Hong Kong Exchanges & Clearing (HKXCY)
OTHER OTC:HKXCY
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Hong Kong Exchanges & Clearing
(OTC:HKXCY)
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Rating:72Outperform
Price Target:
$57.00
â–²(4.45% Upside)
Action:Upgraded
Date:03/19/26
The score is driven primarily by strong financial performance (high profitability, low leverage, and strong cash generation). Offsetting this, technical indicators show weaker momentum with the price below key moving averages and a negative MACD, while valuation is moderate-to-expensive due to a higher P/E that is only partly balanced by the dividend yield.
Positive Factors
High profitability
Consistently high gross and net margins indicate durable pricing power from exchange and post-trade services. That operating leverage supports sustained cash generation and returns, enabling reinvestment in technology and market data offerings that underpin long-term competitive advantage.
Negative Factors
Revenue cyclicality
Revenue and margins are materially driven by trading volumes, volatility, and listing activity, making top-line and profit trajectories sensitive to market cycles. This structural exposure can create multi-quarter earnings variability despite healthy underlying economics.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability
Consistently high gross and net margins indicate durable pricing power from exchange and post-trade services. That operating leverage supports sustained cash generation and returns, enabling reinvestment in technology and market data offerings that underpin long-term competitive advantage.
Read all positive factors
Hong Kong Exchanges & Clearing (HKXCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$67.29B
Dividend Yield2.52%
Average Volume (3M)6.32K
Price to Earnings (P/E)24.1
Beta (1Y)0.43
Revenue Growth26.74%
EPS Growth20.34%
CountryUS
Employees2,444
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)12.23
Shares Outstanding1,267,837,000
10 Day Avg. Volume3,748
30 Day Avg. Volume6,317
Financial Highlights & Ratios
PEG Ratio0.81
Price to Book (P/B)8.82
Price to Sales (P/S)17.61
P/FCF Ratio24.50
Enterprise Value/Market Cap5.18
Enterprise Value/Revenue20.11
Enterprise Value/Gross Profit23.56
Enterprise Value/Ebitda19.91
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.93
Revenue Forecast (FY)$3.98B
Hong Kong Exchanges & Clearing Business Overview & Revenue Model
Company Description
Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock exchanges and futures exchanges, and related clearing houses in Hong Kong, Mainland China, and the United Kingdom. It operates through five segments:...
How the Company Makes Money
HKEX primarily makes money by charging fees tied to market activity and by providing issuer and data services. Key revenue streams include: (1) Trading and transaction fees: HKEX earns fees when investors and intermediaries trade securities and de...
Hong Kong Exchanges & Clearing Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.35B | 29.11B | 17.35B | 20.39B | 18.27B | 20.75B |
| Gross Profit | 14.81B | 24.73B | 12.94B | 19.52B | 17.48B | 19.98B |
| EBITDA | 17.53B | 22.78B | 22.15B | 20.87B | 12.29B | 16.34B |
| Net Income | 12.30B | 17.72B | 13.05B | 11.86B | 10.08B | 12.54B |
Balance Sheet | ||||||
| Total Assets | 424.87B | 580.72B | 381.63B | 341.18B | 406.05B | 399.30B |
| Cash, Cash Equivalents and Short-Term Investments | 282.46B | 318.22B | 230.91B | 203.98B | 276.39B | 342.33B |
| Total Debt | 873.00M | 1.25B | 1.68B | 2.05B | 2.24B | 2.06B |
| Total Liabilities | 367.42B | 522.00B | 327.22B | 289.38B | 355.95B | 349.39B |
| Stockholders Equity | 56.91B | 58.14B | 53.85B | 51.34B | 49.73B | 49.63B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 20.93B | 11.17B | 10.11B | 13.67B | 11.27B |
| Operating Cash Flow | 0.00 | 22.66B | 12.77B | 11.50B | 14.96B | 12.34B |
| Investing Cash Flow | 0.00 | -7.73B | 3.19B | -6.29B | -1.70B | 2.28B |
| Financing Cash Flow | 0.00 | -14.56B | -11.26B | -11.25B | -10.37B | -12.67B |
Hong Kong Exchanges & Clearing Technical Analysis
Negative
54.57
Price Trends
52.05
Positive
52.50
Negative
53.36
Negative
Market Momentum
0.40
Positive
44.69
Neutral
23.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HKXCY, the sentiment is Negative. The current price of 54.57 is above the 20-day moving average (MA) of 53.31, above the 50-day MA of 52.05, and above the 200-day MA of 53.36, indicating a neutral trend. The MACD of 0.40 indicates Positive momentum. The RSI at 44.69 is Neutral, neither overbought nor oversold. The STOCH value of 23.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HKXCY.
Hong Kong Exchanges & Clearing Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $37.99B | 19.07 | 24.63% | 1.06% | 10.61% | 53.46% | |
78 Outperform | $108.29B | 22.98 | 15.25% | 3.92% | 7.54% | 18.50% | |
77 Outperform | $87.29B | 15.78 | 13.57% | 1.19% | 14.25% | 42.14% | |
76 Outperform | $74.93B | 29.17 | 66.74% | 0.73% | 8.95% | 20.40% | |
75 Outperform | $51.50B | 23.18 | 15.91% | 1.07% | 5.79% | 50.79% | |
72 Outperform | $67.29B | 24.11 | 33.64% | 2.52% | 26.74% | 20.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
HKXCY
Hong Kong Exchanges & Clearing
52.36
5.20
11.04%
CBOE
Cboe Global Markets
366.28
142.72
63.84%
CME
CME Group
305.12
37.50
14.01%
ICE
Intercontinental Exchange
155.99
-18.25
-10.48%
MCO
Moody's
443.41
-39.54
-8.19%
NDAQ
Nasdaq
92.60
11.75
14.54%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.