《大行報告》摩通下調港交所(00388.HK)目標價至370元 重申「增持」評級
摩根大通發表報告指,即使本港下調股票印花稅,對港股成交量的刺激作用有限,反而提升互聯互通對成交有較大幫助,例如增加可投資股票及交易日數,將人民幣櫃台納入南向港股通等。在可能推出措施改善港股流動性的情況下,重申港交所(00388.HK)「增持」評級,目標價由376元下調至370元。
報告指,即使將股票印花稅減半,雖然有助改善交易量,但不足以吸引顯著的高頻交易。本港在2021年8月將股票印花稅由0.1%上調至0.13%,在措施生效的三個月,每日平均成交較之前三個月減少126億元,以措施生效後六個月時間比較,每日平均成交減少409億元,不過相信有關數據受市場因素影響較大。
該行估計在2023至2025三個財政年度,每日平均成交分別2,320億、2,990億及3,440億元。
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