《大行報告》瑞信下調港交所(00388.HK)目標價至569元 評級「跑贏大市」
瑞信發表研究報告,指香港交易所(00388.HK)第三季日均交易量溫和復甦至1,650億元,按年增17%,或按季增9%,主因換手率較高,但被平均市值下降所部分抵銷,預期第三季收入按年微升1%,以反映交易相關收入增長預期,以及淨投資收益下降,純利料按年跌2%至33億元。
該行同時調低港交所第四季日均交易量預期,由1,970億元降至1,680億元,以反映近期市場情緒以及主要IPO受阻,相信一旦這些IPO重啟,以及市場不明朗因素消除,將有助提振市場活動。
瑞信估算MSCI A50期貨交易量可於2023年達北向日均交易量的1倍,料佔總收入2%,公司亦於9月推出SPAC的諮詢文件,建立穩定基礎,以吸引更多市場參與者。
該行降港交所2021至2023年各年每股盈測分別9%、6%及1.7%,以反映各年日均交易量預期分別1,770億元、1,910億元,以及2,190億元,同時升明年下半年起MSCI A50期貨交易費收入預期,目標價由590元降至569元,維持「跑贏大市」評級。
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