[ET Net News Agency, 18 January 2018] UBS Global Research lifted its target price for
HKEx (00388) to HK$292 from HK$245, but downgraded its rating to "neutral" from "buy"
following the 23% share price rally since the end of December.
The research house said HKEx has been a remarkably strong start to 2018, with turnover
averaging HK$138bn/day in January-to-date, well ahead of UBS's prior forecasts.
It lifted HKEx's FY2018 earnings forecast by 17%.
UBS said HKEx's share price implies turnover of HK$125bn, 10.4% below January levels and
2% below UBS's HK$122bn base case. Its price target implies 2.2% dividend yield and 40x
FY2018 PE. HKEx is currently trading at a 10% PE premium to its long-term average PE
relative to HK banks, and a 23% premium to its long-term average PE relative to MSCI HK.
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00388 HKEX
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246.800 +7.800 (+3.264%) Others
18/01/2018 14:17
[I-bank focus]UBS downgrades HKEx (00388) to "neutral"
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