该行表示，中国政府政策组合拳出台，加上美国进入减息周期，有助于提振市场气氛，驱动交易量增加，该行预期有助于港交所盈利改善，估算日均成交额每提升10%，可能带来每股盈利约4.8%的增长。然而，大华继显亦提醒，净投资收益下降也会为盈利带来压力，因此相信估值重估空间或有限。After estimation, every 10% increase in the average daily turnover of Hong Kong Exchanges and Clearing Limited may bring about a growth of approximately 4.8% in earnings per share.
According to the Zhitong Finance and Economics APP, Dahua Jixian released a research report stating that it downgraded the rating of Hong Kong Exchanges and Clearing Limited (00388) to 'hold' with a target price raised from 300 Hong Kong dollars to 355 Hong Kong dollars.
Hong Kong Exchanges and Clearing Limited is expected to announce its third quarter performance on October 23, driven by the new high in the average daily turnover of the last five trading days of September reaching 350.3 billion yuan. The average daily turnover in the third quarter is expected to increase by 20.7% to 118.8 billion yuan year-on-year, driving a 9.3% increase in quarterly main business revenue. However, due to decreased net investment income due to interest rate cuts, Dahua Jixian predicts that the income and net profit growth rates of Hong Kong Exchanges and Clearing Limited during the forecast period may be lower, reaching 6.8% and 6% respectively.
The bank stated that the combination of policies by the Chinese government, coupled with the United States entering a rate-cutting cycle, is expected to boost market sentiment, drive an increase in trading volume, and contribute to the improvement of Hong Kong Exchanges and Clearing Limited's profitability. It is estimated that every 10% increase in the average daily turnover may bring about a growth of approximately 4.8% in earnings per share. However, Dahua Jixian also warned that the decrease in net investment income may pressure profitability, thus believing that the potential for valuation revaluation may be limited.
