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<Research> HSBC Research Raises HKEX (00388.HK) TP to HKD528; 1Q26 Results Beat
HSBC Research issued a report noting that HKEX (00388.HK) reported EPS of HKD4.10 for 1Q26, up 27.3% YoY, exceeding the brokers and market consensus forecasts by 14% and 13%, resp...
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<Research> HSBC Research Raises HKEX (00388.HK) TP to HKD528; 1Q26 Results Beat
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HSBC Research issued a report noting that HKEX (00388.HK)  0.000 (0.000%)    Short selling $121.04M; Ratio 9.904%   reported EPS of HKD4.10 for 1Q26, up 27.3% YoY, exceeding the brokers and market consensus forecasts by 14% and 13%, respectively. The report said HKEXs results were supported by strong average daily turnover (averaging HKD277 billion in the first quarter, up 14% YoY) and IPO listings (with first-quarter IPO fundraising reaching HKD110 billion). In addition, robust market data fees, net investment income and income related to the London Metal Exchange (LME) also underpinned performance, while operating expenses increased only 1.7% YoY, indicating tighter cost control compared with previous first-quarter trends.

The broker highlighted several upcoming catalysts that will benefit HKEX, including: (1) the long-term development of the fixed income and currency (FIC) ecosystem, with strong alignment of interests between regulators and HKEX, while the current low RMB interest rate environment and RMB appreciation dynamics are also supportive; (2) Financial Secretary Paul Chan said on April 21 that active IPO applications have reached about 500, and strong listing execution in the first quarter has helped ease concerns that regulatory tightening could slow momentum; (3) N America investors see increasing attractiveness in international equities, particularly as the Hong Kong and Mainland China markets offer structural opportunities at undemanding valuations; (4) HKEX will further expand its weekly stock options classes to a total of 33 by June 2026.

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HSBC Research maintained a Buy rating on HKEX and raised its TP from HKD520 to HKD528. Following the results announcement, the broker lifted its earnings forecasts for 2026/27/28 by 5.0%, 2.4% and 1.7%, respectively, to reflect higher assumptions for average daily turnover, derivatives and LME volumes, listing fees and investment income. The broker believes HKEXs platform strength across asset classes, including FIC, will deliver long-term benefits, while sustained IPO momentum and higher trading activity will help maintain its strength in the cash equities market. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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