大摩:重予港交所(0388.HK)“增持”評級 目標價280港元
摩根士丹利發表報告,重新覆蓋研究港交所(0388.HK)
,予其“
增持
”評級,目標價280港元。該行表示,近期港交所的現金及衍生產品的日均成交額持續下跌,其中現金日均成交由今年上半年的980億港元,下降至第三季的770億港元,而期貨及期權合約的日均交易量亦較上半年減少約15%。該行預料,日均成交額疲弱,將對港交所今年的每股盈利造成影響,估計集團第三季的每股盈利為1.6港元,較上半年平均水平下降約22%。
大摩指,港交所的日均成交額週期性地有波動,但日均成交額的長期趨勢為向上,受惠股份互聯互通、科技股上市及MSCI A股期貨等,相信集團的結構性故事不變,結構性機會有助其未來兩年的每股盈利有所提升。
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