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HKXCF - Hong Kong Exchanges: Approval For New China Index Futures Still Pending While ADT Continues To Decline
Hong Kong Exchanges & Clearing Ltd.
Elevator Pitch
Hong Kong Exchanges and Clearing Limited (HKXCY) (HKXCF) [388:HK], or HKEX, trades at 30.6 times consensus forward FY2019 P/E. This represents a discount to its 10-year historical average forward P/E of approximately 36 times, but still at a premium to its Asian peers valued by the market at 18-25 times forward P/E.
With uncertainty over the timing of the launch of the new MSCI China A Index futures and headline ADT expected to decline in 2H2019 due to the volatile market environment, I have a negative view of HKEX's