Analysis Article • May 06
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Hong Kong (HSI) Utilities Sector Analysis
UpdatedMay 07, 2026
DataAggregated Company Financials
Companies58
- 7D1.1%
- 3M2.5%
- 1Y13.7%
- YTD8.2%
The Utilities industry is up 1.1% in the last week, with Datang International Power Generation up 17%. Meanwhile, Shandong Hi-Speed Holdings Group actually underperformed within the industry, shrinking 5.3% in the last week. This takes the industry's 12 month performance to a gain of 14%. As for the next few years, earnings are expected to grow by 4.9% per annum.
Sector Valuation and Performance
Has the Hong Kong Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 08 May 2026 | HK$1.9t | HK$1.7t | HK$126.8b | 10x | 14.7x | 1.1x |
| Sun, 05 Apr 2026 | HK$1.8t | HK$1.7t | HK$127.5b | 10.3x | 14.1x | 1.1x |
| Tue, 03 Mar 2026 | HK$1.8t | HK$1.7t | HK$130.6b | 9.4x | 14.2x | 1.1x |
| Thu, 29 Jan 2026 | HK$1.8t | HK$1.7t | HK$130.3b | 9.5x | 13.8x | 1.1x |
| Sat, 27 Dec 2025 | HK$1.7t | HK$1.7t | HK$129.5b | 9.5x | 13.5x | 1x |
| Mon, 24 Nov 2025 | HK$1.7t | HK$1.7t | HK$129.3b | 8.8x | 13.3x | 1x |
| Wed, 22 Oct 2025 | HK$1.7t | HK$1.7t | HK$126.3b | 9.9x | 13.7x | 1x |
| Fri, 19 Sep 2025 | HK$1.8t | HK$1.8t | HK$132.2b | 10x | 13.9x | 1x |
| Sun, 17 Aug 2025 | HK$1.9t | HK$1.8t | HK$134.0b | 10.3x | 13.9x | 1x |
| Tue, 15 Jul 2025 | HK$1.8t | HK$1.8t | HK$133.0b | 9.7x | 13.8x | 1x |
| Thu, 12 Jun 2025 | HK$1.8t | HK$1.8t | HK$133.1b | 9.3x | 13.5x | 1x |
| Sat, 10 May 2025 | HK$1.8t | HK$1.8t | HK$133.0b | 9.1x | 13.2x | 1x |
| Mon, 07 Apr 2025 | HK$1.7t | HK$1.8t | HK$133.0b | 8.7x | 12.9x | 0.9x |
| Wed, 05 Mar 2025 | HK$1.7t | HK$1.8t | HK$123.8b | 8.7x | 13.4x | 0.9x |
| Fri, 31 Jan 2025 | HK$1.6t | HK$1.8t | HK$119.9b | 8x | 13.6x | 0.9x |
| Sun, 29 Dec 2024 | HK$1.7t | HK$1.8t | HK$119.3b | 8.7x | 14.6x | 1x |
| Tue, 26 Nov 2024 | HK$1.7t | HK$1.8t | HK$120.0b | 8x | 13.9x | 0.9x |
| Thu, 24 Oct 2024 | HK$1.7t | HK$1.8t | HK$124.3b | 8.9x | 13.9x | 1x |
| Sat, 21 Sep 2024 | HK$1.6t | HK$1.8t | HK$125.2b | 8.2x | 13.2x | 0.9x |
| Mon, 19 Aug 2024 | HK$1.8t | HK$1.8t | HK$123.9b | 8.6x | 14.3x | 1x |
| Wed, 17 Jul 2024 | HK$1.8t | HK$1.8t | HK$124.7b | 9.2x | 14.1x | 1x |
| Fri, 14 Jun 2024 | HK$1.8t | HK$1.8t | HK$125.3b | 9.7x | 14.3x | 1x |
| Sun, 12 May 2024 | HK$1.7t | HK$1.8t | HK$125.7b | 9.4x | 13.9x | 1x |
| Tue, 09 Apr 2024 | HK$1.6t | HK$1.8t | HK$121.3b | 9x | 13.6x | 0.9x |
| Thu, 07 Mar 2024 | HK$1.7t | HK$1.8t | HK$120.7b | 8.4x | 13.8x | 0.9x |
| Sat, 03 Feb 2024 | HK$1.6t | HK$1.8t | HK$125.5b | 8x | 12.6x | 0.9x |
| Mon, 01 Jan 2024 | HK$1.6t | HK$1.8t | HK$125.4b | 8.2x | 12.5x | 0.8x |
| Wed, 29 Nov 2023 | HK$1.5t | HK$1.8t | HK$124.9b | 7.9x | 11.9x | 0.8x |
| Fri, 27 Oct 2023 | HK$1.5t | HK$1.8t | HK$122.7b | 7.6x | 11.9x | 0.8x |
| Sun, 24 Sep 2023 | HK$1.5t | HK$1.8t | HK$115.1b | 8.3x | 13.2x | 0.8x |
| Tue, 22 Aug 2023 | HK$1.6t | HK$1.8t | HK$108.3b | 9.3x | 14.7x | 0.9x |
| Thu, 20 Jul 2023 | HK$1.7t | HK$1.8t | HK$92.3b | 9.4x | 18.1x | 0.9x |
| Sat, 17 Jun 2023 | HK$1.6t | HK$1.8t | HK$95.2b | 9.6x | 17.3x | 0.9x |
| Mon, 15 May 2023 | HK$1.8t | HK$1.9t | HK$96.0b | 10x | 18.5x | 1x |
Price to Earnings Ratio
18.5x
Current Industry PE
- Investors are relatively neutral on the Hong Kong Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 13.9x.
- The 3-year average PS ratio of 0.95x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
- The earnings for companies in the Utilities industry have grown 9.7% per year over the last three years.
- Meanwhile revenues for these companies have declined 2.7% per year.
- This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.
Industry Trends
Which industries have driven the changes within the Hong Kong Utilities sector?
| HK Market | -0.53% | |
| Utilities | 1.10% | |
| Renewable Energy | 2.67% | |
| Electric Utilities | 1.03% | |
| Gas Utilities | -1.10% | |
| Water Utilities | -1.16% | |
| Other Utilities | -2.10% | |
Industry PE
- Investors are most optimistic about the Electric Utilities industry which is trading above its 3-year average PE ratio of 17.1x.
- Analysts are expecting annual earnings growth of 1.3%, which is lower than the prior year's growth of 1.5% per year.
- Investors are most pessimistic about the Other Utilities industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 4.1x.
Forecasted Growth
- Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 7.7% over the next 5 years.
- This is better than its past earnings decline of 9.2% per year.
- In contrast, the Electric Utilities industry is expected to see its earnings growth to stay flat 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 | |
|---|---|---|---|---|---|
| 991 Datang International Power Generation | HK$3.01 | 11.5% +HK$5.7b | 58.4% | PE7.5x | |
| 902 Huaneng Power International | HK$6.58 | 5.3% +HK$5.2b | 32.4% | PE8.1x | |
| 836 China Resources Power Holdings | HK$20.08 | 4.2% +HK$4.2b | 4.0% | PE7.2x | |
| 3 Hong Kong and China Gas | HK$7.32 | 1.2% +HK$1.7b | 3.1% | PE24x | |
| 2380 China Power International Development | HK$3.38 | 3.7% +HK$1.5b | 8.7% | PE12.5x |