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Re: HKEX 388

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Re: HKEX 388

Postby winston » Thu Apr 21, 2016 7:15 am

Shenzhen connect closer

Chinese officials may announce the approval of the stock-trading connection between Shenzhen and Hong Kong exchanges in the next two months, according to insiders.

Official approval and a starting date for the connect, which would be the second link between the mainland and the city, may be unveiled before July, said the people, possibly to coincide with one of several events taking place in the coming months.

One such event is the visit next month of Zhang Dejiang, a member of the seven-strong politburo standing committee, according to the people.

The Shenzhen stocks link will let offshore investors access many of the mainland's technology and high-growth shares.

Premier Li Keqiang said in March that the country will seek to start the link this year.

An announcement before MSCI's review of whether to include Chinese companies in its emerging markets' indexes is another option, as is granting approval and revealing the date before the July 1 anniversary of the Hong Kong handover, said the insiders. An official approval of the link may not include a commencement date, said the people.

In response, Hong Kong Exchanges and Clearing (0388) chief executive Charles Li Xiaojia said he has no news on the launch of the new stock connect, while Shenzhen Stock Exchanges said there is no telling when the launch will take place.

Chief executive Leung Chun-ying said the government is actively preparing to make sure the stocks' link can be launched as soon as possible

Source: BLOOMBERG
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Re: HKEX 388

Postby winston » Wed May 11, 2016 1:54 pm

Hong Kong Exchange Net Income Falls 9 Percent to HK$1.43 Billion

by Eduard Gismatullin

Exchange says will take ``more cautious'' approach to costs
Stock Connect generated HK$35 million in revenue in period

Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... 43-billion
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Re: HKEX 388

Postby winston » Thu May 12, 2016 6:49 am

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Global rut hits HKEx as profit tumbles 9pc

Hong Kong Exchanges & Clearing (0388) yesterday said quarterly profit fell 9 percent due to a decline in trading volume, a sign that subdued global markets and depressed commodities prices are having an impact on the SAR's bourse.

The operator of the Hong Kong Stock Exchange reported a net profit of HK$1.43 billion for the first quarter.

That compared with the HK$1.40 billion average of 20 analyst estimates compiled by Thomson Reuters.

Average daily turnover on the exchange fell 23 percent from a year earlier to HK$50.7 billion as fears over China's economic outlook and unfavorable global macro-economic indicators led to "subdued market conditions, both locally and globally," HKEx said in a statement.

Depressed commodities prices globally resulted in a 9 percent on-quarter decline in the trading of metals contracts on the London Metal Exchange, HKEx's British subsidiary.

Shanghai-Hong Kong Stock Connect brought about HK$35 million in income for the first quarter.

Operating expenses rose 19 percent from a year back to HK$1.90 billion, due to the cost of additional headcount and higher legal and professional fees

Earnings before interest, taxes, depreciation and amortization fell 9 percent. Basic earnings per share fell 12 percent to HK$1.19 for first quarter.

HKEx's share price has fallen nearly 7 percent so far this year.

Source: REUTERS
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Re: HKEX 388

Postby winston » Wed May 18, 2016 1:48 pm

12 May, 2016

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<Research Report>UBS: HKEX 1Q Profit Tops Estimates; Rated Neutral


HKEX (00388.HK) 1Q profit was $1.432 billion, down 9.1% yearly, but 5-6% higher than the expectation of UBS.

The surprise is mainly due to stronger-than-expected revenue from non-LME derivatives (+30% YoY). However, cash trading revenue fell 23% YoY, in line with the average daily volume decline.

Operating costs increased 7% YoY. Cost/ income ratio rose to 38% in 1Q from an average of 31% last year.

The group is adopting a more cautious approach to control cost in the fact of continued uncertainty in the market.

It is anticipated that the cost pressure will be relieved in the coming few quarters.

UBS set the rating of HKEX at Neutral, with a target price of $175.

Source: AAStocks Financial News
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Re: HKEX 388

Postby winston » Wed May 18, 2016 1:51 pm

May 10, 2016

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<Research Report>Macquarie Downgrades HKEX to Neutral with Target Cut to $189

Macquarie, in its report, kept its basic contention on HKEX (00388.HK), believing HKEX remains the long-term beneficiary of China?s capital market liberalization and internationalization.

Even if market activities slow, the stock has been trending high, reflecting limited upside potential.

The research house expected 1Q net profit of HKEX to drop 4% yearly to $1.506 billion, and profit of this and next year to fall 23% and grow 9% yearly.

The forecast by the research house was 6% and 8% lower than market consensus.

It also projected the 2Q and 3Q profit to have sharper decline and downgraded HKEX to Neutral from Outperform with target cut to $189 from $200.

The report also said the timing of the MSCI decision and the announcement of the Shenzhen-Hong Kong Stock Connect platform could explain the stock?s strong performance relative to weak ADT in recent weeks.

Macquarie believed that MSCI decision will be made in June and the launch of Shenzhen-Hong Kong Stock Connect will not be postponed. It advised investors not to short sell HKEX before such announcements.

Source: AAStocks Financial News
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Re: HKEX 388

Postby winston » Wed Jun 01, 2016 12:52 pm

Why Hong Kong Exchange Stock Can Fall 20%

Trading volumes are down after last year’s rout, plus growth looks limited after the link with Shenzhen starts.

