UBS: Lowering HKEX (00388) target price to HK$471, rating remains "neutral"

UBS released a research report stating that it has lowered the target price of HKEX (00388) from HK$485 to HK$471, reflecting UBS's latest view on the Federal Reserve's interest rate cut. The rating is "neutral". The bank stated that considering market activity from the fourth quarter to date, it has raised its expectation for daily turnover in the 2025 fiscal year from HK$250 billion to HK$259 billion. The report indicated that the third quarter performance in 2025 met expectations, with revenue increasing by 45% year-on-year, exceeding market expectations by 3%; net profit increased by 56% year-on-year, exceeding market expectations by 4%. As it enters the fourth quarter, HKEX faces more challenging base comparisons.