《大行報告》摩通上調港交所(00388.HK)目標價至275元 評級「增持」
摩通發表的報告指,維持對香港交易所(00388.HK)「增持」評級,認為IPO市場復甦、美國上市的中概股來港第二上市、新衍生產品推出及併購風險降低等將成主要的催化劑,而行政總裁換人相信會增加短期的不確定性,但料「北望神州」的策略不會改變。該行將港交所盈利預測下調8%-9%,以反映投資收益方面的轉變,但相關因素被核心收入方面的影響所抵銷,目標價由265元升至275元。
該行指出首季港交所錄4,700萬元投資虧損,而相關收入在2016-19年的年複合增長達58%,貢獻期內收入約13%,估計市場復甦後將扭虧,惟難回到過往的高水平,主要因為低息環境重臨,加上降低投資組合風險的舉措亦將減低平均回報,故料未來三年投資收入的貢獻亦將降至約6%的水平。
摩通指出雖然面對不確定性,但今年首季日均成交強勁,估計情況在次季將回復正常,成交續受新股上市所支持,而環球資金供應亦將支撐成交。另外該行指出港交所的衍生產品成交主要受股票產品帶動,按季增39%,料受惠新產品推出,包括是MSCI A股期貨等,中期將帶動成交。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.