2024-04-26 05:32Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The report indicates that while the company's revenue and other income decreased year-on-year in Q1 2024, there was a quarter-on-quarter improvement. The performance in the derivatives and commodities markets, as well as the Shanghai-Hong Kong Stock Connect, remains resilient [7]. - The average daily trading volume in the cash market decreased year-on-year, but there was a significant increase in the derivatives and commodities markets, indicating strong growth potential [7]. Financial Highlights - For the fiscal year 2023, the company's revenue and other income were HKD 202.7 billion, with a year-on-year growth of 10.9%. The projected revenue for 2024 is HKD 211.0 billion, reflecting a growth of 4.1% [6][11]. - The net profit attributable to shareholders for 2023 was HKD 118.6 billion, with a year-on-year increase of 17.7%. The expected net profit for 2024 is HKD 120.4 billion, showing a modest growth of 1.5% [6][11]. - The return on equity (ROE) for 2023 was 23.5%, with projections of 23.2% for 2024 and 24.4% for 2026 [6][11]. - The company's earnings per share (EPS) for 2023 was HKD 9.37, with an expected increase to HKD 9.69 in 2024 [6][11]. Market Data - As of April 25, 2024, the closing price of the company's stock was HKD 246.8, with a total market capitalization of HKD 3,129 billion and total assets amounting to HKD 494.8 billion [3][6].