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Hong Kong (HSI) Market Analysis & Valuation

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies2297
  • 7D0.2%
  • 3M3.9%
  • 1Y12.4%
  • YTD1.4%

The market has been flat in the last week, however the Materials sector is down 7.1%. Meanwhile, the market is actually up 12% over the past year. 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
Thu, 19 Mar 2026HK$57.2tHK$44.3tHK$4.0t12x14.1x1.3x
Sat, 14 Feb 2026HK$56.9tHK$43.9tHK$4.0t12.4x14.2x1.3x
Mon, 12 Jan 2026HK$56.9tHK$43.4tHK$4.0t12.3x14.3x1.3x
Wed, 10 Dec 2025HK$55.7tHK$42.8tHK$3.9t12.3x14.2x1.3x
Fri, 07 Nov 2025HK$57.1tHK$42.1tHK$3.9t12.7x14.7x1.4x
Sun, 05 Oct 2025HK$58.0tHK$43.2tHK$3.9t12.8x14.7x1.3x
Tue, 02 Sep 2025HK$57.3tHK$43.4tHK$4.0t12.1x14.5x1.3x
Thu, 31 Jul 2025HK$55.6tHK$43.5tHK$3.9t12x14.3x1.3x
Sat, 28 Jun 2025HK$53.1tHK$43.6tHK$3.9t11.2x13.6x1.2x
Mon, 26 May 2025HK$50.6tHK$43.4tHK$3.8t11x13.2x1.2x
Wed, 23 Apr 2025HK$47.1tHK$42.5tHK$3.7t10.5x12.6x1.1x
Fri, 21 Mar 2025HK$49.5tHK$43.5tHK$3.6t10.9x13.9x1.1x
Sun, 16 Feb 2025HK$46.9tHK$43.3tHK$3.5t10.2x13.3x1.1x
Tue, 14 Jan 2025HK$42.3tHK$42.1tHK$3.6t9.7x11.7x1x
Thu, 12 Dec 2024HK$44.6tHK$42.8tHK$3.7t10.1x12.2x1x
Sat, 09 Nov 2024HK$45.2tHK$43.2tHK$3.7t10x12.3x1x
Mon, 07 Oct 2024HK$47.4tHK$43.6tHK$3.6t10.6x13.2x1.1x
Wed, 04 Sep 2024HK$39.7tHK$43.4tHK$3.6t8.9x11x0.9x
Fri, 02 Aug 2024HK$39.7tHK$42.7tHK$3.5t9.3x11.4x0.9x
Sun, 30 Jun 2024HK$41.0tHK$42.6tHK$3.5t9.5x11.8x1x
Tue, 28 May 2024HK$42.6tHK$43.2tHK$3.4t9.9x12.4x1x
Thu, 25 Apr 2024HK$39.9tHK$43.2tHK$3.4t9.1x11.7x0.9x
Sat, 23 Mar 2024HK$38.3tHK$43.8tHK$3.3t8.8x11.5x0.9x
Mon, 19 Feb 2024HK$37.1tHK$43.6tHK$3.3t8.7x11.1x0.9x
Wed, 17 Jan 2024HK$37.0tHK$45.5tHK$3.5t9.1x10.7x0.8x
Fri, 15 Dec 2023HK$37.0tHK$45.9tHK$3.5t9x10.6x0.8x
Sun, 12 Nov 2023HK$38.0tHK$45.1tHK$3.4t9x11.1x0.8x
Tue, 10 Oct 2023HK$39.0tHK$45.1tHK$3.4t9x11.4x0.9x
Thu, 07 Sep 2023HK$40.4tHK$45.1tHK$3.4t9.4x11.7x0.9x
Sat, 05 Aug 2023HK$42.3tHK$45.7tHK$3.6t9.7x11.6x0.9x
Mon, 03 Jul 2023HK$41.5tHK$45.6tHK$3.7t9.7x11.4x0.9x
Wed, 31 May 2023HK$41.8tHK$46.6tHK$3.7t9.3x11.2x0.9x
Fri, 28 Apr 2023HK$44.4tHK$47.4tHK$3.8t9.8x11.7x0.9x
Sun, 26 Mar 2023HK$43.4tHK$47.6tHK$4.1t9.1x10.6x0.9x
Price to Earnings Ratio

