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<Research>JPM: HKEX (00388.HK) Posts Strong Earnings Last Quarter; Rating Kept at Overweight
Recommend 19 Positive 40 Negative 15 |
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HKEX (00388.HK) announced a net profit of $4.3 billion for 4Q25, down 12% QoQ and up 15% YoY, 19% ahead of JPMorgan's expectation, JPMorgan issued a research report saying. FY2025 net profit was $17.8 billion, up 36% YoY, 2% higher than market consensus. The better-than-expected results were mainly driven by revenue. Trading and clearing fee income saw a milder QoQ decline (-14%/-16%) than the broker anticipated, despite seasonal weakness in trading volumes. This income offset the underperformance in custody fees and market data fees. This was a strong quarter for HKEX, as earnings remained solid despite weaker trading volumes in 4Q25, JPMorgan added. The strong performance in net investment income was surprising and could be a source for higher earnings for FY2026. Therefore, the broker projected the share price to strengthen, and kept rating at Overweight on HKEX, with a target price of $540. AASTOCKS Financial News Website: www.aastocks.com |
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