By DANIEL SHANE


In a lousy year for Hong Kong shares, the one stock you didn’t want to own is the stock market operator itself.

Hong Kong Exchanges and Clearing (ticker: 388.HK ), which runs the Asian hub’s bourse, has slumped nearly 40% over the past year. Trading volumes have been hammered amid a rout in Chinese equities, while a stock link with Shanghai has failed to get local traders’ pulses racing.

Investors should buckle up for another 20% plunge in the shares.

That bearishness was certainly evident in both the top and bottom line of the exchange’s latest quarterly results. In the first quarter revenues fell 2% year-on-year and EBITDA 9%, both below the market’s generally lowly expectations.

Cash equity trading, the Hong Kong bourse’s bread and butter, was especially bleak as it fell 10% compared to a year ago. Derivatives trading and IPO fees, both smaller chunks of revenue, were bright spots as they chipped in more top line.

A year-and-a-half after launching the HK-SH Connect, it contributes just 1% of the exchange’s revenue


One long-term bear on the stock is Haitong analyst Tony Tanaka, who rates the shares as a Sell.

In a grizzly analysis Tanaka says while “stock connects are highly favorable to HKEx’s equity story, we doubt that they can contribute much to its revenue.”

Investors in China could also be less likely to trade Hong Kong-listed shares if the yuan keeps weakening or if authorities tighten up capital controls.


A bigger problem in Tanaka’s view is that once the Shenzhen connect launches there’s nothing left on the horizon for investors to get pumped about. This means they will shift focus back to the Hong Kong exchange’s other fundamentals, like its trading volumes, which have been looking anemic for a while.

The bourse offers trading in an array of asset classes including derivatives and commodities through the London Metal Exchange, but it still rakes in a big chunk of its revenue through old fashioned buying and selling of stocks.


Based on its recent price the bourse trades at about 33 times forward earnings, slightly above its five-year average. That makes “it by far the most expensive exchange in the world”


Source: Barron's

http://www.barrons.com/articles/why-hon ... 1464743055
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Re: HKEX 388

Postby winston » Thu Jun 16, 2016 7:38 am

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Commodity trading center on track

by Watson Tan

HKEx chief executive Charles Li Xiaojia said the Qianhai commodity trading center in Shenzhen, is expected to be completed by the first quarter next year and will benefit China's real economy.

The new mainland trading center is a physical expansion of the London Metal Exchange, which was acquired by HKEx four years ago.

Li said the aim is to provide investors a safe and credible trading platform, and help meet financing needs to boost China's real economy, especially when the commodities market is sluggish.

He suggested that the Qianhai sector may start with, but not limited to, non- ferrous metal trading, the strength of the LME. It may vertically expand to physical settlement and process price benchmark horizontally to create new products.

"The trading center benefits ourselves as well as investors," Li said, "as we will be able to collect more market data, such as prices, so we can create new products for investors as hedging tools."

China is in a dilemma where excessive capital cannot find safe assets to invest, he said, but the new physical trading center will benefit the real economy by effectively connecting capital with assets.

HKEx is now in the initial stage where it is negotiating and cooperating with major warehouses and logistic companies on the warehouse infrastructure. The IT system is under construction as well.

Speaking of the mutual recognition of warehouses by mainland and international firms, Li said international warehouses need time to touch down in China.

LME tried break into the China market in the past.But it faced many problems, including the failure to set up warehouses. LME chief executive Garry Jones said, it is a matter of evolution, instead of technology or regulation, and they will prove that LME's warehouse is beneficial to China.

When asked about the open of Shenzhen-Hong Kong stock connect, Li said he does not know the exact timing, but said it is coming soon. "There's no necessary correlation between MSCI's decision on A-shares inclusion and the launch of Shenzhen- Hong Kong stock connect," he added.

Source: The Standard
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Re: HKEX 388

Postby winston » Fri Jun 17, 2016 12:35 pm

Why Is HKEx So Expensive? Investors Already Lost Interest In Hang Seng

By Shuli Ren

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... hang-seng/
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Re: HKEX 388

Postby winston » Tue Jul 19, 2016 2:46 pm

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HKEX

By Shuli Ren

I sat down with Arthur Kwong, head of Asia Pacific equities at BNP Paribas Investment Partners, and asked him about Asian stocks that the European asset manager likes.

Barron’s: Hong Kong Exchange & Clearing (388.Hong Kong) is by no means a cheap stock, trading at almost 34 times forward earnings.

In fact, it is one of the most expensive exchanges in the world. Isn’t it too pricey?

Kwong: We like HKEx for two reasons: absolute and relative.

In the absolute sense, we like financial companies that have monopoly power, rather than those sensitive to interest rates. Apart from HKEx, we also have holdings in other exchanges, although they are not in our top ten. HKEx is also the only clearing house in the prominent financial city of Hong Kong.

In the relative sense, we expect Asia to follow U.S. and Europe’s lead and consolidate its exchanges too. We already see some of that happening. And when M&A’s in Asia really happen, we expect HKEx to take the leadership role.

[Barron’s comment: For instance, Singapore’s stock exchange SGX and Australia’s ASX almost merged and ASEAN’s smaller exchanges are now combining forces to establish a uniform platform.]


Source: Barron's Asia
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