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大行评级|大华继显:上调港交所目标价至355港元 相信估值重估空间或有限

Dahua Continues to Show: Upgrades Hong Kong Exchange target price to 355 Hong Kong dollars, believing valuation revaluation space may be limited.

Gelonghui Finance ·  Oct 10 10:09  · Ratings

Dahua Jixian's research report stated that the Hong Kong Stock Exchange will announce its third-quarter performance on October 23, expecting to be driven by the record high average daily turnover of 350.3 billion Hong Kong dollars in the last five trading days of September, with a 20.7% year-on-year increase in daily average turnover in the third quarter to 118.8 billion Hong Kong dollars, leading to a 9.3% increase in quarterly main business income. However, due to the decrease in interest rates dragging down net investment income, Dahua Jixian predicts that the growth rates of Hong Kong Stock Exchange's revenue and net profit during the forecast period may be lower at 6.8% and 6% respectively.

The bank stated that with the launch of a combination of government policies and the U.S. entering an interest rate reduction cycle, it will help boost market sentiment, drive an increase in trading volume, and the bank expects to help improve the profitability of the Hong Kong Stock Exchange. Estimating that a 10% increase in average daily turnover could lead to approximately a 4.8% growth in earnings per share. Dahua Jixian also warned that declining net investment income could bring pressure on profits. Therefore, believing that the revaluation space may be limited, the bank downgraded its rating on the Hong Kong Stock Exchange to 'hold' with the target price raised from 300 Hong Kong dollars to 355 Hong Kong dollars.

The translation is provided by third-party software.


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