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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

中金公司在季度業績中將港交所(00388.HK)TP下調至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.

該經紀商報告稱，港交所(00388.HK)第三季度收入53億港元，同比持平，季度增長7%，其中核心業務收入同比增長10%，季度增長12%，至51.1億港元，符合中金公司的預期；港交所淨利潤同比下降3%，季度增長17%，至32.5億港元，與預期基本一致。為反映港交所ADT及投資收入的經調整假設，中金公司將港交所2021及2022財年盈利預測分別下調1.7%及5.1%，至128億港元及146億港元。這位經紀商表示，近期內，香港市場投資情緒的改善可能會成為港交所股價的催化劑；而從中長期來看，滬港通計劃的深化、上市制度的持續改革以及離岸金融產品中心的建設將成為公司增長的關鍵驅動因素。中金公司將港交所目標價下調5%至580港元，評級維持在跑贏大盤。

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