Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Hong Kong (HSI) Market Analysis & Valuation

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies2297
  • 7D-1.9%
  • 3M0.9%
  • 1Y15.1%
  • YTD0.6%

Over the last 7 days, the market has dropped 1.9%, driven by a decline of 2.2% in the Financials sector. Meanwhile, the Energy sector has outperformed, gaining 4.3% in that time. In contrast to the last week, the market is actually up 15% 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
Mon, 09 Mar 2026HK$56.7tHK$44.0tHK$4.0t12.3x14.1x1.3x
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
Price to Earnings Ratio

10.4x


Total Market Cap: HK$43.1tTotal Earnings: HK$4.1tTotal Revenue: HK$47.7tTotal 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 14.1x 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 2.6% 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 143x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.7%, 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$10.647.2%
+HK$129.9b		81.9%PE10.9xEnergy
100 MiniMax GroupHK$997.0032.5%
+HK$75.6b		n/aPS499.1xTech
939 China Construction BankHK$7.921.8%
+HK$36.6b		18.4%PB0.5xFinancials
883 CNOOCHK$27.502.8%
+HK$36.1b		55.4%PE9.4xEnergy
1088 China Shenhua EnergyHK$46.623.3%
+HK$29.8b		50.9%PE14.7xEnergy
See more

Market Insights

Header cover image
What the next 25 years will look like 🔮
Richard Bowman avatar
Richard Bowman
The first 25 years of this century were shaped by a few notable themes: China, Tech, and low interest rates. Let's now look at the themes shaping the next quarter of the century.
Continue reading
Three contrarian investing ideas for a new market

Latest News

939
HK$7.92
China Construction Bank
7D
1.8%
1Y
18.4%

939: Strengthened Governance And Compliance Will Support A More Bullish Outlook

Analysts have nudged their price target on China Construction Bank higher to HK$11.12 from HK$10.97, reflecting small adjustments to fair value, discount rate, revenue growth and future P/E assumptions while keeping profit margin expectations broadly similar. What's in the News Board meeting scheduled for Feb 27, 2026 to consider appointing President Zhang Yi as the bank's Chief Compliance Officer, highlighting a potential change in senior compliance oversight (Key Developments).
700
HK$516.00
Tencent Holdings
7D
0.4%
1Y
-0.1%
9999
HK$183.90
NetEase
7D
3.7%
1Y
13.7%

9999: Dividend Policy And Buyback Capacity Will Support Future Upside Potential

Analysts have reduced their HK$ fair value estimate for NetEase from about HK$316.84 to roughly HK$310.01, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News A board meeting is scheduled for February 10, 2026 to approve unaudited results for the three months and fiscal year ended December 31, 2025, and to consider the fourth quarter 2025 dividend (Key Developments).
981
HK$60.85
Semiconductor Manufacturing International
7D
-5.8%
1Y
16.9%

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).
883
HK$27.50
CNOOC
7D
2.8%
1Y
55.4%

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$206.20
Pop Mart International Group
7D
-8.4%
1Y
83.9%
1208
HK$8.80
MMG
7D
-20.2%
1Y
222.3%
2259
HK$209.80
Zijin Gold International
7D
-14.3%
1Y
n/a
1299
HK$81.80
AIA Group
7D
-3.8%
1Y
30.3%

1299: Higher Profit Margins Will Support Future Upside Potential

Analysts have nudged their price target on AIA Group slightly higher to HK$100.40 from HK$100.20, citing updated assumptions around revenue growth, profit margins and a modestly lower future P/E multiple. Valuation Changes Fair Value: HK$100.20 has been adjusted slightly higher to HK$100.40.
857
HK$10.64
PetroChina
7D
7.2%
1Y
81.9%
1288
HK$5.21
Agricultural Bank of China
7D
1.0%
1Y
10.4%

1288: Board Actions On Dividends And Governance Will Support Undervalued Shares

Analysts have nudged their HK$ fair value estimate for Agricultural Bank of China slightly higher to HK$6.45 from HK$6.41, reflecting modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Board meeting scheduled for Feb 13, 2026 to review the bank's 2026 fixed asset investment budget and consider related capital allocation decisions (Key Developments).
386
HK$4.99
China Petroleum & Chemical
7D
-10.7%
1Y
19.7%
2628
HK$28.58
China Life Insurance
7D
-6.3%
1Y
80.4%

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.
267
HK$11.37
CITIC
7D
-7.2%
1Y
20.2%

267: Steady Assumptions And Low P/E Will Support Undervalued Upside

Analysts have kept their fair value estimate for CITIC steady at HK$13.77 and have left its forward P/E assumption broadly unchanged. This reflects limited new conviction or fresh Street research that would justify a shift in the price target.
100
HK$997.00
MiniMax Group
7D
32.5%
1Y
n/a
1088
HK$46.62
China Shenhua Energy
7D
3.3%
1Y
50.9%