HKEX(00388)2024-09-26 02:07Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The report highlights that the recent interest rate cuts by the Federal Reserve and supportive policies from the Chinese government are expected to catalyze a recovery in the Hong Kong stock market, benefiting the Hong Kong Stock Exchange (HKEX) [3][4] - The report anticipates a rebound in the average daily trading (ADT) volume for Hong Kong stocks, projecting ADT to reach HKD 1,117 billion in 2024, with further increases to HKD 1,324 billion in 2025 and HKD 1,529 billion in 2026 [3][4] - The forecast for net profit attributable to shareholders has been revised upwards for 2024-2026, with expected figures of HKD 124.7 billion, HKD 132.4 billion, and HKD 142.7 billion respectively, reflecting year-on-year growth of 5.2%, 6.2%, and 7.7% [3][4] Financial Summary - Revenue for 2024 is projected at HKD 21,536 million, with a year-on-year growth of 5.0% [4] - Net profit for 2024 is expected to be HKD 12,473 million, with a year-on-year increase of 5.2% [4] - The report indicates an EBITDA margin of 79.9% for 2024, with a net profit margin of 57.9% [4] - The earnings per share (EPS) for 2024 is forecasted to be HKD 9.8, with a price-to-earnings (P/E) ratio of 26.3 [4] - The report also notes that the total market capitalization of HKEX is HKD 3,329.34 billion, with a circulating market capitalization of the same amount [1][4]