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Hong Kong (HSI) Market Analysis & Valuation

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies2295
  • 7D2.0%
  • 3M-1.2%
  • 1Y27.4%
  • YTD3.9%

In the last week, the market is up 2.0% led by Financials sector. As for the past 12 months, the market is up 27%. 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
Fri, 13 Feb 2026HK$58.0tHK$43.9tHK$4.0t12.5x14.5x1.3x
Sun, 11 Jan 2026HK$56.9tHK$43.4tHK$4.0t12.3x14.3x1.3x
Tue, 09 Dec 2025HK$56.2tHK$42.8tHK$3.9t12.3x14.3x1.3x
Thu, 06 Nov 2025HK$56.4tHK$42.3tHK$3.9t12.5x14.5x1.3x
Sat, 04 Oct 2025HK$58.0tHK$43.2tHK$3.9t12.8x14.7x1.3x
Mon, 01 Sep 2025HK$57.0tHK$43.4tHK$4.0t12.3x14.4x1.3x
Wed, 30 Jul 2025HK$55.7tHK$43.6tHK$3.9t12x14.3x1.3x
Fri, 27 Jun 2025HK$53.4tHK$43.6tHK$3.9t11.2x13.7x1.2x
Sun, 25 May 2025HK$50.6tHK$43.4tHK$3.8t11x13.2x1.2x
Tue, 22 Apr 2025HK$46.7tHK$42.6tHK$3.7t10.4x12.5x1.1x
Thu, 20 Mar 2025HK$50.2tHK$43.6tHK$3.6t10.8x14.1x1.2x
Sat, 15 Feb 2025HK$46.8tHK$43.2tHK$3.5t10.2x13.3x1.1x
Mon, 13 Jan 2025HK$42.6tHK$42.2tHK$3.6t9.7x11.8x1x
Wed, 11 Dec 2024HK$44.7tHK$42.9tHK$3.7t10x12.2x1x
Fri, 08 Nov 2024HK$45.6tHK$43.2tHK$3.7t10x12.4x1.1x
Sun, 06 Oct 2024HK$47.4tHK$43.6tHK$3.6t10.6x13.2x1.1x
Tue, 03 Sep 2024HK$40.1tHK$43.5tHK$3.6t8.9x11.1x0.9x
Thu, 01 Aug 2024HK$39.6tHK$42.8tHK$3.5t9.3x11.4x0.9x
Sat, 29 Jun 2024HK$41.0tHK$42.6tHK$3.5t9.5x11.8x1x
Mon, 27 May 2024HK$42.0tHK$43.2tHK$3.4t9.8x12.2x1x
Wed, 24 Apr 2024HK$39.4tHK$43.2tHK$3.4t9x11.5x0.9x
Fri, 22 Mar 2024HK$38.8tHK$43.9tHK$3.4t9x11.4x0.9x
Sun, 18 Feb 2024HK$37.1tHK$43.6tHK$3.3t8.7x11.1x0.9x
Tue, 16 Jan 2024HK$37.3tHK$45.6tHK$3.5t9.1x10.8x0.8x
Thu, 14 Dec 2023HK$37.0tHK$45.7tHK$3.5t8.9x10.7x0.8x
Sat, 11 Nov 2023HK$38.0tHK$45.1tHK$3.4t9x11.1x0.8x
Mon, 09 Oct 2023HK$39.0tHK$45.0tHK$3.4t9.1x11.4x0.9x
Wed, 06 Sep 2023HK$40.4tHK$45.1tHK$3.4t9.3x11.7x0.9x
Fri, 04 Aug 2023HK$42.1tHK$45.8tHK$3.7t9.8x11.5x0.9x
Sun, 02 Jul 2023HK$41.5tHK$45.6tHK$3.7t9.7x11.4x0.9x
Tue, 30 May 2023HK$41.8tHK$46.5tHK$3.7t9.4x11.2x0.9x
Thu, 27 Apr 2023HK$44.1tHK$47.4tHK$3.8t9.8x11.6x0.9x
Sat, 25 Mar 2023HK$43.5tHK$47.6tHK$4.1t9x10.6x0.9x
Mon, 20 Feb 2023HK$43.5tHK$47.6tHK$4.2t8.9x10.3x0.9x
Price to Earnings Ratio

