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Hong Kong (HSI) Banks Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies31
  • 7D1.5%
  • 3M9.0%
  • 1Y30.4%
  • YTD5.6%

Agricultural Bank of China is up 2.0%, leading the way for the Banks industry, which has gained 1.4%. This takes the industry's 12 month performance to a gain of 30%. As for the next few years, earnings are expected to grow by 4.7% per annum.

Industry Valuation and Performance

Has the Hong Kong Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026HK$12.2tHK$3.7tHK$1.7t6x7.2x3.3x
Fri, 06 Mar 2026HK$11.5tHK$3.7tHK$1.7t5.7x6.9x3.1x
Sun, 01 Feb 2026HK$11.5tHK$3.7tHK$1.6t5.9x7x3.1x
Tue, 30 Dec 2025HK$12.3tHK$3.6tHK$1.6t5.7x7.5x3.4x
Thu, 27 Nov 2025HK$12.8tHK$3.6tHK$1.6t5.9x7.9x3.5x
Sat, 25 Oct 2025HK$12.4tHK$3.6tHK$1.6t6x7.7x3.5x
Mon, 22 Sep 2025HK$11.9tHK$3.7tHK$1.7t5.7x7.1x3.2x
Wed, 20 Aug 2025HK$12.3tHK$3.7tHK$1.7t5.7x7.4x3.3x
Fri, 18 Jul 2025HK$12.3tHK$3.7tHK$1.7t6.2x7.4x3.3x
Sun, 15 Jun 2025HK$11.0tHK$3.7tHK$1.7t5.7x6.6x3x
Tue, 13 May 2025HK$10.6tHK$3.7tHK$1.6t5.6x6.4x2.9x
Thu, 10 Apr 2025HK$9.7tHK$3.6tHK$1.6t5.2x6x2.7x
Sat, 08 Mar 2025HK$10.1tHK$3.7tHK$1.6t5.4x6.2x2.7x
Mon, 03 Feb 2025HK$9.9tHK$3.7tHK$1.6t5x6.1x2.7x
Wed, 01 Jan 2025HK$10.0tHK$3.6tHK$1.6t5.1x6.2x2.8x
Fri, 29 Nov 2024HK$9.2tHK$3.6tHK$1.6t4.6x5.7x2.5x
Sun, 27 Oct 2024HK$9.4tHK$3.6tHK$1.6t5x5.8x2.6x
Tue, 24 Sep 2024HK$8.7tHK$3.7tHK$1.7t4.6x5.3x2.4x
Thu, 22 Aug 2024HK$9.2tHK$3.6tHK$1.6t4.8x5.7x2.5x
Sat, 20 Jul 2024HK$8.7tHK$3.6tHK$1.6t4.7x5.4x2.4x
Mon, 17 Jun 2024HK$8.5tHK$3.6tHK$1.6t4.8x5.3x2.4x
Wed, 15 May 2024HK$8.6tHK$3.6tHK$1.6t4.8x5.3x2.4x
Fri, 12 Apr 2024HK$8.2tHK$3.6tHK$1.6t4.4x5x2.3x
Sun, 10 Mar 2024HK$8.2tHK$3.9tHK$1.6t4.4x5x2.1x
Tue, 06 Feb 2024HK$7.8tHK$3.7tHK$1.6t4.2x4.9x2.1x
Thu, 04 Jan 2024HK$7.5tHK$3.9tHK$1.6t4.3x4.6x1.9x
Sat, 02 Dec 2023HK$7.4tHK$3.9tHK$1.6t4.1x4.5x1.9x
Mon, 30 Oct 2023HK$7.4tHK$3.8tHK$1.6t4.5x4.6x1.9x
Wed, 27 Sep 2023HK$7.3tHK$3.8tHK$1.6t4.4x4.6x1.9x
Fri, 25 Aug 2023HK$7.2tHK$3.8tHK$1.6t4.6x4.5x1.9x
Sun, 23 Jul 2023HK$7.3tHK$3.8tHK$1.6t5.1x4.6x1.9x
Tue, 20 Jun 2023HK$7.9tHK$3.8tHK$1.6t5.3x4.9x2x
Thu, 18 May 2023HK$8.3tHK$3.9tHK$1.6t5.7x5.1x2.1x
Sat, 15 Apr 2023HK$7.8tHK$4.0tHK$1.7t5.6x4.7x2x
Price to Earnings Ratio

4.7x


Total Market Cap: HK$7.8tTotal Earnings: HK$1.7tTotal Revenue: HK$4.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Banks Industry Price to Earnings3Y Average 5.9x202420252026
Current Industry PE
  • Investors are optimistic on the Hong Kong Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 7.2x which is higher than its 3-year average PE of 5.9x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 2.4% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Trends

Which industries have driven the changes within the Hong Kong Financials industry?

