Jinwu Financial News | The stock price of the Hong Kong Stock Exchange (00388) continued to fall. As of press release, it fell 5% to HK$239.2, with a turnover of HK$1,189 billion.
According to the news, Nomura released a research report stating that it maintained the Hong Kong Stock Exchange's “buy” rating and lowered its net profit forecast for the 2023-2024 fiscal year by 4% to reflect a 6%/7% drop in expected daily turnover to $1050/115 billion, and the target price was lowered from HK$358 to HK$332.4. For the fourth quarter of fiscal year 2023, the bank lowered the total revenue and core revenue forecasts of the Hong Kong Stock Exchange by 5% and 4%, respectively, to 4.8 billion yuan and 4.5 billion yuan, respectively, on a quarterly basis due to weak stock market trading. The bank estimates that net profit of the Hong Kong Stock Exchange fell 11% to 2.6 billion yuan from quarter to quarter, while EBITDA fell 8% to 3.4 billion yuan, and the EBITDA margin fell 2.7 percentage points to 70.2%.
Dahua Jixian released a research report saying that the Hong Kong Stock Exchange rating was downgraded to “hold”. It is expected that the net profit of the Hong Kong Stock Exchange will decline marginally in the fourth quarter of last year due to sluggish core revenue, but strong net interest income will make up for this impact. However, the disappointing recovery in average daily trading volume and peaking net interest income raised uncertainty about the profit in 2024, and the target price was lowered from HK$370 to HK$300.