Changes and implications.
We fine-tune our FY16E-FY19E EPS, incorporating January 2017 monthlyvolume data. We do not view these changes as material, and there is nochange to our investment thesis or rating.
Valuation.
We lower our 12-month DDM-derived target price to HK$185 (priorHK$190), implying CY17E P/E of 33.1X (prior 33.3X). We maintain ourNeutral rating on HKEx.
Key risks: (+) Higher market volumes, faster opening of China capitalmarkets. (-) Competition/regulation which hurts pricing or volumes.
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