野村:降港交所(0388.HK)目標價至291.8港元 維持“買入”評級
野村發表的研究報告指,香港交易所(00388.HK)第三季收入及盈利分別按季跌7%及15%,按年計算分別跌3%及10%,較該行預測分別低15%及22%,認為主要因為港股受示威活動及中美貿易戰影響表現偏弱。期內港股市場日均成交770億元,按季跌19%、按年跌16%,而香港衍生品市場交易亦疲弱,合約規模按季跌7%、按年跌10%。
第三季股市的互聯互通業務仍然值得留意,北向日均成交按年增長102%,按季則跌17%,而南向交易則按季跌8%、按年跌4%,好過市場預期,而期內兩地股市互聯互通的收入按年增長六成至2.5億元。
野村指出港交所在淨投資回報方面持續改善,而第三季淨投資收益按年增長17%,按季則2%。展望將來考慮到中美貿易戰降温,預計港股氣氛將逐步復甦,惟持續的示威活動的陰霾仍在,考慮到第三季表現較差,該行將港交所2019-2021年日均成交預測分別降14%、9%及9%至880億元、1,080億元及1,200億元,另外亦將其淨利預測分別降7%、6%及7%,考慮到上述調整,將其目標價由309港元降至291.8港元,維持“買入”評級。

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