5 November 2025 | 1:42PM HKT Equity Research Hong Kong Exchanges (0388.HK): 3Q25 First Take: Beat lead by investment income; Buy HKEX reported 3Q25 EPS of HK$3.88, up 56% yoy. This is +9% higher vs GSe, but +4% ahead of Visible Alpha consensus of HK$3.72. Compared with GSe, the beat was again largely driven by better-than-expected investment income. Profit excluding investment income was in-line with GSe as core revenues were +1% vs. GSe and OPEX was in-line. We would expect a mild positive share price reac ...