HONG KONG EXCHANGES AND CLEARING LIMITED

Financials Hong Kong Exchanges and Clearing Limited Hong Kong S.E.

Equities

80388

HK0000931664

Financial & Commodity Market Operators

Market Closed - Hong Kong S.E. Other stock markets 01:38:12 14/06/2024 pm IST			5-day change	1st Jan Change
240 ^CNY	-2.04%		-4.53%	-1.15%

14/06	Hong Kong, Shenzhen To Cooperate In Establishing Integrated Funds Platform	MT
07/06	JPMorgan Boosts Stake in Hong Kong-Listed Firms By HK$3.3 Billion	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,18,300	5,37,449	5,76,163	4,26,739	3,39,135	3,25,747	-	-
Enterprise Value (EV) ¹	1,88,503	3,79,876	3,95,228	2,44,010	3,29,296	3,08,835	3,07,769	3,06,686
P/E ratio	33.9 x	46.8 x	46 x	42.4 x	28.6 x	26.2 x	25 x	23.3 x
Yield	2.65%	1.92%	1.95%	2.12%	3.14%	3.43%	3.56%	3.83%
Capitalization / Revenue	19.5 x	28 x	27.5 x	23.1 x	16.5 x	15.2 x	14.4 x	13.6 x
EV / Revenue	11.6 x	19.8 x	18.9 x	13.2 x	16.1 x	14.4 x	13.6 x	12.8 x
EV / EBITDA	15.4 x	25.9 x	24.3 x	18.5 x	22.2 x	19.5 x	18.6 x	17.2 x
EV / FCF	21 x	28.3 x	35.1 x	17.7 x	32.5 x	27.4 x	25.4 x	21 x
FCF Yield	4.76%	3.53%	2.85%	5.64%	3.07%	3.65%	3.94%	4.75%
Price to Book	7.18 x	11 x	11.6 x	8.58 x	6.61 x	6.11 x	5.95 x	5.67 x
Nbr of stocks (in thousands)	12,58,104	12,64,586	12,65,179	12,65,538	12,65,431	12,64,545	-	-
Reference price ²	253.0	425.0	455.4	337.2	268.0	257.6	257.6	257.6
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	21,492	22,599	23,982
EBITDA ¹	12,263	14,641	16,269	13,185	14,828	15,813	16,520	17,825
EBIT ¹	11,219	13,444	14,915	11,726	13,385	14,321	14,983	16,104
Operating Margin	68.78%	70.06%	71.19%	63.53%	65.24%	66.63%	66.3%	67.15%
Earnings before Tax (EBT) ¹	10,951	13,332	14,841	11,659	13,332	14,069	14,903	15,887
Net income ¹	9,391	11,505	12,535	10,078	11,862	12,489	13,104	14,111
Net margin	57.57%	59.95%	59.83%	54.61%	57.82%	58.11%	57.98%	58.84%
EPS ²	7.470	9.090	9.890	7.950	9.360	9.835	10.29	11.03
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%	52.45%	53.71%	60.78%
FCF Conversion (EBITDA)	73.16%	91.65%	69.27%	104.45%	68.24%	71.29%	73.47%	81.77%
FCF Conversion (Net income)	95.53%	116.63%	89.91%	136.65%	85.31%	90.27%	92.63%	103.3%
Dividend per Share ²	6.710	8.170	8.870	7.140	8.410	8.848	9.182	9.858
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	5,683	5,580	5,393	5,481
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	3,858	3,785	3,291	-
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%	67.89%	67.83%	61.02%	-
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	3,254	3,172	3,052	3,080
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%	57.26%	56.84%	56.58%	56.2%
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	2.576	2.501	2.408	2.436
Dividend per Share ²	-	-	4.690	-	4.180	-	3.450	-	-	3.690	-	4.500	-	3.910	-	4.433	-	4.418	-
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	1,29,797	1,57,573	1,80,935	1,82,729	9,839	16,912	17,978	19,061
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%	23.6%	24%	24.8%
ROA (Net income/ Total Assets)	3.51%	3.39%	3.14%	2.5%	3.17%	3.6%	3.63%	3.95%
Assets ¹	2,67,500	3,39,080	3,99,204	4,02,685	3,73,615	3,46,751	3,61,279	3,57,603
Book Value Per Share ²	35.20	38.70	39.20	39.30	40.60	42.20	43.30	45.50
Cash Flow per Share ²	8.010	11.70	9.740	11.80	9.070	12.10	11.00	12.60
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%	7.24%	6.51%	6.84%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

257.6 HKD

Average target price

298.5 HKD

Spread / Average Target

+15.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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