VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 10, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs The Italian Sea Group 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)$539.4B
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

The Italian Sea Group S.p.A.

TISG · Euronext Milan (Borsa Italiana)

Market cap (USD)$241.7M
Gross margin (TTM)70.9%
Operating margin (TTM)12.1%
Net margin (TTM)3.8%
SectorConsumer
IndustryLeisure
CountryIT
Data as of2026-01-08
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 The Italian Sea Group S.p.A.'s moat claims, evidence, and risks.

View TISG analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 61 / 100 for The Italian Sea Group S.p.A.).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); The Italian Sea Group S.p.A. has 2 segments (89.7% in Shipbuilding).
  • 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; The Italian Sea Group S.p.A. has 5 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%

The Italian Sea Group S.p.A.

Shipbuilding

Market

Luxury yacht and superyacht shipbuilding (motor and sailing, 24m+ projects under construction/contract)

Geography

Global

Customer

Ultra-high-net-worth individuals (owners) and yacht brokers; occasional fleet/charter buyers

Role

Designer/shipyard (OEM) and brand owner

Revenue share

89.7%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
The Italian Sea Group S.p.A.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
TISG - Euronext Milan (Borsa Italiana)
Market cap (USD)
$539.4B
$241.7M
Gross margin (TTM)
85.7%
70.9%
Operating margin (TTM)
80.9%
12.1%
Net margin (TTM)
68.3%
3.8%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Leisure
HQ country
HK
IT
Primary segment
Cash Markets
Shipbuilding
Market structure
Monopoly
Oligopoly
Market share
100% (reported)
1.8%-2.2% (implied)
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
2026-01-08

Moat coverage

Shared moat types

Concession License

Hong Kong Exchanges and Clearing Limited strengths

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

The Italian Sea Group S.p.A. strengths

Brand TrustSupply Chain ControlLong Term ContractsOperational 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%

The Italian Sea Group S.p.A. segments

Full profile >

Shipbuilding

Oligopoly

89.7%

Refit

Competitive

10.3%

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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.