Goldman Sachs: Maintains "Buy" rating for Hong Kong Exchanges and Clearing (00388), target price lowered to HKD 532.

Goldman Sachs released a research report stating that it has included the Hong Kong Stock Exchange (00388) transaction data from August and from September to the present in its forecast model. Consequently, it has adjusted the earnings per share forecast for 2026 to 2029 down by 0.6% to 1.4%, and the target price has been lowered from HKD 540 to HKD 532, corresponding to an estimated price-to-earnings ratio of about 34 times for 2027, maintaining a Buy rating. Goldman Sachs anticipates potential downward risks in the future, including intensified competition in the onshore capital market business, a slowdown in spot market trading, and pressure from fee reductions in the mainland.