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<Research>Citi: HKEX (00388.HK) 4Q25 Revenue and Expenses Beat
Recommend 22 Positive 31 Negative 11 |
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Citi released a report covering HKEX (00388.HK), which announced a net profit attributable to shareholders of HKD4.3 billion for 4Q25, representing a QoQ downfall of 12% and a YoY upswing of 15%, which was 16% ahead of consensus. Core revenue was HKD5.5 billion, down 12% QoQ and up 17% YoY, exceeding market expectations by 2%, thanks to higher listing fees and depository fees. HKEX's investment income for the last quarter was HKD1.2 billion, 45% higher than market expectations, partly due to a HKD163 million gain of unlisted equities and HK$53 million exchange gains in the quarter. Operating expenses mounted 4% YoY, owing to higher depreciation expenses, but were 9% less than market expectations. A second interim DPS of HKD6.52 was declared, with a payout ratio of approximately 89%. The rating on HKEX was Buy with a target price of HKD505. AASTOCKS Financial News Website: www.aastocks.com |
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