《大行報告》花旗:港交所(00388.HK)次季業績遜預期 重申「沽售」評級
花旗表示,港交所(00388.HK)次季純利22億元,按季跌19%,按年減少22%,較預期低12%。核心收入38億元,按季及按年分別跌9%與8%,較預期低2%。由於投資收益較疲弱,導致整體收入比預期少5%。經營開支17億元,按季升8%,按年增13%,主要是由於員工成本增加。EBITDA 利潤率按季下降 5.3個百分點,按年跌7.9個百分點至68.8%。
花旗表示,港交所業績非常疲弱。在收入低迷下,高於預期的營運支出令人驚訝。此外,7月及8月日均成交約1,000億元,低於第二季。該行重申港交所「沽售」評級,目標價310元。
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