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《大行报告》高盛:港交所(00388.HK)股价已反映最高绩效预期 评级「沽售」
阿思达克 01-15 10:27
高盛发表研究报告,指港交所(00388.HK)股价已反映最高绩效预期,其估值升至历史新高,相当於去年预测市盈率50倍,受惠交投量胜预期,相信是与一些内地企业自美国退市有关。同时,以现价计,目前估值媲美2015年初期股市泡沫时,该行升港交所2020至2022年每股盈利预期分别0.4%、6.8%及6.1%,并首次预测2023年每股盈利12.13元,目标价由345元上调至380元,评级「沽售」;并认为市场看法过分进取,未考虑中港股市历史周期性因素。

该行指出,现时与当时的情况不同之处,包括中概股回归的趋势、南向资金流入更活跃等,但现时公司经营仍如当年一样受周期性影响,特别是证券相关收入占比扩大,而商品业务表现相对较弱的情况下,维持看淡公司未来12个月看法,倾向建议投资银行股。

该行表示,参考以往下行同期,在经济复苏时,港交所的表现会跑输银行,但看好港交所中期盈利增长,但相信目前已於现价中过度反映,反而银行股大多估值较低。

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