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《大行報告》瑞銀下調港交所(00388.HK)目標價至405元 評級「買入」
瑞銀發表研究報告指,將港交所目標價由438元下調至405元,以反映香港市場疲弱,又將2022至24年的稅後淨利潤預測下調2%至7%,因為日均交易額(ADT)比早前的假設低5%至11%,在最近的股價回調後,港交所目前的交易價格略低於長期平均水平。該行認為,南向ETF資格的潛在進一步擴大或將成為主要催化劑,並相信投資收益應受惠於HIBOR上升。 基於市場環境充滿挑戰,該行估計第三季港交所淨潤為22億元,按年下降33%,另料EBITDA利潤率為69.3%。在離岸A50指數期貨方面,預計港交所MSCI產品在第三季的市場份額約為15%至20%。該行相信,在港股通方面,香港上市的外國公司、由第二上市轉換至主要上市的中國ADR的潛在納入、及擴大ETF的南向交易資格可能有助於增加南向交易量。
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