UBS: Downgrades Hong Kong Stock Exchange target price to 471 Hong Kong dollars, rating "neutral"

UBS released a research report stating that it has lowered the target price of the Hong Kong Stock Exchange from 485 Hong Kong dollars to 471 Hong Kong dollars, a decrease of 3%, mainly reflecting UBS's latest view on the Fed's interest rate cut. The rating is "neutral". The bank said that considering market activities from the fourth quarter to date, the bank has raised its daily turnover forecast for the fiscal year 2025 from 250 billion Hong Kong dollars to 259 billion Hong Kong dollars. The report pointed out that the performance in the third quarter of 2025 met expectations, with a 45% year-on-year increase in revenue, exceeding market expectations by 3%; a 56% increase in net profit year-on-year, exceeding market expectations by 4%. As it enters the fourth quarter, the Hong Kong Stock Exchange is facing more severe base effects.