大行评级|大摩:上调港交所目标价至223港元 轻微上调2024至26年每股盈测
大摩发表报吿称,在港交所第一季业绩公布后更新预测,2024至2026年每股盈利增长预测轻微上调1.1%、0.8%及0.8%。该行将其目标价由221港元升至223港元,评级“减持”。
报吿指,由于外部投资组合表现好过预期,以及保证金基金规模回升,第一季净投资收益比预期高12%。因此将2024至2026年的净投资收入预测分别上调13.1%、12.8%及12.4%。考虑到牛熊证及衍生产品的上市量减弱,将上市费用收入预测分别下调4.4%、4.6%及4.9%。由于港交所增加了人手并调整薪酬,该行将2024至2026年的总开支假设各上调 4.8%、4.5%及3.1%,导致EBITDA利润率下降,由2023年的72.3%降至2024年的70.5%。
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