Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, Alpha-X & Alpha DRK and Montréal ExchangeToronto, Ontario--(Newsfile Corp. - October 6, 2025) - TMX Group Limited today announced September 2025 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX).All TMX Equities Marketplaces *September 2025August 2025September 2024Volume 17,189,380,70712,200,372,06011,493,486,995Value $ ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Securities Broker/Dealer in China - **Period Covered**: 1H25 Core Insights and Arguments 1. **Revenue and Earnings Growth**: Brokers reported better-than-expected revenue and earnings growth in 1H25, with net profit increasing by 40% YoY (excluding one-offs) and total operating income rising by 24% YoY [1][9][10] 2. **Fee Income Recovery**: Fee income returned to double-digit growth for the first time since 2022, with an 18% YoY increase in fee income and a 48% YoY surge in trading income on average [1][33] 3. **Market Sentiment**: The growth was supported by a rebound in market sentiment, strong market turnover, and a recovery in equity fund AUM [1][33] 4. **Brokerage Fee Growth**: Brokerage fees grew by 35% YoY on average, accounting for 24% of revenue, driven by market share gains and improved client mix [34] 5. **Offshore Revenue Contribution**: Offshore revenue contribution increased to 12% in 1H25 from 9% in 2024, with CICC leading at 31% revenue contribution from offshore [3][27] 6. **Trading Income Dynamics**: Trading income surged by 48% YoY, contributing to 48% of operating income, with CITICS and CICC leading in trading yield [50][52] 7. **Investment Banking Opportunities**: Investment banking fees contributed to 6% of revenue, with significant growth driven by HK IPOs, particularly for CICC and CITICS [45][49] 8. **Cost-to-Income Ratio Improvement**: All brokers saw improvements in their cost-to-income ratios due to strong revenue growth [16][60] Additional Important Insights 1. **A-Share Market Performance**: The A-share market recorded the strongest half-year average daily turnover (ADT) in history at RMB1.98 trillion, which is expected to drive brokerage commissions and product sales fees in 3Q25E [2][35] 2. **Asset Management Growth**: Asset management fees grew by 3-29% YoY, with stock and hybrid mutual fund AUM reaching a new high of RMB8.8 trillion [39][41] 3. **New Stock Accounts**: There was a sequential improvement in new stock accounts opened, with 1.96 million in July and 2.65 million in August [36] 4. **Mixed Trading Outlook**: While trading income is expected to remain strong, there are concerns about bond market performance affecting trading income in 3Q25E [4][51] 5. **Regulatory Environment**: The regulatory focus may shift towards loosening IPO requirements for the STAR Market, which could impact future A-share IPO fundraising [45] This summary encapsulates the key points discussed in the conference call, highlighting the positive trends in revenue, fee income, and market dynamics while also noting potential challenges and regulatory considerations.

Summary of HK Exchanges & Clearing Conference Call Company Overview - **Company**: HK Exchanges & Clearing (0388.HK) - **Industry**: Financial Services, specifically focused on stock exchange operations in Hong Kong Key Financial Highlights - **2Q25 Revenue Growth**: Expected to increase by 28% year-over-year (YoY) to HK$6,933 million, driven by strong trading activity and higher fees [1][12] - **Profit Growth**: Anticipated profit growth of 32% YoY, with earnings per share (EPS) projected at HK$3.28, up from HK$2.49 in 2Q24 [1][12] - **Average Daily Volume (ADV)**: Recorded at HK$238 billion in 2Q25, representing a 95% increase YoY but a slight decline of 2% quarter-over-quarter (QoQ) [3][9] - **Net Investment Income**: Expected to rise by 8% QoQ, attributed to a larger margin fund size despite lower interest rates [4][9] Trading Activity Insights - **Southbound Trading**: Southbound ADV surged by 154% YoY, contributing significantly to overall trading volume, with its share of total HK turnover exceeding 50% in 2Q25 [3][20] - **Northbound Trading**: Northbound ADV increased by 17% YoY but fell by 20% QoQ, indicating a mixed performance [3] - **Derivatives Trading**: ADV for derivatives decreased by 17% QoQ, reflecting a more muted trading environment [3] Market Conditions and Outlook - **Interest Rates**: The average six-month HIBOR dropped to 3.89% in 2Q25 from 4.16% in 1Q25, impacting net investment income but offset by higher margin requirements [4] - **Future Projections**: The company raised its ADV assumption for 2025 to HK$225 billion, reflecting confidence in resilient trading activities and a favorable low-rate environment [5][28] - **Earnings Estimates**: EPS estimates have been adjusted slightly upward, with expected growth of 20% YoY for 2025 and 8% for 2026 [29] Valuation and Investment Thesis - **Price Target**: Maintained at HK$500, indicating a potential upside of 16% from the current price of HK$432.60 [7][32] - **Market Sentiment**: The company is viewed as an attractive investment due to reduced financial risks, a transition towards innovation-driven growth in China, and rising IPO volumes [38][39] - **Consensus Rating**: 89% of analysts rate the stock as Overweight, reflecting strong market confidence [40] Risks and Considerations - **Geopolitical Uncertainties**: Ongoing geopolitical tensions and trade tariff concerns could impact trading volumes and market sentiment [48] - **Interest Rate Fluctuations**: Potential further declines in interest rates may negatively affect net investment income in the latter half of 2025 [29] Additional Insights - **Cost-Income Ratio**: Improved to 23% in 2Q25, down from 27% YoY, indicating better operational efficiency [12] - **Future ADV Projections**: Expected to reach HK$240 billion in 2026 and HK$265 billion in 2027, reflecting continued growth in trading activity [30][43] This summary encapsulates the key points from the conference call, highlighting the financial performance, market conditions, and future outlook for HK Exchanges & Clearing.

