UOB Kay Hian has issued a research report maintaining a "Buy" rating on Hong Kong Exchanges and Clearing Limited (HKEX) and increasing its target price to HK$552 from HK$550. This new target implies a projected price-to-earnings ratio of approximately 36 times for 2026. The upgrade follows a robust financial performance in the fourth quarter of last year, bolstered by a one-time gain from net interest income and effective cost management. Core business revenue during the period largely met expectations, driven by strong commodity trading and increased income from new listings. Quarterly net profit rose 15% year-on-year to HK$4.3 billion, surpassing the firm's and market forecasts by 11% and 15%, respectively. The report noted that HKEX declared a second interim dividend of HK$6.52 per share, a 33% increase from the previous year, bringing the full-year dividend to HK$12.52, with a payout ratio of 90%. Net investment income for the fourth quarter reached HK$1.2 billion, exceeding the brokerage's estimate by 55%. Year-to-date, average daily turnover has recovered to HK$260 billion from HK$230 billion in the fourth quarter. UOB Kay Hian maintains a positive outlook for this year's average daily turnover, anticipating that further upward revisions to earnings forecasts will act as a catalyst for a valuation re-rating. Consequently, the brokerage has raised its profit forecasts for the current and next fiscal years by 4.7% and 2.7%, respectively, and adjusted its full-year average daily turnover projections to HK$262 billion and HK$272 billion.