HKEX 0388

Re: HKEX 0388

Postby winston » Wed May 20, 2020 12:18 pm

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HK Exchanges & Clearing (388 HK) : BUY
Mkt. Cap: US$41,676m I 3m Avg. Daily Val: US$172.6m
Last Traded Price ( 18 May 2020): HK$254.80
Price Target 12-mth: HK$316.0 (24.0% upside)

Beneficiary of WVRs and secondary-listed companies’ inclusion in HSI

WVRs and secondary-listed companies’ inclusion in HSI strengthen Secondary listing
theme

New Greater Bay Area Financial Support Guideline set to strengthen HKEx’s position

Adjusted FY20/21F earnings down by 10% on declining investment returns

Maintain BUY with TP at $316

Source: DBS

https://researchwise.dbsvresearch.com/R ... ebjfkgaifc
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Re: HKEX 0388

Postby winston » Fri May 22, 2020 11:24 am

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Blue-sky scenario

The latest situation in the US market has fueled expectations of more Chinese ADRs seeking a secondary listing in Hong Kong.

The total average daily turnover (ADT) of the top 20 Chinese ADRs was US$7.8bn, equivalent to 50% of HKEx’s headline ADT in 1Q20.

This could create 25% upside to our 2020F EPS on a pro-forma basis if all trading volume comes to Hong Kong.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 037E444104
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Re: HKEX 0388

Postby winston » Wed May 27, 2020 1:54 pm

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Charles Li: HK Mkt Embraces New Products, Key Step Forward for HKEX Internationalization Strategy

HKEX (00388.HK) was authorized by MSCI to launch a series of MSCI Asia and Emerging Markets futures and options in the next decade.

HKEX Chief Executive Charles Li saw the deal as an important step forward for the Stock Exchange's global connection and internationalization strategy.

Additionally, there will be a more dazzling array of products in Hong Kong's capital market, offering global investors an increased abundance of investment and risk management tools.

Source: AAStocks Financial News
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Re: HKEX 0388

Postby winston » Thu May 28, 2020 11:09 am

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More positive outlook; reiterate ADD

We believe the potential secondary listings of NetEase and JD.com in June should be
a major share price catalyst.

We raise our 2021F/2022F average daily turnover (ADT) forecasts by HK$5bn/10bn to reflect the potential of more secondary listings from Chinese ADRs.

Some investors may unload SGX and buy HKEx after HKEx signed a major licensing agreement with MSCI, which will lead to a loss of business for SGX.

We raise our FY21F/FY22F EPS by 2.8%/4.6% to reflect our higher ADT assumptions. There is potential for a further upward revision if we see accelerating secondary listings from Chinese ADRs.

Reiterate ADD with a new TP of HK$311.6.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 6C0FE07BD4
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Re: HKEX 0388

Postby winston » Tue Jun 16, 2020 1:22 pm

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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.

As the China-US relations continues to heat up (the USA has passed the Holding Foreign Compani es Accountable Act), it will drive more and more US-listed Chinese company to seek for a secondary public offering in Hong Kong (ie the recent Netease and JD`s listing) and even delist in the US.

These types of companies usually operate in new economy sector or sectors will relative high growth rate.

The secondary public offerings of these company is likely to increase the daily trading volume and revenue for HKEX.

Further, HKEX has recently announced to partner up with MSCI and issue a suite of 37 MSCI indexes of Asia and Emerging markets for the introduction of futures and options contracts in Hong Kong.

It is expected that the 37 futures and options will be approved by the SFC in the second half of the year and provide a revenue contribution to the HKEX.

Strategy:
Buy-in Price: $285, Target Price: $314, Cut Loss Price: $270

Source: Phillips
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Re: HKEX 0388

Postby winston » Fri Jul 03, 2020 2:19 pm

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Hong Kong Exchanges & Clearing Limited (388 HK) - Pricing in good news and rising activity

The Hong Kong Exchanges and Clearing (HKEX) should be structurally well-positioned to take advantage of China’s capital account liberalisation and its turnover well supported by favourable structural and cyclical trends.

