摩根士丹利：香港交易所-更新 4 月成交量预估；买入

9 May 2025 | 7:49PM HKT Hong Kong Exchanges (0388.HK): Updating estimates for Apr volumes; Buy We revise our HKEX 2025E/26E/27E EPS by +2%/+4%/+4%, to incorporate disclosed Apr'25 volumes and May'25 MTD volume. There is no change to our investment thesis or Buy rating on HKEX. Our 3-stage DDM-derived 12m target price is raised by 3% to HK$398 from HK$386, indicating a 34.5X 2025E P/E. Price Target, Risks and Methodology - Hong Kong Exchanges Our 12-m target price of HK$398 is based on a 3-stage DDM method, ...