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一文了解券商於港交所(00388.HK)公布業績後最新觀點及目標價
阿思達克 02-27 11:15
香港交易所(00388.HK)今早股價偏軟,券商指其上季純利輕微遜預期,主受投資收入及營運成本所拖累。該公司昨日中午(26日)公布截去年業績,收入及其他收益為163.11億元,按年升2.8%。EBITDA為122.63億元,按年升4.3%。期內純利93.91億元,按年升0.85%,符合本網綜合13間券商料其去年純利預測介乎91.98億至100.3億元;每股盈利7.49元。第二次中期股息為2.99元,全年合共派6.71元。 期內,股本證券產品平均每日成交金額為692億元,按年跌18%,衍生權證、牛熊證及權證平均每日成交金額為180億元,跌22%;滬股通平均每日成交金額為213億元人民幣,升84%,深股通為204億元人民幣,升132%,債券通為107億元,升197%。 【季績輕微遜 滬深港通強】 瑞銀發表報告,指港交所去年第四季純利在低基數下按年升9%至20億元,投資及經營成本略遜預期,各項主要業務收入大致符預期。EBITDA利潤率跌至69.4%,遜預期達5個百分點,顯示香港市場轉弱。不過,滬港通、深港通及債券通都錄得強勁增長。瑞銀升今年日均交易量預期至1,080億元(此前為970億元),相應上調港交所稅後盈利預測6%,目標價由250元升至260元,維持「中性」評級,相當於今年預測市盈率31倍,認為估值估理。 花旗表示,重申對港交所「沽售」投資評級,但將目標價由220元升至250元,此基於今年市盈率30倍入作估值(此前予27倍),以反映其綜合增長率由7%升至7.5%因素,包括阿里巴巴(09988.HK)等中概股來港上市,並指公司去年每股盈利預測低預期2%,主要受衍生工具收入疲弱及營業費用較高所拖累。 中金指,港交所去年業績符預期,中港股市互聯互通表現正面,維持港股今明兩年日均成交額預測各為970億及1,070億元,維持「跑贏大市」跑贏大市及目標價326元,此相當預測今年市盈率37倍。 本網最新綜合8間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 中金│跑贏大市│326元 野村│買入│322.7元 摩根士丹利│增持│310元 摩根大通│增持│290元 美銀證券│中性│268元 瑞銀│中性│250元->260元 高盛│中性│260元 花旗│沽售│220->250元 --------------------------------- 券商│觀點 中金│業績符預期,中港股市互聯互通表現正面 野村│預計2020年股市氣氛有所改善,對長期增長前景保持樂觀 摩根士丹利│去年第四季基本符預期,惟成本遠高於預期 摩根大通│上季業績遜預期,短期面臨下調估值風險 美銀證券│肺炎疫情對股市未產生重大影響,A股衍生品計劃審批時間存不確定性 瑞銀│滬深港通及債券通錄強勁增長,升今年日均交易量預期 高盛│投資收入疲弱,員工及非員工開支增加 花旗│去年第四季核心收入遜預期,EBITDA大致符預期 (ta/w) ~
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