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<Research>M Stanley: HKEX (00388.HK) Quarterly Results Beat; TP $508
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Positive
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Negative
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HKEX (00388.HK)'s 4Q25 net profit increased by 15% YoY, beating market consensus by 12% and Morgan Stanley's forecast by 17%, mainly due to stronger-than-expected net investment income and listing fees, Morgan Stanley issued a research report saying.

During the period, the average daily turnover rose by 23% YoY to $230 billion, boosting trading fees and clearing fees by 13% and 15% YoY each.

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Therefore, Morgan Stanley rated HKEX at Overweight, with a target price of $508.
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