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Hong Kong Exchanges and Clearing Limited 0388.HK

HK · Hong Kong Stock Exchange · XHKG · stock · Financial Services · website

Hong Kong Exchanges and Clearing Limited statistics & valuation

Market capHK$514.5B
P / E29.0×
P / S21.7×
P / B8.8×
P / FCF21.5×
Dividend yield2.67%
Net margin74.8%
Return on equity30.5%
FCF margin100.6%
Net cashHK$181.9B
Enterprise value USD$42.6B
Earnings yield EBIT/EV4.8%
Return on capital26%
Graham number -70.5%HK$120.42

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (HK$120.42); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
59.50% 76.80% 75.20% 74.80% 2022202320242025
Gross margin (%)
78.50% 74.20% 74.60% 80.80% 2022202320242025
Operating margin (%)
61.50% 54.90% 57.80% 67.90% 2022202320242025
Return on equity (%)
20.30% 23.10% 24.20% 30.50% 2022202320242025
Shares outstanding
1.26B 1.26B 1.26B 1.26B 2022202320242025
Net debt (HK$)
-HK$183.22B -HK$123.50B -HK$133.07B -HK$181.87B 2022202320242025
Share buybacks (HK$)
2022202320242025
Return on assets (%)
2.50% 3.50% 3.40% 3.10% 2022202320242025
Free cash flow margin (%)
80.70% 65.50% 64.40% 100.60% 2022202320242025
Debt / equity (×)
0.04× 0.03× 0.02× 0.01× 2022202320242025
EPS (HK$)
HK$7.95 HK$9.36 HK$10.29 HK$14.01 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Hong Kong Exchanges and Clearing Limited trades at about 29.1× earnings — near its 10-year norm (10-year range 25.3×–44.3×, median 30.8×).

25.3× 44.3×

Shaded band = 10-year range (25.3×–44.3×); dot = today's 29.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Gross margin80.8%74.6%74.2%78.5%
Operating margin67.9%57.8%54.9%61.5%
Net margin74.8%75.2%76.8%59.5%
FCF margin100.6%64.4%65.5%80.7%
Return on assets3.1%3.4%3.5%2.5%
Return on equity30.5%24.2%23.1%20.3%
Debt / equity———0.00×
Current ratio1.051.091.101.08

Computed from company filings · HK · as of 2025-12-31. Figures in HKD. Facts plus Stocktoria's own computed scores — not investment advice.