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Hong Kong (HSI) Market Analysis & Valuation

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies2280
  • 7D-1.0%
  • 3M-3.9%
  • 1Y26.7%
  • YTD27.7%

Over the last 7 days, the market has dropped 1.0%, driven by a pullback of 1.0% in the Financials sector. In the last year, the market is actually up 27%. 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, 18 Dec 2025HK$55.2tHK$42.9tHK$3.9t12.1x14x1.3x
Sat, 15 Nov 2025HK$57.9tHK$42.5tHK$3.9t12.6x14.8x1.4x
Mon, 13 Oct 2025HK$56.6tHK$42.8tHK$3.9t12.7x14.6x1.3x
Wed, 10 Sep 2025HK$57.7tHK$43.4tHK$4.0t12.2x14.6x1.3x
Fri, 08 Aug 2025HK$55.9tHK$43.6tHK$3.9t12.1x14.3x1.3x
Sun, 06 Jul 2025HK$53.2tHK$43.6tHK$3.9t11.2x13.7x1.2x
Tue, 03 Jun 2025HK$50.1tHK$43.5tHK$3.9t10.9x13x1.2x
Thu, 01 May 2025HK$47.6tHK$42.6tHK$3.8t10.7x12.6x1.1x
Sat, 29 Mar 2025HK$48.6tHK$43.2tHK$3.7t11.1x13.2x1.1x
Mon, 24 Feb 2025HK$48.1tHK$43.3tHK$3.5t10.3x13.6x1.1x
Wed, 22 Jan 2025HK$43.8tHK$43.1tHK$3.5t9.9x12.5x1x
Fri, 20 Dec 2024HK$44.1tHK$42.6tHK$3.6t10x12.1x1x
Sun, 17 Nov 2024HK$43.2tHK$43.0tHK$3.7t9.8x11.8x1x
Tue, 15 Oct 2024HK$45.2tHK$43.6tHK$3.6t10x12.6x1x
Thu, 12 Sep 2024HK$38.1tHK$43.6tHK$3.6t8.7x10.6x0.9x
Sat, 10 Aug 2024HK$39.2tHK$43.0tHK$3.5t9x11.2x0.9x
Mon, 08 Jul 2024HK$41.0tHK$42.6tHK$3.5t9.5x11.8x1x
Wed, 05 Jun 2024HK$42.0tHK$43.3tHK$3.4t9.7x12.2x1x
Fri, 03 May 2024HK$41.1tHK$43.2tHK$3.4t9.4x12.1x1x
Sun, 31 Mar 2024HK$38.7tHK$43.5tHK$3.4t9.1x11.3x0.9x
Tue, 27 Feb 2024HK$38.1tHK$43.8tHK$3.4t8.9x11.2x0.9x
Thu, 25 Jan 2024HK$35.9tHK$44.5tHK$3.4t8.9x10.7x0.8x
Sat, 23 Dec 2023HK$37.0tHK$46.0tHK$3.5t9x10.6x0.8x
Mon, 20 Nov 2023HK$38.6tHK$45.4tHK$3.4t8.9x11.2x0.8x
Wed, 18 Oct 2023HK$39.3tHK$45.0tHK$3.4t9x11.5x0.9x
Fri, 15 Sep 2023HK$40.1tHK$45.2tHK$3.5t9.2x11.6x0.9x
Sun, 13 Aug 2023HK$41.2tHK$45.5tHK$3.6t9.6x11.3x0.9x
Tue, 11 Jul 2023HK$40.8tHK$45.7tHK$3.7t9.6x11.2x0.9x
Thu, 08 Jun 2023HK$42.5tHK$46.4tHK$3.7t9.5x11.4x0.9x
Sat, 06 May 2023HK$45.2tHK$47.6tHK$3.8t9.8x11.9x1x
Mon, 03 Apr 2023HK$43.7tHK$47.8tHK$4.0t9.7x11x0.9x
Wed, 01 Mar 2023HK$42.5tHK$47.3tHK$4.2t8.8x10.2x0.9x
Fri, 27 Jan 2023HK$46.0tHK$48.1tHK$4.3t9.1x10.7x1x
Sun, 25 Dec 2022HK$41.4tHK$46.8tHK$4.2t8.7x9.9x0.9x
Price to Earnings Ratio

