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

Equities

80388

HK0000931664

Financial & Commodity Market Operators

Market Closed - Hong Kong S.E. 01:38:12 14/06/2024 pm IST 5-day change 1st Jan Change
240 CNY -2.04% Intraday chart for Hong Kong Exchanges and Clearing Limited -4.53% -1.15%

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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
257.6 HKD
Average target price
298.5 HKD
Spread / Average Target
+15.88%
Consensus
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