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

Hong Kong (HSI) Industrials Sector Analysis

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies479
  • 7D-1.6%
  • 3M0.8%
  • 1Y21.9%
  • YTD21.0%

Over the last 7 days, the Industrials industry has dropped 1.6%, driven by CITIC declining 2.5%. Meanwhile, Air China actually outperformed within the industry, gaining 11% in the last week. In the past year, the industry has gained 22%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

Has the Hong Kong Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025HK$4.5tHK$7.7tHK$353.0b11.1x12.8x0.6x
Tue, 18 Nov 2025HK$4.6tHK$7.6tHK$349.2b11x13.1x0.6x
Thu, 16 Oct 2025HK$4.4tHK$7.6tHK$354.9b11.1x12.5x0.6x
Sat, 13 Sep 2025HK$4.5tHK$7.8tHK$354.1b10.5x12.8x0.6x
Mon, 11 Aug 2025HK$4.5tHK$7.8tHK$362.6b10.9x12.4x0.6x
Wed, 09 Jul 2025HK$4.2tHK$7.8tHK$366.2b9.7x11.6x0.5x
Fri, 06 Jun 2025HK$4.1tHK$7.8tHK$365.2b10x11.3x0.5x
Sun, 04 May 2025HK$3.9tHK$7.7tHK$358.6b9.8x10.8x0.5x
Tue, 01 Apr 2025HK$3.9tHK$7.7tHK$369.1b9.5x10.7x0.5x
Thu, 27 Feb 2025HK$4.0tHK$7.6tHK$372.2b9.2x10.6x0.5x
Sat, 25 Jan 2025HK$3.8tHK$7.6tHK$374.1b8.5x10.3x0.5x
Mon, 23 Dec 2024HK$3.9tHK$7.6tHK$372.5b8.7x10.4x0.5x
Wed, 20 Nov 2024HK$4.0tHK$7.6tHK$375.9b8.7x10.5x0.5x
Fri, 18 Oct 2024HK$3.8tHK$7.7tHK$359.0b8.6x10.6x0.5x
Sun, 15 Sep 2024HK$3.4tHK$7.7tHK$359.8b7.9x9.5x0.4x
Tue, 13 Aug 2024HK$3.6tHK$7.6tHK$359.9b8.2x9.9x0.5x
Thu, 11 Jul 2024HK$3.5tHK$7.4tHK$326.2b8.6x10.8x0.5x
Sat, 08 Jun 2024HK$3.8tHK$7.4tHK$328.4b8.8x11.6x0.5x
Mon, 06 May 2024HK$3.6tHK$7.4tHK$330.8b8.3x10.8x0.5x
Wed, 03 Apr 2024HK$3.5tHK$7.4tHK$330.5b8x10.6x0.5x
Fri, 01 Mar 2024HK$3.4tHK$7.3tHK$354.3b7.9x9.6x0.5x
Sun, 28 Jan 2024HK$3.3tHK$7.4tHK$353.9b7.7x9.4x0.4x
Tue, 26 Dec 2023HK$3.3tHK$7.4tHK$354.9b8.2x9.2x0.4x
Thu, 23 Nov 2023HK$3.3tHK$7.3tHK$352.4b8.1x9.3x0.4x
Sat, 21 Oct 2023HK$3.1tHK$7.2tHK$350.5b7.7x8.9x0.4x
Mon, 18 Sep 2023HK$3.4tHK$7.2tHK$351.7b8.4x9.5x0.5x
Wed, 16 Aug 2023HK$3.5tHK$7.2tHK$408.4b9x8.6x0.5x
Fri, 14 Jul 2023HK$3.6tHK$7.2tHK$414.8b9.1x8.7x0.5x
Sun, 11 Jun 2023HK$3.6tHK$7.2tHK$415.2b9.4x8.7x0.5x
Tue, 09 May 2023HK$3.9tHK$7.4tHK$420.0b9.3x9.4x0.5x
Thu, 06 Apr 2023HK$3.8tHK$7.4tHK$446.3b9.2x8.5x0.5x
Sat, 04 Mar 2023HK$3.8tHK$7.3tHK$467.3b8.9x8.2x0.5x
Mon, 30 Jan 2023HK$3.9tHK$7.4tHK$472.9b9x8.3x0.5x
Wed, 28 Dec 2022HK$3.6tHK$7.2tHK$463.8b8.5x7.7x0.5x
Price to Earnings Ratio

7.7x


Total Market Cap: HK$3.6tTotal Earnings: HK$463.8bTotal Revenue: HK$7.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Industrials Sector Price to Earnings3Y Average 10.2x202320242025
Current Industry PE
  • Investors are optimistic on the Hong Kong Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 12.8x which is higher than its 3-year average PE of 10.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.51x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have declined 8.7% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.5% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Hong Kong Industrials sector?

