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《大行報告》高盛下調港交所(00388.HK)目標價至475元 評級「買入」
高盛發表研究報告指,6月份香港IPO活動已從5月份創紀錄低位回升,與上市市值及市場交易量增長水平相符,預期美國ADR迴歸趨勢持續,驅動港交所(00388.HK)盈利表現,預期ADR公司迴流及遷冊將令未來兩年港交所日均成交增長20%以上。 該行指出,港元利率開始上升,估計港交所將從中受惠,至2025年投資收益或提升至2022年水平的5倍;計及投資收益,預測至2025年港交所的複合年增長率約爲 22%。 高盛認爲,港交所的估值已修正至週期中期水平,美元債券收益率上升並未壓縮其市盈率,認爲股價表現波動對盈利增長前景更爲敏感,預測2023至2025年盈利增幅將達到36%、18%及13%,重申「買入」評級;但將2022至2025年每股盈利預測下調2%、2%、3%及2%,至每股8.63、11.71、13.83及15.64元,目標價由488元下調至475元,以反映今年每股盈利料按年跌13%。
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