一表了解券商对港交所(00388.HK)业绩後最新目标价及观点
港交所(00388.HK)今日早市股价偏淡，该公司昨午(14日)公布中期纯利按年增长3.3%至52.05亿元，每股盈利4.16元，宣派每股中期股息3.72元，高於去年同期的3.64元。EBITDA按年增长5.6%至66.25亿元。EBITDA利润率77%，按年持平。收入及其他收益按年增4.7%至85.78亿元，营运支出按年增1.8%至19.53亿元。
上半年股本证券产品平均每日成交金额751亿元，按年倒退约25.2%。衍生权证、牛熊证及权证平均每日成交金额228亿元，按年倒退约13%。两者合计平均每日成交金额979亿元，按年倒退约22.7%。上半年沪股通平均每日成交金额235亿元人民币，按年增长近1.1倍。深股通平均每日成交金额204亿元人民币，按年增长约1.37倍。债券通平均每日成交金额66亿元人民币，按年增长约94.1%。
【投资收益强 次季股盈优】
摩根士丹利发表报告表示，港交所今年第二季每股盈利高於该行原预期8%，亦高於市场预期4%，主要受益於强劲投资收入及结算业务表现，相信短期日均成交量(ADV)、每股盈利及股价走势要视乎本港经济发展。该行重申对港交所「增持」评级，指公司仍是最受惠於外资流入中国资本市场的主题股份，维持目标价340元。
【前景不确定 削盈利能力】
美银美林表示，港交所受到成交量转弱影响，加上中期本港政局不确定因素增加，或影响其作为中国及海外市场重要金融中心的地位及盈利增长能力。该行下调对2019年至2021年日均成交额至800亿至1,000亿元。该行同时下调对港交所2019年至2021年盈测10%至16%。高盛亦表示，调低对港交所2020至2022年每股盈利预测均5%，分别至7.39及7.87元，将目标价自238元下调至215元，维持「沽售」评级。
本网最新综合9间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
摩根士丹利│增持│340元
野村│买入│309元
大和│买入│307.8元
花旗│买入│305元
中金│跑赢大市│294元
美银美林│买入-中性│302-255元
瑞银│中性│260-240元
汇丰环球研究│持有│250-230元
高盛│沽售│238-215元券商│观点
摩根士丹利│第二季股盈胜预期，短期走势视乎本港经济发展
野村│第二季盈利未受疲软市场影响
大和│减少对ADT相关业务依赖，资产类别趋多元化
花旗│面临A股表现较弱风险
中金│对未来ADT和战略计划担忧增加
美银美林│成交量转弱，忧虑盈利增长能力
瑞银│A股离岸指数期货获批时间未明
汇丰环球研究│经济低迷股市周期性转弱，预测利润较低
高盛│将公司2020至2022年每股盈利预测均调低5%
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