VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Heineken N.V.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Hong Kong Exchanges and Clearing Limited

0388.HK · Hong Kong Stock Exchange (HKEX)

Market cap (USD)$67.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryHK
Data as of2026-01-03
Moat score
92/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Hong Kong Exchanges and Clearing Limited's moat claims, evidence, and risks.

View 0388.HK analysis

Heineken N.V.

HEIA · Euronext Amsterdam

Market cap (USD)$38.6B
Gross margin (TTM)21%
Operating margin (TTM)10.8%
Net margin (TTM)4.7%
SectorConsumer
IndustryBeverages - Alcoholic
CountryNL
Data as of2025-12-28
Moat score
65/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Heineken N.V.'s moat claims, evidence, and risks.

View HEIA analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 65 / 100 for Heineken N.V.).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Heineken N.V. has 4 segments (38.7% in Europe).
  • Primary market structure: Monopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Heineken N.V. has 5 across 2.

Primary market context

Hong Kong Exchanges and Clearing Limited

Cash Markets

Market

Exchange-based cash equities trading, clearing and settlement in Hong Kong (including Stock Connect cash markets)

Geography

Hong Kong (with Mainland China Connect linkage)

Customer

Brokers, banks, proprietary trading firms, and investors; listed issuers via primary/secondary markets

Role

Exchange operator + clearing/settlement/depository operator

Revenue share

52.6%

Heineken N.V.

Europe

Market

Beer, cider and beyond-beer alcoholic beverages

Geography

Europe

Customer

Consumers via on-trade (bars/restaurants) and off-trade (retail/wholesale)

Role

Brewer / brand owner / route-to-market operator

Revenue share

38.7%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Heineken N.V.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
HEIA - Euronext Amsterdam
Market cap (USD)
$67.7B
$38.6B
Gross margin (TTM)
n/a
21%
Operating margin (TTM)
n/a
10.8%
Net margin (TTM)
n/a
4.7%
Sector
Financials
Consumer
Industry
n/a
Beverages - Alcoholic
HQ country
HK
NL
Primary segment
Cash Markets
Europe
Market structure
Monopoly
Oligopoly
Market share
100% (reported)
n/a
HHI estimate
10,000
n/a
Pricing power
Moderate
Moderate
Moat score
92 / 100
65 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Demand, Supply
Last update
2026-01-03
2025-12-28

Moat coverage

Shared moat types

Distribution Control

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network DensitySwitching Costs General

Heineken N.V. strengths

Brand TrustScale Economies Unit CostData Workflow LockinOperational Excellence

Segment mix

Hong Kong Exchanges and Clearing Limited segments

Full profile >

Cash Markets

Monopoly

52.6%

Equity and Financial Derivatives

Monopoly

20.3%

Commodities (LME and related)

Oligopoly

14.8%

Data and Connectivity

Quasi-Monopoly

12.2%

Heineken N.V. segments

Full profile >

Europe

Oligopoly

38.7%

Americas

Oligopoly

34%

Africa & Middle East

Oligopoly

13.5%

Asia Pacific

Oligopoly

13.8%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.