JP Morgan: Maintains "overweight" rating on HKEX (00388) and lowers target price to HKD 370.

JPMorgan released a research report stating that it maintains a "buy" rating for HKEX (00388) with a target price lowered from HK$390 to HK$370. The bank expressed that the existing profit forecasts are respectively 1%, 4%, and 7% higher than the general market expectations. JP Morgan has updated its operational performance forecast for HKEX (00388), taking into account operating data up to January of this year. Based on a decrease in stock trading volume, custody fees, and net interest income, the earnings per share forecast for the fiscal years 2024 to 2026 have been lowered by 2%. The current forecast for the average daily trading volume in the next two years is HK$345 billion and HK$385 billion respectively, and the average daily trading volume for derivative instruments is 1.735 million and 1.995 million contracts respectively.