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

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 14.4x which is higher than its 3-year average PE of 11.4x. The industry is trading close to its 3-year average PS ratio of 0.53x.

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

Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio. Analysts expect its future annual earnings growth (20.5%) to be largely in line with prior year's earnings growth.

Hong Kong (HSI) Industrials Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 10 Jul 2026	HK$4.7t	HK$7.9t	HK$331.5b	11.1x	14.3x	0.6x
Sun, 07 Jun 2026	HK$5.1t	HK$7.9t	HK$321.1b	11.5x	16x	0.6x
Tue, 05 May 2026	HK$5.2t	HK$7.8t	HK$320.9b	11.9x	16.4x	0.7x
Thu, 02 Apr 2026	HK$4.9t	HK$7.9t	HK$313.3b	11.4x	15.6x	0.6x
Sat, 28 Feb 2026	HK$5.2t	HK$7.9t	HK$360.8b	11.7x	14.5x	0.7x
Mon, 26 Jan 2026	HK$4.9t	HK$7.8t	HK$356.5b	11.6x	13.6x	0.6x
Wed, 24 Dec 2025	HK$4.5t	HK$7.8t	HK$353.3b	11x	12.9x	0.6x
Fri, 21 Nov 2025	HK$4.5t	HK$7.7t	HK$349.3b	11x	12.8x	0.6x
Sun, 19 Oct 2025	HK$4.3t	HK$7.6t	HK$355.0b	10.7x	12.2x	0.6x
Tue, 16 Sep 2025	HK$4.5t	HK$7.8t	HK$353.9b	10.8x	12.8x	0.6x
Thu, 14 Aug 2025	HK$4.5t	HK$7.8t	HK$363.4b	11.2x	12.5x	0.6x
Sat, 12 Jul 2025	HK$4.3t	HK$7.8t	HK$366.2b	9.7x	11.7x	0.5x
Mon, 09 Jun 2025	HK$4.2t	HK$7.8t	HK$364.9b	10x	11.4x	0.5x
Wed, 07 May 2025	HK$3.9t	HK$7.7t	HK$359.9b	9.9x	10.9x	0.5x
Fri, 04 Apr 2025	HK$3.9t	HK$7.7t	HK$356.1b	9.7x	11x	0.5x
Sun, 02 Mar 2025	HK$3.9t	HK$7.6t	HK$372.5b	8.9x	10.4x	0.5x
Tue, 28 Jan 2025	HK$3.8t	HK$7.6t	HK$373.8b	8.7x	10.3x	0.5x
Thu, 26 Dec 2024	HK$4.0t	HK$7.6t	HK$372.1b	8.8x	10.6x	0.5x
Sat, 23 Nov 2024	HK$3.9t	HK$7.6t	HK$375.6b	8.5x	10.3x	0.5x
Mon, 21 Oct 2024	HK$3.9t	HK$7.7t	HK$359.6b	8.7x	10.9x	0.5x
Wed, 18 Sep 2024	HK$3.5t	HK$7.7t	HK$359.9b	8x	9.6x	0.4x
Fri, 16 Aug 2024	HK$3.6t	HK$7.6t	HK$360.1b	8.1x	10x	0.5x
Sun, 14 Jul 2024	HK$3.6t	HK$7.4t	HK$327.6b	8.6x	11x	0.5x
Tue, 11 Jun 2024	HK$3.8t	HK$7.4t	HK$328.3b	8.8x	11.6x	0.5x
Thu, 09 May 2024	HK$3.6t	HK$7.4t	HK$331.4b	8.3x	10.9x	0.5x
Sat, 06 Apr 2024	HK$3.5t	HK$7.4t	HK$330.6b	7.8x	10.4x	0.5x
Mon, 04 Mar 2024	HK$3.4t	HK$7.3t	HK$352.2b	8x	9.6x	0.5x
Wed, 31 Jan 2024	HK$3.3t	HK$7.4t	HK$355.3b	7.7x	9.2x	0.4x
Fri, 29 Dec 2023	HK$3.3t	HK$7.4t	HK$356.1b	8.2x	9.3x	0.4x
Sun, 26 Nov 2023	HK$3.3t	HK$7.4t	HK$352.4b	8.3x	9.2x	0.4x
Tue, 24 Oct 2023	HK$3.1t	HK$7.2t	HK$350.6b	7.7x	8.8x	0.4x
Thu, 21 Sep 2023	HK$3.3t	HK$7.2t	HK$351.0b	8.2x	9.5x	0.5x
Sat, 19 Aug 2023	HK$3.4t	HK$7.2t	HK$405.7b	8.8x	8.4x	0.5x
Mon, 17 Jul 2023	HK$3.6t	HK$7.2t	HK$415.4b	9x	8.7x	0.5x


