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Hong Kong (HSI) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies2298
  • 7D0.1%
  • 3M1.2%
  • 1Y22.4%
  • YTD2.5%

The Materials sector gained 5.2% while the market remained flat over the last week. As for the longer term, the market has risen 22% in the past 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Hong Kong Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Mar 2026HK$57.2tHK$44.2tHK$4.0t12.6x14.1x1.3x
Fri, 30 Jan 2026HK$58.6tHK$43.6tHK$4.0t12.6x14.7x1.3x
Sun, 28 Dec 2025HK$55.8tHK$43.1tHK$4.0t12.1x14.1x1.3x
Tue, 25 Nov 2025HK$56.2tHK$42.6tHK$3.9t12.2x14.3x1.3x
Thu, 23 Oct 2025HK$56.2tHK$42.3tHK$3.8t12.6x14.8x1.3x
Sat, 20 Sep 2025HK$57.3tHK$43.4tHK$4.0t12.5x14.5x1.3x
Mon, 18 Aug 2025HK$56.6tHK$43.6tHK$3.9t12.6x14.5x1.3x
Wed, 16 Jul 2025HK$54.4tHK$43.6tHK$3.9t11.6x13.9x1.2x
Fri, 13 Jun 2025HK$51.9tHK$43.6tHK$3.9t11.2x13.4x1.2x
Sun, 11 May 2025HK$48.8tHK$42.8tHK$3.8t11.1x12.9x1.1x
Tue, 08 Apr 2025HK$43.5tHK$42.5tHK$3.7t9.9x11.6x1x
Thu, 06 Mar 2025HK$48.1tHK$43.3tHK$3.5t10.5x13.7x1.1x
Sat, 01 Feb 2025HK$44.3tHK$43.3tHK$3.5t10x12.6x1x
Mon, 30 Dec 2024HK$45.0tHK$42.6tHK$3.6t10x12.3x1.1x
Wed, 27 Nov 2024HK$42.6tHK$42.9tHK$3.7t9.6x11.6x1x
Fri, 25 Oct 2024HK$44.7tHK$43.5tHK$3.6t9.9x12.4x1x
Sun, 22 Sep 2024HK$39.8tHK$43.8tHK$3.6t9x11x0.9x
Tue, 20 Aug 2024HK$40.3tHK$43.2tHK$3.5t9x11.4x0.9x
Thu, 18 Jul 2024HK$40.7tHK$42.6tHK$3.5t9.4x11.7x1x
Sat, 15 Jun 2024HK$41.2tHK$43.2tHK$3.4t9.5x12x1x
Mon, 13 May 2024HK$42.4tHK$43.3tHK$3.4t9.7x12.4x1x
Wed, 10 Apr 2024HK$39.2tHK$43.3tHK$3.4t9.1x11.4x0.9x
Fri, 08 Mar 2024HK$38.0tHK$43.3tHK$3.4t8.7x11.2x0.9x
Sun, 04 Feb 2024HK$35.7tHK$43.9tHK$3.3t8.6x10.8x0.8x
Tue, 02 Jan 2024HK$38.3tHK$46.3tHK$3.5t9.4x10.9x0.8x
Thu, 30 Nov 2023HK$38.1tHK$45.9tHK$3.5t8.9x10.9x0.8x
Sat, 28 Oct 2023HK$38.3tHK$45.0tHK$3.4t9x11.1x0.9x
Mon, 25 Sep 2023HK$40.0tHK$45.0tHK$3.4t9.2x11.6x0.9x
Wed, 23 Aug 2023HK$39.5tHK$45.3tHK$3.6t9.4x11x0.9x
Fri, 21 Jul 2023HK$41.0tHK$46.0tHK$3.7t9.5x11.1x0.9x
Sun, 18 Jun 2023HK$41.5tHK$45.5tHK$3.3t9.7x12.5x0.9x
Tue, 16 May 2023HK$44.6tHK$47.3tHK$3.8t9.8x11.8x0.9x
Thu, 13 Apr 2023HK$44.3tHK$47.7tHK$3.9t9.9x11.4x0.9x
Sat, 11 Mar 2023HK$42.2tHK$47.3tHK$4.1t8.8x10.3x0.9x
Price to Earnings Ratio

10.3x


Total Market Cap: HK$42.2tTotal Earnings: HK$4.1tTotal Revenue: HK$47.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.4x202420252026
Current Market PE
  • Investors are optimistic on the Hong Kong market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.1x which is higher than its 3-year average PE of 12.4x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.2% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

Which sectors have driven the changes within the Hong Kong Market?