Its capability is also being bolstered by the inclusion of A-shares into MSCI indices and listing reforms that open up possibilities of new economy initial public offerings and secondary listings.

These developments, as well as the pick-up in average daily turnover (ADT), have reinforced its position as the pre-eminent intermediary of financial flows in and out of China.

While the company’s solid fundamentals remain intact and we are positive on its long-term prospects, the majority of good news have already been priced in, as shown by the 36% run-up in its share price and valuation is getting stretched at 41x 12-month forward PE, which is around +2 s.d. to historical average.

Going forward, a key event to watch out for would be the announcement on the launch of A-share futures, which we estimate could potentially generate around HK$1bn annually.

We revise our fair value estimates upwards to HK$330 and recommend that investors take partial profit in tandem with the announcement of the A-share futures launch. HOLD.

Source: OCBC
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Re: HKEX 0388

Postby winston » Fri Jul 24, 2020 1:41 pm

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<Research Report>G Sachs Estimates Ant Group's HK Debut to Contribute 7% Trade Vol. Next Yr; HKEX Kept Neutral

HKEX (00388.HK)'s share price rallied almost 10% yesterday after Ant Group had announced its plan of concurrent listing in Hong Kong and Shanghai, which may become the largest IPO in Hong Kong this year, Goldman Sachs said in its report.

Based on a 150% turnover velocity (given approximately 100% current overall market velocity) and approximately 200% for tech stocks and largely consistent with historical median/ average, Ant Group could contribute approximately 7% trading volume next year.

In comparison, recent tech IPOs in Hong Kong contributed 2-5% to total volumes.

Goldman Sachs kept HKEX at Neutral with target price of $325.

AAStocks Financial NewsSource:
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Re: HKEX 0388

Postby winston » Fri Jul 24, 2020 1:43 pm

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July 22, 202

<Research Report>Macquarie Lifts HKEX (00388.HK) TP to $400, Rated Outperform

Macquarie in its research report retained Outperform on HKEX (00388.HK) with the target price raised by 27% to $400, following the online press conference held yesterday.

The broker revised up HKEX' 2020-21E EPS by 8% and 11% for recent increase in market deals and IPOs, which may improve its short- and long-term income outlook.

Source: AAStocks Financial News
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Re: HKEX 0388

Postby winston » Fri Jul 24, 2020 1:46 pm

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July 14, 2020

<Research Report>M Stanley Adds HKEX (00388.HK) TP to $430; Rated Overweight

Morgan Stanley in its report revised up HKEX (00388.HK)'s 2020-2022E earnings by 25%/ 25%/ 34%, whose 2022E EPS may double 2019's $7.47.

The broker retained Overweight on HKEX at the target price $430, added from $345, with net profit CAGR forecast at 27% over the next three years.

Source: AAStocks Financial News
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Re: HKEX 0388

Postby winston » Fri Jul 24, 2020 1:48 pm

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July 6, 2020

<Research Report>CICC Lifts HKEX TP to $387 on Active Deals, CN Concepts' Comeback, MSCI Derivatives' Launch

HKEX (00388.HK)'s shares were resilient with 38% gains YTD, on the ride of vibrant local turnover, estimate-beating comeback of Chinese concepts and promising progress of the roll-out of MSCI-linked derivatives, CICC said.

In the broker's view, HKEX is currently trading within a reasonable territory on record.

Looking ahead, the share price of the stock exchange is assumed to swim upward further if profit growth beats, foreign and overseas capital reform and opening policy continue to launch, and sanguine sentiment of Hong Kong bourse bolstered valuation.

CICC raised the share price of HKEX by 13% to $387 with the rating reiterated at Outperform.

Source: AAStocks Financial News
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