HK Market1.65%
Financials1.45%
Banks1.46%
Regional Banks1.99%
Diversified Banks1.44%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 5.9x.
    • Analysts are expecting annual earnings growth of 4.6%, which is higher than its past year's earnings growth of 3.4% per year.
  • Investors are most pessimistic about the Regional Banks industry, which is trading close to its 3-year average of 5.5x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 8.8% over the next 5 years.
  • However this is lower than its past earnings growth rate of 11% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
1288 Agricultural Bank of ChinaHK$5.681.8%
+HK$35.0b		33.6%PB0.6x
1398 Industrial and Commercial Bank of ChinaHK$6.961.2%
+HK$28.5b		39.2%PB0.5x
3988 Bank of ChinaHK$5.061.0%
+HK$16.1b		21.6%PB0.5x
939 China Construction BankHK$8.450.5%
+HK$10.5b		37.8%PB0.5x
3328 Bank of CommunicationsHK$7.201.1%
+HK$7.1b		10.3%PB0.5x

Latest News

939
HK$8.45
China Construction Bank
7D
0.5%
1Y
37.8%

939: Governance Reshuffle And Lower Growth Assumptions Will Pressure Future Returns

Analysts have adjusted their price target for China Construction Bank to HK$7.67 from HK$7.54, reflecting updated assumptions on discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News A board meeting is scheduled for Mar 27, 2026 to review and approve China Construction Bank's annual results for the year ended Dec 31, 2025, and to consider dividend payments (Key Developments).
2388
HK$43.18
BOC Hong Kong (Holdings)
7D
-1.3%
1Y
53.4%

2388: Dividend Policy And Profitability Assumptions Will Shape Balanced Forward Risk Profile

Analysts have lifted their price target on BOC Hong Kong (Holdings) from HK$38.50 to HK$39.90, citing updated assumptions that include a slightly lower discount rate, a profit margin of about 54.81% and a forward P/E of roughly 11.95x. What's in the News A final dividend of HK$1.255 per share has been recommended for the year ended 31 December 2025, subject to shareholder approval at the annual general meeting on 25 June 2026 (company announcement).
3988
HK$5.06
Bank of China
7D
1.0%
1Y
21.6%

3988: Dividend Policy And Margin Outlook Will Support Higher Future Returns

Analysts have lifted their HK$ fair value estimate for Bank of China from about HK$6.51 to around HK$6.71, reflecting updated assumptions that include a slightly lower discount rate, adjusted revenue growth expectations, a higher profit margin outlook, and a more compressed future P/E. What's in the News The board has recommended a final dividend on ordinary shares for 2025 of RMB 1.169 per 10 shares before tax, subject to shareholder approval, with payment to eligible A and H share investors after the register closes on 9 July 2026 (Key Developments).
1398
HK$6.96
Industrial and Commercial Bank of China
7D
1.2%
1Y
39.2%

1398: Upcoming Governance Plans And Dividend Timetable Will Support Preference Shareholder Returns

Analysts have nudged their HK$ price target for Industrial and Commercial Bank of China slightly higher, citing updated assumptions that combine a marginally lower discount rate with stable revenue growth expectations, a modestly stronger profit margin, and a small adjustment to the projected future P/E multiple. What's in the News A board meeting will be held on Feb 13, 2026 to consider the 2026 inclusive finance business operation plan, the 2026 fixed asset investment budget, and the internal audit plan for 2026 (company event filing).
1288
HK$5.68
Agricultural Bank of China
7D
1.8%
1Y
33.6%

1288: Lower Profitability Outlook Will Likely Keep Shares Under Pressure

Analysts have slightly reduced their HK$ price target for Agricultural Bank of China, citing updated assumptions that include a revised fair value estimate, an adjusted discount rate, higher projected revenue growth, a lower profit margin outlook, and a reduced future P/E multiple. What's in the News Board meeting scheduled for Mar 30, 2026 to review and approve the annual results for the year ended Dec 31, 2025; to consider a final dividend and the 2025 Profit Distribution Plan; to review changes to the Audit Committee membership; and to consider a proposal to convene the 2026 First Extraordinary Shareholders' Meeting (Key Developments).
9889
HK$3.38
Dongguan Rural Commercial Bank
7D
-0.3%
1Y
-0.9%
2016
HK$2.45
China Zheshang Bank
7D
-1.2%
1Y
0.8%
3618
HK$7.05
Chongqing Rural Commercial Bank
7D
1.6%
1Y
40.4%
1963
HK$7.99
Bank of Chongqing
7D
1.0%
1Y
26.2%
3328
HK$7.20
Bank of Communications
7D
1.1%
1Y
10.3%
1551
HK$1.51
Guangzhou Rural Commercial Bank
7D
-0.7%
1Y
4.1%
9677
HK$2.68
Weihai Bank
7D
-0.7%
1Y
-8.8%
3698
HK$4.77
Huishang Bank
7D
3.2%
1Y
91.6%
1983
HK$2.08
Luzhou Bank
7D
-1.0%
1Y
-32.7%