研报掘金|华泰证券:港交所优化交收费率将加大业绩波动 维持“买入”评级

港股那点事
26 Feb

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华泰证券发表研报指,港交所早前发布关于优化证券市场股份交收费结构的公告,认为新结构将平衡各类交易的交收费成本,一定程度上加大港交所的业绩波动,但对港交所长期的交收费率影响较小。华泰证券预计,在新规则落地后,单笔交易额少于4.8万港元的交收费率将下降,而大于4.8万的交收费率将上涨。若2019-2024年的交易采用新结构,77%的交易可降低交收成本。该行认为港交所交收费收入的波动可能加大,这是因为上下限额取消后,交收费收入与港股成交额相关性将加强。

华泰证券预期,在市场交易活跃/低迷时,新结构下的港交所交收费收入将高于/低于现行规则,但从长期视角看港交所的平均交收费率的变动或许较小。另外,华泰证券将港交所2024至2026财年归母净利润预测调整至131亿、132亿及133亿港元,调整幅度分别为+0%、+0.5及+0.3%,维持该股目标价于404港元及“买入”评级。

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