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HONG KONG EXCHANGES AND CLEARING LIMITED Financials Hong Kong Exchanges and Clearing Limited
Equities
388
HK0388045442
Financial & Commodity Market Operators
|
Market Closed -
Other stock markets
|
|
5-day change | 1st Jan Change | |
| 248.4 HKD | -0.96% | -11.22% | -26.33% | |
| Dec. 08 | Hong Kong Exchanges and Clearing Limited Announces Executive Changes, Effective 1 January 2024 | CI |
| Nov. 30 | Hong Kong Exchange Starts Consultation to Allow Trading on Stormy Days | DJ |
Valuation
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 282 731 | 318 300 | 537 449 | 576 163 | 426 739 | 314 333 | - | - |
| Enterprise Value (EV) 1 | 162 701 | 188 503 | 379 876 | 395 228 | 244 010 | 295 279 | 259 273 | 258 743 |
| P/E ratio | 30,3x | 33,9x | 46,8x | 46,0x | 42,4x | 26,1x | 24,7x | 23,0x |
| Yield | 2,96% | 2,65% | 1,92% | 1,95% | 2,12% | 3,44% | 3,67% | 3,91% |
| Capitalization / Revenue | 17,8x | 19,5x | 28,0x | 27,5x | 23,1x | 15,2x | 14,3x | 13,3x |
| EV / Revenue | 10,3x | 11,6x | 19,8x | 18,9x | 13,2x | 14,3x | 11,8x | 11,0x |
| EV / EBITDA | 13,8x | 15,4x | 25,9x | 24,3x | 18,5x | 19,3x | 15,6x | 14,6x |
| EV / FCF | 18,9x | 21,0x | 28,3x | 35,1x | 17,7x | 26,7x | 22,2x | 19,5x |
| FCF Yield | 5,30% | 4,76% | 3,53% | 2,85% | 5,64% | 3,75% | 4,51% | 5,13% |
| Price to Book | 6,91x | 7,18x | 11,0x | 11,6x | 8,58x | 5,99x | 5,83x | 5,58x |
| Nbr of stocks (in thousands) | 1 247 707 | 1 258 104 | 1 264 586 | 1 265 179 | 1 265 538 | 1 265 431 | - | - |
| Reference price 2 | 227 | 253 | 425 | 455 | 337 | 248 | 248 | 248 |
| Announcement Date | 2/27/19 | 2/26/20 | 2/24/21 | 2/24/22 | 2/23/23 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 15 867 | 16 311 | 19 190 | 20 950 | 18 456 | 20 713 | 22 044 | 23 581 |
| EBITDA 1 | 11 757 | 12 263 | 14 641 | 16 269 | 13 185 | 15 300 | 16 626 | 17 701 |
| EBIT 1 | 10 995 | 11 219 | 13 444 | 14 915 | 11 726 | 13 826 | 15 049 | 16 040 |
| Operating Margin | 69,3% | 68,8% | 70,1% | 71,2% | 63,5% | 66,8% | 68,3% | 68,0% |
| Earnings before Tax (EBT) 1 | 10 883 | 10 951 | 13 332 | 14 841 | 11 659 | 13 703 | 14 685 | 16 099 |
| Net income 1 | 9 312 | 9 391 | 11 505 | 12 535 | 10 078 | 12 035 | 12 787 | 13 801 |
| Net margin | 58,7% | 57,6% | 60,0% | 59,8% | 54,6% | 58,1% | 58,0% | 58,5% |
| EPS 2 | 7,48 | 7,47 | 9,09 | 9,89 | 7,95 | 9,51 | 10,1 | 10,8 |
| Free Cash Flow 1 | 8 620 | 8 971 | 13 418 | 11 270 | 13 772 | 11 062 | 11 700 | 13 285 |
| FCF margin | 54,3% | 55,0% | 69,9% | 53,8% | 74,6% | 53,4% | 53,1% | 56,3% |
| FCF Conversion (EBITDA) | 73,3% | 73,2% | 91,6% | 69,3% | 104% | 72,3% | 70,4% | 75,0% |
| FCF Conversion (Net income) | 92,6% | 95,5% | 117% | 89,9% | 137% | 91,9% | 91,5% | 96,3% |
| Dividend per Share 2 | 6,71 | 6,71 | 8,17 | 8,87 | 7,14 | 8,54 | 9,11 | 9,71 |
| Announcement Date | 2/27/19 | 2/26/20 | 2/24/21 | 2/24/22 | 2/23/23 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period : December | 2020 S2 | 2021 Q1 | 2021 Q2 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10 408 | 5 956 | 4 953 | 5 309 | 4 732 | 4 690 | 4 247 | 8 937 | 4 318 | 5 201 | 5 558 | 5 017 | 5 084 | 4 811 | 4 993 | 5 341 | 5 693 |
