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<Research>M Stanley Adds HKEX (00388.HK) TP to $223, Rating Underweight
Recommend 23 Positive 32 Negative 17 |
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Morgan Stanley updated its forecasts on HKEX (00388.HK) after its first quarterly results, with EPS growth forecasts for 2024-26 raised slightly by 1.1%/ 0.8%/ 0.8%. The target price was hiked from $221 to $223 and the stock was rated Underweight. According to the report, net investment income for 1Q24 was 12% ahead of the expected due to better-than-expected performance of the external investment portfolio and a recovery in margin fund size. Consequently, the net investment income forecasts for 2024-26 were revised upward by 13.1%/ 12.8%/ 12.4%. In view of the weakened listing volume of CBBCs and derivatives, the listing fee forecasts were revised downward by 4.4%/ 4.6%/ 4.9%. Morgan Stanley revised up its total expenditure assumptions for 2024-26 by 4.8%/ 4.5%/ 3.1% due to HKEX's increased staffing and salary adjustments, weighing down the EBITDA margin from 72.3% in 2023 to 70.5% in 2024. AAStocks Financial News |
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