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Hong Kong (HSI) Market Analysis & Valuation

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies2320
  • 7D-2.8%
  • 3M-2.8%
  • 1Y11.7%
  • YTD-0.1%

The market has dropped by 12% in the last 7 days, with the Consumer Discretionary sector leading declines. As for the longer term, the market has actually risen by 12% in the last year. Earnings are forecast to grow by 13% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Hong Kong Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 21 May 2026HK$56.1tHK$44.6tHK$4.2t12.6x13.4x1.3x
Sat, 18 Apr 2026HK$57.4tHK$44.5tHK$4.2t12.6x13.8x1.3x
Mon, 16 Mar 2026HK$56.7tHK$44.1tHK$4.0t12.1x14.1x1.3x
Wed, 11 Feb 2026HK$57.7tHK$43.9tHK$4.0t12.4x14.4x1.3x
Fri, 09 Jan 2026HK$56.7tHK$43.3tHK$4.0t12.2x14.3x1.3x
Sun, 07 Dec 2025HK$56.7tHK$42.8tHK$3.9t12.3x14.4x1.3x
Tue, 04 Nov 2025HK$56.7tHK$42.4tHK$3.9t12.7x14.6x1.3x
Thu, 02 Oct 2025HK$57.7tHK$43.2tHK$3.9t12.7x14.6x1.3x
Sat, 30 Aug 2025HK$57.0tHK$43.6tHK$3.9t12.4x14.6x1.3x
Mon, 28 Jul 2025HK$55.6tHK$43.6tHK$3.9t12x14.2x1.3x
Wed, 25 Jun 2025HK$52.9tHK$43.6tHK$3.9t11.1x13.6x1.2x
Fri, 23 May 2025HK$50.7tHK$43.2tHK$3.8t11.1x13.2x1.2x
Sun, 20 Apr 2025HK$46.7tHK$42.5tHK$3.7t10.4x12.5x1.1x
Tue, 18 Mar 2025HK$49.4tHK$43.5tHK$3.6t10.6x13.9x1.1x
Thu, 13 Feb 2025HK$45.9tHK$43.0tHK$3.5t10.2x13.1x1.1x
Sat, 11 Jan 2025HK$42.5tHK$42.5tHK$3.6t9.7x11.7x1x
Mon, 09 Dec 2024HK$44.1tHK$42.8tHK$3.7t10x12.1x1x
Wed, 06 Nov 2024HK$45.4tHK$43.5tHK$3.7t9.9x12.3x1x
Fri, 04 Oct 2024HK$46.7tHK$43.7tHK$3.6t10.2x13x1.1x
Sun, 01 Sep 2024HK$40.4tHK$43.6tHK$3.6t8.9x11.2x0.9x
Tue, 30 Jul 2024HK$39.6tHK$42.6tHK$3.5t9.1x11.4x0.9x
Thu, 27 Jun 2024HK$41.1tHK$42.5tHK$3.5t9.5x11.8x1x
Sat, 25 May 2024HK$42.0tHK$43.2tHK$3.4t9.8x12.2x1x
Mon, 22 Apr 2024HK$39.1tHK$43.2tHK$3.4t9.1x11.5x0.9x
Wed, 20 Mar 2024HK$38.2tHK$43.9tHK$3.5t8.9x11x0.9x
Fri, 16 Feb 2024HK$36.4tHK$43.9tHK$3.4t8.6x10.8x0.8x
Sun, 14 Jan 2024HK$37.2tHK$45.6tHK$3.5t9.2x10.7x0.8x
Tue, 12 Dec 2023HK$37.0tHK$45.7tHK$3.5t8.8x10.7x0.8x
Thu, 09 Nov 2023HK$38.4tHK$45.2tHK$3.4t9x11.2x0.9x
Sat, 07 Oct 2023HK$39.0tHK$45.0tHK$3.4t9.1x11.4x0.9x
Mon, 04 Sep 2023HK$40.2tHK$45.4tHK$3.5t9.2x11.6x0.9x
Wed, 02 Aug 2023HK$43.0tHK$45.8tHK$3.7t9.8x11.8x0.9x
Fri, 30 Jun 2023HK$40.9tHK$45.5tHK$3.6t9.7x11.5x0.9x
Sun, 28 May 2023HK$41.9tHK$46.6tHK$3.7t9.5x11.2x0.9x
Price to Earnings Ratio

