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Nomura drops HKEX target price to $507.5; rated neutral

AAStocks ·  Oct 27, 2021 22:00

$HKEX(00388.HK)$ continued to post robust revenue growth in its core businesses over 3Q, up 10.5% YoY, in line with the estimate, reported Nomura. The ADT stretched 43.4% YoY while the increased listings of DW and CBBC likewise boosted the listing-related fees to grow by 12.6% YoY.

However, the broker stated that, dented by the YoY decline of 76% in investment income, the overall revenue of HKEX remained flattish YoY over the period. Nomura predicted that HKEX will continue to benefit from the potentially strong revenue contribution from the stock connect schemes. The broker cut the target price of HKEX by 0.8% to $507.5, with a Neutral rating.

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