《大行報告》匯豐研究下調港交所(00388.HK)目標價至370元 評級「買入」
匯豐研究發表研究報告指出,港交所(00388.HK)中期業績符合預期,每股盈利按年增長30.5%至4.99元,較該行預期高出3%。由於市場情緒低迷,現貨市場和IPO相關收入顯著下降,惟被成本控制改善、更高的衍生品交易量、更高的淨投資收入和更低的有效稅率所抵銷。
該行認為,港交所近期挑戰依然存在,市場情緒可能不會迅速恢復,因考慮到港元和美元持續高息環境;內房、信託行業和地方政府債務問題的持續憂慮;內地推出支援性措施需時,以及對經濟產生影響亦需時;地緣政治的不確定性可能對資金流動產生負面影響。
然而,該行指港交所在面對困難的市場環境下,正推動多項舉措,包括擴大港元人民幣雙櫃台模式,以支持未來的南向人民幣交易;擬與中東國家建立新的聯繫,或帶來潛在的公司上市與來自中東主權財富基金的資金流入投資;改善今年餘下時間的IPO流程,特別是特專科技公司可循上市規則第18C章申請上市。
此外,該行將港交所2023至2025年盈利預測下調5.4%、5.8%及6.9%,以反映對其現金市場相關收入更為保守的看法。目標價由423元下調至370元,維持「買入」評級,認為港交所的互聯互通對內地與香港資本市場發展應維持獨特和具有價值。
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