Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Hong Kong (HSI) Market Analysis & Valuation

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies2299
  • 7D1.0%
  • 3M2.1%
  • 1Y36.4%
  • YTD1.6%

Over the last 7 days, the market has risen 1.0%, driven by gains of 7.5% in the Healthcare sector. The market is up 36% over the last 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026HK$57.8tHK$43.4tHK$4.0t12.4x14.5x1.3x
Fri, 12 Dec 2025HK$55.5tHK$42.9tHK$3.9t12.1x14.1x1.3x
Sun, 09 Nov 2025HK$56.9tHK$42.4tHK$3.9t12.6x14.6x1.3x
Tue, 07 Oct 2025HK$57.9tHK$43.2tHK$3.9t12.8x14.7x1.3x
Thu, 04 Sep 2025HK$57.0tHK$43.4tHK$4.0t12x14.4x1.3x
Sat, 02 Aug 2025HK$54.2tHK$43.4tHK$3.9t11.9x14x1.3x
Mon, 30 Jun 2025HK$53.0tHK$43.6tHK$3.9t11.2x13.6x1.2x
Wed, 28 May 2025HK$50.4tHK$43.4tHK$3.9t11x13.1x1.2x
Fri, 25 Apr 2025HK$47.6tHK$42.6tHK$3.7t10.7x12.7x1.1x
Sun, 23 Mar 2025HK$48.8tHK$43.6tHK$3.6t10.8x13.6x1.1x
Tue, 18 Feb 2025HK$47.1tHK$43.2tHK$3.5t10.2x13.4x1.1x
Thu, 16 Jan 2025HK$43.0tHK$42.6tHK$3.6t9.7x11.8x1x
Sat, 14 Dec 2024HK$44.2tHK$42.7tHK$3.7t9.9x12.1x1x
Mon, 11 Nov 2024HK$45.1tHK$43.1tHK$3.7t10x12.3x1x
Wed, 09 Oct 2024HK$45.8tHK$43.7tHK$3.6t10.1x12.8x1x
Fri, 06 Sep 2024HK$39.2tHK$43.7tHK$3.6t8.9x10.9x0.9x
Sun, 04 Aug 2024HK$39.4tHK$43.1tHK$3.5t9.1x11.2x0.9x
Tue, 02 Jul 2024HK$41.0tHK$42.6tHK$3.5t9.6x11.8x1x
Thu, 30 May 2024HK$42.2tHK$43.2tHK$3.4t9.8x12.3x1x
Sat, 27 Apr 2024HK$40.6tHK$43.2tHK$3.4t9.1x11.8x0.9x
Mon, 25 Mar 2024HK$38.3tHK$43.7tHK$3.3t8.8x11.5x0.9x
Wed, 21 Feb 2024HK$37.4tHK$43.5tHK$3.3t8.8x11.2x0.9x
Fri, 19 Jan 2024HK$35.4tHK$44.1tHK$3.4t8.9x10.5x0.8x
Sun, 17 Dec 2023HK$37.7tHK$46.0tHK$3.5t9x10.8x0.8x
Tue, 14 Nov 2023HK$38.3tHK$45.1tHK$3.4t9x11.2x0.9x
Thu, 12 Oct 2023HK$39.2tHK$45.0tHK$3.4t9.1x11.5x0.9x
Sat, 09 Sep 2023HK$39.9tHK$44.9tHK$3.4t9.4x11.6x0.9x
Mon, 07 Aug 2023HK$42.3tHK$45.8tHK$3.6t9.7x11.6x0.9x
Wed, 05 Jul 2023HK$42.3tHK$45.8tHK$3.7t9.8x11.5x0.9x
Fri, 02 Jun 2023HK$41.2tHK$46.4tHK$3.7t9.3x11.1x0.9x
Sun, 30 Apr 2023HK$44.7tHK$47.6tHK$3.8t9.7x11.8x0.9x
Tue, 28 Mar 2023HK$43.0tHK$47.5tHK$4.1t9.1x10.5x0.9x
Thu, 23 Feb 2023HK$43.5tHK$47.5tHK$4.2t8.9x10.3x0.9x
Sat, 21 Jan 2023HK$45.3tHK$48.1tHK$4.3t9x10.6x0.9x
Price to Earnings Ratio

