[ET Net News Agency, 7 November 2019] Citi Research said HKEX's (00388) 3Q net profit
of HK$2.2bn is 3% shy of Citi estimate, mainly due to a one-off expense of HK$130mn from
the merger proposal with LSE.
LME pre-announced an 8% hike in trading and clearing fees from January 2020 could help
marginally offset some revenue pressure next year, said the research house.
Citi expects low single-digit consensus EPS cuts post the release of the result. With 4Q
ADT (average daily turnover) remaining subdued at HK$76bn quarter-to-date, Citi sees
limited earnings catalysts for 4Q.
Into next year, potential positive catalysts include a possible secondary listing of
Alibaba and the planned launch of MSCI A-share futures. It reiterated its "sell" rating
and HK$210 target price on slower long-term growth prospects, which seem to be lagging
behind the 3-year plan laid out at the beginning of 2019. (KL)
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00388 HKEX
Nominal 
230.800 +10.800 (+4.909%) Research Report
07/11/2019 17:54
{I-bank focus}Limited catalysts seen for HKEX (00388) in 4Q
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