Latest Ratings and Target Prices of Major Banks for HKEX (Table)

HKEX (00388.HK) will announce its first quarter results for this year on the 29th of this month (Wednesday). According to the company's earlier operational data, benefiting from an average daily trading amount of HKD 276.7 billion in the first three months of this year, which is a 14% increase from HKD 242.7 billion in the same period last year, and inflows from southbound funds, our comprehensive analysis of four brokerages expects HKEX's net profit for the first quarter of 2026 to be between HKD 4.429 billion and HKD 4.841 billion, an increase of 8.6% to 18.7% compared to HKD 4.077 billion in the same period of 2025, with a median of HKD 4.7 billion, representing a year-on-year increase of 15.3%.

The four brokerages also expect HKEX's revenue and other income for the first quarter of 2026 to be between HKD 7.397 billion and HKD 7.827 billion, an increase of 7.9% to 14.1% compared to HKD 6.857 billion in the same period of 2025, with a median of HKD 7.7 billion, representing a year-on-year increase of 12.3%. Geopolitical and monetary policy fluctuations may affect capital flows. Investors will focus on the latest operational guidance from HKEX's management and market deepening reforms. HKEX regained its position as the world's leading IPO market in 2025, and the market is paying attention to the latest full-year guidance provided by HKEX's management.

The table below lists the ratings and target prices (in HKD) given by 10 brokerages:

Brokerage│Investment Rating│Target Price

JP Morgan│Overweight│550

Goldman Sachs│Buy│546

DBS│Buy│540

Citigroup│Buy│525

HSBC Global Research│Buy│520

Bank of America Securities│Buy│520

Morgan Stanley│Overweight│510

CICC│Outperform│500

Citi│Confident Outperform│500

UBS│Neutral│450