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

Hong Kong (HSI) Market Analysis & Valuation

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies2296
  • 7D0.7%
  • 3M3.7%
  • 1Y19.8%
  • YTD2.7%

The market has stayed flat over the 7 days. As for the longer term, the market has risen 20% in the past 12 months. 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
Fri, 20 Feb 2026HK$57.1tHK$43.9tHK$4.0t12.6x14.3x1.3x
Sun, 18 Jan 2026HK$57.2tHK$43.4tHK$4.0t12.4x14.4x1.3x
Tue, 16 Dec 2025HK$55.4tHK$42.9tHK$3.9t12.2x14.1x1.3x
Thu, 13 Nov 2025HK$58.4tHK$42.4tHK$3.9t12.8x15x1.4x
Sat, 11 Oct 2025HK$56.6tHK$42.8tHK$3.9t12.6x14.5x1.3x
Mon, 08 Sep 2025HK$57.2tHK$43.4tHK$4.0t12.1x14.4x1.3x
Wed, 06 Aug 2025HK$55.5tHK$43.5tHK$3.9t12x14.3x1.3x
Fri, 04 Jul 2025HK$53.3tHK$43.6tHK$3.9t11.2x13.7x1.2x
Sun, 01 Jun 2025HK$50.2tHK$43.5tHK$3.9t11.1x13x1.2x
Tue, 29 Apr 2025HK$47.7tHK$42.6tHK$3.7t10.7x12.8x1.1x
Thu, 27 Mar 2025HK$48.5tHK$43.7tHK$3.6t10.9x13.5x1.1x
Sat, 22 Feb 2025HK$47.9tHK$43.2tHK$3.5t10.3x13.6x1.1x
Mon, 20 Jan 2025HK$43.4tHK$42.6tHK$3.6t9.9x11.9x1x
Wed, 18 Dec 2024HK$44.0tHK$42.7tHK$3.6t9.9x12.1x1x
Fri, 15 Nov 2024HK$43.1tHK$42.8tHK$3.6t9.7x11.8x1x
Sun, 13 Oct 2024HK$45.2tHK$43.6tHK$3.6t10x12.6x1x
Tue, 10 Sep 2024HK$38.6tHK$43.5tHK$3.6t8.8x10.8x0.9x
Thu, 08 Aug 2024HK$39.0tHK$43.0tHK$3.5t8.9x11.1x0.9x
Sat, 06 Jul 2024HK$41.0tHK$42.6tHK$3.5t9.4x11.8x1x
Mon, 03 Jun 2024HK$41.5tHK$43.3tHK$3.4t9.7x12.1x1x
Wed, 01 May 2024HK$40.7tHK$43.3tHK$3.4t9.3x11.9x0.9x
Fri, 29 Mar 2024HK$38.5tHK$43.4tHK$3.3t8.9x11.5x0.9x
Sun, 25 Feb 2024HK$38.5tHK$43.8tHK$3.4t8.9x11.3x0.9x
Tue, 23 Jan 2024HK$34.3tHK$44.0tHK$3.4t8.6x10.2x0.8x
Thu, 21 Dec 2023HK$37.3tHK$45.9tHK$3.5t9x10.7x0.8x
Sat, 18 Nov 2023HK$38.6tHK$45.4tHK$3.4t8.9x11.2x0.8x
Mon, 16 Oct 2023HK$39.3tHK$45.0tHK$3.4t9x11.5x0.9x
Wed, 13 Sep 2023HK$39.9tHK$45.1tHK$3.4t9.2x11.6x0.9x
Fri, 11 Aug 2023HK$41.8tHK$45.7tHK$3.7t9.7x11.4x0.9x
Sun, 09 Jul 2023HK$40.8tHK$45.8tHK$3.7t9.7x11.1x0.9x
Tue, 06 Jun 2023HK$42.5tHK$46.4tHK$3.7t9.5x11.4x0.9x
Thu, 04 May 2023HK$44.3tHK$47.6tHK$3.8t9.7x11.7x0.9x
Sat, 01 Apr 2023HK$43.7tHK$47.9tHK$4.1t9.7x10.8x0.9x
Mon, 27 Feb 2023HK$42.8tHK$47.2tHK$4.2t8.8x10.3x0.9x
Price to Earnings Ratio

10.3x


Total Market Cap: HK$42.8tTotal Earnings: HK$4.2tTotal Revenue: HK$47.2tTotal 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 14.3x 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 2.4% 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 Market0.67%
Materials2.30%
Energy1.95%
Utilities0.73%
Healthcare0.61%
Consumer Discretionary0.57%
Consumer Staples0.53%
Financials0.48%
Tech0.41%
Industrials0.35%
Telecom0.28%
Real Estate0.20%
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 109x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.4%, 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 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 2.6% 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$725.0049.5%
+HK$107.0b		n/aPS623.2xTech
100 MiniMax GroupHK$970.0042.6%
+HK$89.7b		n/aPS595.2xTech
857 PetroChinaHK$9.525.2%
+HK$86.0b		57.9%PE9.7xEnergy
883 CNOOCHK$25.706.0%
+HK$69.4b		38.9%PE8.8xEnergy
2706 Beijing Haizhi Technology GroupHK$154.1066.4%
+HK$24.6b		n/aPS100.9xTech
See more

