Soochow Securities·2024-08-21 18:06Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue and other income increasing by 0.43% year-on-year to HKD 10.621 billion, while net profit attributable to shareholders decreased by 2.96% to HKD 6.125 billion [2][3] - The main business remains stable, with a 2.6% year-on-year increase in core business revenue to HKD 7.9 billion in H1 2024, driven by a rebound in trading sentiment due to policy benefits and capital inflows [3][4] - The derivatives segment showed strong trading sentiment, with average daily contract volume increasing by 12% year-on-year to 1.5326 million contracts, although revenue from this segment decreased by 13% year-on-year to HKD 2.9 billion [3][4] Summary by Relevant Sections Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been raised to HKD 12.383 billion, HKD 13.558 billion, and HKD 14.486 billion respectively, with corresponding growth rates of 4.39%, 9.49%, and 6.84% [4] - The current market capitalization corresponds to a P/E ratio of 23.82x for 2024, 21.75x for 2025, and 20.36x for 2026 [4] Market Data - The closing price of the stock is HKD 232.00, with a one-year low of HKD 212.20 and a high of HKD 319.80 [6] - The market capitalization of the Hong Kong stock is approximately HKD 294.14 billion [6] Basic Data - The book value per share is HKD 39.02, with a debt-to-asset ratio of 85.30% and a total share capital of 1,267.84 million shares [7]