一文綜合大行於港交所(00388.HK)公佈首季績後最新目標價及觀點
港交所(00388.HK)今早股價靠穩,公司昨中午公佈今年首季業績,錄純利26.68億元按年下跌31%,符合本網早前綜合6間券商預測的介乎25.66億至29.55億元,收入爲46.9億元,較去年同期所錄得的新高紀錄下跌21%。基本每股盈利2.11元。裏昂料港交所仍未迎來轉折點,但相信市場信心可逐步回覆,重申「買入」評級及目標價460元。
公司首季交易費及交易系統使用費收入19.15億元,按年下跌19.8%;結算及交收費收入12.34億元,按年下跌19.6%;聯交所上市費收入5.61億元,按年下跌5.1%。日均成交額1,465億元,按年下跌35%;股票日均成交額1,260億元,按年下跌36%。
【季績符預期 股價呈靠穩】
瑞信發表報告表示,港交所首季純利按年跌31%至27億元,大致符合市場業預期,指首季業績反映公司面臨挑戰的市場環境,估計今年第二季與交易相關收入會進一步下滑,該行維持對其「中性」評級,下調對其目標價由383元降至352元。
匯豐環球研究發表報告表示,重申對港交所「買入」投資評級,下調對其目標價由420元降至400元,指首季業績並不令人鼓舞,料短期受市場疲弱情緒影響,但相信今年餘下時間會迎來多個催化劑,估計內地政府會出臺放鬆政策、料未來6至12月個月會有更多中概股來港上市等。
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本網綜合8間券商列出對港交所最新的投資評級及目標價:
券商│投資評級│目標價(港元)
高盛│買入│520元
瑞銀│買入│520元
裏昂│買入│460元
野村│買入│457.1元->441.1元
摩根士丹利│與大市同步│430元
星展│持有│422元
匯豐環球研究│買入│420元->400元
瑞信│中性│383元->352元
券商│觀點
高盛│首季業績符預期,員工成本支出上升
瑞銀│市況波動影響,首季投資收入和交易費用收入增長遜預期
裏昂│本港IPO集資額銳減,料仍未迎來轉折點
野村│首季淨利潤低於預期,核心收入基本符預期
摩根士丹利│首季受日均交投(ADV)及投資收入疲弱所影響
星展│首季淨利潤表現遜預期,交易費用下降兼日均成交偏弱
瑞信│首季業績面臨挑戰,對復甦宜保持耐性
匯豐環球研究│短期受市場疲弱情緒影響
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