18 September 2025 | 7:00PM HKT Hong Kong Exchanges (0388.HK) Market is heavily discounting SB activity; Buy 0388.HK 12m Price Target: HK$544.00 Price: HK$458.00 Upside: 18.8% HKEX share price has underperformed key indices over the last one month owing to bearish mgmt guidance around investment income in 2H25, in our view. However, 2Q, like multiple prior quarters, beat expectations led by higher than expected investment income. We expect 3Q investment income to be around half of the 1H level, reflecting lo ...