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《大行報告》花旗下調港交所(00388.HK)評級至「沽售」 降目標價至400元
阿思達克 01-28 14:29
花旗將港交所(00388.HK)目標價由435元下調至400元,評級由「中性」下調至「沽售」,以反映交易量疲軟以及利率預期的變化。 花旗將港交所2022年日均成交額從1,780億元下調至1,630億元,按年下降2%,主要是由於2021年第一季高基數。 預測計算了美國聯儲局加息4次,加息共100個基點,轉化為保證金和結算資金的更高回報。 花旗表示,雖然港交所每股盈利自2021年中左右見頂以來,市場對其每股盈利預測普遍下跌約10%,但港交所股價在約450元左右波動,一直極具韌性。該行認為,這可能是由於長期股東基礎增加,看好港交所成為內地公司首選離岸融資中心的長期地位,但這些投資者可能忽略了政策風險,包括中國證監會加強對境外上市企業的審查,美國退市風險或能導致H股大盤拋售,港交所與內地交易所之間長期競爭態勢。
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