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

Hong Kong (HSI) Market Analysis & Valuation

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies2287
  • 7D1.1%
  • 3M-0.9%
  • 1Y26.2%
  • YTD29.1%

The market has climbed 1.1% in the last 7 days, lead by the Financials sector with a gain of 1.8%. In the last year, the market has climbed 26%. 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
Thu, 25 Dec 2025HK$55.8tHK$43.1tHK$3.9t12.1x14.1x1.3x
Sat, 22 Nov 2025HK$55.8tHK$42.6tHK$3.9t12.1x14.2x1.3x
Mon, 20 Oct 2025HK$55.2tHK$42.2tHK$3.8t12.5x14.5x1.3x
Wed, 17 Sep 2025HK$57.9tHK$43.4tHK$4.0t12.4x14.6x1.3x
Fri, 15 Aug 2025HK$56.8tHK$43.6tHK$3.9t12.5x14.5x1.3x
Sun, 13 Jul 2025HK$53.8tHK$43.6tHK$3.9t11.5x13.8x1.2x
Tue, 10 Jun 2025HK$51.6tHK$43.6tHK$3.9t11.2x13.3x1.2x
Thu, 08 May 2025HK$48.6tHK$42.8tHK$3.8t10.9x12.9x1.1x
Sat, 05 Apr 2025HK$48.3tHK$42.6tHK$3.8t11x12.9x1.1x
Mon, 03 Mar 2025HK$47.0tHK$43.2tHK$3.5t10.4x13.4x1.1x
Wed, 29 Jan 2025HK$44.3tHK$43.3tHK$3.5t10x12.6x1x
Fri, 27 Dec 2024HK$45.0tHK$42.6tHK$3.6t9.9x12.3x1.1x
Sun, 24 Nov 2024HK$42.7tHK$42.9tHK$3.7t9.8x11.6x1x
Tue, 22 Oct 2024HK$44.3tHK$43.3tHK$3.6t10x12.4x1x
Thu, 19 Sep 2024HK$38.8tHK$43.6tHK$3.6t8.8x10.8x0.9x
Sat, 17 Aug 2024HK$39.9tHK$43.1tHK$3.5t9x11.3x0.9x
Mon, 15 Jul 2024HK$41.6tHK$42.7tHK$3.5t9.5x12x1x
Wed, 12 Jun 2024HK$41.8tHK$43.2tHK$3.4t9.6x12.2x1x
Fri, 10 May 2024HK$41.8tHK$43.3tHK$3.4t9.6x12.2x1x
Sun, 07 Apr 2024HK$39.0tHK$43.3tHK$3.4t9.1x11.4x0.9x
Tue, 05 Mar 2024HK$38.1tHK$43.8tHK$3.4t8.9x11.1x0.9x
Thu, 01 Feb 2024HK$35.9tHK$44.4tHK$3.3t8.7x10.7x0.8x
Sat, 30 Dec 2023HK$38.3tHK$46.2tHK$3.5t9.3x10.9x0.8x
Mon, 27 Nov 2023HK$39.0tHK$45.7tHK$3.5t9.2x11.2x0.9x
Wed, 25 Oct 2023HK$37.8tHK$45.0tHK$3.4t8.9x11.1x0.8x
Fri, 22 Sep 2023HK$39.4tHK$45.0tHK$3.4t9.2x11.5x0.9x
Sun, 20 Aug 2023HK$39.7tHK$45.3tHK$3.6t9.5x11.1x0.9x
Tue, 18 Jul 2023HK$42.0tHK$46.0tHK$3.7t9.6x11.4x0.9x
Thu, 15 Jun 2023HK$42.5tHK$46.1tHK$3.7t9.6x11.5x0.9x
Sat, 13 May 2023HK$43.9tHK$47.3tHK$3.8t9.8x11.7x0.9x
Mon, 10 Apr 2023HK$44.1tHK$47.8tHK$3.9t9.7x11.3x0.9x
Wed, 08 Mar 2023HK$44.3tHK$47.3tHK$4.2t8.9x10.6x0.9x
Fri, 03 Feb 2023HK$45.5tHK$48.5tHK$4.3t9.1x10.5x0.9x
Sun, 01 Jan 2023HK$42.2tHK$47.3tHK$4.2t8.7x10x0.9x
Price to Earnings Ratio

10x


Total Market Cap: HK$42.2tTotal Earnings: HK$4.2tTotal Revenue: HK$47.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.1x202320242025
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 12.1x.
Past Earnings Growth
  • The earnings for companies in the Hong Kong industry have declined 2.1% per year over the last three years.
  • Revenues have also declined 3.1% 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 Market1.11%
Materials4.00%
Consumer Staples2.79%
Utilities1.92%
Financials1.82%
Energy1.38%
Industrials1.25%
Tech1.01%
Real Estate0.72%
Consumer Discretionary0.38%
Telecom-0.47%
Healthcare-0.47%
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 153x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.7%, 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 30% 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
1288 Agricultural Bank of ChinaHK$5.613.3%
+HK$63.0b		27.8%PB0.6xFinancials
981 Semiconductor Manufacturing InternationalHK$71.059.7%
+HK$50.4b		143.7%PE117.9xTech
1398 Industrial and Commercial Bank of ChinaHK$6.131.7%
+HK$35.6b		19.0%PB0.5xFinancials
939 China Construction BankHK$7.561.7%
+HK$34.0b		16.5%PB0.5xFinancials
9633 Nongfu SpringHK$48.626.1%
+HK$31.3b		37.7%PE36.5xConsumer Staples
See more

Market Insights

Header cover image
Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
Continue reading
🤖 AI Companies Hit The Bond Market
Last Week

🤖 AI Companies Hit The Bond Market

Latest News

883
HK$20.60
CNOOC
7D
2.2%
1Y
10.8%
3692
HK$37.42
Hansoh Pharmaceutical Group
7D
-3.9%
1Y
105.6%
939
HK$7.56
China Construction Bank
7D
1.7%
1Y
16.5%
1810
HK$39.22
Xiaomi
7D
-4.9%
1Y
19.8%

1810: Premium Auto Customization And EV Ecosystem Will Drive Future Upside

Analysts have trimmed their price target on Xiaomi by about $3 to $40, citing slightly slower expected revenue growth, modestly lower profit margins amid rising DRAM costs, and reduced IoT tailwinds due to lapping subsidies, while still highlighting the company as a top Overweight-rated pick in China's competitive EV and electronics market. Analyst Commentary Bullish analysts continue to frame the lower price target as a recalibration rather than a fundamental downgrade, arguing that Xiaomi's execution in both smartphones and electric vehicles still supports a premium to many domestic peers.
700
HK$603.00
Tencent Holdings
7D
-0.3%
1Y
43.6%

700: AI Monetization And Ecosystem Deals Will Improve Earnings Quality

Analysts have modestly raised their price target on Tencent Holdings, lifting fair value by approximately $0.31 to about $743 per share. They cite stronger than expected financial control following robust Q3 results and growing conviction that AI driven investments will accelerate revenue and profit growth into 2026.
2617
HK$130.20
TransThera Sciences (Nanjing)
7D
-24.0%
1Y
n/a
1299
HK$83.25
AIA Group
7D
2.8%
1Y
46.8%

1299: Stable Margins And Discount Rate Will Support Future Upside Potential

Analysts have nudged their price target on AIA Group slightly higher to reflect a modest increase in fair value to approximately $95.32, supported by stable discount rate assumptions and unchanged expectations for long term revenue growth, profit margins, and future valuation multiples. Valuation Changes The fair value estimate has risen slightly, increasing from HK$95.14 to approximately HK$95.32 per share.
1288
HK$5.61
Agricultural Bank of China
7D
3.3%
1Y
27.8%

