HKEX 0388

Re: HKEX 388

Postby winston » Wed Oct 12, 2016 3:22 pm

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<Research Report>G Sachs Slightly Adjusts HKEX EPS Forecast; Target Price Kept at $195

Goldman Sachs, in its report, slightly revised down HKEX (00388.HK) 2016-2018 EPS forecast by 1% to factor in September monthly volume data.

Yet, such changes were not significant and there is no change to the broker's investment strategy.

The target price was kept at $195 and the rating was maintained at Neutral.

The research house expected HKEX 2016-2018 EPS forecast to be $4.98, $5.69 and $6.56 respectively.

Source: AAStocks Financial News
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Re: HKEX 388

Postby winston » Thu Nov 03, 2016 8:56 am

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HKEx net dives 33pc

by Esther Yu

Hong Kong Exchanges & Clearing Limited yesterday revealed third-quarter profit slumped 33 percent as lower trading volumes pushed down fees from buying and selling shares and commodities contracts.

The operator of the local bourse posted a net profit of HK$1.55 billion for July-September according to a Reuters calculation based on a statement from the company. Two analysts had forecast an average profit of HK$1.57 billion, according to Thomson Reuters data.

Profit for the first nine months of the year, meanwhile, tumbled 30 percent from a year earlier to HK$4.528 billion. Basic earning stood at HK$$3.74, also down 30 percent down comparing to last year.

Average daily trading or ADT on the bourse stood at HK$49.9 billion for the first nine months of the year, 42 percent lower than a year back when extreme volatility in mainland markets led to strong volumes on the local bourse.

ADT of Derivatives Warrants, Callable Bull/Bear Contracts and warrants traded on the exchange dropped 35 percent to HK$17.9 billion during the same period.

The local exchange said market sentiment improved in the July-September period and more funds arrived from the mainland through the stock connect with Shanghai marking a record high in September.

But despite the market rally, revenue in the third quarter still slid 3 percent from the second quarter as fewer derivatives were traded.

Listing fees, which come mainly from the IPO deals, saw a 11 percent increase for the first nine months from a year back, reaching HK$563 million. Trading fees and tariffs tumbled 43 percent to HK$1.058 billion.

Total funds raised through IPOs at the exchange stood at HK$135.9 billion for the first three quarters of this year, down 13 percent from a year back.

Earnings before interest, tax, depreciation and amortization for the first nine months stood at HK$5.956 billion, down 27 percent from a year back.

The London Metal Exchange, a fully-owned subsidiary, saw a 10 percent decline in average daily trading of metals contracts during the same period, the bourse said. HKEX's share price retreated 1.5 percent to HK$203 before the results came out yesterday.

The London Metal Exchange , an HKEX subsidiary, saw a 10 percent decline in average daily trading of metals contracts during the same period, the bourse said.

Source: The Standard
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Re: HKEX 388

Postby winston » Fri May 12, 2017 8:15 am

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HKEx targets futures contracts

The head of Hong Kong Exchanges and Clearing (0388) says its commodity platform in the mainland will eventually offer trading in futures contracts.

The platform, which will initially be used for spot trading in metals such as copper and nickel, is HKEx's latest attempt to take on China's exchanges in Shanghai, Dalian and Shenzhen.

It is unclear when it will begin operating.

"Our strategy is to first develop the physical market," said chief executive Charles Li. "Without laying a solid foundation in the physical market, you cannot build a good futures market."

He made the comment on a visit to the site of the platform in Qianhai, just 50 km from Hong Kong, where HKEx hopes to replicate the success of the London Metal Exchange after buying that bourse about five years ago. The trip to Qianhai was part of the LMEWeek Asia conference.

The aim is to connect the Qianhai platform with the LME, luring customers to be active in the mainland and international markets.

Source: REUTERS
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Re: HKEX 388

Postby winston » Mon Jul 03, 2017 7:56 am

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HKEx agrees gold trade deal

by Samantha Wong and Dominique Nguy

Hong Kong Exchanges and Clearing Limited and The Chinese Gold and Silver Exchange Society signed a Memorandum of Understanding to consider cooperation on matters ranging from product promotion to storage vaults.

