| UOB Kay Hian Upgrades HKEX (00388.HK) to Buy, Elevates TP to $285 |
|---|
HKEX (00388.HK)'s 1Q24 earnings amounted to $2.97 billion, 6.7% ahead of UOB Kay Hian's estimation, mainly due to better external portfolio gains, higher trading fees at the London Metal Exchange (LME) and lower depreciation and amortization (D&A) expenses, partially offset by higher operating costs, UOB Kay Hian released a research report saying.
UOB Kay Hian was now more optimistic about HKEX's earnings outlook, due to the encouraging recovery in average daily turnover and the resilient net interest income in a longer-than-expected high interest rate environment.
UOB Kay Hian raised its 2024 to 2026 earnings forecasts by 6.7%/ 1.4%/ 1.6% each, and upgraded HKEX to Buy. UOB Kay Hian also elevated its target price to $285 from $262.
~
AAStocks Financial News
Web Site: www.aastocks.com | | AAFN |
|