abugarciaambassadeur5501c3| Dahua Jixian: Upgraded Hong Kong Stock Exchange rating to "Buy" target price rose to HK$285

Dahua Jixian released a research report sayingabugarciaambassadeur5501c3, upgraded the rating of Hong Kong Stock Exchange (00388) to "Buy"abugarciaambassadeur5501c3, is more optimistic about the earnings outlook because the average daily turnover recovery is encouraging and net interest income is resilient in a longer-than-expected high-interest rate environment, raising the Hong Kong Stock Exchange's 2024 - 2026 earnings forecast by 6% respectivelyabugarciaambassadeur5501c3.7%、1abugarciaambassadeur5501c3. 4% and 1.6%, and the target price is raised from HK$262 to HK$285.

The report said the company's first-quarter profit was 2.97 billion yuan, 6.7% higher than the bank's expectations, mainly due to better external portfolio earnings, higher London Metal Exchange transaction fees, and lower depreciation and amortization (D&A) expenses, but were partially offset by higher operating costs.