10.3x


Total Market Cap: HK$43.5tTotal Earnings: HK$4.2tTotal Revenue: HK$47.6tTotal 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 14.5x 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 Market2.02%
Healthcare5.35%
Tech5.26%
Consumer Discretionary4.05%
Energy3.22%
Industrials2.49%
Consumer Staples2.44%
Real Estate2.22%
Materials1.63%
Financials1.50%
Utilities0.95%
Telecom-1.11%
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 114x.
    • 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 Materials sector, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings growth rate of 20% 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
2513 Knowledge Atlas TechnologyHK$402.0085.9%
+HK$82.8b		n/aPS345.2xTech
883 CNOOCHK$25.126.5%
+HK$73.2b		34.8%PE8.6xEnergy
1211 BYDHK$98.558.0%
+HK$66.5b		-12.8%PE20.7xConsumer Discretionary
857 PetroChinaHK$9.464.0%
+HK$65.9b		56.1%PE9.7xEnergy
2259 Zijin Gold InternationalHK$222.007.9%
+HK$43.4b		n/aPE96.6xMaterials
See more

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1211
HK$98.55
BYD
7D
8.0%
1Y
-12.8%
9999
HK$187.00
NetEase
7D
-2.9%
1Y
14.3%
700
HK$535.50
Tencent Holdings
7D
-4.1%
1Y
21.2%

700: Strong Q3 Execution And Ecosystem Deals Will Support Earnings Beyond 2025

Tencent Holdings' latest narrative update reflects a modest lift in the implied analyst price target to about HK$753 from around HK$749, with analysts citing strong recent results and tighter control over financials as key supports for this adjustment. Analyst Commentary Recent analyst commentary around Tencent focuses on how the company is managing its financials and what that might mean for valuation and execution risk.
941
HK$78.20
China Mobile
7D
-2.7%
1Y
0.3%

941: Connected Construction Agreements Will Support Margins And Future Share Revaluation

Analysts have lowered their fair value estimate for China Mobile from ¥105.55 to ¥100.76, citing revised views on the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News China Mobile entered into a 2026 Telecommunication Facilities Construction Services Agreement with CMCC, covering planning, design, consultation, construction and maintenance services for telecommunication facilities and equipment for one year from January 1, 2026 to December 31, 2026 (Key Developments).
728
HK$4.90
China Telecom
7D
-3.7%
1Y
-12.0%

728: Governance Reforms Will Support Margin Resilience And Rerating Potential

Analysts have revised their fair value estimate for China Telecom to US$7.10 from US$7.32, citing updated assumptions for revenue growth, profit margins and future P/E multiples. What's in the News China Telecom approved amendments to its Articles of Association and the abolition of its Supervisory Committee, signaling a change in its corporate governance structure (Key Developments).
939
HK$8.08
China Construction Bank
7D
2.0%
1Y
23.7%

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$69.55
Kuaishou Technology
7D
-4.7%
1Y
39.9%

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.
883
HK$25.12
CNOOC
7D
6.5%
1Y
34.8%

883: Offshore Project Ramp Up And Fair Outlook Will Shape Returns

Analysts have raised their price target for CNOOC to US$23.68 from US$22.87, citing updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News CNOOC reported that the Buzios6 project in Brazil has started production, using an FPSO with designed capacity of 180,000 barrels of crude oil per day, 7.2 million cubic meters of natural gas per day and storage of 2 million barrels.
1810
HK$36.52
Xiaomi
7D
4.6%
1Y
-12.3%

1810: EV Push And Electronics Self Reliance Will Drive Future Upside

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1299
HK$83.80
AIA Group
7D
-5.2%
1Y
53.8%
2259
HK$222.00
Zijin Gold International
7D
7.9%
1Y
n/a
1658
HK$5.09
Postal Savings Bank of China
7D
-2.5%
1Y
7.4%
2513
HK$402.00
Knowledge Atlas Technology
7D
85.9%
1Y
n/a
386
HK$5.66
China Petroleum & Chemical
7D
6.6%
1Y
29.5%

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857
HK$9.46
PetroChina
7D
4.0%
1Y
56.1%
3690
HK$84.85
Meituan
7D
-9.5%
1Y
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