大行評級|瑞銀:上調港交所目標價至344港元 首季收入及盈利均勝預期
瑞銀髮表報告指,港交所首季收入及盈利均勝預期,並指次季將會面對更具挑戰性的基數,去年次季的收入及純利按年增8%及9%。該行指,就中概股或會退市來港上市,料日均成交額或可增加1190億港元,並推動2026年的收入和純利分別增長4%至5%和7%。然而,投資者的反饋顯示,日均成交額增量可能較小,約在100億至150億港元,收入和純利的增幅僅爲3%至5%。此外,由於市況疲弱及合資格公司數量較少,市值遷移帶來的估值折扣可能更大。在短期內,由於市場流動性可能不足,成交速度也可能較低。
瑞銀指,考慮到次季至今的市場活動,將今年的日均成交額預期由1590億港元上調至1700億港元,下調期內的經營支出各自1%,將期內的每股盈利預測上調分別6%、4%及4%,各至10.8港元、9.7港元及9.9港元,將港交所目標價由320港元上調至344港元,評級“中性”。
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