Citi: Cuts Hong Kong Exchanges and Clearing (00388.HK) target price to HK$460, expects third-quarter profit to be dragged down by weakening market sentiment, maintains "Buy" rating

Zhitong Finance APP has learned that Citi issued a research report stating that it maintains a "Buy" rating on Hong Kong Exchanges and Clearing (00388.HK), but has lowered its target price from HK$495 to HK$460. The bank expects that, dragged down by slower equity trading activity, HKEX's third-quarter net profit will fall 1% year-on-year to HK$4.9 billion, down 10% quarter-on-quarter; total revenue is expected to be HK$7.9 billion, down 7% quarter-on-quarter and up 2% year-on-year. The company will announce its third-quarter results on November 6.