Hong Kong Exchanges and Clearing Ltd

00388: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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HKEx Earnings: A Continued Recovery in Trading Activity, Boosted by China Stimulus

Roy Van Keulen

Oct 24, 2024

We maintain our HKD 300 fair value estimate for wide-moat HKEx following third-quarter 2024 results. The exchange looks to have recovered from its recent slump in trading activity, with the third quarter showing high-single-digit annual revenue growth, similar to the prior quarter. Moreover, new stimulus measures announced by the Chinese government around the end of the third quarter have more broadly sparked a rally in the Hang Seng Index and trading activity. This sets the exchange up for a strong last quarter, though the shares screen as slightly overvalued at current prices.

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Hong Kong Exchanges and Clearing Ltd

HKEx Earnings: A Continued Recovery in Trading Activity, Boosted by China Stimulus

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