Market Insights

Header cover image
Alternatives part 2: 2026 and beyond 🔭
Richard Bowman avatar
Richard Bowman
|
|
Deep dive into the exciting world of Private Equity, Real Estate, Private Credit, Infrastructure & Transport and Hedge Funds.
Continue reading
Dotcom Bubble vs. Now 🫧
Last Week

Dotcom Bubble vs. Now 🫧

Latest News

981
HK$67.70
Semiconductor Manufacturing International
7D
-3.8%
1Y
24.9%

981: Flat Revenue Outlook And Guided Margins Will Support Fair Balance

Analysts have slightly increased their HK$ fair value estimate for Semiconductor Manufacturing International, raising it from about HK$74.69 to around HK$75.24, reflecting updated assumptions on revenue growth, profit margins and future P/E expectations. What's in the News Issued earnings guidance for the first quarter of 2026, with revenue expected to be flat compared with the prior quarter and gross margin guided to a range of 18% to 20% (Key Developments).
883
HK$25.70
CNOOC
7D
6.0%
1Y
38.9%

883: Offshore Project Ramp Up And New Finds Will Shape Returns

Analysts have trimmed their HK$ fair value estimate for CNOOC from about HK$23.68 to HK$23.52 as slightly lower revenue growth, profit margin and future P/E assumptions feed into a modestly higher discount rate. What's in the News CNOOC reported that the Buzios6 project in Brazil's Santos Basin has started production, using an FPSO and subsea system with 13 planned wells and installed field capacity of 1.15 million barrels per day once fully on-stream (company announcement).
1810
HK$35.36
Xiaomi
7D
-4.0%
1Y
-31.6%

1810: Slower Revenue Outlook Will Outweigh Potential Benefits From Crypto Partnership

Analysts have lowered their Xiaomi price target from HK$46.89 to HK$31.23, primarily reflecting revised assumptions for slower revenue growth, a lower future P/E and a higher discount rate, partly offset by higher projected profit margins. What's in the News Ford held discussions with Xiaomi about a potential partnership, according to a Financial Times report.
700
HK$522.00
Tencent Holdings
7D
-1.9%
1Y
1.0%
1299
HK$82.30
AIA Group
7D
2.5%
1Y
41.9%

1299: Higher Future P/E Multiple Will Support Upside Potential

Analysts have slightly raised their fair value estimate for AIA Group from HK$99.80 to HK$100.20, citing updated assumptions on the discount rate, revenue trends, profit margin, and a higher future P/E multiple. Valuation Changes Fair Value: HK$99.80 to HK$100.20, a very small upward adjustment in the modelled estimate.
9999
HK$179.30
NetEase
7D
-3.4%
1Y
12.1%

NetEase, Inc. Just Missed EPS By 6.4%: Here's What Analysts Think Will Happen Next

Feb 13
NetEase, Inc. Just Missed EPS By 6.4%: Here's What Analysts Think Will Happen Next
3690
HK$80.75
Meituan
7D
-1.7%
1Y
-50.4%
2706
HK$154.10
Beijing Haizhi Technology Group
7D
66.4%
1Y
n/a
1211
HK$95.45
BYD
7D
-2.4%
1Y
-27.0%
100
HK$970.00
MiniMax Group
7D
42.6%
1Y
n/a
2628
HK$33.56
China Life Insurance
7D
1.5%
1Y
120.8%

2628: Future Agreements And Stable Metrics Will Support Measured Shareholder Outcomes

Analysts have raised their fair value estimate for China Life Insurance from roughly ¥31.06 to about ¥32.70, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E levels. What's in the News China Life Insurance has scheduled a special or extraordinary shareholders meeting for December 30, 2025, at 09:30 China Standard Time at the Multi function Hall, 2/F, Block A, China Life Plaza, 16 Financial Street, Xicheng District, Beijing (Key Developments).
939
HK$8.04
China Construction Bank
7D
1.0%
1Y
19.5%

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$66.50
Kuaishou Technology
7D
-2.8%
1Y
13.9%

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.
6618
HK$56.85
JD Health International
7D
-5.7%
1Y
54.7%

6618: Framework Agreement And New Partnerships Will Support Future Revenue Mix

Analysts have nudged their fair value estimate for JD Health International higher from about HK$95.95 to around HK$97.73, reflecting slightly different views on the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News JD Health International has called a special or extraordinary shareholders meeting for December 8, 2025, at 10:30 China Standard Time in Beijing to review and vote on a 2026 technology and traffic support services framework agreement with JD.com, Inc., including authorization for a director to execute related documents and actions (Key Developments).
2513
HK$725.00
Knowledge Atlas Technology
7D
49.5%
1Y
n/a
857
HK$9.52
PetroChina
7D
5.2%
1Y
57.9%