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Hong Kong (HSI) Market Analysis & Valuation

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies2296
  • 7D0.4%
  • 3M2.1%
  • 1Y19.3%
  • YTD2.4%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 3.9%. More promisingly, the market is up 19% over the past year. 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
Mon, 23 Feb 2026HK$56.9tHK$43.9tHK$4.0t12.6x14.2x1.3x
Wed, 21 Jan 2026HK$57.0tHK$43.5tHK$4.0t12.4x14.3x1.3x
Fri, 19 Dec 2025HK$55.3tHK$43.0tHK$3.9t12x14.1x1.3x
Sun, 16 Nov 2025HK$57.9tHK$42.5tHK$3.9t12.6x14.8x1.4x
Tue, 14 Oct 2025HK$56.3tHK$42.8tHK$3.9t12.6x14.5x1.3x
Thu, 11 Sep 2025HK$58.0tHK$43.4tHK$4.0t12.3x14.6x1.3x
Sat, 09 Aug 2025HK$55.8tHK$43.5tHK$3.9t12.2x14.3x1.3x
Mon, 07 Jul 2025HK$53.2tHK$43.6tHK$3.9t11.2x13.7x1.2x
Wed, 04 Jun 2025HK$50.7tHK$43.5tHK$3.9t11x13.1x1.2x
Fri, 02 May 2025HK$47.6tHK$42.5tHK$3.8t10.7x12.7x1.1x
Sun, 30 Mar 2025HK$48.6tHK$43.2tHK$3.7t11.1x13.2x1.1x
Tue, 25 Feb 2025HK$47.8tHK$43.3tHK$3.5t10.4x13.5x1.1x
Thu, 23 Jan 2025HK$43.3tHK$43.2tHK$3.5t9.9x12.3x1x
Sat, 21 Dec 2024HK$44.0tHK$42.6tHK$3.6t9.9x12.1x1x
Mon, 18 Nov 2024HK$43.2tHK$43.0tHK$3.7t9.8x11.8x1x
Wed, 16 Oct 2024HK$43.8tHK$43.3tHK$3.6t9.8x12.3x1x
Fri, 13 Sep 2024HK$38.2tHK$43.5tHK$3.6t8.7x10.7x0.9x
Sun, 11 Aug 2024HK$39.2tHK$43.0tHK$3.5t9x11.2x0.9x
Tue, 09 Jul 2024HK$40.7tHK$42.6tHK$3.5t9.4x11.8x1x
Thu, 06 Jun 2024HK$41.8tHK$43.2tHK$3.4t9.7x12.2x1x
Sat, 04 May 2024HK$41.4tHK$43.3tHK$3.4t9.4x12.2x1x
Mon, 01 Apr 2024HK$38.6tHK$43.4tHK$3.4t9.2x11.3x0.9x
Wed, 28 Feb 2024HK$38.2tHK$43.8tHK$3.4t8.9x11.2x0.9x
Fri, 26 Jan 2024HK$36.9tHK$44.0tHK$3.3t8.9x11.1x0.8x
Sun, 24 Dec 2023HK$37.0tHK$46.0tHK$3.5t9.1x10.6x0.8x
Tue, 21 Nov 2023HK$39.1tHK$45.6tHK$3.5t9x11.3x0.9x
Thu, 19 Oct 2023HK$39.2tHK$44.9tHK$3.4t9x11.5x0.9x
Sat, 16 Sep 2023HK$40.1tHK$45.2tHK$3.5t9.2x11.6x0.9x
Mon, 14 Aug 2023HK$41.2tHK$45.5tHK$3.6t9.7x11.3x0.9x
Wed, 12 Jul 2023HK$41.1tHK$45.9tHK$3.7t9.6x11.2x0.9x
Fri, 09 Jun 2023HK$42.7tHK$46.3tHK$3.7t9.6x11.5x0.9x
Sun, 07 May 2023HK$45.2tHK$47.6tHK$3.8t9.8x11.9x1x
Tue, 04 Apr 2023HK$43.7tHK$47.7tHK$4.0t9.7x11x0.9x
Thu, 02 Mar 2023HK$43.9tHK$47.7tHK$4.2t8.9x10.4x0.9x
Price to Earnings Ratio

10.4x


Total Market Cap: HK$43.9tTotal Earnings: HK$4.2tTotal Revenue: HK$47.7tTotal 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 Hong Kong listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.7% 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 Market0.35%
Energy3.86%
Materials1.61%
Healthcare1.28%
Financials0.61%
Real Estate0.60%
Utilities0.51%
Industrials0.44%
Consumer Discretionary-0.55%
Telecom-1.26%
Tech-1.62%
Consumer Staples-1.66%
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 106x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.5%, which is higher than its past year's earnings growth of 1.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 22% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 2.7% 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
857 PetroChinaHK$9.574.2%
+HK$71.4b		60.0%PE9.8xEnergy
1398 Industrial and Commercial Bank of ChinaHK$6.562.5%
+HK$57.0b		17.8%PB0.5xFinancials
1288 Agricultural Bank of ChinaHK$5.553.0%
+HK$56.0b		20.1%PB0.6xFinancials
939 China Construction BankHK$8.212.5%
+HK$52.3b		22.2%PB0.5xFinancials
700 Tencent HoldingsHK$538.000.9%
+HK$45.5b		8.2%PE19.9xTelecom
See more

