大行評級丨美銀:上調港交所目標價至440港元 IPO市場或迎來強勁復甦
美銀證券發表研究報告指,將港交所的目標價從398.2港元上調至440港元,重申“買入”評級,將2025至2026年的盈利預測上調2%至4%。該行認爲,香港的IPO市場今年可能迎來強勁復甦,其IPO管道中有超過120宗IPO,包括來自A股市場的相當數量的公司,今年至今的平均每日成交額保持在2400億港元以上。成交額和IPO推動盈利和市場情緒,暗示未來6至12個月存在上行風險。該行表示,來自地緣政治緊張的自上而下風險仍是主要下行風險,包括海外資金流出,以及因宏觀經濟疲弱(受關稅和其他問題影響)而導致的情緒惡化等。與市場普遍認爲美國ADR退市並在香港重新上市可能帶來正面影響(因香港市場資本化和成交額將增加)的看法相反,該行認爲,若發生ADR退市,香港可能面臨金融脫鉤的風險增加,資金外流和外匯問題的擔憂可能對港交所及整個市場產生負面影響。
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