智通财经网·2026-02-16 06:21Core Viewpoint - Goldman Sachs reports that Hong Kong Stock Exchange (HKEX) stock price has remained flat year-to-date, underperforming the Hang Seng Index, reflecting investor concerns over the decline in the quality of listing documents as pointed out by the Securities and Futures Commission, and worries regarding the moderate profit growth outlook for FY2026 due to high average daily trading volume and declining investment income [1] Group 1: Stock Performance and Market Sentiment - HKEX stock price has been flat year-to-date, lagging behind the Hang Seng Index [1] - Investor concerns are driven by the decline in the quality of listing documents and the pace of new listings [1] - The average daily trading volume is relatively high, contributing to worries about declining investment income [1] Group 2: Earnings Outlook and Valuation - Goldman Sachs maintains a "Buy" rating for HKEX with a target price of HKD 546 unchanged [1] - Despite concerns, there is optimism due to a rapid pace of new listings since February, with new listed companies showing strong stock performance, averaging a 64% increase [1] - Excluding investment income, HKEX is expected to see annual profit growth of 12% from FY2025 to FY2027, with a price-to-earnings growth ratio of 2.9 times, in line with regional peers [1] Group 3: Upcoming Financial Results - HKEX is scheduled to announce its Q4 FY2025 results on the 26th [1] - The expected net profit for Q4 is HKD 3.9 billion, which is 1% higher than previous forecasts and represents a 2% year-on-year increase [1] - Profit excluding investment income is anticipated to grow 14% year-on-year to HKD 2.9 billion [1]