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Hong Kong (HSI) Market Analysis & Valuation

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies2298
  • 7D2.2%
  • 3M3.6%
  • 1Y35.1%
  • YTD1.8%

Over the last 7 days, the market has risen 2.2%, driven by gains in every sector, especially the Financials sector. The market is up 35% 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
Fri, 16 Jan 2026HK$57.5tHK$43.4tHK$4.0t12.5x14.4x1.3x
Sun, 14 Dec 2025HK$56.0tHK$42.9tHK$3.9t12.1x14.2x1.3x
Tue, 11 Nov 2025HK$57.7tHK$42.4tHK$3.9t12.7x14.8x1.4x
Thu, 09 Oct 2025HK$57.9tHK$43.2tHK$3.9t12.8x14.7x1.3x
Sat, 06 Sep 2025HK$57.2tHK$43.4tHK$4.0t12.1x14.4x1.3x
Mon, 04 Aug 2025HK$54.2tHK$43.4tHK$3.9t11.9x14x1.2x
Wed, 02 Jul 2025HK$53.0tHK$43.6tHK$3.9t11.1x13.6x1.2x
Fri, 30 May 2025HK$50.6tHK$43.5tHK$3.9t11x13.1x1.2x
Sun, 27 Apr 2025HK$47.6tHK$42.6tHK$3.7t10.7x12.7x1.1x
Tue, 25 Mar 2025HK$49.1tHK$43.6tHK$3.6t10.9x13.7x1.1x
Thu, 20 Feb 2025HK$47.4tHK$43.1tHK$3.5t10.2x13.5x1.1x
Sat, 18 Jan 2025HK$43.4tHK$42.6tHK$3.6t9.9x11.9x1x
Mon, 16 Dec 2024HK$44.2tHK$42.7tHK$3.7t9.9x12.1x1x
Wed, 13 Nov 2024HK$43.6tHK$42.8tHK$3.6t9.8x12x1x
Fri, 11 Oct 2024HK$45.3tHK$43.5tHK$3.6t10x12.7x1x
Sun, 08 Sep 2024HK$39.2tHK$43.7tHK$3.6t9x10.9x0.9x
Tue, 06 Aug 2024HK$38.8tHK$43.1tHK$3.5t8.8x11x0.9x
Thu, 04 Jul 2024HK$41.5tHK$42.6tHK$3.5t9.5x12x1x
Sat, 01 Jun 2024HK$41.5tHK$43.3tHK$3.4t9.7x12.1x1x
Mon, 29 Apr 2024HK$40.6tHK$43.2tHK$3.4t9.1x11.9x0.9x
Wed, 27 Mar 2024HK$38.6tHK$43.5tHK$3.3t8.8x11.6x0.9x
Fri, 23 Feb 2024HK$38.5tHK$43.8tHK$3.4t8.9x11.3x0.9x
Sun, 21 Jan 2024HK$35.1tHK$44.3tHK$3.4t8.8x10.3x0.8x
Tue, 19 Dec 2023HK$37.5tHK$45.9tHK$3.5t9x10.8x0.8x
Thu, 16 Nov 2023HK$39.2tHK$45.3tHK$3.4t9x11.4x0.9x
Sat, 14 Oct 2023HK$39.3tHK$45.0tHK$3.4t9.1x11.5x0.9x
Mon, 11 Sep 2023HK$39.9tHK$44.9tHK$3.4t9.4x11.6x0.9x
Wed, 09 Aug 2023HK$41.7tHK$45.6tHK$3.6t9.7x11.4x0.9x
Fri, 07 Jul 2023HK$41.0tHK$45.6tHK$3.6t9.7x11.2x0.9x
Sun, 04 Jun 2023HK$42.2tHK$46.6tHK$3.7t9.4x11.3x0.9x
Tue, 02 May 2023HK$44.7tHK$47.6tHK$3.8t9.7x11.8x0.9x
Thu, 30 Mar 2023HK$43.6tHK$48.0tHK$4.1t9.3x10.6x0.9x
Sat, 25 Feb 2023HK$42.9tHK$47.2tHK$4.2t8.8x10.2x0.9x
Mon, 23 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 14.4x 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 3.3% 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 Market2.18%
Materials6.06%
Consumer Staples4.73%
Energy3.83%
Healthcare3.27%
Real Estate3.02%
Tech2.47%
Financials1.84%
Industrials1.63%
Consumer Discretionary1.53%
Telecom0.85%
Utilities0.32%
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 136x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.9%, 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 2.6% 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
1398 Industrial and Commercial Bank of ChinaHK$6.353.6%
+HK$78.4b		29.1%PB0.5xFinancials
939 China Construction BankHK$7.833.2%
+HK$62.8b		30.1%PB0.5xFinancials
700 Tencent HoldingsHK$617.501.1%
+HK$58.2b		62.6%PE22.8xTelecom
9633 Nongfu SpringHK$50.858.7%
+HK$46.0b		46.5%PE37.8xConsumer Staples
1211 BYDHK$99.204.9%
+HK$42.3b		12.8%PE21.1xConsumer Discretionary
See more

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762
HK$7.71
China Unicom (Hong Kong)
7D
-4.2%
1Y
6.5%
1398
HK$6.35
Industrial and Commercial Bank of China
7D
3.6%
1Y
29.1%
2259
HK$166.00
Zijin Gold International
7D
10.2%
1Y
n/a
728
HK$5.19
China Telecom
7D
-2.3%
1Y
9.7%

728: Governance Overhaul And Expanding Subscriber Base Will Support Upside Outlook

Analysts have trimmed their price target for China Telecom to US$6.00 from about US$6.09, citing updated assumptions that combine slightly higher expected revenue growth with modestly lower profit margins and a somewhat reduced future P/E multiple. What's in the News China Telecom approved amendments to its Articles of Association and the abolition of its Supervisory Committee, signaling a planned change to its governance structure.
941
HK$80.10
China Mobile
7D
-1.1%
1Y
6.7%

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$617.50
Tencent Holdings
7D
1.1%
1Y
62.6%

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.
2600
HK$13.09
Aluminum Corporation of China
7D
-4.4%
1Y
164.4%

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2328
HK$16.14
PICC Property and Casualty
7D
-2.6%
1Y
36.3%

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).
1810
HK$37.10
Xiaomi
7D
-1.9%
1Y
6.2%

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Jan 08
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939
HK$7.83
China Construction Bank
7D
3.2%
1Y
30.1%

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$6.75
People's Insurance Company (Group) of China
7D
-7.3%
1Y
82.9%

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).
2513
HK$250.00
Knowledge Atlas Technology
7D
57.6%
1Y
n/a
883
HK$21.80
CNOOC
7D
4.1%
1Y
11.2%

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).
9633
HK$50.85
Nongfu Spring
7D
8.7%
1Y
46.5%

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Jan 07
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1211
HK$99.20
BYD
7D
4.9%
1Y
12.8%
9992
HK$178.60
Pop Mart International Group
7D
-9.3%
1Y
103.9%