＜Research＞BofAS Expects HKEX (00388.HK) to Post Strong 2Q Earnings, Leading to Stable 1H24 NP

　　BofA Securities issued a research report saying that HKEX (00388.HK) -3.000 (-1.299%) Short selling $124.60M; Ratio 21.168% will announce its 1H24 results on 21 August, and expecting net profit to come in at $6.3 billion, down 1% from the same period of 2023, compared with a 13% YoY decline in 1Q24.

　　The strong performance in 2Q24 was mainly due to the recovery in turnover and volume growth in LME. The QoQ rebound in interest income/ investment income was also a key driver on an increase in interest earning assets and market improvement.

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　　BofA Securities kept its forecasts unchanged on HKEX, with rating at Buy, with the stock currently trading at 24x of 2024 PE ratio, implying an attractive valuation, and further policy drivers in 2H24 may boost prices.

　　BofA Securities focused on news like Alibaba's possible inclusion in the Southbound Trading of Stock Connects, 2H24 IPOs, ETF expansion and dividend tax rate cutss.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-29 16:25.)

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