《大行》大摩料港交所(00388.HK)次季多賺32% 維持「增持」評級
摩根士丹利發表報告,預期港交所(00388.HK)2025年第二季業績將保持強勁,收入及淨利潤分別按年增長28%及32%。日均成交額表現具韌性,市場對收費不確定性的憂慮減退,對中國發展模式的信心增強。該行繼續視港交所為具吸引力的投資選擇,維持「增持」評級,目標價500元。
大摩表示,預計港交所2025年第二季收入按年增長28%,主要受交易費及結算費分別按年上升40%及38%推動,日均成交額表現突出。第二季日均成交額按年大幅增長95%至2,380億港元,惟按季微跌2%,反映市場對貿易關稅的擔憂。衍生產品日均成交額按季下降17%,按年則略跌1%。儘管利率顯著下降,但由於保證金要求提高帶動資金規模擴大,該行估計淨投資收入將按季增長8%。
大摩預期,港交所2025年第二季淨利潤將按年增長32%,除息稅折舊攤銷前利潤率進一步提升至約77%,按年上升4個百分點。
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