Hong Kong Exchanges and Clearing (388) Stock Overview
Owns and operates stock and futures exchanges, and related clearing houses in Hong Kong, the United Kingdom, and Mainland China. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 2/6 |
| Past Performance | 5/6 |
| Financial Health | 6/6 |
| Dividends | 4/6 |
388 Community Fair Values
Create NarrativeSee what 29 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Hong Kong Exchanges and Clearing Limited Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | HK$424.20 |
| 52 Week High | HK$466.00 |
| 52 Week Low | HK$366.20 |
| Beta | 0.93 |
| 1 Month Change | 2.86% |
| 3 Month Change | 4.07% |
| 1 Year Change | 13.91% |
| 3 Year Change | 37.02% |
| 5 Year Change | -4.07% |
| Change since IPO | 3,791.74% |
Recent News & Updates
Narrative Update • May 05
388: Cross Border Collaboration And Dividend Visibility Will Support Fair Value
Analysts have nudged their price target for Hong Kong Exchanges and Clearing higher, with updated assumptions pointing to fair value of about HK$434 per share, compared with the prior HK$427. This is supported by slightly lower discount rate expectations and a small uplift in projected profit margins, partly offset by more muted revenue growth and a marginally lower future P/E.Analysis Article • May 01
Results: Hong Kong Exchanges and Clearing Limited Exceeded Expectations And The Consensus Has Updated Its Estimates
Hong Kong Exchanges and Clearing Limited ( HKG:388 ) just released its quarterly report and things are looking bullish...Narrative Update • Apr 21
388: Cross Border Collaboration And Dividend Steadiness Will Support Fair Value
Analysts have marginally trimmed their fair value estimate for Hong Kong Exchanges and Clearing from about HK$430.27 to HK$427.23, reflecting small adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Bursa Malaysia and Hong Kong Exchanges and Clearing signed a Memorandum of Understanding to deepen collaboration, expand regional market connectivity and support cross border investment opportunities, including co development of indexes, Exchange Traded Fund products, Shariah compliant securities and carbon market initiatives.Narrative Update • Apr 06
388: Cross Border Collaboration And Dividend Timetable Will Support Fair Value
Analysts have slightly reduced their price target for Hong Kong Exchanges and Clearing to around HK$430, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. Their overall view on the company remains broadly unchanged.Recent updates
Narrative Update • May 05
388: Cross Border Collaboration And Dividend Visibility Will Support Fair Value
Analysts have nudged their price target for Hong Kong Exchanges and Clearing higher, with updated assumptions pointing to fair value of about HK$434 per share, compared with the prior HK$427. This is supported by slightly lower discount rate expectations and a small uplift in projected profit margins, partly offset by more muted revenue growth and a marginally lower future P/E.Analysis Article • May 01
Results: Hong Kong Exchanges and Clearing Limited Exceeded Expectations And The Consensus Has Updated Its Estimates
Hong Kong Exchanges and Clearing Limited ( HKG:388 ) just released its quarterly report and things are looking bullish...Narrative Update • Apr 21
388: Cross Border Collaboration And Dividend Steadiness Will Support Fair Value
Analysts have marginally trimmed their fair value estimate for Hong Kong Exchanges and Clearing from about HK$430.27 to HK$427.23, reflecting small adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Bursa Malaysia and Hong Kong Exchanges and Clearing signed a Memorandum of Understanding to deepen collaboration, expand regional market connectivity and support cross border investment opportunities, including co development of indexes, Exchange Traded Fund products, Shariah compliant securities and carbon market initiatives.Narrative Update • Apr 06
388: Cross Border Collaboration And Dividend Timetable Will Support Fair Value
Analysts have slightly reduced their price target for Hong Kong Exchanges and Clearing to around HK$430, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. Their overall view on the company remains broadly unchanged.
Narrative Update • Mar 23
388: Higher Dividend And Earnings Outlook Will Support Future Resilience
Analysts have raised their price target on Hong Kong Exchanges and Clearing to HK$519 from about HK$500, citing updated assumptions. These include a slightly lower discount rate, a higher revenue growth outlook, a reduced profit margin and a higher future P/E multiple.Narrative Update • Mar 08
388: Dividend Timetable And Revised Profitability Outlook Will Support Fair Value
Analysts have revised their fair value estimate for Hong Kong Exchanges and Clearing from HK$391.96 to HK$430.37, citing updated assumptions on growth, profitability and a higher forward P/E multiple. What's in the News The board declared an ordinary second interim dividend of HK$6.52 per share for the year ended 31 December 2025.
