《大行報告》高盛:港交所(00388.HK)風險回報吸引 確認「買入」看407元
高盛發表報告,指港交所(00388.HK)股價有複合效應,以大幅度的利潤跑贏了過去二十年來的恆生指數,意味著其壟斷商業模式是受制於變幻莫測的股票市場,即使是過度依賴,尤其在現金方面,亦佔接近其賺取收入的一半。
該行表示,即使自去年2月達到高峰後,港交所股價及市盈率均有所調整,而目前市盈率或隱含溢價呈更快增長,或盈利機會處於約周期的中期,而不是低谷。這亦表示,風險回報吸引,有3倍的上行空間,大於未來12個月相對潛在的下行風險,惟下行風險幅度或不小,並非可忽略不計,並受市場價格或水平修正。
該行指,即使利率及收益率一直是市場關注的焦點,但該行發現其市場活動與美元貨幣走強,或更有意義且有負面關聯,而非HIBOR或美元債券收益率。
該行指港交所風險回報吸引,確認其「買入」投資評級,目標價407元。
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