11.2x


Total Market Cap: HK$41.9tTotal Earnings: HK$3.7tTotal Revenue: HK$46.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.6x202420252026
Current Market PE
  • Investors are relatively neutral on the Hong Kong market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 12.6x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have grown 3.9% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Hong Kong Market?

HK Market-2.80%
Energy0.94%
Telecom-1.32%
Financials-1.37%
Industrials-3.47%
Utilities-3.58%
Real Estate-3.98%
Tech-4.41%
Consumer Discretionary-5.34%
Consumer Staples-6.02%
Healthcare-6.13%
Materials-10.47%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 42.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.1% which is higher than its past year's earnings decline of 8.1% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 7.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 8.7% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 4.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
883 CNOOCHK$27.303.6%
+HK$44.7b		54.2%PE9xEnergy
981 Semiconductor Manufacturing InternationalHK$74.203.8%
+HK$21.6b		77.5%PE109.3xTech
6651 Beijing 51World Digital Twin TechnologyHK$76.6556.9%
+HK$11.5b		n/aPS79.2xTech
2388 BOC Hong Kong (Holdings)HK$47.242.3%
+HK$11.0b		41.2%PB1.4xFinancials
2727 Shanghai Electric GroupHK$4.9215.8%
+HK$10.4b		86.4%PE51.3xIndustrials
See more

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939: Governance Reshuffle And Stable Margins Will Shape Fairly Valued Returns

Analysts have adjusted their price target on China Construction Bank to HK$9.29 from HK$7.96, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News A board meeting is scheduled for February 27, 2026 to consider appointing President Zhang Yi as Chief Compliance Officer of the bank (Key Developments).
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New Narrative • May 17

Xiaomi represents a unique combination of scale consumer electronics + emerging tech platform + EV challenger.

Investment Memorandum – Xiaomi Corporation (HKEX: 1810) 1. Executive Summary Xiaomi Corporation is a leading global consumer electronics and technology company transitioning into a full-stack ecosystem player spanning smartphones, AIoT, internet services, and increasingly electric vehicles (EVs) and AI.
981
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Semiconductor Manufacturing International
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3.8%
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Narrative Update • May 16

981: Future P/E Reset Will Support Constructive Upside Into Upcoming Results

Analysts have trimmed their fair value estimate for Semiconductor Manufacturing International slightly from HK$124.75 to HK$123.49. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.
9993
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27.5%
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2388
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BOC Hong Kong (Holdings)
7D
2.3%
1Y
41.2%
Narrative Update • May 05

2388: Upgraded Assumptions Will Test Earnings Resilience And Dividend Sustainability

Analysts have adjusted their HK$39.90 price target for BOC Hong Kong (Holdings) to reflect updated assumptions on discount rate, revenue growth, profit margin and future P/E, following recent research that has become more constructive on the stock after a fresh upgrade from major houses. Analyst Commentary Recent research on BOC Hong Kong (Holdings) has turned more constructive after a fresh upgrade from Goldman Sachs, yet the tone across the Street still includes a cautious strand that focuses on execution risks, growth visibility and how much of the potential good news is already reflected in the HK$39.90 target.
883
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CNOOC
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3.6%
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883: Higher Payouts And Production Will Likely Fail To Support Current Pricing

Analysts now see more upside in CNOOC, raising their price target from about HK$14.54 to around HK$20.28 as they factor in a higher assumed future P/E ratio and a slightly stronger profit margin outlook, even though they expect a softer revenue trajectory. What's in the News CNOOC reported first quarter 2026 net production of 205.1 million barrels of oil equivalent, an 8.6% YoY increase.
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