中金:料港交所(0388.HK)去年多賺9% 續予目標價580港元
中金公司發研報指,港交所將於2月24日公佈全年業績,預計港交所去年第四季收入按年跌3%至49億,主要是日均成交(ADT)下降,全年收入料增10%至212億港元;第四季盈利按年跌7%至27億港元,全年盈利料按年增9%至126億港元,維持“跑贏行業”評級,目標價580港元,相當於2022年預測市盈率50.8倍。
報吿指,港交所於11月公佈海外發行人上市制度諮詢總結,放寬大中華區發行人二次上市門檻、並對海外退市等核心問題進行明確。中金認為,此次修訂一方面通過直接門檻降低提升港股吸引力,另一方面也打消了存量二次上市企業對海外除牌後港股上市地位受影響的疑慮,有望在外部環境不確定下、吸引中概股迴流。
此外,SPAC上市將於2022年1月1日起在港股生效,提升港交所作為亞洲時區領先的全球新股市場的吸引力。MSCI中國A50產品推出後表現亮眼,中金認為,港交所有望以A50產品為抓手、推進包括亞洲及新興市場產品在內的整體產品活躍度提升。因應調整ADT假設,中金把港交所2021/22年盈利調低1.7%/0.9%至126億及145億元,引入2023年盈利168億元6%。
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