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2026-04-29 14:31:51 Citi published a research report stating that HKEX (00388.HK) announced its 1Q results. Net profit attributable to shareholders was HKD5.2 billion, up 20% QoQ and 27% YoY, 12% above market expectations. Core revenue exceeded market and Citi estimates by 5% and 2%, respectively, mainly driven by stronger trading and listing fees. Investment income was HKD1.3 billion, up 5% QoQ and 26% above market expectations, partly due to HKD75 million in foreign exchange gains recorded during the period. Operating expenses were well controlled, rising 2% YoY, 2% below market expectations. EBITDA margin reached 80.4%, up 3.7 ppts YoY. Citi noted that spot trading revenue was strong. Securities trading fees in 1Q increased 21% QoQ and 21% YoY, broadly in line with expectations. Stock Connect revenue rose 24% QoQ and 44% YoY, accounting for 21% of core revenue. Listing fees increased 34% YoY, 14% above market expectations. Derivatives trading fees grew 16% QoQ, while LME trading fees increased 19% QoQ and 34% YoY. Citi said the strong 1Q results should prompt the market to raise earnings forecasts for HKEX, although it believes the outperformance in investment income is unlikely to be fully sustainable. The broker set a TP of HKD525 on HKEX (00388.HK) with a Buy rating. (ad/w)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |