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 04:08:04 2024-06-19 am EDT			5-day change	1st Jan Change
247.2 ^CNY	+2.74%		-0.24%	+1.81%

10:38am	Hong Kong's Stock Market No Longer Suspending Trading During Typhoons Beginning in September	MT
Jun. 18	Number of All-Male Boards Among Hong Kong-listed Firms Halves	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	318,300	537,449	576,163	426,739	339,135	335,610	-	-
Enterprise Value (EV) ¹	188,503	379,876	395,228	244,010	329,296	318,735	317,606	316,540
P/E ratio	33.9 x	46.8 x	46 x	42.4 x	28.6 x	27 x	25.8 x	24.1 x
Yield	2.65%	1.92%	1.95%	2.12%	3.14%	3.33%	3.46%	3.71%
Capitalization / Revenue	19.5 x	28 x	27.5 x	23.1 x	16.5 x	15.6 x	14.8 x	14 x
EV / Revenue	11.6 x	19.8 x	18.9 x	13.2 x	16.1 x	14.8 x	14 x	13.2 x
EV / EBITDA	15.4 x	25.9 x	24.3 x	18.5 x	22.2 x	20.1 x	19.2 x	17.8 x
EV / FCF	21 x	28.3 x	35.1 x	17.7 x	32.5 x	28.3 x	26.2 x	21.7 x
FCF Yield	4.76%	3.53%	2.85%	5.64%	3.07%	3.54%	3.82%	4.6%
Price to Book	7.18 x	11 x	11.6 x	8.58 x	6.61 x	6.3 x	6.13 x	5.84 x
Nbr of stocks (in thousands)	1,258,104	1,264,586	1,265,179	1,265,538	1,265,431	1,264,545	-	-
Reference price ²	253.0	425.0	455.4	337.2	268.0	265.4	265.4	265.4
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-

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	21,502	22,624	23,979
EBITDA ¹	12,263	14,641	16,269	13,185	14,828	15,826	16,550	17,817
EBIT ¹	11,219	13,444	14,915	11,726	13,385	14,334	15,014	16,097
Operating Margin	68.78%	70.06%	71.19%	63.53%	65.24%	66.66%	66.36%	67.13%
Earnings before Tax (EBT) ¹	10,951	13,332	14,841	11,659	13,332	14,104	14,933	15,878
Net income ¹	9,391	11,505	12,535	10,078	11,862	12,503	13,122	14,106
Net margin	57.57%	59.95%	59.83%	54.61%	57.82%	58.15%	58%	58.83%
EPS ²	7.470	9.090	9.890	7.950	9.360	9.845	10.30	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%	52.43%	53.65%	60.79%
FCF Conversion (EBITDA)	73.16%	91.65%	69.27%	104.45%	68.24%	71.24%	73.34%	81.81%
FCF Conversion (Net income)	95.53%	116.63%	89.91%	136.65%	85.31%	90.17%	92.5%	103.33%
Dividend per Share ²	6.710	8.170	8.870	7.140	8.410	8.841	9.189	9.857
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-

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	5,589	5,555	5,420	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	3,711	3,735	3,344	-
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%	66.4%	67.23%	61.69%	-
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%	58.23%	57.09%	56.3%	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	8/19/20	2/24/21	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	2/29/24	4/24/24	-	-	-	-

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	129,797	157,573	180,935	182,729	9,839	16,875	18,004	19,070
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%	24.1%	24.7%
ROA (Net income/ Total Assets)	3.51%	3.39%	3.14%	2.5%	3.17%	3.62%	3.64%	3.95%
Assets ¹	267,500	339,080	399,204	402,685	373,615	345,542	360,365	357,479
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%	6.5%	6.84%
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-

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

258.2 HKD

Average target price

298.7 HKD

Spread / Average Target

+15.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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