匯證:維持港交所(0388.HK)“買入”評級 目標價285港元
匯證發表研究報告表示,港交所(0388.HK)首三季盈利按年下跌1%,表現仍然穩固,雖然市場成交額減少導致收入下跌,但被滬深港通北向交易及投資收益強勁所抵銷,預期阿里巴巴上市、以及明年或推出MSCI中國A股指數期貨將成為兩項主要的催化劑,維持港交所“買入”評級,目標價285港元。
該行指,第三季平均每日成交額為770億港元,按年及按季分別下跌16%及19%,主要受到香港經濟放緩及社會事件影響,以致成交放緩。不過,該行認為平均每日成交金額再進一步下跌的空間有限,料第四季將回復穩定,預期強勁的北向資金流入、具彈性的銀行同業拆息,以及成本效益提高,均有助支持港交所第四季盈利表現。
匯證又指,第三季業績表現將有助減緩市場對其盈利前景的憂慮,港交所現價相當於2020年預測市盈率的30倍,將提供較佳的風險回報,因料其未來將有巨大的投資機會。

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