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《大行報告》花旗下調港交所(00388.HK)目標價至480元 維持「中性」評級
花旗發表報告,指港交所(00388.HK)推出MSCI中國A50互聯互通指數期貨合約,即使短期內帶來的盈利增長有限,料佔港交所今年度收入比重約10%,而佔衍生品收入約29%,但相反而言認爲新交所有更大的盈利下行風險。從長遠來看,港交所在A股衍生品方面的地位似乎優於新交所。該行將港交所目標價由490元下調至480元,維持「中性」評級。 報告表示,港交所在推出新衍生產品上較新交所落後,旗艦恆生指數和恆生中國企業指數期貨和期權合約成交量自2018年達高峯後持續萎縮,認爲港交所推出A股期貨產品是好開始,不過需要耐性等待流動性累積。 花旗指,新交所的衍生產品只有在元旦日暫停買賣,交易時間較港交所長,港交所需要解決休市日等問題,以獲取市場份額。
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