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<Research>G Sachs Elevates HKEX (00388.HK) TP to $397, Raises ADT Forecasts
Recommend 18 Positive 32 Negative 16 |
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China's policy announcements focused on improving the economy and market outlook have brought record turnover to Hong Kong stocks, with the single day record set on 8 October about 70% above the 2021 high, although the listed market capitalization was approx. 40% below, Goldman Sachs issued a research report saying. HKEX (00388.HK) is very sensitive to spot stock volume, as about half of its turnover comes from stock trading and clearing. The broker emphasized that HKEX's risk reward profile is still attractive, and believed that there is more bull case upside than bear case downside. Therefore, the broker elevated its target price on HKEX to $397 from $318, with rating at Buy. Goldman Sachs raised its FY2024-FY2026 average daily turnover (ADT) forecasts for HKEX by 19%/ 18%/ 11% to $134 billion/ $154 billion/ $163 billion each, and hence lifted its EPS forecasts by 11%/ 12%/ 9% respectively. AAStocks Financial News |
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