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<Foresight>Brokers Expect HKEX 1Q24 NP to Decline 17%+, Dragged by Falling Turnover & Investment Income (Update)
Recommend 8 Positive 14 Negative 6 |
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HKEX (00388.HK) will announce its 1Q24 results next Wednesday (24th). HKEX's average daily turnover (ADT) in 1Q was $99.4 billion, down over 21% YoY. The results are expected to be dragged by the decline in ADT of Hong Kong stocks and net investment income, as well as a high cost-to-income ratio. Investors are concerned about HKEX management's guidance on operations and future strategies, including ways to increase Hong Kong's stock trading volume and control operating costs. ----------------------------- According to the forecasts from 5 brokers as summarised by our reporters, HKEX's net profit for 1Q24 is expected to be in the range of $2.7 billion to $2.892 billion, a YoY decrease of 15% to 20.8% compared to $3.408 billion in 1Q23. The median net profit of $2.81 billion represented a 17.5% YoY decrease. Broker│1Q24 Net Profit Forecast│YoY Change CICC│$2.892 billion│-15% Morgan Stanley│$2.831 billion│-17% Nomura│$2.81 billion│-17.5% Citi│$2.8 billion│-17.8% UBS│$2.7 billion│-20.8% ----------------------------- According to the 5 brokers, HKEX's revenue and other income for 1Q24 are forecasted to be in the range of $4.9 billion to $5.171 billion, representing a YoY decrease of 7% to 12% compared to $5.558 billion in 1Q23. The median value of $4.974 billion represented a 10.5% YoY drop. Broker│1Q24 Revenue & Other Income Forecast│YoY Change CICC│$5.171 billion│-7% Citi│$5 billion│-10% Morgan Stanley│$4.974 billion│-11% Nomura│$4.95 billion│-11% UBS│$4.9 billion│-12% ----------------------------- According to the 5 brokers, HKEX's net investment income for 1Q24 is expected to range from $1.0 billion to $1.329 billion, down 13.4% to 35% YoY from $1.535 billion in 1Q23. The median figure of $1.2 billion represented a decline of 21.8% YoY. Broker│1Q24 Net Investment Income Forecast│YoY Change CICC│$1.329 billion│-13.4% Morgan Stanley│$1.203 billion│-22% Citi│$1.2 billion│-21.8% Nomura│$1.1 billion│-28% UBS│$1.0 billion│-34.9% AAStocks Financial News |
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