Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) with a target price of HKD 377.3, compared to the current price of HKD 314.8 [1]. Core Views - The report highlights that the Hong Kong Exchanges and Clearing Limited achieved a revenue of HKD 15.993 billion for the first three quarters of 2024, representing a year-on-year increase of 2.1%, and a net profit attributable to shareholders of HKD 9.270 billion, up 0.1% year-on-year [1]. - The report emphasizes the positive impact of increased market activity on trading and settlement fees, which have risen as a proportion of total revenue [1]. - The report notes that the trading fees for the cash segment reached HKD 2.196 billion, reflecting a year-on-year increase of 0.5%, indicating a recovery in trading activity [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of HKD 5.372 billion, a year-on-year increase of 5.7%, and a net profit of HKD 3.145 billion, up 6.5% year-on-year [1]. - The average daily trading value of stock products on the exchange increased by 5% year-on-year to HKD 1,027 billion for the first three quarters, with a significant jump of 23% in Q3 [1]. Revenue Structure - The revenue structure shows that trading and transaction system usage fees, along with settlement and clearing fees, accounted for 56.6% of total revenue, an increase of 2.0 percentage points year-on-year [1]. - Listing fees from the exchange accounted for 6.8% of total revenue, down 0.6 percentage points year-on-year, while investment income netted 23.3% of total revenue, a decline of 1.5 percentage points [1]. Market Activity - The report indicates that the cash segment's trading fees have shown signs of recovery, with the average daily trading value in Q3 reaching HKD 1,072 billion, marking a significant increase [1]. - The report also highlights the positive effects of favorable policies from mainland China, which have boosted trading activity and the performance of the Hang Seng Index [1]. Investment Outlook - The report projects an increase in earnings per share (EPS) for 2024, 2025, and 2026, estimating EPS at HKD 9.84, HKD 10.78, and HKD 11.78 respectively, with corresponding price-to-earnings (PE) ratios of 32, 29, and 27 times [1]. - The report suggests that the company is well-positioned to benefit from improved market conditions and increased trading activity, particularly as the Federal Reserve's interest rate cuts may enhance market liquidity [1].

