HONG KONG EXCHANGES AND CLEARING LIMITED Financials Hong Kong Exchanges and Clearing Limited Deutsche Boerse AG
Equities
D9I
HK0000931664
Financial & Commodity Market Operators
|
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 30.8 EUR | -0.65% |
|
0.00% | +1.32% |
| Jun. 19 | 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 | 332,828 | - | - |
| Enterprise Value (EV) 1 | 188,503 | 379,876 | 395,228 | 244,010 | 329,296 | 315,933 | 314,807 | 313,741 |
| P/E ratio | 33.9 x | 46.8 x | 46 x | 42.4 x | 28.6 x | 26.7 x | 25.5 x | 23.9 x |
| Yield | 2.65% | 1.92% | 1.95% | 2.12% | 3.14% | 3.36% | 3.49% | 3.75% |
| Capitalization / Revenue | 19.5 x | 28 x | 27.5 x | 23.1 x | 16.5 x | 15.5 x | 14.7 x | 13.9 x |
| EV / Revenue | 11.6 x | 19.8 x | 18.9 x | 13.2 x | 16.1 x | 14.7 x | 13.9 x | 13.1 x |
| EV / EBITDA | 15.4 x | 25.9 x | 24.3 x | 18.5 x | 22.2 x | 20 x | 19 x | 17.6 x |
| EV / FCF | 21 x | 28.3 x | 35.1 x | 17.7 x | 32.5 x | 28 x | 25.9 x | 21.5 x |
| FCF Yield | 4.76% | 3.53% | 2.85% | 5.64% | 3.07% | 3.57% | 3.86% | 4.65% |
| Price to Book | 7.18 x | 11 x | 11.6 x | 8.58 x | 6.61 x | 6.24 x | 6.08 x | 5.8 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 | 263.2 | 263.2 | 263.2 |
| 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 | 21,515 | 22,631 | 23,989 |
| EBITDA 1 | 12,263 | 14,641 | 16,269 | 13,185 | 14,828 | 15,836 | 16,555 | 17,825 |
| EBIT 1 | 11,219 | 13,444 | 14,915 | 11,726 | 13,385 | 14,344 | 15,018 | 16,104 |
| Operating Margin | 68.78% | 70.06% | 71.19% | 63.53% | 65.24% | 66.67% | 66.36% | 67.13% |
| Earnings before Tax (EBT) 1 | 10,951 | 13,332 | 14,841 | 11,659 | 13,332 | 14,120 | 14,939 | 15,887 |
| Net income 1 | 9,391 | 11,505 | 12,535 | 10,078 | 11,862 | 12,512 | 13,126 | 14,113 |
| Net margin | 57.57% | 59.95% | 59.83% | 54.61% | 57.82% | 58.16% | 58% | 58.83% |
| EPS 2 | 7.470 | 9.090 | 9.890 | 7.950 | 9.360 | 9.852 | 10.31 | 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% | 52.4% | 53.63% | 60.76% |
| FCF Conversion (EBITDA) | 73.16% | 91.65% | 69.27% | 104.45% | 68.24% | 71.19% | 73.32% | 81.77% |
| FCF Conversion (Net income) | 95.53% | 116.63% | 89.91% | 136.65% | 85.31% | 90.1% | 92.47% | 103.28% |
| Dividend per Share 2 | 6.710 | 8.170 | 8.870 | 7.140 | 8.410 | 8.849 | 9.193 | 9.866 |
| 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 | 5,551 | 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 | 3,976 | - | - | - |
| 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% | 66.85% | 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 | 3,229 | 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% | 58.16% | 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 | 16,895 | 18,022 | 19,088 |
| 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% | 23.7% | 24.1% | 24.8% |
| 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 | 345,802 | 360,475 | 357,647 |
| Book Value Per Share 2 | 35.20 | 38.70 | 39.20 | 39.30 | 40.60 | 42.20 | 43.30 | 45.30 |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
263.2
HKD
Average target price
298.9
HKD
Spread / Average Target
+13.56%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +3.56% | 64.33B | |
| +2.04% | 37.58B | |
| +1.90% | 34.01B | |
| -28.73% | 10.48B | |
| +14.69% | 10.02B | |
| -3.66% | 7.5B | |
| +15.29% | 7.47B | |
| -31.49% | 7.41B | |
| -1.37% | 5.53B |
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