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Hong Kong (HSI) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies2313
  • 7D1.7%
  • 3M2.0%
  • 1Y25.6%
  • YTD3.2%

The market has climbed 1.7% in the last 7 days, lead by the Financials sector with a gain of 2.8%. In contrast, the Energy sector is lagging, dropping 3.2%. The market is up 26% over the last 12 months. As for the next few years, earnings are expected to grow by 13% 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, 22 Apr 2026HK$58.2tHK$44.6tHK$4.2t12.5x14x1.3x
Fri, 20 Mar 2026HK$56.6tHK$44.2tHK$4.0t11.9x14x1.3x
Sun, 15 Feb 2026HK$56.9tHK$43.9tHK$4.0t12.4x14.2x1.3x
Tue, 13 Jan 2026HK$57.4tHK$43.4tHK$4.0t12.4x14.4x1.3x
Thu, 11 Dec 2025HK$55.6tHK$42.8tHK$3.9t12.2x14.1x1.3x
Sat, 08 Nov 2025HK$56.9tHK$42.4tHK$3.9t12.6x14.6x1.3x
Mon, 06 Oct 2025HK$58.0tHK$43.2tHK$3.9t12.9x14.7x1.3x
Wed, 03 Sep 2025HK$57.3tHK$43.4tHK$4.0t12x14.5x1.3x
Fri, 01 Aug 2025HK$54.9tHK$43.5tHK$3.9t12x14.1x1.3x
Sun, 29 Jun 2025HK$53.0tHK$43.6tHK$3.9t11.2x13.6x1.2x
Tue, 27 May 2025HK$50.3tHK$43.4tHK$3.8t11x13.1x1.2x
Thu, 24 Apr 2025HK$47.5tHK$42.6tHK$3.7t10.6x12.7x1.1x
Sat, 22 Mar 2025HK$48.7tHK$43.6tHK$3.6t10.7x13.7x1.1x
Mon, 17 Feb 2025HK$46.9tHK$43.3tHK$3.5t10.2x13.3x1.1x
Wed, 15 Jan 2025HK$43.0tHK$42.5tHK$3.6t9.7x11.8x1x
Fri, 13 Dec 2024HK$45.1tHK$42.8tHK$3.7t10x12.3x1.1x
Sun, 10 Nov 2024HK$45.1tHK$43.1tHK$3.7t10x12.3x1x
Tue, 08 Oct 2024HK$48.2tHK$43.8tHK$3.6t11x13.4x1.1x
Thu, 05 Sep 2024HK$39.1tHK$43.5tHK$3.6t8.9x10.9x0.9x
Sat, 03 Aug 2024HK$39.2tHK$42.9tHK$3.5t9.2x11.2x0.9x
Mon, 01 Jul 2024HK$41.0tHK$42.6tHK$3.5t9.5x11.8x1x
Wed, 29 May 2024HK$42.6tHK$43.2tHK$3.4t9.9x12.4x1x
Fri, 26 Apr 2024HK$40.1tHK$43.2tHK$3.4t9.1x11.7x0.9x
Sun, 24 Mar 2024HK$38.3tHK$43.7tHK$3.3t8.8x11.5x0.9x
Tue, 20 Feb 2024HK$37.3tHK$43.5tHK$3.3t8.8x11.2x0.9x
Thu, 18 Jan 2024HK$35.2tHK$44.1tHK$3.4t8.9x10.4x0.8x
Sat, 16 Dec 2023HK$37.8tHK$46.1tHK$3.5t9.1x10.8x0.8x
Mon, 13 Nov 2023HK$38.0tHK$45.1tHK$3.4t9x11.1x0.8x
Wed, 11 Oct 2023HK$39.0tHK$45.0tHK$3.4t9.1x11.4x0.9x
Fri, 08 Sep 2023HK$40.0tHK$45.0tHK$3.4t9.4x11.7x0.9x
Sun, 06 Aug 2023HK$42.3tHK$45.8tHK$3.6t9.7x11.6x0.9x
Tue, 04 Jul 2023HK$42.2tHK$45.7tHK$3.7t9.8x11.6x0.9x
Thu, 01 Jun 2023HK$41.2tHK$46.4tHK$3.7t9.3x11.1x0.9x
Sat, 29 Apr 2023HK$44.7tHK$47.5tHK$3.8t9.7x11.7x0.9x
Price to Earnings Ratio

11.7x


Total Market Cap: HK$44.7tTotal Earnings: HK$3.8tTotal Revenue: HK$47.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.5x202420252026
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 13.9x which is higher than its 3-year average PE of 12.5x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have grown 2.9% 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 Market1.66%
Tech4.57%
Telecom4.02%
Financials2.55%
Real Estate1.47%
Consumer Staples1.26%
Utilities1.00%
Industrials0.96%
Consumer Discretionary0.79%
Healthcare0.32%
Energy-1.47%
Materials-3.11%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 12.7x.
    • 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 7.0x.
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 7.4% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 4.4% 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
700 Tencent HoldingsHK$519.005.2%
+HK$232.7b		12.7%PE18.1xTelecom
939 China Construction BankHK$8.965.7%
+HK$125.6b		32.9%PB0.6xFinancials
1288 Agricultural Bank of ChinaHK$6.255.0%
+HK$105.0b		35.3%PB0.6xFinancials
1398 Industrial and Commercial Bank of ChinaHK$7.263.3%
+HK$82.0b		35.2%PB0.5xFinancials
941 China MobileHK$83.702.7%
+HK$47.6b		1.0%PE11.6xTelecom
See more

