Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (HKEX) [4] Core Views - HKEX's Q2 2024 performance was strong, driven by a recovery in the Hong Kong stock market [1][6] - Q2 2024 revenue and other income reached HKD 5.42 billion, up 8% YoY and 4% QoQ [6] - Net profit attributable to shareholders in Q2 2024 was HKD 3.155 billion, up 9% YoY and 6% QoQ [6] - The company's investment income from funds increased by 37% YoY in Q2 2024, reaching HKD 366 million [6] - The report forecasts revenue growth of 7%, 8%, and 11% for 2024, 2025, and 2026, respectively [6] Financial Performance Summary Revenue and Profit - H1 2024 revenue and other income were HKD 10.621 billion, up 0.4% YoY [2][6] - Core business revenue in H1 2024 was HKD 9.69 billion, down 0.4% YoY [2] - EBITDA for H1 2024 was HKD 7.661 billion, down 3% YoY [2] - Net profit attributable to shareholders in H1 2024 was HKD 6.125 billion, down 3% YoY [2] Segment Performance - Trading and transaction system usage fees in H1 2024 were HKD 3.29 billion, up 3% YoY, driven by increased derivatives trading [6] - Clearing and settlement fees in H1 2024 were HKD 2.125 billion, up 5% YoY, due to higher average daily turnover in Stock Connect [6] - Listing fees in H1 2024 were HKD 725 million, down 8% YoY [6] - Investment income net in H1 2024 was HKD 2.521 billion, down 6% YoY, mainly due to reduced investment income from margin and clearing funds [6] Market Performance Spot Market - H1 2024 average daily turnover (ADT) in the spot market was HKD 1.104 trillion, down 4% YoY but up 17% compared to H2 2023 [6] - Q2 2024 ADT in the spot market was HKD 1.216 trillion, up 18% YoY and 22% QoQ [6] - Northbound ADT in H1 2024 was RMB 1.302 trillion, up 19% YoY, while Southbound ADT was HKD 375 billion, up 11% YoY [6] ETP Market - H1 2024 ETPs ADT reached HKD 14.4 billion, up 4% YoY, marking a half-year high [6] IPO Market - H1 2024 saw 30 new listings on HKEX, raising HKD 13.4 billion, down 25% YoY [6] - Q2 2024 IPO market showed recovery with 18 new listings, up 50% QoQ, raising HKD 8.6 billion, up 79% QoQ [6] - As of June 2024, there were 107 IPO applications in the pipeline [6] Financial Forecasts - Revenue for 2024, 2025, and 2026 is forecasted at HKD 21.927 billion, HKD 23.768 billion, and HKD 26.393 billion, respectively, with growth rates of 7%, 8%, and 11% [6][7] - Net profit attributable to shareholders for 2024, 2025, and 2026 is projected at HKD 12.398 billion, HKD 12.98 billion, and HKD 14.324 billion, respectively, with growth rates of 5%, 5%, and 10% [6][7] - EPS for 2024, 2025, and 2026 is estimated at HKD 9.78, HKD 10.24, and HKD 11.30, respectively [6][7] Valuation Metrics - P/E ratios for 2024, 2025, and 2026 are 23.38x, 22.33x, and 20.23x, respectively [7] - P/B ratios for 2024, 2025, and 2026 are 4.51x, 3.75x, and 3.16x, respectively [7]

证券研究报告·公司点评报告·其他金融(HS) 香港交易所（00388.HK） 2024 年中报点评：业绩符合预期，交投活跃 度持续改善 2024 年 08 月 21 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|--------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万港元） | | | | | | | 同比（%） | -11.90% | 11.16% | 7.27% | 7.91% | 5.58% | | 归母净利润（百万港元） | | | | | | | 同比（%） | -19.60% | 17.70% | 4.39% | 9.49% | 6.84% | | EPS-最新摊薄（港元/股） | 7.95 | 9.36 | 9.77 | 10.69 | 11.43 | | P/E（现价&最新摊薄） | 29.26 | 24.86 ...