| EBITDA 1 | 7 935 | 4 809 | 3 798 | 4 164 | 3 498 | 3 473 | 2 921 | 6 394 | 2 984 | 3 807 | 4 209 | 3 650 | 3 706 | - | - | - | - |
| EBIT 1 | 7 283 | 4 482 | 3 463 | 3 820 | 3 150 | 3 119 | 2 558 | 5 677 | 2 629 | 3 420 | 3 844 | 1 833 | 3 344 | 2 926 | - | - | - |
| Operating Margin | 70,0% | 75,3% | 69,9% | 72,0% | 66,6% | 66,5% | 60,2% | 63,5% | 60,9% | 65,8% | 69,2% | 36,5% | 65,8% | 60,8% | - | - | - |
| Earnings before Tax (EBT) 1 | 7 228 | 4 459 | 3 447 | 3 801 | 3 134 | 3 108 | 2 538 | 5 646 | 2 611 | 3 402 | 3 829 | 3 280 | 3 336 | - | - | - | - |
| Net income 1 | 6 272 | 3 840 | 2 770 | 3 251 | 2 674 | 2 668 | 2 168 | 4 836 | 2 263 | 2 979 | 3 436 | 2 876 | 2 953 | 2 753 | 2 852 | 3 077 | 3 300 |
| Net margin | 60,3% | 64,5% | 55,9% | 61,2% | 56,5% | 56,9% | 51,0% | 54,1% | 52,4% | 57,3% | 61,8% | 57,3% | 58,1% | 57,2% | 57,1% | 57,6% | 58,0% |
| EPS 2 | - | 3,03 | 2,19 | 2,56 | 2,11 | 2,11 | 1,71 | 3,82 | 1,79 | 2,34 | 2,69 | 2,29 | 2,33 | 2,17 | 2,25 | 2,43 | 2,60 |
| Dividend per Share 2 | - | - | 4,69 | - | 4,18 | - | 3,45 | - | - | 3,69 | - | 4,50 | - | 4,05 | - | 4,21 | - |
| Announcement Date | 2/24/21 | 4/28/21 | 8/11/21 | 10/27/21 | 2/24/22 | 4/27/22 | 8/17/22 | 8/17/22 | 10/19/22 | 2/23/23 | 4/26/23 | 8/16/23 | 10/20/23 | - | - | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 120 030 | 129 797 | 157 573 | 180 935 | 182 729 | 19 054 | 55 060 | 55 590 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 8 620 | 8 971 | 13 418 | 11 270 | 13 772 | 11 062 | 11 700 | 13 285 |
| ROE (net income / shareholders' equity) | 23,9% | 22,1% | 24,7% | 25,4% | 20,3% | 23,7% | 24,2% | 25,1% |
| Shareholders' equity 1 | 39 001 | 42 451 | 46 546 | 49 272 | 49 677 | 50 835 | 52 800 | 54 923 |
| ROA (Net income/ Total Assets) | 3,25% | 3,51% | 3,39% | 3,14% | 2,50% | 2,96% | 3,13% | 3,29% |
| Assets 1 | 286 776 | 267 500 | 339 080 | 399 204 | 402 685 | 406 030 | 408 018 | 419 109 |
| Book Value Per Share 2 | 32,8 | 35,2 | 38,7 | 39,2 | 39,3 | 41,4 | 42,6 | 44,5 |
| Cash Flow per Share 2 | 7,62 | 8,01 | 11,7 | 9,74 | 11,8 | 12,2 | 11,1 | 13,0 |
| Capex 1 | 860 | 1 091 | 1 351 | 1 070 | 1 184 | 1 324 | 1 384 | 1 468 |
| Capex / Sales | 5,42% | 6,69% | 7,04% | 5,11% | 6,42% | 6,39% | 6,28% | 6,23% |
| Announcement Date | 2/27/19 | 2/26/20 | 2/24/21 | 2/24/22 | 2/23/23 | - | - | - |
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 :
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
248.4HKD
Average target price
351.91HKD
Spread / Average Target
+41.67%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -26.33% | 40 245 M $ | |
| +10.48% | 64 872 M $ | |
| +27.52% | 61 710 M $ | |
| +11.83% | 35 657 M $ | |
| -12.03% | 31 139 M $ | |
| 0.00% | 18 597 M $ | |
| +2.50% | 15 536 M $ | |
| -6.17% | 9 919 M $ | |
| +7.26% | 7 660 M $ | |
| +11.28% | 6 139 M $ |
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- Stock Hong Kong Exchanges and Clearing Limited - Hong Kong Stock Exchange
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