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2026-11-09 11:25:24 JPMorgan issued a research report stating that HKEX (00388.HK)'s 3Q net profit was HKD4.86 billion, down 10% QoQ and down 1% YoY, 2% below the broker's forecast. Revenue fell 7% QoQ, mainly due to lower securities and derivatives trading volume during the period, partly offset by a 4% QoQ increase in market data fees. Net interest income dropped 23% QoQ and slightly missed expectations, attributable to lower corporate funds net interest income, while HKD290 million in mark-to-market gains from equity investments had been recorded in 2Q. Costs rose 6% YoY, below the broker's forecast, while staff costs were flat QoQ. The broker believes the results were slightly below expectations and that the soft trading volume trend has largely been priced in. However, average daily turnover has recently rebounded, with Hong Kong stock market turnover reaching HKD259 billion per day so far this week, above the October average of HKD181 billion. The broker expects that a rebound in the China market would also benefit HKEX, which has high beta exposure to the HSI/MSCI China Index. JPMorgan maintained its Overweight rating and HKD490 target price, and currently forecasts average daily turnover in the Hong Kong stock market to reach HKD251 billion, HKD240 billion and HKD252 billion in 2026, 2027 and 2028, respectively. (gc/da)~ 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. | |