vested
Foreign investors made record net purchases of Chinese bonds traded through the country's Bond Connect programme in July, boosted by record yield premiums over US debt.
Net inflows into Chinese bonds through Bond Connect, which gives global investors access to the country's onshore bond market through Hong Kong, totalled 75.5 billion yuan (S$14.87 billion) in July, Bond Connect said in a statement dated Friday.
Source: Phillips
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HKEX 0388
Re: HKEX 0388
by winston » Mon Aug 03, 2020 9:36 am
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winston - Billionaire Boss
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Re: HKEX 0388
by winston » Tue Aug 11, 2020 10:47 am
not vested
HKEX(388)
Analysis：
HKEX Group is a leading financial market operator in the world.
From its home in the financial hub of Hong Kong and an additional base in London, it provides world-class facilities for trading and clearing securities and derivatives in Equities, Commodities, Fixed Income and Currency.
We believe that the recent executive order issued by US President Trump will accelerate the HK secondary listing of the US listed large-scale Chin ese concept stocks, which will benefit the company`s stock price.
On the other hand, although Trump criticized the Hong Kong Stock Exchange for taking massive business away from the New York Stock Exchange last week, we believe that the United States has limited tactics available to deal with Hong Kong`s financial market and therefore does not have much substantial impact on the Hong Kong Stock Exchange.
Strategy：
Buy-in Price: $374, Target Price: $410, Cut Loss Price: $355
Source: Phillipss
HKEX(388)
Analysis：
HKEX Group is a leading financial market operator in the world.
From its home in the financial hub of Hong Kong and an additional base in London, it provides world-class facilities for trading and clearing securities and derivatives in Equities, Commodities, Fixed Income and Currency.
We believe that the recent executive order issued by US President Trump will accelerate the HK secondary listing of the US listed large-scale Chin ese concept stocks, which will benefit the company`s stock price.
On the other hand, although Trump criticized the Hong Kong Stock Exchange for taking massive business away from the New York Stock Exchange last week, we believe that the United States has limited tactics available to deal with Hong Kong`s financial market and therefore does not have much substantial impact on the Hong Kong Stock Exchange.
Strategy：
Buy-in Price: $374, Target Price: $410, Cut Loss Price: $355
Source: Phillipss
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: HKEX 0388
by winston » Thu Aug 20, 2020 7:59 am
not vested
HKEX's record first-half fails to excite
by Kevin Xu
Interim profit rose 1 percent to HK$5.23 billion. SING TAO
Shares of Hong Kong Exchanges & Clearing (0388) fell 1.42 percent to HK$373.6 yesterday despite the bourse posting record-high first-half revenue and profit.
The local stock exchange operator said interim net profit grew by 1 percent year-on-year to HK$5.23 billion.
Revenue and other income in the first half rose 2 percent to HK$8.78 billion from a year before. Basic earnings per share were HK$4.15 and HKEX declared an interim dividend of HK$3.71 per share.
Core business revenue in the first six months was up 13 percent from a year ago to HK$7.94 billion, driven by a 20 percent increase in headline average daily turnover.
Hong Kong's initial public offering market ranked second globally by number of IPOs in the first half, with 64 new company listings, including the secondary listing of NetEase (9999) and JD.com (9618), and placed third globally by IPO funds raised, with fundraising amount of HK$92.8 billion.
Stock Connect revenue and other income reached a record half-yearly high of HK$743 million, up 46 percent from a year ago. Stock Connect Northbound and Southbound ADT reached record half-yearly highs of 74.3 billion yuan (HK$83.3 billion) and HK$20.7 billion respectively.
HKEX chief executive Charles Li Xiaojia said Hong Kong does not have competitive edges in the current situation when it comes to attracting foreign companies to go public in Hong Kong.
"The sanctions, for the time being, are different from what we know in history, you could hardly imagine how some sanctions were proposed," Li said.