HK Market	2.85%
Industrials	0.84%
Professional Services	12.78%
Marine and Shipping	5.12%
Logistics	3.26%
Infrastructure	2.70%
Trade Distributors	2.15%
Transportation	1.35%
Commercial Services	1.14%
Industrials	1.02%
Construction	-0.28%
Machinery	-0.47%
Electrical	-0.87%
Building	-1.09%
Aerospace & Defense	-2.22%
Airlines	-2.94%

Company	Last Price	7D	1Y	Valuation
1919 COSCO SHIPPING Holdings	HK$13.92	6.5% +HK$12.8b	1.5%	PE7.3x
2338 Weichai Power	HK$34.90	2.8% +HK$8.3b	121.4%	PE23.2x
267 CITIC	HK$10.92	2.2% +HK$6.7b	-1.4%	PE4.7x
1729 Time Interconnect Technology	HK$16.80	14.3% +HK$4.7b	90.9%	PE47.8x
3952 Zhejiang Laifual Drive	HK$109.00	68.1% +HK$4.6b	n/a	PS37.5x

Announcement • Jul 04

Shanghai Electric Group Company Limited Announces Progress of Material Arbitrations

Shanghai Electric Group Company Limited and The Stock Exchange of Hong Kong Limited took no responsibility for the contents of this announcement, made no representation as to its accuracy or completeness and expressly disclaimed any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. References were made to the voluntary announcements of the Company disclosed on December 17, 2019, December 30, 2021, December 14, 2022, May 28, 2023 and February 1, 2024 in relation to the arbitrations of Shanghai Electric Group Company Limited involving the project of Sasan 6*660MW Ultra Large Supercritical Coal-fired Power Station in India. In June 2008, the Company and Reliance Infra Projects (UK) Limited entered into the Equipment Supply and Service Contract, with a contracted amount of USD 1,311,000,000, pursuant to which, the Company (as the supplier) shall provide major equipment and relevant services for the Project, Reliance Infrastructure Limited issued the letter of guarantee for the payment obligations of Reliance UK under the Contract, and Sasan Power Limited owned and operated the power station. Since Reliance UK still failed to pay for the equipment purchased and other relevant payables to the Company after the Project commenced commercial operation for several years, the Company filed an arbitration application with the Singapore International Arbitration Centre in December 2019, requiring Reliance to pay for equipment purchased and other relevant payables in the amount of at least USD 135,320,728.42 to the Company as agreed in the letter of guarantee issued by Reliance for Reliance UK. In December 2021, the Company received a notice of acceptance for an arbitration brought by Reliance UK against the Company issued by the Singapore International Arbitration Centre, pursuant to which Reliance UK requested the Company to compensate it for losses of approximately USD 388.75 million related to the Contract; Reliance UK also believed that the letter of performance guarantee was unreasonably released and requested the Company to issue a letter of performance guarantee in the amount of approximately USD 120.175 million to guarantee its claims. In December 2022, the Company received the award issued by the Singapore International Arbitration Centre for the First Arbitration, which ordered Reliance to pay the sum of USD 146,309,239.27 to the Company. In May 2023, the Company received a notice from Singapore International Commercial Court that Reliance has filed an application to the Singapore International Commercial Court seeking to have the award for the First Arbitration by the Singapore International Arbitration Centre set aside. The application was accepted by the Singapore International Commercial Court. In January 2024, the Company received a notice from the Singapore International Commercial Court that the Singapore International Commercial Court had entered a judgment, rejecting Reliance’s application to set aside the award for the First Arbitration and also ordering Reliance to pay to the Company the litigation costs related to this case. On June 30, 2026, the Company received the award issued by the Singapore International Arbitration Centre for the Second Arbitration, which dismissed all substantive claims brought by Oxagon Enterprises Limited (formerly Reliance UK, hereinafter referred to as Oxagon). The dismissal carries preclusive effect, and the Company prevailed in the case. The specific award is as follows: All claims brought by Oxagon, other than claims for costs, are dismissed with prejudice. This dismissal carries preclusive effect. Oxagon is precluded from commencing any subsequent arbitral or court proceedings against the Company in respect of the same or substantially similar claims; The dismissal is not a determination on the substantive merits of Oxagon’s claims other than claims for costs, most of which are governed by English law. No findings are made on the underlying contractual disputes; This award is issued concurrently with a termination order under Article 32(2)(c) of the UNCITRAL Model Law on International Commercial Arbitration, which formally terminates the arbitral proceedings on the ground that continuation of the arbitral proceedings has become unnecessary or impossible; Oxagon is ordered to forthwith pay the Company USD 1,278,442.00 in legal costs and expert costs; The Company is ordered to forthwith pay Oxagon SGD 92,382.19 in relation to the costs of the arbitration; Save as expressly provided in this award, all other claims and requests for relief are dismissed with prejudice. As the awards of the First Arbitration and the Second Arbitration has yet to be enforced, there is still uncertainty about the impact on the Company’s current or subsequent profits. The Company will carry out corresponding accounting treatment according to the requirements of relevant accounting standards and actual conditions, based on the progress and results of enforcement. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

