智通财经网·2025-08-20 06:52Core Viewpoint - Morgan Stanley has upgraded its outlook on Hong Kong Exchanges and Clearing (HKEX) due to sustained high average daily trading volumes influenced by capital flows, southbound trading, IPOs, and improvements in the A-share market [1] Group 1: Market Performance - HKEX's average daily trading volume is expected to remain high, with projections for fiscal years 2025 to 2027 reaching HKD 235 billion, HKD 250 billion, and HKD 252 billion respectively [1] - The market's visibility regarding HKEX's mid-term prospects typically leads to a revaluation of its PE multiples [1] Group 2: Financial Projections - Morgan Stanley has raised its target price for HKEX from HKD 400 to HKD 500 and upgraded its rating from "Neutral" to "Overweight" [1] - The bank has adjusted its earnings per share estimates upward by 5% to 16% in line with the anticipated higher average daily trading volumes [1] - For the first half of the year, HKEX's profit is projected to be HKD 4.93 billion, with the second quarter expected to contribute HKD 2.399 billion [1]