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UBS Group: Maintains Neutral rating for Hong Kong Exchanges and Clearing Limited, target price lowered to HKD 261.
UBS Group released a research report stating that it maintains a "neutral" rating on Hong Kong Exchanges and Clearing Limited (00388) and, taking into account market performance, lowers its forecast for daily average trading volume (ADT) from 2024 to 2026 to 110 billion, 123 billion and 137 billion yuan respectively. Correspondingly, the earnings per share forecast is lowered by 1%, 2% and 3% to 9.7, 9.9 and 10.1 yuan, and the target price is lowered from HKD 275 to HKD 261. The report states that HKEx is expected to announce its interim performance on August 21, and predicts that the after-tax net profit for the second quarter of this year will reach 3.2 billion yuan, with a year-on-year and quarterly increase of 10% and 7%, respectively; expected quarterly revenue to reach 5.
On July 23, the top 20 trading volume stocks on the US stock market: Microsoft says the EU should be responsible for this global IT failure.
Tesla, the top traded stock on Tuesday, fell by 2.04%, with a turnover of 24.372 billion US dollars. Tesla reported after Tuesday's closing that its Q2 revenue was $25.5 billion, higher than analysts' expectation of $24.63 billion; adjusted EPS was $0.52, lower than analysts' expectation of $0.60; operating profit was $1.61 billion, lower than analysts' expectation of $1.81 billion; gross margin was 18%, higher than the analysts' expectation of 17.4%; free cash flow was $1.34 billion, lower than analysts' expectation of $1.92 billion; it is expected that the growth rate of sales in 2024 will still decrease significantly; Q3 production is expected to be on a sequential basis.
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