Hong Kong Exchanges (0388.HK)_ 1Q25 First Take_ in-line; Buy

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 30 April 2025 | 12:55PM HKT Hong Kong Exchanges (0388.HK): 1Q25 First Take: in-line; Buy HKEX reported 1Q25 EPS of HK $3.23, up 38% yoy, 2% higher vs GSe. Revenue was modestly ahead and costs slightly below GSe. EBITDA was 2% higher, and eff. tax rate was 16%, in-line with GSe. And hence, NPAT was 2% above GSe. That said, profit excluding investment income was 6% below GSe. However, excluding the HK$ 90mn FCA payment, the miss was 3% on profit excluding II. We would expect a muted ...