2026-03-03 13:30Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [2][7] Core Views - The company achieved record high performance in 2025, with total revenue and other income reaching HKD 29.161 billion, a year-on-year increase of 30% [5] - The net profit attributable to shareholders was HKD 17.700 billion, up 36% year-on-year, driven by a significant increase in trading volume [5] - The average daily trading volume (ADT) in the Hong Kong stock market reached a historical high of HKD 2,498 billion, representing an 89.5% year-on-year increase [5] - The IPO market saw a remarkable turnaround, with 119 new listings and total fundraising of HKD 286.9 billion, a 226% increase year-on-year, reclaiming the top position globally [5] - The company is diversifying its asset strategy and enhancing global connectivity, including establishing a new subsidiary in Dubai [5][6] Financial Summary - Total market capitalization is HKD 519,052.42 million [4] - The stock price has seen a 52-week increase of 37.85% [4] - Revenue projections for 2025-2027 are HKD 31.960 billion, HKD 34.331 billion, and HKD 37.597 billion, respectively, with growth rates of 9.60%, 7.42%, and 9.51% [7][8] - Net profit projections for the same period are HKD 20.463 billion, HKD 22.043 billion, and HKD 24.357 billion, with growth rates of 15.61%, 7.72%, and 10.50% [7][8]