Goldman Sachs issued a research report stating that HKEX (00388) delivered second-quarter results that exceeded expectations, primarily driven by investment income that was higher than anticipated. Core profit excluding investment income grew strongly by approximately 40% year-on-year, meeting expectations, with daily average turnover in the spot market nearly doubling compared to the same period last year.

Taking into account the second-quarter results and recent market trading volume performance, Goldman Sachs has raised its earnings per share forecasts for HKEX for 2025 to 2027 by 3%, 1%, and 2% respectively. The firm reiterated its "Buy" rating and upgraded the target price from HK$500 to HK$509.

Management indicated that with the decline in HIBOR and the reduction of external investment portfolios due to funding for headquarters acquisition, the investment income outlook will weaken. Goldman Sachs' forecasts have incorporated these factors, currently expecting investment income to decline by approximately 17% and 11% year-on-year for this year and next year respectively. However, the firm still believes that strong earnings growth will continue in the second half of the year.