HKEX 0388

[winston]

not vested

<Research Report>G Sachs Raises HKEX (00388.HK) Target to $295; Rated Buy

Goldman Sachs said HKEX (00388.HK)'s investment income is growing among the revenue mix, most of which is interest income, which is stemmed from the net rate spread kept up by the Exchange on margin money in addition to the interest earned on corporate funds.

The research house reiterated Buy on HKEX to reflect the market sentiment and rate leverage, saying lower sentiment has inched up risk/ reward.

The target price was raised to $295 from $292.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>JPM Cuts HKEX (00388.HK) TP to $260; Maintained Overweight

In JPMorgan's report, 2018-2020 EPS estimates on HKEX (00388.HK) were lowered by 7%, 10% and 8%, as ADT lessened by 13% under 8% devaluation of RMB in the past six months.

The broker rated Overweight on HKEX at the target price HKD260, cut from HKD285.

Source: AAStocks Financial News

[winston]

not vested

HKEX (00388.HK) ADT Up 40% YoY to $114.7B in 1-3Q

HKEX (00388.HK) announced the key market statistics for the first three quarters of 2018.

During which, ADT of equity products traded on the Stock Exchange reached record-high of $91.2 billion, up 37% yearly.

ADT of DWs, CBBCs and warrants elevated 52% yearly to $23.5 billion, whereas ADT surged by 40% yearly to $114.7 billion.

ADV of derivatives contracts and ADV of stock options contracts set all-time high of 663,673 and 533,972, representing year-on-year increment of 55% and 35% respectively.

ADV of metals contracts traded on the LME lifted 21% yearly to 748,960 lots.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>G Sachs: HKEX 3Q18 Results Beat on Investment Revenue

HKEX (00388.HK)'s 3Q EPS grew 19% yearly to $2.06, beating Goldman Sachs' projection and street consensus.

Such positive results were mainly driven by increased investment income and clearing
income.

During the period, the EBITDA was about 7% ahead of consensus, while the performance of depreciation and amortization missed estimate.

HKEX was rated Buy, with unchanged 12-month target price ($295).

Source: AAStocks Financial News

[winston]

not vested

HKEX posts $9.3b net on record revenues

by Avery Chen

Hong Kong Exchanges and Clearing (0388) posted a 25.77 percent year-on-year increase in net profit for 2018 to HK$9.31 billion.

The local bourse operator declared the second interim dividend of HK$3.07 per share, setting a record-high with a full-year dividend of HK$6.71 per share.

Basic earnings per share was HK$7.5.

Revenue and other income rose 20.39 percent yoy to HK$15.87 billion in 2018, hitting a historic high, driven by an increase in trading and clearing fees as a result of record highs in cash market turnover and Derivatives Market trading volume, as well as record listing fees, from both an increase in the number of listed companies, and highs in newly listed DWs and CBBCs.

Chief executive Charles Li Xiaojia said HKEX intends to transform themselves from a leading global exchange not only by virtue of size, to one in terms of product range, reach, global relevance, regulatory standards, market efficiency and technological innovation.

Hong Kong securities market ranked first globally for IPO fundraising, with total IPO funds reaching HK$288 billion, with a 124 percent yoy increase. However, Li expects the IPO size will be smaller this year, as the market atmosphere is more pessimistic, affected by increasing geopolitical tensions, a deceleration in global growth, and general market uncertainty.

When asked about the competition with the new tech board in Shanghai, Li said that is not a issue as the market pie is growing, and he is confident about Hong Kong's unique edge.

HKEX announced last week it intends to acquire 51 percent equity interest in Shenzhen Ronghui Tongjin Technology, a technology services provider that specializes in financial exchanges, regulation technologies and data applications.

Compared with the size of HKEX, the acquisition is an "investment", instead of expanding revenue source, Li said, the proposed acquisition aims to support HKEX's technological capabilities. He added HKEX is constantly looking for acquisition opportunities, including start-ups.

Shares of HKEX closed 0.74 percent lower at HK$268 yesterday.

Source: The Standard

[winston]

not vested

May 2, 2019

<Research Report>Deutsche Hikes HKEX (00388.HK) TP to $263.5; 1Q NP Expected at $2.4B

Deutsche Bank expected the YTD stock market rebound to benefit the earnings of HKEX (00388.HK), who will unveil 1Q19 results next Wednesday (8 May).

Overall, HKEX's net profit will likely grew 31% QoQ to $2.4 billion.

Further, the FY21 earnings forecast for HKEX was raised by 2%. The broker also lifted HKEX's target from $255 to $263.5.

Source: AAStocks Financial News

[winston]

vested

April 15, 2019

<Research Report>G Sachs Raises HKEX (00388.HK) TP to $280, Kept Neutral

Goldman Sachs in its research report revised up 2019-21 EPS estimates on HKEX (00388.HK) by 2%, 3% and 1%, with 2022's down by 1%, to reflect the trade volume in March.

The broker kept Neutral on HKEX at the target price $280, raised from $275.

Source: AAstocks Financial News

[winston]

vested

Mar 1, 2019

<Research Report>JP Morgan Raises HKEX Target to $300; Rated Overweight

JPMorgan raised the 2019-20E earnings for HKEX (00388.HK) by 3% and 5%, based on its results and recent operating data.

Equally, HKEX's 2019-21 ADT assumptions came in at $152 billion/ $172 billion/ $192 billion.

HKEX was retained at Overweight, with price target lifted from $285 to $300.

Source: AAStocks Financial News

[winston]

vested

HKEX (00388.HK) 1Q19 NP Up 2% YoY to $2.61B

HKEX (00388.HK) announced that 1Q19 net profit rose 2% yearly to $2.608 billion.

EPS equaled $2.09. EBITDA grew 3% yearly to $3.318 billion.

During the period, revenue and other income amounted to $4.288 billion, up 3% yearly.

Source: AAStocks Financial News

[winston]

vested

HKEX (00388.HK) 1Q19 IPO Fundraising $21.2B, Down 13% YoY

HKEX (00388.HK) announced that 1Q19 equity funds raised from IPOs totaled $21.2 billion, down 13.1% yearly, whereas that from post-IPOs was $22.2 billion, as compared with $96.5 billion for the corresponding period last year.

As of 31 March 2019, the respective number of companies listed on the Main Board and on GEM was 1,959 and 387.

Source: AAStocks Financial News