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Hong Kong (HSI) Market Analysis & Valuation

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies2287
  • 7D0.4%
  • 3M-0.9%
  • 1Y27.7%
  • YTD29.2%

In the last week, the market has been flat. More promisingly, the market is up 28% over the past year. 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
Tue, 23 Dec 2025HK$55.8tHK$43.0tHK$3.9t12.2x14.2x1.3x
Thu, 20 Nov 2025HK$56.8tHK$42.5tHK$3.9t12.1x14.5x1.3x
Sat, 18 Oct 2025HK$55.2tHK$42.2tHK$3.8t12.5x14.5x1.3x
Mon, 15 Sep 2025HK$58.2tHK$43.3tHK$4.0t12.5x14.7x1.3x
Wed, 13 Aug 2025HK$55.9tHK$43.5tHK$3.9t12.3x14.4x1.3x
Fri, 11 Jul 2025HK$53.8tHK$43.6tHK$3.9t11.4x13.8x1.2x
Sun, 08 Jun 2025HK$51.2tHK$43.5tHK$3.9t11.2x13.2x1.2x
Tue, 06 May 2025HK$48.1tHK$42.5tHK$3.8t10.8x12.8x1.1x
Thu, 03 Apr 2025HK$48.6tHK$42.7tHK$3.8t11.1x12.8x1.1x
Sat, 01 Mar 2025HK$47.0tHK$43.2tHK$3.5t10.4x13.3x1.1x
Mon, 27 Jan 2025HK$43.9tHK$43.3tHK$3.5t10x12.5x1x
Wed, 25 Dec 2024HK$44.4tHK$42.6tHK$3.6t9.9x12.2x1x
Fri, 22 Nov 2024HK$43.6tHK$42.9tHK$3.7t9.9x11.9x1x
Sun, 20 Oct 2024HK$44.7tHK$43.4tHK$3.6t9.9x12.6x1x
Tue, 17 Sep 2024HK$38.5tHK$43.6tHK$3.6t8.7x10.7x0.9x
Thu, 15 Aug 2024HK$39.3tHK$43.1tHK$3.5t8.9x11.2x0.9x
Sat, 13 Jul 2024HK$41.6tHK$42.6tHK$3.5t9.5x12x1x
Mon, 10 Jun 2024HK$41.8tHK$43.2tHK$3.4t9.7x12.2x1x
Wed, 08 May 2024HK$41.5tHK$43.4tHK$3.4t9.4x12.2x1x
Fri, 05 Apr 2024HK$39.1tHK$43.3tHK$3.4t9.2x11.4x0.9x
Sun, 03 Mar 2024HK$37.9tHK$43.8tHK$3.4t8.9x11.1x0.9x
Tue, 30 Jan 2024HK$36.8tHK$43.9tHK$3.3t8.8x11.1x0.8x
Thu, 28 Dec 2023HK$37.4tHK$45.9tHK$3.5t9x10.8x0.8x
Sat, 25 Nov 2023HK$39.0tHK$45.7tHK$3.5t9.2x11.2x0.9x
Mon, 23 Oct 2023HK$38.1tHK$44.9tHK$3.4t8.9x11.2x0.8x
Wed, 20 Sep 2023HK$40.0tHK$45.0tHK$3.4t9.3x11.6x0.9x
Fri, 18 Aug 2023HK$40.2tHK$45.4tHK$3.6t9.5x11.1x0.9x
Sun, 16 Jul 2023HK$42.3tHK$46.1tHK$3.7t9.5x11.5x0.9x
Tue, 13 Jun 2023HK$42.7tHK$46.2tHK$3.7t9.7x11.5x0.9x
Thu, 11 May 2023HK$44.8tHK$47.4tHK$3.8t9.8x11.9x0.9x
Sat, 08 Apr 2023HK$44.0tHK$47.8tHK$3.9t9.6x11.3x0.9x
Mon, 06 Mar 2023HK$44.3tHK$47.4tHK$4.2t9x10.6x0.9x
Wed, 01 Feb 2023HK$45.0tHK$48.3tHK$4.3t9x10.5x0.9x
Fri, 30 Dec 2022HK$41.8tHK$46.9tHK$4.2t8.7x10x0.9x
Price to Earnings Ratio

10x


Total Market Cap: HK$41.8tTotal 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 14.2x 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 Market0.39%
Consumer Staples2.73%
Materials1.34%
Energy0.60%
Telecom0.57%
Healthcare0.49%
Consumer Discretionary0.43%
Tech0.35%
Financials0.33%
Industrials-0.65%
Real Estate-0.68%
Utilities-0.74%
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 154x.
    • 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 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
700 Tencent HoldingsHK$614.501.9%
+HK$103.2b		46.2%PE23xTelecom
9633 Nongfu SpringHK$48.166.7%
+HK$34.2b		39.2%PE36.3xConsumer Staples
981 Semiconductor Manufacturing InternationalHK$68.906.5%
+HK$33.6b		136.8%PE114.3xTech
1299 AIA GroupHK$82.652.5%
+HK$21.0b		49.1%PE18.4xFinancials
1088 China Shenhua EnergyHK$39.442.3%
+HK$17.9b		22.3%PE12.7xEnergy
See more