非银金融/多元金融 Q2现货ADT同环比改善，LME+互联互通+衍生品延续高增 香港交易所（00388.HK） 2024 年 08 月 21 日 ——2024H1 香港交易所业绩点评 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/21 | | 当前股价(港元) | 228.60 | | 一年最高最低(港元) | 319.80/212.20 | | 总市值(亿港元) | 2,898.28 | | 流通市值(亿港元) | 2,898.28 | | 总股本(亿股) | 12.68 | | 流通港股(亿股) | 12.68 | | 近 3 个月换手率(%) | 23.86 | 股价走势图 香港交易所 恒生指数 -30% -20% -10% 0% 10% 20% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 相关研究报告 《多元化发展战略保持韧性，关注政策 面积极催化—2024Q1 香港交易所业绩 点评》-2024 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算 所有限公司有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本文件的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及 80388（人民幣櫃台） 截至 2024 年 6 月 30 日止六個月的 簡明綜合財務報表 （未經審核） 於 2024 年 8 月 21 日，香港交易及結算所有限公司（香港交易所或本公司）董事會包括 12 名獨立非執行董事，分別是唐家成先生（主席）、聶雅倫先生、巴雅博先生、陳健波先生、 謝清海先生、張明明女士、周胡慕芳女士、梁頴宇女士、梁柏瀚先生、任志剛先生、任景信先生 及張懿宸先生，以及一名身兼香港交易所集團行政總裁的執行董事陳翊庭女士。 1 簡明綜合收益表（未經審核） （財務數字以港元為單位） | --- | --- | --- | --- | |-------------------------------| ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司 有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及 80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2024 年中期業績、 中期股息及暫停辦理股份過戶登記手續 1 戰略及財務摘要 | --- | |------------------------------------------------------------------------------------------------------| | 集團行政總裁陳翊庭表示： | | 香港交易所上半年業績穩健，其中，第二季度隨著市場回升及交投活躍，集團收入及其他收益和溢利均創當季新 | | 高。集團的多元化戰略持續顯現成效，衍生產品市場成交量屢創新高，LME 上半年收費交易金屬合 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 356.00 [1][6][20] Core Insights - The report highlights a recovery in the spot market transaction volume, with an expected increase in trading activity leading to a rise in net profit for Q2 2024 [3][4] - The number of IPOs has increased quarter-on-quarter, indicating potential value in company allocations [1][4] - The report anticipates a decrease in investment yield due to a decline in HIBOR rates, despite an increase in margin size driven by improved market performance [3][4] Financial Projections - Revenue and other income are projected to grow from HKD 20,516 million in 2023 to HKD 21,715 million in 2024, reflecting an 11.16% increase [3] - Net profit attributable to the parent company is expected to rise from HKD 11,862 million in 2023 to HKD 12,751 million in 2024, a 7.49% increase [3] - The report provides EPS estimates of HKD 9.36 for 2023 and HKD 10.06 for 2024, with a PE ratio projected to decrease from 28.63 in 2023 to 24.00 in 2024 [3][20] Market Activity - The average daily trading volume (ADT) in the Hong Kong market is expected to increase to HKD 122 billion in Q2 2024, up from HKD 99 billion in Q1 2024, marking a 22% quarter-on-quarter increase [4][9] - The report notes that the number of IPOs in Q2 2024 has risen to 18 from 12 in Q1 2024, indicating a positive trend in market activity [4][9] Valuation Metrics - The company is currently trading at a PE ratio of 24x for 2024E, suggesting it is at the lower end of its long-term valuation range [4][20] - The report estimates a dividend yield of 3.14% for 2023, increasing to 3.75% in 2024 [3][20]

香港交易所(00388) /非银金融 /公司跟踪研究报告 /2024.06.14 交投活跃度进一步改善，阿尔法优势仍在 证券研究报告 投资评级:买入(维持) 港交所月度跟踪（2024年 5月） ❖ 市场环境方面：1）现货方面，5月港股市场冲高后回落，交投活跃。5月港 基本数据 2024-06-13 交所ADT为1398亿港元，环比/同比分别+24.5%/+38.4%；其中南向交易双向 收盘价(港元) 264.00 ADT 环比/同比分别+46.1%/+98.9%至 557 亿元。北向交易双向 ADT 环比/同 流通股本(亿股) 12.68 比分别-9.7%/+6.5%至1248亿人民币。2）衍生品方面，现货市场带动股票期 每股净资产(港元) 39.02 权交投活跃度提升。5 月联交所股票期权 ADV 环比/同比分别+18.0%/+34.5% 总股本(亿股) 12.68 至87.1万张，期交所期货期权（除股票期权）ADV环比/同比分别+5.5%/+23.8% 最近12月市场表现 至87.0万张。3）一级市场方面，IPO数量及募资额仍处于低位。5月港交所 有6只新股上市，募资总额环比/同比分别-43.5%/-41 ...

