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瑞银:予港交所(0388.HK)“中性”评级 目标价240港元
格隆汇 09-17 11:41
瑞银发表研究报告,指伦交所拒港交所(0388.HK) 的收购要约,是符预期的结果,但相信市场会预期港交所会再次提价,故股价会短期受压,予“ 中性 ”评级,目标价240港元。
该行指,伦交所的管理层以多个原因拒绝要约,包括收购Refinitiv会更能够符合策略目标;伦交所更倾向透过上交所直接捕捉内地机遇,对港交所持续成为进入内地门槛提出疑问;现金部份过低;香港的环境存在不确定性;港交所管理层的组成及政治不明朗;监管风险;港交所地缘过于集中;并以“ 因应要约基本面存在漏洞,故无进一步讨论的价值 ”作结。
该行又指,投资对港交所提价的预期合理,相信管理层会继续于10月9日前与伦交所作讨论,但目前看不见有同意的可能性,而投资者对本次要约的理由、估值、时间和可能性都存疑。在目前不预期成事的前提下,认为收购风险会对港交所估值有中期压力,并需重建其中国策略的信心,特别是目前中国取消QFII限制后开放市场的可能性提高。
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