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<Research>UBS: HKEX (00388.HK) 4Q25 Results Beat but TP Cut to HKD462
Recommend 5 Positive 9 Negative 2 |
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UBS published a report on HKEX (00388.HK), which beat expectations for its 4Q25 results, with revenue growing 15% YoY to HKD7.3 billion, approximately 9% above consensus. This was attributed to stronger NII and depository & custody fees HKEX's net profit added 15% YoY to HKD4.3 billion, about 15% ahead of consensus, thanks to effective cost control. Looking ahead, HKEX seeks to invest in growth while maintaining cost discipline. In 1Q26, HKEX will face a tougher base. The broker fine tuned its EPS forecasts for 2026, 2027, and 2028, increasing by 3%, decreasing by 2%, and decreasing by 3% to HKD13.3, HKD12.9, and HKD13.8, respectively. The broker adjusted the target price from HKD471 to HKD462, and maintained a Neutral rating. AASTOCKS Financial News Website: www.aastocks.com |
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