HKEX(HK:00388) Ge Long Hui·2025-11-06 03:19Core Insights - Goldman Sachs reported that Hong Kong Exchanges and Clearing (HKEX) exceeded profit expectations for the third quarter, primarily due to better-than-expected investment income [1] - Core profit, excluding investment income, met expectations, driven by a 141% year-on-year increase in average daily trading volume, resulting in a 101% growth [1] - Following the third-quarter performance and recent trading volume trends, Goldman Sachs raised its earnings per share estimates for fiscal years 2025 to 2028 by 5%, 4%, 4%, and 5% respectively [1] Company Valuation Factors - Three key factors are identified that could further drive the revaluation of HKEX: 1. Market consensus has raised average daily trading volume forecasts [1] 2. The price-to-earnings (P/E) ratio of HKEX has expanded relative to the Hang Seng Index and Hang Seng Tech Index [1] 3. The growth momentum of listed companies in Hong Kong is recovering [1] Investment Rating - Goldman Sachs maintains a "Buy" rating on HKEX, increasing the target price from HKD 544 to HKD 562 [1]