Investors Shouldn't Be Too Comfortable With Semiconductor Manufacturing International's (HKG:981) Earnings
Apr 02
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- 7D-4.7%
- 3M-23.6%
- 1Y25.3%
- YTD-20.6%
Over the last 7 days, the Semiconductors industry has dropped 4.7%, driven by a pullback from Semiconductor Manufacturing International of 4.0%. In the past year, the industry has gained 25%. Looking forward, earnings are forecast to grow by 29% annually.
Industry Valuation and Performance
Has the Hong Kong Semiconductors Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 03 Apr 2026 | HK$1.1t | HK$186.7b | HK$2.1b | 28.5x | 501.2x | 5.6x |
| Sun, 01 Mar 2026 | HK$1.3t | HK$178.2b | -HK$4,795,480,243.56 | 24x | -264.7x | 7.1x |
| Tue, 27 Jan 2026 | HK$1.3t | HK$175.7b | -HK$4,698,967,763.16 | 25x | -277x | 7.4x |
| Thu, 25 Dec 2025 | HK$1.1t | HK$174.0b | -HK$3,385,532,093.19 | 24.5x | -333.7x | 6.5x |
| Sat, 22 Nov 2025 | HK$1.1t | HK$172.8b | -HK$2,877,655,707.25 | 27x | -370.8x | 6.2x |
| Mon, 20 Oct 2025 | HK$1.1t | HK$168.5b | -HK$3,434,675,193.18 | 23.9x | -323.7x | 6.6x |
| Wed, 17 Sep 2025 | HK$1.0t | HK$168.9b | -HK$3,448,657,356.78 | 23.1x | -296.7x | 6.1x |
| Fri, 15 Aug 2025 | HK$862.2b | HK$174.8b | HK$35.4m | 27.9x | 24371.3x | 4.9x |
| Sun, 13 Jul 2025 | HK$755.5b | HK$172.8b | HK$1.4b | 24.3x | 523.3x | 4.4x |
| Tue, 10 Jun 2025 | HK$698.6b | HK$172.7b | HK$1.4b | 22.2x | 503.5x | 4x |
| Thu, 08 May 2025 | HK$733.9b | HK$166.1b | HK$717.7m | 23.7x | 1022.5x | 4.4x |
| Sat, 05 Apr 2025 | HK$729.0b | HK$166.1b | HK$1.5b | 23.1x | 485.1x | 4.4x |
| Mon, 03 Mar 2025 | HK$825.8b | HK$173.4b | HK$3.3b | 20.4x | 249.3x | 4.8x |
| Wed, 29 Jan 2025 | HK$685.7b | HK$178.4b | HK$7.5b | 12.4x | 90.9x | 3.8x |
| Fri, 27 Dec 2024 | HK$608.8b | HK$177.0b | HK$8.6b | 11.9x | 70.6x | 3.4x |
| Sun, 24 Nov 2024 | HK$573.8b | HK$177.6b | HK$8.6b | 12.4x | 66.8x | 3.2x |
| Tue, 22 Oct 2024 | HK$627.1b | HK$177.5b | HK$9.2b | 13.3x | 67.9x | 3.5x |
| Thu, 19 Sep 2024 | HK$367.5b | HK$178.0b | HK$9.3b | 9.7x | 39.7x | 2.1x |
| Sat, 17 Aug 2024 | HK$422.7b | HK$192.3b | HK$17.3b | 10.9x | 24.5x | 2.2x |
| Mon, 15 Jul 2024 | HK$443.3b | HK$190.2b | HK$19.2b | 11.4x | 23.1x | 2.3x |
| Wed, 12 Jun 2024 | HK$459.6b | HK$190.1b | HK$19.2b | 12.4x | 23.9x | 2.4x |
| Fri, 10 May 2024 | HK$452.7b | HK$189.3b | HK$21.5b | 12.9x | 21x | 2.4x |
| Sun, 07 Apr 2024 | HK$449.5b | HK$189.8b | HK$21.5b | 11.9x | 20.9x | 2.4x |
| Tue, 05 Mar 2024 | HK$450.1b | HK$198.6b | HK$36.5b | 11.1x | 12.3x | 2.3x |
| Thu, 01 Feb 2024 | HK$372.5b | HK$197.9b | HK$37.5b | 8.7x | 9.9x | 1.9x |
| Sat, 30 Dec 2023 | HK$469.1b | HK$197.4b | HK$37.4b | 10.6x | 12.6x | 2.4x |
| Mon, 27 Nov 2023 | HK$482.9b | HK$196.4b | HK$37.2b | 10.7x | 13x | 2.5x |
| Wed, 25 Oct 2023 | HK$478.4b | HK$196.6b | HK$40.8b | 9.6x | 11.7x | 2.4x |
| Fri, 22 Sep 2023 | HK$469.3b | HK$196.7b | HK$40.9b | 11.3x | 11.5x | 2.4x |
| Sun, 20 Aug 2023 | HK$490.2b | HK$188.2b | HK$42.4b | 9.7x | 11.5x | 2.6x |
| Tue, 18 Jul 2023 | HK$541.3b | HK$190.8b | HK$44.8b | 10.2x | 12.1x | 2.8x |
| Thu, 15 Jun 2023 | HK$565.8b | HK$191.2b | HK$45.0b | 10.6x | 12.6x | 3x |
| Sat, 13 May 2023 | HK$527.8b | HK$194.0b | HK$45.4b | 10.4x | 11.6x | 2.7x |
| Mon, 10 Apr 2023 | HK$620.5b | HK$196.4b | HK$46.7b | 10.7x | 13.3x | 3.2x |
Price to Earnings Ratio
13.3x
Current Industry PE
- Investors are optimistic on the Hong Kong Semiconductor industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 501x which is higher than its 3-year average PE of 383x.
- The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 5.6x.
Past Earnings Growth
- The earnings for companies in the Semiconductor industry have declined 64% per year over the last three years.
- Meanwhile revenues have remained mostly flat.
- This means that although sales have remained flat, 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 Tech industry?
| HK Market | 1.46% | |
| Tech | -2.65% | |
| Semiconductors | -4.68% | |
| Semiconductor Equipment | -1.06% | |
| Semiconductors | -5.31% | |
Industry PE
- Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 151x.
- Analysts are expecting annual earnings growth of 25.3%, which is higher than its past year's earnings decline of 40.9% per year.
Forecasted Growth
- Analysts are most optimistic on the Semiconductor Equipment industry, expecting annual earnings growth of 46% over the next 5 years.
- This is better than its past earnings decline of 2.3% per year.
- In contrast, the Semiconductors industry is expected to see its earnings grow by 25% 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 | |
|---|---|---|---|---|---|
| 3800 GCL Technology Holdings | HK$0.94 | 4.4% +HK$1.3b | -1.1% | PS1.9x | |
| 2658 Guangdong Tianyu Semiconductor | HK$43.60 | 4.6% +HK$747.2m | n/a | PS21.3x | |
| 6082 Shanghai Biren Technology | HK$29.50 | 0.7% +HK$487.8m | n/a | PS61.2x | |
| 6865 Flat Glass Group | HK$8.98 | 0.8% +HK$163.1m | -13.8% | PE18.5x | |
| 6939 MEGAIN Holding (Cayman) | HK$1.92 | 3.8% +HK$36.3m | 317.4% | PS5.6x |
