HKEX(00388) 平安证券·2024-10-24 07:40Investment 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]