中金:上調港交所(0388.HK)目標價至343港元 盈利增速有望提升
中金公司發表研究報告指,今年下半年港交所(0388.HK)核心業務盈利增速有望進一步提升,因去年下半年日均成交額僅771億港元的低基數效應,此外,即將推出的MSCI亞洲及新興市場衍生品等新產品將貢獻增量收入並多元化收入結構,上調港交所目標價8%至343港元,維持優於大市評級。並上調今年和明年盈利預測6%。
中金預計,港股交易情緒有望持續活躍,上調今年及明年日均成交額假設至1200億元,而年初以來港股市場日均交易額1170億港元,按年增20%,股票通北向及南向日均交易額分別達724億元人民幣和203億港元,分別按年升64%和79%。
中金表示,中概股迴歸進程快於預期,為本地交易及未來潛在南下交易提振提供源動力,若美股現有中概股中50%市值佔比的公司選擇港股二次上市,平均融資攤薄及潛在ADR轉換比例合15%、上市後日均換手率1.5%,則有望增加港交所2020年盈利8%。
中金補充,當前南下日均交易額已達到港股本地交易額的20%;隨着未來中概股迴歸公司進一步納入互聯互通,南下交易額仍有望持續提升。
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