HKEX 0388

[winston]

not vested

HKEX net up 7pc in third quarter

by Cici Cao

Net profit in the third quarter rose by 7 percent to HK$3.14 billion year-on-year,

Revenue rose by 6 percent to more than HK$5 billion.

HKEX's average daily turnover in the third quarter was HK$119 billion, an increase of 21 percent year-on-year.

The average daily turnover of southbound trading of Stock Connect was HK$39.6 billion, a year-on-year increase of 37 percent, while the average daily turnover of northbound trading was HK$110.3 billion, a year-on-year increase of 4 percent.

Source: The Standard

https://www.thestandard.com.hk/section- ... rd-quarter

[winston]

not vested

Hong Kong Exchanges and Clearing (388 HK)

3Q24: Risk-And-Reward Is More Balanced; Upgrade To BUY

HKEX reported a 6.5% yoy earnings growth in 3Q24 after a sharp increase in headline ADT following the rollout of stimulus packages by China in late-September.

Although market velocity has normalised, ADT remains elevated, and NII could be more resilient going forward, suggesting more upside for earnings.

The risk-to-reward ratio is more balanced now after the recent correction as HKEX is trading close to historical average of 30.5x forward PE.

Upgrade to BUY. Target price: HK$364.00.

Source: UOBKH

https://39646150.fs1.hubspotusercontent ... 0(388%20HK)%20241024.pdf?utm_medium=email&_hsenc=p2ANqtz-8R_6LuJHt1RpNvDdObyJYcFa0INKtXDMeWhvIGoSeeDF_UjXv5GpX78M8Xd3rGgRE1PPR7qvuNqq9Zi-wdcB7CYx3bTA&_hsmi=330581483&utm_content=330581483&utm_source=hs_email

[winston]

Hong Kong Exchanges and Clearing (388 HK)

2Q25: Record-high Bottom Line; Strong ADT Momentum Continues

In 2H25 HKEX’s 2Q25 results were a beat due to better NII on forex gains and prudent cost control.

Core revenue came in strong as expected, thanks to high headline ADT in 2Q25.

We are positive on the 2H25 ADT outlook, driven by favourable liquidity conditions amid the rate cut cycle, strong Southbound flow and pick-up in IPO pipeline.

We expect potential upward revisions to consensus earnings estimates, alongside further valuation re-rating.

Maintain BUY with a 10% higher target price of HK$518.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email