FMX | Connect – www.fmxconnect.com - (Reported 8/4/2010)
HKEx 2Q10 Earnings Release Wednesday, August 11th 2010 before the bell
We expect HKEx to report 2Q10 EPS of HKD 1.17, 2% above consensus estimates of HKD 1.15
· 2Q10 Cash ADV reached HKD63 bn (-11% Y/Y; +5% Q/Q). 3Q10 volumes are tracking -15% lower sequentially (HKD53.5 bn per day)
· HKEx handled an average 461.4k derivatives contracts per day (+3% Y/Y; +11% Q/Q). July volumes are also weak, with a daily average of 377.2k contracts (-18% Q/Q)
· We expect total revenues to reach HKD1,897 mn (-6% Y/Y; +11% Q/Q) amid lower IPO activity (HKD16.6 bn raised in 2Q10; -51% Q/Q, +4% Y/Y)
· HKEx is trading at 23.6x consensus 2011 earnings, a 96% premium to the domestic index (Hang Seng).
Source: ERDesk
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