《大行報告》瑞銀下調港交所(00388.HK)目標價至592元 評級「買入」
瑞銀發表報告指,香港交易所(00388.HK)今年第二季純利28億元按年跌7%,大致符該行預期,期內核心業務包括現金及衍生品業務均在正軌上,在分析員會議中新任集團行政總裁分享了港交所的主要策略,料將繼續聚焦於中國及國際連接,認為公司正努力改善基建及市場機制,以加強競爭力並帶動市場交投。
該行指,考慮到近期市場弱勢,將港股2021至2023年的日均成交估算降8-10%,各至1,710億、1,960億及2,570億元,並對其稅後溢利預測則降6-12%。
瑞銀下調對港交所目標價,由604元降至592元,此相當於預測明年市盈率45倍,維持「買入」評級,認為長遠市場擴張具潛力,而組合改善及交投加快等因素仍未全面反映。
瑞銀指出,港股今年首季現金市場交投基數較高,次季市場活動緩和,淨現金日均成交按年增長38%,帶動收入增長步伐類似,期內互聯互通業務收入貢獻增至12%,而去年貢獻則為10%,其中北向及南向日均成交分別增45%及82%,而衍生品收入則按年跌12%,主要因為期權期貨交投疲弱,不過相關因素部分被牛熊證等的交投升勢所抵銷,而在固定收益產品方面,債券通交投按年增34%。港交所次季EBITDA利潤率跌至76.7%。
瑞銀指出於分析員會議後,相信背靠中國、連接世界仍然是港交所的策略重點,同時亦有大灣區、ESG(環境、社會、企業管治)及擴展互聯互通等的機遇,相信港交所會繼續改善基建及市場機制以提升競爭力。(el/w) ~
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