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Hong Kong (HSI) Market Analysis & Valuation

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies2298
  • 7D-1.3%
  • 3M0.7%
  • 1Y28.8%
  • YTD1.5%

Over the last 7 days, the market has dropped 1.3%, driven by a pullback of 3.3% in the Communication Services sector. In contrast to the last week, the market is actually up 29% 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
Wed, 04 Feb 2026HK$56.5tHK$43.7tHK$4.0t12.4x14.2x1.3x
Fri, 02 Jan 2026HK$55.8tHK$43.2tHK$4.0t12x14.1x1.3x
Sun, 30 Nov 2025HK$56.5tHK$42.8tHK$3.9t12.2x14.4x1.3x
Tue, 28 Oct 2025HK$57.3tHK$42.4tHK$3.8t12.7x15.1x1.4x
Thu, 25 Sep 2025HK$57.1tHK$43.4tHK$4.0t12.4x14.4x1.3x
Sat, 23 Aug 2025HK$57.4tHK$43.5tHK$3.9t12.6x14.7x1.3x
Mon, 21 Jul 2025HK$54.7tHK$43.6tHK$3.9t11.8x14x1.3x
Wed, 18 Jun 2025HK$51.9tHK$43.6tHK$3.9t11.2x13.4x1.2x
Fri, 16 May 2025HK$50.0tHK$43.1tHK$3.8t11x13.1x1.2x
Sun, 13 Apr 2025HK$45.6tHK$42.6tHK$3.7t10.1x12.2x1.1x
Tue, 11 Mar 2025HK$48.4tHK$43.3tHK$3.5t10.5x13.7x1.1x
Thu, 06 Feb 2025HK$44.4tHK$43.2tHK$3.5t9.9x12.6x1x
Sat, 04 Jan 2025HK$43.9tHK$42.6tHK$3.6t9.9x12.1x1x
Mon, 02 Dec 2024HK$43.0tHK$42.9tHK$3.7t9.9x11.7x1x
Wed, 30 Oct 2024HK$44.5tHK$43.3tHK$3.6t9.8x12.4x1x
Fri, 27 Sep 2024HK$43.1tHK$44.0tHK$3.6t9.3x11.9x1x
Sun, 25 Aug 2024HK$40.3tHK$43.4tHK$3.6t8.7x11.3x0.9x
Tue, 23 Jul 2024HK$40.4tHK$42.5tHK$3.5t9.4x11.7x1x
Thu, 20 Jun 2024HK$41.7tHK$43.2tHK$3.4t9.6x12.2x1x
Sat, 18 May 2024HK$43.1tHK$43.2tHK$3.4t10x12.6x1x
Mon, 15 Apr 2024HK$39.0tHK$43.3tHK$3.4t9.2x11.4x0.9x
Wed, 13 Mar 2024HK$38.7tHK$43.9tHK$3.4t8.9x11.2x0.9x
Fri, 09 Feb 2024HK$36.5tHK$44.0tHK$3.4t8.6x10.9x0.8x
Sun, 07 Jan 2024HK$37.8tHK$46.0tHK$3.5t9.2x10.9x0.8x
Tue, 05 Dec 2023HK$37.9tHK$45.9tHK$3.5t9x10.9x0.8x
Thu, 02 Nov 2023HK$37.9tHK$45.0tHK$3.4t8.9x11x0.8x
Sat, 30 Sep 2023HK$39.4tHK$45.0tHK$3.4t9.2x11.5x0.9x
Mon, 28 Aug 2023HK$39.6tHK$45.6tHK$3.6t9.4x11x0.9x
Wed, 26 Jul 2023HK$42.0tHK$46.1tHK$3.7t9.4x11.4x0.9x
Fri, 23 Jun 2023HK$39.2tHK$44.7tHK$3.1t9.7x12.8x0.9x
Sun, 21 May 2023HK$43.5tHK$46.9tHK$3.7t9.7x11.7x0.9x
Tue, 18 Apr 2023HK$45.5tHK$47.6tHK$3.8t9.9x11.9x1x
Thu, 16 Mar 2023HK$43.1tHK$47.7tHK$4.1t8.7x10.4x0.9x
Sat, 11 Feb 2023HK$44.3tHK$48.0tHK$4.3t9x10.4x0.9x
Price to Earnings Ratio

