China Sanjiang Fine Chemicals Company Limited (HKG:2198) Surges 31% Yet Its Low P/E Is No Reason For Excitement
Jan 20
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Hong Kong (HSI) Chemicals Industry Analysis
UpdatedJan 21, 2026
DataAggregated Company Financials
Companies38
- 7D2.4%
- 3M10.8%
- 1Y42.7%
- YTD3.6%
The Chemicals industry is up 2.7% in the last week, with Dongyue Group up 7.9%. In the same time, Global New Material International Holdings was down 6.8%. This takes the industry's 12 month performance to a gain of 43%. Looking forward, earnings are forecast to grow by 44% annually.
Industry Valuation and Performance
Has the Hong Kong Chemicals Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 21 Jan 2026 | HK$174.9b | HK$323.9b | HK$10.7b | 9.2x | 16.4x | 0.5x |
| Fri, 19 Dec 2025 | HK$162.8b | HK$319.6b | HK$10.5b | 8.8x | 15.4x | 0.5x |
| Sun, 16 Nov 2025 | HK$164.6b | HK$316.5b | HK$10.4b | 9.7x | 15.8x | 0.5x |
| Tue, 14 Oct 2025 | HK$163.7b | HK$318.5b | HK$10.4b | 9.4x | 15.8x | 0.5x |
| Thu, 11 Sep 2025 | HK$163.4b | HK$319.4b | HK$10.4b | 8.5x | 15.7x | 0.5x |
| Sat, 09 Aug 2025 | HK$156.1b | HK$327.8b | HK$9.0b | 9.7x | 17.4x | 0.5x |
| Mon, 07 Jul 2025 | HK$142.3b | HK$328.7b | HK$8.9b | 9.7x | 16x | 0.4x |
| Wed, 04 Jun 2025 | HK$134.2b | HK$326.8b | HK$8.7b | 9.6x | 15.4x | 0.4x |
| Fri, 02 May 2025 | HK$128.9b | HK$319.6b | HK$8.5b | 9.2x | 15.2x | 0.4x |
| Sun, 30 Mar 2025 | HK$133.8b | HK$323.9b | HK$9.5b | 10x | 14.1x | 0.4x |
| Tue, 25 Feb 2025 | HK$128.2b | HK$329.3b | HK$8.6b | 9.7x | 15x | 0.4x |
| Thu, 23 Jan 2025 | HK$125.1b | HK$329.2b | HK$8.6b | 9.4x | 14.6x | 0.4x |
| Sat, 21 Dec 2024 | HK$124.7b | HK$327.1b | HK$8.5b | 9.3x | 14.7x | 0.4x |
| Mon, 18 Nov 2024 | HK$124.5b | HK$330.0b | HK$8.3b | 9.4x | 15x | 0.4x |
| Wed, 16 Oct 2024 | HK$131.0b | HK$337.1b | HK$8.7b | 9x | 15.1x | 0.4x |
| Fri, 13 Sep 2024 | HK$112.8b | HK$338.1b | HK$8.7b | 8.4x | 13x | 0.3x |
| Sun, 11 Aug 2024 | HK$119.0b | HK$326.1b | HK$10.2b | 9.4x | 11.6x | 0.4x |
| Tue, 09 Jul 2024 | HK$124.5b | HK$322.0b | HK$9.9b | 9.6x | 12.5x | 0.4x |
| Thu, 06 Jun 2024 | HK$128.4b | HK$321.1b | HK$10.1b | 10.4x | 12.8x | 0.4x |
| Sat, 04 May 2024 | HK$129.1b | HK$321.6b | HK$10.0b | 10.2x | 12.9x | 0.4x |
| Mon, 01 Apr 2024 | HK$118.4b | HK$323.8b | HK$9.5b | 8.4x | 12.4x | 0.4x |
| Wed, 28 Feb 2024 | HK$115.9b | HK$315.4b | HK$10.8b | 5.9x | 10.7x | 0.4x |
| Fri, 26 Jan 2024 | HK$114.4b | HK$319.7b | HK$11.3b | 5.3x | 10.1x | 0.4x |
| Sun, 24 Dec 2023 | HK$113.7b | HK$321.2b | HK$11.4b | 5.2x | 10x | 0.4x |
| Tue, 21 Nov 2023 | HK$115.0b | HK$316.4b | HK$11.2b | 5x | 10.3x | 0.4x |
