According to the financial news app "Zhongtong Finance", Goldman Sachs released a research report stating that it has lowered its earnings forecast for Hong Kong Exchanges and Clearing Limited (00388) by 4% and 7% for the fiscal years 2024 and 2025. The stock maintains a "buy" rating and is included in the conviction buy list, with the target price lowered by 7.2% to 320 Hong Kong dollars from 345 Hong Kong dollars. The stock's valuation does not appear to be high, at 25 times the expected P/E ratio, staying at the low end of its historical valuation.

Goldman Sachs believes that the stock has already reflected the current low activity in the Hong Kong spot market and is not expected to rebound quickly. The report points out that Hong Kong Exchanges and Clearing Limited's earnings for the second quarter of 2024 are in line with expectations. Excluding investment income, profits are expected to be 6% lower than expected. Looking ahead to the second half of 2024 and beyond, the growth in revenue driven by sales volume will be offset by the decrease in investment income. Due to recent soft trading volume, the expectations after the second quarter are low.