HK Exch buy

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Neuester Beitrag: 06.03.08 06:54
Eröffnet am: 10.05.07 06:49 von: Anzahl Beiträge: 6
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5570 Postings, 5134 Tage skunk.worksHK Exch buy

10.05.07 06:49
HKEX 0388   10/5/2007
Action Buy

388 HKEX 80.95 1.35 1.70 914,988 11,272

   * HKEx (388) reported a 93% yoy growth in net profit from $479mn for 1Q06 to $923mn for 1Q07, that should be above market consensus.
   * The robust growth is mainly driven by an increase in daily stock market turnover from $31.2bn to $52.9bn.
   * Clearing and settlement fee income also rose from $155mn in 1Q06 to $262mn in 1Q07 while operating expenses just increased 10% yoy from $293mn to $323mn.
   * The one-off disposal gain of $206mn arising from the sale of 30% interest in Computershare will be booked in 2Q07, ensuring the 2Q07 earning growth.
   * Looking ahead, we believe the effect of decline in the number and size of IPO from the last year record is insignificant since the initial listing fee income is insignificant to total revenue.
   * IPO of Asian companies partially alleviates the decline in IPO of PRC companies.
   * The change in stock turnover volume is a more important swinging factor in the valuation of the counter.
   * Comparing with the average 2007 PER of worldwide major stock exchanges of 28x, we maintain our BUY recommendation on HKEx with target price of $85.4, based on our 28x 2007 earnings forecast.  

5570 Postings, 5134 Tage skunk.works388 HKEX 244.8 16.4 +7.18% 2,977,723 12,414

05.10.07 06:36
DJ MARKET TALK: HKEx Soars 7,1%; GS, DBS Up Tgt Prices  
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5570 Postings, 5134 Tage skunk.worksHKEx Fair Value Estimate Raised To HK$336

15.10.07 06:25
HKEx Fair Value Estimate Raised To HK$336 -Nomura

STOCK CALL: Nomura raises fair value estimate for HKEx (0388.HK) to HK$336 from HK$227.6 on expectations cash inflows from China to further boost trading volumes. New target more than double market consensus. Keeps Strong Buy rating for stock. "As the obvious international stock exchange of choice for China companies, HKEx is a direct beneficiary of the mainland's economic growth and reforms." Says bourse's operating costs are relatively fixed, so rising revenue from high stock turnover has "profound impact" on profits. Stock now down 2.1% on profit-taking at HK$244.80.  
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5570 Postings, 5134 Tage skunk.worksHK Ex tgt raised

23.10.07 11:23
Hong Kong Exchanges & Clearing 2008 EPS estimate raised by 51 pct - Citigroup

Citigroup said Tuesday it has raised its 2008 earnings per share forecast for stock exchange operator Hong Kong Exchanges & Clearing (HKEx) by 51 percent on hopes of strong fund inflows from mainland China and increased trade in the local stock market.

""On the back of stronger-than-expected third-quarter volume and the expectation that selective QDII funds will come through over the next couple of years, we have raised our 2008 earnings forecasts,"" said Citigroup analyst Bob Leung.

Citigroup raised its 2008 EPS estimate to 6.88 Hong Kong dollars from 4. 56 dollars.

The QDII, or qualified domestic institutional investor scheme allows certified Chinese institutions to invest outside the mainland. Recently, investors in Hong Kong have been piling up local stocks in the belief that they will benefit from QDII capital inflows.

Citigroup has raised its price target for HKEx to 219.20 dollars from 133. 10 dollars after revising its earnings estimate.

But Citigroup said the benefits to the local stock market from Hong Kong's ties with China have their limits.

""We do believe in the long run the Hong Kong market in fact would lose out on QDII, as the H-stock space is not a diversified enough space for Chinese investments,"" Leung said.

Investors are advised to be ""rational"" about reports concerning the dynamics between yuan-denominated A-shares listed on mainland markets and H-shares, or stocks of mainland companies listed in Hong Kong, he said.

""HKEx's management reaffirmed our view that it is not possible at this stage for HKEx to swap shares or have any M&A action with Shanghai or Shenzhen Exchanges while they are not incorporated with shareholding structures,"" said Leung.

""Even if the Hong Kong government swaps the shares it owns with Chinese authorities, this does not add any real value to HKEx shareholders whatsoever, "" he said.

""Lifting free-float of A-shares is the real solution to the A-H stock price gap in our view,"" he said.

HKEx closed Tuesday up 1.00 Hong Kong dollar or 0.4 percent at 253.60 dollars  
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5570 Postings, 5134 Tage skunk.worksHK Ex 146,5$ = +5,5$ = +3,9%

06.03.08 06:47
HKEx (388, $141.00) 6M Target $130.00 HOLD

Event: HKEx recorded a 145% yoy growth in FY07 net profit to $6,169mn, which was in-line with market forecast.

Net profit for FY07 grew 145% yoy to $6,169mn, which was in-line with market forecast.

The average daily market turnover (ADMT) of Hong Kong Stock Exchange are $88.1bn for FY07, $119.2bn in January 2008 to $83.5bn in February 2008. We maintain our FY08 ADMT estimates at $95bn.

We have lifted our net profit forecast for FY08 by 2% to $6.41bn (EPS $6.00), representing 4% yoy growth.

According to World Federation of Exchanges, the market velocity of Hong Kong Stock Exchange in January 2008 was 97.5%, which was still within the market velocity range among worldwide major exchanges.

The worldwide peers of HKEx are currently trading at an average FY08 PER of 18x. We believe the franchise of HKEx for international investors for the free access to the highest number and varieties of PRC-sourced equities deserves a valuation premium. We notice that the average PER for HKEx during the period between (i) 1-year after its IPO (30/6/2001); and (ii) the end of SARS (30/6/2003) was 17.3x that can be treated as a bottom valuation for HKEx during the bear cycle in our view.

Given a low single-digit EPS growth for FY08, we maintain our HOLD recommendation on HKEx with a sixmonth price target of $130 based on 21.7x FY08 earnings  

5570 Postings, 5134 Tage skunk.worksTarget Cut To HK$192

06.03.08 06:54
HK Exchanges Target Cut To HK$192 From HK$257 By BOCI  

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