| Thu, 19 Oct 2023 | HK$114.4b | HK$297.8b | HK$9.0b | 5.5x | 12.7x | 0.4x |
| Sat, 16 Sep 2023 | HK$121.8b | HK$302.6b | HK$10.6b | 5.6x | 11.5x | 0.4x |
| Mon, 14 Aug 2023 | HK$128.6b | HK$308.2b | HK$12.2b | 5.3x | 10.6x | 0.4x |
| Wed, 12 Jul 2023 | HK$127.5b | HK$311.3b | HK$13.0b | 5.2x | 9.8x | 0.4x |
| Fri, 09 Jun 2023 | HK$131.8b | HK$314.5b | HK$13.2b | 5.1x | 10x | 0.4x |
| Sun, 07 May 2023 | HK$145.4b | HK$323.9b | HK$13.6b | 5.3x | 10.7x | 0.4x |
| Tue, 04 Apr 2023 | HK$143.5b | HK$329.2b | HK$14.0b | 4.9x | 10.3x | 0.4x |
| Thu, 02 Mar 2023 | HK$150.6b | HK$344.2b | HK$15.7b | 5.6x | 9.6x | 0.4x |
| Sat, 28 Jan 2023 | HK$158.9b | HK$347.3b | HK$15.9b | 5.5x | 10x | 0.5x |
Price to Earnings Ratio
10x
Current Industry PE
- Investors are optimistic on the Hong Kong Chemicals industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 16.4x which is higher than its 3-year average PE of 13.1x.
- The industry is trading close to its 3-year average PS ratio of 0.41x.
Past Earnings Growth
- The earnings for companies in the Chemicals industry have declined 12% per year over the last three years,
- Revenues have also declined 2.3% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the Hong Kong Materials industry?
| HK Market | -0.81% | |
| Materials | 2.72% | |
| Chemicals | 2.36% | |
| Industrial Gases | 6.38% | |
| Fertilizers and Agricultural Chemicals | 5.00% | |
| Commodity Chemicals | 1.86% | |
| Specialty Chemicals | 1.36% | |
| Diversified Chemicals | 0.36% | |
Industry PE
- Investors are most optimistic about the Specialty Chemicals industry which is trading above its 3-year average PE ratio of 26.5x.
- Analysts are expecting annual earnings growth of 31.5%, which is higher than its past year's earnings growth of 15.9% per year.
- Investors are most pessimistic about the Diversified Chemicals industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 4.8x.
Forecasted Growth
- Analysts are most optimistic on the Commodity Chemicals industry, expecting annual earnings growth of 100% over the next 5 years.
- This is better than its past earnings growth rate of 23% per year.
- In contrast, the Diversified Chemicals industry is expected to see its earnings grow by 3.8% 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 | |
|---|---|---|---|---|---|
| 189 Dongyue Group | HK$11.91 | 7.9% +HK$1.5b | 45.2% | PE14.4x | |
| 1866 China XLX Fertiliser | HK$10.14 | 6.8% +HK$944.3m | 151.6% | PE9.6x | |
| 2198 China Sanjiang Fine Chemicals | HK$4.06 | 16.7% +HK$688.5m | 133.3% | PE6.3x | |
| 3983 China BlueChemical | HK$2.61 | 5.7% +HK$645.4m | 20.8% | PE10.5x | |
| 297 Sinofert Holdings | HK$1.58 | 4.6% +HK$491.7m | 42.3% | PE8.9x |
