HKEx's 3Q12 net profit forecast to reach HK$0.96b

We'll have to wait till November 7 to find out.

According to DMG, HKEx will be releasing its 3Q12 earnings on 7 Nov. DMG is forecasting 3Q12 net profit of HK$0.96b.

Here's more from DMG:

HKEx recorded 3Q12 securities market ADT of HK$46b, which is down 8% QoQ. We are lowering our 2012F ADT to HK$54b, from HK$58b previously – taking into consideration 9M12 ADT of HK$53b. Our 2013F ADT is lowered by 6% to HK$64b.

Correspondingly, we reduce our 2012F & 2013F net profit by 3.6% & 2.4% respectively. Our TP is lowered by 6% to HK$112, pegged to 24x 2013 EPS (lower than the 31x historical average P/E due to soft market sentiment).

Over the past three months, HKEx gave shareholders a total return of 30%, whilst peers were largely flat.