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Hong Kong (HSI) Market Analysis & Valuation

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies2297
  • 7D-2.0%
  • 3M-2.0%
  • 1Y27.4%
  • YTD1.5%

Over the last 7 days, the market has dropped 2.0%, driven by a decline of 7.1% in the Communication Services sector. In the last year, the market is actually up 27%. 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
Mon, 09 Feb 2026HK$56.6tHK$43.7tHK$4.0t12.2x14.2x1.3x
Wed, 07 Jan 2026HK$57.3tHK$43.3tHK$4.0t12.3x14.4x1.3x
Fri, 05 Dec 2025HK$56.6tHK$42.8tHK$3.9t12.3x14.4x1.3x
Sun, 02 Nov 2025HK$56.1tHK$42.4tHK$3.9t12.7x14.5x1.3x
Tue, 30 Sep 2025HK$57.1tHK$43.3tHK$3.9t12.3x14.5x1.3x
Thu, 28 Aug 2025HK$56.9tHK$43.4tHK$3.9t12.4x14.6x1.3x
Sat, 26 Jul 2025HK$55.6tHK$43.6tHK$3.9t12x14.2x1.3x
Mon, 23 Jun 2025HK$51.8tHK$43.6tHK$3.9t11.1x13.3x1.2x
Wed, 21 May 2025HK$50.4tHK$43.1tHK$3.8t11x13.2x1.2x
Fri, 18 Apr 2025HK$46.7tHK$42.5tHK$3.7t10.4x12.5x1.1x
Sun, 16 Mar 2025HK$49.1tHK$43.5tHK$3.6t10.7x13.8x1.1x
Tue, 11 Feb 2025HK$45.5tHK$43.0tHK$3.5t10.1x13x1.1x
Thu, 09 Jan 2025HK$43.1tHK$42.5tHK$3.6t9.9x11.9x1x
Sat, 07 Dec 2024HK$44.1tHK$42.8tHK$3.7t10x12x1x
Mon, 04 Nov 2024HK$44.4tHK$43.4tHK$3.7t9.7x12x1x
Wed, 02 Oct 2024HK$45.5tHK$43.8tHK$3.6t10x12.6x1x
Fri, 30 Aug 2024HK$40.3tHK$43.7tHK$3.6t8.8x11.2x0.9x
Sun, 28 Jul 2024HK$39.3tHK$42.7tHK$3.5t9.2x11.3x0.9x
Tue, 25 Jun 2024HK$41.1tHK$43.2tHK$3.4t9.4x12x1x
Thu, 23 May 2024HK$42.9tHK$43.2tHK$3.4t9.9x12.5x1x
Sat, 20 Apr 2024HK$39.2tHK$43.2tHK$3.4t9.1x11.5x0.9x
Mon, 18 Mar 2024HK$38.4tHK$43.9tHK$3.5t8.8x11x0.9x
Wed, 14 Feb 2024HK$36.3tHK$43.5tHK$3.3t8.7x10.9x0.8x
Fri, 12 Jan 2024HK$37.0tHK$45.6tHK$3.5t9.1x10.6x0.8x
Sun, 10 Dec 2023HK$37.1tHK$45.8tHK$3.5t8.9x10.7x0.8x
Tue, 07 Nov 2023HK$39.0tHK$45.2tHK$3.5t9x11.3x0.9x
Thu, 05 Oct 2023HK$39.4tHK$45.0tHK$3.4t9x11.5x0.9x
Sat, 02 Sep 2023HK$40.2tHK$45.3tHK$3.5t9.3x11.6x0.9x
Mon, 31 Jul 2023HK$43.0tHK$46.0tHK$3.7t9.7x11.6x0.9x
Wed, 28 Jun 2023HK$41.6tHK$45.8tHK$3.7t9.7x11.3x0.9x
Fri, 26 May 2023HK$42.4tHK$46.7tHK$3.7t9.5x11.4x0.9x
Sun, 23 Apr 2023HK$44.3tHK$47.5tHK$3.8t9.9x11.7x0.9x
Tue, 21 Mar 2023HK$42.3tHK$47.5tHK$4.1t8.7x10.3x0.9x
Thu, 16 Feb 2023HK$43.8tHK$47.9tHK$4.3t9x10.3x0.9x
Price to Earnings Ratio

