HKEX (00388.HK) will announce its interim results next Wednesday (21st). Benefiting from the rebound in trading volume in the second quarter (average daily turnover increased by 22% to 122 billion yuan for the quarter, and the proportion of southbound turnover increased to 17%), the investment income rate may be reduced due to the decline of HIBOT. According to the consensus of 9 brokerages, it is expected that HKEX's net profit for the middle of 2024 will be between 6.083 billion yuan and 6.3 billion yuan, a decrease of 0.2% to 3.6% YoY from 6.312 billion yuan in the same period of 2023, with a median of 6.17 billion yuan, a decrease of 2.2% YoY.

According to the consensus of 5 brokerages, it is expected that HKEX's revenue and other income for the middle of 2024 will be between 10.543 billion yuan and 10.805 billion yuan, a decrease of 0.3% to an increase of 2.2% YoY from 10.575 billion yuan in the same period of 2023, with a median of 10.616 billion yuan, an increase of 0.4% YoY. Investors are concerned about the company's management and reform guidance.

The following table lists the rating and target price (HKD) of 12 brokerages for HKEX:

Brokerage | Investment Rating | Target Price

Huatai Securities │ Buy │ 356 yuan

Goldman Sachs │ Buy ("Conviction Buy" List) │ 345 yuan

Nomura │ Buy │ 332.74 yuan

Dahua Jixian │ Buy │ 313 yuan

Bank of America Securities │ Buy │ 310 yuan

CITIC Securities │ Outperform │ 310 yuan

HSBC Global Research │ Buy │ 312 → 300 yuan

Lydia │ Outperform │ 287 yuan

J.P.Morgan │ Shareholding │ 305 yuan → 280 yuan

UBS Group │ Neutral │ 261 yuan

Citi │ Sell │ 230 yuan

Morgan Stanley │ Shareholding │ 223 yuan