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CICC Chops HKEX (00388.HK) TP to $580 on QoQ Result In-line

CICC Chops HKEX (00388.HK) TP to $580 on QoQ Result In-line

中金公司在季度业绩中将港交所(00388.HK)TP下调至580美元
AAStocks ·  2021/10/28 02:25

HKEX (00388.HK)'s 3Q revenue came in at HK$5.3 billion, flattish YoY and up 7% QoQ, among which the revenue from its core operation hiked 10% YoY and 12% QoQ to HK$5.11 billion, in line with CICC's estimate, the broker reported. HKEX's net profit dipped 3% YoY and rose 17% QoQ, to HK$3.25 billion, basically in line with the estimate.

To reflect the adjusted assumptions of HKEX's ADT and investment income, CICC reduced the earnings forecasts of HKEX for FY2021 and FY2022 by 1.7% and 5.1%, to HK$12.8 billion and HK$14.6 billion respectively. The broker remarked that, in near-terms, the improvement of investing sentiment in the Hong Kong market will likely become a catalyst for HKEX's share price; while in mid to long-terms, the deepening of the stock connect schemes, continuous reform on the listing system and the building of an offshore financial product center would become the key drivers for the company's growth.

CICC cut HKEX's target price by 5% to HK$580, while keeping its rating at Outperform.

该经纪商报告称，港交所(00388.HK)第三季度收入53亿港元，同比持平，季度增长7%，其中核心业务收入同比增长10%，季度增长12%，至51.1亿港元，符合中金公司的预期；港交所净利润同比下降3%，季度增长17%，至32.5亿港元，与预期基本一致。为反映港交所ADT及投资收入的经调整假设，中金公司将港交所2021及2022财年盈利预测分别下调1.7%及5.1%，至128亿港元及146亿港元。这位经纪商表示，近期内，香港市场投资情绪的改善可能会成为港交所股价的催化剂；而从中长期来看，沪港通计划的深化、上市制度的持续改革以及离岸金融产品中心的建设将成为公司增长的关键驱动因素。中金公司将港交所目标价下调5%至580港元，评级维持在跑赢大盘。

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