大行评级|美银:下调港交所目标价至302港元 料去年核心业务疲弱

Major Bank Ratings | Bank of America: Lowering the target price of the Hong Kong Stock Exchange to HK$302, the core business is expected to weaken last year

Gelonghui Finance ·  Feb 19 22:35

According to a research report published by Bank of America Securities, the Hong Kong Stock Exchange's profit is expected to rise 19% year-on-year to HK$12 billion; excluding investment and interest income, its core business revenue is expected to fall 9% year-on-year; the average daily turnover is HK$105 billion, down 16% from HK$125 billion in FY2022; total turnover is also down 17% from the same period last year; and total IPO capital raised is HK$46 billion, down 56% year on year. The bank believes that the performance of the Hong Kong Stock Exchange will be within market expectations, and that a new CEO will soon take office. It is believed that investors will pay attention to the company and government's strategies to improve liquidity and IPO fund-raising. Bank of America Securities said it lowered its profit forecast for the current year and next two years by 3 to 8% and the target price by 11%, from HK$338 to HK$302 due to the expected decline in average daily turnover of the Hong Kong Stock Exchange and the forecast of investment income, reaffirming its “buy” rating.

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