"With a long history of physical gold trading and a well-established logistics network, Hong Kong is in a good position to develop trading of gold futures with physical delivery and benchmarks," said Charles Li Xiaojia, chief executive of HKEx.

Li added yesterday that the Bond Connect is ready to be launched and is pending "a final touch."

Meanwhile, Jimmy Jim, co-head of Global Markets Department of ICBC (Asia), said yesterday at an HKIFA event that more overseas investors would be attracted to China's bond market with the launch of Bond Connect.

Randolf Tantzscher, IHS Markit director of indices Asia Pacific, said global investors need time to be familiar with the risk and return of China's bond market.

BMO Financial Group chief executive Asia Albert Yu Chun-ming said there is potential for big growth in China's fixed income market.

Source: The Standard
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Re: HKEX 388

Postby winston » Thu Aug 10, 2017 7:31 am

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Hong Kong Exchanges and Clearing (388) said its first-half net profit rose 17.02 percent year-on-year to HK$3.49 billion on revenue and other income of HK$6.2 billion, up 10.2 percent from a year earlier.

It attributed the gains to a significant increase in net investment income to HK$466 million and a one-off HK$55 million post liquidation interest from Lehman Brothers' liquidators.

HKEx recommended an interim dividend of HK$2.55 per share, up from HK$2.21 a year ago.

Turnover in the local market now averages at HK$90 to HK$100 billion a day. With this volume, HKEx's revenue is tipped to grow in the second half of the year.

If you believe local stocks are entering the third phase of a bull run, and that the local and China markets will be integrated further, there may be a case then to assume that HKEx's share price will rise further.

Source: Dr Check, The Standard
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Re: HKEX 388

Postby winston » Thu Aug 10, 2017 3:48 pm

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<Post Result>Brokers' Latest Ratings & TPs on HKEX (Table)

HKEX (00388.HK) yesterday (9 August) announced the interim result of 2017.

During the period, net profit amounted to $3.493 billion, growing 17% yearly; EPS amounted to $2.86.

Interim dividend amounted to $2.55.

The share price of HKEX once went better after result release, but was subdued later on.

Brokers updated their ratings and target prices:

Brokers/ Ratings/ Target prices (HK$)
Citigroup/ Sell->Buy/ 160->280
Everbright Securities/ Overweight->Buy/ 211.2->262.7
HSBC Global Research/ Buy/ 250
Goldman Sachs/ Buy (CL-Buy)/ 245
UBS/ Neutral/ 200->240
JPMorgan/ Overweight/ 230
UOB Kay Hian/ Hold/ 174->200
Bank of America Merrill Lynch/ Underperform/ 185->190.5
Nomura/ Underweight/ 164.58->190.5
Morgan Stanley/ Equalweight/ 190
Deutsche Bank/ Sell/ 170->170.7


Source: AAStocks Financial News
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Re: HKEX 388

Postby winston » Fri Jan 19, 2018 11:55 am

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<Research Report>BofAML Lifts HKEX Target to $234; Reiterated Underperform

Bank of America Merrill Lynch, in its report, said that HKEX (00388.HK) has benefitted from soaring turnover since last year.

The broker believed that such uptrend will sustain, mainly attributable to rising southbound inflows and the potential additional turnover if more new economy companies such as internet and healthcare economies are permitted to be listed following the approval of new Listing Rules.

The projected ADT (average daily turnover) for this year and next was revised upward to $140 billion and $150 billion from $93 billion and $100 billion respectively.

Correspondingly, earnings forecast in 2018-2019 was raised by 17-18%.

The target price was lifted to $234 from $198. However, due to high market expectations currently, the investment rating was reiterated at Underperform.

Source: AAStocks Financial News
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Re: HKEX 388

Postby winston » Wed Feb 07, 2018 9:26 am

Jan 18, 2018

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<Research Report>UBS Downgrades HKEX(00388.HK) to Neutral with Target Lifted to $292


UBS said that Hong Kong bourses saw a strong beginning this year.

The turnover of HKEX(00388.HK) reached $138 billion in January-to-date, up 30% than the average level of 4Q17, beating estimates.

The broker revised up 2018 earnings forecast by 17% and lifted the target price from $245 to $292.