Market Insights

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Latest News

857
HK$8.08
PetroChina
7D
-0.7%
1Y
37.4%

PetroChina Company Limited's (HKG:857) Price Is Right But Growth Is Lacking

Dec 22
PetroChina Company Limited's (HKG:857) Price Is Right But Growth Is Lacking
267
HK$11.94
CITIC
7D
-2.5%
1Y
33.7%

267: Interim Dividend Will Drive Shares Higher As Earnings Multiple Will Expand

Analysts have modestly adjusted their price target on CITIC, reflecting a stable fair value estimate of $13.77 per share and largely unchanged assumptions for discount rate, revenue growth, profit margins, and future valuation multiples. Together, these factors signal a steady outlook rather than a material re-rating.
1299
HK$82.65
AIA Group
7D
2.5%
1Y
49.1%

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.
1288
HK$5.51
Agricultural Bank of China
7D
0.7%
1Y
28.1%

1288: Dividend And Bond Plans Will Likely Leave Shares Looking Vulnerable

Agricultural Bank of China’s consensus analyst price target has edged higher by approximately $0.01, as analysts incorporate slightly faster expected revenue growth and a lower discount rate that more than offset marginally softer profit margin and valuation assumptions. What's in the News The board approved an interim cash dividend for 2025 of RMB 1.195 per ten ordinary shares, to be paid in RMB or HKD equivalent, with H share payments expected on 26 January 2026 and A share payments on 15 December 2025 (company disclosure).
981
HK$68.90
Semiconductor Manufacturing International
7D
6.5%
1Y
136.8%

981: Rising Margins And Multiple Contraction Will Likely Leave Shares Overpriced

Analysts have raised their price target for Semiconductor Manufacturing International to approximately $25 per share from about $22, citing expectations for faster revenue growth, a meaningful improvement in profit margins, and a more moderate future price to earnings multiple. What's in the News Issued earnings guidance for the fourth quarter of 2025, expecting revenue to be flat to up 2% quarter over quarter, signaling cautious but positive near term growth expectations (company guidance) Scheduled a board meeting for November 13, 2025 to review and approve unaudited financial results for the quarter ended September 30, 2025, setting the stage for updated disclosure on recent performance (company announcement) Valuation Changes Fair Value has risen moderately, increasing from HK$21.89 to approximately HK$25.04 per share.
941
HK$83.70
China Mobile
7D
-1.6%
1Y
10.5%

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.
1398
HK$6.13
Industrial and Commercial Bank of China
7D
0.7%
1Y
20.7%

1398: Upcoming Dividend Decisions Will Support Preference Shareholder Returns

Analysts have nudged their price target on Industrial and Commercial Bank of China higher, raising fair value by about 2 percent to approximately $7.26. They cite slightly stronger long term revenue growth, improved profit margins, and a marginally lower projected discount rate, which together offset a modest decline in the expected future P/E multiple.
3328
HK$6.46
Bank of Communications
7D
-5.3%
1Y
5.2%
1810
HK$39.80
Xiaomi
7D
-4.9%
1Y
25.4%

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.
700
HK$614.50
Tencent Holdings
7D
1.9%
1Y
46.2%

700: Accelerated AI Investment Will Drive Higher-Quality Earnings And Multiple Expansion

Analysts have nudged their price target for Tencent Holdings higher, lifting fair value by about HK$6 per share as they point to strong recent results, tighter financial control, and expectations that accelerated revenue and profit growth from artificial intelligence investments will support a modestly higher future earnings multiple. Analyst Commentary Street research has turned more constructive on Tencent, with recent target and rating changes reflecting growing confidence in the companys execution, earnings trajectory, and ability to monetize artificial intelligence capabilities over the next several years.
1211
HK$93.75
BYD
7D
-2.3%
1Y
4.3%
9633
HK$48.16
Nongfu Spring
7D
6.7%
1Y
39.2%

A Look At The Intrinsic Value Of Nongfu Spring Co., Ltd. (HKG:9633)

Nov 24
A Look At The Intrinsic Value Of Nongfu Spring Co., Ltd. (HKG:9633)
3692
HK$38.40
Hansoh Pharmaceutical Group
7D
-3.4%
1Y
115.5%
9992
HK$201.80
Pop Mart International Group
7D
5.8%
1Y
127.0%
1088
HK$39.44
China Shenhua Energy
7D
2.3%
1Y
22.3%
2259
HK$151.90
Zijin Gold International
7D
-4.1%
1Y
n/a