《大行報告》高盛:港交所(00388.HK)估值再次合理 目標價448元
高盛發表報告,指出港交所(00388.HK)盈利及股價跑贏大市的周期性趨勢仍持續,在強勁增長及中國資本市場擴張下,費用收入及毛利率為投資港交所的核心主題,其強勁的股價表現亦能從多年盈利擴張解釋。但盈利亦受市場推動的周期性調整影響,該行相信今年首季為周期底部,盈利趨勢將改善,每股盈利增長料由今年的倒退10%改善至明年的34%。
該行又指,港交所的按年10%每股盈利倒退伴隨兩年按年25%至30%每股盈利增長為正常且曾經發生,正如2016年及2019年的兩次倒退,當中2016年倒退由投資收入抵銷。
該行認為港交所估值目前再度合理,基於中周期市盈率及對未來盈利上望潛力的正常定價,風險回報非常具吸引力。該行維持港交所「買入」評級及488元目標價。
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