43倍。本地日均成交額由首兩月的2,390億元,跌至3月份1,960億元,與該行早前對其2021年預測相若,加上IPO勢頭強勁,同時亦未反映潛在推出A股衍生品的影響,相信公司今年盈利仍可強勁增長39%,將評級由「中性」升至「買入」,目標價維持549元。

該行指出公司目標進一步鬆綁ADR上市要求,舊經濟ADR有望獲准在港第二上市。該行估計將有更多ADR在港發行股份,更重要的是鬆綁第二上市要求,可潛在透過ADR轉換,將第二上市變成第一上市,從而滿足互聯互通要求。

該行指出SPAC是另一個上市方式,並認為不會帶來大改變,特別是較大型的企業在上市計劃時或會考慮多項因素,包括是投資者、流動性、估值等,加上無論有無SPAC,港交所仍然是亞太區最吸引市場之一,料IPO表現仍強勁,相信港交所有望在2021年尾推出SPAC,但料不會為收入帶來重大貢獻或令上市企業大幅增加,不過有助交易所繼續與新加坡及美國競爭。(el/u) ~

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