Hong Kong Exchanges and Clearing Limited (HKXCF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Hong Kong Exchanges and Clearing Limited $53.71, price $46.37, upside +15.8%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Hong Kong Exchanges and Clearing Limited
HKXCF · USUndervaluedThe stock appears undervalued with acceptable quality.
What runs behind every stock
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range $23.58 – $58.85 · fair‑value band $17.45 – $72.05 · the $46.37 price screens below the $53.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
Company profile
Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock and futures exchanges, and related clearing houses in Hong Kong, the United Kingdom, and Mainland China. It operates through Cash, Equity and Financial Derivatives, Commodities, and Data and Connectivity segments.
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Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock and futures exchanges, and related clearing houses in Hong Kong, the United Kingdom, and Mainland China. It operates through Cash, Equity and Financial Derivatives, Commodities, and Data and Connectivity segments. The Cash segment covers various equity products traded on the cash market platforms of the Stock Exchange of Hong Kong Limited, as well as through the Shanghai-Hong Kong and the Shenzhen-Hong Kong stock connects; clearing, settlement and custodian, listing, depository, and nominee services; and other related activities. Its Equity and Financial Derivatives segment provides and maintains trading and clearing platforms for a range of equity and financial derivative products, such as stock and equity index futures and options, derivative warrants, callable bull/bear contracts and warrants, and over the counter derivatives contracts. The Commodities segment operates an exchange for the trading of base and ferrous metals futures and options contracts in the United Kingdom; and operates Qianhai Mercantile Exchange Co., Ltd., a commodity trading platform in Mainland China. This segment also covers commodities contracts traded on Futures Exchange. Its Data and Connectivity segment offers various services that provides access to the platform and infrastructure, as well as services of BayConnect Technology Company Limited; network, terminal user, data line and software sublicense, and hosting services; and sells market data relating to the Hong Kong cash and derivatives markets. The company serves issuers and investors. Hong Kong Exchanges and Clearing Limited was incorporated in 1999 and is based in Central, Hong Kong.
Stock analysis
Hong Kong Exchanges and Clearing Limited (HKXCF) currently trades at $46.37, while our model-based Fair Value estimate is $53.71, implying the stock looks roughly 13.7% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $66.66 per share, and 5 of the 12 models we run sit above the $46.37 price.
Bear case: the Multiples group reads lowest at $8.21, and 7 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: $17.45 (bear) to $72.05 (bull), the price of $46.37 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hong Kong Exchanges and Clearing Limited reported revenue of HK$29.2B in FY2025 versus HK$20.8B in FY2021, a compound +8.9%/yr. Reported net income was HK$17.7B in FY2025, compounding +9.1%/yr from FY2021.
Key figures
Market cap $62.1B · P/E ratio 25.0 · P/S ratio 15.2 · EPS (TTM) $1.90 · Net margin 60.9% · Return on equity 35.0% · Return on assets (EBIT) 3.6% · Operating margin 77.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at 16%, HKXCF screens cheaper than that median.
Fair Value models
All 12 models by family
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Set up alert →Quality Score breakdown
Of which business quality 77 · Market factors (momentum, volatility) 32
Revenue & earnings trend
Growth Forecast
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Earlier news
- Hong Kong Exchanges and Clearing Ltd (HKXCF) (H1 2026) Earnings Call Highlights: Record Revenue ...
- Hong Kong Exchange Posts Record Earnings on IPO, Trading Boom
Compare Hong Kong Exchanges and Clearing Limited with another stock
Price, fair value, quality and upside side by side.
Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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| Nasdaq, Inc NDAQ | $91.85 | $41.61 | −55% |
| MSCI Inc MSCI | $539.76 | $262.25 | −51% |
| Cboe Global Markets, Inc CBOE | $253.26 | $247.55 | −2% |
| Hithink RoyalFlush Information Network Co 300033 | ¥204.10 | ¥135.82 | −33% |
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Frequently asked questions
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Key figures of Hong Kong Exchanges and Clearing Limited
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