报告名称：Hong Kong Exchanges and Clearing(00388.HK)Softening trading amid uncertainties
报告类型：港股研究
报告日期：2015-08-13
研究机构：中金公司
股票名称：香港交易所
股票代码：00388
页数：7
简介：Action
As stock trading in Hong Kong softened on uncertainties in theA-share market, we downgrade HKEx to HOLD and cut itsTP 33.8% to HK$233.7, implying 33.4/29.8x 2015/16e P/E.
Reasoning
1H15 net profits lower than expected. Net profits ofHK$4.1bn were +47% HoH & +74% YoY, slower than 1H ADTgrowth (HK$125.3bn, +65% HoH & +99% YoY) as ~30% ofrevenue was non-trading related.
Softening trading volume led to cut in ADT forecast. Thetrading frenzy in 2Q15 (ADT HK$165bn) was a historical high; yetADT softened from July and dropped to
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