Narrative Update • Jul 23
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Hong Kong (HSI) Industrials Sector Analysis
UpdatedJul 31, 2026
DataAggregated Company Financials
Companies485
- 7D-0.8%
- 3M-8.0%
- 1Y7.6%
- YTD-1.3%
In the last week, the Industrials industry is up 1.8%, with CITIC up 3.1%. Meanwhile, Weichai Power actually underperformed within the industry, shrinking 8.5% in the last week. This means that the industry has gained 5.8% over the past year. Looking forward, earnings are forecast to grow by 14% annually.
Sector Valuation and Performance
Has the Hong Kong Industrials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 31 Jul 2026 | HK$4.9t | HK$7.9t | HK$334.5b | 11.5x | 14.8x | 0.6x |
| Sun, 28 Jun 2026 | HK$4.7t | HK$7.9t | HK$333.1b | 10.5x | 14.2x | 0.6x |
| Tue, 26 May 2026 | HK$5.3t | HK$7.9t | HK$320.2b | 11.9x | 16.6x | 0.7x |
| Thu, 23 Apr 2026 | HK$5.2t | HK$7.9t | HK$322.0b | 11.9x | 16.3x | 0.7x |
| Sat, 21 Mar 2026 | HK$4.9t | HK$7.9t | HK$348.5b | 11.4x | 14x | 0.6x |
| Mon, 16 Feb 2026 | HK$5.1t | HK$7.9t | HK$358.5b | 11.5x | 14.1x | 0.6x |
| Wed, 14 Jan 2026 | HK$4.7t | HK$7.8t | HK$356.3b | 11.4x | 13.3x | 0.6x |
| Fri, 12 Dec 2025 | HK$4.5t | HK$7.7t | HK$352.4b | 11x | 12.7x | 0.6x |
| Sun, 09 Nov 2025 | HK$4.6t | HK$7.6t | HK$348.8b | 11.3x | 13.1x | 0.6x |
| Tue, 07 Oct 2025 | HK$4.4t | HK$7.6t | HK$355.3b | 11.2x | 12.3x | 0.6x |
| Thu, 04 Sep 2025 | HK$4.4t | HK$7.8t | HK$354.2b | 10.5x | 12.5x | 0.6x |
| Sat, 02 Aug 2025 | HK$4.4t | HK$7.8t | HK$365.0b | 10.4x | 12.1x | 0.6x |
| Mon, 30 Jun 2025 | HK$4.2t | HK$7.8t | HK$366.2b | 9.9x | 11.5x | 0.5x |
| Wed, 28 May 2025 | HK$4.1t | HK$7.8t | HK$364.1b | 10.2x | 11.3x | 0.5x |
| Fri, 25 Apr 2025 | HK$3.8t | HK$7.7t | HK$356.6b | 9.4x | 10.7x | 0.5x |
| Sun, 23 Mar 2025 | HK$4.0t | HK$7.7t | HK$370.1b | 9.4x | 10.8x | 0.5x |
| Tue, 18 Feb 2025 | HK$3.9t | HK$7.6t | HK$373.2b | 8.9x | 10.5x | 0.5x |
| Thu, 16 Jan 2025 | HK$3.8t | HK$7.6t | HK$371.3b | 8.6x | 10.2x | 0.5x |
| Sat, 14 Dec 2024 | HK$4.0t | HK$7.6t | HK$373.2b | 8.7x | 10.6x | 0.5x |
| Mon, 11 Nov 2024 | HK$4.1t | HK$7.7t | HK$375.3b | 8.8x | 10.9x | 0.5x |
| Wed, 09 Oct 2024 | HK$4.1t | HK$7.7t | HK$360.8b | 8.9x | 11.3x | 0.5x |
| Fri, 06 Sep 2024 | HK$3.5t | HK$7.7t | HK$360.5b | 8.3x | 9.7x | 0.5x |
| Sun, 04 Aug 2024 | HK$3.6t | HK$7.6t | HK$360.2b | 8.1x | 10.1x | 0.5x |
| Tue, 02 Jul 2024 | HK$3.6t | HK$7.4t | HK$326.5b | 8.7x | 11.1x | 0.5x |
| Thu, 30 May 2024 | HK$3.8t | HK$7.4t | HK$330.2b | 8.8x | 11.5x | 0.5x |
| Sat, 27 Apr 2024 | HK$3.5t | HK$7.4t | HK$328.3b | 8.3x | 10.8x | 0.5x |
| Mon, 25 Mar 2024 | HK$3.4t | HK$7.3t | HK$328.0b | 7.7x | 10.5x | 0.5x |
| Wed, 21 Feb 2024 | HK$3.3t | HK$7.3t | HK$351.7b | 7.9x | 9.5x | 0.5x |
| Fri, 19 Jan 2024 | HK$3.2t | HK$7.4t | HK$352.7b | 7.9x | 9.1x | 0.4x |
| Sun, 17 Dec 2023 | HK$3.3t | HK$7.4t | HK$355.2b | 8.1x | 9.3x | 0.4x |
| Tue, 14 Nov 2023 | HK$3.2t | HK$7.2t | HK$349.7b | 7.8x | 9.1x | 0.4x |
| Thu, 12 Oct 2023 | HK$3.2t | HK$7.2t | HK$350.7b | 8x | 9.2x | 0.4x |
| Sat, 09 Sep 2023 | HK$3.3t | HK$7.2t | HK$350.2b | 8.3x | 9.5x | 0.5x |
| Mon, 07 Aug 2023 | HK$3.6t | HK$7.2t | HK$402.2b | 9.5x | 9x | 0.5x |
Price to Earnings Ratio
9x
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 14.9x which is higher than its 3-year average PE of 11.5x.
- The industry is trading close to its 3-year average PS ratio of 0.53x.
Past Earnings Growth
- The earnings for companies in the Industrials industry have declined 6.0% per year over the last three years.
- Meanwhile revenues for these companies have grown 3.2% 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 | 2.13% | |
| Industrials | -0.78% | |
| Logistics | 5.91% | |
| Airlines | 2.95% | |
| Industrials | 2.55% | |
| Transportation | 2.44% | |
| Aerospace & Defense | 2.12% | |
| Infrastructure | 1.88% | |
| Marine and Shipping | 1.70% | |
| Commercial Services | 0.96% | |
| Construction | -0.12% | |
| Building | -0.50% | |
| Machinery | -5.23% | |
| Trade Distributors | -5.36% | |
| Electrical | -8.44% | |
| Professional Services | -11.53% | |
Industry PE
- Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 20.0%, which is lower than the prior year's growth of 27.7% per year.
Forecasted Growth
- Analysts are most optimistic on the Airlines industry, expecting annual earnings growth of 43% over the next 5 years.
- This is better than its past earnings growth rate of 13% per year.
- In contrast, the Marine and Shipping industry is expected to see its earnings decline by 13% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| 267 CITIC | HK$12.43 | 3.1% +HK$10.8b | 5.5% | PE5.3x | |
| 19 Swire Pacific | HK$99.10 | 6.3% +HK$7.9b | 39.5% | PE45.5x | |
| 2618 JD Logistics | HK$15.16 | 8.1% +HK$7.5b | 11.0% | PE12.2x | |
| 316 Orient Overseas (International) | HK$155.40 | 5.6% +HK$5.4b | 9.8% | PE8.6x | |
| 66 MTR | HK$33.38 | 2.4% +HK$4.9b | 18.2% | PE14.2x |