《大行報告》野村下調港交所(00388.HK)目標價至511.8元 評級「中性」
野村發表研究報告指,港交所(00388.HK)上半年盈利按年升26%至66.1億元,較預測低約9%,核心業務收入增長26.6%,低預期2.3%,當中投資收益淨額按年跌7.6%,較該行預測低34%,期內並錄得來自LME的一次性遞延稅項支出。
上半年日均成交金額按年增60%至1,882億元,增長主要來自股本證券產品、港股通及滬深股通的增長,均達到半年度新高紀錄。新股市場繼續活躍,在新經濟公司及中概股回歸下,期內共有46隻新股上市,集資額按年增長128%至2,117億元。野村預期,今年下半年成交量及IPO將持續強勁,重申對今年至2023年日均成交額增長預測為39%、19%及15%不變。
但該行料在低息環境下投資收益增長將持續緩慢,因此將今明兩年投資收益預測削減35%及24%,並將盈利預測下調8%及4%,目標價由514.3元下調至511.8元,目前大致上維持2023年盈利預測,維持「中性」評級。
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