Hong Kong Exchanges: Structural Growth Opportunities Intact Despite Short-Term Headwinds [Seeking Alpha]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
investorrelations.sgx.com
Company Research
Source: Seeking Alpha
Summary The outlook for securities market ADT and fund-raising activities such as IPOs is not as rosy for the remainder of 2020, if the market stays in risk-off mode. There has been limited progress on the launch of the MSCI China A Index futures, but the Stock Connect initiative launched in November 2014 continues to be a great success. HKEX has been comparatively slower in growing revenue contribution from other asset classes compared with its peer Singapore Exchange Limited, and this implies room for growth in the future. HKEX currently trades at 29.2 times consensus forward next twelve months P/E and offers a consensus forward FY2020 dividend yield of 3.1%. Elevator Pitch I maintain my "Neutral" rating on Hong Kong Exchanges and Clearing Limited ( OTCPK:HKXCY OTCPK:HKXCF However, there are near-term headwinds, with a bleak outlook for securities market ADT or Average Daily Turnover Value and fund raising activities like IPOs assuming the market stays in risk-off mode. Furthermore,
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