香港交易所(00388.HK) 2021 年盈利增 9%稍遜預期

市況持續波動,第四季交投放緩
香港交易所(下稱「港交所」)4Q2021 收入 47.3 億(港元.下同),按年、按季分
別減少 7.2%及 10.9%; 股東應佔溢利 26.7 億,按年、按季分別倒退 8.6%及 17.8%,
略低於市場預期。儘管 2021 年開局特別良好,1Q2021 平均每日成交金額更創 2244
億元的季度新高,2Q2021 及 3Q2021 平均每日成交金額均高於 2020 年。然而,市況
持續波動以及 4Q2021 交投放緩的情況下,對照 Q32021,4Q 平均每日成交金額回落
至 1264 億元,減少 24%。此外,衍生產品平均每日成交量下跌 17%,滬股通、深股
通平均每日成交金額下滑 20%,令整體交易及結算費出現按年倒退。期內,營運支出
按年減少 7.8%,主要是由於僱員費用減少,令 EBITDA 利潤率保持平穩,仍為 74%。
整體來看,雖然新股市場勢頭強勁,主要源自擬回流上市的中資公司的需求,以及推
出適用於 SPAC 及海外發行人的新上市制度,但持續通脹壓力、美聯儲貨幣政策收
緊、進入加息週期,地緣政治緊張、疫情持續仍會為短期內增添不明朗因素。
2021 年全年業績
FY2021,港交所收入及其他收益達到 209.5 億元新高,較 2020 年增加 9%;股東應
佔溢利 125.35 億元,按年上升 9%,同創新高。其中,主要業務收入增至 201.0 億,
較 2020 年上升 10%,主要是平均每日成交金額創出新高,達到 1667 億元,較 2020
年上升 29%。此外,滬深港通收入及其他收益亦創新高,達到 27.24 億元,較 2020
年上升 41%,受益於滬深港通全年成交額及平均每日成交額均創新高,北向交易及南
向交易的成交金額分別達 27.6 萬億元人民幣及 9.3 萬億港元,較 2020 年分別上升
31%及 70%;2021 年平均每日成交金額分別達 1201 億元人民幣及 417 億港元,較
2020 年上升 32%及 71%。營運支出較 2020 年上升 2%,主要是資訊技術成本及市場
推廣支出有所增加;EBITDA 為 162.69 億元,較 2020 年上升 11%,EBITDA 利潤率為
78%,較 2020 年上升 1%。
回顧 2021 年,新上市公司共 98 家,集資額達 3314 億元,低於 2020 年市場表現强
勁下所錄得的新上市公司共 154 家及全年集資額 4,002 億元,但較 2019 年全年集資
額(3142 億元)上升 5%。年內共有 59 家新經濟公司在香港上市,當中包括 31 家採
用不同投票權架構的公司、醫療健康及生物科技公司,佔期內香港首次公開招股集資
額的 88%。2021 年全年市場總成交額創 41.2 萬億元新高,較 2020 年增加 28%;而
證券化衍生產品(包括衍生權證、牛熊證及界內證)總成交額達 49,568 億元,較
2020 年上升 8%,由於全球金屬交易持續受壓,LME 的收費交易金屬合約的平均每日
成交量較 2020 年下跌 4%。

Hong Kong Exchanges & Clearing (00388.HK) 2021 earnings up 9% slightly miss expectations

Amid continuing market volatility and a slowdown in the Q4
HKEX reported 4Q2021 revenue of HK$4.73bn, -7.2% YoY and -10.9% QoQ. Shareholders’
net profit was HK$2.67bn, down 8.6% YoY, 17.8% QoQ, slightly below the consensus
estimates. Although 2021 started exceptionally well, 1Q2021 with record quarterly Headline
ADT of $224.4bn, 2Q2021 & 3Q2021 ADT both higher than the same period in 2020.
However, amid continuing market volatility in 2021 and a slowdown in 4Q2021. The ADT 4Q
has dropped to 126.4bn, down 24% YoY. In addition, Derivatives ADV decreased by 17% and
ADT of Northbound Trading of Stock Connect decreased by 20%, resulting in trading and
clearing fees decline in 4Q. Operating expenses decreased by 7.8% YoY, due to lower staff
expenses. This led to EBITDA margins broadly flat as 74%. The IPO pipeline remained very
robust, with the demand of US-listed Chinese companies homecoming listings in Hong Kong,
as well as the introduction of a listing regime for SPACs and the enhanced listing regime for
overseas issuers. However, numerous challenges posed by uncertainty surrounding the
continued inflationary pressure, the tightening of the Fed's monetary policy, the entry of
interest rate hike cycle, ongoing geopolitical risks and the pandemic recovery.
2021 Annual Results
FY2021, revenue and other income of HK$20.95bn, up 9% against the previous record set in
2020. Profit attributable to shareholders up 9%, to a record high of HK$12.5bn. Core
business revenue of HK$20.1bn, up 10% compared with 2020, benefit from the headline
ADT set new record in 2021, reaching HK$166.7bn, up 29% YoY. Record Stock Connect
revenue and other income of HK$2.724bn, up 41% YoY. Stock Connect Northbound and
Southbound reached record annual turnover of RMB27.6 trillion and $9.3 trillion, up 31%
and 70% YoY, respectively, and record ADT of RMB120.1bn and $41.7bn, up 32 per cent and
71% YoY, respectively. Operating expenses increased by 2% compared with 2020, mainly
due to higher IT and computer maintenance expenses and higher product marketing
expenses and cash incentives for new products. EBITDA margin was 78%, 1 per cent higher
than 2020.
2021 review, with a total of 98 company listings raising HK$331.4bn, down from the strong
2020 (154 company listings raising HK$400.2bn) and 5% higher than 2019 (HK$314.2bn).
During the year, 59 new economy companies, including 31 Weighted Voting Rights (WVR),
healthcare and biotech firms (including Chapter 18A listings only) and/or secondary-listed
companies, accounting for 88% of IPO funds raised in Hong Kong during the period. Total
market turnover in 2021 reached HK$41.2 trillion, up 28% compared with 2020. Total
turnover of securitized derivatives (DWs, CBBCs and Inline Warrants) reached HK$4,956.8bn,
up 8% compared with 2020. As world metal trading remained under pressure, the
chargeable average daily volume of metals contracts traded on the LME decreased by 4%
from 2020

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