Announcement • May 19

REPT BATTERO Showcases Energy Storage, Hybrid Battery Technologies And Megawatt Fast Charging Solutions

REPT BATTERO participated in the 18th China International Battery Fair (CIBF 2026) held in Shenzhen, showcasing its latest battery products and technologies across energy storage, passenger vehicles and commercial vehicle applications. REPT BATTERO showcased a full range of energy storage products across residential, C&I and utility-scale applications. In the residential storage segment, the company offered multiple cell formats including 50Ah, 72Ah, 100Ah, as well as 280Ah, 314Ah and 392Ah solutions for residential ESS systems. For C&I and utility-scale applications, REPT BATTERO presented its Wending® 392Ah and Wending® 588Ah large-capacity cells, further advancing energy density. Compared with 314Ah products, the Wending® 392Ah Cell delivers a 25% capacity increase, reaching 1.25kWh per cell. Under 0.5P operating conditions, the cell achieves up to 95% energy efficiency and supports applications ranging from residential ESS to grid-side storage projects. Meanwhile, the Wending® 588Ah Cell reaches 1.88kWh per cell. Leveraging Wending® technology, which enables shorter electron transmission paths and faster ion transport, the product achieves a balance of energy density, safety and cycle life. With over 10,000 cycles and a lifespan of 25–30 years, the cell is designed for long-duration energy storage applications. The company also showcased its Powtrix® 3.0 Energy Storage System. Integrating 392Ah cells within a standard 20-foot container, the system increases total energy capacity to 6.26MWh, delivering a 25% improvement in energy capacity while reducing site footprint by 16% and onsite installation time by 18%. The system supports stable operation across temperatures ranging from -40°C to 60°C, features 95.5% system efficiency and 2A active balancing capability, meeting high seismic resistance requirements, achieving zero thermal propagation, safer and more efficient transportation. In the passenger vehicle segment, REPT BATTERO introduced its 120Ah fast-charging cell, high-capacity fast-charging hybrid PACK solutions, hybrid solid-liquid high-nickel and manganese-based battery systems. The 120Ah Fast-Charging Cell supports 6C ultra-fast charging through advanced thermal management across a wide temperature range from -40°C to 70°C, balancing high energy density with enhanced safety performance. The Wending® 54Ah Cell, one of the company's most widely adopted PHEV platform products, emphasizes safety, durability and compatibility. In May 2025, it became one of the first products to pass China's mandatory battery safety standard GB38031-2025, successfully completing stringent thermal propagation, external fire exposure and impact tests. The product also supports stable power output under low SOC conditions at temperatures as low as -35°C, enabling broad adaptability across different vehicle scenarios. In next-generation battery technologies, REPT BATTERO presented the Wending® new solid-liquid hybrid battery technology platform, covering manganese-based and high-nickel systems to address both mass-market and premium EV segments. The Manganese-Based System is designed for mainstream EV and PHEV vehicles, with enhanced low-temperature performance and cycle stability. The battery maintains over 80% capacity retention even at -40°C and delivers over 4,000 cycles, passing severe nail penetration and bottom impact tests without fire or explosion. The High-Nickel System targets premium long-range EV vehicles. Through solid-state electrolyte coating technology and silicon-carbon anode materials, the product achieves energy density ranging from 280Wh/kg to 400Wh/kg while maintaining enhanced safety performance. The system also achieves zero thermal propagation under 170°C hot-box testing conditions. For commercial vehicle applications, REPT BATTERO introduced multiple new products designed to address core operational challenges across buses, heavy-duty trucks, mining trucks and construction machinery. The LFP 268Ah Ultra-Fast Charging Battery supports 4C charging capability, enabling up to 240 km of range in just 15 minutes, significantly improving operational efficiency. The LFP 324Ah Long-Life Battery is designed for high-intensity transportation scenarios, extending battery life to up to 10 years or 1.5 million kilometers. REPT BATTERO also unveiled Pack-F, increasing single-pack energy capacity to 600kWh while supporting 1.5C megawatt-level fast charging, improving charging efficiency by approximately 40%.

Hong Kong (HSI) Industrials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Upcoming dividend of HK$0.43 per share

COSCO SHIPPING Holdings Co., Ltd. (SEHK:1919) announces an Equity Buyback for 100,000,000 shares, for CNY 1,540 million.

Time Interconnect Technology Forecasts 150% to 170% Profit Growth for First Half of 2026

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Air China Limited Announces Appointment of Fu Fangxing as Chief Accountant, Effective June 29, 2026

Zhejiang Laifual Drive Co., Ltd. has completed an IPO in the amount of HKD 1.149282 billion.

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New minor risk - Financial data availability

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JINGDONG Industrials, Inc. Announces Board and Committee Changes, Effective July 1, 2026

New minor risk - Share price stability

REPT BATTERO Showcases Energy Storage, Hybrid Battery Technologies And Megawatt Fast Charging Solutions

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