10.6x


Total Market Cap: HK$45.3tTotal Earnings: HK$4.3tTotal Revenue: HK$48.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.2x202420252026
Current Market PE
  • Investors are optimistic on the Hong Kong market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.5x which is higher than its 3-year average PE of 12.2x.
Past Earnings Growth
  • The earnings for companies in the Hong Kong industry have declined 2.4% per year over the last three years.
  • Revenues have also declined 3.4% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

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

HK Market1.01%
Healthcare7.52%
Materials4.18%
Real Estate2.37%
Consumer Staples1.86%
Industrials1.72%
Utilities1.43%
Energy1.30%
Financials0.65%
Tech0.24%
Consumer Discretionary-0.58%
Telecom-0.66%
Sector PE
  • Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 137x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.2%, which is higher than its past year's earnings growth of 1.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 1.4% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 2.5% 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
700 Tencent HoldingsHK$633.001.4%
+HK$74.7b		66.6%PE23.4xTelecom
883 CNOOCHK$21.664.8%
+HK$47.5b		11.1%PE7.5xEnergy
2259 Zijin Gold InternationalHK$164.1011.5%
+HK$45.2b		n/aPE71.5xMaterials
857 PetroChinaHK$8.263.0%
+HK$43.9b		32.4%PE8.5xEnergy
939 China Construction BankHK$7.772.0%
+HK$39.2b		28.9%PB0.5xFinancials
See more

Market Insights

Header cover image
Which Markets Will Sink or Swim in 2026? 🌍
Richard Bowman avatar
Richard Bowman
|
|
What research teams agree on – and where they don’t – heading into 2026.
Continue reading
Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

2259
HK$164.10
Zijin Gold International
7D
11.5%
1Y
n/a
1024
HK$81.95
Kuaishou Technology
7D
11.1%
1Y
103.9%
241
HK$7.78
Alibaba Health Information Technology
7D
40.2%
1Y
137.2%
941
HK$80.80
China Mobile
7D
-0.7%
1Y
8.5%

941: Connected Construction Agreement Will Support Higher Margins And Stronger Share Performance

Analysts have nudged their price target for China Mobile higher from HK$103.22 to around HK$105.24. This reflects updated views on fair value, profit margin assumptions and future P/E levels.
700
HK$633.00
Tencent Holdings
7D
1.4%
1Y
66.6%

700: AI Investments And New Ecosystem Deals Will Strengthen Earnings Quality

Analysts have lifted their fair value estimate for Tencent Holdings by about HK$9 to HK$752, citing recent price target increases from US$77 to US$102 and upgraded ratings that point to confidence in the company's financial control and planned investment in artificial intelligence research and development. Analyst Commentary Bullish Takeaways Bullish analysts highlight Tencent's recent Q3 results as evidence that the company appears to have tight control over its financials, which they see as supporting higher fair value estimates.
2328
HK$16.58
PICC Property and Casualty
7D
-2.9%
1Y
39.3%

2328: Fair Outlook Will Rely On Connected Reinsurance Controls And Dividend Support

Analysts now see fair value for PICC Property and Casualty edging to about ¥15.72 from roughly ¥15.91, reflecting updated assumptions around slightly different revenue growth, profit margin, and future P/E inputs in their models. What's in the News PICC Property and Casualty and PICC Reinsurance entered a one year Reinsurance Framework Agreement effective from 1 January 2026 to 31 December 2026, covering treaty and facultative reinsurance across all lines of property and casualty business, with ceding ratios for individual contracts ranging from 0.1% to 80% and commission rates for ceded business not exceeding 45% (company announcement).
1398
HK$6.24
Industrial and Commercial Bank of China
7D
1.6%
1Y
26.6%

