HKEX(HK:00388) Zhi Tong Cai Jing·2026-02-16 06:23Core Viewpoint - Goldman Sachs reports that Hong Kong Exchanges and Clearing Limited (HKEX) stock price has remained flat year-to-date, underperforming the Hang Seng Index, reflecting investor concerns over the declining quality of listing documents as indicated by the Securities and Futures Commission, and worries about the moderate profit growth outlook for fiscal year 2026 due to high average daily trading volume and declining investment income [1] Group 1: Stock Performance and Valuation - The stock price of HKEX has been flat year-to-date, lagging behind the Hang Seng Index [1] - Goldman Sachs maintains a "Buy" rating for HKEX with a target price of HKD 546 unchanged [1] - The firm estimates that excluding investment income, HKEX's earnings will grow by 12% annually from fiscal years 2025 to 2027, with a price-to-earnings ratio relative to earnings growth rate of 2.9 times, consistent with regional peers [1] Group 2: Market Activity and Earnings Forecast - Since February, the pace of new listings has been rapid, with new companies listed in 2026 showing strong stock performance, averaging a 64% increase [1] - Goldman Sachs expects HKEX to announce a net profit of HKD 3.9 billion for the fourth quarter of fiscal year 2025, which is 1% higher than previous forecasts and represents a 2% year-on-year increase [1] - The forecast for earnings excluding investment income is expected to grow by 14% year-on-year to HKD 2.9 billion [1]