报告名称：Hong Kong Exchanges & Clearing(00388.HK)Model Update
报告类型：港股研究
报告日期：2016-03-09
研究机构：摩根大通银行
股票名称：香港交易所
股票代码：00388
页数：9
简介：We are changing our FY16/17 EPS estimates by -8%/+2%, as we factorin lower average daily turnover (ADT) of HK$80bn/HK$95bn forFY16E/17E.
Our FY16/17 EPS forecasts are 12%/9% below the Streetˇs.
Our Dec-16 price target falls to HK$180 (from HK$190) as a result ofour estimate changes. Our PT is based on a mean dynamic P/E of 35.7x.
Maintain Neutral.

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