《大行報告》花旗:下調股票印花稅對港交所(00388.HK)有利 惟結構性效益相對有限
花旗發表報告指,《施政報告》提出將股票印花稅由0.13%下調至0.1%,對港交所(00388.HK)有逐漸利好作用,但結構性的得益相對有限。
該行估計印花稅佔總交易成本約30至40%,下調3點子令交易成本減少7至9%,不過高頻交易一向佔本港市場比重不高,因此下調印花稅不會導致量化交易顯著改善,至於ETF、衍生權證、牛熊證本身已獲豁免,因此不會受惠,而相關交易首三季已佔本港日均成交約24%。
該行認為下調印花稅對港交所盈利影響有限,在短期氣氛仍然疲弱下,市場流動性及成交量不會受惠措施而顯著改善,維持其「沽售」評級,目標價270元。
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