一表了解券商對港交所(00388.HK)業績後最新目標價及觀點
港交所(00388.HK)今日早市股價偏淡，該公司昨午(14日)公布中期純利按年增長3.3%至52.05億元，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按年增長5.6%至66.25億元。EBITDA利潤率77%，按年持平。收入及其他收益按年增4.7%至85.78億元，營運支出按年增1.8%至19.53億元。
上半年股本證券產品平均每日成交金額751億元，按年倒退約25.2%。衍生權證、牛熊證及權證平均每日成交金額228億元，按年倒退約13%。兩者合計平均每日成交金額979億元，按年倒退約22.7%。上半年滬股通平均每日成交金額235億元人民幣，按年增長近1.1倍。深股通平均每日成交金額204億元人民幣，按年增長約1.37倍。債券通平均每日成交金額66億元人民幣，按年增長約94.1%。
【投資收益強 次季股盈優】
摩根士丹利發表報告表示，港交所今年第二季每股盈利高於該行原預期8%，亦高於市場預期4%，主要受益於強勁投資收入及結算業務表現，相信短期日均成交量(ADV)、每股盈利及股價走勢要視乎本港經濟發展。該行重申對港交所「增持」評級，指公司仍是最受惠於外資流入中國資本市場的主題股份，維持目標價340元。
【前景不確定 削盈利能力】
美銀美林表示，港交所受到成交量轉弱影響，加上中期本港政局不確定因素增加，或影響其作為中國及海外市場重要金融中心的地位及盈利增長能力。該行下調對2019年至2021年日均成交額至800億至1,000億元。該行同時下調對港交所2019年至2021年盈測10%至16%。高盛亦表示，調低對港交所2020至2022年每股盈利預測均5%，分別至7.39及7.87元，將目標價自238元下調至215元，維持「沽售」評級。
本網最新綜合9間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
摩根士丹利│增持│340元
野村│買入│309元
大和│買入│307.8元
花旗│買入│305元
中金│跑贏大市│294元
美銀美林│買入-中性│302-255元
瑞銀│中性│260-240元
匯豐環球研究│持有│250-230元
高盛│沽售│238-215元券商│觀點
摩根士丹利│第二季股盈勝預期，短期走勢視乎本港經濟發展
野村│第二季盈利未受疲軟市場影響
大和│減少對ADT相關業務依賴，資產類別趨多元化
花旗│面臨A股表現較弱風險
中金│對未來ADT和戰略計劃擔憂增加
美銀美林│成交量轉弱，憂慮盈利增長能力
瑞銀│A股離岸指數期貨獲批時間未明
匯豐環球研究│經濟低迷股市周期性轉弱，預測利潤較低
高盛│將公司2020至2022年每股盈利預測均調低5%
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