Hong Kong Stock Exchange (00388) rose 3.3 percent in early tradingbancobaccarat.77%bancobaccarat, currently quoted at HK$248, with a turnover of 25bancobaccarat.58 billion Hong Kong dollars.
Citi released a report saying that the Hong Kong Stock Exchange's net profit for the first quarter of this year was HK$3 billion, up 14% quarter-on-quarter (down 13% year-on-year), which was higher than market expectations by 9%. Core income rose 2% quarter-on-quarter and down 6% year-on-year., roughly in line with market expectations, investment income recorded a quarter-on-quarter increase of 25%(down 13% year-on-year) of HK$1.3 billion, which was better than market expectations by 23%, benefiting from additional investment portfolio income.
The bank pointed out that the overall profit of the Hong Kong Stock Exchange in the last quarter was 9% higher than market expectations, but the bank believed that this may mainly be external portfolio incomebancobaccaratHowever, it also means that this is unlikely to be estimated and that the cost is 3% higher than expected. The bank pointed out that macro uncertainty and long-term high U.S. interest rates may put short-term pressure on the stock price of the Hong Kong Stock Exchange. Citi maintains the "sell" rating and target price of HK$215 on the Hong Kong Stock Exchange.