When asked about when Alibaba and biotech companies will be allowed to be included in the stock connect scheme, Li said: "Anything that should be done ultimately will be done." But he added that this is not a decision that can be unilaterally taken by the Hong Kong stock exchange.
In terms of the search for the successor to the chief executive, Li said he is not involved in that process, but "the board is actively working on it."
Li took the market by surprise in May when he said he is to step down next year.
Source: The Standard
https://www.thestandard.com.hk/section- ... -to-excite
HKEX's record first-half fails to excite
by Kevin Xu
Interim profit rose 1 percent to HK$5.23 billion. SING TAO
Shares of Hong Kong Exchanges & Clearing (0388) fell 1.42 percent to HK$373.6 yesterday despite the bourse posting record-high first-half revenue and profit.
The local stock exchange operator said interim net profit grew by 1 percent year-on-year to HK$5.23 billion.
Revenue and other income in the first half rose 2 percent to HK$8.78 billion from a year before. Basic earnings per share were HK$4.15 and HKEX declared an interim dividend of HK$3.71 per share.
Core business revenue in the first six months was up 13 percent from a year ago to HK$7.94 billion, driven by a 20 percent increase in headline average daily turnover.
Hong Kong's initial public offering market ranked second globally by number of IPOs in the first half, with 64 new company listings, including the secondary listing of NetEase (9999) and JD.com (9618), and placed third globally by IPO funds raised, with fundraising amount of HK$92.8 billion.
Stock Connect revenue and other income reached a record half-yearly high of HK$743 million, up 46 percent from a year ago. Stock Connect Northbound and Southbound ADT reached record half-yearly highs of 74.3 billion yuan (HK$83.3 billion) and HK$20.7 billion respectively.
HKEX chief executive Charles Li Xiaojia said Hong Kong does not have competitive edges in the current situation when it comes to attracting foreign companies to go public in Hong Kong.
"The sanctions, for the time being, are different from what we know in history, you could hardly imagine how some sanctions were proposed," Li said.
When asked about when Alibaba and biotech companies will be allowed to be included in the stock connect scheme, Li said: "Anything that should be done ultimately will be done." But he added that this is not a decision that can be unilaterally taken by the Hong Kong stock exchange.
In terms of the search for the successor to the chief executive, Li said he is not involved in that process, but "the board is actively working on it."
Li took the market by surprise in May when he said he is to step down next year.
Source: The Standard
https://www.thestandard.com.hk/section- ... -to-excite
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Re: HKEX 0388
by winston » Thu Aug 20, 2020 9:18 am
not vested
Hong Kong Exchange
Stock Connect revenue near 10% of the total in 1H20
HKEx’s 2Q20 net profit grew 14.4% yoy (1Q20: down 13%), thanks to strong average daily turnover (ADT) and a recovery in investment income.
Stock Connect-related revenue rose 46% yoy in 1H20 to HK$743m, equivalent to 9.35% of total revenue (ex-investment income).
We see opportunities (a large-scale migration of trading volume from Chinese ADRs) and risks (direct/indirect impact of potential US sanctions).
We fine-tuned our forecasts after the financial results and raised our FY20F/21F/22F EPS by 3.7%/3.8%/4%, respectively.
Target price HK$411
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... D4F47CFAE0
■ Reiterate ADD with a new target price of HK$411.3 (38.9x FY21F P/E)
Hong Kong Exchange
Stock Connect revenue near 10% of the total in 1H20
HKEx’s 2Q20 net profit grew 14.4% yoy (1Q20: down 13%), thanks to strong average daily turnover (ADT) and a recovery in investment income.
Stock Connect-related revenue rose 46% yoy in 1H20 to HK$743m, equivalent to 9.35% of total revenue (ex-investment income).
We see opportunities (a large-scale migration of trading volume from Chinese ADRs) and risks (direct/indirect impact of potential US sanctions).
