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Hong Kong (HSI) Market Analysis & Valuation

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies2298
  • 7D-0.2%
  • 3M-0.04%
  • 1Y31.5%
  • YTD1.3%

The Materials sector gained 7.7% while the market remained flat over the last week. More promisingly, the market is up 32% 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
Sat, 24 Jan 2026HK$56.9tHK$43.5tHK$4.0t12.7x14.3x1.3x
Mon, 22 Dec 2025HK$55.6tHK$43.0tHK$3.9t12.1x14.1x1.3x
Wed, 19 Nov 2025HK$56.6tHK$42.5tHK$3.9t12.2x14.5x1.3x
Fri, 17 Oct 2025HK$56.1tHK$42.3tHK$3.8t12.7x14.8x1.3x
Sun, 14 Sep 2025HK$58.2tHK$43.3tHK$4.0t12.5x14.7x1.3x
Tue, 12 Aug 2025HK$55.7tHK$43.5tHK$3.9t12.2x14.3x1.3x
Thu, 10 Jul 2025HK$53.4tHK$43.6tHK$3.9t11.3x13.7x1.2x
Sat, 07 Jun 2025HK$51.2tHK$43.6tHK$3.9t11.2x13.2x1.2x
Mon, 05 May 2025HK$48.1tHK$42.5tHK$3.8t10.8x12.8x1.1x
Wed, 02 Apr 2025HK$48.6tHK$42.7tHK$3.8t11.1x12.8x1.1x
Fri, 28 Feb 2025HK$48.1tHK$43.2tHK$3.5t10.6x13.6x1.1x
Sun, 26 Jan 2025HK$43.9tHK$43.3tHK$3.5t10x12.5x1x
Tue, 24 Dec 2024HK$44.4tHK$42.6tHK$3.6t9.9x12.2x1x
Thu, 21 Nov 2024HK$43.7tHK$42.9tHK$3.7t9.9x11.9x1x
Sat, 19 Oct 2024HK$44.7tHK$43.4tHK$3.6t9.9x12.5x1x
Mon, 16 Sep 2024HK$38.4tHK$43.7tHK$3.6t8.7x10.7x0.9x
Wed, 14 Aug 2024HK$39.4tHK$43.0tHK$3.5t9x11.3x0.9x
Fri, 12 Jul 2024HK$41.0tHK$42.6tHK$3.5t9.5x11.8x1x
Sun, 09 Jun 2024HK$41.8tHK$43.2tHK$3.4t9.8x12.2x1x
Tue, 07 May 2024HK$41.5tHK$43.4tHK$3.4t9.5x12.1x1x
Thu, 04 Apr 2024HK$39.2tHK$43.3tHK$3.4t9.2x11.5x0.9x
Sat, 02 Mar 2024HK$37.9tHK$43.8tHK$3.4t8.9x11.1x0.9x
Mon, 29 Jan 2024HK$36.6tHK$44.1tHK$3.3t8.9x11x0.8x
Wed, 27 Dec 2023HK$37.0tHK$46.0tHK$3.5t9.1x10.6x0.8x
Fri, 24 Nov 2023HK$39.4tHK$45.8tHK$3.5t9.1x11.3x0.9x
Sun, 22 Oct 2023HK$38.1tHK$44.9tHK$3.4t8.9x11.2x0.8x
Tue, 19 Sep 2023HK$39.9tHK$45.0tHK$3.4t9.3x11.6x0.9x
Thu, 17 Aug 2023HK$40.2tHK$45.3tHK$3.6t9.5x11.1x0.9x
Sat, 15 Jul 2023HK$42.3tHK$46.2tHK$3.7t9.5x11.4x0.9x
Mon, 12 Jun 2023HK$42.9tHK$46.3tHK$3.7t9.6x11.6x0.9x
Wed, 10 May 2023HK$45.3tHK$47.5tHK$3.8t9.8x12x1x
Fri, 07 Apr 2023HK$44.0tHK$47.9tHK$4.0t9.6x11.1x0.9x
Sun, 05 Mar 2023HK$44.3tHK$47.4tHK$4.2t9x10.6x0.9x
Tue, 31 Jan 2023HK$45.3tHK$48.3tHK$4.3t9x10.5x0.9x
Price to Earnings Ratio

10.5x


Total Market Cap: HK$45.3tTotal Earnings: HK$4.3tTotal Revenue: HK$48.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.2x202420252026
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 14.3x which is higher than its 3-year average PE of 12.2x.
Past Earnings Growth
  • The earnings for companies in the Hong Kong industry have declined 2.5% per year over the last three years.
  • Revenues have also declined 3.5% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Hong Kong Market?

HK Market-0.21%
Materials7.65%
Energy2.88%
Consumer Discretionary2.64%
Industrials2.29%
Utilities1.98%
Real Estate0.52%
Tech-0.43%
Consumer Staples-0.79%
Financials-2.31%
Telecom-2.42%
Healthcare-2.98%
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 130x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.2%, which is higher than its past year's earnings growth of 1.4% 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 1.4% 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
2259 Zijin Gold InternationalHK$205.8024.0%
+HK$106.5b		n/aPE89.7xMaterials
9992 Pop Mart International GroupHK$219.6023.0%
+HK$54.1b		140.0%PE38.4xConsumer Discretionary
386 China Petroleum & ChemicalHK$5.116.7%
+HK$38.7b		20.0%PE15.4xEnergy
857 PetroChinaHK$8.422.3%
+HK$34.8b		41.5%PE8.7xEnergy
883 CNOOCHK$22.442.9%
+HK$30.4b		21.6%PE7.7xEnergy
See more

