大摩:下调港交所目标价至240港元 评级“减持”

Daimo: Lowering the target price of the Hong Kong Stock Exchange to HK$240 to “reduce holdings”

Breakings ·  12/07/2023 15:47

Morgan Stanley published a report that lowered the average daily turnover forecast of the Hong Kong Stock Exchange for this year and next by 8% and 10%, respectively, and 7% for 2025, mainly because the capital market is still not active. Under the new assumptions, the average daily turnover for 2023, 2024 and 2025 was $105 billion, $131 billion and HK$136 billion, respectively. Due to the moderate performance of the IPO and derivatives markets, the bank also lowered its listing fee revenue forecast. According to the bank, the investment income of the Hong Kong Stock Exchange for the third quarter exceeded the company's expectations by 6%, mainly because the return on investment was higher than expected, so the net investment income forecast for this year was raised by 21.4%. It is believed that next year it will continue to benefit from the high interest rate environment. In response to the above adjustments, the target price was lowered from HK$251 to HK$240, and the rating was “reduced”.

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