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Hong Kong (HSI) Market Analysis & Valuation

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies2297
  • 7D-0.3%
  • 3M2.1%
  • 1Y14.1%
  • YTD0.3%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 3.9% in that time. Meanwhile, the market is actually up 14% over the past year. 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
Wed, 18 Mar 2026HK$56.7tHK$44.1tHK$4.0t12.1x14.1x1.3x
Fri, 13 Feb 2026HK$57.6tHK$43.9tHK$4.0t12.4x14.4x1.3x
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
Price to Earnings Ratio

10.6x


Total Market Cap: HK$43.5tTotal 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 14.1x 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 2.7% 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 Market-0.31%
Energy3.87%
Telecom2.92%
Tech0.68%
Utilities0.60%
Financials-1.31%
Consumer Discretionary-1.38%
Materials-1.88%
Healthcare-2.34%
Consumer Staples-2.34%
Industrials-3.29%
Real Estate-4.37%
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 138x.
    • 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 3.0% 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
1398 Industrial and Commercial Bank of ChinaHK$6.544.1%
+HK$92.7b		14.9%PB0.5xFinancials
883 CNOOCHK$28.806.4%
+HK$82.7b		57.2%PE9.8xEnergy
1211 BYDHK$104.507.8%
+HK$68.7b		-21.9%PE21.8xConsumer Discretionary
857 PetroChinaHK$10.583.1%
+HK$58.6b		73.4%PE10.8xEnergy
1288 Agricultural Bank of ChinaHK$5.322.9%
+HK$52.5b		5.1%PB0.5xFinancials
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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6869
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700
HK$550.00
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1.7%

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9633
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Nongfu Spring
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-4.3%
1Y
12.0%
1211
HK$104.50
BYD
7D
7.8%
1Y
-21.9%
939
HK$8.11
China Construction Bank
7D
2.5%
1Y
16.5%

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1398
HK$6.54
Industrial and Commercial Bank of China
7D
4.1%
1Y
14.9%

1398: Upcoming Governance Plans Will Support Preference Shareholder Returns

Analysts have raised their HK$ fair value estimate for Industrial and Commercial Bank of China slightly, to HK$7.37 from HK$7.26, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Board meeting scheduled for Feb 13, 2026, to review the inclusive finance business operation plan for 2026, the fixed asset investment budget for 2026, and the internal audit plan for 2026 (company board disclosure).
3988
HK$4.65
Bank of China
7D
3.6%
1Y
-1.3%

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Analysts have modestly raised their HK$ price target on Bank of China, citing updated assumptions that reflect slightly higher projected revenue growth, a small adjustment to profit margins, and a marginally lower P/E multiple in their models. What's in the News Board meeting scheduled for Mar 3, 2026, to consider appointing Ms. Huang Xueling as Executive Vice President of the bank (Key Developments) Board meeting scheduled for Feb 13, 2026, to review the 2026 fixed asset investment budget and consider the concurrent appointment of Mr. Zhang Hui as Chief Compliance Officer (Key Developments) Board meeting held on Dec 19, 2025, to review the information disclosure policy; rules on securities transactions by directors and senior management; the cap on routine connected transactions with China CITIC Financial Asset Management Co., Ltd.
1810
HK$35.36
Xiaomi
7D
5.2%
1Y
-38.7%

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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$28.80
CNOOC
7D
6.4%
1Y
57.2%

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).
2259
HK$182.70
Zijin Gold International
7D
-13.1%
1Y
n/a
1299
HK$83.00
AIA Group
7D
-3.1%
1Y
32.9%

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$10.58
PetroChina
7D
3.1%
1Y
73.4%
1288
HK$5.32
Agricultural Bank of China
7D
2.9%
1Y
5.1%

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$4.78
China Petroleum & Chemical
7D
-5.5%
1Y
11.7%
2338
HK$27.96
Weichai Power
7D
-10.8%
1Y
71.3%

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