Glonghui, April 26 | Goldman Sachs published a research report indicating that the Hong Kong Stock Exchange benefited from increased investment income, and net profit per share in the first quarter beat expectations. Since there is no management meeting to announce quarterly results, the bank is expected to drive stock prices by rising average daily turnover (ADT) of equity securities, stock market liquidity reforms, and revenue growth related to derivatives. The market expects ADT to bottom out in the first half of the year and then pick up. The market is expected to increase its earnings per share. The bank currently estimates that the ADT share capital securities for 2024 to 2026 is HK$104 billion, $118 billion and HK$130 billion, respectively. Revenue related to ADT equity securities contributed 32% of the revenue of the Hong Kong Stock Exchange, making it the largest single source of revenue. Considering the first quarter results and stock market trading since April, the bank raised its earnings estimates by 3%, 2%, and 1% per share from 2024 to 2026, respectively. The target price increased slightly from HK$325 to HK$330, with a rating of “buy”.