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瑞銀:港交所(0388.HK)長期增長潛力未完全反映,目標價531港元

瑞銀髮研報指,港交所(0388.HK)舉辦了企業日,概述了三大支柱的長期戰略,中國互聯互通、市場吸引力和技術發展。該行繼續看好港交所的市場擴張、速度加速和收入多元化,認為長期增長潛力尚未完全反映,維持“買入”評級,目標價531港元。

該行認為,整體業務戰略方向基本保持不變,但現在更加重視技術、客户關注和ESG;香港交易所將繼續探索跨資產類別的產品生態系統和互聯互通計劃的擴展,以滿足市場需求並擴大收入基礎;對IPO制度的持續審查;對技術的廣泛討論,從市場微觀結構和效率改進到潛在的更多數據產品。

該行認為,中國互聯互通仍是港交所長期戰略的核心,而產品生態系統的擴展和對IPO制度的持續審查以及使用更多技術和數字化工具將有助於提高市場吸引力和效率。該行預計,短期內有關ETF資格的更多細節股票連接,而連接計劃的潛在擴展至衍生品可能是長期催化劑。該行還看到香港交易所繼續發展成為區域風險管理中心的雄心,在人民幣和在岸資產相關衍生品方面具有潛力。

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