一文了解券商於港交所(00388.HK)公布季績後最新目標價及觀點
港交所(00388.HK)今早股價造淡,最新報324.2元跌近1.5%。星展發表報告表示,港交所首季純利按年升28%優於市場預期,主要是投資收益淨額強於預期,受惠於較高市場利率及外部組合,料此趨勢可持續。該行輕微上調對港交所今明兩年純利預測各3%及1%,反映首季業績令人意外驚喜,調高對其目標價由392元升至403元,相當於預測今年市盈率43倍,維持「買入」評級。
港交所昨中午公布今年首季純利34.08億元,按年升27.7%,高於本網綜合7間券商預測區間30億元至33.58億元的上限;基本每股盈利2.69元。首季收入及其他收益達55.58億元,按年升18.5%,為歷來第二高季度收入。投資收益淨額達到15.35億元,按年大升逾25倍,創季度新高,同樣高過本網綜合4間券商預期介乎7.8億元至14.89億元的上限。
【首季度純利優預期 聚焦港股交投前景】
野村表示,港交所首季純利優於市場預期,主要是投資收益淨額所帶動,但指其核心業務收入遜預期,因港股及新股上市活動交投較弱,決定下調對其目標價由415.26元降至400.42元,維持「買入」評級。
瑞信表示,港交所首季業績優於市場預期因投資收益淨額所推動,但認為公司前景正面臨陰霾,因本港銀行同業拆息下降及大市交投減少,該行降港股今年日均成交預測由1,350億元降至1,300億元,降明年日均成交預測由1,510億元降至1,430億元。該行下調港交所目標價由350元降至343元,相當預測今年市盈率33倍,維持「中性」評級。
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本網最新綜合9間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
里昂│買入│425元
匯豐環球研究│買入│422元->423元
高盛│買入(「確信買入」名單)│437元->420元
瑞銀│買入│418元->414元
星展│買入│392元->403元
野村│買入│415.26元->400.2元
摩根大通│增持│400元
美銀證券│買入│360元
瑞信│中性│350元->343元
券商│觀點
里昂│首季淨利潤增長勝預期主因淨投資收益增長強勁
匯豐環球研究│受投資收益推動首季業績勝預期
高盛│受投資收益推動首季每股收益勝預期
瑞銀│投資收益帶動首季度淨利潤增長高於預期
星展│淨投資收益推動首季業績勝預期,將2023年及2024年盈利上調3%及1%
野村│強勁投資收益帶動首季盈利勝預期,惟核心業務收入遜預期
摩根大通│首季收益勝預期,惟上市費用收入疲軟
美銀證券│受利息收入和投資收入推動首季業績強勁,惟核心業務表現不佳
瑞信│首季業績表現超預期,惟HIBOR下跌和成交未見活躍為前景蒙上陰霾
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