1288: Dividend And Bond Plans Will Likely Leave Shares Looking Vulnerable

Agricultural Bank of China’s consensus analyst price target has edged higher by approximately $0.01, as analysts incorporate slightly faster expected revenue growth and a lower discount rate that more than offset marginally softer profit margin and valuation assumptions. What's in the News The board approved an interim cash dividend for 2025 of RMB 1.195 per ten ordinary shares, to be paid in RMB or HKD equivalent, with H share payments expected on 26 January 2026 and A share payments on 15 December 2025 (company disclosure).
981
HK$71.05
Semiconductor Manufacturing International
7D
9.7%
1Y
143.7%

981: Rising Margins And Multiple Contraction Will Likely Leave Shares Overpriced

Analysts have raised their price target for Semiconductor Manufacturing International to approximately $25 per share from about $22, citing expectations for faster revenue growth, a meaningful improvement in profit margins, and a more moderate future price to earnings multiple. What's in the News Issued earnings guidance for the fourth quarter of 2025, expecting revenue to be flat to up 2% quarter over quarter, signaling cautious but positive near term growth expectations (company guidance) Scheduled a board meeting for November 13, 2025 to review and approve unaudited financial results for the quarter ended September 30, 2025, setting the stage for updated disclosure on recent performance (company announcement) Valuation Changes Fair Value has risen moderately, increasing from HK$21.89 to approximately HK$25.04 per share.
941
HK$82.80
China Mobile
7D
-2.0%
1Y
8.9%

941: Higher Profit Margins Will Support Stronger Share Performance Ahead

Analysts have nudged their price target for China Mobile slightly higher to approximately $103.22 from about $102.15, citing improved profit margin expectations that more than offset modestly lower growth assumptions and a slightly higher discount rate. Valuation Changes Fair Value: nudged higher from HK$102.15 to HK$103.22, reflecting a modest upward revision.
2665
HK$10.61
Seyond Holdings
7D
-37.6%
1Y
21.6%
1398
HK$6.13
Industrial and Commercial Bank of China
7D
1.7%
1Y
19.0%

1398: Upcoming Dividend Decisions Will Support Preference Shareholder Returns

Analysts have nudged their price target on Industrial and Commercial Bank of China higher, raising fair value by about 2 percent to approximately $7.26. They cite slightly stronger long term revenue growth, improved profit margins, and a marginally lower projected discount rate, which together offset a modest decline in the expected future P/E multiple.
3988
HK$4.43
Bank of China
7D
2.1%
1Y
11.9%

3988: Interim Dividend Stability Will Support Attractive Future Share Performance

Analysts have nudged their price target for Bank of China slightly higher to reflect a modest increase in fair value, supported by incremental improvements in discount rate assumptions, long term revenue growth expectations, profit margin stability, and a slightly lower projected future P E multiple. What's in the News Extraordinary General Meeting on November 27, 2025 approved the 2025 interim profit distribution plan, setting an interim dividend of RMB 1.094 per ten shares for the first half of 2025, payable to H share holders on January 23, 2026, with record date December 10, 2025 (Key Developments).
1211
HK$93.60
BYD
7D
-1.7%
1Y
2.6%
9633
HK$48.62
Nongfu Spring
7D
6.1%
1Y
37.7%

A Look At The Intrinsic Value Of Nongfu Spring Co., Ltd. (HKG:9633)

Nov 24
A Look At The Intrinsic Value Of Nongfu Spring Co., Ltd. (HKG:9633)
3808
HK$26.98
Sinotruk (Hong Kong)
7D
-9.8%
1Y
20.4%

Sinotruk (Hong Kong) Limited's (HKG:3808) 28% Price Boost Is Out Of Tune With Earnings

Nov 06
Sinotruk (Hong Kong) Limited's (HKG:3808) 28% Price Boost Is Out Of Tune With Earnings