《大行報告》匯豐研究上調港交所(00388.HK)目標價至420元 評級「買入」
匯豐研究發表研報指,港交所(00388.HK)舉行企業日,公布未來三大主要發展戰略為「連接中國與世界」、「連接資本與機遇」及「連接現在與未來」,提出建立未來市場的願景,並重申將加強香港作為連接東西方的國際金融中心的作用。
該行預期,港交所或在短期內公布上市制度優化,包括針對未有收入的大型先進科技公司的上市框架;擴大生態系統以滿足風險管理需求,意味著未來或可通過互聯互通進行借股及大宗交易。港交所管理層又透露將增強衍生產品、人民幣產品,以促進投資管理的生命週期。
基於港交所執行能力、對上市制度改革的憧憬及今明兩年中概股回流的預期,匯豐研究上調港交所長期增長預測,預計港交所將加快戰略執行速度,2020至2030年每日平均成交量長期年複合增長率預測為9.7%,淨利潤複合年增長率預測為8.7%,若每日平均成交量年複合增長率可達到12.5%或15%,理論上每股公允價值更可達到 552或705元。該行將目標價上調至420元,維持「買入」評級。
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