Hong Kong Stock Exchange (00388.HK) shares held steady this morning, yesterday (27) noon announced the third quarter to the end of September results, net profit fell 3 per cent to 3.251 billion yuan, higher than the net composite seven brokerages forecast the median forecast of 3.19 billion yuan; earnings per share 2.57 yuan. Revenue and other income during the quarter reached 5.309 billion yuan year-on-year, which is similar to the median forecast of 5.336 billion yuan for the six brokerages in this network. HKEx explained that the decline in net profit during the period was mainly due to increased depreciation and amortization. The increase in average daily turnover led to an increase in transaction and settlement fees, which was offset by a net loss of $23 million in the fair value of the Collective Investment Scheme, which was offset by a decrease in net investment income due to a decrease in margin investment income.

Mr ou Guansheng, chief executive of HKEx, said that the decline in the amount of new shares raised in Hong Kong in the third quarter was mainly due to fluctuations in market sentiment during the period and investors were relatively cautious about regulatory risks. He pointed out that the number of applications for listing on the main board has reached a record high of more than 200, reflecting that many companies are still willing to list in Hong Kong and are optimistic about the future. The IPO market is active in the second half of last year and is expected to be relatively stable in the second half of this year. As for the significant reduction in the number of listings of GEM in recent years, he said that he would continue to assess the attractiveness and uniqueness of GEM and would announce the results in due course.

[last quarter's results were in line with the expected decline in trading forecasts by securities firms]

Nomura pointed out that HKEx's quarterly net profit was 5% lower than the bank's forecast, while core income was roughly in line with expectations due to a decline in net income. The bank expects HKEx to continue to benefit from the strong revenue contribution of stock interconnection, partly offsetting the decline in investment income in a low-interest environment. The bank roughly maintained its forecast for the average daily turnover of the Hong Kong Stock Exchange, but lowered its forecast investment income for this year and next by 24.1 per cent and 33.4 per cent, causing the bank to lower its profit forecast for this year and next by 4 per cent and 4.4 per cent respectively, and its target price was lowered from 511.8 yuan to 507.5 yuan. Maintain a "neutral" rating.

Lyon pointed out that Hong Kong stocks experienced a painful performance in the third quarter, but the average daily turnover remained stable at 165 billion yuan, stock interconnection contributed a record 15 per cent of quarterly income, and northward inflows performed strongly amid increased interest in A-shares by global investors. investment income is once again a drag on performance, and IPO activity is not particularly exciting as many companies suspend listings to wait for a better time. The bank lowered its daily turnover forecast on the Hong Kong Stock Exchange, based on a slowdown in market capitalization growth under downward pressure, and lowered some revenue forecasts for derivatives and commodities in accordance with the latest data. The bank does not expect A-share futures to bring financial benefits before the middle of next year. In total, the bank lowered its profit forecast for this year to 2023 by 6% to 7%, lowering its target price from 687 yuan to 640 yuan, maintaining its "buy" rating.

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The latest synthesis of 14 securities firms on its investment rating and target price:

Target Price of Investment rating of Securities firms (Hong Kong)

Lyon "buy" 687 yuan-> 640 yuan

Daiwa "buy" 602 yuan

Citic Construction invests and buys 600 yuan.

Goldman Sachs Group "bought" 587 yuan

JPMorgan Chase & Co "increased his holdings" by 580 yuan.

UBS "buy" 575 yuan

Credit Suisse "outperforms the market" 569 yuan

Bank of America Securities "buy" 529 yuan

Morgan Stanley "synchronized with the big city" 515 yuan

HSBC Global Research "holds" 510 yuan

Nomura "Neutral" 511.8 yuan-> 507.5 yuan

DBS "holds" 501 yuan

The neuter of the flower flag is 480 yuan.

Jeffery "holds" 458.52 yuan-> 459.67 yuan

Securities trader's point of view

Leon's net profit is slightly lower than expected.

Daiwa is in a virtuous circle

The performance of CITIC Construction Investment Co., Ltd. is in line with expectations and has improved in the medium and long term.

Goldman Sachs Group's quarterly performance beat expectations, driven by higher-than-expected investment income and good cost control.

JPMorgan Chase & Co's profit is in line with expectations, and the positive factors are maintained.

UBS's third after-tax profit is in line with expectations, MSCI China A50 Interconnection Index Futures momentum positive

Credit Suisse's quarterly results are in line with expectations, and its long-term prospects are stable.

Bank of America Securities' quarterly results were driven by transactions, but investment performance was weak

Morgan Stanley's income is flat year-on-year, strongly supported by trading income.

The short-term momentum of HSBC Global Research is limited by average daily turnover, and its medium-term outlook is affected by interest rates, costs and regulatory issues.

Nomura's core business is on track, investment income is weak

DBS's mainland regulatory risks lead to weakening of investment sentiment in the market.

Citigroup's revenue was slightly lower than expected, while operating expenses improved.

Jeffery's quarterly results are expected.