《大行報告》瑞信下調港交所(00388.HK)目標價至396元 評級「跑贏大市」
瑞信發表研究報告指,港交所(00388.HK)第二季業績遜預期,收入按年下降14%,較市場預期低5%,其中上市費用及淨投資收益均低於預期,稅後淨利按年下降22%,較市場預期低14%。
第三季至今港交所日均成交額爲約1,010億元,按季跌22%。由於股市表現不佳,新股上市步伐放緩。展望未來,瑞信認爲港交所的催化劑主要包括淨投資收益增長、互聯互通擴容、中概股加快回流以及上市規則改革。
投資關注投資收益、營運開支及LME鎳事件發展,瑞信認爲淨投資收益可能是下半年收入增長最大推動力,同時預期員工成本和相關費用將持續增加。
瑞信將2022至2024年日均成交預測從1,380億、1,570億及1,760億元,下調至1,290億、1,470億及1,660億元,每股盈利預測亦下調9.3%、8.9%及7.5%,目標價從432元降至396元,維持「跑贏大市」評級。
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