《大行報告》野村下調港交所(00388.HK)目標價至512元 評級「買入」
野村發表研究報告指,港交所(00388.HK)2021年收入及盈利均按年增長9%,基本符合預期,但當中第四季收入及盈利表現放緩,分別按年跌7%及9%,收入較預期低1%,主要由於上市及託管費用較預期弱。但在成本控制措施下,第四季盈利表現較預期高出4%,EBITDA利潤率改善至73.9%,亦較預期高2個百分點。
野村表示,考慮到今年1月市況疲軟,整體日均成交按年下跌48%,較過去12個月移動平均線低18%,因此將2022至2023年盈利預測相應下調1.5%及1.4%,今明兩年整體日均成交預測下調3%及2%,至1,720億及2,040億元,預期今明兩年每股盈利將增長15%及21%。
該行維持對港交所的「買入」評級,目標價下調3.6%至512元,並維持折讓率為9%及終端增長率為6%不變。
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