On August 22, Guolong Hui published a report stating that the second quarter revenue of the Hong Kong Stock Exchange increased by 7% year-on-year, which was lower than expected. This was mainly due to lower trading margins or fees for cash and derivative commodity contracts, and a reduction in custody fees as well. However, commodity business in the last quarter grew by 38% year-on-year, exceeding expectations; while listing fees and net investment income met expectations. The report mentioned that the average daily turnover of the Hong Kong stock market so far this year is 107 billion Hong Kong dollars, and it is expected to achieve the bank's annual forecast. Guolong Hui has lowered its profit forecast for the Hong Kong Stock Exchange for the next two years by 2% and 1% respectively, to reflect lower income from derivative commodities and custody fees, and has lowered its target price from 287 Hong Kong dollars to 265 Hong Kong dollars, while maintaining a "outperform" rating.
大行评级｜里昂：下调港交所目标价至265港元 维持“跑赢大市”评级
Bank Rating | Lyon: Lowered target price of Hong Kong Stock Exchange to HK$265, maintaining "outperform" rating.
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