《大行報告》中信証券上調港交所(00388.HK)目標價至427元 評級「增持」
中信証券發表研究報告指,港交所(00388.HK)去年純利按年跌20%至100.78億元,基本符合市場預期,並較該行預測略高1億元,其中第四季受惠於現貨交易回暖,IPO融資活躍度提升,但互聯互通貢獻有所下降。
期內衍生產品表現強勁,該行指,雖然受日均成交額(ADT)表現疲弱所拖累,聯交所買賣的衍生產品交易費及交易系統使用費按年下跌20%,但期交所衍生產品合約交易量增長顯著,日均成交張數按年增長33%,交易費亦增長18%,期交所衍生產品合約交易及結算費總額按年增長22%,反映衍生產品增長勢頭良好。
中信証券預測,今年3月份恆指調整中二次上市轉為雙重主要上市的WVR公司將可被納入港股通,已在恆生綜合指數內的外國公司或也可被納入,有助進一步提升港交所對國際大型企業的吸引力。另外港幣人民幣雙櫃檯模式及雙櫃檯莊家機制有望於今年上半年開始推行,港交所並將就GEM具體改革提出建議,預期相關措施有助於提升港交所針對優質資產的吸引力。
計及業績及市況表現,該行將港交所今明兩年純利預測上調至129億及148億元,預期2025年純利將達到168億元,目標價升至427元,並維持「增持」評級。
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