Goldman Sachs: Maintains "Buy" rating on HKEX (00388) with a target price of HKD 540.
The Hong Kong Stock Exchange reported a net profit of HKD 5.4 billion for the second quarter, representing a year-on-year increase of 21% and a quarter-on-quarter rise of 4%, which exceeded the bank's and market expectations by 11% and 15% respectively.
Goldman Sachs released a research report stating that it expects HKEX (00388) stock price to respond positively to its Q2 performance. The net profit for the second quarter is expected to be HKD 5.4 billion, an annual increase of 21%, and a quarter-on-quarter rise of 4%, surpassing the bank's and market expectations by 11% and 15%, respectively. Revenue (excluding investment income) is 5% higher than the bank's forecast, while investment income is also above expectations due to fair value gains from non-listed company investments. The rating is "Buy" with a target price of HKD 540.
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