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《大行報告》匯豐研究下調港交所(00388.HK)目標價至422元 評級「買入」
阿思達克 02-24 09:46
匯豐研究發表報告,指港交所(00388.HK)去年每股盈利按年跌19.6%至7.96元,惟仍勝該行及市場預期分別3.3%及2.1%,去年第四季顯著反彈是由於市場活動復甦,日均成交額按季增長31%至1,270億元,相對於第三季為970億元,核心收入按季增長6.9%至42億元;淨投資業績明顯改善,上季錄得9.33億元收益,首九個月為4.23億元收益;由於非應稅投資收入增加,以及去年與LME相關的一次性遞延稅項,實際稅率下降。 該行認為,港交所結構性驅動因素完好,包括可能於今年中推出「港幣-人民幣雙櫃台模式」及互聯互通下增加中東主權財富基金對中港上市投資等多項舉措將推出,但受聯儲局鷹派加息預期及地緣政治不明朗等因素影響,料削弱港交所的日均成交額,短期勢頭似乎正在減弱。 此外,該行對港交所上季業績溫和正面,對其今明兩年的盈利預測分別下調0.9%及4.1%,目標價由430元降至422元,維持「買入」評級。
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