10.3x


Total Market Cap: HK$43.8tTotal Earnings: HK$4.3tTotal Revenue: HK$47.9tTotal 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 2.2% per year over the last three years.
  • Revenues have also declined 3.0% 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-1.99%
Industrials1.00%
Consumer Staples0.98%
Real Estate0.88%
Utilities-0.24%
Energy-0.36%
Consumer Discretionary-0.72%
Financials-0.77%
Healthcare-1.52%
Tech-4.71%
Materials-5.35%
Telecom-7.10%
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 117x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.2%, 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 29% 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 2.4% 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
9992 Pop Mart International GroupHK$243.208.8%
+HK$26.0b		140.6%PE42.3xConsumer Discretionary
3328 Bank of CommunicationsHK$6.923.0%
+HK$17.7b		9.8%PB0.4xFinancials
939 China Construction BankHK$7.970.8%
+HK$15.7b		26.5%PB0.5xFinancials
1658 Postal Savings Bank of ChinaHK$5.232.5%
+HK$15.6b		14.4%PB0.5xFinancials
66 MTRHK$36.666.0%
+HK$12.9b		50.9%PE13.1xIndustrials
See more

Market Insights

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HK$36.66
MTR
7D
6.0%
1Y
50.9%

66: Stable Assumptions And Elevated P/E Will Restrain Future Returns

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939
HK$7.97
China Construction Bank
7D
0.8%
1Y
26.5%

939: Fair Outlook Will Balance Higher Profitability Assumptions And Governance Developments

Narrative Update: China Construction Bank Analysts have raised their fair value estimate for China Construction Bank from HK$6.44 to HK$7.44, pointing to updated assumptions for revenue growth, profit margin, and future P/E as the key drivers of this change. What's in the News A board meeting is scheduled for December 23, 2025 to review the 2024 remuneration distribution and settlement plans for directors and senior management, and to consider the nomination of Shi Jian to a board special committee and the appointment of Tang Shuo as executive vice president (Key Developments).
1024
HK$71.25
Kuaishou Technology
7D
-11.1%
1Y
53.9%

1024: Fair Outlook Will Balance AI Content Tools And Ongoing Share Buybacks

Analysts have slightly raised their fair value estimate for Kuaishou Technology from HK$73.69 to HK$74.37. This reflects updated assumptions on revenue growth, profit margins and future P/E that modestly adjust their long term outlook.
9999
HK$188.30
NetEase
7D
-8.1%
1Y
15.6%

9999: Reset Fair Value Will Reflect Higher Margins And Music Platform Integration

Narrative Update on NetEase The analyst price target for NetEase has been revised from US$169.73 to US$197.83, with analysts pointing to updated assumptions for revenue growth, profit margins and a slightly lower forward P/E multiple to support the change. What's in the News Board meeting scheduled for February 10, 2026, to approve unaudited results for the three months and fiscal year ended December 31, 2025, and to consider the quarterly dividend for the fourth quarter of 2025 (company event).
981
HK$67.60
Semiconductor Manufacturing International
7D
-10.3%
1Y
44.9%

981: Future P/E Repricing Will Support Constructive Long Term Upside Potential

Analysts have lifted their fair value estimate for Semiconductor Manufacturing International from about US$73.00 to roughly US$126.00 per share, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E levels. What's in the News A special or extraordinary shareholders meeting is scheduled for February 12, 2026 at 14:00 China Standard Time in Shanghai, China.
1299
HK$83.50
AIA Group
7D
-7.6%
1Y
57.3%
1288
HK$5.50
Agricultural Bank of China
7D
0.5%
1Y
30.6%

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.
2259
HK$204.40
Zijin Gold International
7D
-6.5%
1Y
n/a
700
HK$547.50
Tencent Holdings
7D
-9.7%
1Y
27.9%

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

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669
HK$112.10
Techtronic Industries
7D
5.3%
1Y
9.7%

669: Strong Brand Demand And HART Exit Will Support Future Upside

Analysts have raised their fair value estimate for Techtronic Industries slightly to US$114.84 from about US$114.73, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E. What's in the News A board meeting is scheduled for March 3, 2026, to approve the announcement of Techtronic Industries' annual results for the year ended December 31, 2025, and to consider a final dividend for 2025 (Key Developments).
27
HK$42.66
Galaxy Entertainment Group
7D
7.2%
1Y
43.9%

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9992
HK$243.20
Pop Mart International Group
7D
8.8%
1Y
140.6%
1658
HK$5.23
Postal Savings Bank of China
7D
2.5%
1Y
14.4%
3328
HK$6.92
Bank of Communications
7D
3.0%
1Y
9.8%
1211
HK$92.30
BYD
7D
-5.6%
1Y
-16.1%
3690
HK$91.40
Meituan
7D
-6.0%
1Y
-40.7%