Despite continuous upward revisions to HKEX (00388.HK)  -10.000 (-2.342%)    Short selling $354.78M; Ratio 8.476%   ’s EPS estimates by the street and the biggest earnings driver (cash equity ADT) rising to all time high levels ($200 billion+), HKEX's stock price remained approximately 20% lower than its 2021 peak, Goldman Sachs said in a report. The broker conducted a comprehensive review of HKEX's business momentum, with key findings as follows:

Although the number of IPO applications has approached the peak level of 2021, the pace of IPOs remains in the mid-cycle. Indicators of spot market activity, including turnover velocity, small-mid cap vs large cap turnover mix, and changes in market cap, are 90 plus percentile of their history.

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However, the market positioning measured by the total market cap of Chinese listed companies relative to GDP is only at the historical average level, and the recent pace of southbound capital inflow into Hong Kong stocks has slackened.

Based on the latest ADT performance topping expectations, the broker raised HKEX's EPS forecasts for 2025, 2026, and 2027 by approximately 4% and lifted the target price by 11%, from the original HKD450 to HKD500.

Under upbeat and downbeat scenario analyses, the stock's risk-reward ratio presents a moderately positive outlook. The broker maintained a Buy rating on HKEX.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)

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