HK Market-1.02%
Industrials-1.65%
Airlines7.31%
Commercial Services-0.23%
Professional Services-0.43%
Construction-0.65%
Infrastructure-0.68%
Transportation-1.06%
Trade Distributors-1.16%
Marine and Shipping-1.44%
Logistics-1.83%
Industrials-2.10%
Building-2.56%
Aerospace & Defense-3.20%
Machinery-3.31%
Electrical-5.65%
Industry PE
  • Investors are most optimistic about the Airlines industry, which is trading close to its 3-year average PE ratio of 24.9x.
    • Analysts are expecting annual earnings growth of 67.6%, which is higher than its past year's earnings growth of 16.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Airlines industry, expecting annual earnings growth of 68% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Marine and Shipping industry is expected to see its earnings decline by 29% 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
753 Air ChinaHK$6.9610.8%
+HK$11.9b		38.6%PE405.8x
2418 Deewin TianxiaHK$9.778.8%
+HK$1.7b		675.4%PE148x
177 Jiangsu ExpresswayHK$10.012.7%
+HK$1.3b		19.7%PE9.8x
9900 Hong Kong Zcloud Technology ConstructionHK$5.656.8%
+HK$1.1b		450.5%PE943.5x
293 Cathay Pacific AirwaysHK$12.001.0%
+HK$806.4m		28.5%PE8.2x

Latest News

2338
HK$19.62
Weichai Power
7D
-3.3%
1Y
73.0%
753
HK$6.96
Air China
7D
10.8%
1Y
38.6%
293
HK$12.00
Cathay Pacific Airways
7D
1.0%
1Y
28.5%

293: Higher Price Outlook Will Likely Overstate Longer Term Earnings Power

Analysts have raised their price target on Cathay Pacific Airways to HK$9.10 from HK$8.20, citing slightly stronger long term revenue growth assumptions, a modestly lower discount rate, and a marginally higher future earnings multiple that together offset a largely unchanged profit margin outlook. What's in the News Board meeting scheduled for March 11, 2026, to announce annual results for the year ending December 31, 2025, and to consider a second interim dividend in lieu of a final dividend for 2025 (Key Developments) Board of Directors to consider launching a share repurchase program, under which the company would buy back its own shares, as announced on November 7, 2025 (Key Developments) Valuation Changes Fair Value has risen slightly, with the analyst target increasing from HK$8.20 to HK$9.10 per share.
2727
HK$3.90
Shanghai Electric Group
7D
-11.0%
1Y
37.3%

Is Shanghai Electric Group (HKG:2727) Using Too Much Debt?

Dec 16
Is Shanghai Electric Group (HKG:2727) Using Too Much Debt?
66
HK$30.02
MTR
7D
-2.7%
1Y
12.9%

MTR (HKG:66) Has More To Do To Multiply In Value Going Forward

Dec 12
MTR (HKG:66) Has More To Do To Multiply In Value Going Forward
669
HK$91.80
Techtronic Industries
7D
-2.4%
1Y
-10.4%
267
HK$11.95
CITIC
7D
-2.5%
1Y
35.9%

267: Interim Dividend Will Drive Shares Higher As Earnings Multiple Expands

Analysts have modestly adjusted their price target on CITIC upward, citing stable fair value at about $13.77 per share, along with slightly improved expectations for future earnings multiples, despite largely unchanged growth and margin assumptions. Valuation Changes Fair Value Estimate: Remains effectively unchanged at approximately HK$13.77 per share, indicating stable intrinsic value assumptions.
990
HK$0.74
Deep Source Holdings
7D
7.2%
1Y
87.3%

Deep Source Holdings (HKG:990) Seems To Use Debt Quite Sensibly

Dec 02
Deep Source Holdings (HKG:990) Seems To Use Debt Quite Sensibly
9900
HK$5.65
Hong Kong Zcloud Technology Construction
7D
6.8%
1Y
450.5%
177
HK$10.01
Jiangsu Expressway
7D
2.7%
1Y
19.7%

Is Jiangsu Expressway (HKG:177) Using Too Much Debt?

Nov 30
Is Jiangsu Expressway (HKG:177) Using Too Much Debt?
2155
HK$9.30
Morimatsu International Holdings
7D
7.1%
1Y
132.5%
2418
HK$9.77
Deewin Tianxia
7D
8.8%
1Y
675.4%

Deewin Tianxia Co., Ltd's (HKG:2418) 27% Share Price Surge Not Quite Adding Up

Nov 14
Deewin Tianxia Co., Ltd's (HKG:2418) 27% Share Price Surge Not Quite Adding Up
3808
HK$27.24
Sinotruk (Hong Kong)
7D
-7.9%
1Y
22.2%

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
144
HK$15.35
China Merchants Port Holdings
7D
-5.0%
1Y
19.5%

We Think China Merchants Port Holdings (HKG:144) Can Stay On Top Of Its Debt

Oct 19
We Think China Merchants Port Holdings (HKG:144) Can Stay On Top Of Its Debt
2643
HK$30.54
CaoCao
7D
-26.3%
1Y
n/a
1196
HK$12.20
Realord Group Holdings
7D
4.1%
1Y
69.7%