Daiwa Capital Markets published a report indicating that due to strong average daily turnover performance and stable net investment income, they expect HKEX's net profit for the fourth quarter of last year to grow by 43.2% year-on-year. The current valuation may not fully reflect the high average daily turnover levels. Daiwa pointed out that under concerns about slowing U.S. tariffs and interest rate cuts, a downward adjustment of the minimum fluctuation price for stocks and the recovery of the IPO market could provide additional upward space for average daily turnover growth. The firm maintains a Buy rating on HKEX with a Target Price of HK$352. The firm has moderately adjusted HKEX's overall average daily turnover forecasts for 2025 and 2026 from HK$134 billion and HK$144 billion to HK$137 billion and HK$153 billion respectively, and has raised the profit forecasts for 2025 and 2026 by 3.6% and 3.9% respectively.