Hong Kong · HKEX · 00388
HKEX (00388) stock analysis: valuation and financials
其他金融
HK$379.60 +1.1% Price as of Oct 13, 2026
Monopoly exchange: 74.4% operating margin, 31.3% ROE, CNY223.2B net cash; base case 26.5% upside. Cyclical turnover and multiple de-rating are the risks, not solvency.
- Market cap
- HK$481.3B
- P/E
- 23.7x
- EV/Sales
- 6.8x
- FCF yield
- 3.9%
- Dividend yield
- 3.7%
- 52-week range
- HK$362.20 – HK$444.20
Research as of Oct 14, 2026
Business quality scorecard
- Growth86
- Profitability100
- Cash flow98
- Balance sheet74
- Capital allocation72
- Valuation74
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
HKEX is paid transaction, clearing, listing and market-data fees by exchange participants, issuers and data vendors, and earns interest on margin funds; trading and clearing fees are the profit engine that lifted FY2025 operating margin to 72.8%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥17.1B | ¥16.5B | ¥18.6B | ¥20.7B | ¥26.3B |
| Revenue growth | +6.1% | -3.8% | +12.8% | +11.4% | +27.1% |
| Operating margin | 71.2% | 63.5% | 65.2% | 66.5% | 72.8% |
| Net income | ¥10.2B | ¥9.0B | ¥10.7B | ¥12.1B | ¥16.0B |
| Free cash flow | ¥8.9B | ¥11.8B | ¥9.2B | ¥10.3B | ¥18.7B |
| FCF margin | 51.7% | 71.3% | 49.3% | 49.9% | 71.1% |
Amounts in CNY · What is free cash flow?
Margins Gross margin is not disclosed (no cost-of-revenue breakdown). Operating margin rose to 72.8% in FY2025 from 66.5% in FY2024 (+6.3pp), 74.4% TTM, on 27.1% revenue growth against a near-fixed cost base; net margin 60.9% vs 58.3%.
- Cash flow HealthyOperating cash flow of CNY23,150M in FY2025 and CNY19,990M TTM exceeded net income (CNY16,040M and CNY17,450M); cash conversion 1.17x.
- Debt LowNet cash of CNY223.2B (cash CNY165.0B plus CNY56.0B short-term investments against debt), giving net debt/EBITDA of -10.03x; debt/equity 0.25%.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥223.3B
- Total debt
- ¥130.3M
- Net cash
- ¥223.2B
- Interest coverage
- 265.6x
- Current ratio
- 1.1x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongFY2025 revenue +27.1% y/y and five-year CAGR 10.3%; ROE 31.3% and net margin 62.3% show top-tier profitability.
Valuation range
Implied value per share · Price when researched: HK$379.60
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.