HKEx Reports Solid 1Q Result as Higher Market Volatility Boosts Trading Volume
Wide-moat-rated Hong Kong Exchange and Clearing's strong first quarter does not alter our long-term view on the exchange. We still see the exchange as overvalued against our fair value estimate of HKD 187, as we assume a normalised annual increase of 8% in equity trading volume over the next 10 years. It was a choppy quarter for the Hang Seng Index, as it reached an all-time high in January before a 10% decline in February, and a slight recovery in March to end the quarter. The volatility booste...Hong Kong Exchanges and Clearing is an exchange controller under the Securities and Futures Ordinance. Co. operates recognised stock and futures markets in Hong Kong. Co. also operates Hong Kong Securities Clearing Company Limited (HKSCC), HKFE Clearing Corporation Limited (HKCC), The SEHK Options Clearing House Limited (SEOCH) and OTC Clearing Hong Kong Limited (OTC Clear). HKSCC, HKCC and SEOCH provide clearing and settlement services, while OTC Clear provides OTC interest rate derivatives and non-deliverable forwards clearing and settlement services. Co.'s operating segment include: cash, equity & financial derivatives, commodities, clearing, and platform & infrastructure.
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