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Hong Kong (HSI) Market Analysis & Valuation

UpdatedDec 20, 2025
DataAggregated Company Financials
Companies2285
  • 7D-1.0%
  • 3M-2.7%
  • 1Y28.6%
  • YTD28.8%

Over the last 7 days, the market has dropped 1.0%, driven by pullbacks in the Information Technology and Communication Services sectors of 3.9% and 1.2%, respectively. In the last year, the market is actually up 29%. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025HK$55.6tHK$43.0tHK$3.9t12.1x14.1x1.3x
Tue, 18 Nov 2025HK$57.5tHK$42.4tHK$3.9t12.4x14.7x1.4x
Thu, 16 Oct 2025HK$55.8tHK$42.4tHK$3.8t12.6x14.7x1.3x
Sat, 13 Sep 2025HK$58.3tHK$43.4tHK$4.0t12.4x14.7x1.3x
Mon, 11 Aug 2025HK$55.7tHK$43.5tHK$3.9t12.2x14.3x1.3x
Wed, 09 Jul 2025HK$53.6tHK$43.5tHK$3.9t11.2x13.8x1.2x
Fri, 06 Jun 2025HK$51.2tHK$43.6tHK$3.9t11.1x13.2x1.2x
Sun, 04 May 2025HK$48.1tHK$42.5tHK$3.8t10.8x12.8x1.1x
Tue, 01 Apr 2025HK$48.4tHK$42.9tHK$3.7t11x13.1x1.1x
Thu, 27 Feb 2025HK$48.1tHK$43.3tHK$3.5t10.6x13.6x1.1x
Sat, 25 Jan 2025HK$43.9tHK$43.3tHK$3.5t10x12.4x1x
Mon, 23 Dec 2024HK$44.0tHK$42.6tHK$3.6t9.9x12.1x1x
Wed, 20 Nov 2024HK$43.6tHK$42.9tHK$3.7t9.8x11.9x1x
Fri, 18 Oct 2024HK$43.4tHK$43.3tHK$3.6t9.8x12.2x1x
Sun, 15 Sep 2024HK$38.4tHK$43.7tHK$3.6t8.7x10.7x0.9x
Tue, 13 Aug 2024HK$39.2tHK$42.9tHK$3.5t9x11.2x0.9x
Thu, 11 Jul 2024HK$40.6tHK$42.5tHK$3.5t9.4x11.7x1x
Sat, 08 Jun 2024HK$41.8tHK$43.2tHK$3.4t9.8x12.2x1x
Mon, 06 May 2024HK$41.4tHK$43.2tHK$3.4t9.4x12.2x1x
Wed, 03 Apr 2024HK$39.3tHK$43.3tHK$3.4t9.3x11.5x0.9x
Fri, 01 Mar 2024HK$37.9tHK$43.8tHK$3.4t8.8x11.1x0.9x
Sun, 28 Jan 2024HK$36.6tHK$44.1tHK$3.3t8.9x11x0.8x
Tue, 26 Dec 2023HK$37.0tHK$46.0tHK$3.5t9.1x10.6x0.8x
Thu, 23 Nov 2023HK$39.1tHK$45.7tHK$3.5t9x11.2x0.9x
Sat, 21 Oct 2023HK$38.1tHK$44.9tHK$3.4t8.9x11.2x0.8x
Mon, 18 Sep 2023HK$40.2tHK$45.2tHK$3.5t9.2x11.6x0.9x
Wed, 16 Aug 2023HK$40.6tHK$45.3tHK$3.6t9.5x11.2x0.9x
Fri, 14 Jul 2023HK$42.2tHK$46.1tHK$3.7t9.6x11.4x0.9x
Sun, 11 Jun 2023HK$42.9tHK$46.3tHK$3.7t9.6x11.6x0.9x
Tue, 09 May 2023HK$46.2tHK$47.5tHK$3.8t9.8x12.2x1x
Thu, 06 Apr 2023HK$43.8tHK$47.8tHK$4.0t9.6x11.1x0.9x
Sat, 04 Mar 2023HK$44.3tHK$47.4tHK$4.2t9x10.6x0.9x
Mon, 30 Jan 2023HK$46.3tHK$48.1tHK$4.3t9.2x10.8x1x
Wed, 28 Dec 2022HK$41.4tHK$46.9tHK$4.2t8.7x9.9x0.9x
Price to Earnings Ratio

9.9x


Total Market Cap: HK$41.4tTotal Earnings: HK$4.2tTotal Revenue: HK$46.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.1x202320242025
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 12.1x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.9% 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 Market-1.02%
Consumer Staples0.76%
Energy-0.19%
Financials-0.23%
Materials-0.71%
Utilities-0.89%
Telecom-1.19%
Consumer Discretionary-1.54%
Industrials-1.65%
Real Estate-1.87%
Healthcare-2.04%
Tech-3.94%
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 157x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.7%, which is higher than its past year's earnings growth of 2.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 2.2% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 2.4% 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
1299 AIA GroupHK$82.504.4%
+HK$36.7b		50.5%PE18.4xFinancials
386 China Petroleum & ChemicalHK$4.534.4%
+HK$23.0b		6.6%PE13.8xEnergy
1088 China Shenhua EnergyHK$39.682.2%
+HK$17.1b		23.8%PE12.8xEnergy
2628 China Life InsuranceHK$28.801.8%
+HK$14.1b		98.3%PE4.3xFinancials
753 Air ChinaHK$6.9610.8%
+HK$11.9b		38.6%PE405.8xIndustrials
See more

