AMTD F4Q10 Earnings Release: Tuesday, October 26th, before the bell

Highlights:

· We expect revenues -12% q/q ($606 mn), as lower DARTs (-23% q/q) will lead to a -22% decline in commissions ($259 mn).

· IDA fees should decline -3% q/q ($174 mn) due to narrowing spreads.

· Net new assets should total $6.5 bn; -27% q/q as the market volatility is keeping investors out of the market. Total client assets should reach $353 bn at the end of September, mainly due to the September rally.

· Net interest revenues should decline -4% q/q to $107 mn due to a -8% decline in interest-generating assets.

· AMTD is trading at 16.3x consensus 2011 earnings, a 16% premium over the S&P 500.

SOURCE: 

Equity Research Desk

www.erdesk.com

-----

About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants.
-----
Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.