10.6x


Total Market Cap: HK$43.4tTotal Earnings: HK$4.1tTotal Revenue: HK$47.6tTotal 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 2.4% 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 Market0.19%
Financials2.56%
Consumer Discretionary1.45%
Tech0.91%
Telecom0.11%
Healthcare-0.03%
Real Estate-0.044%
Energy-0.71%
Utilities-1.78%
Consumer Staples-1.93%
Industrials-2.15%
Materials-7.13%
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 136x.
    • 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 2.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 23% 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$6.575.6%
+HK$124.7b		15.9%PB0.5xFinancials
939 China Construction BankHK$8.144.6%
+HK$94.2b		16.6%PB0.5xFinancials
1288 Agricultural Bank of ChinaHK$5.323.7%
+HK$66.5b		5.3%PB0.5xFinancials
2513 Knowledge Atlas TechnologyHK$742.5021.8%
+HK$59.3b		n/aPS633.2xTech
3988 Bank of ChinaHK$4.683.8%
+HK$54.8b		-1.7%PB0.4xFinancials
See more

Market Insights

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Latest News

700
HK$550.50
Tencent Holdings
7D
-0.3%
1Y
1.9%
2513
HK$742.50
Knowledge Atlas Technology
7D
21.8%
1Y
n/a
1299
HK$84.55
AIA Group
7D
-2.2%
1Y
33.4%

1299: Stable Margins And Slightly Lower P/E Assumptions Will Support Future Upside

Analysts have made a slight adjustment to their HK$ price target on AIA Group, reflecting updated views on future P/E assumptions, while keeping fair value, discount rate, revenue growth and profit margin estimates effectively unchanged. Valuation Changes Fair Value: HK$100.40 remains unchanged, with no adjustment to the intrinsic value estimate used in the model.
1288
HK$5.32
Agricultural Bank of China
7D
3.7%
1Y
5.3%

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).
981
HK$61.70
Semiconductor Manufacturing International
7D
-3.2%
1Y
20.9%
100
HK$1,238.00
MiniMax Group
7D
8.5%
1Y
n/a

Colleague Level AI Agents And Multimodal Content Will Support A Fair Long Term Outlook

Catalysts About MiniMax Group MiniMax Group develops large scale AI models and agent products across language, video, speech and music for global enterprises, developers and consumers. What are the underlying business or industry changes driving this perspective?
9633
HK$43.28
Nongfu Spring
7D
-4.6%
1Y
13.7%
1211
HK$102.20
BYD
7D
4.1%
1Y
-26.5%
1818
HK$30.12
Zhaojin Mining Industry
7D
-11.3%
1Y
82.5%
939
HK$8.14
China Construction Bank
7D
4.6%
1Y
16.6%

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).
1398
HK$6.57
Industrial and Commercial Bank of China
7D
5.6%
1Y
15.9%

1398: Upcoming Governance Plans Will Support Preference Shareholder Returns

Analysts have raised their HK$ fair value estimate for Industrial and Commercial Bank of China slightly, to HK$7.37 from HK$7.26, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Board meeting scheduled for Feb 13, 2026, to review the inclusive finance business operation plan for 2026, the fixed asset investment budget for 2026, and the internal audit plan for 2026 (company board disclosure).
3988
HK$4.68
Bank of China
7D
3.8%
1Y
-1.7%

3988: Lower Discount Rate And Board Actions Will Support Higher Fair Value

Analysts have modestly raised their HK$ price target on Bank of China, citing updated assumptions that reflect slightly higher projected revenue growth, a small adjustment to profit margins, and a marginally lower P/E multiple in their models. What's in the News Board meeting scheduled for Mar 3, 2026, to consider appointing Ms. Huang Xueling as Executive Vice President of the bank (Key Developments) Board meeting scheduled for Feb 13, 2026, to review the 2026 fixed asset investment budget and consider the concurrent appointment of Mr. Zhang Hui as Chief Compliance Officer (Key Developments) Board meeting held on Dec 19, 2025, to review the information disclosure policy; rules on securities transactions by directors and senior management; the cap on routine connected transactions with China CITIC Financial Asset Management Co., Ltd.
1810
HK$35.14
Xiaomi
7D
5.4%
1Y
-39.6%

1810: Auto Sector Weakness And Crypto Alliance Will Shape Future Returns

Narrative Update Analysts have trimmed their Xiaomi price target slightly to HK$30.52 from HK$31.23, reflecting updated assumptions for somewhat lower profit margins and fair value, partly offset by a higher expected P/E multiple and revenue growth outlook following recent sector research on Chinese carmakers and Xiaomi's role in that ecosystem. Analyst Commentary Recent sector commentary on Chinese carmakers has contributed to a more cautious tone around Xiaomi's auto exposure and broader growth expectations.
2259
HK$184.00
Zijin Gold International
7D
-12.5%
1Y
n/a
386
HK$4.78
China Petroleum & Chemical
7D
-5.3%
1Y
11.2%
2600
HK$12.36
Aluminum Corporation of China
7D
-7.6%
1Y
134.1%