Investment Rating - The report maintains a "Buy" recommendation for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Views - The trading sentiment has improved, and there is a focus on performance and valuation recovery [1] - The company's total revenue for Q3 2024 was HKD 15.993 billion, a year-on-year increase of 2.13% [4] - The net profit attributable to shareholders for Q3 2024 was HKD 9.270 billion, reflecting a year-on-year increase of 0.05% [4] - The report highlights a significant rebound in the spot market trading volume in September, contributing to the positive performance [4][9] Financial Performance Summary - For the first three quarters of 2024, the net profit attributable to shareholders turned positive year-on-year, with a margin of 58.0% [4] - Revenue from the spot trading segment increased by 2% year-on-year, while the derivatives segment faced a 10% decline [4] - The average daily trading volume in the LME segment increased by 25% year-on-year, with trading fee income rising by 39% [9] - The report projects an increase in net profit for 2024, 2025, and 2026 to HKD 128 billion, HKD 133 billion, and HKD 139 billion respectively, with corresponding year-on-year changes of +8%, +4%, and +5% [9] Market Conditions - The Hang Seng Index saw a strong rebound in mid-September, increasing by 19.3% in Q3 2024 [4] - The average daily trading amount in the spot market reached HKD 169.2 billion in September, marking a peak since April 2022 [4] - The report notes that the IPO fundraising amount for the first nine months of 2024 was HKD 55.6 billion, a year-on-year increase of 123% [4] Future Outlook - The report emphasizes the importance of Hong Kong Exchanges as a key financial infrastructure connecting domestic and global markets, especially under the backdrop of policies promoting high-quality opening of the mainland capital market [9] - The anticipated optimization of the new listing application approval process by the Hong Kong Securities and Futures Commission is expected to enhance the attractiveness of the exchange [9]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) with a target price of HKD 377.3, compared to the current price of HKD 314.8 [1]. Core Views - The report highlights that the company achieved a revenue of HKD 15.993 billion for the first three quarters of 2024, representing a year-on-year increase of 2.1%, and a net profit attributable to shareholders of HKD 9.270 billion, which is a slight increase of 0.1% year-on-year [1]. - In Q3 2024, the company reported revenue of HKD 5.372 billion, up 5.7% year-on-year, and a net profit of HKD 3.145 billion, reflecting a year-on-year growth of 6.5% [1]. - The report emphasizes the recovery in trading activity driven by favorable market conditions, with trading fees and settlement fees increasing as a percentage of total revenue [1]. Summary by Sections Revenue Structure - The revenue sources of Hong Kong Exchanges include trading and trading system usage fees, settlement and clearing fees, listing fees, custody and agency services fees, investment income, and market data fees. For Q1-Q3 2024, trading system and usage fees, along with settlement and clearing fees, accounted for 56.6% of total revenue, an increase of 2.0 percentage points year-on-year [1]. - The average daily trading amount of equity securities products on the exchange reached HKD 1,027 billion, a year-on-year increase of 5%. In Q3, this figure surged by 23% to HKD 1,072 billion, indicating a significant uptick in trading activity [1]. Investment Income - Investment income netted HKD 3.728 billion in Q1-Q3 2024, down 4.1% year-on-year. The annualized investment yield for margin and clearing house funds decreased slightly to 1.61% [1]. - The report notes a strategic shift in the company's external investment portfolio, with a significant reduction in equity securities and an increase in government bonds and mortgage securities, aimed at stabilizing income [1]. Earnings Forecast - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be HKD 9.84, HKD 10.78, and HKD 11.78 respectively, with corresponding price-to-earnings (PE) ratios of 32, 29, and 27 times [2][3]. - The company is expected to benefit from improved market liquidity and favorable policies from mainland China, enhancing its role as a key connector between China and the global market [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [3][10]. Core Insights - The company's performance in Q3 2024 showed a year-on-year increase of 7%, driven by improved liquidity and supportive policies, leading to record trading volumes in the Hong Kong stock market [3][4]. - Total revenue for the first nine months of 2024 reached HKD 159.9 billion, a 2% increase year-on-year, with net profit remaining stable at HKD 92.7 billion [3][4]. - The report highlights a significant increase in IPO fundraising, with Q3 2024 seeing a 391% quarter-on-quarter growth, attributed to major listings such as Midea Group [3][4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved total revenue of HKD 159.9 billion, up 2% year-on-year, and a net profit of HKD 92.7 billion, unchanged from the previous year [3][4]. - Q3 2024 net profit was HKD 31.5 billion, reflecting a 7% increase year-on-year [3]. Revenue Breakdown - The revenue contribution from trading and settlement fees increased to 56% in 9M24, up from 53% in 9M23, driven by a recovery in Average Daily Turnover (ADT) [3]. - Revenue from various segments for 9M24 included: - Spot trading: HKD 6.35 billion (+2%) - Equity securities and derivatives: HKD 4.52 billion (-10%) - Commodities: HKD 2.1 billion (+31%) - Data and connectivity: HKD 1.56 billion (+1%) - Company projects: HKD 1.47 billion (+18%) [3][4]. Market Trends - The report notes that the Hong Kong stock market's ADT reached historical highs, with significant contributions from both southbound and northbound trading [3]. - The report anticipates continued positive sentiment in the Hong Kong IPO market due to recent regulatory changes aimed at expediting the listing process [3][4]. Profitability Forecast - The company has adjusted its profit forecasts upward, expecting net profits of HKD 128 billion, HKD 139 billion, and HKD 151 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 8%, 9%, and 8% [3][4].

港股通 证券研究报告 香港交易所 (388 HK) 3Q24：成交回暖支撑业绩 投资评级(维持): 目标价(港币): 华泰研究 季报点评 2024 年 10 月 23 日│中国香港 其他多元金融 香港交易所（港交所）3Q24 业绩：收入/归母净利润 53.7/31.5 亿港币，同 比+5.7/+6.5%，环比-0.9/-0.3%；净利润基本符合 31.1 亿港币的彭博预期。 净利润环比基本持平，主因 9 月下旬港股成交额快速提升，3Q24 日均成交 额（ADT）为 1,188 亿港币。10 月份的市场交投活跃度仍然较高，联储年 内可能继续降息也将支撑港股市场成交额，进而利好港交所业绩。"买入"。 交易类业务：3Q24 成交额环比基本持平，10 月 ADT 有望创历史新高 3Q24 香港市场 ADT HKD1,188 亿港币（2Q24：1,216 亿港币）。衍生品和 商品市场有所降温，3Q24 LME ADV 为 64.2 万张（2Q24：73.0 万张）；衍 生品合约 ADV 148.2 万张（2Q24：156.5 万张）。衍生品和商品在交易费和 交易系统使用费收入中占比降至 48%（2Q24：50%）。互联 ...

