CICC's report stated that the trading activity of the Hong Kong Stock Exchange was active, driving the improvement in second-quarter performance. Total revenue in the second quarter increased by 8% to 5.42 billion Hong Kong dollars, and the main operating income excluding investment income increased by 10% to 4.22 billion Hong Kong dollars. Profit increased by 9% to 3.16 billion Hong Kong dollars. The total revenue for the first half of the year remained basically flat year-on-year at 10.62 billion Hong Kong dollars, and the profit decreased by 3% to 6.13 billion Hong Kong dollars, in line with the bank's expectations.
The bank pointed out that the current stock price of the Hong Kong Stock Exchange is 24 times the forecast PE ratio for 2024 and 22 times the forecast PE ratio for 2025. The bank lowered its assumptions for the average daily trading volume of Hong Kong stocks and investment income, and lowered its profit forecast for the Hong Kong Stock Exchange for the next two years to 12.2 billion and 12.9 billion Hong Kong dollars, a 3% reduction, as well as lowering the target price by 3% to 300 Hong Kong dollars. The corresponding target PE ratios for 2024 and 2025 are 31 times and 29 times, maintaining an "outperform industry" rating.