大行評級|大華繼顯:下調港交所目標價至260港元 維持“持有”評級
大華繼顯發表報吿指出,由於市場情緒低迷,1月恒指與港股總市值分別跌9.2%及9.3%。年初至今股票交易活動依然淡靜,港交所1月整體日均成交額(ADT)約967億港元,按月跌1.9%,按年跌30.9%;北向日均成交額約1135億元人民幣,按月升5.7%,按年升16.5%。南向日均成交額按月跌8%,按年跌39.1%,佔市場總成交量27.5%。該行認為,雖然整體日均成交額按月小幅下跌,但由於針對市場低迷的避險活動增加,衍生商品交易依然活躍,日均成交量按月增長12.4%。此外,該行提及1月共有5只新股上市,集資共21億港元,按年分別跌50%及46.6%,反映新股市場復甦放緩。該行預期香港的首次公開招股(IPO)業務將於今年進一步復甦。展望未來,該行指在市場情緒欠佳下,短期內不太可能出現新的日均成交額上行週期,下調今明兩年日均成交估算,該行將港交所今明兩年的每股盈測下調1.6%及0.5%,維持對其“持有”評級,目標價由300港元下調至260港元。
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