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《大行報告》大摩料港交所(00388.HK)上季收入按年升13% 評級「減持」
阿思達克 02-14 09:43
摩根士丹利發表報告指,料受淨投資收入按年增長1.75倍及日均成交量(ADV)按季增長30%的帶動,預測港交所(00388.HK)去年第四季收入將按年增長13%達53.34億元,與去年第三季比較將提升24%。 該行指出,雖然去年12月份是傳統淡季,但去年第四季ADV仍出現按季回升,相信是防疫限制寬綁帶動市場交投,預測季度整體日均成交額將按年增長1%至1,270億元,按季比較增長30%,股票ADV料按季升35%,衍生產品ADV料持平。 大摩指,去年第四季南向交易成交量按年及按季增長增長約41%及80%,北水在總成交量的比重亦有所提升,反映市場情緒復甦,預計去年第四季港交所交易及系統使用費收入將按年增長2%,結算費料增長3%。 該行表示,今年1月港交所日均成交達到約1,400億元,繼續受到強勁北水支持,北向交易亦有所復甦。大摩表示,考慮到去年下半年息口上升及外部管理投資表現向好,預期淨投資收入將成為收入增長主要動力,預測去年第四季淨投資收入將增長至10.27億元,但1月起六個月HIBOR有所回落,或對港交所估值帶來壓力,因此維持「減持」評級,目標價220元。
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