We fine-tuned our forecasts after the financial results and raised our FY20F/21F/22F EPS by 3.7%/3.8%/4%, respectively.
Target price HK$411
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... D4F47CFAE0
■ Reiterate ADD with a new target price of HK$411.3 (38.9x FY21F P/E)
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: HKEX 0388
by winston » Thu Aug 20, 2020 11:52 am
not vested
Brokers' Latest Views, TPs on HKEX (00388.HK) Post Results (Table)
Brokers│Ratings│TPs (HK$)
Credit Suisse│Outperform│462
Daiwa│Buy│307.8->447.1
CICC│Outperform│446
Citigroup│Buy│425
UBS│Buy│366
Jefferies│Hold│360.28->360.04
HSBC Global Research│Hold│350
JPMorgan│Neutral│340
Goldman Sachs│Neutral│325
-----------------
Brokers│Views
Credit Suisse│2Q earnings beat; ADT meager but core rev in-line
Daiwa│1H20 NP grows YoY despite lower investment income
CICC│Biz rev to backed by new econ joiners; keeps 2020-21E earnings
Citigroup│2Q non-core rev beats with ample cash
UBS│Signs of strong biz momentum persists into 3Q
Jefferies│2Q core rev misses; 3Q rev growth likely faster
HSBC Global Research│New product growth under watch; valuation reasonable
JPMorgan│2Q core rev misses; price remains choppy
Goldman Sachs│2Q earnings beat, but investment income misses
Source: AAStocks Financial News
Brokers' Latest Views, TPs on HKEX (00388.HK) Post Results (Table)
Brokers│Ratings│TPs (HK$)
Credit Suisse│Outperform│462
Daiwa│Buy│307.8->447.1
CICC│Outperform│446
Citigroup│Buy│425
UBS│Buy│366
Jefferies│Hold│360.28->360.04
HSBC Global Research│Hold│350
JPMorgan│Neutral│340
Goldman Sachs│Neutral│325
-----------------
Brokers│Views
Credit Suisse│2Q earnings beat; ADT meager but core rev in-line
Daiwa│1H20 NP grows YoY despite lower investment income
CICC│Biz rev to backed by new econ joiners; keeps 2020-21E earnings
Citigroup│2Q non-core rev beats with ample cash
UBS│Signs of strong biz momentum persists into 3Q
Jefferies│2Q core rev misses; 3Q rev growth likely faster
HSBC Global Research│New product growth under watch; valuation reasonable
JPMorgan│2Q core rev misses; price remains choppy
Goldman Sachs│2Q earnings beat, but investment income misses
Source: AAStocks Financial News
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Re: HKEX 0388
by winston » Thu Aug 20, 2020 1:46 pm
Hong Kong Exchanges & Clearing (388 HK) - 2Q20 results beat on non-recurring items
Hong Kong Exchanges & Clearing (HKEX)’s 2Q20 results was 5% ahead of forecasts with the beat on the volatile investment income, which rebounded to HK$889mn from a loss in 1Q20.
While core revenue was down 5% q/q, it was up 6% y/y.
Cash trading and Connect revenue were resilient and up by 20%+ y/y, but derivatives revenue disappointed. Interim payout ratio remained unchanged at 90%.
Solid fundamentals still intact with average daily turnover (ADT) has further risen to HK$124bn year-to-date.
We expect ADT to continue on its uptrend and to reach HK$144 in 12-months’ time.
While the derivatives revenue disappointed in 2Q20, we expect the volume will gradually ramp up with the launches of MSCI index futures and with the open interests at SGX starting to expire from September.
Key initiatives of MSCI A-share index futures and southbound eligibility of secondary listing are still pending for Mainland China regulator’s approval.
We are fine-tuning our earnings estimate by 1% and 4% in 20e and 21e respectively.
Our Fair Value estimate is revised upwards to HK$400, based on a revised ADT assumption and 40x 12-month forward PE, which is at +2 s.d. to historical average. HOLD.