However, since shares in HKEX have recorded a cumulative rise of 23% starting from December last year, the investment rating was downgraded from Buy to Neutral.

The broker said that Hang Seng Index climbed 6.2% quarterly in 4Q17, with Mainboard velocity maintained at 63.6%.

Positive catalysts include 12% quarterly rise in equity market turnover to $85 billion per day; 24% quarterly increase for Southbound Connect flows to $13.1 billion per day; 27.3% quarterly increase of DWs and CBBCs to $21.8 billion per day; 13% quarterly rise in Index Futures average contracts at 485,000 per day; and 11% quarterly increment in Options contracts to 522,000 per day.

Source: AAStocks Financial News
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Re: HKEX 388

Postby winston » Wed Feb 07, 2018 9:28 am

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Nov 8, 2018

<Blue Chip Results>HKEX (00388.HK) 1Q-3Q Net Profit Up 22.04% to $5.526B


HKEX (00388.HK) announced the results for the first three quarters ended September.

Net profit rose 22.04% yearly to $5.526 billion, reflecting the combined effect of revenue growth and continuing cost discipline. EPS equaled $4.51. No quarterly dividend was declared.

During the period, EBITDA grew 18.52% yearly to $7.059 billion. EBITDA for clearing business and cash segments gained 13.55% and 24.84% from a year ago to $2.991 billion and $1.975 billion respectively.

Revenue and other income lifted 13.91% yearly to $9.657 billion. An increase in trading and clearing fees was reported driven by a 21% increase in cash market turnover, but partly offset by lower HKFE and LME revenue.

In addition, there was an increase in Stock Exchange listing fees from increases in the number of listed companies and newly listed Derivative Warrants and Callable Bull/Bear Contracts; a significant increase in net investment income from both Corporate and Margin Funds; and a one-off receipt of $55 million post-liquidation interest from the liquidators of Lehman Brothers Securities Asia Limited.

For the third three quarters, average daily number of derivatives contracts traded on the Futures Exchange dropped 10% to 426,978.

Average daily number of stock options contracts traded on the Stock Exchange climbed 33% yearly to 396,491 and average daily volume of metals contracts traded on the LME added 1% yearly to 618,871 lots.

Source: AAStocks Financial News
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Re: HKEX 388

Postby winston » Thu Mar 01, 2018 8:44 am

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HKEx net profit up 28pc to $7.4b

by Janice Huang

Hong Kong Exchanges and Clearing (0388) will set up a market promotions team - similar to other stock exchanges that take measures to attract more companies to list, HKEx chief executive Charles Li Xiaojia said yesterday.

Li said 2018 may be a better year after HKEx recorded better-than-expected results in 2017. He added the local bourse will invest in hiring more staff in the listing department and setting up a new innovation lab.

As for the Southbound Bond Connect, he said there is no specific timeline, but the research work has begun.

HKEx posted net profit of HK$7.4 billion for the fiscal year ended December 31, up 28 percent from HK$5.8 billion in 2016. Revenue and other income climbed 19 percent to HK$13.18 billion last year.

The stock exchange operator said in a filing that the growth was mainly due to higher trading and clearing fees, driven by a 32 percent rise in cash market turnover. This was partly offset by lower Hong Kong Futures Exchange volumes and London Metal Exchange revenue.

Meanwhile, the increase in listing fees, as well as a significant gain in net investment income from both corporate and margin funds contributed to revenue growth.

Earnings per share were HK$6.03 and a final dividend of HK$2.85 a share was declared.

Li said in the 2017 final results report that HKEx will make the initial public offering market more relevant, equity market more connected, and derivatives market more competitive.

He added the key areas of focus this year include implementing listing reform, extension of Stock Connect by including Exchange Traded Funds and other assets, building of new product ecosystems, and the launch of derivative products with mainland underlyings, as well as the launch of new trading systems in the securities and derivatives markets.

Moreover, HKEx revealed that since Bond Connect Northbound trading launched on July 3, 2017, the overall foreign investor holdings in the China Interbank Bond Market domestic debt securities have reached 1.147 trillion yuan (HK$1.42 trillion) an increase of 36 percent from June 30, 2017


Source: The Standard

http://www.thestandard.com.hk/section-n ... 0301&sid=2
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