智通财经APP获悉，摩根大通发布研报称，将新加坡交易所(SGX)评级上调至“中性”，将香港交易所(00388)目标价由380港元下调至340港元，认为过去一周的股价下跌已经充分反映了这些关税风险因素，维持“增持”评级。交易所的投资焦点历来取决于以下三点：第一是与本地市场的beta曝光;第二与股票平均每日交易量(ADT)的联系;第三是公用事业功能。
在当前情况下，该行预计新加坡交易所的公用事业功能将发挥作用，鉴于其防守性资产负债表和更为多元化的盈利结构。另一方面，该行预计香港交易所将受到beta和交易量的驱动，鉴于中国增长风险和关税的提升。然而，自4月2日以来16%的跌幅(相较于恒生指数下跌13%)似乎或已反映了这些风险。该行将港交所2025、2026及2027财年的每股盈利预测分别下调7%、18%及18%，因为该行考虑到股票和衍生品交易量的疲弱以及投资收入的减少。该行料港股2025、2026及2027财年证券日均成交额各为3410亿、3370亿及3670亿港元。
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