Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Hong Kong (HSI) Market Analysis & Valuation

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies2296
  • 7D1.8%
  • 3M3.7%
  • 1Y22.4%
  • YTD4.5%

The market is up 1.8% over the last week, with the Financials sector leading the way, up 2.5%. The market is up 22% over the last 12 months. As for the next few years, earnings are expected to grow by 13% 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
Tue, 24 Feb 2026HK$57.8tHK$43.9tHK$4.0t12.7x14.4x1.3x
Thu, 22 Jan 2026HK$56.9tHK$43.4tHK$4.0t12.5x14.3x1.3x
Sat, 20 Dec 2025HK$55.6tHK$43.0tHK$3.9t12.1x14.1x1.3x
Mon, 17 Nov 2025HK$57.9tHK$42.5tHK$3.9t12.6x14.8x1.4x
Wed, 15 Oct 2025HK$55.9tHK$42.7tHK$3.9t12.5x14.4x1.3x
Fri, 12 Sep 2025HK$58.0tHK$43.4tHK$4.0t12.3x14.6x1.3x
Sun, 10 Aug 2025HK$55.8tHK$43.5tHK$3.9t12.2x14.3x1.3x
Tue, 08 Jul 2025HK$53.3tHK$43.6tHK$3.9t11.2x13.7x1.2x
Thu, 05 Jun 2025HK$51.1tHK$43.5tHK$3.9t11.2x13.2x1.2x
Sat, 03 May 2025HK$48.1tHK$42.5tHK$3.8t10.8x12.8x1.1x
Mon, 31 Mar 2025HK$48.7tHK$42.9tHK$3.7t11.2x13.2x1.1x
Wed, 26 Feb 2025HK$47.2tHK$43.3tHK$3.5t10.4x13.4x1.1x
Fri, 24 Jan 2025HK$43.5tHK$43.1tHK$3.5t9.8x12.4x1x
Sun, 22 Dec 2024HK$44.0tHK$42.6tHK$3.6t9.9x12.1x1x
Tue, 19 Nov 2024HK$43.6tHK$43.0tHK$3.7t9.6x11.9x1x
Thu, 17 Oct 2024HK$43.9tHK$43.3tHK$3.6t9.8x12.3x1x
Sat, 14 Sep 2024HK$38.4tHK$43.6tHK$3.6t8.7x10.7x0.9x
Mon, 12 Aug 2024HK$39.2tHK$43.0tHK$3.5t9x11.2x0.9x
Wed, 10 Jul 2024HK$40.9tHK$42.6tHK$3.5t9.5x11.8x1x
Fri, 07 Jun 2024HK$41.9tHK$43.2tHK$3.4t9.8x12.2x1x
Sun, 05 May 2024HK$41.4tHK$43.2tHK$3.4t9.4x12.2x1x
Tue, 02 Apr 2024HK$38.6tHK$43.3tHK$3.4t9.2x11.3x0.9x
Thu, 29 Feb 2024HK$37.8tHK$43.8tHK$3.4t8.9x11.1x0.9x
Sat, 27 Jan 2024HK$36.7tHK$44.1tHK$3.3t8.9x11x0.8x
Mon, 25 Dec 2023HK$37.0tHK$46.0tHK$3.5t9.1x10.6x0.8x
Wed, 22 Nov 2023HK$39.1tHK$45.8tHK$3.5t8.9x11.3x0.9x
Fri, 20 Oct 2023HK$38.4tHK$44.9tHK$3.4t9x11.3x0.9x
Sun, 17 Sep 2023HK$40.2tHK$45.2tHK$3.5t9.2x11.6x0.9x
Tue, 15 Aug 2023HK$40.8tHK$45.4tHK$3.6t9.6x11.2x0.9x
Thu, 13 Jul 2023HK$41.3tHK$45.9tHK$3.7t9.6x11.2x0.9x
Sat, 10 Jun 2023HK$42.9tHK$46.3tHK$3.7t9.6x11.6x0.9x
Mon, 08 May 2023HK$45.2tHK$47.6tHK$3.8t9.8x11.9x1x
Wed, 05 Apr 2023HK$43.8tHK$47.8tHK$4.0t9.6x11.1x0.9x
Fri, 03 Mar 2023HK$44.0tHK$47.4tHK$4.2t9x10.5x0.9x
Price to Earnings Ratio

10.5x


Total Market Cap: HK$44.0tTotal Earnings: HK$4.2tTotal Revenue: HK$47.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.3x202420252026
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 14.4x which is higher than its 3-year average PE of 12.3x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.5% 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 Market1.78%
Materials3.27%
Energy2.59%
Financials2.47%
Real Estate2.33%
Healthcare1.74%
Industrials1.60%
Consumer Discretionary1.41%
Tech1.34%
Utilities1.14%
Telecom0.72%
Consumer Staples-0.72%
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 105x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.5%, 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 22% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 2.7% 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$9.564.1%
+HK$69.5b		61.5%PE9.7xEnergy
2259 Zijin Gold InternationalHK$232.209.6%
+HK$54.6b		n/aPE100.9xMaterials
2513 Knowledge Atlas TechnologyHK$628.0023.6%
+HK$53.5b		n/aPS538.4xTech
1299 AIA GroupHK$84.853.0%
+HK$26.3b		47.8%PE18.8xFinancials
2338 Weichai PowerHK$34.149.7%
+HK$25.9b		129.7%PE21.7xIndustrials
See more

