Core Viewpoint - The inclusion of Baker Hughes (02149) in the Hang Seng Semiconductor Index is expected to provide structural benefits, leading to potential passive fund inflows and increased market liquidity, while attracting active management funds [1] Group 1: Company Analysis - Baker Hughes has been added to the Hang Seng Semiconductor Industry Theme Index, effective from November 7, 2025 [1] - The company is projected to experience a 21% growth in net profit by 2025, with a net profit margin maintained above 25% [1] - Current valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, indicating a significant discount compared to A-share and global peers [1] Group 2: Market Implications - The reclassification of the Hang Seng Semiconductor Index is expected to drive valuation improvements for Baker Hughes [1] - The report emphasizes the importance of monitoring potential passive fund inflows related to the index inclusion [1] - The company's high profitability has shown resilience during previous industry downturns, highlighting its unique business model and operational excellence [1]
招银国际：贝克微(02149)纳入恒生半导体指数有望受益 重申“买入”评级