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<Research>CICC: HKEX Results Beat; Rating Outperform Kept
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CICC published a report stating that the total revenue of HKEX (00388.HK) in 2025 mounted 30% YoY to HKD29.16 billion, and profits grew 36% YoY to HKD17.75 billion. In 4Q, total revenue added 15% YoY to HKD7.31 billion, and core fee income, excluding investment income, lifted by 17% YoY to HKD6 billion, and profits hiked by 15% YoY to HKD4.335 billion.

CICC noted that HKEX's results beat expectations. Considering the improved sentiment in the Hong Kong stock market, the broker raised the company's profit forecasts for 2026 and 2027 by 5% and 6% to HKD18.1 billion and HKD19 billion, respectively. It maintained an Outperform rating on HKEX with a target price of HKD500.

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