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Hong Kong (HSI) Market Analysis & Valuation

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies2314
  • 7D-0.8%
  • 3M0.2%
  • 1Y20.2%
  • YTD1.3%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 4.1%. As for the longer term, the market has risen 20% 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
Tue, 05 May 2026HK$57.0tHK$44.5tHK$4.2t12.8x13.7x1.3x
Thu, 02 Apr 2026HK$56.0tHK$44.3tHK$4.0t12.4x14x1.3x
Sat, 28 Feb 2026HK$57.2tHK$44.2tHK$4.0t12.6x14.2x1.3x
Mon, 26 Jan 2026HK$56.9tHK$43.4tHK$4.0t12.7x14.3x1.3x
Wed, 24 Dec 2025HK$55.8tHK$43.0tHK$3.9t12.2x14.1x1.3x
Fri, 21 Nov 2025HK$56.8tHK$42.5tHK$3.9t12.3x14.5x1.3x
Sun, 19 Oct 2025HK$55.2tHK$42.2tHK$3.8t12.5x14.5x1.3x
Tue, 16 Sep 2025HK$58.2tHK$43.3tHK$4.0t12.4x14.7x1.3x
Thu, 14 Aug 2025HK$56.7tHK$43.6tHK$3.9t12.4x14.5x1.3x
Sat, 12 Jul 2025HK$53.8tHK$43.6tHK$3.9t11.4x13.8x1.2x
Mon, 09 Jun 2025HK$51.2tHK$43.5tHK$3.9t11.2x13.2x1.2x
Wed, 07 May 2025HK$48.3tHK$42.7tHK$3.8t10.8x12.8x1.1x
Fri, 04 Apr 2025HK$48.3tHK$42.6tHK$3.8t11x12.8x1.1x
Sun, 02 Mar 2025HK$47.0tHK$43.2tHK$3.5t10.4x13.3x1.1x
Tue, 28 Jan 2025HK$44.3tHK$43.3tHK$3.5t10x12.6x1x
Thu, 26 Dec 2024HK$44.8tHK$42.6tHK$3.6t9.9x12.3x1.1x
Sat, 23 Nov 2024HK$42.7tHK$42.9tHK$3.7t9.7x11.6x1x
Mon, 21 Oct 2024HK$44.7tHK$43.4tHK$3.6t9.9x12.5x1x
Wed, 18 Sep 2024HK$38.8tHK$43.5tHK$3.6t8.8x10.8x0.9x
Fri, 16 Aug 2024HK$39.5tHK$43.1tHK$3.5t9x11.2x0.9x
Sun, 14 Jul 2024HK$41.6tHK$42.7tHK$3.5t9.5x12x1x
Tue, 11 Jun 2024HK$41.8tHK$43.2tHK$3.4t9.7x12.2x1x
Thu, 09 May 2024HK$41.3tHK$43.3tHK$3.4t9.4x12.1x1x
Sat, 06 Apr 2024HK$39.0tHK$43.3tHK$3.4t9.1x11.4x0.9x
Mon, 04 Mar 2024HK$37.9tHK$43.8tHK$3.4t8.9x11.1x0.9x
Wed, 31 Jan 2024HK$36.1tHK$44.3tHK$3.3t8.7x10.8x0.8x
Fri, 29 Dec 2023HK$38.1tHK$46.2tHK$3.5t9.2x10.9x0.8x
Sun, 26 Nov 2023HK$39.0tHK$45.7tHK$3.5t9.2x11.2x0.9x
Tue, 24 Oct 2023HK$38.0tHK$44.9tHK$3.4t8.9x11.1x0.8x
Thu, 21 Sep 2023HK$39.8tHK$45.0tHK$3.4t9.2x11.6x0.9x
Sat, 19 Aug 2023HK$39.7tHK$45.3tHK$3.6t9.5x11x0.9x
Mon, 17 Jul 2023HK$42.3tHK$46.1tHK$3.7t9.5x11.5x0.9x
Wed, 14 Jun 2023HK$41.4tHK$45.5tHK$3.4t9.7x12.1x0.9x
Fri, 12 May 2023HK$44.5tHK$47.4tHK$3.8t9.8x11.8x0.9x
Price to Earnings Ratio

11.8x


Total Market Cap: HK$44.5tTotal Earnings: HK$3.8tTotal Revenue: HK$47.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.5x202420252026
Current Market PE
  • Investors are relatively neutral on the Hong Kong market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 12.5x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have grown 3.3% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.1% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

