Analysis Article • Aug 16
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- 7D8.2%
- 3M4.7%
- 1Y44.1%
- YTD10.7%
Over the last 7 days, the Semiconductors industry has remained flat, although notably Semiconductor Manufacturing International gained 14%. As for the the longer term, the industry is up 34% over the past 12 months. Looking forward, earnings are forecast to grow by 32% 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 |
|---|---|---|---|---|---|---|
| Tue, 18 Aug 2026 | HK$1.6t | HK$196.7b | HK$4.3b | 21.3x | 379.9x | 8.3x |
| Thu, 16 Jul 2026 | HK$1.8t | HK$189.9b | HK$1.9b | 18.4x | 951x | 9.3x |
| Sat, 13 Jun 2026 | HK$1.5t | HK$188.6b | HK$2.1b | 22.5x | 710.9x | 7.9x |
| Mon, 11 May 2026 | HK$1.5t | HK$185.1b | HK$1.9b | 29.4x | 783.7x | 8.1x |
| Wed, 08 Apr 2026 | HK$1.1t | HK$187.3b | HK$2.3b | 28.4x | 466.6x | 5.6x |
| Fri, 06 Mar 2026 | HK$1.2t | HK$177.4b | -HK$2,594,501,839.29 | 31.6x | -448.4x | 6.6x |
| Sun, 01 Feb 2026 | HK$1.3t | HK$176.1b | -HK$4,711,993,458.73 | 24.7x | -277.5x | 7.4x |
| Tue, 30 Dec 2025 | HK$1.1t | HK$174.0b | -HK$3,395,830,968.57 | 24x | -332.6x | 6.5x |
| Thu, 27 Nov 2025 | HK$1.1t | HK$172.8b | -HK$2,835,178,767.87 | 26.9x | -377.3x | 6.2x |
| Sat, 25 Oct 2025 | HK$1.2t | HK$168.6b | -HK$3,440,537,256.68 | 25.6x | -355.3x | 7.3x |
| Mon, 22 Sep 2025 | HK$1.1t | HK$168.8b | -HK$3,450,976,118.55 | 25.1x | -319.7x | 6.5x |
| Wed, 20 Aug 2025 | HK$861.8b | HK$174.0b | HK$43.5m | 28.8x | 19826.5x | 5x |
| Fri, 18 Jul 2025 | HK$765.6b | HK$172.7b | HK$1.5b | 24.1x | 528x | 4.4x |
| Sun, 15 Jun 2025 | HK$672.6b | HK$172.7b | HK$1.4b | 25.3x | 484.5x | 3.9x |
| Tue, 13 May 2025 | HK$713.0b | HK$171.3b | HK$1.4b | 23.3x | 510.1x | 4.2x |
| Thu, 10 Apr 2025 | HK$692.2b | HK$165.4b | HK$1.5b | 21.8x | 448.5x | 4.2x |
| Sat, 08 Mar 2025 | HK$844.7b | HK$173.7b | HK$3.3b | 20.5x | 256.6x | 4.9x |
| Mon, 03 Feb 2025 | HK$685.8b | HK$178.5b | HK$7.5b | 12.4x | 91x | 3.8x |
| Wed, 01 Jan 2025 | HK$656.8b | HK$177.6b | HK$7.6b | 11.7x | 87x | 3.7x |
| Fri, 29 Nov 2024 | HK$575.5b | HK$177.6b | HK$8.6b | 12.9x | 67x | 3.2x |
| Sun, 27 Oct 2024 | HK$649.3b | HK$177.4b | HK$9.2b | 12.7x | 70.3x | 3.7x |
| Tue, 24 Sep 2024 | HK$376.4b | HK$178.4b | HK$9.2b | 9.9x | 40.7x | 2.1x |
| Thu, 22 Aug 2024 | HK$411.4b | HK$192.7b | HK$17.3b | 10x | 23.7x | 2.1x |
| Sat, 20 Jul 2024 | HK$449.2b | HK$190.0b | HK$19.2b | 11.5x | 23.4x | 2.4x |
| Mon, 17 Jun 2024 | HK$456.3b | HK$190.1b | HK$19.2b | 12.6x | 23.7x | 2.4x |
| Wed, 15 May 2024 | HK$448.5b | HK$190.1b | HK$19.3b | 12.6x | 23.3x | 2.4x |
| Fri, 12 Apr 2024 | HK$439.0b | HK$189.8b | HK$21.5b | 12.2x | 20.4x | 2.3x |
| Sun, 10 Mar 2024 | HK$464.3b | HK$198.7b | HK$36.5b | 13.1x | 12.7x | 2.3x |
| Tue, 06 Feb 2024 | HK$370.1b | HK$198.1b | HK$37.1b | 8.9x | 10x | 1.9x |
| Thu, 04 Jan 2024 | HK$449.4b | HK$197.2b | HK$37.3b | 10.6x | 12x | 2.3x |
| Sat, 02 Dec 2023 | HK$472.3b | HK$197.0b | HK$37.3b | 10.4x | 12.7x | 2.4x |
| Mon, 30 Oct 2023 | HK$486.7b | HK$195.4b | HK$40.2b | 9.9x | 12.1x | 2.5x |
| Wed, 27 Sep 2023 | HK$470.9b | HK$196.7b | HK$40.8b | 11.1x | 11.5x | 2.4x |
| Fri, 25 Aug 2023 | HK$489.3b | HK$188.5b | HK$42.5b | 9.8x | 11.5x | 2.6x |
Price to Earnings Ratio
11.5x
Current Industry PE
- Investors are pessimistic on the Hong Kong Semiconductor industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 361x which is lower than its 3-year average PE of 479x.
- The 3-year average PS ratio of 4.4x is lower than the industry's current PS ratio of 7.9x.
Past Earnings Growth
- The earnings for companies in the Semiconductor industry have declined 53% 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 | -0.86% | |
| Tech | 5.00% | |
| Semiconductors | 8.15% | |
| Semiconductors | 9.10% | |
| Semiconductor Equipment | 2.15% | |
Industry PE
- Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 217x.
- Analysts are expecting annual earnings growth of 30.9%, which is higher than its past year's earnings decline of 26.8% per year.
Forecasted Growth
- Analysts are most optimistic on the Semiconductor Equipment industry, expecting annual earnings growth of 45% over the next 5 years.
- However this is lower than its past earnings growth rate of 156% per year.
- In contrast, the Semiconductors industry is expected to see its earnings grow by 31% 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 | |
|---|---|---|---|---|---|
| 981 Semiconductor Manufacturing International | HK$75.85 | 16.2% +HK$90.3b | 51.5% | PE79.5x | |
| 9971 BASiC Semiconductor | HK$72.00 | 19.9% +HK$3.6b | n/a | PS60.5x | |
| 522 ASMPT | HK$174.40 | 4.9% +HK$3.4b | 161.5% | PE46.5x | |
| 9903 Shanghai Iluvatar CoreX Semiconductor | HK$425.00 | 2.5% +HK$2.6b | n/a | PS89.9x | |
| 2577 InnoScience (Suzhou) Technology Holding | HK$45.98 | 6.4% +HK$2.5b | -41.5% | PS29.8x |
