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《大行報告》高盛微降港交所(00388.HK)目標價至437元 評級「買入」
高盛發表研究報告,引述傳媒報道指港交所(00388.HK)或將降低特專科企IPO市值門檻,而該行曾估計,在牛市情況下,這些公司有可能將港交所的現金股本日均交易額(ADT)增加約10%。潛在的改革如果得以實施,將是該交易所自2018年上市改革以來其中一個最大變革。根據港府說法,改革可能會在本月底生效。此外,境內監管機構已於上月完成中國公司海外上市改革。境外上市備案管理新規將於本月底起施行,這將統一中國企業境外上市的要求和監管制度。 該行表示,港交所的新上市規範及中國公司海外上市的監管更加明確,將增加港交所的IPO數量。由於市場疲軟和即將出台的監管措施,IPO活動在2021至22財年一直在減少。與2018年允許新型公司或上市結構的改革後相對較大的積壓相比,交易所的IPO管道現縮減到一個更正常的水平。該行預計,隨著發行人和投資者恢復信心,管道將會重建。從長期來看,過去12個月在香港募集的IPO資金是非常低的水平,而且通常與現金股票市場交易量密切相關。為此,現貨市場交易量已從2022年第三季的低點回升,去年第四季按季升約30%,今年首季至今按季大致持平。 該行預期,成交量上升週期將繼續受到宏觀及企業盈利復甦以及上市規則清晰度的支撐。然而,報告下調港交所的每股盈測,以反映2月相對疲弱的情況。該行將港交所目標價微降1%,由441元下調至437元,維持「買入」評級,續列確信買入名單內。
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