Narrative Update • Feb 22
388: Steady Fair Value And Earnings Recovery Will Support Long Term Returns
Analysts have maintained their HK$610.00 price target for Hong Kong Exchanges and Clearing, citing small adjustments to the discount rate, revenue growth, and profit margin assumptions, along with an essentially unchanged future P/E outlook. What's in the News Hong Kong Exchanges and Clearing issued earnings guidance for the period from January 1, 2025 to December 31, 2025.Narrative Update • Feb 08
388: Steady Fair Value And Firm Margins Will Support Long Term Returns
Analysts have kept their fair value estimate for Hong Kong Exchanges and Clearing steady at HK$610.00. This reflects slightly adjusted assumptions around discount rate, revenue growth, profit margins and future P/E that together leave their overall price target unchanged.Narrative Update • Jan 25
388: Higher Margin Outlook And Dividend Plans Will Support Fair Value
Analysts have raised their price target on Hong Kong Exchanges and Clearing to HK$391.96 from HK$354.68, citing updated assumptions that include a lower expected P/E multiple, higher projected profit margins, and revised revenue growth and discount rate inputs. What's in the News A board meeting is scheduled for February 26, 2026, to approve the announcement of final results for the year ending December 31, 2025, and to consider a dividend payment for shareholders (Key Developments).Narrative Update • Jan 10
388: Cross-Border Cooperation Will Support Future Earnings Resilience And Dividend Potential
Analysts have trimmed their price target for Hong Kong Exchanges and Clearing slightly, moving it from HK$504.75 to about HK$500.33, as they factor in a modestly lower revenue growth outlook, along with a small adjustment in the discount rate and future P/E, partially offset by a slightly higher profit margin assumption. What's in the News Board meeting scheduled for Feb 26, 2026, to approve the announcement of final results for the year ending Dec 31, 2025, and to consider a dividend payment (company announcement).Narrative Update • Dec 25
388: Rising Profit Margins Will Support Stronger Long Term Share Performance
Analysts have lifted their price target for Hong Kong Exchanges and Clearing from HK$540 to HK$610, citing expectations of stronger long term profitability, supported by higher forecast profit margins and resilient valuation multiples despite moderating revenue growth assumptions. What's in the News Board meeting scheduled for February 26, 2026 to approve final results for the year ending December 31, 2025 and to consider a dividend payment (company announcement) PricewaterhouseCoopers to retire as auditor at the conclusion of the 2026 AGM, after being reappointed at the 2025 AGM to conduct the 2025 audit.Narrative Update • Dec 11
388: Cross-Border Cooperation Will Drive Stronger Long-Term Earnings Power
Analysts have nudged their price target on Hong Kong Exchanges and Clearing slightly higher to HK$504.75 from HK$503.00. This reflects modestly stronger expectations for revenue growth despite only incremental changes to discount rate, profit margin, and future valuation assumptions.Narrative Update • Nov 20
388: Rising Profit Margins And Cross-Border Ties Will Drive Upward Momentum
Analysts have raised their price target for Hong Kong Exchanges and Clearing from $499.27 to $503.00. This reflects expectations of improved profit margins, despite moderated revenue growth forecasts.Analysis Article • Nov 07
Analyst Estimates: Here's What Brokers Think Of Hong Kong Exchanges and Clearing Limited (HKG:388) After Its Third-Quarter Report
As you might know, Hong Kong Exchanges and Clearing Limited ( HKG:388 ) just kicked off its latest third-quarter...Narrative Update • Nov 05
388: Sustained All-Time-High Trading Volumes Will Drive Performance Momentum
Analysts have raised their price target for Hong Kong Exchanges and Clearing to HK$499.27 from HK$494.07. They cite sustained record trading volumes and an improved revenue growth outlook as the reasons for this adjustment.Narrative Update • Sep 16
Asia's Economic Rise Will Fuel Global Market Opportunities
