Stock 388 HONG KONG EXCHANGES AND CLEARING LIMITED
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Financials Hong Kong Exchanges and Clearing Limited

Equities

388

HK0388045442

Financial & Commodity Market Operators

Market Closed - Hong Kong S.E.
Other stock markets
 09:08:20 26/04/2024 BST 		5-day change 1st Jan Change
250.2 HKD +1.38% Intraday chart for Hong Kong Exchanges and Clearing Limited +16.59% -6.64%
04-25 Nomura Adjusts Hong Kong Exchanges And Clearing's Price Target to HK$324.31 From HK$322.28, Keeps at Buy MT
04-25 HKEX Appoints Chairman MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 318,300 537,449 576,163 426,739 339,135 316,389 - -
Enterprise Value (EV) 1 188,503 379,876 395,228 244,010 329,296 297,661 298,932 297,851
P/E ratio 33.9 x 46.8 x 46 x 42.4 x 28.6 x 25.8 x 24.6 x 23 x
Yield 2.65% 1.92% 1.95% 2.12% 3.14% 3.52% 3.63% 3.89%
Capitalization / Revenue 19.5 x 28 x 27.5 x 23.1 x 16.5 x 14.9 x 14.1 x 13.3 x
EV / Revenue 11.6 x 19.8 x 18.9 x 13.2 x 16.1 x 14 x 13.4 x 12.5 x
EV / EBITDA 15.4 x 25.9 x 24.3 x 18.5 x 22.2 x 19.2 x 18.4 x 17 x
EV / FCF 21 x 28.3 x 35.1 x 17.7 x 32.5 x 26.4 x 24.6 x 20.4 x
FCF Yield 4.76% 3.53% 2.85% 5.64% 3.07% 3.79% 4.06% 4.89%
Price to Book 7.18 x 11 x 11.6 x 8.58 x 6.61 x 5.98 x 5.78 x 5.51 x
Nbr of stocks (in thousands) 1,258,104 1,264,586 1,265,179 1,265,538 1,265,431 1,264,545 - -
Reference price 2 253.0 425.0 455.4 337.2 268.0 250.2 250.2 250.2
Announcement Date 26/02/20 24/02/21 24/02/22 23/02/23 29/02/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,311 19,190 20,950 18,456 20,516 21,239 22,375 23,799
EBITDA 1 12,263 14,641 16,269 13,185 14,828 15,512 16,288 17,549
EBIT 1 11,219 13,444 14,915 11,726 13,385 14,023 14,755 15,852
Operating Margin 68.78% 70.06% 71.19% 63.53% 65.24% 66.02% 65.94% 66.61%
Earnings before Tax (EBT) 1 10,951 13,332 14,841 11,659 13,332 14,116 14,995 16,119
Net income 1 9,391 11,505 12,535 10,078 11,862 12,357 13,001 13,960
Net margin 57.57% 59.95% 59.83% 54.61% 57.82% 58.18% 58.1% 58.66%
EPS 2 7.470 9.090 9.890 7.950 9.360 9.711 10.19 10.89
Free Cash Flow 1 8,971 13,418 11,270 13,772 10,119 11,274 12,138 14,576
FCF margin 55% 69.92% 53.79% 74.62% 49.32% 53.08% 54.25% 61.25%
FCF Conversion (EBITDA) 73.16% 91.65% 69.27% 104.45% 68.24% 72.68% 74.52% 83.06%
FCF Conversion (Net income) 95.53% 116.63% 89.91% 136.65% 85.31% 91.23% 93.36% 104.41%
Dividend per Share 2 6.710 8.170 8.870 7.140 8.410 8.807 9.073 9.722
Announcement Date 26/02/20 24/02/21 24/02/22 23/02/23 29/02/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - 10,408 - 5,309 4,732 4,690 4,247 8,937 4,318 5,201 5,558 5,017 5,084 4,857 5,201 5,180 5,407 5,258 5,325
EBITDA 1 - 7,935 - 4,164 3,498 3,473 2,921 6,394 2,984 3,807 4,209 3,650 3,706 3,263 3,705 - - - -
EBIT 1 - 7,283 - 3,820 3,150 3,119 2,558 5,677 2,629 3,420 3,844 1,833 3,344 2,901 3,360 3,317 3,502 3,170 -
Operating Margin - 69.98% - 71.95% 66.57% 66.5% 60.23% 63.52% 60.88% 65.76% 69.16% 36.54% 65.77% 59.73% 64.6% 64.03% 64.77% 60.29% -
Earnings before Tax (EBT) 1 - 7,228 - 3,801 3,134 3,108 2,538 5,646 2,611 3,402 3,829 3,280 3,336 2,887 3,356 - - - -
Net income 1 5,233 6,272 - 3,251 2,674 2,668 2,168 4,836 2,263 2,979 3,436 2,876 2,953 2,597 2,970 2,879 3,033 2,931 2,973
Net margin - 60.26% - 61.24% 56.51% 56.89% 51.05% 54.11% 52.41% 57.28% 61.82% 57.33% 58.08% 53.47% 57.1% 55.59% 56.1% 55.73% 55.82%
EPS 2 4.150 - - 2.560 2.110 2.110 1.710 3.820 1.790 2.340 2.690 2.290 2.330 2.050 2.340 2.279 2.392 2.312 2.351
Dividend per Share 2 - - 4.690 - 4.180 - 3.450 - - 3.690 - 4.500 - 3.910 - 4.166 - 4.234 -
Announcement Date 19/08/20 24/02/21 11/08/21 27/10/21 24/02/22 27/04/22 17/08/22 17/08/22 19/10/22 23/02/23 26/04/23 16/08/23 20/10/23 29/02/24 24/04/24 - - - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 129,797 157,573 180,935 182,729 9,839 18,728 17,457 18,538
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 8,971 13,418 11,270 13,772 10,119 11,274 12,138 14,576
ROE (net income / shareholders' equity) 22.1% 24.7% 25.4% 20.3% 23.5% 23.4% 23.8% 24.5%
ROA (Net income/ Total Assets) 3.51% 3.39% 3.14% 2.5% 3.17% 3.59% 3.61% 3.91%
Assets 1 267,500 339,080 399,204 402,685 373,615 344,684 359,853 357,391
Book Value Per Share 2 35.20 38.70 39.20 39.30 40.60 41.80 43.30 45.40
Cash Flow per Share 2 8.010 11.70 9.740 11.80 9.070 10.30 10.70 12.00
Capex 1 1,091 1,351 1,070 1,184 1,381 1,557 1,470 1,641
Capex / Sales 6.69% 7.04% 5.11% 6.42% 6.73% 7.33% 6.57% 6.89%
Announcement Date 26/02/20 24/02/21 24/02/22 23/02/23 29/02/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hong Kong Exchanges and Clearing Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
250.2 HKD
Average target price
291.8 HKD
Spread / Average Target
+16.62%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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