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研報掘金|國泰君安:維持港交所目標價430港元及“增持”評級
國泰君安證劵發表研究報吿指,維持對港交所目標價在430港元,繼續予“增持”評級。該行認為,中證監公佈對香港合作措施且預計美元降息週期方向不改,港股市場投融資活躍度有望提升,帶動公司收入增長,於是維持公司2024年至2026年盈測,料營業收入達222億、243億和269億港元,淨利潤131億、147億及166億港元。該行指,投資收益下滑導致業績受壓,主因是合約價格下跌致保證金規模收縮。2024年首季公司投資收益按年跌12.57%至13.42億港元。其中,保證金及交易所基金投資收益按年跌18.15%至8.07億港元,而其下滑的主因2024年首季合約價格下跌致保證金要求降低,期貨結算公司和 LME Clear結算參與者繳款減少下,平均保證金規模減少。香港結算公司與LME Clear平均資金金額按年跌25.47%至184.6億港元。而美元利息按年提升背景下,保證金及結算所基金投資淨回報率按年升0.16個百分點至1.75%。
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