香港交易所：升目标价至500港元，重申“跑赢大市”评级-20260228

Investment Rating - The report maintains a "Outperform" rating for Hong Kong Exchanges and Clearing (00388) and raises the target price from HKD 374 to HKD 500 [1] Core Insights - Hong Kong Exchanges and Clearing has achieved record high revenue and profit for the second consecutive year, driven by a comprehensive recovery in the Hong Kong capital market, resulting in strong operational leverage [1] - For the last quarter, the exchange reported revenue and net profit of HKD 7.26 billion and HKD 4.35 billion, respectively, both exceeding market expectations [1]