《大行報告》摩通升港交所(00388.HK)目標價至580元 A股期貨獲批屬重大利好
摩根大通發表的研究報告指,期待以久證監會終於批准A股期貨,認為對港交所(00388.HK)屬重大利好,相信影響遠多於期貨交易量及收入增加,在A股合約支撐下,港交所現在有機會主導亞洲股票衍生業務,而其他有大量零售投資者基礎的業務如如期貨、窩輪、指數套利等將更顯著。該行將港交所目標價由550元升至580元,評級「增持」。另一方面相信新交所市場份額或會流失,並將現價格競爭,故將新交所評級降至「中性」。
該行的基本情景顯示,保守估計A股期貨交易量將相當於新交所A50交易量的5倍,而A股期貨交易量每增一倍,估計可為其每股盈利增約2%,對經營利潤率影響亦類似。在新交所方面,部行料A50交易量將下跌,短期將影響A50相關收入約兩成,並拖累新交所5%的盈利。
該行將港交所2021-23年每股盈測升約2%,令該行對公司2022-23年的估算較市場高約兩成,而2021年預測則稍低於市場預期。(el/a) ~
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