Source: OCBC
Hong Kong Exchanges & Clearing (HKEX)’s 2Q20 results was 5% ahead of forecasts with the beat on the volatile investment income, which rebounded to HK$889mn from a loss in 1Q20.
While core revenue was down 5% q/q, it was up 6% y/y.
Cash trading and Connect revenue were resilient and up by 20%+ y/y, but derivatives revenue disappointed. Interim payout ratio remained unchanged at 90%.
Solid fundamentals still intact with average daily turnover (ADT) has further risen to HK$124bn year-to-date.
We expect ADT to continue on its uptrend and to reach HK$144 in 12-months’ time.
While the derivatives revenue disappointed in 2Q20, we expect the volume will gradually ramp up with the launches of MSCI index futures and with the open interests at SGX starting to expire from September.
Key initiatives of MSCI A-share index futures and southbound eligibility of secondary listing are still pending for Mainland China regulator’s approval.
We are fine-tuning our earnings estimate by 1% and 4% in 20e and 21e respectively.
Our Fair Value estimate is revised upwards to HK$400, based on a revised ADT assumption and 40x 12-month forward PE, which is at +2 s.d. to historical average. HOLD.
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: HKEX 0388
by winston » Fri Nov 06, 2020 1:56 pm
not vested
Brokers' Ratings & TPs on HKEX (00388.HK) (Table)
Brokers│Investment Ratings│TPs (HK$)
Credit Suisse│Outperform│462
UBS│Buy│460
CICC│Outperform│446
Haitong International│Outperform│437.38
Citigroup│Buy│430
Morgan Stanley│Overweight│430
Macquarie│Outperform│420
JPMorgan│Overweight│410
BofA Securities│Buy│390
Everbright Securities│Overweight│385.8
UOB Kay Hian│Hold│365
Goldman Sachs│Sell│335
Source: AAStocks Financial News
Brokers' Ratings & TPs on HKEX (00388.HK) (Table)
Brokers│Investment Ratings│TPs (HK$)
Credit Suisse│Outperform│462
UBS│Buy│460
CICC│Outperform│446
Haitong International│Outperform│437.38
Citigroup│Buy│430
Morgan Stanley│Overweight│430
Macquarie│Outperform│420
JPMorgan│Overweight│410
BofA Securities│Buy│390
Everbright Securities│Overweight│385.8
UOB Kay Hian│Hold│365
Goldman Sachs│Sell│335
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: HKEX 0388
by winston » Thu Nov 12, 2020 6:42 am
not vested
HKEX profit surges 16pc to record $8.5b
by Kevin Xu
Hong Kong Exchanges and Clearing (0388) said net profit in the first three quarters rose 16 percent year-on-year to a record HK$8.58 billion.
Revenue and other income in the first nine months rose 12 percent to HK$14.09 billion from a year before. Basic earnings per share were HK$6.8.
Core business revenue was HK$12.6 billion during the period, up by 21 percent year-on-year, reflecting higher trading and clearing fees driven by record headline average daily turnover (ADT).
Stock Connect revenue and other income reached a record high of HK$1.35 billion, up 79 percent from a year ago.
Stock Connect Northbound and Southbound ADT reached record nine-month highs of 90 billion yuan (HK$105.33 billion) and HK$23.2 billion respectively.
Hong Kong's initial public offering market ranked third globally by IPO funds raised during the period, with a fundraising amount of HK$215.9 billion and 104 new company listings, including the secondary listing of NetEase (9999) and JD.com (9618).
The local bourse hopes to launch A-share futures this year.
Source: The Standard
https://www.thestandard.com.hk/section- ... cord-$8.5b
HKEX profit surges 16pc to record $8.5b
by Kevin Xu
Hong Kong Exchanges and Clearing (0388) said net profit in the first three quarters rose 16 percent year-on-year to a record HK$8.58 billion.
