Glonghui, June 17 | Bank of America Securities released a report stating that the Hong Kong Stock Exchange fell 13% from a high level in May, while the Hang Seng Index fell 8% during the same period. The current valuation is 27 times the price-earnings ratio in 2024. As the average daily turnover of Hong Kong stocks rose from HK$99 billion in the first quarter to HK$126 billion in the second quarter, the bank expects the profit of the Hong Kong Stock Exchange to increase in the second quarter, and the IPO business is the focus of attention. Furthermore, according to the bank, as July 1st approaches, the Mainland is expected to announce more details of the policies previously announced to support the Hong Kong market in the next two to three weeks, such as the expansion of ETFs and the inclusion of real estate investment trusts in the Shanghai-Shenzhen-Hong Kong Stock Connect. If there are dividend tax cuts or other policies, they will bring surprises, but they are not within the bank's basic assumptions. Since the Hong Kong Stock Exchange is expected to be the main beneficiary, the “buy” rating was reaffirmed.
大行评级｜美银：重申港交所“买入”评级 预期第二季盈利将转为增长
Major bank rating | Bank of America Merrill Lynch: reiterate its Buy rating for Hong Kong Exchange and expects second quarter profits to turn into growth.
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