1398: Higher Revenue Assumptions Will Still Pressure Margins And Share Performance

Analysts have slightly lifted their price target for Industrial and Commercial Bank of China, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin, and forward P/E that they see as better aligned with the bank’s current outlook. What's in the News A board meeting is scheduled for Dec 23, 2025, to review the bank's green finance implementation over the past two years, compliance management regulations, and proposed remuneration plans for directors and senior management for 2024 (Key Developments).
1810
HK$37.78
Xiaomi
7D
-1.0%
1Y
12.4%

We Like These Underlying Return On Capital Trends At Xiaomi (HKG:1810)

Jan 08
We Like These Underlying Return On Capital Trends At Xiaomi (HKG:1810)
939
HK$7.77
China Construction Bank
7D
2.0%
1Y
28.9%

939: Interim Profit Distribution And Debt Issuance Will Support Future Upside

Analysts have adjusted their price expectations for China Construction Bank slightly lower to reflect updated fair value, discount rate, and P/E inputs. This has led to a modest trim in the overall target that aligns with small changes in profit margin assumptions.
1339
HK$6.98
People's Insurance Company (Group) of China
7D
-7.4%
1Y
90.2%

1339: Future Dividend Payouts And Margin Outlook Will Support Re Rating

Narrative Update on People's Insurance Company (Group) of China Analysts have lifted their price target range on People's Insurance Company (Group) of China by what they frame as a modest premium in currency terms, citing updated views on fair value, a slightly adjusted discount rate, revised revenue growth expectations, stronger profit margin assumptions and a higher future P/E input in their models. What's in the News Shareholders approved the 2025 interim profit distribution at the extraordinary general meeting on 30 October 2025, with an interim dividend of RMB 0.75 per 10 shares, totaling RMB 3.317b for the half year ended 30 June 2025 (Key Developments).
9999
HK$220.40
NetEase
7D
-1.0%
1Y
42.4%

9999: Completed Buyback And Upcoming Dividend Decision Will Support Future Upside Potential

Analysts have nudged their price target for NetEase slightly higher to US$259.38 from US$258.80, citing small adjustments to fair value estimates, discount rate assumptions, and future P/E expectations. What's in the News Chartmetric integrated chart data from NetEase Cloud Music, giving global music professionals structured access to mainland China streaming trends and regional listening behavior for younger users (Client Announcements).
883
HK$21.66
CNOOC
7D
4.8%
1Y
11.1%

883: Offshore Project Startups And Executive Change Will Shape Balanced Outlook

Analysts have nudged their fair value estimate for CNOOC to about $22.87 from roughly $22.46, citing small adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News CNOOC reported that the Buzios6 project in Brazil has started production, using an FPSO with designed capacity of 180,000 barrels of crude oil per day and 7.2 million cubic meters of natural gas per day, plus storage capacity of 2 million barrels, and equipment aimed at reducing greenhouse gas emissions and energy consumption (company announcement).
857
HK$8.26
PetroChina
7D
3.0%
1Y
32.4%
1299
HK$84.70
AIA Group
7D
-1.5%
1Y
59.5%

1299: Stable Margins And Higher P/E Multiple Will Support Future Upside

Analysts have nudged their fair value estimate for AIA Group up from HK$95.32 to HK$96.13, citing updated assumptions on long term profitability and P/E multiples, while keeping revenue growth and the discount rate broadly unchanged. Valuation Changes The Fair Value Estimate is now set at HK$96.13, compared with the earlier HK$95.32, reflecting a small upward adjustment in the model output.
3690
HK$101.50
Meituan
7D
-2.9%
1Y
-29.8%
9992
HK$192.00
Pop Mart International Group
7D
-4.3%
1Y
134.7%