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

HK Market-0.78%
Energy4.09%
Real Estate1.40%
Utilities0.067%
Industrials-0.70%
Consumer Staples-0.84%
Financials-1.08%
Consumer Discretionary-1.23%
Tech-1.90%
Telecom-2.03%
Healthcare-3.54%
Materials-4.74%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 30.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.0% which is higher than its past year's earnings decline of 8.1% per year.
  • The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 7.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 7.8% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 4.6% 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
2338 Weichai PowerHK$43.3219.5%
+HK$61.0b		182.8%PE28.9xIndustrials
2628 China Life InsuranceHK$28.787.6%
+HK$57.7b		98.5%PE4.9xFinancials
857 PetroChinaHK$11.702.1%
+HK$43.9b		97.0%PE11.8xEnergy
9903 Shanghai Iluvatar CoreX SemiconductorHK$560.0035.2%
+HK$37.1b		n/aPS120.1xTech
981 Semiconductor Manufacturing InternationalHK$72.155.7%
+HK$31.3b		51.9%PE107.7xTech
See more

Market Insights

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We’re starting to see the second-order impact of Strait of Hormuz’s extended closure on other industries and in Q1 2026 reports - and it’s far more than just fuel and gas.
Continue reading
China's next winners have been chosen

Latest News

2659
HK$26.02
Shanghai Bao Pharmaceuticals
7D
-68.3%
1Y
n/a
1211
HK$103.00
BYD
7D
-2.8%
1Y
-19.2%

Why is BYD a company of the future?

BYD (Build Your Dreams) / https://www.bydglobal.com/en/BasicInformation.html — as of April 2026, the company has finally solidified its status not just as an automaker, but as a global technology conglomerate. It is considered a "must-have" asset for the portfolio of the future due to its unique combination of vertical integration, energy technologies, and aggressive expansion.
1299
HK$86.00
AIA Group
7D
3.4%
1Y
45.5%

1299: Dividend Hike And Buybacks Will Support Stronger Shareholder Returns

Analysts have modestly raised their HK$ price target on AIA Group to reflect a fair value estimate of HK$104.46, supported by updated assumptions around revenue growth, profit margins, and a forward P/E of 18.14x. What's in the News AIA Group plans to present new articles of association for shareholder approval at the Annual General Meeting scheduled for 22 May 2026, signalling upcoming changes to the company’s governing documents (Key Developments).
981
HK$72.15
Semiconductor Manufacturing International
7D
5.7%
1Y
51.9%

981: Guided Margins And Flat Near Term Outlook Will Shape Fair Value

Analysts now see lower upside for Semiconductor Manufacturing International, trimming their HK$ price target as slightly softer revenue growth, profit margin and future P/E assumptions feed into a reduced fair value estimate of HK$74.97 from HK$77.69. What's in the News Board meeting scheduled for Mar 26, 2026 to approve the publication of audited annual results for the year ended Dec 31, 2025 (company announcement).
857
HK$11.70
PetroChina
7D
2.1%
1Y
97.0%
2338
HK$43.32
Weichai Power
7D
19.5%
1Y
182.8%
2628
HK$28.78
China Life Insurance
7D
7.6%
1Y
98.5%
1398
HK$6.92
Industrial and Commercial Bank of China
7D
-4.2%
1Y
29.8%
3328
HK$7.12
Bank of Communications
7D
-3.3%
1Y
5.2%
1288
HK$5.94
Agricultural Bank of China
7D
-3.7%
1Y
24.8%

1288: Dividend Policy And Lower Discount Rate Will Support Higher P/E

Analysts have trimmed their HK$ price target for Agricultural Bank of China, reflecting a slightly lower fair value and discount rate, along with updated assumptions on revenue growth, profit margin and future P/E. What's in the News A board meeting on 29 April 2026 will discuss results for the first quarter ended 31 March 2026, which may provide fresh detail on recent operating trends (Key Developments).
1378
HK$33.16
China Hongqiao Group
7D
-5.4%
1Y
133.5%
700
HK$473.00
Tencent Holdings
7D
-1.2%
1Y
-3.0%

700: Core Platforms Will Sustain Earnings Power As AI Partnerships Advance

Narrative Update Analysts have nudged the Tencent Holdings price target slightly higher to about HK$724. This reflects small model adjustments to fair value, discount rate, revenue growth and future P/E, while also factoring in fresh concerns about softer WeChat Pay and ad trends and potential AI chip supply constraints.
2259
HK$151.70
Zijin Gold International
7D
-4.0%
1Y
n/a
9999
HK$181.90
NetEase
7D
5.0%
1Y
7.8%

9999: Fair Value Will Reflect Higher Dividend And Completed Share Repurchases

Analysts have made a small upward adjustment to their HK$ price target for NetEase, supported by slightly higher assumptions for revenue growth, profit margin and fair value, together with a modestly lower future P/E multiple and a marginally higher discount rate. What's in the News NetEase approved an ordinary cash dividend of US$0.232 per share (US$1.16 per ADS) for the fourth quarter of 2025, payable in U.S. dollars to holders of ordinary shares and ADSs of record on March 16, 2026, with payment expected on March 25, 2026 for ordinary shares and on or around March 27, 2026 for ADSs (Key Developments).
2513
HK$957.00
Knowledge Atlas Technology
7D
4.6%
1Y
n/a
9903
HK$560.00
Shanghai Iluvatar CoreX Semiconductor
7D
35.2%
1Y
n/a