一文综合大行对於港交所(00388.HK)公布季绩後最新评级、目标价及观点
港交所(00388.HK)今早股价造淡，最新报480.6元下滑1.7%。野村指港交所首季盈利低於该行原预期3.8%，主要受营运支出及投资收益所影响，决定下调对其目标价由517.4元降至531.2元，维持「中性」评级。
港交所昨(28日)中午公布首季纯利按年升70%至38.4亿元创新高，符合本网综合5间券商预测中位数的38.2亿元。每股盈利3.03元。EBITDA按年增长61%至48.09亿元。季内收入及其他收益按年增长49%至59.56亿元创新高，高於本网早前综合4间券商预测上限58.18亿元。
港交所代理集团行政总裁戴志坚表示，股票印花税上调後对交投影响难料，仍要观察对市场实际影响。他亦指从交易所角度来看，现时已是合适时间推出MSCI中国A股指数期货，但现时仍待监管机构批准，交易所将向当局就风险监控措施及产品对市场影响等作分析，以争取相关产品可尽快推出。
【季绩符预期 】
瑞银表示，港交所首季业绩优於管理层指引，虽然就A股指数期货及第二上市公司纳入港股通未有最新进展，但相信管理层仍对中国长期增长相关机会持建设性态度，并相信中国「十四五」规划指出长期支持香港作为离岸金融及风险管理中心，为港交所衍生产品及ESG业务带来机会。债券南向通亦为投资者关注重点。该行下调对港交所税後溢利预测，主要基於投资收入预测调整，目标价由615元降至604元，维持「买入」评级。
高盛则指，过去数月发现证据，显示本港股市成交造顶。股市成交为港交所最大盈利动力，但近月成交已接连按月下跌。该行认为短期港股成交受压，但尚未於市场反应。该行修订对港交所今年每股盈利预测至0%至2%增长，明年及後年预测较市场低一至两成。该行续予港交所「沽售」评级及目标价400元。
杰富瑞则关注新股上市未来或少於预期。该行指港交所纵使持续受惠中国新经济企业上市及第二上市，但上市公司数目及估值均低於预期。中国亦已针收紧对互联网业监管。随着蚂蚁撤回上市计划，字节跳动亦表明无上市计划。该行维持港交所「持有」评级，目标价仅360.04元。
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本网最新综合9间券商对其投资评级及目标价，2间券商下调目标价：
券商│投资评级│目标价
中金公司│跑赢行业│611元
瑞银│买入│615元-> 604元
瑞信│跑赢大市│590元
花旗│买入│570元
摩根大通│增持│545元
光大证券│增持│514.6元
野村│中性│517.4元->513.2元
高盛│沽售│400元
杰富瑞│持有│360.04元
券商│观点
中金公司│业绩符预期，新经济股及互联互通贡献续提升
瑞银│核心收益强劲
瑞信│投资收入逊预期，核心收益胜预期
花旗│不少新产品待推出，欠缺实质业务指引
摩根大通│结构性正面因素维持
光大证券│持续看好新股上市及互联互通推进
野村│核心收入胜预期，盈利逊预期
高盛│盈利已见周期顶
杰富瑞│盈利大致符预期，但有更多下行风险
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