《大行報告》瑞信上調港交所(00388.HK)目標價至590元 評級「跑贏大市」
瑞信發表研究報告,指出2020財年整體收入及稅後溢利均符合該行及市場預期,總營業額按年增長50%。去年第四季的稅後溢利按年增長48%,按季減少13%;核心收入按年增長37%,按季跌7%。
該行指,股票印花稅可能會損害高頻流動性及削弱短期情緒,但由於程式/計量型投資者現時的參與水平較低,估計對每日平均成交量的負面影響不到10%。
該行對港交所2021及2022年的最新每日平均成交量預測分別為1,790億及1,950億元,反映每日平均成交量今年來的強勢。2021及2022財年的純利預測則分別上調13%及9.7%。目標價由原來的525元上調至590元,維持「跑贏大市」投資評級。
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