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Latest News

700
HK$519.00
Tencent Holdings
7D
5.2%
1Y
12.7%
2661
HK$60.25
QingSong Health
7D
-59.2%
1Y
n/a
1398
HK$7.26
Industrial and Commercial Bank of China
7D
3.3%
1Y
35.2%

1398: Governance Timetable And Dividend Plan Will Shape Balanced Preference Shareholder Outlook

Analysts have nudged their HK$ fair value estimate for Industrial and Commercial Bank of China slightly higher, reflecting modest adjustments to inputs such as discount rate, revenue growth, profit margin, and forward P/E assumptions in their price target models. What's in the News Board meeting scheduled for February 13, 2026 to review the 2026 inclusive finance business operation plan, fixed asset investment budget, and internal audit plan, outlining the bank's priorities for the year ahead (Key Developments).
939
HK$8.96
China Construction Bank
7D
5.7%
1Y
32.9%

939: Strengthened Governance And Leadership Transitions Will Support A More Bullish Outlook

Analysts have trimmed their price target on China Construction Bank slightly to reflect a marginally lower fair value estimate of HK$10.99, supported by modest adjustments to the discount rate, revenue growth outlook, profit margin assumptions and future P/E expectations. What's in the News A board meeting is set for Apr 29, 2026 to consider and approve China Construction Bank's results for the three months ended Mar 31, 2026, along with other matters (company event filing).
3988
HK$5.25
Bank of China
7D
2.7%
1Y
22.1%

3988: Dividend Policy And Governance Appointments Will Support Higher Future Returns

Analysts have nudged their HK$ price target on Bank of China slightly higher, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E expectations. What's in the News A board meeting is scheduled for February 13, 2026, to review the 2026 fixed asset investment budget and to consider appointing Zhang Hui as Chief Compliance Officer (Key Developments).
2655
HK$36.74
Guoxia Technology
7D
-42.1%
1Y
n/a
1810
HK$32.40
Xiaomi
7D
4.9%
1Y
-27.0%

1810: Rising Memory Costs And Auto Softness Will Pressure Future Returns

Analysts have trimmed Xiaomi's fair value estimate from about HK$30.52 to around HK$26.96, citing lower assumed revenue growth, slightly softer profit margins, and higher expected P/E multiples, as they respond to recent price target cuts and softer smartphone and auto related expectations. Analyst Commentary Recent research updates highlight a more cautious tone around Xiaomi, with attention on execution risks in both smartphones and autos, as well as pressure on earnings assumptions feeding through to valuation work.
1299
HK$82.80
AIA Group
7D
-4.8%
1Y
52.1%

1299: Dividend Hike And Share Buybacks Will Support Future Upside Potential

Analysts have modestly raised their HK$ price target for AIA Group, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that remain broadly consistent with prior expectations. What's in the News AIA Group Limited Board has recommended a 10% increase in the final dividend to HK$1.4408 per share for the year ended 31 December 2025, subject to shareholder approval at the AGM on 22 May 2026, with payment expected on 12 June 2026 to shareholders on the register as of 29 May 2026 and an ex dividend date of 28 May 2026 (Key Developments).
1288
HK$6.25
Agricultural Bank of China
7D
5.0%
1Y
35.3%

1288: Dividend Plans And Governance Moves Will Support Measured Share Outlook

Analysts have trimmed their price target for Agricultural Bank of China to HK$6.20 from HK$6.45, citing updated assumptions for slightly lower profit margins, a modestly adjusted discount rate, a revised forward P/E of about 7.4x, and refreshed views on revenue growth. What's in the News The board has proposed a final cash dividend of RMB 1.300 (tax inclusive) for each ten shares, covering 349,983,033,873 ordinary shares for the year ended 31 December 2025, with a total planned payout of about RMB 45.498b, subject to approval (Key Developments).
2259
HK$175.00
Zijin Gold International
7D
-3.7%
1Y
n/a
941
HK$83.70
China Mobile
7D
2.7%
1Y
1.0%

941: Dividend Commitment And CEO Transition Will Support Future Upside Repricing

Analysts have slightly reduced their fair value estimate for China Mobile to HK$98.38 from HK$98.52, reflecting updated assumptions for a lower discount rate, more moderate revenue growth, a small change in profit margin, and a slightly higher future P/E multiple. What's in the News The board recommends a final dividend of HK$2.52 per share for 2025, bringing the full year 2025 dividend to HK$5.27 per share with a 75% payout ratio, subject to shareholder approval at the 2026 AGM on 21 May 2026.
857
HK$10.44
PetroChina
7D
-4.3%
1Y
80.9%
6082
HK$47.78
Shanghai Biren Technology
7D
32.0%
1Y
n/a
2600
HK$11.99
Aluminum Corporation of China
7D
-5.4%
1Y
186.8%

Aluminum Corporation of China Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Mar 30
Aluminum Corporation of China Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
1378
HK$37.12
China Hongqiao Group
7D
-4.9%
1Y
176.2%

China Hongqiao Group Limited Just Missed Earnings - But Analysts Have Updated Their Models

Mar 24
China Hongqiao Group Limited Just Missed Earnings - But Analysts Have Updated Their Models
100
HK$898.50
MiniMax Group
7D
-5.5%
1Y
n/a

Colleague Level AI Agents And Multimodal Content Will Support A Fair Long Term Outlook

Catalysts About MiniMax Group MiniMax Group develops large scale AI models and agent products across language, video, speech and music for global enterprises, developers and consumers. What are the underlying business or industry changes driving this perspective?