Investment Rating - The investment rating for Hong Kong Exchanges is "Buy" with a 12-month target price of HK$398, indicating an upside potential of 6.9% from the current price of HK$372.40 [1][3]. Core Insights - The report revises the earnings per share (EPS) estimates for Hong Kong Exchanges for 2025E, 2026E, and 2027E by +2%, +4%, and +4% respectively, based on disclosed April 2025 volumes and May 2025 month-to-date volumes [1]. - The target price increase of 3% from HK$386 to HK$398 is derived from a three-stage Dividend Discount Model (DDM), implying a price-to-earnings (P/E) ratio of 34.5X for 2025E [1][2]. Financial Estimates - Market capitalization is reported at HK$472.1 billion (approximately $60.7 billion) [3]. - Revenue estimates for the upcoming years are as follows: 2024E at HK$22,374 million, 2025E at HK$25,342.7 million, 2026E at HK$25,220.8 million, and 2027E at HK$26,277.5 million [3]. - EPS estimates have been updated to: 2025E at HK$11.53, 2026E at HK$11.25, and 2027E at HK$11.65 [3]. - The report indicates a dividend per share (DPS) of HK$10.38 for 2025E, with a dividend yield of 2.8% [3]. Valuation Metrics - The P/E ratios for the upcoming years are projected as follows: 2025E at 32.3X, 2026E at 33.1X, and 2027E at 32.0X [3]. - The price-to-book (P/B) ratios are estimated at 8.5X for 2025E, 8.2X for 2026E, and 6.5X for 2027E [3]. - Return on equity (ROE) is projected to be 26.7% for 2025E, 25.2% for 2026E, and 22.8% for 2027E [3].
摩根士丹利：香港交易所-更新 4 月成交量预估；买入