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Hong Kong (HSI) Market Analysis & Valuation

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies2297
  • 7D-1.9%
  • 3M-0.4%
  • 1Y15.1%
  • YTD0.6%

Over the last 7 days, the market has dropped 2.4%, driven by a pullback of 3.0% in the Financials sector. Meanwhile, the Energy sector has outperformed, gaining 5.7% in that time. In the last year, the market is actually up 13%. Looking forward, 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
Sat, 07 Mar 2026HK$56.7tHK$44.0tHK$4.0t12.3x14.1x1.3x
Mon, 02 Feb 2026HK$57.7tHK$43.6tHK$4.0t12.5x14.5x1.3x
Wed, 31 Dec 2025HK$55.8tHK$43.2tHK$4.0t12.1x14.1x1.3x
Fri, 28 Nov 2025HK$56.7tHK$42.7tHK$3.9t12.3x14.4x1.3x
Sun, 26 Oct 2025HK$56.6tHK$42.3tHK$3.8t12.7x14.9x1.3x
Tue, 23 Sep 2025HK$57.0tHK$43.4tHK$4.0t12.4x14.4x1.3x
Thu, 21 Aug 2025HK$56.8tHK$43.6tHK$3.9t12.6x14.5x1.3x
Sat, 19 Jul 2025HK$54.7tHK$43.6tHK$3.9t11.8x14x1.3x
Mon, 16 Jun 2025HK$51.8tHK$43.6tHK$3.9t11.1x13.3x1.2x
Wed, 14 May 2025HK$49.4tHK$43.0tHK$3.8t11.1x13x1.1x
Fri, 11 Apr 2025HK$45.1tHK$42.3tHK$3.7t10.2x12.1x1.1x
Sun, 09 Mar 2025HK$48.9tHK$43.4tHK$3.5t10.5x13.8x1.1x
Tue, 04 Feb 2025HK$44.2tHK$43.3tHK$3.5t10x12.5x1x
Thu, 02 Jan 2025HK$45.0tHK$42.6tHK$3.6t10x12.3x1.1x
Sat, 30 Nov 2024HK$43.0tHK$42.9tHK$3.7t9.9x11.7x1x
Mon, 28 Oct 2024HK$44.7tHK$43.4tHK$3.6t9.8x12.4x1x
Wed, 25 Sep 2024HK$41.3tHK$43.9tHK$3.6t9.2x11.4x0.9x
Fri, 23 Aug 2024HK$40.3tHK$43.3tHK$3.5t8.8x11.4x0.9x
Sun, 21 Jul 2024HK$40.3tHK$42.6tHK$3.5t9.4x11.6x0.9x
Tue, 18 Jun 2024HK$41.0tHK$43.2tHK$3.4t9.5x12x0.9x
Thu, 16 May 2024HK$42.5tHK$43.3tHK$3.4t9.8x12.4x1x
Sat, 13 Apr 2024HK$39.0tHK$43.3tHK$3.4t9.2x11.4x0.9x
Mon, 11 Mar 2024HK$38.2tHK$43.3tHK$3.4t8.8x11.2x0.9x
Wed, 07 Feb 2024HK$36.7tHK$44.0tHK$3.4t8.5x10.9x0.8x
Fri, 05 Jan 2024HK$37.9tHK$45.9tHK$3.5t9.2x10.9x0.8x
Sun, 03 Dec 2023HK$38.1tHK$45.9tHK$3.5t9x11x0.8x
Tue, 31 Oct 2023HK$38.2tHK$45.0tHK$3.4t9x11.1x0.8x
Thu, 28 Sep 2023HK$39.1tHK$44.9tHK$3.4t9.1x11.5x0.9x
Sat, 26 Aug 2023HK$39.6tHK$45.4tHK$3.6t9.4x11x0.9x
Mon, 24 Jul 2023HK$41.2tHK$45.9tHK$3.7t9.5x11.2x0.9x
Wed, 21 Jun 2023HK$42.3tHK$46.0tHK$3.7t9.7x11.5x0.9x
Fri, 19 May 2023HK$44.0tHK$46.8tHK$3.7t9.7x11.8x0.9x
Sun, 16 Apr 2023HK$44.8tHK$47.7tHK$3.8t9.9x11.7x0.9x
Tue, 14 Mar 2023HK$43.1tHK$47.6tHK$4.1t8.8x10.4x0.9x
Price to Earnings Ratio

10.4x


Total Market Cap: HK$43.1tTotal Earnings: HK$4.1tTotal Revenue: HK$47.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.4x202420252026
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 12.4x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.5% 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-1.89%
Energy4.32%
Utilities0.99%
Telecom0.36%
Financials-2.18%
Industrials-2.50%
Consumer Staples-3.82%
Healthcare-3.92%
Real Estate-4.16%
Consumer Discretionary-4.43%
Materials-5.60%
Tech-6.67%
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 127x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.8%, which is higher than its past year's earnings growth of 2.9% 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 3.4% 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
857 PetroChinaHK$10.409.0%
+HK$157.4b		79.3%PE10.6xEnergy
883 CNOOCHK$26.625.1%
+HK$61.8b		51.8%PE9.1xEnergy
9999 NetEaseHK$189.205.6%
+HK$31.7b		17.1%PE15.7xTelecom
1378 China Hongqiao GroupHK$38.288.0%
+HK$28.1b		156.2%PE13.2xMaterials
1072 Dongfang ElectricHK$44.8013.2%
+HK$18.1b		351.2%PE41.9xIndustrials
See more

