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Hong Kong (HSI) Market Analysis & Valuation

UpdatedDec 12, 2025
DataAggregated Company Financials
Companies2280
  • 7D-2.6%
  • 3M-4.0%
  • 1Y25.5%
  • YTD28.6%

Over the last 7 days, the market has dropped 2.6%, driven by declines in every sector, especially the Financials sector. In the last year, the market is actually up 26%. 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
Fri, 12 Dec 2025HK$55.5tHK$42.9tHK$3.9t12.1x14.1x1.3x
Sun, 09 Nov 2025HK$56.9tHK$42.4tHK$3.9t12.6x14.6x1.3x
Tue, 07 Oct 2025HK$57.9tHK$43.2tHK$3.9t12.8x14.7x1.3x
Thu, 04 Sep 2025HK$57.0tHK$43.4tHK$4.0t12x14.4x1.3x
Sat, 02 Aug 2025HK$54.2tHK$43.4tHK$3.9t11.9x14x1.3x
Mon, 30 Jun 2025HK$53.0tHK$43.6tHK$3.9t11.2x13.6x1.2x
Wed, 28 May 2025HK$50.4tHK$43.4tHK$3.9t11x13.1x1.2x
Fri, 25 Apr 2025HK$47.6tHK$42.6tHK$3.7t10.7x12.7x1.1x
Sun, 23 Mar 2025HK$48.8tHK$43.6tHK$3.6t10.8x13.6x1.1x
Tue, 18 Feb 2025HK$47.1tHK$43.2tHK$3.5t10.2x13.4x1.1x
Thu, 16 Jan 2025HK$43.0tHK$42.6tHK$3.6t9.7x11.8x1x
Sat, 14 Dec 2024HK$44.2tHK$42.7tHK$3.7t9.9x12.1x1x
Mon, 11 Nov 2024HK$45.1tHK$43.1tHK$3.7t10x12.3x1x
Wed, 09 Oct 2024HK$45.8tHK$43.7tHK$3.6t10.1x12.8x1x
Fri, 06 Sep 2024HK$39.2tHK$43.7tHK$3.6t8.9x10.9x0.9x
Sun, 04 Aug 2024HK$39.4tHK$43.1tHK$3.5t9.1x11.2x0.9x
Tue, 02 Jul 2024HK$41.0tHK$42.6tHK$3.5t9.6x11.8x1x
Thu, 30 May 2024HK$42.2tHK$43.2tHK$3.4t9.8x12.3x1x
Sat, 27 Apr 2024HK$40.6tHK$43.2tHK$3.4t9.1x11.8x0.9x
Mon, 25 Mar 2024HK$38.3tHK$43.7tHK$3.3t8.8x11.5x0.9x
Wed, 21 Feb 2024HK$37.4tHK$43.5tHK$3.3t8.8x11.2x0.9x
Fri, 19 Jan 2024HK$35.4tHK$44.1tHK$3.4t8.9x10.5x0.8x
Sun, 17 Dec 2023HK$37.7tHK$46.0tHK$3.5t9x10.8x0.8x
Tue, 14 Nov 2023HK$38.3tHK$45.1tHK$3.4t9x11.2x0.9x
Thu, 12 Oct 2023HK$39.2tHK$45.0tHK$3.4t9.1x11.5x0.9x
Sat, 09 Sep 2023HK$39.9tHK$44.9tHK$3.4t9.4x11.6x0.9x
Mon, 07 Aug 2023HK$42.3tHK$45.8tHK$3.6t9.7x11.6x0.9x
Wed, 05 Jul 2023HK$42.3tHK$45.8tHK$3.7t9.8x11.5x0.9x
Fri, 02 Jun 2023HK$41.2tHK$46.4tHK$3.7t9.3x11.1x0.9x
Sun, 30 Apr 2023HK$44.7tHK$47.6tHK$3.8t9.7x11.8x0.9x
Tue, 28 Mar 2023HK$43.0tHK$47.5tHK$4.1t9.1x10.5x0.9x
Thu, 23 Feb 2023HK$43.5tHK$47.5tHK$4.2t8.9x10.3x0.9x
Sat, 21 Jan 2023HK$45.3tHK$48.1tHK$4.3t9x10.6x0.9x
Mon, 19 Dec 2022HK$41.8tHK$46.8tHK$4.2t8.9x10x0.9x
Price to Earnings Ratio

10x


Total Market Cap: HK$41.8tTotal Earnings: HK$4.2tTotal Revenue: HK$46.8tTotal 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-2.59%
Tech-1.17%
Financials-1.93%
Consumer Discretionary-2.34%
Telecom-2.35%
Industrials-2.87%
Real Estate-2.88%
Materials-2.94%
Healthcare-3.08%
Utilities-3.14%
Consumer Staples-3.23%
Energy-5.22%
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 165x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.6%, 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 2.5% 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
3690 MeituanHK$101.503.5%
+HK$20.8b		-39.9%PS1.6xConsumer Discretionary
3692 Hansoh Pharmaceutical GroupHK$43.367.2%
+HK$17.6b		134.6%PE49.8xHealthcare
2665 Seyond HoldingsHK$13.2638.3%
+HK$16.2b		53.5%n/aConsumer Discretionary
2575 Xuanzhu BiopharmaceuticalHK$77.4022.9%
+HK$7.5b		n/aPS1137.7xHealthcare
6869 Yangtze Optical Fibre And Cable LimitedHK$43.8826.0%
+HK$6.8b		282.2%PE52.3xTech
See more

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6869
HK$43.88
Yangtze Optical Fibre And Cable Limited
7D
26.0%
1Y
282.2%
9660
HK$8.68
Horizon Robotics
7D
4.7%
1Y
126.0%
1810
HK$42.18
Xiaomi
7D
0.5%
1Y
33.5%

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700
HK$601.50
Tencent Holdings
7D
-1.7%
1Y
44.7%

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.
883
HK$20.90
CNOOC
7D
-4.6%
1Y
16.2%

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Dec 04
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1072
HK$21.92
Dongfang Electric
7D
6.6%
1Y
127.6%

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Dec 01
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1288
HK$5.72
Agricultural Bank of China
7D
-2.2%
1Y
38.5%

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Analysts have slightly increased their price target for Agricultural Bank of China from ¥6.24 to ¥6.31, citing marginal improvements in fair value assessments and updated discount rate calculations. What's in the News The interim cash dividend for 2025 will be RMB 1.195 per ten ordinary shares.
3690
HK$101.50
Meituan
7D
3.5%
1Y
-39.9%
939
HK$7.58
China Construction Bank
7D
-4.3%
1Y
20.1%
1398
HK$6.11
Industrial and Commercial Bank of China
7D
-1.8%
1Y
26.2%

1398: Interim Dividend And Board Moves To Support Measured Earnings Outlook

Analysts have modestly increased their price target for Industrial and Commercial Bank of China from ¥7.06 to ¥7.14, citing slight improvements in projected revenue growth and profit margins. What's in the News A Special Shareholders Meeting is scheduled for November 28, 2025.
3988
HK$4.39
Bank of China
7D
-2.7%
1Y
12.9%

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728
HK$5.60
China Telecom
7D
-7.3%
1Y
17.4%
3692
HK$43.36
Hansoh Pharmaceutical Group
7D
7.2%
1Y
134.6%
857
HK$8.26
PetroChina
7D
-6.1%
1Y
43.2%
2575
HK$77.40
Xuanzhu Biopharmaceutical
7D
22.9%
1Y
n/a