Morningstar - Hong Kong Exchanges Clearing Ltd. (00388) Hong Kong Exchange and Clearings Ends Fiscal 2016 on a Weak Note; No Change to Long-Term Thesis

Report

Morningstar

Michael Wu

EUR 101.80 For Business Accounts Only

Hong Kong Exchange and Clearing's Ends Fiscal 2016 on a Weak Note; No Change to Long-Term Thesis

Wide moat-rated Hong Kong Exchanges and Clearing posted a weaker fourth-quarter result in line with expectations. The result does not alter our long-term view on the exchange and we continue to believe the exchange is overvalued relative to our new fair value of HKD 180. Our fair value was increased by 6% to HKD 180 as an adjustment from the time value of money offset by higher depreciation charges. While the exchange's stock price continues to be driven by market sentiment anticipating the leve...

28/02/2017 13 EN

Underlying

Hong Kong Exchanges & Clearing Ltd.

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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HK0388045442 Hong Kong Stock Exchange Hong Kong

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Michael Wu

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Hong Kong Exchange and Clearing's Ends Fiscal 2016 on a Weak Note; No Change to Long-Term Thesis

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Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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