Ge Long Hui A P P·2025-11-07 04:01Core Viewpoint - Hong Kong Stock Exchange reported a significant year-on-year revenue growth of 45% in Q3, reaching HKD 7.775 billion, driven by active trading and robust performance in market-related businesses [1] Financial Performance - Total revenue increased by 45% year-on-year to HKD 7.775 billion [1] - Excluding investment income, core fee income rose by 62% year-on-year to HKD 6.71 billion [1] - Profit increased by 56% year-on-year to HKD 4.9 billion, exceeding market expectations [1] Market Activity - The growth in revenue and profit is attributed to heightened trading activity and rapid growth in various market-related businesses [1] - Investment income also showed relatively stable performance [1] Future Outlook - The company maintains its earnings forecast for 2025 to 2026 unchanged [1] - The rating remains "outperform" with a target price of HKD 500, corresponding to 37x and 36x price-to-earnings ratios for 2025 and 2026, respectively, indicating an 18% upside potential [1]