Fundamental analysis 0388.HK (Hong Kong Exchanges and Clearing Limited)

Updated on 07/20/2026

We analyzed Hong Kong Exchanges and Clearing stock against the 10 quality criteria of Lubin Investment. The company gets a quality score of 10/10, meaning high quality, and a P/FCF valuation multiple of 21.0×.

Sector: Financial Data & Stock Exchanges. Listing: HK. Current price: 396.40 HKD.

Lubin scoring methodology

Hong Kong Exchanges and Clearing Limited (0388.HK)'s score is calculated automatically from 10 objective financial criteria, with no human intervention or opinion. Each criterion is validated (YES / PARTIAL / NO) based on thresholds drawn from the financial literature (Warren Buffett, Bettin-Mauboussin, Aswath Damodaran). The final score is the sum of validations.

The 10 quantitative criteria analyzed

1. Profitable: positive net margin
2. Growing revenue: revenue growing > 10%/year over 5 years
3. Growing earnings per share: FCF per share adjusted for stock-based compensation, > 10%/year over 5 years
4. Share count under control: stable or declining (net buybacks = value creation for shareholders)
5. Cash profitability: free cash flow margin > 10% of revenue
6. Expanding margins: operating margin widens over 5 years (operating leverage)
7. Return on invested capital: Bettin-Mauboussin Cash ROCE > 15% per year
8. Debt under control: net debt repayable in less than 3 years of free cash flow
9. Earnings converted to cash: free cash flow exceeds accounting net income
10. Net collection period: short or negative cash conversion cycle

Frequently asked questions

Is Hong Kong Exchanges and Clearing a quality stock?

Hong Kong Exchanges and Clearing gets a quality score of 10/10 (high quality), calculated over the 10 Lubin Investment criteria: profitability, revenue and free cash flow growth, share buybacks, margins, debt and return on capital.

How is Hong Kong Exchanges and Clearing's score calculated?

The score is the total of validated criteria (YES / PARTIAL / NO) using thresholds drawn from the financial literature (Warren Buffett, Mauboussin, Aswath Damodaran), automatically and with no human opinion.

What is Hong Kong Exchanges and Clearing's P/FCF?

The price-to-free-cash-flow (P/FCF) multiple of Hong Kong Exchanges and Clearing stock is 21.0×. At Lubin Investment, valuation is judged separately from quality.

Where to see Hong Kong Exchanges and Clearing's full analysis?

The full interactive analysis (10-criteria detail, history, P/FCF valuation, sector comparisons) is available at https://lubin-investment.com/analyse/0388.HK?lng=en.

Articles about Hong Kong Exchanges and Clearing

• Should you buy HKEX (0388.HK) stock? (2026-07-07)

Other stocks in the Financial Data & Stock Exchanges sector

• Moody's (MCO) — score 10/10, P/FCF 31.4×
• Euronext Athens Holding (EXAE.AT) — score 10/10, P/FCF 8.5×
• Singapore Exchange (S68.SI) — score 9/10, P/FCF 30.2×
• Factset Research Systems (FDS) — score 9/10, P/FCF 15.2×
• MSCI (MSCI) — score 9/10, P/FCF 31.0×

Go further

👉 See the full interactive analysis of 0388.HK

Other resources : Detailed methodology · All stocks in the Financial Data & Stock Exchanges sector · Stocks rated 10 out of 10 · Top quality companies · Lubin Investment pricing.