[imtoken中国不能用了]招银证券：给予香港交易所(00388.HK)“中性”评级

　　招银证券2月25日发布公告。HKEX reported in-line FY20 net profit of HK$ 11.5bn, up 23% YoY. But the record high results was overshadowed by HK government’s decision to raise stamp duty for stock transaction from 0.1% to 0.13%. We think the stamp duty hike will hit market sentiment in near-term and slow some inflows from cost-sensitive investors in the mid-term, which could reduce HKEX ADT by ~10%, while in the longer run, HKEX’s advantages in attracting China-related new economy names and the Connect Scheme is not likely to be materially affected by costs. We revise up our earnings to reflect stronger ADT trend and raise TP to HK$ 549.0. We maintain HOLD as we think current valuation (47x 1-year fwd P/E) is relatively rich.