高盛下调港交所(0388.HK)评级至“沽售”降目标价至238港元
高盛发表报告下调对港交所(0388.HK)
评级至“
沽售
”,将目标价由原来270港元降至238港元,相当预测今年市盈率
32倍(此前对其估值相当34倍),基于港股成交转弱,相信港交所股价已合理,并认为市场过度高估其战略举措所带来协同效应,包括中概股来港第二上市、推MSCI中国A股
指数期货。
该行调低港交所于2019年至2022年每股盈利
预测各6%、9%、9%及9%,分别至7.45、7.54、8.22及9港元,主因股市持续走弱和HIBOR预测下调(影响投资收入)。就港交所将于8月14日公布今年第二季业绩,高盛料公司第二季每股盈利预测为1.9港元,较市场同业预测低5%,并指港股成交将会令市场失望。
高盛估计,港股2019年至2022年日均成交额(包括衍生工具及牛熊证
)(撇除南向交易)预测各为850亿港元、910亿港元、1000亿港元及1110亿港元(对比2018年为1020亿港元)。该行料港股2019年至2022年日均成交额(包括衍生工具、牛熊证及南向交易)预测各为900亿港元、970亿港元、1090亿港元及1230亿港元(对比2018年为1070亿港元)。
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