《大行報告》花旗下調港交所(00388.HK)目標價至380元 評級「沽售」
花旗發表研究報告指,港交所(00388.HK)2021年實施不少新舉措,包括推出MSCI A50指數期貨、引入SPAC上市制度等,公司管理層預期於3月底的企業日上宣布三年新戰略,認為港交所作為內地公司重要境外上市地點的長期前景保持不變。
該行指,港交所日均成交量預期隨著中國經濟及金融市場發展而持續增長,但由於今年利潤將受到交易低迷影響,市場避險情緒同時抑制IPO活動,加上港交所的每股盈利普遍面臨下行壓力,估值仍遠高於歷史平均水平,因此重申「沽售」評級。
花旗指,港交所IPO主要受新經濟股及中概股回流所推動,此前曾估計中概股回歸將帶動日均成交額增加至350億元,考慮到日均成交低於預期,將2022至2024財年每股盈利預測下調5%,目標價由400元下調至380元。
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