Market Insights

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Latest News

857
HK$8.09
PetroChina
7D
-1.8%
1Y
40.0%
3908
HK$20.34
China International Capital
7D
7.3%
1Y
55.3%
753
HK$6.96
Air China
7D
10.8%
1Y
38.6%
386
HK$4.53
China Petroleum & Chemical
7D
4.4%
1Y
6.6%
1299
HK$82.50
AIA Group
7D
4.4%
1Y
50.5%

1299: Stable Margins And Discount Rate Will Support Future Upside Potential

Analysts have nudged their price target on AIA Group slightly higher to reflect a modest increase in fair value to approximately $95.32, supported by stable discount rate assumptions and unchanged expectations for long term revenue growth, profit margins, and future valuation multiples. Valuation Changes The fair value estimate has risen slightly, increasing from HK$95.14 to approximately HK$95.32 per share.
2628
HK$28.80
China Life Insurance
7D
1.8%
1Y
98.3%

2628: Future Profits And Dividend Policy Will Support Balanced Shareholder Returns

Analysts have nudged their price target on China Life Insurance slightly lower to approximately $28.57 from about $28.58. This reflects marginally more conservative assumptions on future valuation multiples, while growth and profitability expectations remain essentially unchanged.
1339
HK$6.91
People's Insurance Company (Group) of China
7D
3.6%
1Y
87.3%

1339: Dividend Payout And Non Auto Expansion Will Drive Future Performance

Analysts have slightly raised their price target on People's Insurance Company Group of China, citing modest improvements in fair value estimates and discount rate assumptions that together support a marginally higher valuation, now implying upside of approximately CNY 7.78 per share, up from around CNY 7.76 previously. What's in the News Extraordinary general meeting on 30 October 2025 approved the 2025 interim profit distribution and amendments to the authorization plan for the board of directors (company EGM).
883
HK$20.38
CNOOC
7D
-2.4%
1Y
13.9%

883: Future Offshore Output Will Likely Fail To Justify Current Optimism

Analysts have modestly raised their price target on CNOOC from approximately $15.15 to $15.46, reflecting slightly lower perceived risk and a marginally improved long term revenue outlook despite largely unchanged profitability assumptions. What's in the News The Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project in the Beibu Gulf Basin has commenced production, with 35 planned wells and targeted plateau output of about 16,900 barrels of oil equivalent per day in 2026, supporting regional energy supply security (Key Developments).
941
HK$83.90
China Mobile
7D
-3.0%
1Y
11.3%

941: Higher Profit Margins Will Support Stronger Share Performance Ahead

Analysts have nudged their price target for China Mobile slightly higher to approximately $103.22 from about $102.15, citing improved profit margin expectations that more than offset modestly lower growth assumptions and a slightly higher discount rate. Valuation Changes Fair Value: nudged higher from HK$102.15 to HK$103.22, reflecting a modest upward revision.
388
HK$407.00
Hong Kong Exchanges and Clearing
7D
1.3%
1Y
37.5%

388: Cross-Border Cooperation Will Drive Stronger Long-Term Earnings Power

Analysts have nudged their price target on Hong Kong Exchanges and Clearing slightly higher to HK$504.75 from HK$503.00. This reflects modestly stronger expectations for revenue growth despite only incremental changes to discount rate, profit margin, and future valuation assumptions.
939
HK$7.49
China Construction Bank
7D
-2.0%
1Y
20.4%

939: Upcoming Meeting And Interim Debt Issuance Will Drive Shares Higher

Analysts have slightly lowered their price target on China Construction Bank to CNY 9.41 from CNY 9.42, reflecting a marginally reduced fair value despite modestly improved profit margin expectations and a small compression in projected future price to earnings multiples. What's in the News An extraordinary general meeting is set for November 27, 2025 in Beijing to vote on the 2025 interim profit distribution plan and the issuance of capital and total loss absorbing capacity non capital debt instruments (Key Developments).
3328
HK$6.51
Bank of Communications
7D
-8.6%
1Y
9.2%
1810
HK$40.54
Xiaomi
7D
-5.6%
1Y
28.1%

1810: Premium Auto Customization Will Drive Future Upside In High End Segment

Analysts have nudged their consolidated price target on Xiaomi slightly lower by about $3 to approximately $40 per share, reflecting expectations for slower internet of things growth and some margin pressure from higher component costs, partially offset by optimism around the company’s positioning in China’s electric vehicle and electronics markets. Analyst Commentary Recent Street commentary highlights a balanced mix of enthusiasm and caution around Xiaomi, with valuation underpinned by its growing presence in electric vehicles and core electronics, but tempered by near term profitability risks.
1211
HK$93.70
BYD
7D
-4.9%
1Y
5.3%
3692
HK$38.50
Hansoh Pharmaceutical Group
7D
-10.5%
1Y
114.6%
1088
HK$39.68
China Shenhua Energy
7D
2.2%
1Y
23.8%