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].

Investment Rating - The investment rating for Hong Kong Stock Exchange (00388.HK) is "Buy" (maintained) [1] Core Views - The report emphasizes that the Hong Kong capital market is entering a significant policy dividend period, with the Hong Kong Stock Exchange positioned to embark on a new journey due to favorable external conditions [3][10]. Summary by Sections 1. Capital Market Cooperation Measures - The China Securities Regulatory Commission (CSRC) announced five measures to enhance cooperation with Hong Kong, including expanding the eligible products for Stock Connect, incorporating REITs into Stock Connect, and supporting the inclusion of RMB trading counters in the Hong Kong Stock Connect [3][11][12]. - The ETF market in Hong Kong has seen substantial growth, with annual trading volume increasing from USD 1.7 billion in 2003 to USD 435.1 billion in 2023, reflecting a compound annual growth rate of 32% [15][16]. 2. Expectations from Two Sessions Proposals - Proposals from the Two Sessions are expected to gradually materialize, including potential reductions in dividend tax for Hong Kong Stock Connect investors, which could enhance investment interest in high-dividend assets [25][28]. - The report anticipates that the expansion of financial derivatives related to mainland assets will further attract overseas investors to the Hong Kong market [10][25]. 3. Earnings Forecast and Valuation - The forecast for the Hong Kong Stock Exchange's net profit for 2024-2026 is projected at HKD 121.24 billion, HKD 131.63 billion, and HKD 141.33 billion, with corresponding growth rates of 2.21%, 8.57%, and 7.37% respectively [3][10]. - The current market valuation corresponds to a P/E ratio of 28.17x for 2024, 25.95x for 2025, and 24.17x for 2026 [2][3].

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 香港交易所（00388.HK ）公司季报点评 2024年04月30日 [Table_InvestInfo] 衍生产品成交量创季度新高，一季度归母 投资评级 优于大市 维持 净利润同比 股票数据 -13% 0[4T月ab2le9_日S收to盘c价k（In港fo元] ） 255.00 [投Ta资ble要_S点um：mary] 52周股价波动（港元） 212.2-338.92 总股本/流通H股（百万股） 1268/1268  【事件】香港交易所发布2024年一季度业绩：实现收入及其他收益52.01 总市值/流通市值（百万港元） 4108/4108 亿港元，同比-6%，归母净利润29.7亿港元，同比-13%。归母净利润下滑主 相关研究 要是由市场疲软等原因。一季度ROE（未年化） 5.89%，同比-1.2pct。 [《Ta公b司le资_R金e投p资or收tI益nf扭o]亏为盈，归母净利润同 比+18%创历史第二高》2024.03.01  现货市场成交同比继续下滑，IPO减少。2024年一季度现货分部实现收入及 《保证金与结算所基金的投资 ...

海 外 研 证券研究报告 究 ＃industryId＃ 金融行业 ＃investSuggestion＃ ＃ ＃00388 .HK ＃香d港yCo交mp易any所＃ 港股通（沪、深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 业 绩 季度 环比改善，＃ 互title＃ 联 互通力度持续加大 onC han ge＃ ＃createTime1＃ 2024年 04月 26日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃summary＃ ⚫ 我们的观点：2024Q1港交所收入及其他收益同比下跌，但季度环比提升。 日期 2024.04.25 跟 公司现货市场成交同比下滑，但衍生品及商品市场以及沪深港通表现强 收盘价（港元） 246.8 踪 韧，并积极推进互联互通。我们维持公司“买入”评级，建议投资者积 总股本（亿股） 12.7 极关注。 报 总市值（亿港元） 3,129 ⚫ 2024Q1收入及其他收益同比下跌，但季度环比提升。收入利润环比改善： 告 净资产（亿港元） 494.8 2024Q1，公司收入及其他收益为 52.01亿港元，较 2023Q1下跌6%，但 总资产（亿 ...

[Table_Page] 公告点评|多元金融 证券研究报告 [【Table_T广itle] 发 非银&海外】香港交易所 [公Tab司le_I评nves级t] 增持 当前价格 239.00港元 （00388.HK） 合理价值 312港元 前次评级 增持 衍生品及商品成交量增长缓冲业绩降幅 报告日期 2024-04-25 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 业绩概要：公司披露2024Q1业绩，24Q1实现总收入52.0亿元，同 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 比下跌6%。业绩下跌主要在于港股成交额下降，24Q1港交所日均ADT -5% 在993.6亿元，相较23Q1的1278.2亿元下降22%。降幅缓冲主要来 -12% 自期交所衍生品及LME商品交易增长，24Q1实现归母净利润29.7亿 -19% 元，同比下跌13%。24Q1EBITDA利润率降至72%，同比下降4pct。 -26% ⚫ （1）现货市场：股票交易受宏观环境影响延续下行拖累股票交易费收 -33% 入，相关收入下降幅度与ADT下 ...

证券研究报告 公 2024年04月25日 司 报 告 香港交易所(00388) │ 行 业： 非银金融/多元金融 港 投资评级： 买入（维持） 股 当前价格： 239.00港元 - 业绩韧性明显，后续有望随市逐步修复 公 目标价格： 342.00港元 司 事件： 季 基本数据 报 港交所公布2024年一季度业绩报告。1Q24收入及其它收益52.01亿港元， 点 总股本/流通股本(百万股) 1,267.84/1,267.84 yoy-6%/qoq+7%；核心业务收入47亿港元，yoy-7%；EBITDA 37.1亿港元， 评 流通市值(百万港元) 303,013.02 yoy-12%；归母净利润29.7亿港元，yoy-13%/qoq+14%。 每股净资产(元) 39.02 ➢ 业绩概览：利润同比下降，衍生品分部表现强劲 资产负债率(%) 85.30 公司1Q24实现收入及其它收益52.01亿港元，同比-6%/环比+7%；归母净利 一年内最高/最低(港元) 336.00/212.20 润29.7亿港元，同比-13%/环比+14%。业绩同比下降主因（1）1Q24现货市 场ADT同比下降导致交易及结算费减少，衍生品交 ...