《大行報告》大摩:港交所(00388.HK)首季盈利勝預期 核心收入如預期疲弱
摩根士丹利發表研究報告指出,港交所(00388.HK)首季純利按年增長28%至34.08億元,較該行預期高7%,主要由於淨利息收入強勁、內部資金規模擴張較快,以及稅收開支減少。核心收入一如預期疲弱,稅前盈利38億元,較預期高2%。至於成本收入比率略有改善至24%。
該行認為,港交所首季收入按年增長19%符合預期,主要由於投資收入增加,交易費用較低與市場日均成交額一致;淨利息收入超過該行預期15%,或基於固定收益投資組合的利率較高,以及資金規模略高過預期所致。另一方面,今年首季的香港銀行同業拆息(HIBOR)從去年第四季高峰回落,可能會導致今年第二季港交所的利率略有滯後。該行對港交所目標價為253元,評級「減持」。
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