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陳招富先生 (Anthony Chan)
助理經理

現任職輝立助理經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
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香港交易所收購倫敦證券交易所集團

Friday, September 27, 2019 Views375

9月11日,香港交易所宣佈以297億英鎊折合約2878億港元的驚人價格收購倫敦證券交易所集團。 雖然潛在交易可以廣泛擴大香港交易所的全球業務,使其收入來源多樣化,並在更大範圍內將中國與世界其他地區聯繫起來,不過交易估值似乎太高。

 

戰略協同效應

如果成功收購,可以組建一家世界領先的市場基礎設施運營商,以多樣化的資產類別將中國和西方連接起來。 LSEG的信息服務特別是羅素指數和固定收益、外匯及大宗商品業務將增強香港交易所的收入結構,有效加強香港交易所的競爭力。

 

地緣政治和監管方面

由國家利益角度出發,英國監管機構是否允許香港交易所將是一個大問題,尤其在英國有機會脫歐的情況下,收購其主要的資本市場運營商。

 

估值偏貴

自香港交易所宣佈有意收購倫敦證券交易所集團後,股價持續偏軟,反應市場短期不太接受是次收購方案。2878億交易隱含著以42.5倍市盈率收購倫敦證券交易所,香港交易所和倫敦證券交易所集團目前的市盈率分別為29.7倍及36.5倍。

 

註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

 

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