智通财经网·2025-11-06 03:33Core Viewpoint - UBS has lowered the target price for Hong Kong Exchanges and Clearing (00388) by 3% from HKD 485 to HKD 471, reflecting the latest views on interest rate cuts by the Federal Reserve [1] Summary by Sections Target Price Adjustment - UBS's target price for Hong Kong Exchanges and Clearing has been reduced to HKD 471 from HKD 485, indicating a 3% decrease [1] Rating - The rating for Hong Kong Exchanges and Clearing is maintained at "Neutral" [1] Market Activity and Forecast - UBS has increased the average daily turnover forecast for FY2025 from HKD 250 billion to HKD 259 billion, considering market activities since the fourth quarter [1] Financial Performance - The performance for Q3 2025 met expectations, with revenue increasing by 45% year-on-year, surpassing market expectations by 3% - Net profit rose by 56% year-on-year, exceeding market expectations by 4% [1] Challenges Ahead - Hong Kong Exchanges and Clearing faces tougher year-on-year comparisons entering the fourth quarter [1]