高盛:上調港交所(0388.HK)每股盈測 升目標價至342港元
高盛發表研究報告表示,將港交所(0388.HK)目標價由335港元升至342港元,維持沽售評級。上調港交所2020-2022年每股盈測至8.9港元、9.29港元及10.4港元,主要是由於投資收益的預測提升,對每股核心盈測變化不大。
報告表示,港交所第3季的業績好壞參半,投資收益好於預期。該行上調2020-2022年的收入預測36%、21%及25%。港交所管理層在電話中提到市場利率下降尚未完全反映到投資收益率,尤其是基金,港交所在年初存入了較長期的定期存款。因此,明年的投資收益將感受到市場利率下降的全部影響,該行預計2021年投資收益下降約20%。
除投資收益外,高盛對收入估算沒有大變化,2020-2022年收入調整+0.5%、-0.4%及-0.1%,反映上市和清算費用費率遜預期。另外,將3年運營支出估算提高0.1%-1.3%,以反映高於預期的成本趨勢。

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