Market Insights

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9992
HK$219.60
Pop Mart International Group
7D
23.0%
1Y
140.0%
6181
HK$788.00
Laopu Gold
7D
20.5%
1Y
114.4%
9999
HK$207.00
NetEase
7D
-4.0%
1Y
30.7%

9999: Share Repurchases And New Data Partnership Will Support Future Upside Potential

Analysts have raised their price target on NetEase by roughly 18%, reflecting updated assumptions that include a slightly lower discount rate, a modestly higher revenue growth outlook, a reduced profit margin estimate, and a higher future P/E multiple. What's in the News Chartmetric has integrated chart data from NetEase Cloud Music, giving global music professionals structured access to listening trends on one of China's largest youth-focused streaming platforms (Key Developments).
883
HK$22.44
CNOOC
7D
2.9%
1Y
21.6%

883: Future Offshore Projects Will Likely Fail To Support Current Valuation

Analysts have slightly adjusted their price target on CNOOC, trimming fair value from US$15.46 to US$15.40 as they factor in updated assumptions for revenue contraction, profit margins, and a lower forward P/E multiple. What's in the News The Buzios6 Project in Brazil has started production, using an FPSO with a designed capacity of 180,000 barrels of crude oil per day, 7.2 million cubic meters of natural gas per day, and storage of 2 million barrels, with equipment aimed at reducing greenhouse gas emissions and energy consumption (company announcement).
2338
HK$25.62
Weichai Power
7D
8.8%
1Y
89.5%

Weichai Power Co., Ltd.'s (HKG:2338) 26% Share Price Surge Not Quite Adding Up

Jan 21
Weichai Power Co., Ltd.'s (HKG:2338) 26% Share Price Surge Not Quite Adding Up
1810
HK$36.24
Xiaomi
7D
-2.3%
1Y
-1.7%

1810: Crypto And Electric Vehicle Push Will Drive Future Upside Potential

Analysts have made a small upward adjustment to their fair value estimate for Xiaomi to HK$79.45 from about HK$78.87, reflecting updated assumptions on revenue growth, discount rate and future P/E, alongside mixed recent Street views that include a reduced smartphone focused target and a more optimistic call on the company's electric vehicle potential. Analyst Commentary Bullish analysts are focusing on how Xiaomi's mix of smartphones, internet of things and electric vehicles could support the updated fair value estimate, even as some nearer term headwinds are flagged in recent research.
1288
HK$5.32
Agricultural Bank of China
7D
-4.3%
1Y
26.1%

1288: Dividend Policy And Governance Decisions Will Support Positive 2025 Outlook

Analysts have slightly reduced their price target for Agricultural Bank of China to reflect a marginally lower fair value estimate, along with small adjustments to discount rate, revenue growth, profit margin, and forward P/E assumptions. What's in the News Board meeting scheduled for 26 Dec 2025 to review 2024 remuneration for directors and senior management, and to consider updated Terms of Reference for the Audit Committee (Key Developments).
2513
HK$192.00
Knowledge Atlas Technology
7D
-23.2%
1Y
n/a
1398
HK$6.15
Industrial and Commercial Bank of China
7D
-3.1%
1Y
17.1%
2259
HK$205.80
Zijin Gold International
7D
24.0%
1Y
n/a
700
HK$595.00
Tencent Holdings
7D
-3.6%
1Y
52.3%

700: AI Investments And New Ecosystem Deals Will Strengthen Earnings Quality

Analysts have lifted their fair value estimate for Tencent Holdings by about HK$9 to HK$752, citing recent price target increases from US$77 to US$102 and upgraded ratings that point to confidence in the company's financial control and planned investment in artificial intelligence research and development. Analyst Commentary Bullish Takeaways Bullish analysts highlight Tencent's recent Q3 results as evidence that the company appears to have tight control over its financials, which they see as supporting higher fair value estimates.
388
HK$422.00
Hong Kong Exchanges and Clearing
7D
-3.7%
1Y
40.4%

388: Cross-Border Cooperation Will Support Future Earnings Resilience And Dividend Potential

Analysts have trimmed their price target for Hong Kong Exchanges and Clearing slightly, moving it from HK$504.75 to about HK$500.33, as they factor in a modestly lower revenue growth outlook, along with a small adjustment in the discount rate and future P/E, partially offset by a slightly higher profit margin assumption. What's in the News Board meeting scheduled for Feb 26, 2026, to approve the announcement of final results for the year ending Dec 31, 2025, and to consider a dividend payment (company announcement).
386
HK$5.11
China Petroleum & Chemical
7D
6.7%
1Y
20.0%

Potential Upside For China Petroleum & Chemical Corporation (HKG:386) Not Without Risk

Jan 09
Potential Upside For China Petroleum & Chemical Corporation (HKG:386) Not Without Risk
939
HK$7.61
China Construction Bank
7D
-2.8%
1Y
20.0%

939: Interim Profit Distribution And Debt Issuance Will Support Future Upside

Analysts have adjusted their price expectations for China Construction Bank slightly lower to reflect updated fair value, discount rate, and P/E inputs. This has led to a modest trim in the overall target that aligns with small changes in profit margin assumptions.
66
HK$33.80
MTR
7D
8.9%
1Y
40.0%

66: Higher Profitability Assumptions Will Support A Stronger Future P/E Multiple

Analysts have raised their price target on MTR from $32.00 to $35.55, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Valuation Changes Fair Value: revised from HK$32.00 to HK$35.55, indicating a higher assessed share value.
857
HK$8.42
PetroChina
7D
2.3%
1Y
41.5%