HK Market0.15%
Materials5.19%
Industrials2.80%
Real Estate2.67%
Utilities1.68%
Tech1.26%
Energy0.87%
Telecom-0.40%
Consumer Staples-0.54%
Financials-0.91%
Consumer Discretionary-1.64%
Healthcare-3.97%
Sector PE
  • Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 107x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.8%, which is higher than its past year's earnings growth of 1.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 2.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
857 PetroChinaHK$10.439.1%
+HK$159.2b		83.3%PE10.7xEnergy
883 CNOOCHK$27.607.9%
+HK$96.0b		58.3%PE9.4xEnergy
1919 COSCO SHIPPING HoldingsHK$16.2912.0%
+HK$26.7b		42.1%PE5.8xIndustrials
6869 Yangtze Optical Fibre And Cable LimitedHK$155.0020.0%
+HK$21.2b		742.4%PE196.7xTech
3858 Jiaxin International Resources InvestmentHK$114.8049.4%
+HK$17.3b		n/aPS414.2xMaterials
See more

Market Insights

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In many ways, the market is upside down. This new setting might offer some unexpected opportunities for investors.
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Alternatives part 2: 2026 and beyond 🔭

Latest News

857
HK$10.43
PetroChina
7D
9.1%
1Y
83.3%
3858
HK$114.80
Jiaxin International Resources Investment
7D
49.4%
1Y
n/a
883
HK$27.60
CNOOC
7D
7.9%
1Y
58.3%
700
HK$510.50
Tencent Holdings
7D
-1.8%
1Y
4.0%

700: AI Chip Access And Core Platforms Will Support Earnings Beyond 2025

The analyst price target for Tencent Holdings has been adjusted slightly higher to HK$757.25 from HK$752.96, as analysts factor in modest tweaks to fair value and profit assumptions, while also acknowledging softer expected revenue growth and potential AI chip supply constraints tied to U.S.–China trade tensions. Analyst Commentary Recent commentary around Tencent highlights a mixed view, with cautious revisions to expectations for growth and profitability tied to both domestic demand and external supply risks.
2628
HK$30.04
China Life Insurance
7D
-7.5%
1Y
101.9%

2628: Steady Metrics And New Investment Agreements Will Shape Future Shareholder Outcomes

Analysts now see slightly higher upside in China Life Insurance, lifting their fair value estimate from about HK$32.70 to around HK$32.96. This view is supported by steady assumptions for revenue growth, profit margin, discount rate and future P/E.
1810
HK$31.58
Xiaomi
7D
-11.6%
1Y
-37.5%
3988
HK$4.56
Bank of China
7D
-2.8%
1Y
3.4%

3988: Slightly Softer Margins And P E Multiple Will Limit Share Upside

Analysts have made a small upward adjustment to their HK$ fair value estimate for Bank of China. They cite updated assumptions for the discount rate, revenue growth, profit margin and future P/E, which together support a slightly higher price target.
981
HK$62.55
Semiconductor Manufacturing International
7D
-9.9%
1Y
21.3%

981: Flat Revenue Outlook And Guided Margins Will Support Fair Balance

Analysts have slightly increased their HK$ fair value estimate for Semiconductor Manufacturing International, raising it from about HK$74.69 to around HK$75.24, reflecting updated assumptions on revenue growth, profit margins and future P/E expectations. What's in the News Issued earnings guidance for the first quarter of 2026, with revenue expected to be flat compared with the prior quarter and gross margin guided to a range of 18% to 20% (Key Developments).
1898
HK$13.39
China Coal Energy
7D
7.1%
1Y
67.2%

1898: Stable Production And Fine Tuned Assumptions Will Support Future Upside Potential

Analysts have slightly adjusted their fair value view on China Coal Energy, leading to a modest reset in the HK$ price target as they fine tune assumptions around the discount rate, revenue growth, profit margin, and future P/E. What's in the News Monthly production results for December 2025 show commercial coal output of 1,091,000 tonnes compared with 1,186,000 tonnes a year earlier, alongside polyethylene at 70,000 tonnes and polypropylene at 67,000 tonnes for the month (company announcement).
1288
HK$5.24
Agricultural Bank of China
7D
-4.0%
1Y
12.2%

1288: Dividend Policy And Governance Changes Will Support Stronger Outlook Into 2026

Analysts have increased their HK$ fair value estimate for Agricultural Bank of China from HK$6.33 to HK$6.41, reflecting slight adjustments to assumptions for the discount rate, profit margin, revenue growth, and forward P/E multiple. What's in the News Board meeting set for Feb 13, 2026 to review the 2026 fixed assets investment budget, consider appointing WANG Zhiheng as chief compliance officer, adjust board committee memberships, decide on the 2025 to 2026 dividend payment scheme for the second tranche of preference shares, and handle other business items (Key Developments).
3690
HK$75.65
Meituan
7D
-7.1%
1Y
-53.1%
1088
HK$44.66
China Shenhua Energy
7D
1.7%
1Y
49.1%
2600
HK$13.99
Aluminum Corporation of China
7D
5.9%
1Y
195.8%
1919
HK$16.29
COSCO SHIPPING Holdings
7D
12.0%
1Y
42.1%

COSCO SHIPPING Holdings (HKG:1919) Seems To Use Debt Quite Sensibly

Jan 25
COSCO SHIPPING Holdings (HKG:1919) Seems To Use Debt Quite Sensibly
6869
HK$155.00
Yangtze Optical Fibre And Cable Limited
7D
20.0%
1Y
742.4%
2513
HK$528.00
Knowledge Atlas Technology
7D
-15.9%
1Y
n/a