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《大行报告》美银证券升港交所(00388.HK)评级至「买入」 股价调整後现吸纳机会
阿思达克 04-09 14:24
美银证券发表的研究报告指,港交所(00388.HK)自2月高位跌20%,主要因为股票印花税意外提升,以及市场波动,现价相当於2021年预测市盈率37倍,仍高於其历史平均35倍,但就低於高位时的43倍。本地日均成交额由首两月的2,390亿元,跌至3月份1,960亿元,与该行早前对其2021年预测相若,加上IPO势头强劲,同时亦未反映潜在推出A股衍生品的影响,相信公司今年盈利仍可强劲增长39%,将评级由「中性」升至「买入」,目标价维持549元。

该行指出公司目标进一步松绑ADR上市要求,旧经济ADR有望获准在港第二上市。该行估计将有更多ADR在港发行股份,更重要的是松绑第二上市要求,可潜在透过ADR转换,将第二上市变成第一上市,从而满足互联互通要求。

该行指出SPAC是另一个上市方式,并认为不会带来大改变,特别是较大型的企业在上市计划时或会考虑多项因素,包括是投资者、流动性、估值等,加上无论有无SPAC,港交所仍然是亚太区最吸引市场之一,料IPO表现仍强劲,相信港交所有望在2021年尾推出SPAC,但料不会为收入带来重大贡献或令上市企业大幅增加,不过有助交易所继续与新加坡及美国竞争。(el/u) ~

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