輪證日報 | 華潤啤酒認購證漲90%
輪證日報 |啤酒股大漲，華潤啤酒認購證漲90%
| 今日市場短評
港股
恆指收跌0.7%，連跌四個交易日，恆生科技指數收跌1.08%。農業股、燃氣股、醫藥外包概念股走強，互聯網醫療、內房股、恆大概念股走低。
| 窩輪（認股證）焦點
華潤啤酒（00291）
華啤認購證（13547）到期日：2021年12月槓桿：12.09倍
啤酒股拉昇
大摩：相信華潤啤酒未來60天股價將上升 評級增持
摩根士丹利發表技術意見報告，相信華潤啤酒未來60天股價將上升，料發生概率70%至80%，予其“增持”評級及目標價78港元。
該行指，華潤啤酒近期股價經調整後，認爲價值正顯現，相信調整已大致反映行業於今年第三季銷量按年下跌6%(受到新冠疫情反覆的影響)。據該行透過行業瞭解，華潤啤酒在主要的次品牌及以上產品，包括Super X、喜力及Marrsgreen等帶動下，高端化趨勢穩固。
大摩指內地啤酒行業或潛在加價，將可成催化劑，並認爲華潤啤酒現價僅相當於2022年預測市盈率29倍，料其2021年至2023年每股盈利複合增長率33%，認爲其估值吸引。
| 牛熊證焦點
香港交易所（00388）
港交牛證（64806）到期日：2022年5月回收價：465槓桿：42.89倍
香港交易所：第三季度淨利潤32.5億港元。前三季度淨利潤達98.61億港元的九個月新高，較2020年首三季上升15%。
瑞信發表研究報吿，指香港交易所第三季日均交易量，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33億港元。
該行同時調低港交所第四季日均交易量預期，由1,970億降至1,680億港元，以反映近期市場情緒以及主要IPO受阻，相信一旦這些IPO重啓，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、1,910億，以及2,190億港元，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港元降至569港元，維持“跑贏大市”評級。
| 衍生品資金流入/流出
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