Revenue and other income in the first nine months rose 12 percent to HK$14.09 billion from a year before. Basic earnings per share were HK$6.8.
Core business revenue was HK$12.6 billion during the period, up by 21 percent year-on-year, reflecting higher trading and clearing fees driven by record headline average daily turnover (ADT).
Stock Connect revenue and other income reached a record high of HK$1.35 billion, up 79 percent from a year ago.
Stock Connect Northbound and Southbound ADT reached record nine-month highs of 90 billion yuan (HK$105.33 billion) and HK$23.2 billion respectively.
Hong Kong's initial public offering market ranked third globally by IPO funds raised during the period, with a fundraising amount of HK$215.9 billion and 104 new company listings, including the secondary listing of NetEase (9999) and JD.com (9618).
The local bourse hopes to launch A-share futures this year.
Source: The Standard
https://www.thestandard.com.hk/section- ... cord-$8.5b
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: HKEX 0388
by winston » Thu Nov 12, 2020 1:59 pm
not vested
Brokers' Latest Ratings, TPs, Views on HKEX (00388.HK) Post Results (Table)
Brokers│Ratings│TPs (HK$)
Nomura│Buy│435.3->462.9
UBS│Buy│460
Morgan Stanley│Overweight│430
Citigroup│Buy│420
BofA Securities│Buy│390->398
HSBC Global Research│Hold│350->348
Goldman Sachs│Sell│342->335
--------------------
Brokers│Views
Nomura│3Q Stock Connect, IPOs strong; QoQ result slightly above forecast
UBS│QoQ result strong, in-line; MSCI A-Shr futures launch constructive
Morgan Stanley│3Q turnover strong; listing & investment biz rev beats
Citigroup│QoQ result strong; hopeful at MSCI A-Shr futures
BofA Securities│3Q NP beats; IPOs may back trading growth
HSBC Global Research│Fewer near-term positives after Ant's IPO halt
Goldman Sachs│3Q investment gain beats, but core rev misses
Source: AAStocks Financial News
Brokers' Latest Ratings, TPs, Views on HKEX (00388.HK) Post Results (Table)
Brokers│Ratings│TPs (HK$)
Nomura│Buy│435.3->462.9
UBS│Buy│460
Morgan Stanley│Overweight│430
Citigroup│Buy│420
BofA Securities│Buy│390->398
HSBC Global Research│Hold│350->348
Goldman Sachs│Sell│342->335
--------------------
Brokers│Views
Nomura│3Q Stock Connect, IPOs strong; QoQ result slightly above forecast
UBS│QoQ result strong, in-line; MSCI A-Shr futures launch constructive
Morgan Stanley│3Q turnover strong; listing & investment biz rev beats
Citigroup│QoQ result strong; hopeful at MSCI A-Shr futures
BofA Securities│3Q NP beats; IPOs may back trading growth
HSBC Global Research│Fewer near-term positives after Ant's IPO halt
Goldman Sachs│3Q investment gain beats, but core rev misses
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: HKEX 0388
by winston » Fri Nov 13, 2020 3:15 pm
not vested
What’s New
3Q2020 results in line with expectations
Higher risk appetite following the conclusion of US presidential election and favorable vaccine
development
Fine-tuned FY20/21F earnings by +7%/+3% to reflect better trading volumes
Maintain BUY with higher TP at HK$426
Source: DBS
https://researchwise.dbsvresearch.com/R ... ifhfkfhgbh
What’s New
3Q2020 results in line with expectations
Higher risk appetite following the conclusion of US presidential election and favorable vaccine
development
Fine-tuned FY20/21F earnings by +7%/+3% to reflect better trading volumes
Maintain BUY with higher TP at HK$426
Source: DBS
https://researchwise.dbsvresearch.com/R ... ifhfkfhgbh
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 112008
- Joined: Wed May 07, 2008 9:28 am
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