股 票 研 究 证 券 研 究 报 告 单季利润环比持平，期待 Q4 业绩释放 香港交易所(0388) [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——香港交易所 2024 年三季报点评 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|---------------------------| | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 吴浩东 ( 分析师 ) | 王思 玥 ( 研究助理 ) | | | 021-38676647 | 010-83939780 | 021-38031024 | | | liuxinqi@gtjas.com | wuhaodong029780@gtjas.com | wangsiyue028676@gtjas.com | | 登记编号 | S0880515050001 | S0880524070001 | S0880123070151 | ...

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388) is "Buy" (maintained) [3]. Core Views - The report highlights that the company achieved a record high quarterly profit in Q3 2024, with expectations for further performance improvement as the market recovers [3][5]. - The total revenue and other income for the first three quarters of 2024 reached HKD 15.993 billion, a year-on-year increase of 2%, while the net profit attributable to shareholders was HKD 9.27 billion, remaining flat compared to the previous year [2][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue and other income of HKD 5.372 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1%. The net profit for the quarter was HKD 3.145 billion, reflecting a year-on-year increase of 7% and flat compared to the previous quarter [2][5]. - The company’s trading and settlement fees increased due to a rise in average daily trading volume (ADT) in the cash, derivatives, and commodities markets [5]. Segment Performance - Trading and trading system usage fees for the first three quarters of 2024 amounted to HKD 4.979 billion, up 6% year-on-year, driven by improved trading activity due to economic stimulus policies [5]. - Investment income for the first three quarters was HKD 3.728 billion, a decrease of 4% year-on-year, primarily due to reduced investment income from margin and settlement funds [5]. Market Outlook - The report indicates a recovery in market trading activity, with the cash market ADT reaching HKD 113.3 billion for the first three quarters, a year-on-year increase of 3% [5]. - The IPO market showed signs of recovery, with 42 companies listed on the main board in the first three quarters, raising HKD 55.6 billion, a year-on-year increase of 126% [5]. Earnings Forecast and Valuation - The company is expected to achieve total revenues of HKD 21.927 billion, HKD 23.768 billion, and HKD 26.393 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 11% [5][6]. - The net profit attributable to shareholders is projected to be HKD 12.398 billion, HKD 12.980 billion, and HKD 14.324 billion for the same years, with growth rates of 5% for both 2024 and 2025, and 10% for 2026 [5][6].

> 开源证券 公 司 研 究 非银金融/多元金融 现货交易情绪逐季回暖，关注业绩改善和估值回升机遇 香港交易所（00388.HK） 2024 年 10 月 23 日 ——2024 前三季香港交易所业绩点评 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/10/23 | | 当前股价 ( 港元 ) | 314.80 | | 一年最高最低 ( 港元 ) | 397.80/212.20 | | 总市值 ( 亿港元 ) | 3,991.15 | | 流通市值 ( 亿港元 ) | 3,991.15 | | 总股本 ( 亿股 ) | 12.68 | | 流通港股 ( 亿股 ) | 12.68 | | 近 3 个月换手率 (%) | 55.76 | 股价走势图 -40% -20% 0% 20% 40% 60% 2023-10 2024-02 2024-06 香港交易所 恒生指数 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 《降息催化周期性拐点，政策面积极且 资产 ...

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 年三季报点评：市场活力迸发，业绩高 峰渐近 2024 年 10 月 23 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） | | | 18,456 20,516 22,625 24,275 25,614 | | | | 同比（ % ） | -11.90% | 11.16% | 10.28% | 7.29% | 5.52% | | 归母净利润（百万港元） | | | 10,078 11,862 12,835 13,946 14,888 | | | | 同比（ % ） | -19.60% | 17.70% | 8.21% ...