9.9x


Total Market Cap: HK$41.4tTotal 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 14.0x 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 2.8% 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-1.05%
Materials0.21%
Consumer Staples0.044%
Utilities-0.10%
Industrials-0.44%
Telecom-0.49%
Consumer Discretionary-0.60%
Financials-1.01%
Real Estate-1.05%
Energy-1.91%
Healthcare-3.18%
Tech-3.24%
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 158x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.7%, 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
2628 China Life InsuranceHK$28.565.2%
+HK$40.1b		93.5%PE4.3xFinancials
1299 AIA GroupHK$80.954.5%
+HK$36.2b		46.8%PE18xFinancials
2259 Zijin Gold InternationalHK$149.704.8%
+HK$18.2b		n/aPE65.4xMaterials
700 Tencent HoldingsHK$605.000.3%
+HK$18.1b		49.0%PE22.7xTelecom
386 China Petroleum & ChemicalHK$4.452.5%
+HK$13.3b		3.5%PE13.6xEnergy
See more

Market Insights

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🤖 AI Companies Hit The Bond Market
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Richard Bowman
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The recent dip in stock prices came on the back of stretched valuations and fears of an AI fueled bubble. This time the nervousness also spilled into the corporate bond market...
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Latest News

2628
HK$28.46
China Life Insurance
7D
6.1%
1Y
95.7%

2628: Future Profits And Dividend Policy Will Support Balanced Shareholder Returns

Analysts have nudged their price target on China Life Insurance slightly lower to approximately $28.57 from about $28.58. This reflects marginally more conservative assumptions on future valuation multiples, while growth and profitability expectations remain essentially unchanged.
883
HK$20.36
CNOOC
7D
-2.6%
1Y
12.4%

883: Future Offshore Output Will Likely Fail To Justify Current Optimism

Analysts have modestly raised their price target on CNOOC from approximately $15.15 to $15.46, reflecting slightly lower perceived risk and a marginally improved long term revenue outlook despite largely unchanged profitability assumptions. What's in the News The Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project in the Beibu Gulf Basin has commenced production, with 35 planned wells and targeted plateau output of about 16,900 barrels of oil equivalent per day in 2026, supporting regional energy supply security (Key Developments).
1288
HK$5.50
Agricultural Bank of China
7D
-3.8%
1Y
31.3%

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).
941
HK$84.05
China Mobile
7D
-1.9%
1Y
11.3%

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.
1818
HK$31.12
Zhaojin Mining Industry
7D
9.4%
1Y
196.9%

Earnings Tell The Story For Zhaojin Mining Industry Company Limited (HKG:1818)

Dec 14
Earnings Tell The Story For Zhaojin Mining Industry Company Limited (HKG:1818)
3328
HK$6.50
Bank of Communications
7D
-7.1%
1Y
8.7%
1810
HK$40.20
Xiaomi
7D
-4.7%
1Y
30.5%

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$605.00
Tencent Holdings
7D
0.6%
1Y
45.7%

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.
1299
HK$81.35
AIA Group
7D
5.2%
1Y
49.0%

1299: Share Buyback And Firm Margins Will Support Future Upside

Analysts have modestly raised their price target on AIA Group, citing a slightly higher fair value estimate of about $95.14, up from roughly $94.44. This change is supported by marginal improvements in projected profit margins and valuation multiples.
1211
HK$93.90
BYD
7D
-3.5%
1Y
4.9%
386
HK$4.60
China Petroleum & Chemical
7D
7.2%
1Y
7.2%
3692
HK$38.96
Hansoh Pharmaceutical Group
7D
-10.1%
1Y
112.4%
857
HK$8.10
PetroChina
7D
-1.9%
1Y
39.7%
753
HK$7.05
Air China
7D
13.3%
1Y
35.1%
1088
HK$39.34
China Shenhua Energy
7D
1.2%
1Y
18.5%
2259
HK$149.00
Zijin Gold International
7D
5.0%
1Y
n/a