HONG KONG EXCHANGES AND CLEARING LIMITED

Financials Hong Kong Exchanges and Clearing Limited

Equities

388 HK0388045442

Financial & Commodity Market Operators

Market Closed - Hong Kong S.E. Other stock markets 03:08:15 2025-01-17 am EST			5-day change	1st Jan Change
287.60 ^HKD	+0.28%		+1.99%	-2.44%

Jan. 16	HKEX Imposes Sanctions on FingerTango, Sanctions Five Directors, Directs Three for Training	MT
Jan. 14	London Metal Exchange approves Bank of Montreal as member	RE

Projected Income Statement: Hong Kong Exchanges and Clearing Limited

income-statement-evolution-chart HONG-KONG-EXCHANGES-AND-C

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,311	19,190	20,950	18,456	20,516	22,252	23,386	24,257
Change	-	17.65%	9.17%	-11.9%	11.16%	8.46%	5.09%	3.73%
EBITDA ¹	12,263	14,641	16,269	13,185	14,828	16,187	17,120	17,716
Change	-	19.39%	11.12%	-18.96%	12.46%	9.16%	5.76%	3.48%
EBIT ¹	11,219	13,444	14,915	11,726	13,385	14,744	15,554	16,123
Change	-	19.83%	10.94%	-21.38%	14.15%	10.16%	5.49%	3.66%
Interest Paid ¹	-177	-181	-154	-138	-135	-127.5	-131.8	-134.4
Earnings before Tax (EBT) ¹	10,951	13,332	14,841	11,659	13,332	14,693	15,675	16,321
Change	-	21.74%	11.32%	-21.44%	14.35%	10.21%	6.68%	4.12%
Net income ¹	9,391	11,505	12,535	10,078	11,862	12,799	13,464	14,069
Change	-	22.51%	8.95%	-19.6%	17.7%	7.89%	5.2%	4.49%
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-

¹HKD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	3,746	4,009	4,773	5,309	5,099	5,956	4,953	5,309	4,732	4,690	4,247	4,318	5,201	5,558	5,017	5,084	4,857	5,201	5,420	5,372	6,367	5,384	5,323	5,420	5,300	5,291	5,535	5,737
Change	-	7.02%	19.06%	11.23%	-3.96%	16.81%	-16.84%	7.19%	-10.87%	-0.89%	-9.45%	1.67%	20.45%	6.86%	-9.73%	1.34%	-4.46%	7.08%	4.21%	-0.89%	18.52%	-15.44%	-1.13%	1.82%	-2.2%	-0.17%	4.6%	3.65%
EBITDA ¹	-	-	-	-	-	4,809	3,798	4,164	3,498	3,473	2,921	2,984	3,807	4,209	3,650	3,706	3,263	3,705	3,956	-	4,320	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-21.02%	9.64%	-15.99%	-0.71%	-15.89%	2.16%	27.58%	10.56%	-13.28%	1.53%	-11.95%	13.55%	6.77%	-100%	-	-100%	-	-	-	-	-	-
EBIT ¹	-	2,710	-	-	-	4,482	3,463	3,820	3,150	3,119	2,558	2,629	3,420	3,844	1,833	3,344	2,901	3,360	3,603	3,580	4,265	-	-	-	-	-	-	-
Change	-	-	-100%	-	-	-	-22.74%	10.31%	-17.54%	-0.98%	-17.99%	2.78%	30.09%	12.4%	-52.32%	82.43%	-13.25%	15.82%	7.23%	-0.64%	19.14%	-100%	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-39	-38	-	-	-	-	-	-	-35	-35	-32	-33	-30	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	4,459	3,447	3,801	3,134	3,108	2,538	2,611	3,402	3,829	3,280	3,336	2,887	3,356	3,596	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-22.7%	10.27%	-17.55%	-0.83%	-18.34%	2.88%	30.29%	12.55%	-14.34%	1.71%	-13.46%	16.25%	7.15%	-100%	-	-	-	-	-	-	-	-
Net income ¹	1,979	2,262	2,971	3,339	2,925	3,840	2,770	3,251	2,674	2,668	2,168	2,263	2,979	3,436	2,876	2,953	2,597	2,970	3,155	3,145	3,809	2,852	2,801	2,842	2,750	2,732	2,918	3,037
Change	-	14.3%	31.34%	12.39%	-12.4%	31.28%	-27.86%	17.36%	-17.75%	-0.22%	-18.74%	4.38%	31.64%	15.34%	-16.3%	2.68%	-12.06%	14.36%	6.23%	-0.32%	21.12%	-25.14%	-1.77%	1.46%	-3.25%	-0.65%	6.82%	4.07%
Announcement Date	2/26/20	5/7/20	8/19/20	11/11/20	2/24/21	4/28/21	8/11/21	10/27/21	2/24/22	4/27/22	8/17/22	10/19/22	2/23/23	4/26/23	8/16/23	10/20/23	2/29/24	4/24/24	8/21/24	10/23/24	-	-	-	-	-	-	-	-

