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Hong Kong (HSI) Market Analysis & Valuation

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies2298
  • 7D-0.9%
  • 3M1.2%
  • 1Y13.9%
  • YTD-0.6%

Over the last 7 days, the market has remained flat, although notably the Materials sector declined by 11%. As for the longer term, the market has risen 14% in the past 12 months. 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
Mon, 23 Mar 2026HK$55.9tHK$44.2tHK$4.0t11.7x13.9x1.3x
Wed, 18 Feb 2026HK$57.2tHK$43.9tHK$4.0t12.6x14.3x1.3x
Fri, 16 Jan 2026HK$57.5tHK$43.4tHK$4.0t12.5x14.4x1.3x
Sun, 14 Dec 2025HK$56.0tHK$42.9tHK$3.9t12.1x14.2x1.3x
Tue, 11 Nov 2025HK$57.7tHK$42.4tHK$3.9t12.7x14.8x1.4x
Thu, 09 Oct 2025HK$57.9tHK$43.2tHK$3.9t12.8x14.7x1.3x
Sat, 06 Sep 2025HK$57.2tHK$43.4tHK$4.0t12.1x14.4x1.3x
Mon, 04 Aug 2025HK$54.2tHK$43.4tHK$3.9t11.9x14x1.2x
Wed, 02 Jul 2025HK$53.0tHK$43.6tHK$3.9t11.1x13.6x1.2x
Fri, 30 May 2025HK$50.6tHK$43.5tHK$3.9t11x13.1x1.2x
Sun, 27 Apr 2025HK$47.6tHK$42.6tHK$3.7t10.7x12.7x1.1x
Tue, 25 Mar 2025HK$49.1tHK$43.6tHK$3.6t10.9x13.7x1.1x
Thu, 20 Feb 2025HK$47.4tHK$43.1tHK$3.5t10.2x13.5x1.1x
Sat, 18 Jan 2025HK$43.4tHK$42.6tHK$3.6t9.9x11.9x1x
Mon, 16 Dec 2024HK$44.2tHK$42.7tHK$3.7t9.9x12.1x1x
Wed, 13 Nov 2024HK$43.6tHK$42.8tHK$3.6t9.8x12x1x
Fri, 11 Oct 2024HK$45.3tHK$43.5tHK$3.6t10x12.7x1x
Sun, 08 Sep 2024HK$39.2tHK$43.7tHK$3.6t9x10.9x0.9x
Tue, 06 Aug 2024HK$38.8tHK$43.1tHK$3.5t8.8x11x0.9x
Thu, 04 Jul 2024HK$41.5tHK$42.6tHK$3.5t9.5x12x1x
Sat, 01 Jun 2024HK$41.5tHK$43.3tHK$3.4t9.7x12.1x1x
Mon, 29 Apr 2024HK$40.6tHK$43.2tHK$3.4t9.1x11.9x0.9x
Wed, 27 Mar 2024HK$38.6tHK$43.5tHK$3.3t8.8x11.6x0.9x
Fri, 23 Feb 2024HK$38.5tHK$43.8tHK$3.4t8.9x11.3x0.9x
Sun, 21 Jan 2024HK$35.1tHK$44.3tHK$3.4t8.8x10.3x0.8x
Tue, 19 Dec 2023HK$37.5tHK$45.9tHK$3.5t9x10.8x0.8x
Thu, 16 Nov 2023HK$39.2tHK$45.3tHK$3.4t9x11.4x0.9x
Sat, 14 Oct 2023HK$39.3tHK$45.0tHK$3.4t9.1x11.5x0.9x
Mon, 11 Sep 2023HK$39.9tHK$44.9tHK$3.4t9.4x11.6x0.9x
Wed, 09 Aug 2023HK$41.7tHK$45.6tHK$3.6t9.7x11.4x0.9x
Fri, 07 Jul 2023HK$41.0tHK$45.6tHK$3.6t9.7x11.2x0.9x
Sun, 04 Jun 2023HK$42.2tHK$46.6tHK$3.7t9.4x11.3x0.9x
Tue, 02 May 2023HK$44.7tHK$47.6tHK$3.8t9.7x11.8x0.9x
Thu, 30 Mar 2023HK$43.6tHK$48.0tHK$4.1t9.3x10.6x0.9x
Price to Earnings Ratio

