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大和港交所(0388.HK)正转型至多资产类别交易所吁买入
格隆汇 08-15 14:05

大和发表研究报告指,受到衍生业务表现理想及投资收益回报较高推动,港交所(00388.HK)今年上半年纯利按年增长3%至52.05亿元,同时互联互通的使用率创新高,认为港交所正转型至多资产类别的交易所,而非单靠股票业务的交易所,相信将对未来几年的盈利及质素属良好兆头。该行维持港交所目标价307.8港元,以及“买入”评级。

大和表示,集团的衍生品日均成交量按年上升2%,股票期权的日均成交量(ADV)及权证的日均成交金额(ADT)跌幅都较整体股票市场的跌幅低,为集团在市场波动中提供缓衝。同时港交所有望在今年下半年推出MSCI中国A股指数期货,预料集团的衍生业务将会在未来数年进一步增强。该行认为,债券通的日均成交金额上半年按年增长94%至66亿元人民币,反映港交所在内地债券市场中,发挥了建设的作用,认为有关业务将会继续增长并会创造出新的增长动力。

另外,该行表示,即使港交所的非ADT相关业务能减轻近期的不确定性所造成的影响,但仍将对本港未来几个月的ADT相关业务有影响,该行下调未来数年的ADT预测,并将2019至2021年的每股盈利预测,下调17%至27%。

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