¹HKD in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2022 S1	2024 S1
Net sales ¹	-	10,408	8,937	10,621
Change	-	-	-14.13%	18.84%
EBITDA ¹	-	7,935	6,394	7,661
Change	-	-	-19.42%	19.82%
EBIT	-	7,283	5,677	-
Change	-	-	-22.05%	-100%
Charge d'intérêts	-	-	-	-
Earnings before Tax (EBT)	-	7,228	5,646	-
Change	-	-	-21.89%	-100%
Net income ¹	5,233	6,272	4,836	6,125
Change	-	19.85%	-22.9%	26.65%
Announcement Date	8/19/20	2/24/21	8/17/22	8/21/24

¹HKD in Million

Estimates

Forecast Balance Sheet: Hong Kong Exchanges and Clearing Limited

balance-sheet-analysis-chart HONG-KONG-EXCHANGES-AND-C

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-129,797	-157,573	-180,935	-182,729	-9,839	-22,334	-34,799	-36,905
Change	-	-221.4%	-214.83%	-200.99%	-105.38%	-326.99%	-255.81%	-206.05%
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-

¹HKD in Million

Estimates

Cash Flow Forecast: Hong Kong Exchanges and Clearing Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	1,091	1,351	1,070	1,184	1,381	1,389	1,462	1,563
Change	-	23.83%	-20.8%	10.65%	16.64%	0.55%	5.29%	6.88%
Free Cash Flow (FCF) ¹	8,971	13,418	11,270	13,772	10,119	11,656	12,568	13,734
Change	-	49.57%	-16.01%	22.2%	-26.52%	15.18%	7.83%	9.28%
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-

¹HKD in Million

Estimates

Forecast Financial Ratios: Hong Kong Exchanges and Clearing Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	75.18%	76.29%	77.66%	71.44%	72.28%	72.74%	73.21%	73.04%
EBIT Margin (%)	68.78%	70.06%	71.19%	63.53%	65.24%	66.26%	66.51%	66.47%
EBT Margin (%)	67.14%	69.47%	70.84%	63.17%	64.98%	66.03%	67.03%	67.28%
Net margin (%)	57.57%	59.95%	59.83%	54.61%	57.82%	57.52%	57.57%	58%
FCF margin (%)	55%	69.92%	53.79%	74.62%	49.32%	52.38%	53.74%	56.62%
FCF / Net Income (%)	95.53%	116.63%	89.91%	136.65%	85.31%	91.07%	93.34%	97.62%
Profitability
ROA	3.51%	3.39%	3.14%	2.5%	3.17%	3.54%	3.58%	3.64%
ROE	22.12%	24.72%	25.44%	20.29%	23.47%	24.52%	24.75%	24.9%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	6.69%	7.04%	5.11%	6.42%	6.73%	6.24%	6.25%	6.44%
CAPEX / EBITDA (%)	8.9%	9.23%	6.58%	8.98%	9.31%	8.58%	8.54%	8.82%
CAPEX / FCF (%)	12.16%	10.07%	9.49%	8.6%	13.65%	11.91%	11.63%	11.38%
Items per share
Cash flow per share ¹	8.007	11.67	9.735	11.8	9.071	11.78	12.49	14.23
Change	-	45.72%	-16.56%	21.18%	-23.11%	29.87%	6.05%	13.94%
Dividend per Share ¹	6.71	8.17	8.87	7.14	8.41	9.048	9.494	9.846
Change	-	21.76%	8.57%	-19.5%	17.79%	7.58%	4.93%	3.7%
Book Value Per Share ¹	35.23	38.74	39.22	39.3	40.57	41.95	43.14	44.86
Change	-	9.95%	1.23%	0.2%	3.25%	3.4%	2.83%	3.99%
EPS ¹	7.47	9.09	9.89	7.95	9.36	10.09	10.6	11.07
Change	-	21.69%	8.8%	-19.62%	17.74%	7.76%	5.14%	4.38%
Nbr of stocks (in thousands)	1,258,104	1,264,586	1,265,179	1,265,538	1,265,563	1,264,506	1,264,506	1,264,506
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-