Financial Performance - For the first nine months of 2024, the group's revenue and profit reached the second-highest record in history, with revenue of HKD 5.372 billion, a 6% increase from HKD 5.084 billion in the same period of 2023[2]. - In Q3 2024, total revenue and other income decreased by 1% to 5,372 million HKD compared to Q2 2024, with main business revenue down 4% to 4,852 million HKD[8]. - For the first three quarters of 2024, total revenue and other income reached 15,993 million HKD, a 2% increase from 15,659 million HKD in the same period of 2023[11]. - The company reported a shareholder profit of 3,145 million HKD in Q3 2024, remaining stable compared to Q2 2024[10]. - Total revenue and other income for the first three quarters of 2024 was HKD 16 billion, a 2% increase from the same period in 2023, attributed to increased trading and settlement fees[15]. - The profit attributable to shareholders for the nine months ended September 30, 2024, was HKD 9.270 billion, compared to HKD 9.265 billion in the same period of 2023[55]. - Total comprehensive income for the nine months ended September 30, 2024, was 9,517 million HKD, compared to 9,345 million HKD for the same period in 2023, reflecting an increase of 1.84%[56]. Trading Volume and Market Activity - The average daily trading volume of the Stock Connect (Shanghai and Shenzhen) reached a nine-month high, with an average daily trading amount of RMB 110.3 billion, up 4% from RMB 106.1 billion in the previous year[3]. - The average daily trading amount of the Hong Kong Stock Connect increased by 37% to HKD 39.6 billion, compared to HKD 29.0 billion in the same period last year[6]. - The average daily trading volume for equity securities on the exchange decreased by 4% to 107.2 billion HKD in Q3 2024 compared to Q2 2024[9]. - The average daily trading volume for derivatives increased by 18% to 11.6 billion HKD in Q3 2024 compared to Q2 2024[9]. - The average daily trading volume for the first three quarters of 2024 increased by 3% compared to the same period in 2023, with derivatives contracts up 12% and LME fee-paying metal contracts up 25%[14]. - The average daily trading volume for the LME fee-paying metal contracts reached a new high, reflecting strong market activity[14]. - The average daily trading volume for ETPs reached a nine-month high of RMB 154 billion, an 8% increase from RMB 142 billion in the first three quarters of 2023[22]. Investment Income - The company's net investment income increased by 41% to HKD 507 million, up from HKD 360 million in the third quarter of 2023[5]. - The net investment income from company funds increased by 39% to 507 million HKD in Q3 2024, up from 366 million HKD in Q2 2024[8]. - The net investment income from company funds rose by 20% to 1,408 million HKD in the first three quarters of 2024, compared to 1,177 million HKD in the same period of 2023[11]. - The total net investment income from margin and clearing house funds was HKD 2.32 billion in the first three quarters of 2024, down from HKD 2.71 billion in the same period of 2023[48]. Operating Expenses - Operating expenses decreased by 1% to 1,365 million HKD in Q3 2024, primarily due to reduced charitable donations, although professional fees increased[8]. - Operating expenses increased by 6% to 4,159 million HKD in the first three quarters of 2024, driven by higher employee and IT costs[11]. - Operating expenses rose to HKD 4.2 billion in the first three quarters of 2024, a 6% increase from the previous year, primarily due to higher employee costs and IT expenses[15]. - Operating expenses (excluding charitable donations) increased by 4% in the first three quarters of 2024, attributed to salary adjustments and strategic hiring[45]. Capital Expenditure - Capital expenditure increased by 26% to HKD 415 million, compared to HKD 329 million in the previous year[5]. - Capital expenditure for the first three quarters of 2024 was HKD 1.027 billion, compared to HKD 0.830 billion in the same period of 2023[50]. - As of September 30, 2024, the group's capital expenditure commitments amounted to HKD 1.506 billion, slightly down from HKD 1.555 billion on December 31, 2023[50]. Market Developments and Future Plans - The company successfully implemented measures to maintain normal trading in adverse weather conditions, reinforcing its position as a leading international trading and risk management center[2]. - The company plans to continue enhancing the vitality, resilience, and competitiveness of the Hong Kong market, focusing on product enrichment and international partnerships[2]. - The company plans to continue expanding its market presence and enhancing its technology infrastructure to support future growth[15]. - The Hong Kong Stock Exchange implemented measures to enhance market transparency and compliance culture during the third quarter of 2024[23]. Shareholder Information - The group does not intend to declare a dividend for the third quarter of 2024, consistent with the previous year[54]. - Basic earnings per share for the nine months ended September 30, 2024, was HKD 7.33, compared to HKD 7.32 in the same period of 2023[55]. Assets and Liabilities - The company's total assets reached 485,458 million HKD as of September 30, 2024, a significant increase from 341,179 million HKD as of December 31, 2023, representing a growth of 42.25%[57]. - The company’s liabilities totaled 434,334 million HKD as of September 30, 2024, up from 289,383 million HKD at the end of 2023, marking a rise of 50.14%[57]. - Cash and cash equivalents amounted to 227,757 million HKD as of September 30, 2024, compared to 125,107 million HKD at the end of 2023, showing an increase of 82.06%[57]. Compliance and Regulatory Matters - The consultation period for proposed amendments to the listing rules, aimed at aligning Hong Kong practices with global standards, ended on October 18, 2024[23]. - LME received 33 responses to its consultation on the EU Carbon Border Adjustment Mechanism (CBAM) and plans to require approved aluminum brands to report emissions data according to CBAM methods[37].