花旗:重申港交所(0388.HK)“沽售”評級 目標價210港元
花旗發表研究報告指出,港交所(0388.HK)第三季業績大致符合預期,惟第四季缺乏盈利催化劑,並估計其他投行可能輕微下調其盈利預測。由於看淡港交所長期增長前景,花旗重申港交所“沽售”評級,目標價為210港元。
報告指出,鑑於港股日均成交額按年下跌21%,因此港交所首九個月的核心收入按年減少5%,而每股盈利亦下跌2%。第四季至今,港股日均成交額依然疲弱,僅約760億港元,相當於按年跌12%,按季跌3%,估計港交所四季盈利依然欠缺催化劑。不過阿里巴巴在港第二上市及MSCI中國A股指數期貨推出,可被視為正面因素。
港交所第三季錄得純利22億港元,按年下跌10%,按季跌15%,比花旗估計低3%,主要受累於併購倫敦交易所的開支。港交所第三季EBIT按季跌10%,則比花旗估計好4%,主要因為營運開支較低。投資收益按季上升1%,亦有助抵銷收入弱勢。營運開支按季減少1%、按年持平,則勝花旗估計5%,惟現金收入及衍生工具表現俱弱。

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