10.4x


Total Market Cap: HK$44.3tTotal Earnings: HK$4.3tTotal Revenue: HK$48.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.3x202420252026
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 12.3x.
Past Earnings Growth
  • The earnings for companies in the Hong Kong industry have declined 2.3% per year over the last three years.
  • Revenues have also declined 3.1% 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-1.27%
Real Estate2.81%
Industrials0.77%
Energy0.32%
Financials0.06%
Utilities-0.16%
Consumer Staples-0.92%
Tech-2.99%
Telecom-3.35%
Consumer Discretionary-3.48%
Healthcare-3.85%
Materials-4.35%
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 121x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.0%, 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 2.3% 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
1299 AIA GroupHK$89.453.5%
+HK$31.5b		65.5%PE19.8xFinancials
857 PetroChinaHK$8.971.8%
+HK$29.3b		48.3%PE9.2xEnergy
3988 Bank of ChinaHK$4.602.0%
+HK$29.0b		12.5%PB0.4xFinancials
100 MiniMax GroupHK$581.0019.0%
+HK$28.7b		n/aPS356.5xTech
6869 Yangtze Optical Fibre And Cable LimitedHK$94.9545.7%
+HK$24.5b		443.8%PE121xTech
See more

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Latest News

1288
HK$5.39
Agricultural Bank of China
7D
-2.5%
1Y
25.6%

1288: Dividend And Governance Actions Will Support Stronger Outlook Into 2026

Analysts have nudged their fair value estimate for Agricultural Bank of China slightly higher to reflect small adjustments in the discount rate, profit margin assumptions, and a marginally higher future P/E. Together, these factors support a modest upward move in their price target.
1299
HK$89.45
AIA Group
7D
3.5%
1Y
65.5%

1299: Stable Margins And Higher Future P/E Multiple Will Support Upside

Analysts have nudged their price target for AIA Group higher to US$99.80 from about US$96.78, citing updated fair value estimates along with adjusted assumptions for revenue trends, profit margins and future P/E levels. Valuation Changes Fair Value: nudged higher from US$96.78 to US$99.80, reflecting slightly revised model assumptions.
1088
HK$40.60
China Shenhua Energy
7D
-3.4%
1Y
28.1%
9999
HK$198.50
NetEase
7D
-4.1%
1Y
25.0%
2259
HK$217.20
Zijin Gold International
7D
-6.8%
1Y
n/a
66
HK$35.84
MTR
7D
5.7%
1Y
45.4%

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Jan 26
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700
HK$581.00
Tencent Holdings
7D
-4.3%
1Y
38.1%

700: AI Spending And Ecosystem Deals Will Support Earnings Beyond 2025

Analysts have nudged their price targets for Tencent higher, with one move from $77 to $102. This adjustment is closely tied to recent Q3 results and expectations that ongoing investment in artificial intelligence could support stronger revenue and profit in 2026 compared with 2025.
9992
HK$231.60
Pop Mart International Group
7D
7.1%
1Y
124.4%
3988
HK$4.60
Bank of China
7D
2.0%
1Y
12.5%

3988: Lower Future P/E And Margin Assumptions Will Constrain Upside Potential

Analysts have made a small upward adjustment to their fair value estimate for Bank of China to about US$3.77 per share. This reflects updated assumptions for revenue growth, profit margin and future P/E, while applying a slightly lower discount rate.
981
HK$70.45
Semiconductor Manufacturing International
7D
-8.0%
1Y
55.0%

981: Flat Revenue Outlook And Stable Margins Will Support Fair Balance

Analysts have made a modest upward adjustment to their price target for Semiconductor Manufacturing International, reflecting fine tuned views on fair value, discount rate, growth, profit margin and future P/E assumptions. What's in the News Issued earnings guidance for fourth quarter 2025, with management indicating revenue is expected to be flat to up 2% quarter on quarter (Key Developments).
1810
HK$34.60
Xiaomi
7D
-2.7%
1Y
-12.5%

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.
1109
HK$30.30
China Resources Land
7D
6.4%
1Y
30.9%
6869
HK$94.95
Yangtze Optical Fibre And Cable Limited
7D
45.7%
1Y
443.8%
100
HK$581.00
MiniMax Group
7D
19.0%
1Y
n/a
857
HK$8.97
PetroChina
7D
1.8%
1Y
48.3%
1211
HK$90.00
BYD
7D
-8.4%
1Y
-5.7%