Market Insights

Header cover image
Alternatives part 2: 2026 and beyond 🔭
Richard Bowman avatar
Richard Bowman
|
|
Deep dive into the exciting world of Private Equity, Real Estate, Private Credit, Infrastructure & Transport and Hedge Funds.
Continue reading
Dotcom Bubble vs. Now 🫧
Last Week

Dotcom Bubble vs. Now 🫧

Latest News

1299
HK$84.85
AIA Group
7D
3.0%
1Y
47.8%
1398
HK$6.45
Industrial and Commercial Bank of China
7D
0.8%
1Y
16.8%

1398: Governance And Inclusive Finance Plans Will Support Future Confidence

Analysts have slightly lifted their HK$ fair value estimate for Industrial and Commercial Bank of China to HK$8.81. This reflects updated assumptions around the discount rate, revenue growth, profit margin and future P/E.
3692
HK$34.62
Hansoh Pharmaceutical Group
7D
-6.2%
1Y
82.6%
9999
HK$179.40
NetEase
7D
-4.2%
1Y
16.1%

9999: Dividend Momentum And Completed Buyback Will Support Future Upside Potential

Analysts have trimmed their HK$ fair value estimate for NetEase from about HK$259.38 to around HK$255.05, reflecting updated assumptions for slightly lower revenue growth and P/E, along with a small adjustment to the discount rate and profit margin outlook. What's in the News NetEase approved an ordinary cash dividend of US$0.232 per share (US$1.16 per ADS) for the fourth quarter of 2025, with a record date of 16 March 2026 and expected payment dates of 25 March 2026 for ordinary shares and on or around 27 March 2026 for ADS holders (company announcement).
6618
HK$56.90
JD Health International
7D
-6.2%
1Y
64.7%

6618: Refined Revenue And Margin Assumptions Will Support Future Upside Potential

Analysts have nudged their fair value estimate for JD Health International slightly higher to HK$98.16 from HK$97.73, citing updated assumptions around revenue growth, profit margins, the discount rate and future P/E expectations. Valuation Changes Fair Value: HK$98.16 compared with the prior HK$97.73, reflecting a very small upward adjustment in the model.
883
HK$25.58
CNOOC
7D
1.8%
1Y
42.3%

883: Offshore Project Ramp Up And New Finds Will Shape Returns

Analysts have trimmed their HK$ fair value estimate for CNOOC from about HK$23.68 to HK$23.52 as slightly lower revenue growth, profit margin and future P/E assumptions feed into a modestly higher discount rate. What's in the News CNOOC reported that the Buzios6 project in Brazil's Santos Basin has started production, using an FPSO and subsea system with 13 planned wells and installed field capacity of 1.15 million barrels per day once fully on-stream (company announcement).
1810
HK$35.74
Xiaomi
7D
-2.5%
1Y
-32.8%

1810: Slower Revenue Outlook Will Outweigh Potential Benefits From Crypto Partnership

Analysts have lowered their Xiaomi price target from HK$46.89 to HK$31.23, primarily reflecting revised assumptions for slower revenue growth, a lower future P/E and a higher discount rate, partly offset by higher projected profit margins. What's in the News Ford held discussions with Xiaomi about a potential partnership, according to a Financial Times report.
700
HK$520.00
Tencent Holdings
7D
-2.4%
1Y
7.3%
1288
HK$5.46
Agricultural Bank of China
7D
1.3%
1Y
19.2%

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).
2338
HK$34.14
Weichai Power
7D
9.7%
1Y
129.7%

Here's Why We Think Weichai Power (HKG:2338) Might Deserve Your Attention Today

Feb 16
Here's Why We Think Weichai Power (HKG:2338) Might Deserve Your Attention Today
2628
HK$32.48
China Life Insurance
7D
-3.7%
1Y
112.6%

2628: Future Agreements And Stable Metrics Will Support Measured Shareholder Outcomes

Analysts have raised their fair value estimate for China Life Insurance from roughly ¥31.06 to about ¥32.70, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E levels. What's in the News China Life Insurance has scheduled a special or extraordinary shareholders meeting for December 30, 2025, at 09:30 China Standard Time at the Multi function Hall, 2/F, Block A, China Life Plaza, 16 Financial Street, Xicheng District, Beijing (Key Developments).
9992
HK$233.80
Pop Mart International Group
7D
-6.9%
1Y
114.3%
9633
HK$47.22
Nongfu Spring
7D
-2.1%
1Y
40.5%

Nongfu Spring (HKG:9633) Looks To Prolong Its Impressive Returns

Feb 06
Nongfu Spring (HKG:9633) Looks To Prolong Its Impressive Returns
2259
HK$232.20
Zijin Gold International
7D
9.6%
1Y
n/a
2513
HK$628.00
Knowledge Atlas Technology
7D
23.6%
1Y
n/a
857
HK$9.56
PetroChina
7D
4.1%
1Y
61.5%