摩根大通发表报告指，港交所(00388.HK) 公布上季净利润37.8亿元，按季增长20%，按年增长46%，符合该行预期。全年净利润130亿元，按年增长10%，符合该行预期，并略高于市场普遍预期。第四季收入增长稳健，按季上升18%，主要受日均成交额激增55%及衍生品交易量增长9%的推动。净投资收益超出预期，因外部投资组合和利息收入表现稳健，抵销了因交易规模较大而低于预期的清算与结算费用。成本控制符合预期，员工成本上升被较低的折旧及其他费用所抵销。
摩通指，整体而言，港交所上季表现强劲，主要得益于去年10月交易量的显著增长。年初至今，香港市场成交额平均每日2,000亿元，较上季增长5%，更较去年全年平均值增长50%。此外，20日移动平均现金股票成交额已升至3,240亿元，若能维持，显示进一步上升空间。
该行对港交所目标价为370港元，基于香港股市成交量每日1,740亿元的预期，每增加100亿元日均成交额预计对公平值影响约每股9至10元。维持“增持”评级。(ha/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-27 16:25。)
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