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《大行報告》大摩下調港交所(00388.HK)評級至「與大市同步」 降目標價至485元
阿思達克 03-01 14:24
摩根士丹利發表的研究報告指,雖然對港交所(00388.HK)長遠展望維持正面,不過相信港府擬提升股票印花稅加上中美或有機會加息等,將進一步延遲換手率上升速度,將港交所評級由「增持」降至「與大市同步」,估計股份會在現水平整固,目標價由580元降至485元。

該行認為港股近期波動反映市場對加息環境更敏感,而《財政預算案》計劃提升股票印花稅措施料在8月生效,加上息口上升預期進一步升溫,或會減慢換手率提升步伐,而近期南下資金減慢亦是證據之一。該行微降對成交量及換手率的預測,並將2021及22年換手率預測分別降5%及10%,明白多項因素會影響短期交投,不過換手率傾向在升市時快速提升,並於市場整固是下降。該行認為經濟強勁復甦將支持企業盈利增長,例如是銀行業等,不過相關行業通常有較低換手率。該行將公司由580元降至485元,認為可等待更好的入場機會,因為自去年初以來股份已升近90%。

至於為何不將股份評級降至「跑輸大市」,該行則指繼續相信港交所長遠結構性機遇未變,相信仍會是本地及海外資金匯聚處,而中港兩地換手率的差異亦有望收窄,此外亦預期新業務包括A股指數期貨等可支持公司股價,不過時間表則較難預測。

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