Market Insights

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Latest News

939
HK$8.21
China Construction Bank
7D
2.5%
1Y
22.2%

939: Board Governance And Risk Controls Will Support Bullish Outlook

Analysts have modestly adjusted their price target on China Construction Bank, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E. They now estimate fair value at about HK$10.97 per share.
1398
HK$6.56
Industrial and Commercial Bank of China
7D
2.5%
1Y
17.8%

1398: Governance And Inclusive Finance Plans Will Support Future Confidence

Analysts have slightly lifted their HK$ fair value estimate for Industrial and Commercial Bank of China to HK$8.81. This reflects updated assumptions around the discount rate, revenue growth, profit margin and future P/E.
1347
HK$98.40
Hua Hong Semiconductor
7D
-1.5%
1Y
137.4%

1347: Lofty Multiple Will Be Tested At Upcoming Shareholder Meeting

Analysts have raised their price target for Hua Hong Semiconductor to HK$33.99 from HK$28.98, citing revised views on fair value, updated growth assumptions and expectations for a higher future P/E multiple. What's in the News Hua Hong Semiconductor issued earnings guidance for the first quarter of 2026, indicating expected revenue of about US$650 million to US$660 million (company guidance).
9999
HK$182.40
NetEase
7D
-2.6%
1Y
15.9%

9999: Dividend Momentum And Completed Buyback Will Support Future Upside Potential

Analysts have trimmed their HK$ fair value estimate for NetEase from about HK$259.38 to around HK$255.05, reflecting updated assumptions for slightly lower revenue growth and P/E, along with a small adjustment to the discount rate and profit margin outlook. 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, with a record date of 16 March 2026 and expected payment dates of 25 March 2026 for ordinary shares and on or around 27 March 2026 for ADS holders (company announcement).
6618
HK$58.15
JD Health International
7D
-4.1%
1Y
61.3%

6618: Refined Revenue And Margin Assumptions Will Support Future Upside Potential

Analysts have nudged their fair value estimate for JD Health International slightly higher to HK$98.16 from HK$97.73, citing updated assumptions around revenue growth, profit margins, the discount rate and future P/E expectations. Valuation Changes Fair Value: HK$98.16 compared with the prior HK$97.73, reflecting a very small upward adjustment in the model.
883
HK$25.84
CNOOC
7D
2.8%
1Y
42.9%

883: Offshore Project Ramp Up And New Finds Will Shape Returns

Analysts have trimmed their HK$ fair value estimate for CNOOC from about HK$23.68 to HK$23.52 as slightly lower revenue growth, profit margin and future P/E assumptions feed into a modestly higher discount rate. What's in the News CNOOC reported that the Buzios6 project in Brazil's Santos Basin has started production, using an FPSO and subsea system with 13 planned wells and installed field capacity of 1.15 million barrels per day once fully on-stream (company announcement).
1810
HK$36.56
Xiaomi
7D
-0.3%
1Y
-29.1%

1810: Slower Revenue Outlook Will Outweigh Potential Benefits From Crypto Partnership

Analysts have lowered their Xiaomi price target from HK$46.89 to HK$31.23, primarily reflecting revised assumptions for slower revenue growth, a lower future P/E and a higher discount rate, partly offset by higher projected profit margins. What's in the News Ford held discussions with Xiaomi about a potential partnership, according to a Financial Times report.
772
HK$35.78
China Literature
7D
-7.7%
1Y
11.8%

772: Future P/E Repricing And Dividend Prospects Will Support Upside

Analysts have nudged their fair value estimate for China Literature higher from roughly HK$41.28 to about HK$43.16, citing updated assumptions around discount rates, growth, profit margins and future P/E expectations. What's in the News China Literature guided to an impairment of goodwill of about RMB 1.8b related to New Classics Media after a preliminary assessment of goodwill as of December 31, 2025 (Key Developments).
700
HK$538.00
Tencent Holdings
7D
0.9%
1Y
8.2%
1288
HK$5.55
Agricultural Bank of China
7D
3.0%
1Y
20.1%

1288: Dividend Policy And Governance Changes Will Support Stronger Outlook Into 2026

Analysts have increased their HK$ fair value estimate for Agricultural Bank of China from HK$6.33 to HK$6.41, reflecting slight adjustments to assumptions for the discount rate, profit margin, revenue growth, and forward P/E multiple. What's in the News Board meeting set for Feb 13, 2026 to review the 2026 fixed assets investment budget, consider appointing WANG Zhiheng as chief compliance officer, adjust board committee memberships, decide on the 2025 to 2026 dividend payment scheme for the second tranche of preference shares, and handle other business items (Key Developments).
1299
HK$85.65
AIA Group
7D
4.0%
1Y
46.8%

1299: Higher Future P/E Multiple Will Support Upside Potential

Analysts have slightly raised their fair value estimate for AIA Group from HK$99.80 to HK$100.20, citing updated assumptions on the discount rate, revenue trends, profit margin, and a higher future P/E multiple. Valuation Changes Fair Value: HK$99.80 to HK$100.20, a very small upward adjustment in the modelled estimate.
3696
HK$68.30
InSilico Medicine Cayman TopCo
7D
-11.2%
1Y
n/a
9992
HK$248.40
Pop Mart International Group
7D
-1.1%
1Y
126.4%
3858
HK$74.55
Jiaxin International Resources Investment
7D
-9.2%
1Y
n/a
2259
HK$228.80
Zijin Gold International
7D
8.0%
1Y
n/a
857
HK$9.57
PetroChina
7D
4.2%
1Y
60.0%