Gurpreet Singh Sahi, CFA +852-2978-1287 | gurpreet.s.sahi@gs.com Goldman Sachs (Asia) L.L.C. Wing Huang 6 November 2025 | 3:57AM HKT Equity Research Hong Kong Exchanges (0388.HK) Three factors to drive further re-rating; raise EPS/TP; Buy 0388.HK 12m Price Target: HK$562.00 Price: HK$423.60 Upside: 32.7% HKEX's 3Q25 earnings beat GSe, led by better-than-expected investment income. Core profits (ex. investment income) were in-line with our expectation, and grew by +101% yoy on +141% yoy growth of cash ADT. W ...