Core Insights - Raymond James (RJF) is expected to report a slight decline in earnings for Q3 fiscal 2025, while revenues are projected to increase year-over-year [1][3] Financial Performance - In the last quarter, RJF's earnings fell short of the Zacks Consensus Estimate due to higher non-interest expenses and subdued investment banking (IB) performance, although strong brokerage performance in Capital Markets and robust results from the Private Client Group and Asset Management segments provided some support [2] - The Zacks Consensus Estimate for RJF's Q3 earnings is $2.37, reflecting a nearly 1% decline from the previous year, while the sales estimate of $3.36 billion indicates a 4.1% growth [3] Investment Banking (IB) Fees - Global M&A activity improved in the reported quarter, leading to an expected rise in RJF's advisory fees, despite initial market volatility due to tariff announcements [4] - The IPO market saw a resurgence, positively impacting RJF's underwriting fees, with IB fees estimated at $212.1 million, representing a 15.9% year-over-year increase [5] Trading Revenues - Client activity and market volatility were strong in the June-ended quarter, driven by trade war concerns and sustained high interest rates, suggesting solid growth in RJF's trading revenues [6] Net Interest Income (NII) - The Federal Reserve's decision to maintain interest rates at 4.25-4.5% is expected to have a favorable impact on RJF's NII, although higher funding costs may offset some gains [7] - The consensus estimate for interest income is $980.4 million, indicating a 7.2% decline, while RJF's own estimate is $1.01 billion [8] Expenses - Non-interest expenses are projected to rise nearly 6% due to advisor hiring and inflationary pressures, with total non-interest expenses expected to reach $2.74 billion, a 5.9% year-over-year increase [9][10] Earnings Surprise Potential - The likelihood of RJF beating the Zacks Consensus Estimate is high, supported by a positive Earnings ESP of +1.24% and a Zacks Rank of 3 (Hold) [11][12]

Core Insights - Charles Schwab's second-quarter 2025 adjusted earnings per share (EPS) reached $1.14, exceeding the Zacks Consensus Estimate of $1.09, and reflecting a 56% year-over-year increase [1][8] - The company's shares rose nearly 2.4% in pre-market trading due to better-than-expected results driven by market volatility and higher interest rates [1] Financial Performance - The asset management business and trading revenues significantly contributed to the results, alongside higher net interest revenues (NIR) and an increase in brokerage accounts [2] - Quarterly net revenues were reported at $5.85 billion, a 25% increase year over year, surpassing the Zacks Consensus Estimate of $5.70 billion [3][8] - Total non-interest expenses increased by 4% to $3.05 billion, while adjusted total expenses rose 5% year over year to $2.92 billion [3] Profitability Metrics - The pre-tax profit margin improved to 47.9% from 37.2% in the prior-year quarter [4] - Average interest-earning assets grew almost 1% to $422.7 billion, slightly above the estimate of $421.7 billion [4] - The annualized return on equity reached 19%, up from 14% in the prior-year quarter [4] Client Metrics - As of June 30, 2025, total client assets hit a record $10.76 trillion, marking a 14% year-over-year increase [5] - The company attracted $73.6 billion in net new assets during the quarter and added 1.1 million new brokerage accounts, bringing the total to 37.5 million active brokerage accounts [5][8] Shareholder Actions - During the reported quarter, Schwab repurchased 3.9 million shares for $351 million [6] Strategic Outlook - A decline in funding costs and lower rates are expected to support Schwab's margins, along with strategic acquisitions and increased advice solution fees [7] - However, rising expenses and macroeconomic challenges may pose risks to future performance [7]

Investment Rating - The report assigns an "Overweight" (OW) rating to HK Exchanges & Clearing (0388.HK) with a new price target of HK$500, reflecting a 24% upside potential from the current price of HK$402.40 [6][31]. Core Insights - The report highlights increased confidence in the financial system cycle bottom, which is expected to support trading volume and market sentiment in Hong Kong [9][44]. - Strong year-to-date (YTD) performance is noted, with average daily trading value (ADV) reaching HK$240 billion as of June 6, 2025, an 82% increase from HK$132 billion in 2024 [2][9]. - The report anticipates a robust IPO recovery, with funds raised reaching HK$78 billion in the first five months of 2025, up over 700% year-on-year [15][17]. Summary by Sections Financial Performance - The report raises ADV assumptions to HK$220 billion for 2025 and HK$240 billion for 2026, reflecting a more favorable market environment and increased IPO activity [4][26]. - Earnings forecasts have been adjusted upward, with EPS estimates increasing by 9.4% for 2025 and 10.6% for 2026 [27][30]. Market Dynamics - The financial system is believed to be in a properly regulated development mode, reducing market volatility and supporting capital market activity [3][10]. - The report identifies key drivers for trading volume, including a shift to an innovation-driven development model in China and easing trade tensions, which are expected to enhance market sentiment [11][14]. IPO Activity - A solid IPO pipeline is anticipated, with 138 deals in process as of May 30, 2025, and expectations for IPO volume to rise to HK$180 billion in 2025 and HK$310 billion in 2026 [15][19]. - The loosening of IPO criteria by the China Securities Regulatory Commission (CSRC) is expected to further stimulate market activity [15][44]. Valuation and Price Target - The new price target of HK$500 is derived from applying a P/E multiple of 37.4x to the 2026 EPS estimate of HK$13.38, reflecting a bullish outlook on market conditions [31][38]. - The report outlines different valuation scenarios, with the base case target increasing to HK$468 and the bull case target rising to HK$630 [32][33].