Hong Kong Exchanges and Clearing Ltd

00388: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$495.00	Glqk	Tbpwtyv

Hong Kong Exchanges Earnings: The Close of a Challenging Year Proves the Resiliency of Its Model

Roy Van Keulen

Mar 1, 2024

We raise our fair value estimate for wide-moat Hong Kong Exchanges and Clearing, or HKEx, by 2% to HKD 307, following full-year results, reflecting the time value of money. At current prices, the exchange’s share price screens as undervalued, which we attribute to the market being overly focused on the woes of China’s economy.

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