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<Research>BofAS: HKEX (00388.HK) 2025 NP Largely In Line
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BofA Securities' report recaptured that HKEX (00388.HK) announced a net profit of HKD17.8 billion for FY25, representing a YoY growth of 36%, largely in line. The ADT hit HKD250 billion, up 89% YoY, marking a historical high. Fees related to trading volume also logged strong growth, contributing to the profit, while setting a very high base for 2026.

The report noted that HKEX's IPO fundraising amounted to HKD287 billion, leapping 225% YoY. Owing to a decline in cost income ratios, the expected earnings for 2026-27 were revised up by 1-4%. The target price was maintained at HKD520, with a reiterated Buy rating.

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