10.6x


Total Market Cap: HK$43.6tTotal Earnings: HK$4.1tTotal Revenue: HK$48.0tTotal 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 13.9x 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 2.7% 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-0.88%
Financials2.39%
Consumer Discretionary1.68%
Energy1.02%
Healthcare-0.57%
Consumer Staples-1.49%
Real Estate-1.53%
Tech-1.74%
Utilities-2.00%
Industrials-2.28%
Telecom-4.92%
Materials-11.31%
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 132x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 31.0%, which is higher than its past year's earnings growth of 2.2% 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 3.3% 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
1398 Industrial and Commercial Bank of ChinaHK$6.604.3%
+HK$96.2b		18.5%PB0.5xFinancials
1288 Agricultural Bank of ChinaHK$5.374.7%
+HK$84.0b		8.9%PB0.5xFinancials
1088 China Shenhua EnergyHK$48.820.8%
+HK$74.1b		55.7%PE16.3xEnergy
1211 BYDHK$103.807.3%
+HK$64.2b		-20.5%PE21.7xConsumer Discretionary
3988 Bank of ChinaHK$4.703.3%
+HK$48.3b		2.4%PB0.4xFinancials
See more

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Latest News

1378
HK$34.50
China Hongqiao Group
7D
-12.7%
1Y
128.8%
1398
HK$6.60
Industrial and Commercial Bank of China
7D
4.3%
1Y
18.5%

1398: Slight Model Tweaks Will Still Pressure Margins And Share Performance

Analysts have made only a slight adjustment to their HK$ fair value estimate for Industrial and Commercial Bank of China. This reflects small tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E rather than a major change in view.
3988
HK$4.70
Bank of China
7D
3.3%
1Y
2.4%

3988: Upcoming Board Decisions Will Support Higher Fair Value

Analysts have made a small upward adjustment to their HK$ price target for Bank of China, reflecting slightly higher fair value and revenue growth assumptions, along with a marginally lower profit margin and future P/E outlook. What's in the News A board meeting is scheduled for Mar 30, 2026 to review and approve the audited consolidated financial statements for the year ended Dec 31, 2025 and to consider a recommendation on the final dividend distribution (Key Developments).
700
HK$508.00
Tencent Holdings
7D
-7.2%
1Y
-0.7%
1299
HK$86.05
AIA Group
7D
5.2%
1Y
42.2%
1211
HK$103.80
BYD
7D
7.3%
1Y
-20.5%

From Batteries to Brains: How BYD Decoupled from the Pump and Left Tesla in the Rearview

For years, the market viewed BYD as the "budget" alternative to Tesla—a battery company that happened to make cars. In 2026, that narrative has flipped.
981
HK$56.90
Semiconductor Manufacturing International
7D
-8.5%
1Y
21.2%

981: Guided Margins And Flat Near Term Outlook Will Support Upside Potential

Analysts have nudged their price target on Semiconductor Manufacturing International higher to reflect modest adjustments in fair value, discount rate, revenue growth, profit margin and future P/E assumptions, implying a slightly richer valuation in HK$. What's in the News A board meeting is scheduled for Mar 26, 2026, to approve the publication of audited annual results for the year ended Dec 31, 2025 (company announcement).
2259
HK$176.10
Zijin Gold International
7D
-6.4%
1Y
n/a
486
HK$4.06
United Company RUSAL International
7D
-27.4%
1Y
-17.5%
2600
HK$11.16
Aluminum Corporation of China
7D
-18.0%
1Y
118.0%
2513
HK$630.50
Knowledge Atlas Technology
7D
19.0%
1Y
n/a
1288
HK$5.37
Agricultural Bank of China
7D
4.7%
1Y
8.9%

1288: Lower Discount Rate And Board Actions Will Support Higher P/E

Analysts have increased their HK$ fair value estimate for Agricultural Bank of China from about HK$7.45 to around HK$8.16, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E levels. What's in the News A board meeting is scheduled for Feb 13, 2026 to review the 2026 fixed assets investment budget, which can influence how much the bank plans to spend on long-term projects and infrastructure (Key Developments).
941
HK$78.80
China Mobile
7D
-1.4%
1Y
-5.7%

941: Connected Agreements And CEO Transition Will Support Future Share Rerating

Analysts have slightly reduced their HK$ fair value estimate for China Mobile to HK$99.77 from about HK$100.04, reflecting updated assumptions for revenue growth, profit margin and future P/E, while leaving their overall view broadly unchanged. What's in the News China Mobile announced that Chief Executive Officer Mr. He Biao has resigned due to a work reassignment, effective 12 February 2026.
939
HK$8.08
China Construction Bank
7D
2.1%
1Y
17.6%

939: Strengthened Governance And Compliance Will Support A More Bullish Outlook

Analysts have nudged their price target on China Construction Bank higher to HK$11.12 from HK$10.97, reflecting small adjustments to fair value, discount rate, revenue growth and future P/E assumptions while keeping profit margin expectations broadly similar. What's in the News Board meeting scheduled for Feb 27, 2026 to consider appointing President Zhang Yi as the bank's Chief Compliance Officer, highlighting a potential change in senior compliance oversight (Key Developments).
1024
HK$53.80
Kuaishou Technology
7D
-9.0%
1Y
-9.3%
1088
HK$48.82
China Shenhua Energy
7D
0.8%
1Y
55.7%