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高盛:港交所(0388.HK)季績略勝預期,維持“買入”評級

高盛發研報指,港交所(0388.HK)去年第四季表現符合市場預期,略高於該行預期,亦指管理層對發行人將把其二次上市的ADR地位轉變為雙重主要上市的情況充滿信心,將有助擴大互聯互通的合資格股份,維持“買入”評級,但下調目標價約3.7%,由573港元至552港元。

高盛表示,考慮到第四季營業費用表現好轉以及近期交易量疲軟,調整2022年-2025年的每股盈利分別為-2%、-1%、-1%和+1%,亦預計今年現貨股本證券日均成交額將下降18%,但2022-25年的複合年增長率將達到14%,亦料在2025年集團的投資收入將增加40億港元。

高盛指出,港交所的市盈率估值已從去年同期的約50倍預期市盈率降至現在的約40倍。這仍然高於2010年代的十年平均持續在32倍市盈率,而在過去2年中,愈來愈多投資者把中國ADR和互聯互通所帶來的更高中期盈利潛力反映價內,這種潛力將繼續帶動股價。

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