VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Moncler S.p.A.

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)$546.5B
Gross margin (TTM)85.7%
Operating margin (TTM)80.9%
Net margin (TTM)68.3%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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

Moncler S.p.A.

MONC · Euronext Milan

Market cap (USD)$14.8B
Gross margin (TTM)76.4%
Operating margin (TTM)29.4%
Net margin (TTM)20.4%
SectorConsumer
IndustryApparel - Manufacturers
CountryIT
Data as of2026-01-05
Moat score
69/ 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 Moncler S.p.A.'s moat claims, evidence, and risks.

View MONC analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 69 / 100 for Moncler S.p.A.).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Moncler S.p.A. has 2 segments (87.1% in Moncler brand).
  • Primary market structure: Monopoly vs Competitive. Pricing power: Moderate vs Strong.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Moncler S.p.A. has 3 across 3.

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%

Moncler S.p.A.

Moncler brand

Market

Luxury outerwear and apparel (down jackets, ready-to-wear, accessories)

Geography

Global

Customer

Consumers

Role

Branded apparel company (design/marketing; DTC + wholesale distribution)

Revenue share

87.1%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Moncler S.p.A.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
MONC - Euronext Milan
Market cap (USD)
$546.5B
$14.8B
Gross margin (TTM)
85.7%
76.4%
Operating margin (TTM)
80.9%
29.4%
Net margin (TTM)
68.3%
20.4%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Apparel - Manufacturers
HQ country
HK
IT
Primary segment
Cash Markets
Moncler brand
Market structure
Monopoly
Competitive
Market share
100% (reported)
n/a
HHI estimate
10,000
n/a
Pricing power
Moderate
Strong
Moat score
92 / 100
69 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Demand, Supply, Legal
Last update
2026-01-03
2026-01-05

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

Moncler S.p.A. strengths

Brand TrustIP Choke Point

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%

Moncler S.p.A. segments

Full profile >

Moncler brand

Competitive

87.1%

Stone Island brand

Competitive

12.9%

Want the full wide moat stocks list?

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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.