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (HKEX) [48] Core Views - HKEX's revenue is primarily driven by stock trading volume, with investment income smoothing cyclical fluctuations [2] - The improvement in capital flows and trading sentiment in the Hong Kong market is expected to continue [23] - The expansion of high-quality listed companies is a key factor in elevating the trading volume and profitability of HKEX [34] Revenue Breakdown - Trading and settlement income account for 49% of HKEX's revenue, with stock trading being the decisive factor [6][8] - Investment income, which is highly correlated with interest rates, contributed 24% to revenue in 2023, growing by 266% YoY to HKD 4.959 billion [14] - Market data fees, which accounted for 5% of revenue in 2023, have significant growth potential compared to global peers [17] Understanding Beta (β) - The Hong Kong stock market has seen significant gains since February 2024, with the Hang Seng Index and Hang Seng Tech Index rising by 18.49% and 23.82% respectively [24] - Southbound capital inflows have surged, with net purchases of HKD 245 billion, HKD 859 billion, and HKD 804 billion in February, March, and April 2024 respectively [26] - Foreign capital inflows are expected to recover gradually, with international intermediaries' holdings increasing by 22% from January to May 2024 [28] Understanding Alpha (α) - The expansion of high-quality listed companies is essential for increasing trading volume and profitability [35] - Historical data shows that HKEX's profitability has been driven by waves of high-quality IPOs, such as the 2006 wave of mainland companies and the 2019 wave of US-listed Chinese companies returning to Hong Kong [37] - The Hong Kong market's low turnover rate, driven by institutional investors, leaves room for liquidity improvement through measures like reducing trading costs and introducing market makers [43] Investment Recommendation - HKEX is expected to achieve net profits of HKD 12.383 billion, HKD 13.558 billion, and HKD 14.486 billion in 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27.75x, 25.34x, and 23.72x [48] - The current valuation of HKEX is below its historical average, with potential for further upside as trading volume and profitability improve [46]

香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.05.17 海外流动性预期改善,关注港股利好政 因 投资评级:买入(维持) ■ 证券研究报告 | --- | --- | |-------------------|------------| | 基本數据 | 2024-05-16 | | 收盘价(港元) | 292.00 | | 流通股本(亿股) | 12.68 | | 每股净资产(港元) | 39.02 | | 总股本(亿股) | 12.68 | | 最近 12月市场表现 | | 许盈盈 分析师 SAC 证书编号： S0160522060002 xuyy02@ctsec.com 联系人 刘全全 liujj01@ctsec.com 相关报告 1. 《业绩环比改善,互联互通深化提升 公司长期竞争力》 2024-04-25 2. 《交授活跃度逐步回暖,预计一季度 业绩环比改善》 2024-04-18 3. 《2月港股市场回暖,静待交投活跃 度修复》 -2- � -2- 港交所月度跟踪(2024年4月) -2 市场环境方面:1)现货方面,4月港股市场强势反弹,交投活跃度持续改 善。4月港交 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 430 HKD, corresponding to a PE of 41.6x for 2024 [3][4]. Core Insights - The company's performance is under pressure due to a decline in investment income, primarily caused by falling contract prices leading to a reduction in margin requirements. In Q1 2024, the company's revenue and net profit were 3.847 billion and 2.970 billion HKD, respectively, reflecting year-on-year declines of 6.42% and 12.85% [3]. - The China Securities Regulatory Commission has announced measures to enhance cooperation with Hong Kong, which, along with expectations of a continued trend of US dollar interest rate cuts, is likely to boost the activity level in the Hong Kong stock market, driving the company's revenue growth beyond expectations [3][4]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve revenues of 22.2 billion, 24.3 billion, and 26.9 billion HKD, with net profits of 13.1 billion, 14.7 billion, and 16.6 billion HKD, respectively [3][5]. - In Q1 2024, the company's investment income decreased by 12.57% to 1.342 billion HKD, accounting for a negative contribution of 54.06% to total revenue growth. The average margin size decreased by 25.47% to 18.46 billion HKD [3][5].