[ET Net News Agency, 3 July 2020] J.P. Morgan maintained its target price for HKEX
(00388) unchanged at HK$340 but downgraded its rating to "neutral" from "overweight".
The research house recommended that investors book gains on the stock after a solid bout
of outperformance. HKEX was up 10%/22%/38% in the last 1 week, 1 month, and year-to-date
(versus 1%/6%/-11% for Hang Seng Index).
JPM admitted that if A-share futures approval comes in, or if trading volumes move up
further, the stock may overshoot. It believes a slightly higher volume (5-7%) versus
expectations, the stock will likely be at HK$400, or 45x P/E. Effectively, that's peak P/E
at peak EPS.
JPM said the balance of probability suggests that build-up to any such possibility
should be taken as a cue to reduce positions. (KL)
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00388 HKEX
Nominal 
239.000 0.000 (0.000%) Research Report
03/07/2020 16:00
{I-bank focus}JP Morgan downgrades HKEX (00388) to "neutral"
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