《大行報告》大華繼顯微升港交所(00388.HK)目標價至262元 業績尚可
大華繼顯發表報告指,港交所(00388.HK)去年末季業績尚可,大致符合該行預期,維持予其「持有」評級,目標價由260元微升至262元,相當於預測2024年市盈率28.8倍。
大華繼顯表示,港交所由於一次性投資損失和營運開支增加,第四季度淨利潤按年降12.8%,按季則降12%,至25.97億港元,低於預期的28.55億港元。港交所宣布第二次中期股息每股3.91港元,全年股息達到8.41港元,股息率為3.5%,派息比率保持在90%。
報告稱,港交所末季現金市場交易收入按年下降31.9%,至6.82億港元,主要是受平均每日交易額(ADT)下降影響。衍生品交易量和交易費用收入均出現下降。商品交易方面,由於平均每日交易量增加,來自倫敦金屬交易所(LME)的交易費用按年增加31.4%,至2.93億港元。
大華繼顯對香港IPO市場持審慎樂觀,儘管去年末季IPO數量和募資額下降,但本年至今收到的新申請大多為大型企業,這可視為正面的信號。儘管淨投資收入存在一次性投資損失,但得益於末季債券和股票市場的強勁,如果排除這一次性損失,港交所末季淨投資收入按年增長8.8%。
大華繼顯考慮到年初至今的平均每日交易額持續低於1,000億元,較市場預計的1,180億元低,因此對港交所未來表現看法保守。
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