＜Research＞Citi Lowers HKEX (00388.HK) TP to $230; Good Quarter Results Expected yet with Uncertain Outlook

　　Citi Research has released a report, anticipating that HKEX (00388.HK) -0.600 (-0.251%) Short selling $228.26M; Ratio 24.678% will report good 2Q results, but its growth outlook will remain uncertain. Average daily turnover (ADT) since July has been about $100 billion as market sentiment has softened again.

　　Citi Research said HKEX will announce its 2Q results on 21 August. The broker forecasts that HKEX's net profit will record $3.3 billion for 2Q, up 10% QoQ and 12% YoY, 2% higher than the market forecasts, while its total revenue will reach $5.6 billion, up 8% QoQ and 11% YoY on the back of a rebound in ADT. Investment income is likely to moderate from a high base QoQ, but will remain at $1.2 billion, down 8% QoQ and up 8% YoY.

　　Related NewsHSBC Research: PBOC Cuts LPRs for 1st Time under New Framework; HKEX, CCB, BOC, CMB Recommended

　　The broker lowered its FY24-FY26 EPS estimates by 1%-3%, reflecting a lower ADT forecast, and the TP from $240 to $230 accordingly, with a Sell rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-22 16:25.)

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