
Hong Kong Exchanges and Clearing Limited (HKXCY)
ValueMarkers Composite Index
29% above intrinsic value ($9)
Hong Kong Exchanges and Clearing Limited (HKXCY) — VMCI valuation read
Composite valuation read on HKXCY: VMCI 64/100 against a Financial Services sector median of 50. The 14-point above-median print is the headline number for Hong Kong Exchanges and Clearing Limited, and at the mid-cap tier it reflects how the five pillars combine into a single decision-grade score.
Trailing 30-day insider activity for HKXCY: nothing material on SEC EDGAR. With the Form 4 channel quiet, the price-vs-DCF gap and the trailing margin trend carry more weight in the active read.
**Investor frame.** Value, quality, risk in three lines on HKXCY: HKXCY trades at 21.0x earnings, 17% above the Financial Services median of 18.0x; ROIC of 13.0% sits 3.0pp above the Financial Services median (10.0%); net debt to EBITDA of 2.4x is the rate-sensitivity line to watch. EV/EBITDA at 14.0x versus 12.0x for Financial Services closes the value frame.
HKXCY rose 3.3% over the trailing 7 days, with a -21.8% read on a 30-day basis.
Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock exchanges and futures exchanges, and related clearing houses in Hong Kong, Mainland China, and the United Kingdom. It operates through five segments: Cash, Equity and Financial Derivatives, Commodities, Post Trade, and Technology. The Cash segment covers various equity products traded on the cash market platforms of the Stock Exchange of Hong Kong Limited, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange; sale of market data relating to the products; and other related activities. The Equity and Financial Derivatives segment provides and maintains trading platforms for a range of equity and financial derivative products, such as stock and equity index futures and options, derivative warrants, and callable bull/bear contracts and warrants, as well as sells related market data. The Commodities segment operates an exchange for the trading of base, ferrous, and precious metals futures and options contracts in the United Kingdom; and operates Qianhai Mercantile Exchange Co., Ltd., a commodity trading platform in the Mainland. This segment also covers commodities contracts traded on Futures Exchange. The Post Trade segment operates clearing houses that are responsible for clearing, settlement, depository, custodian, and nominee services. The Technology segment offers various services that provide users with access to the platform and infrastructure. The company serves issuers and investors. Hong Kong Exchanges and Clearing Limited is based in Central, Hong Kong.
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