Valuation metrics for Hong Kong Exchanges and Clearing, including the discount rate and future P/E, remained largely stable, resulting in only a slight increase in the consensus analyst price target from HK$488.43 to HK$494.07. What's in the News Announced interim dividend of HKD 6 per share for 2025.Analysis Article • Sep 04
Hong Kong Exchanges and Clearing Limited Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year
As you might know, Hong Kong Exchanges and Clearing Limited ( HKG:388 ) just kicked off its latest second-quarter...Narrative Update • Aug 23
Improvements To Swap Connect And Orion Derivatives Platform Will Boost Future Trading Volumes
Despite a notable reduction in revenue growth forecasts, an improved net profit margin has supported a higher consensus analyst price target for Hong Kong Exchanges and Clearing, which has risen from HK$462.64 to HK$486.79. What's in the News Announced an interim dividend of HKD 6 per share for the year ending 31 December 2025.Analysis Article • Aug 22
Hong Kong Exchanges and Clearing (HKG:388) Is Increasing Its Dividend To HK$6.00
Hong Kong Exchanges and Clearing Limited ( HKG:388 ) will increase its dividend on the 16th of September to HK$6.00...Analysis Article • Jul 11
Hong Kong Exchanges and Clearing Limited's (HKG:388) Popularity With Investors Is Under Threat From Overpricing
When close to half the companies in Hong Kong have price-to-earnings ratios (or "P/E's") below 11x, you may consider...
New Narrative • Feb 09
Improvements To Swap Connect And Orion Derivatives Platform Will Boost Future Trading Volumes
Expanding derivatives and Stock Connect programs is expected to boost trading volumes and revenue by attracting more investors and increasing fees.Shareholder Returns
| 388 | HK Capital Markets | HK Market | |
|---|---|---|---|
| 7D | 2.9% | 3.3% | 1.1% |
| 1Y | 13.9% | 28.8% | 19.7% |
Return vs Industry: 388 underperformed the Hong Kong Capital Markets industry which returned 28.9% over the past year.
Return vs Market: 388 underperformed the Hong Kong Market which returned 20.3% over the past year.
Price Volatility
| 388 volatility | |
|---|---|
| 388 Average Weekly Movement | 3.4% |
| Capital Markets Industry Average Movement | 8.6% |
| Market Average Movement | 7.1% |
| 10% most volatile stocks in HK Market | 15.1% |
| 10% least volatile stocks in HK Market | 3.5% |
Stable Share Price: 388 has not had significant price volatility in the past 3 months compared to the Hong Kong market.
Volatility Over Time: 388's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1999 | 2,497 | Bonnie Chan | www.hkex.com.hk |
Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock and futures exchanges, and related clearing houses in Hong Kong, the United Kingdom, and Mainland China. It operates through Cash, Equity and Financial Derivatives, Commodities, and Data and Connectivity segments. The Cash segment covers various equity products traded on the cash market platforms of the Stock Exchange of Hong Kong Limited, as well as through the Shanghai-Hong Kong and the Shenzhen-Hong Kong stock connects; clearing, settlement and custodian, listing, depository, and nominee services; and other related activities.
Hong Kong Exchanges and Clearing Limited Fundamentals Summary
| 388 fundamental statistics | |
|---|---|
| Market cap | HK$536.21b |
| Earnings (TTM) | HK$18.87b |
| Revenue (TTM) | HK$30.15b |
28.4x
P/E Ratio17.8x
P/S RatioIs 388 overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| 388 income statement (TTM) | |
|---|---|
| Revenue | HK$30.15b |
| Cost of Revenue | HK$1.05b |
| Gross Profit | HK$29.11b |
| Other Expenses | HK$10.24b |
| Earnings | HK$18.87b |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 14.92 |
| Gross Margin | 96.53% |
| Net Profit Margin | 62.57% |
| Debt/Equity Ratio | 0.7% |
How did 388 perform over the long term?
See historical performance and comparisonDividends
3.1%
Current Dividend Yield89%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/08 11:21 |
| End of Day Share Price | 2026/05/08 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Hong Kong Exchanges and Clearing Limited is covered by 41 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Michael Li | BofA Global Research |
| null null | CCB International Securities Limited |
| Zhiyi Li | CGS International |