Market Insights

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Latest News

9999
HK$189.20
NetEase
7D
5.6%
1Y
17.1%
981
HK$61.80
Semiconductor Manufacturing International
7D
-9.1%
1Y
13.2%

981: Flat Near Term Outlook And Guided Margins Will Support Upside Potential

Analysts have slightly increased their fair value estimate for Semiconductor Manufacturing International to HK$75.86 from HK$75.24, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. What's in the News Semiconductor Manufacturing International issued earnings guidance for the first quarter of 2026, expecting revenue to be flat sequentially and gross margin in a range of 18% to 20% (company guidance).
1810
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Xiaomi
7D
-4.2%
1Y
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1810: Auto Sector Weakness And Crypto Alliance Will Shape Future Returns

Narrative Update Analysts have trimmed their Xiaomi price target slightly to HK$30.52 from HK$31.23, reflecting updated assumptions for somewhat lower profit margins and fair value, partly offset by a higher expected P/E multiple and revenue growth outlook following recent sector research on Chinese carmakers and Xiaomi's role in that ecosystem. Analyst Commentary Recent sector commentary on Chinese carmakers has contributed to a more cautious tone around Xiaomi's auto exposure and broader growth expectations.
883
HK$26.62
CNOOC
7D
5.1%
1Y
51.8%

883: New Offshore Discoveries Will Likely Fail To Justify Current Pricing

Analysts have trimmed their price target on CNOOC by about HK$0.86, citing slightly adjusted assumptions for fair value, discount rate, revenue growth, profit margin and future P/E as they refresh their valuation model. What's in the News CNOOC reported that the Buzios6 Project in Brazil has started production, using an FPSO and subsea system with 13 planned development wells and an FPSO designed to handle 180,000 barrels of crude oil and 7.2 million cubic meters of natural gas per day, plus storage for 2 million barrels (company announcement).
9992
HK$207.40
Pop Mart International Group
7D
-9.7%
1Y
78.2%
2259
HK$209.80
Zijin Gold International
7D
-10.3%
1Y
n/a
857
HK$10.40
PetroChina
7D
9.0%
1Y
79.3%
3858
HK$125.80
Jiaxin International Resources Investment
7D
28.6%
1Y
n/a
386
HK$5.22
China Petroleum & Chemical
7D
-4.2%
1Y
24.6%
1072
HK$44.80
Dongfang Electric
7D
13.2%
1Y
351.2%
2628
HK$28.80
China Life Insurance
7D
-8.8%
1Y
80.7%

2628: Steady Metrics And New Investment Agreements Will Shape Future Shareholder Outcomes

Analysts now see slightly higher upside in China Life Insurance, lifting their fair value estimate from about HK$32.70 to around HK$32.96. This view is supported by steady assumptions for revenue growth, profit margin, discount rate and future P/E.
728
HK$5.10
China Telecom
7D
2.4%
1Y
-17.9%

728: Governance Changes And Margin Reset Will Shape A Balanced Upside Outlook

Analysts have trimmed their price target on China Telecom to HK$5.50 from HK$6.00, pointing to updated assumptions around slightly higher revenue growth, a lower profit margin profile, a marginally higher discount rate and a modestly higher future P/E multiple. What's in the News Shareholders approved amendments to China Telecom Corporation Limited's Articles of Association, signaling an update to the company's formal governance framework (Key Developments).
2388
HK$42.28
BOC Hong Kong (Holdings)
7D
-5.8%
1Y
42.1%

2388: New Connected Transaction Caps Will Increase Governance Concerns And Downside Risk

Analysts have slightly raised their fair value estimate for BOC Hong Kong (Holdings) to HK$32.98, reflecting updated assumptions around revenue growth, profit margins, the discount rate and forward P/E that fine tune rather than overhaul their prior view. What's in the News BOC Hong Kong (Holdings) announced that the applicable percentage ratios for the New Caps related to its Investment and Referral Connected Transactions and Inter-bank Connected Transactions are 5% or more, which brings these arrangements under the non exempt continuing connected transaction rules of Chapter 14A of the Hong Kong Listing Rules (Key Developments).
3988
HK$4.52
Bank of China
7D
-2.6%
1Y
-0.9%

3988: Slightly Softer Margins And P E Multiple Will Limit Share Upside

Analysts have made a small upward adjustment to their HK$ fair value estimate for Bank of China. They cite updated assumptions for the discount rate, revenue growth, profit margin and future P/E, which together support a slightly higher price target.
100
HK$805.50
MiniMax Group
7D
5.5%
1Y
n/a
1378
HK$38.28
China Hongqiao Group
7D
8.0%
1Y
156.2%

China Hongqiao Group Limited (HKG:1378) Shares Could Be 45% Below Their Intrinsic Value Estimate

Feb 02
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