VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs MTU Aero Engines AG

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

MTU Aero Engines AG

MTX · Deutsche Boerse XETRA

Market cap (USD)$20B
Gross margin (TTM)12.7%
Operating margin (TTM)3%
Net margin (TTM)6.1%
SectorIndustrials
IndustryAerospace & Defense
CountryDE
Data as of2025-12-28
Moat score
61/ 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 MTU Aero Engines AG's moat claims, evidence, and risks.

View MTX analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 61 / 100 for MTU Aero Engines AG).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); MTU Aero Engines AG has 2 segments (67.4% in MRO business (commercial maintenance)).
  • Primary market structure: Monopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; MTU Aero Engines AG has 8 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%

MTU Aero Engines AG

MRO business (commercial maintenance)

Market

Commercial aircraft engine maintenance, repair and overhaul (engine MRO) and associated services

Geography

Global

Customer

Airlines, lessors and engine owners/operators

Role

Aftermarket service provider (engine shop visits, repairs, on-wing services, leasing/asset management)

Revenue share

67.4%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
MTU Aero Engines AG
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
MTX - Deutsche Boerse XETRA
Market cap (USD)
$67.7B
$20B
Gross margin (TTM)
n/a
12.7%
Operating margin (TTM)
n/a
3%
Net margin (TTM)
n/a
6.1%
Sector
Financials
Industrials
Industry
n/a
Aerospace & Defense
HQ country
HK
DE
Primary segment
Cash Markets
MRO business (commercial maintenance)
Market structure
Monopoly
Competitive
Market share
100% (reported)
10% (reported)
HHI estimate
10,000
n/a
Pricing power
Moderate
Moderate
Moat score
92 / 100
61 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Demand, Supply, Legal
Last update
2026-01-03
2025-12-28

Moat coverage

Shared moat types

No overlap yet.

Hong Kong Exchanges and Clearing Limited strengths

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

MTU Aero Engines AG strengths

Design In QualificationScope EconomiesCapex Knowhow ScaleGovernment Contracting RelationshipsService Field NetworkOperational ExcellencePreferential Input AccessLong Term Contracts

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%

MTU Aero Engines AG segments

Full profile >

OEM business (commercial and military engine business)

Oligopoly

32.6%

MRO business (commercial maintenance)

Competitive

67.4%

Want the full wide moat stocks list?

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

View the moat stocks list

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.