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大摩:維持港交所(0388.HK)與大市同步評級 目標價485港元
格隆匯 04-22 16:36

摩根士丹利發表研究報吿指,港交所(0388.HK)首季核心收入料有強勁增長,季內日均成交按年增長85%至2240億港元,期貨和期權總交易量則增9%,維持其與大市同步評級,目標價為485港元。

大摩預期,港交所首季交易費及交易系統使用費收入按年升32%,主要得益於現金交易費用,惟被商品交易費疲弱所抵銷;結算業務收入料按年升約60%。而4月份至今成交略有回落,日均成交約為1660億港元,該行維持全年日均成交約1650億港元的預測不變。

大摩又指,由於股票市場表現強勢及利率回升,預期首季基金投資收入約5億港元;整體而言,在估計港交所首季總支出按年升9%的預測下,料總收入及純利將分別增長54%及78%。

該行又指,儘管首季整體日均成交強勁,但注意到年初至今成交已呈下跌趨勢,1至3月份日均成交分別為2440億元、2330億元及1980億港元。此外,港股通日均成交亦由1月的700億港元,下降至3月份的470億元,4月至今更進一步跌至約320億港元。雖然仍看好港交所長期增長潛力,惟認為財政收緊及可能上調印花税或會對近期日均成交構成壓力。

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