<div id="readability-page-1"><div>HKEX (00388.HK) -8.200 (-1.953%) Short selling $193.23M; Ratio 15.306% announced better-than-expected results for 1Q26 at noon yesterday (29th). The share price rose 3% yesterday but pulled back today (30th), last at HKD412.2, down 1.9%, with turnover of HKD1.982 billion. M Stanley said HKEX's 1Q revenue rose 20% YoY, beating its and market expectations by 8% and 9%, respectively, mainly driven by better-than-expected clearing fees and investment income. Average daily turnover (ADT) in the quarter increased 14% YoY to HKD277 billion, while northbound trading turnover surged 70% YoY, lifting trading and clearing fees by 18% and 33% YoY, respectively. Investment income edged down 4% YoY but rose 5% QoQ, more than 20% above the brokers and market consensus, primarily from internally managed funds. Net profit grew 27% YoY, and the EBITDA margin improved 3 ppts YoY to 80%. Total expenses increased only 2% YoY, while the effective tax rate was slightly above the brokers expectation.HKEX reported results for 1Q26 with revenue of HKD8.203 billion, up 19.6% YoY. Net profit reached HKD5.188 billion, up 27.3% YoY, exceeding the AASTOCKS Financial News consensus of six brokers ranging from about HKD4.429 billion to HKD4.841 billion (representing YoY growth of 8.6% to 18.7%). EPS was HKD4.1. ADT in 1Q reached HKD276.7 billion, the second-highest quarterly record on record, just below the HKD286.4 billion set in 3Q25, and up 14% from 1Q25. In the IPO market, HKEX ranked first globally in IPO fundraising in the quarter, with funds raised nearly six times that of 1Q last year, alongside a steady pipeline of listing applications. Net investment income from corporate funds in 1Q was HKD441 million, down about 15% from HKD516 million a year earlier, mainly due to lower net fair value gains from externally managed investment funds.Better-than-expected resultsCiti said HKEX's 1Q net profit of HKD5.2 billion exceeded market consensus by 12%. Core revenue was 5% and 2% above consensus and its own forecast, respectively, driven mainly by growth in trading and listing fees. Investment income was HKD1.3 billion, up 5% QoQ and 26% above consensus, partly due to HKD75 million in foreign exchange gains recorded during the quarter. Operating expenses were well controlled, rising only 2% YoY and 2% below consensus. The EBITDA margin reached 80.4%, up 3.7 ppts YoY. Citi expected upward revisions to market earnings forecasts and raised its TP to HKD530 from HKD525, maintaining a Buy rating.BofAS said HKEX's 1Q net profit of HKD5.2 billion rose 27% YoY, 15% to 17% above consensus and marking a record quarterly high. The key driver was higher Hong Kong market turnover, with ADT at HKD277 billion, significantly up from the HKD243 billion average in 1Q25. Trading and clearing fees increased 18% and 33% YoY, respectively. London Metal Exchange turnover rose 26% YoY. IPO fundraising surged about fivefold YoY to HKD110 billion. Although interest income declined YoY due to lower market rates, bond investments delivered strong returns. The cost-to-income ratio improved from 23% to 20% in the quarter. The broker expected a positive market reaction and maintained its forecasts and TP of HKD520 with a Buy rating.---------------------------------------------------The table below summarises investment ratings and TPs for HKEX (00388.HK) -8.200 (-1.953%) Short selling $193.23M; Ratio 15.306% from six brokers:BrokerInvestment RatingTP UOB Kay HianBuyHKD545-&gt;HKD556 CitiBuyHKD525-&gt;HKD530 G SachsBuyHKD528 BofASBuyHKD520 M StanleyOverweightHKD510 UBSNeutralHKD450BrokerView UOB Kay HianStrong upside surprise across core revenue, net interest income and costs CitiStrong IPO pipeline in 1Q drove higher listing fees G SachsSolid cash revenue and improved investment income BofASStrong 1Q beat with undemanding valuation M StanleyRobust revenue and earnings growth in 1Q UBSBroad-based beat across multiple business segments in 1Q(wl/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 12:25.)</div>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</div>

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HKEXreported better-than-expected 1Q26 results, with revenue of HKD8.203 billion, up 19.6% YoY, and net profit of HKD5.188 billion, up 27.3% YoY. Average daily turnover increased 14% YoY to HKD277 billion. Brokers raised their target prices, with Citi increasing to HKD530 and BofAS to HKD520, both maintaining Buy ratings. The strong performance was driven by higher trading and listing fees, despite a slight decline in investment income. Short selling activity was noted at $193.23M, with a ratio of 15.306%.

AASTOCKS News

Hong Kong Exchanges and Clearing (HKEX)

HKEX

Morgan Stanley

Citigroup

Bank of America

Goldman Sachs

UBS Group AG

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MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

United Overseas Bank (UOB)

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Summary of Brokers' Latest TP and Views on HKEX  After 1Q26 Results